Harry Karelis wears two hats; director of the life science group...

Harry Karelis wears two hats; director of the life science group Biotech Capital (largest shareholder in Phylogica) and director of Phylogica.

Harry had his Biotech hat on the other day addressing the company AGM about woeful investment sentiment in the life science sector and the state of play for individual investments in their portfolio.

We learned from the AGM presentation what PYC investors already suspect - there is a 'growing disconnect' between value or potential growth opportunities for biotechs and market valuation. So for what its worth, don't take it personally that PYC languishes with a sub $15m MC. From New York to Frankfurt to Perth its the same story.

"[Phylogica] announced quite large deals, in fact the second largest deal in the last two years by an Australian company and the market just doesn't care," said Karelis.

The market doesn't care of course until the day when it can't get enough of the price action. Switching hats, Harry went on to say;

" We're working pretty actively to try and rectify that situation."

Biotech Capital have previously announced that they are winding up their life science investments. Clearly, a lot will happen within the next 24 months and hopefully as soon as Christmas, particularly as Harry noted there is a "third deal pending - in the pipeline."