THELIN^TM We continue to explore THELIN’s potential in and beyond pulmonary arterial hypertension (PAH). Our ongoing open-label STRIDE-3 clinical trial is evaluating THELIN in a broader PAH patient population. We have also initiated a Phase II clinical trial of THELIN for the treatment of diastolic heart failure and are conducting studies of oral and intravenous formulations in two other currently undisclosed acute indications.

TBC3711 Our leading pipeline compound is TBC3711, a next-generation endothelin antagonist that is being studied through oral and intravenous formulations. TBC3711 is more potent than THELIN, with selectivity for the endothelin A receptor of 100,000:1 versus the endothelin B receptor. This higher selectivity may make TBC3711 effective in treating high blood pressure, particularly in patients with resistant hypertension where current anti-hypertension drugs are ineffective in lowering blood pressure. We expect that our Phase II dose-ranging studies of oral TBC3711 in the treatment of resistant hypertension will recommence in 2007. We have also filed an Investigational New Drug (IND) application with the FDA seeking approval to evaluate intravenous TBC3711 in a currently undisclosed indication.

TBC4746 / VLA-4 Antagonist Through a collaborative agreement with Schering-Plough Corporation, we are developing and optimizing TBC4746, our oral VLA-4 antagonist compound, for the treatment of asthma and multiple sclerosis. TBC4746 differs from other VLA-4 antagonists in development because it is a small molecule compound and therefore orally available. We believe that the compound may block the action of certain cell adhesion molecules and thereby prevent inflammation in a highly specific manner.