Company Overview

We are a clinical-stage biopharmaceutical company that uses our patented LEX System^SM to develop follow-on biologics, hard-to-make therapeutic proteins and monoclonal antibodies that have been optimized to enhance their efficacy and potency. The LEX System is a novel technology that genetically transforms the aquatic plant Lemna to enable the production of biologic product candidates.

Our proprietary product candidates are designed to provide superior efficacy/tolerability profiles and to address large, proven pharmaceutical markets.

Our lead product candidate, Locteron, is the only controlled-release interferon alpha for the treatment of hepatitis C. Locteron is designed to improve patient care by providing a more convenient once-every-two week dosing schedule and by reducing the flu-like symptoms associated with pegylated interferons, the current standard of care. Interim results from two Phase 2b clinical trials of Locteron were the subject of three oral and poster presentations at the 45th Annual Meeting of the European Association for the Study of the Liver (EASL) in Vienna, Austria in April 2010. In SELECT-2, the most advanced Phase 2b trial, through 36 weeks of treatment in the trial demonstrated viral kinetics and response rates that were comparable to the PEG-Intron® control while also achieving a 65% reduction in flu-like adverse events. Interferon alpha serves as the foundation of current combination therapy for hepatitis C patients. It is estimated that worldwide sales of interferon products for the treatment of hepatitis C will approach $6 billion by 2016.

In addition, reported side effects were fewer and less severe than previously reported with other interferon products currently marketed or in development.

We have also developed two other product candidates that capitalize on the benefits of the LEX System, which we are advancing toward clinical trials. BLX-301 is a humanized anti-CD20 antibody glyco-optimized for the treatment of non- Hodgkin’s B-cell lymphoma and other diseases. BLX-155 is a direct-acting thrombolytic designed to dissolve blood clots in patients

We believe that all of our product candidates have reduced clinical and regulatory risk profiles because they are based on well-understood proteins with proven mechanisms of action or clinical validation, and well-established regulatory pathways.

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