8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): April 6, 2005

Guilford Pharmaceuticals Inc.
__________________________________________
(Exact name of registrant as specified in its charter)

Delaware	000-23736	52-1841960
_____________________ (State or other jurisdiction	_____________ (Commission	______________ (I.R.S. Employer
of incorporation)	File Number)	Identification No.)
6611 Tributary Street, Baltimore, Maryland		21224
_________________________________ (Address of principal executive offices)		___________ (Zip Code)

Registrant’s telephone number, including area code: 410-631-6300

Not Applicable
______________________________________________
Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01. Other Events.

      On April 6, 2005, Guilford Pharmaceuticals Inc. (the “Company”) hosted a webcast presentation regarding its new business strategy. A copy of the visual materials used in the presentation is attached to this Form 8-K as Exhibit 99.1 and are incorporated by reference herein. The presentation contains forward looking statements that are subject to significant risks and uncertainties. These forward looking statements include, among other things, statements of the Company’s expectations regarding market potential for its marketed products and product candidates, future revenue, cash burn and income, regulatory approval processes, and future capital raising and asset disposition activities. Actual results may differ materially from the results depicted in the forward looking statements.

      The risks and uncertainties associated with the Company’s new business strategy are additional to, and may materially differ from, the risks and uncertainties associated with the Company’s prior business strategy. In addition to the risk factors included in the Company’s Form 10-K for the year ended December 31, 2004 (the “2004 10-K”), investors should carefully consider the following risk factors set forth below related to the Company’s new strategy.

We may not be successful in our attempts to minimize our ongoing expenses related to Aggrastat® Injection or to implement an exit strategy from this product.

      Our attempts to minimize our ongoing expenses related to Aggrastat and to devise and implement an exit strategy from the product are contingent upon a number of factors, including our ability to appropriately manage the process of reducing product development expenses, find and engage qualified purchasers, licensees or partners for the product and minimize the time that it takes us to do so. Our success, if any, will also depend on the consideration that we are able to receive for Aggrastat. If we do not find and engage qualified purchasers, licensees or partners who are willing to provide the consideration that we determine is reasonable or appropriate, or if it takes a significantly longer amount of time and resources than we presently anticipate to accomplish these objectives, we may not be able to minimize our ongoing expenses related to Aggrastat or be able to implement an exit strategy from the product.

      Additionally, our ability to accomplish any of our objectives regarding Aggrastat will depend on our success in reaching a mutually acceptable arrangement with Paul Royalty Fund and its affiliated entities (collectively, PRF) regarding our revenue interest agreement with PRF. The revenue interest agreement is secured by, among other things, the revenues from Aggrastat and the intellectual property related to Aggrastat. Implementing a viable exit strategy for Aggrastat will require such an arrangement. If we are not able to reach this arrangement, then we may not be able to successfully minimize our expenses related to this product, which expenses include payments owed to PRF.

Our ability to realize significant value from our early stage “pipeline” is dependent upon successful collaboration with external parties.

      We expect to create value from our early stage pipeline through licensing, corporate partnerships, sales or other similar transactions. Any such transaction will be dependent upon the cooperation of a third party. If we are not successful reaching reasonable or appropriate agreements with such third parties related to these technologies, we may not be able to create significant value from them. Early stage research projects often fail to achieve commercial success due to factors such as unsatisfactory pre-clinical and clinical testing results, regulatory approval requirements, market acceptance, and reimbursement limitations. Additionally, in the absence of support from third parties, we may not be able to continue to fund the research and development of these early stage pipeline technologies. As a consequence, these technologies may never provide value to our shareholders.

Timely regulatory approval(s) to market Aquavan® Injection, without the requirement for monitored anesthesia care, will directly affect whether we achieve our financial goals.

      It is essential to the success of our new business strategy that we receive approval from the Food and Drug Administration (FDA) to market Aquavan so that we may launch our sales of the product during the last calendar quarter of 2007. If this approval is significantly delayed, we may not achieve our financial goals, which include goals related to revenues, total expenses, losses and profits. Additionally, if the FDA’s approval of Aquavan limits or prohibits our ability to market the administration of the product without an anesthesiologist, a nurse anesthetist or similar medical professional, we do not expect to achieve our financial goals.

