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Bioshares recommendation: Speculative Hold Class B Timing -

Company Biotron Code BIT CMP $0.088 Cap'n ($M) $20.1 Cash ($M) 30/9 $3.5 SI 1.0

• Biotron is developing BIT225 to treat HCV and HIV co-infection; it has a novel mechanism of action, targeting the p7 protein on the virus

• Phase IIa trial showed that BIT225 twice daily in combo with ribavarin and peg-interferon reduced virus to undetectable levels after 28 days

• BIT's rationale for developing BIT225 is that it can address drug resistance issues that could emerge with other classes of HCV drugs

• Recently Gilead Sciences' sofusbuvir with ribavirin was recommended for approval by the FDA, for treating HCV genotypes 2 and 3

• Sofusbuvir with pegylated interferon was also recommended for approval for treating HCV genotypes 1 and 4

• Sofusbuvir cuts duration of treatment from 24 to 12 weeks, and delivers up to a 90% cure rate

• Gilead has a pan-genotype and interferon and ribavarin free regime of sofusbuvir and GS-5816 moving into Phase II

• Johnson & Johnson's simeprevir with peg-interferon and ribavarin for genotype 1, was also recommended for approval

• BIT intends to commence a 12 week trial of BIT225 in genotypes 1 and 3 subjects later in 2013

Comment: The number of new and improved HCV drugs nearing FDA approval diminish the prospects for BIT225

Bioshares recommendation: Sell Timing