Biotech Values

[Jonathan Robinson]

Let me respond in more detail than some others.

1. As Dew and others have already covered, not approvable was only way to go to communicate message of what was needed. I guess they could have done it verbally but approvable was not an option.

2. Stock has not risen from this letter. It was 13, opened in mid to high 7s on the news and then sold into the 4s over the next few weeks. So, it is DOWN from pre-letter days. Also this is one of three key projects going with one entering advanced mid-stage trials (but still a long way from trial completions with IIBs and IIIs yet to go, and with IIIs likely requiring fairly large size). The other, Copaxone generic, continues to advance per management but must be discounted due to lack of communication on how they will launch around the base compound and lack of knowledge of the process. Then there are 2 other partnered generics which we know nothing about as well as a platform with new twists for other FOBs. Plus cash.

Jon