I think there's a few reasons - firstly considering we are on a...

I think there's a few reasons - firstly considering we are on a share forum talking about the companies endeavours - big pharma generally likes to keep their work very private and behind a sheild - a lot easier with a private company as opposed to a publicly listed company with all the disclosure and chatter by shareholders online. Secondly while without doubt PYC has tightened the registry and put $10M in the bank it's still relatively light compared to a lot of private companies that have no issue putting $30, $50, $100M up to keep themselves in control, often they play it so hard like they don't need big pharma or a deal they'll kick along their merry way independently and it somewhat forces BP's hand. They're also heavy weight in filling the board and science with big names and big reps - see how many Phd''s were in the company you quoted and their cv's all across big pharma.

Robert Hayes is a great addition especially leading the previous deal with Janssen & Kendall at Kite but it's certainly not the first time PYC has had ex big pharma at the top that have come and gone - Ex VP Boehringer Ingelheim, Ex VP Pfizer, Ex VP Bristol Myers Squibb, Schering AG. It's always promised a lot in an exciting space and brought big international vitae's just need to get them across the line.