Ann: UPDATE ON HCV CLINICAL TRIAL, page-87

The announcement makes little sense on face value. Even if others are producing Hep C cures that aren't as wildly expensive as before, those cures don't stack up against a one-shot cure, so there's still money to be made. So what is really happening? It would be easy to come up with conspiracy theories, but ..... maybe BLT have worked out that they just don't have the money to see these clinical trials through, they won't be able to raise funds in the market (as shown by the NASDAQ debacle), so the only way forward is to do a deal with big pharma whereby big pharma funds the trials and allows BLT to make a little money if it all works. They seemed to be saying something like that in the ann. So now they will be negotiating from a seriously weak position against some of the toughest in the business. Not good.