Biotech Values

[DonShimoda]

I was valuing AP534 primarily as a 2/3 line treatment option focused primarily on pts with the T315I mutation. I now believe we are looking at much greater upside with a clear path to regulatory approval for not only pts with mutations but also those who have failed at least 2 other TKI's. As was pointed out in today's presentation, pts are now typically on gleevec for 12 to 18 months before moving to 2nd line treatment options. Over time this time-frame will become compressed and with better testing pts will move to the AP534 option much faster. This, in combination with an increasing patient population in maintenance mode, leads me to conclude that I may have been underestimating AP534's potential.