Analyst Conference Summary

conference date: February 11, 2008 @ 1:30 PM Pacific Time
for quarter ending: December 31, 2007 (4th quarter)

Forward-looking statements

Overview: Preparing for first sales of Zingo into pediatric hospitals in Q2.

Basic data:

No revenue yet.

Net loss was $17.7 million, sequenially a 10% greater loss than $16.1 million and 16% greater than the $15.3 million loss year-earlier.

EPS was negative $0.60 per share.

Guidance:

Has plenty of cash to cover expenses into 2009.

Conference Highlights:

Cash ended at $90.8 million. Up $36.4 sequentially from $54.4 million, largely due to $47.7 million from stock offering. So the real burn was $11.3 million.

Research and Development expense was $10.7 million. General and administrative expense was $7.3 million, for total operating expense of $18.0 million. $1.7 million was non-cash stock-based compensation.

Interest income was $0.3 million.

Net loss was $17.7 million ($0.60 per share).

There are 18 million blood draws for children annually in the United States.

Set up RN VOICE and www.manageivpain.com to promote venous access pain management in children. One nursing magazine article has appeared.

Application for adult Zingo will be in Q1 2008. It is for label expansion.

Signed up Sigma-Tau to market and distribute in 6 European countries. Medical Futures will distribute in Canada.

Adlea is in Phase 2 trials and preparing for its first Phase 3 trials in bunionectomies and total knee replacement surgeries. Also looking at using it for osteoarthritis. Discussed why current options need to be supplemented with Adlea, with a trial to begin late this year.

Q&A:

Limiting factor at this moment? Building product supply for launch. We are getting positive feedback from sales force, which just started going out in February. Lots of interest from nurses and hospitals.

Europe? Sigma Tau is a strong player with a pain franchise. Will submit applications in summer of 2008.

Europe? Sigma Tau did its own market research and saw demand similar to the United States. No specific market data yet. Not disclosing financial particulars, but based on a transfer price?

Manufacturing progress? Nice, we are on track.

Share count for Q1? 40.7 million. Q4 count was volume waited so not much influenced by new issue.

15mg new dose trials is because it seems very safe and should be more effective than 5mg dose.

G&A expense going forward? Not likely to change much in 2008.

Samples of Zingo? Hospitals don’t accept samples, and we are launching into hospital market initially. So no initial sample expense. We are focusing on pediatric institutions first. We will have marketing materials for parents.

Formulary acceptance? Sagent and Anesiva reps are working together, and pharmacies are responding well to initial efforts. But demand will really be driven by doctors and nurses. We are already getting requests for formulary additions. Nurses are advocating for the product.

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