Our ability to significantly increase revenues of Gliadel® Wafer will directly affect whether we achieve our financial goals.

      In order to achieve our financial goals, we must substantially increase sales of Gliadel over the next three-to-five years. Our ability to increase these sales will be primarily based upon our ability to attain greater market penetration than we currently have. We expect to attain greater market penetration through, among other things, increasing the amount of time and effort that our sales force devotes to Gliadel, increasing the sales success of that sales force and increasing our marketing resources; however, if we fail to do so then we may not be able to increase our sales of the product. Even if we are able increase our sales and marketing efforts, such increases may not result in increased sales of Gliadel.

Our ability to achieve strong revenue growth for Gliadel and Aquavan may depend to a large extent on the results of additional clinical trials that we may conduct.

      We may conduct additional clinical trials with Gliadel to provide physicians with added clinical data and/or to expand Gliadel’s labeled indications. There is no assurance that such clinical trials, if any, will be successful, or if successful, will persuade physicians to use the product with more frequency or convince the FDA that an additional indication is warranted. Also, if one or more additional clinical trials are not successful, sales of the product in its current markets could be adversely affected and could significantly adversely affect our ability to achieve our financial goals.

      Additionally, our ability to continue to increase the size of the market for Aquavan will depend upon our success in expanding the approved indications for the product to include additional types of procedural sedation settings. We will likely need to conduct additional clinical trials to do so, and such trials may not be successful or may not, in the determination of the FDA, warrant an expanded indication for Aquavan. In such cases, sales of Aquavan may never meet our expectations and we would not be able to achieve our financial goals.

Our financial projections are inherently speculative and should not be relied upon as a prediction of our actual future performance.

      In our presentation and in other forums, we have made or will make projections of our future financial performance. For instance, in the presentation we offer projections of future product sales, expenses, cash burn, and income. These projections are inherently speculative and should not be relied upon as predictions of actual future performance. Factors described in this Report and in our Risk Factors set forth in our 2004 10-K, as well as risks and events we may not foresee will cause our actual results to differ from these projections, and these differences may be material. We have no duty to update these projections; therefore you should not rely upon them in making any investment decision now or in the future with regard to our securities.  
 
 

Item 9.01. Financial Statements and Exhibits.

Exhibit 99.1 - Presentation slides from corporate strategy presentation on Wednesday, April 6, 2005.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Guilford Pharmaceuticals Inc.
April 6, 2005	By:	Asher M. Rubin
		Name: Asher M. Rubin
		Title: Senior Vice President, General Counsel and Secretary

Exhibit Index

Exhibit No.	Description
99.1	Presentation slides from corporate strategy presentation on Wednesday, April 6, 2005.

EX-99.1

Sharpening Our Focus April 6, 2005

Safe Harbor Forward-looking statements made in the course of this presentation are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The audience is cautioned that such forward looking statements involve risks and uncertainties, including those described in the section entitled "Risk Factors" from the Company's Form 10-K filed with the SEC on March 7, 2005, and other filings of the Company with the Securities and Exchange Commission, which may cause the Company's actual results and experience to differ materially from anticipated results and expectations expressed in these forward-looking statements.

Today's Speakers Dean Mitchell President and Chief Executive Officer Bill Spengler Executive Vice President and Chief Financial Officer Lawrence B. Cohen, M.D. Associate Clinical Professor, Division of Gastroenterology, Mount Sinai Hospital, New York

Agenda Outline new strategic direction Financial overview Key products - GLIADEL(r) and AQUAVAN(r) AQUAVAN(r) colonoscopy results Summary Q & A Financial overview Key assets - GLIADEL(r) and AQUAVAN(r) AQUAVAN(r) colonoscopy results Summary Q & A

How Are We Different Building a New Guilford New management and strategy Market driven approach Focusing on high potential key assets Realizing value from remaining assets Achieving financial sustainability THE NEW

Guilford Today - Situation Analysis Focused strategy Broad array of assets with significant upside potential Resources insufficient to capitalize on all opportunities

