Biotechs: Are they set for a renaissance after Ox Glyco manages RECORD cash call

Thanks Meg - I have read a number of your posts on PRM so am familiar with your interest. I have spent most of my career in a closely related area, in R&D and project management with pipeline products. Perhaps it's because I understand the risks so well that I prefer my money in a diversified investment trust. Often the people closely involved in a project can not say with more than, for example, 50% confidence. No product is ever perfect, always there is the balance of risk and benefit to the patient as well as its potential to pay back the massive R&D costs and make a profit.
Of course, if the private investor is able to 'dig down' into a single company, as you rightly say, the reward can be much bigger than in a fund. Problem is, how do you 'dig down'? - with no chance of getting inside the project it's no more than an act of faith. And even if the research is excellent and very promising, the company might be a couple of years behind another in a similar research line. Only a specialist contracted by a fund can get to these details. If you look at a fund like IBT, the list of specialist consultants is very impressive - 5 hold chairs at some of the most distinguished universities, and 5 are FRS.
With regard to PRM, I'd feel more comfortable if it was an outsoucing department within a larger company that had its own research and development.
My bottom line is that I'm happier to hold PRM within the 'envelope' of FLS. But best of luck to you with your investment, and for the New Year. Cheers