It could well be the case that the size of the capital raising was to provide a 'clear runway' for the imminent deal with Janssen. We know from previous correspondence with the former CFO that Janssen has been concerned with the level of Cash at Bank - haven't we all.
Is subscribing for additional shares a good thing or a bad thing? The issue is underwritten so the response from shareholders is less material to the final outcome. Phylogica will raise $6m regardless of the level of scepticism over the failure to deliver in the past. There has been one collaboration, however, which has progressed in a timely and purposeful way from the beginning. The focus is upon the signing of a significant deal with Janssen in February 2014 although other developments may surprise.
PYC Price at posting:
1.7¢ Sentiment: Buy Disclosure: Held
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