Ann: Letter to Shareholders, page-27

It certainly takes much more cash than BIT has that is for sure.

The problem is BIT doesn't have the compelling phase 2 data that will interest a large pharma company into forking out the $100 of million required to run the phase 3 trials. At best the positive data BIT has for BIT225 is exploratory with little in the way of statistical support. BIT225 may be part of cure for HIV, but so far BIT has not released any data to suggest that this is the case.

I would really encourage those bullish on BIT to go and take a look at those small companies that have landed a large pharma deal to support phase 3 trial and what data they had and compare it to what BIT has on BIT225.