It is the best deal for a ASX listed micro cap biotech I can...

It is the best deal for a ASX listed micro cap biotech I can think of in recent memory. Cash up front, non dilutive, 50-50 JV etc.
RGS are either stunning negotiators or AGC really wanted Progenza - I suspect the latter.
With an investment of this size AGC are going to want to be proactive getting sub licensing deals etc, and overall getting Progenza to market. Like others here I'm surprised this hasn't moved, but there you go, that's the market.
Another deal, or any further developments from the JV in Japan will get things moving surely?

Just an aside, the 21st century Cures Act in the US is likely to be positive for stem cell companies and create a better environment for doing deals. in regenerative medicine more generally.