pre final report, page-12

Lionel:
The deals to date have all been in different areas of medical research.
This also includes the Cambridge University work and PYCs internal projects.

There are now, at least 8 distinct areas (all cutting-edge) that are in the process of demonstrating the capabilities of Phylogica's libraries.

I wouldn't be surprised if these next deals are also unique, in order to show the libraries broad abilities.

This is part of their business plan leading to an exit.

We may never see a drug lead reach clinical trials. At present both Roche and Medimmune have the front running and maybe one of these will snap up PYC. If they do go early I would presume the acquistion would have some strings attached. Delayed payments that would come due will certain milestones reached.
ST