roche deal, page-2

CFP: The following is from the "Bioshares Top10 Picks for 2011". It is referring to possible value of the PYC deals.
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Revenues under these deals can see typical milestone payments of $1-$1.5 million on
election to develop a screening program discovery candidate, US$1 million on the completion
of toxicology studies, US$1 million on the completion of pre-clinical studies and
$2 million when a Phase I program is commenced .
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To my knowledge PYC are at the "election to develop a screening program discovery candidate" stage.

The "Phase 1" Bioshares is referring to is clinical trials (which are normally termed Phase 1 or 2). Any screening before is termed pre-clinical.
ST