The problem is that the biotech bulls have deserted Australia and have gone to live in the US.
Ozzie investors have deep scars from the GFC and only value short term cash flow. (The various dilutions from capital notes issues to allow companies to survive has not helped the situation, either).
The deals and the cashflow will come, in my view.
The issue for current investors is how much suffering, through dilution, will they endure to taste the future "honey".
If Phylogica was floating, with the portfolio of prospects that they have demonstrated ... this would not be a $9m company. I'd suggest it would be closer to $90m.
The biomarkers development means that they could viably spin the medical devices prospects off to a new joint venture float. Financing prospects are improving .. not just dependent on a Pharma deal.
The risk/reward on this one is heavily stacked to "reward", in my view.
PYC Price at posting:
1.8¢ Sentiment: Buy Disclosure: Held
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