(Heskumdai write) That's great and exactly why we're invested,...

(Heskumdai write) That's great and exactly why we're invested, BUT the big question is WHEN?

The WHEN will be trggered with the following conditions:

a) A big pharma with a clear intention to take a drug lead through to IND (FDA's Investigational New Drug process); and

b) Phylogica can either present drug candidates with exceptional properties or advantages, or, we simply 'get lucky' and get selected for other reasons.

There are huge commercial pressures on big pharma to fill the 'drug pipeline'. Big pharma has pretty much spent the past 5 years restructuring. The rate of innovation has slowed and only recently have we seen the recovery in investment.

The prosepect of Phylogica presenting exceptional new drug candidates has steadily increased over the life of the company. The EET means that this rate is increasing at a much higher rate.

The Janssen deal is a minor event, in the scheme of things. The rapid increase in Phylogica technical capability will drive the commercial success, at some point.

Reputation in delivering on complex development milestones, the vast capabilities of the platform technologies - these will drive the commercial value.