Broad Array of Assets GLIADEL(r) AGGRASTAT(r) AQUAVAN(r) GPI 1485 NAALADase PARP Inhibitors PRODUCTS RESEARCH PRE CLINICAL PH I PH II PH III MARKETED recurrent surgery initial surgery Acute Coronary Syndrome PCI procedural sedation Parkinson's Disease Post-prostatectomy ED neuropathies prostate cancer chemosensitization radiosensitization migraine neuropathic pain GPI 15715 Non-IV

Sharpening Our Focus GLIADEL(r) AGGRASTAT(r) AQUAVAN(r) GPI 1485 NAALADase PARP Inhibitors PRODUCTS RESEARCH PRE CLINICAL PH I PH II PH III MARKETED recurrent surgery initial surgery Acute Coronary Syndrome PCI procedural sedation Parkinson's Disease Post-prostatectomy ED neuropathies prostate cancer chemosensitization radiosensitization migraine neuropathic pain GPI 15715 Non-IV

Focused Strategy Focus on selected assets with greatest potential for near-term value creation GLIADEL(r) AQUAVAN(r) Rapidly maximize value of other assets AGGRASTAT(r) GPI 1485 Early stage pipeline Strengthen financial position Reduce cash requirements Simplify capital structure Build critical organizational skills STRENGTHEN 3. OPTIMIZE 2. FOCUS 1. EXPAND 4. Build franchises around customers

Realizing value from other assets

AGGRASTAT(r) - Unlocking Value Analysis: Superior scientific profile Strong growth potential with label expansion Lowest cost agent in class Issues: Highly competitive marketplace Substantial resources required Decision: Minimize ongoing AGGRASTAT(r) expense clinical studies advertising and promotion Implement exit strategy

GPI 1485 - Unlocking Value Analysis: SNDC* funding ongoing development, assuming all risk Neutral to Guilford P&L Positive trial results provide significant opportunity Situation: Results from three Phase II trials expected in Q4 2005 Parkinson's disease (SNDC & NIH) Post-prostatectomy erectile dysfunction *Symphony Neuro Development Corporation Decision: Await clinical trial results Decision point - early 2006 Identify potential partners

Early Pipeline - Unlocking Value Analysis: Multiple technologies NAALADase Inhibitors PARP Inhibitors Situation: Early stage - long timelines to market Low visibility - limited value from the financial market Diverts resources and focus from key assets Decision: Implement strategies to create value through external funding

What Will Guilford Look Like in 3 Years? A focused pharmaceutical company with a strong growth platform excellence in development and commercialization Achieved by our commitment to superb execution delivery of results Significant revenues and positive cash flow

Agenda Outline new strategic direction Financial overview Key assets - GLIADEL(r) and AQUAVAN(r) AQUAVAN(r) colonoscopy results Summary Q & A

Financial Goals Adequately fund key assets to assure revenue targets Limit cash burn through expense reduction on non-core activities Become profitable and cash flow positive by '08 Simplify and strengthen balance sheet to provide for additions to portfolio A three-year turnaround plan

Financial Goals - Key Assets GLIADEL(r) Fund additional sales force, A&P to accelerate market penetration Fund additional studies AQUAVAN(r) Fund clinical trials Begin pre-launch spend in '06 Launch in core segments by end-of-year '07 Adequately fund key assets to assure revenue targets

Financial Goals - Strong Revenue Growth Accelerating in 2008 Gliadel Medium Green Dark Green Aquavan Black Light Blue Medium Blue Dark Blue Light Red Medium Red Dark Red Yellow Orange Brown Tan White Lt Gray Medium Gray Dark Gray Very Dark Gray Black Right Hash Mark Vertical Hash Mark Left Hash Mark Rain Pattern Bright Red Bright Yellow Bright Green Bright Light Blue Bright Dark Blue Pastel Red Pastel Yellow Pastel Green Pastel Light Blue Pastel Dark Blue Muted Red Muted Yellow Muted Green Muted Light Blue Muted Dark Blue Misc Green 1 Misc Green 2 Misc Green 3 Misc Green 4 Misc Green 5 White Black White Black Purple BrightRed BrightYellow BrightGreen BrightLightBlue BrightDarkBlue Fuchsia DarkPurple LightPurple 2005 35 20 3 0 3 2006 47 20 3 0 3 2007 55 20 3 20 3 2008 70 74 GLIADEL(r) AQUAVAN(r) $34-38M $130-160M $60-80M $70-80M

