i agree - we have taken some pretty serious body blows, and are still standing. the new approach of keeping our heads down, working and eventually releasing results will play better to the FDA and to potential partners as well. While i liked his enthusiasm, NP badly hurt our credibility with regulators as well as potential partners. but we've removed that target from our backs, and now it's all about the drug.

i'm extremely comfortable with the valuation here - even in a "not so great' outcome, the true value has to be a decent multiple of current price. And a great outcome will be a "never have to work again" type multiple.

i differ with some on the timing of the eventual upward correction. I still think we could be a ways off. But i don't differ in terms of the ultimate outcome from here - my view is that if you haven't backed up the truck at these levels, I think you're missing the asset that we own, and how much BP or biotech will eventually want it.