Biotech Values

[DewDiligence]

GTCB 10Q filed:

http://www.sec.gov/Archives/edgar/data/904973/000119312505217165/d10q.htm

I found no significant surprises. The ELN partnership seems to have formally ended as expected (see page 13); this can be ascertained by the transfer during 3Q05 of $700K of “deferred revenue” into current revenue (a non-cash accounting maneuver required by GAAP).

The malaria program is on hold due to budget constraints at the National Institute of Allergy and Infectious Disease (NIAID).