Competitive Advantage
- Business model leverages multiple programs to maximize ROI
- New oral delivery platform applied to “proven” drugs
- Product candidates address wide range of therapeutic areas
- Different programs for large, unmet patient populations
- Low cost, easy-to-scale EMISPHERE® delivery agents
- Established leading partnerships
- Cash projected through 2005 without external funding
- Year-ended 2002 cash over $70 million
- Operating strategy in line with current cash position