Biotech appeared to be a defensive play.

They are at the starting line now. They have all the bioreactors in there. The pipes are connected. All the switches work. Now they have to get clearance.

The timing of this announcement is very, very fortuitous.

Biotech investing is no longer a pie-in-the-sky game.

If the once-a-month data were equivalent, it would have been a home run. Efficacy is what primarily drives the hepatitis C market.

Typically, they are faster to generate revenue and, hopefully, faster to profitability.