This year's Innovation Cooridor at Biotech 2008 was bigger (45 posters) and better. Universities and early stage start up companies showcased technologies that could be the basis of licensing opportunities or new start up companies. Each participant also received feedback on the commercialization potential of their inventions. The top poster presenter from each session also had the opportunity to meet one on one with the judging panel of scientific, legal and business experts.
This is a wonderful opportunity to connect innovation in the region with the commercialization infrastructure.
The 3rd group of posters is currently being presented so you still have the chance to speak with the investigators.
Thanks to everyone on the Innovation Corridor planning committee , my co-chair Chris Yochim from AstraZeneca and the great support from BIONJ and Pennsylvania BIO for making Innovation Corrridor a success.
Judith Sheft
Associate Vice President
Technology Development
New Jersey Institute of Technology
Biotech 2008 Innovation Corridor Co-Chair
Tuesday, November 11, 2008
Tuesday Luncheon & Keynote Address
Senator Arlen Specter, R-PA spoke about the successes of the biotech industry from his perspective as both a Senator and as a Hodgkin's Disease patient.
Sen. Specter said he wants to bring more money for research funding to Pennsylvania and the nation, and is hopeful that he may become appropriations chairman, though it all depends on party control. As appropriations chair, he said, he would enact a top-to-bottom reform of how money is disbursed, something he says that Congress has never attempted.
Sen. Specter would like to add $5.2 billion in funding to NIH - a move that would return the NIH's level of funding back to where it was before budget cuts. He thinks the Obama administration will be friendlier to health care funding
"It is repugnant that an opportunity for scientific advancement was rejected due to idealogical reasons," said Sen. Specter, who is sure that Congress will authorize the use of federal funds for research on embryonic stem cells. With President-elect Obama's support, he said, they'll pass it a third time and it will be signed instead of vetoed as in the current administration.
Jeff Libson, Corporate and Securities Partner, Pepper Hamilton LLP, said he is confident that the scientific community will make great strides in defeating disease. The Pennsylvania-New Jersey area is a vital part of the life sciences industry that helps fuel the region - and the country's - economy.
Keynote speaker Frank Baldino, Jr., Ph.D., Chairman & CEO, Cephalon, Inc. spoke about America's healthcare policies are about to undergo tremendous change, said Baldino, who believes the time for action has arrived. These changes will affect every aspect of the biotech industry, which he believes will be impacted heavily by the first 100 days of the new administration. There are currently 1300 pieces of legislation circulating among America's state capitals that would change the way the biotech industry does business.
How did the biotech industry become a target for change? Baldino thinks it's because the companies have lost their connection with the patients - even his own mother criticizes him for the high prices of prescription drugs. The biggest problem, he believes, is one of access, with fewer and fewer people with the means to afford drugs - and he recommends that Pharma reconnects with patients in ways other than direct-to-consumer advertising.
"We need to become a trusted health care resource rather than a product manufacturer," said Baldino. "Products need to be practical and address the needs of patients...and it's our responsibility to do this."
The pressures of the payor system are also contributing to the squeeze on patients. The payors and pharma need to work together to reduce health care expenditures for patients. Ten percent of every health care dollar is spent on pharmaceuticals - which most Americans view as too much. Pharma needs to prove that these expenditures vastly improve the quality of life for patients.
Pharma, says Baldino, needs to become more transparent to gain the trust of patients, health care providers, and policymakers. Change must be imparted on to the pharmaceutical business model. With a system in place where most drugs have 12-year path to the market with a 2% chance that the drug will be approved, pharma must change direction and revolutionize the approach to business. Emerging markets will be key to any pharma success.
Pharma, he said, must move from mere marketers of drugs to the purveyors of healthcare solutions.
By Danielle Kozich on behalf of Pennsylvania Bio
Sen. Specter said he wants to bring more money for research funding to Pennsylvania and the nation, and is hopeful that he may become appropriations chairman, though it all depends on party control. As appropriations chair, he said, he would enact a top-to-bottom reform of how money is disbursed, something he says that Congress has never attempted.
Sen. Specter would like to add $5.2 billion in funding to NIH - a move that would return the NIH's level of funding back to where it was before budget cuts. He thinks the Obama administration will be friendlier to health care funding
"It is repugnant that an opportunity for scientific advancement was rejected due to idealogical reasons," said Sen. Specter, who is sure that Congress will authorize the use of federal funds for research on embryonic stem cells. With President-elect Obama's support, he said, they'll pass it a third time and it will be signed instead of vetoed as in the current administration.
