Do you have expectations about sales for the drug if it’s approved?

No, we’re not making any forward-looking statements. The time will come when we will. That time is after approval, once we’ve begun selling the drug. We’d like to be in the market for a couple of months before we put projections out.

If the FDA approves it in May, is that something that hits the market the next day or do you need time to ramp up production?

We would need about a month to a month and a half from approval before we can begin shipping commercial drug. That is because the package insert will not be finalized until we have final approval. You need to package that with your drug.

Does all that work get done in Silver Spring?

No, we have a manufacturing facility in Chicago. All of our research and development is headquartered in Research Triangle Park, North Carolina. And our administrative headquarters are here in Silver Spring.

How many do you employ overall?

About 120 people.

How many of those are in Maryland?

A small number, 15.

What about other drugs that are in your pipeline? Beraprost was one that failed its phase III trial last year. Are you still pushing ahead with that?

The next program that we have in the pipeline would be Remodulin for critical limb ischemia.

Is that the same drug just for a different purpose?

Correct. We’ll be commencing a phase II/III clinical trial later this year [for that]. Critical limb ischemia is a severe condition that is characterized by poor to no blood flow in the lower limbs. The blood flow is so limited that these patients ultimately lose their limbs to amputation. Remodulin has been shown to be effective.

Do you have other drugs that you’re working on?

Yes, we do. We have an iminosugar drug that’s the result of decades or research at the University of Oxford and Monsanto Searle. It’s now just about ready for the clinic. That would be our first iminosugar compound, first of a whole platform of compounds that we own. We call it UT231B.

But that’s still a few years off from hitting the market.

Yes.

What about the stock? It was recently trading around 12, about the same place it was this time last year, despite some ups and downs. Do you have any forecast on that?

No.

Like many of the biotech stocks, it has been hit hard. It was up over 100 in 2000.

2000 is like a lifetime ago in this market. That’s true, I think, of just about any industry. I don’t think anybody can compare 2000 and 2002.

Are biotech stocks more volatile than shares in other industries? Since you are so dependent on getting this drug that you have been working on to market, any hint of a lean one way or the other by the FDA really causes that stock to move, doesn’t it?

Any material news about any company causes a stock to move, to react.

Just looking over the past few years, one day the stock moves 30 percent one way, one day it moves 30 percent the other.

On material news. That’s true of any young biotech company that’s going through FDA review of its first product. That’s a very important time in the company’s history and people are watching it very closely. It’s a company going from infancy to maturity that’s the normal progression. Fortunately for us, we’re going to get there.

There are hundreds if not thousands of biotech companies in the U.S. who will never see any approved therapy. [They] will just spend millions if not tens of millions or hundreds of millions of dollars on R&D and will never end up with an approved product. It’s a very risky industry.