Biotech Values

[DewDiligence]

COLY – Selected slides from BofA webcast 5/18/06

Terms of PFE partnership in NSCLC.
$455M of potential milestones, of which
about 2/3 are clinical/regulatory and about
1/3 are sales-based. Royalty is double-digit.




Design of phase-3 trials
being run by PFE. Each trial
tests “676” +/- a standard
chemo doublet. Primary
endpoint is survival.




NSCLC: These phase-2 results were
used to design the ongoing phase-3 trials.
111 patients; primary endpoint of RR
doubled from 19% in control arm to 38%
in treatment arm (p=0.048); secondary
endpoint of overall-survival: HR=0.73
(p=0.17); secondary endpoint of survival
at 1 year: HR=0.65 (p=0.10). Kaplan-
Meier curve shown below.




This is the lead trial of Actilon for HCV,
now enrolling. 90 treatment-refractory
patients (60 on Actilon); patients whose
viral load drops by >=1.5 logs at 12 weeks
will be allowed to continue treatment for
additional 36 weeks. 12-week data will be
released in 2H06.




Clinical milestones for 2006.
The SNY-partnered program in
asthma/allergy has been on FDA
clinical hold since June, 2005.