Yes, exactly Wayne. Paul mentioned in March briefing that...

Yes, exactly Wayne. Paul mentioned in March briefing that Phylogica have found peptides that are:

1. more active than natural antimocrobial peptides
2. more active at higher concentrations
3. more active than natural antibiotics (amphilcin) at triple the concentration
4. they have peptides at a 1/3 of concentration are still more active
5. these are straight out of phylomer screens
6. the hits that they're getting are very high potency
7. the hits can work directly in animal models without any further optimization

POS, yes, Paul mentioned...

Peptides have double the success rate of small molecules in development. So the success rate with peptides is roughly the same for antibodies and this turns out to be one of the main drivers for the interest in the phylogics sector i.e., that peptides belong to the biologics class and both peptides and antibodies have double the sucess rate in terms of attrition. But the good news for Phylogica, is that even if, 1 out of 10 of their candidates was to be successful in the pre-clinical models and then only one of those molecules reaches the clinical development program of their Pharma partners, that's fine, because Phylogica can deliver such a high hit rate and such a high quality of hits, and get picomolar primary hits, which is pretty much unheard of in peptide discovery. This is the level of quality of hits we're talking about. And Paul went on to say that if you have enough of them (and Phylogica have plenty), then they can handle the attrition and big Pharma knows that. Pharma know they have enough candidates that they're delivering to them, to go through their pre-clinical models that there will be, given their internal metrics of attrition, that there'll be enough successful candidates coming through.

Also with regards to two of our existing partners, Nick mentioned that...

Re: MedImmune - VERY close to getting to that final stage of the collaboration for Pseudemonas. $100 mil if a drug comes to market. So far 2 million received. Those payments will start getting bigger and bigger as they progress to the next stages and Medimmune take those drugs into development. Maybe closer than we think?

Interesting why other companies besides Medimmune haven't jumped on the Acinetobacter target or other targets in the gram-negative bacterium space. Something tells me there's more to this.

Pfizer - evaluating peptides chosen and Nick said in 6 months (from March briefing) which is around September Phylogica should receive another much larger payment.

Tony