best outcome, worst outcome, page-8

"so at current prices what do you think?"

To be honest, I haven't a clue what the eventual MC/SP will be. There are so many variables and we clearly have not attracted the same kind of interest as our rivals. The market definitely puts us in the same basket as gene therapy and not RNAi. Look at Alnylam with no products in commercial production then look at Uniqure the first company with a gene therapy product in commercial production in the West. Sure, Uinqure is a private company and so it is hard to gauge its current value but only twelve months before it got approval it was on the bones of its bum.

The other thing that we have not really covered on HC is that it is unlikely that every one of BLT's programs will be successful. Has there ever been a pharma that has been successful with every product for every ailment that it has researched? With such a wide portfolio of diseases covered by internal and partner programs one or more is bound to pull up short. If that is late in the piece no one will mind. If it is HCV or Calimmue's HIV then we could take years to recover.

I still believe that BLT is going to shine through and the key to this is the quality of the Board and management. I think management may have made some mistakes, eg poor communication, but fundamentally they are doing a good job. It is this that gives me confidence that all will be well and both new and long term holders will make money out of the company.