As a business person, if I offered you $2.5 million in stock in a private company versus $7.5 million in cash, just in the up-front deal, which would you take? The numbers are unambiguous.

Over the past year we have enjoyed a very productive collaboration with Pfizer, the world's leading research-based pharmaceutical company. We believe that the expansion of this agreement is evidence of our successful development and application of this technology to facilitate the generation of improved production cell lines with altered traits.

We've been pretty careful in managing our cash. Our balance sheet is absolutely pristine.

We wanted to do the deal.

Over the past year we have enjoyed a productive collaboration with Pfizer. We believe that the expansion of this agreement is evidence of the application of this technology to facilitate the generation of improved production cell lines with altered traits.

We like our position in the market and we expect to continue to grow the company faster than our competitors,