Avid Bioservices Inc (CDMO)

[dia76ca]

I was hoping they would release the data from the studies just as they have done it with the Georgia data last. It is the longest running study with the best opportunity for us to see a trend as to just what the TTP and survival figures will be. I would also like to see some more data from the Bavi-solid tumour study(to see what other targets to go after) and an update on the Cotara studies.

In the anti-viral area I look forward to the results of the HCV/HIV repeat dose study and of course, the Duke/Haynes publication. I also wouldn't be at all surprised to see some expansion of the DTRA contact and some more good news out of AVID.

I expect a lot of this news in the next 2 months...and then a lot of updates around the time of ASCO (May29-June 2). And could there be a Cotara or a 2C3 partnership announced before there is a Bavi partnership? The longer they carry out the 3 Bavi-cancer studies the better the survival data, the better the partnership terms for Bavi-cancer. And when might there be a Bavi-viral contract in the HIV or malaria indications? Maybe Bill Gates knows...but I don't.

And a attractive buy-out offer would spoil all the fun of waiting to look at the various partnering options. Whether it is partnering or buy-out I expect a bidding war.