Financial Goals - Cash Use in Operations Investment in multiple AQUAVAN(r) trials GLIADEL(r) remains cash flow positive AGGRASTAT(r) negative cash flow ending Investment in early stage research and development externally funded Corporate overhead reduced 2005 is a Transition Year

Cash Use in Operations Declines as Guilford Exits Non-Core Activities and Builds Revenue $0 $50 $100 2005 Projected 2006 Projected 2007 Projected 2008 Projected AQUAVAN(r) Rest of Operations

Financial Goals - 2008 Break-Even Achieved Through the Following Actions 2005 exit of AGGRASTAT(r) Paul Capital 2007 successful launch of AQUAVAN(r) Increasing cash flow from GLIADEL(r) Tight control over / reductions in all other expenses

Result - Stronger Financial Performance Moving Forward Revenues Total Expenses Profit ~$200-300M ~$130-160M 2005 2006 2007 2008 2009 2010

Agenda Outline new strategic direction Financial overview Key assets - GLIADEL(r) and AQUAVAN(r) AQUAVAN(r) colonoscopy results Summary Q & A

AQUAVAN(r) AQUAVAN(r) GLIADEL(r) Key Assets Untapped growth potential

Why GLIADEL(r) Contributes meaningful cash flow 40% revenue growth in 2004 Limited competition Significant untapped growth potential new DRG European first surgery launches metastatic brain tumors April 6, 2005 - - 49 -

Significant International Potential UK (Jan.) Germany (Feb.) Spain & Portugal (Mar.) Italy (Sept.) Greece (May) Australia (Sept.) Initial launches 2005 Anticipated launches April 6, 2005 - - 51 - France (Feb.) EU markets; 10,000 newly diagnosed glioma patients per year

Metastatic Brain Tumor Potential Significant Market Potential (Patients/Year) Source: Market Research 2004 Encouraging Clinical Data ~11,000 Glioma Initial Recurrent Metastatic ~30,000 Brem, S.(1) et al; 42 patients, Soc. of Neuro-Oncology, Nov. '04 Ewend, M.G.(2) ; Retrospective chart review - Amer. Soc. of Neurologic Surgeons May '04 Positive Physician Intent 96% yes Based on successful controlled trial Notes: (1) Interstitial chemotherapy for local control of CNS metastases (2) Treatment of recurrent CNS metastases using BCNU-polymer wafers

2001 2002 2003 2004 2005 2008 East 10 15 19 28 37 64 Growth Drivers Promote Strong Financial Opportunity $M - - 55 - Provides bridge to AQUAVAN (r) commercial launch

AQUAVAN(r) Key Assets Advancing to commercialization GLIADEL(r)

Why AQUAVAN(r) Large market opportunity Limited competition Unique profile matches physician needs Relatively high probability of success

25 40 16 Large Market Opportunity - - Procedural Sedation Procedural Sedation Market (Millions of procedures 2007) Initial Focus >250 procedure types requiring brief sedation Expanding market demographics emphasis on screening, early diagnosis growth in outpatient procedures Market Trends GI Minor Surgery Cardiac East 20 10 4 Source: NDC data

Initial Focus on GI Largest segment of procedural sedation market Highly concentrated target audience reached with 100-150 reps Lack of competitive promotion Clear, unmet medical need

AQUAVAN(r) Propofol Midazolam Bolus administration Value Proposition Advantage Rapid onset Rapid recovery / "street fitness" Clear-headed recovery Difficult to safely dose by non- ANES MAC* required Injection site pain Disadvantages Advantages Safe No MAC required Amnestic effect Long onset Long recovery / "street fitness" Hangover effect Disadvantages Advantages Combines the best features of both products April 6, 2005 - - 65 - *Monitored Anesthesia Care

