Ann: Letter to Shareholders, page-276

OK as I thought he was referring to the industry in general. I would agree with this statement and I also think we will have a cure for HBV in the next 5 year given how advanced some other research programs are in this area.

This does create an issue for BIT. Let's assume that they have a compound that will work as part of a HBV cure (this is unknown since we need to wait until human testing), by the time they are in a position to test in humans a cure could already be on the market. This is not the end of the world, but it does make it much harder to find a pharma partner to take any new drug through the whole drug development process.