I'm all for that Wayne & we all understand the importance of strong balance sheets however PYC where "looking to close several new deals" since early 2011 & boosted cash balances for the exact same reason $7.5M through 2 seperate placements during the year & still it only helped them to finalise one (1) of these on December 31st. Do these pharmna partners need to see the balances appear then evaporate then reboosted before they decide to sign the dotted line ?
Maybe i seem circumspect but really have we not seen this all before ? I'm all for the company & it's objectives but i'd prefer to seem them actually deliver something as opposed to be patted on the back for things we have seen many times over & attempts to rationalize it.
Time is running short for these guys to deliver something though & i guess the one positive about the convertible note is it's clearly the make or break deliver before the maturity in 2013 or it's trumps. On that note they'ed probably want to deliver new deals, signifcant milestones & the associated cash inflow because clearly the current reserves along with the $1.6M note won't last them through to maturity without these milestones being achieved.
Make or Break 2013 - that's my new motto :-)
PYC Price at posting:
2.4¢ Sentiment: None Disclosure: Held
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