Biotech Values

[zipjet]

Ok DD,

Let me start with a preface. It is incumbent on any sophisticated investor to read PR's critically and think about what is being omitted or obfuscated. The same critical analysis needs to be applied to listening to company representatives in presentations or in conversations. People who cannot do this should not be in individual stocks, especially cash burning biotechs.

Thus, I do not dismiss your negative inferences but consider them. However, the caveat is that your negative inferences are not the ONLY possibility.

There may not be an intent to deceive or obfuscate. The data may be reasonably represented by the 2x characterization. Often, we hear that there are competitive reasons for not disclosing more resolution on the data. Even if not fairly represented by the 2x characterization, the writer may have reasonably believed it to be true. There could be any number of reasonable explanations that the writer possessed and we do not know.

So while I do not know the truth of this, I appreciate your probing.

ij