This is very disappointing. This is the last stage of development of the drug. We're really playing for keeps at this level.

There was overreaction, but at the same hand there probably was an overreaction to the genomics companies over the past few months. These are very highly volatile stocks ... they are very, very sensitive to the stock market itself, and also to news.

The further you are from a commercial product, the riskier it is.

Do not think this is the end of it. This is a very, very exciting time in terms of biotech.

Although the full implications of the discovery are not yet concrete, this is a very exciting breakthrough.

I don't think the defections we saw at Morgan Stanley when Purcell was running it earlier this year will have a big effect on earnings.