Jeff Libson, Corporate and Securities Partner, Pepper Hamilton LLP, said he is confident that the scientific community will make great strides in defeating disease. The Pennsylvania-New Jersey area is a vital part of the life sciences industry that helps fuel the region - and the country's - economy.
Keynote speaker Frank Baldino, Jr., Ph.D., Chairman & CEO, Cephalon, Inc. spoke about America's healthcare policies are about to undergo tremendous change, said Baldino, who believes the time for action has arrived. These changes will affect every aspect of the biotech industry, which he believes will be impacted heavily by the first 100 days of the new administration. There are currently 1300 pieces of legislation circulating among America's state capitals that would change the way the biotech industry does business.
How did the biotech industry become a target for change? Baldino thinks it's because the companies have lost their connection with the patients - even his own mother criticizes him for the high prices of prescription drugs. The biggest problem, he believes, is one of access, with fewer and fewer people with the means to afford drugs - and he recommends that Pharma reconnects with patients in ways other than direct-to-consumer advertising.
"We need to become a trusted health care resource rather than a product manufacturer," said Baldino. "Products need to be practical and address the needs of patients...and it's our responsibility to do this."
The pressures of the payor system are also contributing to the squeeze on patients. The payors and pharma need to work together to reduce health care expenditures for patients. Ten percent of every health care dollar is spent on pharmaceuticals - which most Americans view as too much. Pharma needs to prove that these expenditures vastly improve the quality of life for patients.
Pharma, says Baldino, needs to become more transparent to gain the trust of patients, health care providers, and policymakers. Change must be imparted on to the pharmaceutical business model. With a system in place where most drugs have 12-year path to the market with a 2% chance that the drug will be approved, pharma must change direction and revolutionize the approach to business. Emerging markets will be key to any pharma success.
Pharma, he said, must move from mere marketers of drugs to the purveyors of healthcare solutions.
By Danielle Kozich on behalf of Pennsylvania Bio
Antibacterial Drug Resistance: Challenges and Advances
Chris Cashman, President and CEO of Protez Pharmaceuticals, stated "how will we practice medicine is we have antibiotic resistent bugs?" He's right, how will we? Have you thought about it?
I just attended this great session and found it very interesting because the panel laid out the truth - we will have problem in the near future. Having resistance to any treatment is not what anybody wants to hear but sometimes as we know, the truth is not always good. BUT in our industry's case it means potential, collaboration and a challenges which we all live for in Biotech. The overall theme of this panel is sharing and collaborating which will be key for solving this future problem.
By: Leslie Orischak
Puresyn, Inc.
I just attended this great session and found it very interesting because the panel laid out the truth - we will have problem in the near future. Having resistance to any treatment is not what anybody wants to hear but sometimes as we know, the truth is not always good. BUT in our industry's case it means potential, collaboration and a challenges which we all live for in Biotech. The overall theme of this panel is sharing and collaborating which will be key for solving this future problem.
By: Leslie Orischak
Puresyn, Inc.
Finance Session II
The Evolution of Capital: Traditional and Non-Traditional Funding
Moderator: Walter Greenblatt, Managing Director, Walter Greenblatt & Associates
Zev Scherl, General Partner, NewSpring Capital
Mel Billingsley, Ph.D., President & CEO, Life Sciences Greenhouse of Central Pennsylvania
Anne VanLent, President, AMV Advisors
Gary Sender, CFO and Vice President of Finance & Administration, Tengion Inc.
Chris Schnittker, CPA, Vice President & CFO, VioQuest Pharmaceuticals, Inc.
Greenblatt: Opened with a discussion about the demand side of financing - biotech is hungry for cash. 35% of small biotechs have less than 12 months' cash. Nearly 100 of 330 public biotech companies have less than 6 months' cash on hand.
Scherl: Over the past five years, payments increased across all stages of development. Medtech M&A activity has slowed down dramatically this year, with Pharma and private equity emerging as buyers. There are some positive facts about the market: Many VC firms have raised substantial funds and are positioned to put significant capital to work. Pharma and medical device companies are desperate to fill product pipeline gaps with new products. He believes the recession will eventually have dramatic impact on health care and pharma/medtech spending, and that companies should consider all financing alternatives and vehicles.
