Executive Director and CFO, Nick Woolfreports on its capital raising, the first to overseas institutional investors with life science investment experience. Priced at 5.9c with one free option for every 2 shares issued Nick Woolf said the addition of new investors to the register validates Phylogica’s business model of discovery alliances with revenue generated from fee for service business and downstream payments from royalties. The proceeds will go to investment in infrastructure until the company becomes cash flow positive in 2012, in what is expected to be a transformational year for the company as revenues increase.
Also discussed is its collaboration with Cambridge University and a spin-off company in which Phylogica will have a 50% stake. In conclusion Nick Woolf predicted another 3 deals over the next year with major pharmaceutical companies, adding those already with Pfizer, AstraZeneca and Roche.
