Ann: Successful Major Milestone - Human Retina in a Dish Models, page-14

this was my impression also, and it gives PYC first chance at funding the work ( ie increasing its share), if shareholders chip in. But it also leaves open the door for someone to put money directly into Vision, say sarepta who would then own more of the drug/fpp combo than if they went via pyc and this might appeal, be cleaner for them etc., but we would still own 51% or more . As PYC are already looking for more molecules for eye diseases to put in Vision( see todays annct, i think this fact was missed by the market) this means that pyc could do very nicely out of Vision but keep the platform, and the potential offered by Muscle, liver and so on in the parent company for now.

half of something with a billion in sales is worth a lot( maybe 20-50x) more than PYC is today, I am not worried about this spin off effect.