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Message: Broker Meeting 23 Feb

tada, I understand you are only passing along what you heard and again thanks. I wonder in the current valuation which was passed on to you if Zacks is giving some value to the renal program where in their previous reports they weren't.

It would seem a couple of other things reported to you are inconsistent with past informationy as well;

First would be that you were told Don said there is about $16 million cash on hand.  At the December 15 annual meeting/corporate update we were told that there was about $15 million cash on hand and that the monthly burn rate is about $2.5 million/mo.  Assuming straight line expensing $2.5million/mo x2.5 months + 1 million means we are about $7.25 million ahead of where we should be.  Seems odd, was any other explanation given around this information?  

The second inconsistency is smaller and with Zacks not necessarily what was reported to you. In their December report Zacks said in their model they were "applying a 64% probability for sales for indications on the BetOnMace trial."  Now you have been told they are applying a 58% chance of success.  It would appear from what you were told they are moving down their probability of success but at the same time increasing their valuation of the company.  I wonder if there was any additional talking around this at the meeting.

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