The foundation of the Raven business strategy is a deep pipeline of monoclonal antibody drug candidates targeting cancer.

The efficiency of our drug discovery platform, which has enabled us to build a formidable research pipeline in our first five years, has the potential to deliver a dramatic and sustained increase in drug discovery output. This drug discovery platform generates more commercial opportunities than we can pursue independently and therefore accelerating clinical development of our new therapeutic candidates in partnership with leading pharmaceutical and biotechnology companies is a key part of our business strategy. Raven also pursues select clinical projects independently is also part of our strategy to build long-term value. This model enables us to maximize the number of lead compounds we can rapidly put into development as we continue to generate new candidates and develop our discovery platform to a higher degree of productivity.

Eventually, we plan to actively pursue other commercialization avenues for our technologies and discoveries in commercial areas, such as diagnostic and imaging antibodies, small-molecule drug development for the targets Raven discovers, and cell-based therapies.

Intellectual Property

Our biology-based technology platform has enabled us to establish a powerful patent position.

By using whole living cells as input, Raven has gone beyond genomics and proteomics in addressing the full range of potential targets including: up- or down-regulation, protein modification, positional and functional variations that are disease specific. This is truly the next step in target/drug discovery, and provides multiple pathways for patent protection.

Raven's platform has built-in intellectual property advantages.

Haven has been seeking to obtain patent and other proprietary protection in three key areas to secure the growing pool of intellectual property from our proprietary discovery program:

• Proprietary progenitor cell lines
• Methods used to discover, screen, and produce antibodies
• The targets, therapeutic antibodies, and clinical utility of our antibody products

By focusing on relevant biological systems, Raven's discovery approach is not limited by gene sequence, providing Raven a significant advantage in freedom-to-practice and in claiming and protecting intellectual property.

To date, Raven has filed more than 140 patent applications and has more than 35 antibody-target combinations under investigation.