melbourne meeting, page-2

Hi kanga,

I attended the Melbourne meeting but I don't think anything new was said that was not already covered by yourself, jessie, reiner, cgt, leo etc (apologies if I have missed anyone).

Some of my notes:

*HRV Phase III will involve reversal of end points ie. Asthma control will be primary and severity of cold will be secondary.

*Don't want to target common cold as FDA won't approve (has occurred with Pleconaril passing Phase III but FDA rejected on pharmacoeconomics). Most people clear HRV within 2-4 days compared to asthmatics 10+ days.

*Biota just received results so starting to attract interest for HRV. Will take 6-18 months to achieve a deal for HRV (closer to the 18 months according to PC).

*Possible deal metrics for HRV (at Phase II):
$50-$80m upfront
low double digit royalties

*I think PC stated Biota not willing to fund Phase III, commercial partner should decide how Phase III to be conducted.

*The market for HRV treating asthma varies from $200m to $8b.

*RSV cost $300 - $500 compared to current product in market $3,000

*HCV - Biota talking to interested parties (wouldn't divulge who they were - I tried :)

*Gyrase - Biota's product most advanced (apparently it acts in 2 ways so bacteria has to do the same which is unlikely) and as cgt mentioned, on Pfizer's lead list.

*LANI - 12 staff (around regulatory/approval area) to fill for BARDA contract.

*US stockpile 81m which is 25% of US population, conservative 33% split LANI/Relenza/Tamiflu but with CDC's view on Tamiflu, may be 50/50 (I'm assuming the 50/50 is LANI/Tamiflu but please correct me if I'm wrong).

*Blackout period was for 85% of 2012 so that is why they could not purchase shares.

*Dual listing compliance costs about $350k (I personally think it would be worth bearing this cost but I will vote for pure NASDAQ listing after attending the meeting).

As always, please DYOR and hopefully some may be able to correct/flesh out my points.