Ann: Letter to Shareholders , page-2

Michelle MILLER clearly thinks BIT is worth a lot more than the $230M that Roche paid for ANADYS.

The way that letter is written, it appears that BIT is up for partnering or outright sale.

BITs two drugs are First in Class and therefore much more valuable than ANADYS's drugs.

With the HIV. 1B/2A results due first quarter next year, if that trial is as big a success as the HCV trial was this company is likely valued well in excess of $500 M.

This is may be lost on our market , it wont go unnoticed in the international market. Especially as BIT is out their selling he story.

That is in excess of $3 per share. I would be much happier with a trade sale at that level than a partnership.

Lets hope Michelle is dressing this up for a sale.

I am getting very excited about progress here. This whole space is starting to heat up and BIT does look good.