Billingsley: Talked about non-dilutive funding. Non-dilutive funding preserves the current status of equity/cap table. If via peer review grant, it offers 3rd party vetting. It provides a limited scope of funding $100k-$200M, and some firms may convert to equity stake at a later stage. However, the timing may be difficult.
There are many types:
Make sure you are considering yourself as a target for M&A. Most lately have been pharma-biotech, but expect an uptick in biotech-biotech. Valuations are challenging in this environment. It's not a speedy process - 6 months at best. Therefore, it's not a last resort strategy. Don't forget to consider spin-outs and carve-outs.
Reverse Mergers are an alternative to the IPO route. There are 2 types:
1. Company that's lead product has failed but they have excess cash to deploy.
2. Publicly listed shell company with no assets.
Benefits of reverse mergers:
Moderator: Walter Greenblatt, Managing Director, Walter Greenblatt & Associates
Zev Scherl, General Partner, NewSpring Capital
Mel Billingsley, Ph.D., President & CEO, Life Sciences Greenhouse of Central Pennsylvania
Anne VanLent, President, AMV Advisors
Gary Sender, CFO and Vice President of Finance & Administration, Tengion Inc.
Chris Schnittker, CPA, Vice President & CFO, VioQuest Pharmaceuticals, Inc.
Greenblatt: Opened with a discussion about the demand side of financing - biotech is hungry for cash. 35% of small biotechs have less than 12 months' cash. Nearly 100 of 330 public biotech companies have less than 6 months' cash on hand.
Scherl: Over the past five years, payments increased across all stages of development. Medtech M&A activity has slowed down dramatically this year, with Pharma and private equity emerging as buyers. There are some positive facts about the market: Many VC firms have raised substantial funds and are positioned to put significant capital to work. Pharma and medical device companies are desperate to fill product pipeline gaps with new products. He believes the recession will eventually have dramatic impact on health care and pharma/medtech spending, and that companies should consider all financing alternatives and vehicles.
Billingsley: Talked about non-dilutive funding. Non-dilutive funding preserves the current status of equity/cap table. If via peer review grant, it offers 3rd party vetting. It provides a limited scope of funding $100k-$200M, and some firms may convert to equity stake at a later stage. However, the timing may be difficult.
There are many types:
- Federal SBIR/STTR grants - must meet SBA criteria
- Contracts (federal and private) - federal contracts have considerable paperwork & required deliverables
- Venture philanthropy/foundation funding - often target specific diseases; may be derivative from main corporate mission.
- Convertible debt (may be paid back w/interest or converted to equity at a later point)
- Venture debt (non-convertible)
- Business development resources
- Royalty financing - takes on several forms
- a royalty interest - an asset purchase of pre-existing royalty resulting from an existing license agreement or cash flow stream
- a synthetic royalty financing is the creation of a royalty around a single product or a basket of product revenues
- a hybrid financing may combine royalty-based financing with structured debt and equity investments
- Collaborative development (R&D) funding
- ex: Symphony
- on a successful product, the biotech company can go out and buy back all the product rights
- primarily has been done with private companies
- Priority review vouchers
- available to sponsor of newly-approved drug or biological for neglected tropical disease
- approved itself under Priority Review
- voucher is transferable or saleable
- applicable to any NDA/PLA submission
- NPV value of acceleration est. between $50-$500M
- Enterprise financing, pure working capital or combo
- Size ranges from $1M to $20M
- Maturity from 2-4 years
- Interest rate spread to LIBOR or other index. 11-13%
- Warrants struck at last financing round
- 2-5% of total debt facility equicy participation often attached.
- Near term non dilutive finacing.
- Reduced cost of capital vs. equity
- Capital-intenstive co-allow equity to finance R&D
- Runaway extension
- Equipment draws can often exactly match the timing of expenditure
- Payback timing has to be carefully managed
- Triggering of Material Adverse Change clause can be burdensome
- In a liquidation, debt holders get paid back first
- Will debt providers have money if draws are staggered?
Make sure you are considering yourself as a target for M&A. Most lately have been pharma-biotech, but expect an uptick in biotech-biotech. Valuations are challenging in this environment. It's not a speedy process - 6 months at best. Therefore, it's not a last resort strategy. Don't forget to consider spin-outs and carve-outs.
