I think PGNX was lower just after the first trial trial for OBD failed last year. It was also lower in 2002 or 2003.

Unfortunately, your basic comments are accurate. I think it is a combination of factors as to why PGNX is so low, which includes factors that are unrelated as well as related to PGNX actions. Things out of control are: 1) the bad economy that has greatly lowered tolerance for risk, 2) the FDA required one year safety study for Relistor in chronic pain, the largest market for Relistor. This came about not because of issues with Relistor in trials, but because of Entereg's safety issues, aand 3) the PFE/WYE merger, which held the oral formulation development in limbo.

The PGNX related issues as the complete lack of any type of PR by management, especially related to PRO140, and 2) the absolute lack of urgency by management in moving PRO140 forward.