janssen, page-17

Hi Tony,
You wrote on 9 November;
"Cubist may very well be evaluating our in-house antimicrobial program with the intention of licensing promising leads, along with a commercial license and/or milestone payment from Janssen in early 2014, but there appears to be more to this puzzle."

There are now in place a couple more pieces in the puzzle. Notably, our major shareholder has underwritten a rights issue approximately equivalent to Phylogica's market capitalisation. What is the rationale in raising his personal stakes by a potential $6m?

Partly, its because of the potential in the phylomer platform and partly because Hockings has been "observing with interest the progress made by the company in recent months".

The comment tends to highlight the significance of recent announcements. Given that the expression is somewhat loose, I would suggest that recent months would refer to developments within the last 6 months.

1 July - Expansion of collaboration with Janssen for peptide drug conjugates.
25 July - Antimicrobial collaboration signed with Cubist.

Wayne.