Reverse Mergers are an alternative to the IPO route. There are 2 types:
1. Company that's lead product has failed but they have excess cash to deploy.
2. Publicly listed shell company with no assets.
Benefits of reverse mergers:
- Access to capital markets and public listing.
- Often less dilutions vs. IPO or other capital raise.
- Change in investor base and board membership.
- External perception of a "short cut" to the market
- Reduced debt marketing and later trading volume issues
- Analyst coverage and other Wall Street sponsorship
- May need to consider a concurrent cash raise
- Shaking the "baggage" of the acquired company can be difficult.
I apologize if there are any errors in this post; I am a layperson and many of these terms are out of my field of expertise.
Finance Session I
Collaboration: The Current State of Funding
Moderator: Thomas Hess, CPA, Senior Vice President of Finance & CFO, Yaupon Therapeutics, Inc.
Panelists: Jim Dentzer, CFO, Amicus Therapeutics
Kevin Taylor, Vice President, Business Development, Adolor Corporation
P. Sherrill Neff, Managing Partner, Quaker BioVentures
Christian Schade, Senior Vice President, Finance & Administration and CFO, Medarex, Inc.
Hess: M&As are becoming an attractive exit strategy. Partnering/collaboration activity is growing. A trend is emerging: Existing collaborations are converted into successful M&A deals.
Neff: Recommends for companies to spend every nickel like it's their last. VCs are more preoccupied right now with their problems than with the companies seeking capital-a major problem. The IPO market is dead for the foreseeable future and in their absence, biotech has to look to the acquisitions market. M&A numbers are misleading; they include much smaller numbers and there have only been 40-60 deals over $50B per year. Everything is slowing down. (Neff interjected here with "I hate to be an optimist today.") Interesting things are taking longer to get funded, there are problems in the portfolio, and it's hard to get those first and second meetings. It's harder to get projects across the finish line. To avoid internal drams, it's really critical to have a team in place that can deal with each other in stressful times and face reality quickly. Expect the worst, but intelligent corporate collaboration can enable survival until another dawn.
Taylor:Spoke about M&As from a target perspective. His advice? Focus on what potential acquirers will want to know. Assemble the team to address each of the key diligence areas. Expect tougher, diligence than financing diligence, with an IP focus. Ensure existing collaborations don't hinder the deal. ID material agreements and review key terms such as assignment provisions, termination triggers and consequences. Beware of ambiguities in contracts and take a hard look at IP with realistic filings and protection. Never make M&A your sole strategy.
Dentzer: Spoke about structuring a collaboration. There are several considerations:
Schade: Addressed the "back end" of deals - profit split or royalty? On the biotech end of the deal, there are some considerations. Most profit splits have a cost-sharing component on the front end as well as the back. The definition of "net sales" and calculation of "profit" must be determined as well as launch costs early on in the commercialization. The company also must determine the ability to opt-in or opt-out during development and commercialization. Most development programs are global. Must have a defined transition point in development. Product manufacturing, sales and distribution all need to be hammered out. Accountants must be involved early in the agreement process. Pricing strategy and marketing and selling obligations must be considered.
Dentzer: Discussed alternative funding components in upfront or as options after closure. Equity components: Increase incoming cash in upfront. There's a potential for further equity option after the deal closes. Recent examples: Icagen/Pfizer - Aug.2007, Schering-Plough/Novacea - June 2007, ChemoCentryx/GSK - Aug. 2006.
For development loan from Pharma, consider interest bearing notes. Recent examples: ARIAD/Merck - July 2007, Shire/Renovo - June 2007.
By Danielle Kozich on behalf of Pennsylvania Bio
Moderator: Thomas Hess, CPA, Senior Vice President of Finance & CFO, Yaupon Therapeutics, Inc.
Panelists: Jim Dentzer, CFO, Amicus Therapeutics
Kevin Taylor, Vice President, Business Development, Adolor Corporation
P. Sherrill Neff, Managing Partner, Quaker BioVentures
Christian Schade, Senior Vice President, Finance & Administration and CFO, Medarex, Inc.
Hess: M&As are becoming an attractive exit strategy. Partnering/collaboration activity is growing. A trend is emerging: Existing collaborations are converted into successful M&A deals.
