best-in-class, page-9

Part of the problem that has troubled PYC with valuations for years is they don't have strong funding - it's always little drabs and for significant dilution they continually water the registry down for small sums. It was one of the reasons I was sceptical of them trying to align the similarities with peptidream while the science may be along the same kind of lines in a general sense the business side was in stark contrast - the first time they pulled it up was after they had washed the registry with the convertible note issue that went pear shaped and ended up translating to almost 20% of the company for a couple of million dollars where as peptidream had just listed their IPO with 20% of the company offered and took $50M for it - hard to make comparisons there and whilst the last RI was more friendly being offered across the registry it was still a very heavy washout for again a few million dollars. RA & Bicycle Therapeutics like many others are private companies and are funded by Venture Capitalist's and Big Pharma's venture arms + Peptidream has Novartis with an equity stake they all put big money into these companies to fund the growth. PYC has talked many times over the years of big pharma venture arms having interest in investment stakes & deals supposedly in the past that included venture stakes but they never materialized. That will be a trigger and a real validation of the science when they decide to take equity stakes maybe even Genentech / Roche if the work underway comes up with the goods next year or maybe another deal at some time in the future - we can only hope.