This sort of shows the hole in PYC business model. They are being supplied venture capital to go ahead with research at some sort of reasonable rate. PYC on the other hand are doing years of research for a client purely on a single small up front payment, and just hoping to god they find something that triggers major payments as promised. It is becoming increasingly obvious that the pharmas very rarely actually pay out the big bucks for milestones. Probably seemed like a good idea when they signed the first big names to deals but in hindsight unless they hit the bullseye they are just doing research for free. Other companies obviously know how to get cash to pay for the research they are doing.
PYC Price at posting:
1.8¢ Sentiment: None Disclosure: Held
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