Likelihood to Use Target Profile 78% yes Gastroenterologists Source: Aquavan Market Assessment Final Report, Strategic Business Research, 2004 Percent of physicians very likely or likely to use

AQUAVAN(r) Commercialization Strategy Launch and rapidly penetrate GI procedures market Patient and physician satisfaction Pharmacoeconomic advantages Penetrate other short duration procedure settings Minor surgery Cardiac procedures Expand into other settings ICU other

AQUAVAN(r) - Significant Market Opportunity April 6, 2005 - - 71 - 2007 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 East 0 1.7 3.3 5.2 7.2 9.4 11.8 14.6 18 21.5 25.3 29.3 33.3 38 42.5 47.5 52.8 57.7 62.4 67.3 71.3 74 76 77.4 78 78.3 Launch $300M+

Agenda Outline new strategic direction Financial overview Key assets - GLIADEL(r) and AQUAVAN(r) AQUAVAN(r) colonoscopy results Summary Q & A

Today's Speakers Dean Mitchell President and Chief Executive Officer Bill Spengler Executive Vice President and Chief Financial Officer Lawrence B. Cohen, M.D. Associate Clinical Professor, Division of Gastroenterology, Mount Sinai Hospital, New York

A PHASE 3, RANDOMIZED, OPEN-LABEL STUDY TO ASSESS THE SAFETY AND EFFICACY OF AQUAVAN(r) INJECTION VERSUS MIDAZOLAM HCL FOR SEDATION IN PATIENTS UNDERGOING COLONOSCOPY PROCEDURES* Lawrence Cohen, MD

99% of colonoscopy w/sedation 99% of upper endoscopy w/sedation Endoscopic Sedation - United States

Benzo and opioid 75% Propofol 25% Endoscopic Sedation (N=1356)

Reasons for dissatisfaction with benzo/opioid Patient discomfort 72% Delayed recovery 65% Risk of complication 60% Slow onset 58%

Pre-Treatment Period Treatment Period AQUAVAN(r) Injection (N=209) Midazolam (N=69) Fentanyl Randomization (3:1) * Anesthesiologist was not required to be present for the conduct of this trial N=280 2 patients did not receive study medication Screening N=305 Study Design

Weight Based Dosing Regimen Predosing Patient Weight Initial Bolus Dose Supplemental Dose(s) AQUAVAN(r) AQUAVAN(r) AQUAVAN(r) <55 kg 20 mL (700 mg) 4 mL (140 mg) ^55 to <80 kg 23 mL (805 mg) 4 mL (140 mg) ^80 kg 28 mL (980 mg) 4 mL (140 mg) Midazolam HCl Midazolam HCl Midazolam HCl <55 kg 1 mg 0.5 mg ^55 to <80 kg 1.5 mg 0.75 mg ^80 kg 2 mg 1 mg

Primary Objective To demonstrate that AQUAVAN(r) Injection is effective in providing adequate sedation in patients undergoing colonoscopy

Primary Endpoint: Sedation Success Defined as a patient: having 3 consecutive Modified Observer's Assessment of Alertness Scale (MOAA/S) scores ?4 AND completing the procedure without requiring alternative sedative medications and without requiring manual or mechanical ventilation

Modified Observer's Assessment of Alertness/Sedation Scale 1 Responds only after painful trapezius squeeze 0 Does not respond to painful trapezius squeeze 2 Responds only after mild prodding or shaking 3 Responds only after name is called loudly and/or repeatedly 4 Lethargic response to name spoken in normal tone 5 (Alert) Responds readily to name spoken in normal tone Score Responsiveness Dynamic Continuum Alert Mild Moderate Deep

Primary Endpoint - Sedation Success AQUAVAN (n=209) Midazolam (n=69) 96.2 72.5 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% 72% Midazolam (N=69) % Sedation Success *P<0.001 *

Median MOAA/S at 2 Minute Intervals 0 1 2 3 4 5 6 MOAA/S AQUAVAN (N=209) Midazolam (N=69) Start of 1st dose of study drug Start of procedure End of procedure Dosing Initiation Procedural Period Recovery Period

