Conatus Pharmaceuticals Inc. (CNAT)

[staccani]

In addition to pure financial pluses (significant development costs paid by NVS, signficant regulatory and development milestones payments and partecipation to income through double tiered royalties) , one point that deserves more consideration in the NVS license deal, is Novartis ability to get global regulatory and reimbursement approvals in multiple jurisdictions in addition to more efficient commercialization process supported by a global sales force. These are resources and capabilities that for CNAT would be almost impossible to acquire in a relatively short time frame. Then you add also the possible medical synergies with the FXR agoinist they are developing for Liver Fibrosis and you really have an excellent deal. Looking forward to Q2...