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Biotech / Medical : DPII: Discovery Partners Int'l -- Ignore unavailable to you. Want to Upgrade?

To: dr.praveen who wrote (79)	5/8/2006 11:54:52 AM
From: Mike McFarland	Read Replies (1) \| Respond to of 111

blah blah (snip) Cash, cash equivalents and short-term investments at March 31, 2006 were $80.1 million. etc etc Item 2.06 Material Impairments. On May 2, 2006, in connection with the financial statement close process, management of the Company determined that an impairment charge was required, and the Company recorded a non-cash impairment charge of $3.2 million, representing long-lived assets, consisting primarily of property, plant and equipment, of certain operating units. The inherent risk in maintaining ongoing operations with our employee and customer base and the reduced probability of entering into drug discovery collaborations while concurrently pursuing various strategic transactions (including the Company’s proposed merger with Infinity Pharmaceuticals, Inc.) required the evaluation of impairment of the Company’s long-lived assets. We considered all available evidence and developed estimates of the future cash generating capacity and the future expenditures associated with the various operating asset groups. The results indicated that more than one operating asset group are expected to generate negative cash flows and would not recover their carrying value. Therefore, the fair value of these long-lived assets was deemed to be zero. We believe there are currently one or more viable alternatives that would not lead to a loss on the recoverability of the remaining long-lived assets at March 31, 2006. ............ Coasting downhill to the 70-75M window...S-4 should be out soon, maybe a week or two...

To: dr.praveen who wrote (79)	5/24/2006 10:36:45 PM
From: Mike McFarland	Respond to of 111

(Kosan, Infinity, Astex, Synta, Arqule, Serenex, Neutec, Vernalis) We did okay on that list of competitors: (from s-4) Infinity believes that Kosan Biosciences, Conforma Therapeutics Corporation (which recently announced its proposed acquisition by BiogenIdec Inc.), Serenex, Inc., Vernalis plc (in collaboration with Novartis) and Synta Pharmaceuticals have preclinical and early clinical stage development programs seeking to develop compounds that target Heat Shock Protein 90, or Hsp90, which is the target of Infinity’s lead compound IPI-504. Curis, Inc. and Genentech Inc. have an early stage clinical development collaboration seeking to develop drugs that target the Hedgehog signaling pathway, which is the target of Infinity’s IPI-609 preclinical compound. Gemin-X Biosciences and Abbott Laboratories are believed to be in early-stage development of compounds to target the Bcl-2 family of proteins, which is the target of an Infinity discovery effort as well.