SurModics Inc (SRDX)

[shears]

It was communicated to me that prior to the latest round of financing SRDX stake was 'under 5%'. I would guestimate we're now 'under 3%'. I agree that the real money for SRDX will be in the royalties and we're probably looking at a procedure that costs ~$10K. I noticed that Novocell likes to take all the credit for the encapsulation technology in their public statements. I think this technology will pan out. Looking forward to hearing about human results with the allografts. They seem pretty confident about differentiating stem cells into insulin producing cells. Just hope they can back it up.