Phase-Transition Probabilities in Drug Development This chart shows the derivation of the 9% headline figure in the BIO report discussed in #msg-59909806. images.investorshub.advfn.com/images/uploads/2011/2/25/xyhbzdrug_dev_phase_transtn_probabilities_BIO_1-11.png Source: http://insidebioia.files.wordpress.com/2011/02/bio-ceo-biomedtracker-bio-study-handout-final-2-15-2011.pdf (c/o biomaven on SI)