We are developing a carefully selected portfolio of product development opportunities.  In so doing, we seek to establish a diverse pipeline of therapeutic products.   By applying our distinctive technologies and capabilities, and by utilizing the "fast follower" approach, we believe that we can create substantial value while being very cost effective.

In our pharmaceutical programs in the obesity and attentional/cognitive areas, we are learning both from our pre-clinical and clinical results, as well as from the results of more advanced programs that we benchmark against.  We regularly re-evaluate our programs by comparing them to the efforts and results of others, as we seek to establish best in class products.  This approach allows us to stage investment and development risk, as we seek to maximize shareholder value. 

In our MultiStem programs, we are developing a single product platform for multiple disease indications in parallel.  We are utlizing a "master file" approach, whereby we are using a single product manufacturing platform to achieve consistency in product manufacturing, characterization, and validation, while pursuing multiple distinct pre-clinical and clinical development programs in parallel.  By using the master file approach, we are able to advance multiple MultiStem programs in parallel in a cost effective and efficient manner.