DS, Unfortunately we don' t see ourselves as experts. But I am...

DS, Unfortunately we don' t see ourselves as experts. But I am willing to share a few of my thoughts. As you are experienced in investing in this type of stock, you will understand the risks and that sometimes it is a bit of a gamble no matter how good your research.

Some of my thoughts are, there is insufficient known facts to be certain of PYC. The nature of dealing with BiG PHARMA is secrecy and much vetted ASX announcements.

So the RBS report and BIOSHARES would likely be privy to more details than available in the Public arena.

RBS state the Jannsen deal is of much greater importance than the shareholders realize but upon the release of more facts and details it will become clear.

As you are aware many shareholders are still very dissappointed about Directors options and the previous cap raising.

My view, is the Company has clearly stated they are dressing PYC for a trade sale. NAOS is a substantial shareholder with 11%. Their strategy is to enter , a share for 2-3 years and work closely with management. So as usual NAOS would have a better brief than small shareholders. NAOS have a good track record.

With 4 BIG PHARMA signed on and likely 2 and maybe three more expected within 4 months, there is plenty of interest. Not many even get an interview let alone, sign 6 out of top 10.

So it appears a Dutch auction is being organized. the scope of the science is so broad, it would be appealing to take PYC out and own all the unlicensed applications.

My background checks with people more capable and knowledgeable than myself who are also much more familiar with the team at PYC , confirmed the science and team were very good. Private referees so to speak.

The low valuations placed on the local bio sector also weigh on my
assessment that value will be found here. The MC is so low, it's there is not much left to lose.

The company would likely have a much higher MC on foreign boards.

Taking all of the above into consideration and the nature of my portfolio, PYC fitted my criteria. these are just my private thoughts about PYC. Others may well have a differant view.

Hope that is of some help. But I am not an expert, so I see this as a good bet.

NW is conducting some shareholder meetings in next two weeks, perhaps you might make it along and get your questions answered. I certainly will be trying to attend.

I went to the ADO shareholder briefing last August in Brisbane and as a result was able to make a confidant decision to invest.