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.

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.

In the past, we've been skeptical about (collaboration). But we felt that the industry is on the threshold of collapse if something doesn't get done soon. This is one way to resolve the problem.

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

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.

We wanted to do the deal.