Patient Satisfaction Survey 96% 75% Aquavan (N=209) Midazolam (N=69) Adequate Sedation 97% 74% Aquavan (N=209) Midazolam (N=69) Patient Comfort 20% 83% Aquavan (N=209) Midazolam (N=69) Amnestic Effect * p < 0.001 * * *

Physician Satisfaction Survey 84% 45% Aquavan (N=209) Midazolam (N=69) AdequateSedation 91% 35% Aquavan (N=209) Midazolam (N=69) Satisfaction with Time to Sedation 90% 57% Aquavan (N=209) Midazolam (N=69) Comfort C * p < 0.001 * * *

Physician Satisfaction Survey 9% 30% Aquavan (N=209) Midazolam (N=69) Procedure Interrupted 94% 67% Aquavan (N=209) Midazolam (N=69) Use the Drug Again * p < 0.001 * *

Adverse Events AQUAVAN(r) Midazolam Predefined Hypoxemia* 32% (67) 13% (9) Hypotension 7% (14) 0 Paresthesia 30% (63) 0 Burning sensation 10% (21) 0 Others >5% Pain 6% (13) 19% (13) Abdominal pain 3% (7) 16% (11) Gastrointestinal pain 4% (8) 6% (4) Adverse Events *Hypoxemia defined as: O2 saturation of < 90% or a 3% decrease in O2 saturation from baseline for 2 minutes

AQUAVAN (r) % (n) Midazolam % (n) Two Consecutive O2Sat <90% 4.8% (10) 2.9% (2) <85% 1.0% (2) 0 <80% 0 0 Hypoxemia As Measured By Pulse Oximetry

Would you consider using propofol in the future? (N=1356) Yes 65%

Would you use an agent like propofol provided that it was sanctioned by the FDA? (N=1356) Yes 84%

AQUAVAN(r) Target Product Profile is Ideal for Procedural Sedation YES Administered by Non-Anesthesiologists ~11 min Rapid Recovery (< 20 min) Overall ~90% High level of satisfaction Physician & Patient Majority Received One Bolus Easy to Administer and Control ~2 min Rapid Onset (< 3 min) AQUAVAN(r) Injection Study 0410 Desired Profile

Key Development Questions How will we predict the optimal dose? What will the development plan include? What is the impact on timing?

AQUAVAN(r) - Population PK/PD Model Model predicts MOAA/S over time: for "average" patient for individual patients variability in patient population MOAA/S score over time Time (min) MOAA/S Score 0 5 10 15 20 0 1 2 3 4 5 AQUAVAN(r) plasma concentration Propofol plasma concentration Propofol "brain" concentration AQUAVAN(r) dose(s) Patient characteristics

AQUAVAN(r) - PK/PD Model Performance Percent of patients with MOAA/S score equal to 0 or 1 for longer than 5 minutes Mean time to sedation Mean duration of sedation Observed 1 1 1 Simulated 1 1.4 1 Model based on study 0207 and tested on study 0410 Ratio of Simulated to Observed

Focused Clinical Development Plan Planned studies to include: Procedural sedation for colonoscopy Special populations Post-operative ICU sedation Drug-drug interaction

Anticipated Timing Subsequent to FDA discussion: Continue the agreed clinical development plan in 2005 Clinical studies to be complete by H1 2006 NDA to be filed in H2 2006

Agenda Outline new strategic direction Financial overview Key products - GLIADEL(r) and AQUAVAN(r) AQUAVAN(r) colonoscopy results Summary Q & A

Critical Milestones 2005 Confirm AQUAVAN(r) development strategy Continue AQUAVAN(r) Phase III trials Implement AGGRASTAT(r) strategy Complete GPI 1485 Phase II trials Address capital structure Increase focus on GLIADEL(r) 2006 Complete AQUAVAN(r) Phase III trials Prepare AQUAVAN(r) NDA package for H2 2006 submission Decide GPI 1485 course of action

Guilford: Profitable After 2008 Total $130 - 160M Today 2008 GLIADEL(r) AQUAVAN(r) Revenues

Sharpening Our Focus April 6, 2005 Q & A