Ann: Update on Oculopharyngeal Muscular Dystrophy Program, page-21

1.There is absolutely no evidence to support your statement regarding “progress”.

2. No one said OPMD itself was a failure. It’s preclincial and deal-making strategy was. The only thing that would explain the reversal on the deal would be the long delayed, and not yet revealed, sheep data. I can see if no other plausible progress that would have contributed to their reversal.

3. Could there be a new suitor or progress made? Yes. But it will likely require more delivery exploration, more time and more money before that happens.

4. I think Hoyland pointed this out earlier: There is a distinction between “efficacy” and “bio distribution.” You are equating them. Additionally, you continue to refer back to the mouse model... where is the sheep data?

5. Most pipeline failures happen before a deal is made, or during clinical trials. This one takes the cake.

Next.