Neff: Recommends for companies to spend every nickel like it's their last. VCs are more preoccupied right now with their problems than with the companies seeking capital-a major problem. The IPO market is dead for the foreseeable future and in their absence, biotech has to look to the acquisitions market. M&A numbers are misleading; they include much smaller numbers and there have only been 40-60 deals over $50B per year. Everything is slowing down. (Neff interjected here with "I hate to be an optimist today.") Interesting things are taking longer to get funded, there are problems in the portfolio, and it's hard to get those first and second meetings. It's harder to get projects across the finish line. To avoid internal drams, it's really critical to have a team in place that can deal with each other in stressful times and face reality quickly. Expect the worst, but intelligent corporate collaboration can enable survival until another dawn.
Taylor:Spoke about M&As from a target perspective. His advice? Focus on what potential acquirers will want to know. Assemble the team to address each of the key diligence areas. Expect tougher, diligence than financing diligence, with an IP focus. Ensure existing collaborations don't hinder the deal. ID material agreements and review key terms such as assignment provisions, termination triggers and consequences. Beware of ambiguities in contracts and take a hard look at IP with realistic filings and protection. Never make M&A your sole strategy.
Dentzer: Spoke about structuring a collaboration. There are several considerations:
- Territory scope: Global deal vs. ROW-only
- Co-Development: Joint development vs. go-it-alone
- Co-Promotion: Profit split vs. Royalty
- Unique diligence
- Revenue recognition
- Tax issues
- Financing structure
- Asset/product characteristics
- Regulatory pathway: US and ROW
- Market dynamics: US and ROW
- Reimbursement: US and ROW
- Source of financing
- Validation of science
- Increases probability of success
- Launch in multiple countries simultaneously
Schade: Addressed the "back end" of deals - profit split or royalty? On the biotech end of the deal, there are some considerations. Most profit splits have a cost-sharing component on the front end as well as the back. The definition of "net sales" and calculation of "profit" must be determined as well as launch costs early on in the commercialization. The company also must determine the ability to opt-in or opt-out during development and commercialization. Most development programs are global. Must have a defined transition point in development. Product manufacturing, sales and distribution all need to be hammered out. Accountants must be involved early in the agreement process. Pricing strategy and marketing and selling obligations must be considered.
Dentzer: Discussed alternative funding components in upfront or as options after closure. Equity components: Increase incoming cash in upfront. There's a potential for further equity option after the deal closes. Recent examples: Icagen/Pfizer - Aug.2007, Schering-Plough/Novacea - June 2007, ChemoCentryx/GSK - Aug. 2006.
For development loan from Pharma, consider interest bearing notes. Recent examples: ARIAD/Merck - July 2007, Shire/Renovo - June 2007.
By Danielle Kozich on behalf of Pennsylvania Bio
I apologize if there are any errors in this post; I am a layperson and many of these terms are out of my field of expertise.
Monday, November 10, 2008
Monday's Dinner and Keynote Address
Jerry Zaro, Chief of Economic Growth for New Jersey, opened his remarks by extolling the many virtues of the Garden State: the state has a large labor pool, excellent public and private schools – and unlike many other states, New Jersey has a “brain GAIN.”
The state also has a program that will return between 10 – 80% of payroll taxes back to companies doing business in NJ. Other state programs include an angel fund to encourage venture capital in the state – and businesses receiving money from the fun d can keep their profits without paying New Jersey state tax.
Celgene , said Zaro, is a great examples of a business that benefited from New Jersey’s programs and policies.
Our keynote speaker was the President & COO of Celgene, Robert Hugin. Hugin served the US as a Marine. Tomorrow is Veterans’ Day – I’d like to thank Hugin and every other veteran of our country’s armed services for his or her service.
10 years ago, when Hugin joined Celgene, the company had 6 weeks of operating cash on hand. Today, Celgene has operations in 40 countries, multiple cancer drugs, a deep and diverse pipeline for future drugs, and have invested nearly 40% of their revenue back into R&D. This year, Celgene will have $2-2.25 B in revenue. The Celgene story is about survival.
The company changed course many times before it got to where it is today. Hugin’s advice to other biotech companies is to:
Employees must be ambassadors for improvements in healthcare. If they don’t believe we can cut cost and improve care, it will never work and we will never succeed.
