February 19th 2004. Over the next several months, Protein Design Labs’ (NASDAQ: PDLI) pipeline will likely draw attention. In late March, Protein Design Labs expects to release Phase II data for daclizumab as a treatment for asthma. The previous Protein Design Labs management team launched this study, and expectations for this program are low. Protein Design Labs also announced that due to a rapid accrual rate, enrollment for the Phase II daclizumab in moderate-to-severe ulcerative colitis has been completed and data is now expected in the second quarter of 2004. At Digestive Disease Week in May 2004, Protein Design Labs expects to release data from two Phase II studies of HuZAF in Crohn’s disease and final Phase I data of Nuvion in steroid-refractory ulcerative colitis. In the second quarter of 2004, Protein Design Labs expects to release data from the recently launched Phase I/II study of low-dose Nuvion in steroid-refractory ulcerative colitis. Also in the first half of 2004, we expect that Protein Design Labs will file an IND for Eos-200-F, the fragment of Eos-200-4, for ocular indications. We believe that these catalysts will drive interest in the stock and propel the re-emergence of Protein Design Labs as a company with developing products along with a healthy royalty stream from six marketed humanized antibodies that were developed with their technology. Another humanized monoclonal antibody developed with their technology could be added to the list if Biogen Idec (NASDAQ: BIIB) and their partner Elan (NYSE: ELN) are successful bringing Antegren, their multiple sclerosis (MS) drug to market. Biogen Idec and Elan intend to file a biological license application with the FDA a year ahead of schedule. If Antegren is approved, Protein Design Labs will receive 3% to 3.5% royalty on the sale of the MS drug and would boost Protein Design Labs royalty stream from 6 drugs on the market using its antibody technology to 7. Antegren could become a billion dollar drug and the gold standard to treat MS patients. We will raise our price target for Protein Design Labs from $25 to $32.

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