Ann: Presentation to General Meeting of Shareholders, page-4

Haha, I think the "12 years" remark includes all of the preclinical work. Most of the drugs fail, and about half of the time is spent, in the preclinical stage. Once they get into clinical trials, there is a much better chance of success. 9% is a figure for all drugs which make it to phase 1, but if we only consider drugs with orphan drug designation in phase 1, the chance is much higher, greater than 25% if I remember correctly. I believe that the actual time needed now is about 5-7 years to market.