Doug says "we hope that our shareholders understand why we are...

Doug says "we hope that our shareholders
understand why we are not giving specific guidance
about new partnerships at this juncture"...which is basically saying that there are absolutely no deals even close, so don't expect anything soon. Given past newsletters, that is about as honest as they are going to be that there are no new deals on the horizon.

No mention of Pfizer or MedImmune in the newsletter, confirming that those collaborations are finished. The fact he added Roche suggests they still think there is a chance Roche could license the BEN peptides? Hopefully. Janssen needs more time, since it is still in progress.

I just think this newsletter is telling in that the majority of it is focused on re-explaining the power of phylomers, and that they are going to re-focus on internal programs (which is what companies have to say when the external partners are not interested). One page on cosmetics...really? Looking at previous newsletters and then this one, looks like a complete shift in business plan back to developing phylomers alone and then trying to license out. That modern has not born any fruit for them thus far.

If Phylomers are so great, and he compares them to GLP1 and somatostatin, then we don't they try to find better GLP1 or somatostatin analogues? Or other hormones for which they library may cover?? I'm sorry, but it has been more than 10 years for PYC and they haven't developed anything. You have to question managements' competency here.

Revenue for the year looks to consist of a single payment from Janssen (can't wait to see what PYC's version of "chunky" is going to be) and potentially grant income ((oh, can't forget the tax rebate)). Doesn't look good.

I think I am more pissed at how management has borderline deceived (and that is a strong word here) the investor community for the past year or more. AND while I will wait to see the Q3 results, it doesn't look like they are doing anything to cut salary or costs so that PYC can stay afloat to get to the Janssen results or to get into a next deal. The newsletter clearly suggests, imo, that they are not expecting much revenue, so why are they not doing everything they can to conserve cash (executive salary cuts sounds good right now), which WOULD clearly be in the best interest of all you shareholders. I am sorry for another rant, but I just see a complete abdication of managements's duty to stakeholders/shareholders. AND they wonder why they can't raise capital...go figure