By Danielle Kozich on behalf of Pennsylvania Bio
The state also has a program that will return between 10 – 80% of payroll taxes back to companies doing business in NJ. Other state programs include an angel fund to encourage venture capital in the state – and businesses receiving money from the fun d can keep their profits without paying New Jersey state tax.
Celgene , said Zaro, is a great examples of a business that benefited from New Jersey’s programs and policies.
Our keynote speaker was the President & COO of Celgene, Robert Hugin. Hugin served the US as a Marine. Tomorrow is Veterans’ Day – I’d like to thank Hugin and every other veteran of our country’s armed services for his or her service.
10 years ago, when Hugin joined Celgene, the company had 6 weeks of operating cash on hand. Today, Celgene has operations in 40 countries, multiple cancer drugs, a deep and diverse pipeline for future drugs, and have invested nearly 40% of their revenue back into R&D. This year, Celgene will have $2-2.25 B in revenue. The Celgene story is about survival.
The company changed course many times before it got to where it is today. Hugin’s advice to other biotech companies is to:
- Constantly challenge your business model and make sure you’re going in the direction you want.
- Guard your IP and share it at your own peril – partner at the last minute. Celgene has succeeded because they own their products worldwide.
- Recruit exceptional people and set aspirational goals. No matter how big or how diverse you get, you have to maintain the feeling of individual ownership and entrepreneurship.
- You have to take and manage risk for every aspect of the company. Great things don’t happen to companies who don’t take great risks. You’ve got to take risks if you want great returns.
- Size matters. We believe there are tremendous disadvantages to large organizations. When you get too big, you don’t get great results.
Employees must be ambassadors for improvements in healthcare. If they don’t believe we can cut cost and improve care, it will never work and we will never succeed.
By Danielle Kozich on behalf of Pennsylvania Bio
I apologize if there are any errors in this post; I am a layperson and many of these terms are out of my field of expertise.
Monday Afternoon Plenary Session
Overview of the Industry: Past, Present & Future
Keith Brownlie, Partner, Ernst & Young, opened the discussion.
In 2007, the bio industry had record deals, booming financing, and improved profitability. In 2007, public company net loss of .5% of revenues - the lowest ever. However, the year was not without challenges, including: safety concerns (several black box warnings,) emerging regulatory challenges, and the cooling of public equity markets.
The acquisitions and black box warnings dented revenue growth in 2007. It was a year for record-breaking mergers & acquisitions. US financing reached the second-highest total on record (2000.) The uncertainty of the financial markets makes predicting the 2008 numbers difficult; they will certainly be lower. Most companies are planning on M&As or dual tracking for exits. Many are operating with less than 1 year's cash on hand and more than 100 have less than 6 months' cash on hand.
Rules of the road going forward: the deal space will still be very active, but bargaining power is critical. Raising capital in public markets in the year ahead will be very difficult. Companies will have to reduce the burn rate and spend capital more effectively.
A pattern is growing: the drug industry is being reinvented by three sweeping trends:
-increasing r&d productivity
-personalized medicine
-globalization
Doug Long, Vice President of Industry Relations, IMS Health, provided 2009 market estimates. Global pharma market will grow to over $820m in 2009 - the US market growing at about 1-2%. The strongest markets are the emerging markets - they'll grow from 14-15%. The oncology market will grow, too, at 15-16%, and biotech as a whole will grow 11-12%.
The generic market will mature with another $24bn in products due to expire, creating what Long calls "The Golden Age of Generics." At the same time, NCE's launch performance in the first half of 20008 is the weakest of the past 10 years.
Safety issues are increasing and having a real impact on the total market. Products that would have been approved 5 years ago aren't getting approved today. The FDA has more power than ever, and black box warnings are going up.
Mike Erickson, Ph.D., Associate Partner, McKinsey & Company
Competition is getting tougher and stakeholder influence is shifting. New influencers come from a new array of outlets, including social media, reshaping the stereotype of what opinion leaders should be.
However, not all is bleak; some opportunities are coming. Specialty care biopharmaceuticals represent a place of hope and growth. Specialty care represents an increasing share of value from launched products. Demographics are also encouraging - the aging population will increase demand for pharmaceuticals. In the US today, there are over 50m folks over 50 - in 2025, there will be 75m over 50. This group accounts for 75% of prescriptions.
I apologize if there are any errors in this post; I am a layperson and many of these terms are out of my field of expertise.
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