When we introduced the Clear Route to ROI concept 14 months ago, the goal simply was to provide a framework for discussing the disparity between the valuations desired by companies and the hard reality of the actual share prices provided by the market.

However, as time progessed - and the Street has demonstrated even less charity to the biotech sector - the Clear Route idea continued to be a useful way to model the promise-performance gap beyond the vicissitudes of Wall Street. The Clear Route to ROI became a tool BioCentury uses - a train of thought - to probe at the logic of a company's business model and to handicap its potential success.