XEN401 is an innovative and potent analgesic with broad utilities for inflammatory, neuropathic, post-surgical and muscular pain. Combining these indications we are looking to enter a greater than $16 billion market. Entry into the clinic with XEN401 is expected in 2007.

XEN401 is highly differentiated from current analgesics. It has a non opioid or cox mechanism, and in preclinical efficacy studies it appears to be a superior analgesic to industry gold standards. XEN401 has no observable addiction or CNS or CVD liabilities. We have generated a significant patent portfolio protecting our intellectual property for this program. Select rights for Japan and certain Asian countries have been licensed to Takeda