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The ttm revenue Relenza royalties
by Q from 2008-1, 4.5M, 12, 4.4 and 0.4 in Q4 and 1.9M in Q1 09
Relenza brings in around half their revenue, the other half made up of milestones and grants.

Legal settlement: Relenza is a good compound and should have taken a larger share of the market. GSK failed to promote it and hence the law suits. Biota rejected a $75M settlement in 2006, then settled recently for $20M. Long story leaving lots of bitter investors.

Going forward no more legal costs is a good thing.

I'm not counting on the pipeline. I am counting on the companies ability to develop and licence small molecule compounds. They have a licence early model, which does limit upside, but provides more cash flow and security. With four compounds in development and four partners they have displayed the ability to develop and partner.

I also counting on buying at close to liquidation value with lots of possible catalysts and lots of upside. Good risk/reward.

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