The most important management announcement during declaration of business results for the Most Recent Quarter is that the company is set to make a commercial launch in the anti-cancer segment of the Russian market during the second half of 2008.

The company has made impressive business progress during the last four quarters and during the Most Recent Quarter as well. Annual losses have been slashed from about $52 million a year ago to about $37 million. Cash depletion has been halved from the 2006 level of $50 million.

Cost containment is not a general strength of the Biotechnology & Drugs industry, but the management has done very well in this respect: Administrative expenses have come down during the Most Recent Quarter to less than $4 million from over $5 million a year ago, for the same period. Operating expenses have been slashed even more dramatically: they have been held at $6.48 million against $10.96 million a year ago. Revenues have surged from just $320 thousand for the quarter a year ago to $893 thousand. There can be no doubt that the management has done very well on both external and internal fronts of its business.

This sterling business improvement comes on top of excellent Healthcare technology. The company enjoys technical leadership in the human immune system. It is therefore active in new treatments for cancers and serious infections. It has a personal vaccine product that is in advanced stages of testing to protect individuals from the effects of certain malignancies.

The company appears to have an exciting future from the medical perspective, and is very professionally managed as well. A group of some of the best institutions in the investment arena holds 15% of the stock.

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