This Year's Highlights

• Added and expanded corporate collaborations with Centocor, Medarex, and MedImmune and others.
• Results from Phase 1 trial of Locteron, controlled-release alfa interferon for the treatment of hepatitis C, to be presented EASL conference in April 2005. Results support semi-weekly dosing profile, safety and progression to Phase 2 program in 2006.
• Raised $36 million Series B financing with Polaris Ventures as lead investor.

Anticipated Highlights

• Presentation of Locteron Phase 2 results in hepatitis C patients showing anti-viral effect of combination therapy.
• Partnership with global pharmaceutical company or top-tier biotech for development and marketing of Locteron.
• Publication of results demonstrating ability of LEX System to enhance performance of monoclonal antibodies. Additional broad-based corporate strategic partnerships.

Corporate Mission

We apply our proprietary LEX System? to develop and commercialize recombinant human proteins and monoclonal antibodies that have been impossible or very expensive to develop through traditional means. These unique capabilities have led to high-value collaborations with partners such as Centocor/Johnson & Johnson, Medarex, and MedImmune. Our proprietary pipeline includes a hepatitis C candidate that is rapidly advancing through clinical development and a novel direct acting thrombolytic.