Andrew - the way I understand it, lead optimisation is...

Andrew - the way I understand it, lead optimisation is undertaken through the animal model studies. Hence, my point on animal studies. The lead optimisation process includes the animal trials and tox studies. PYC will need to go through with the lead candidates in their assessment of in vitro potency, selectivity, etc (all the properties outlined in the update).

There will be some major cash spent on the tox studies and (possibly) manufacturing once the lead candidates list starts to get shorter. Obviously, the animal studies contribute to the final tox study results. Typically, ASX listed biotechs take as few compounds as possible to a final GLP tox certification, as it can be quite expensive.

Sharing what I have gleaned. Please correct me if you folks know more, or add to it as you see fit.