Ann: Invion - successful completion of P2 study of INV102, page-8

Anyone who does not believe in this company now should not be investing in biotechs. With the deal with Hovione, the Zafirulkast programme is totally de-risked. The drug has been proven safe and effective in previous trials. It was only awaiting a suitable formulation when the previous propellant (cfc) was banned. Hovione will provide that. The latest results for Cpn10, along with extensive results from previous trials, notwithstanding the very poor design of those trials, are at least sufficient for the major cost of further development being accepted by other drug companies. The latest trial results completely underwrite the hypothesis Invion (and their academic collaborators) have proposed around Nadolol. It is all speed ahead for an oral smoking cessation drug. Given the legal problems Pfizer is having with their "standard of care" drug at the moment, I would say that they cannot let this pass into the hands of any other party. The inhaled programme is totally underwritten. Any reasonable valuation would come in above $2.