I agree with respect to ACH-1095. But, note that ACH-1625, ACHN's next generation HCV protease inhibitor, is its most advanced compound, is unpartnered, and is its main value driver for the near future IMO. ACH-1625 is already in Phase 1 trials with the Phase 1b portion expected to be complete by the end of 1Q10 (#msg-40422840 ). ACHN also has more than enough cash to see both ACH-1625 and ACH-1095 through to PoC. At a $40 million market cap, I would submit that the market is assigning an extremely low probability of success to both programs, both of which address a large market in HCV. That's a bet I was happy to take awhile back. I.e., if they are just able to demonstrate PoC with ACH-1625 in the Phase 1b, I think there's plenty of upside in the market cap. There is plenty of risk to be sure, but I like the risk/reward at this level.
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