Ann: PYC Increases Shareholding in Vision Pharma, page-7

The funding appears to take us through clinical studies including the pivotal trial to registration. In fact, the presentation does state that "anticipate funded through to market with R&D rebate". We could look at the corporate strategy for any number of Australian biotech companies including Neuren, Imugene and AdAlta and find that an exit strategy is in place. PYC doesn't appear to have an exit strategy. The decision may have been made that the platform - its CPP-ASO platform - could be globally transformative in RNA therapeutics. Keep it, build upon it and go down the road that Sarepta embarked upon with eteplirsen.