<SEC-DOCUMENT>0001104659-15-042023.txt : 20150723
<SEC-HEADER>0001104659-15-042023.hdr.sgml : 20150723
<ACCEPTANCE-DATETIME>20150529155222
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-15-042023
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20150529

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CATABASIS PHARMACEUTICALS INC
		CENTRAL INDEX KEY:			0001454789
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE KENDALL SQUARE
		STREET 2:		BLDG. 1400E, SUITE B14202
		CITY:			CAMBRIDGE
		STATE:			MA
		ZIP:			02139
		BUSINESS PHONE:		617-349-1971

	MAIL ADDRESS:	
		STREET 1:		ONE KENDALL SQUARE
		STREET 2:		BLDG. 1400E, SUITE B14202
		CITY:			CAMBRIDGE
		STATE:			MA
		ZIP:			02139
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<p style="margin:0in 0in .0001pt;"><b><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">FOIA   CONFIDENTIAL TREATMENT REQUEST</font></u></b></p>    </td>
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<p style="font-size:12.0pt;margin:0in 0in .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">The entity requesting confidential treatment is:<br>  </font></b><b>Catabasis Pharmaceuticals,&nbsp;Inc.</b><b><br>  </b><b>One Kendall Square</b></p>
<p style="font-size:12.0pt;margin:0in 0in .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Bldg. 1400E, Suite&nbsp;B14202<br>  </font></b><b>Cambridge, Massachusetts 02139</b><b><br> Attn: </b><b>Jill C. Milne</b><b><br> President and Chief Executive Officer<br> (617) 349-1971</b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="font-size:12.0pt;margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">May&nbsp;29</font>, 2015</p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">VIA EDGAR SUBMISSION</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Securities and Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Division of Corporation Finance</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">100 F Street, NE</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Washington, DC 20549</font></p>
<p style="margin:0in 0in .0001pt;"><font size="4" face="Times New Roman" style="font-size:15.0pt;">&nbsp;</font></p>
<p style="font-size:12.0pt;margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Attention: J</font>effrey P. Riedler</p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="font-size:12.0pt;margin:0in 0in .0001pt 24.5pt;text-indent:-24.5pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Re:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Catabasis Pharmaceuticals,&nbsp;Inc.<br> Registration Statement on Form&nbsp;S-1<br> Filed May&nbsp;13, 2015<br>  <u>File No.&nbsp;333-</u><u>204144</u></p>
<p style="margin:0in 0in .0001pt 24.5pt;text-indent:-24.5pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Ladies and Gentlemen:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="font-size:12.0pt;margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">On behalf of </font>Catabasis Pharmaceuticals,&nbsp;Inc. (the &#147;<u>Company</u>&#148;), set forth below is additional information to supplement the Company&#146;s prior response to comment 10 contained in the letter dated February&nbsp;19, 2015 from the staff (the &#147;<u>Staff</u>&#148;) of the Securities and Exchange Commission (the &#147;<u>Commission</u>&#148;) relating to the Draft Registration Statement on Form&nbsp;S-1 (File No.&nbsp;377-00907), submitted by the Company to the Commission on January&nbsp;23, 2015.&#160; Such Draft Registration Statement has been updated by the Company as reflected in the registration statement referenced above (File No.&nbsp;333-204144), which was publicly filed by the Company on May&nbsp;13, 2015 (the &#147;<u>Registration Statement</u>&#148;).&#160; The supplemental response set forth below is based upon information provided to Wilmer Cutler Pickering Hale and Dorr LLP by the Company.</p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">*</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>*<font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>*</p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Securities and Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">May&nbsp;29, 2015</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Page 2<a name="PB_2_220311_7056"></a></font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Determining the Fair Value of Common Stock Prior to the IPO</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">As disclosed in the Registration Statement, the Company has historically determined the fair value of its common stock on each option grant date based on a variety of factors, including contemporaneous and, in certain instances, retrospective valuations with the assistance of third-party valuation specialists, as of October&nbsp;31, 2013, April&nbsp;1, 2014, August&nbsp;28, 2014, December&nbsp;31, 2014 and March&nbsp;17, 2015 using a hybrid of the option-pricing method and the probability-weighted expected return method.&#160; The valuation analyses included judgments regarding the determination of an appropriate valuation method at each grant date, and other judgments and estimates including the time to completing an initial public offering (&#147;IPO&#148;) or other liquidity event, the probabilities assigned to such events, and the related valuations under each scenario, among other factors. The Company determined that the fair value of its common stock increased from $0.53 per share as of March&nbsp;19, 2014 to $0.86 per share at April&nbsp;30, 2015.&#160; The primary drivers of the increase were an increase in the probability of an IPO to 70% as of April&nbsp;30, 2015 based on the Company&#146;s assessment of its development pipeline, market conditions and progress towards undertaking an IPO, as well as decreases in the time to a projected liquidity event and the discount for lack of marketability of the Company&#146;s common stock.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Initial Public Offering Price Range</font></b></p>
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<p style="font-size:12.0pt;margin:0in 0in .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Rule&nbsp;83 Confidential Treatment Request by </font></b><b>Catabasis Pharmaceuticals,&nbsp;Inc.</b><b><br> Request #1</b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="font-size:12.0pt;margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Company has taken into consideration guidance and market data from its underwriting team that have been presented to and reviewed by the Board of Directors of the Company (the &#147;<u>Board</u>&#148;) on May&nbsp;21, 2015.&#160; To provide further information for the Staff&#146;s consideration, the Company supplementally advises the Staff that the Company currently anticipates that the price range for this offering will be within the range of $[**] to $[**] per share (before giving effect to a reverse </font>stock split that the Company plans to implement prior to effectiveness of the Registration Statement). This anticipated price range is based on a number of factors, including the Company&#146;s future prospects and those of the Company&#146;s industry in general, the Company&#146;s financial and operating information in recent periods, the market prices of securities of companies engaged in activities similar to the Company&#146;s, existing conditions in the public capital markets and preliminary discussions with the underwriters regarding potential valuations of the Company. The actual price range to be included in a subsequent amendment to the Registration Statement (which will comply with the Staff&#146;s interpretation regarding the parameters of a bona fide price range) has not yet been determined and remains subject to adjustment based on factors outside of the Company&#146;s control. However, the Company believes that the foregoing indicative price range will not be subject to significant change.</p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Securities and Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">May&nbsp;29, 2015</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Page 3<a name="PB_3_220333_5335"></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="font-size:12.0pt;margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The anticipated price range for this offering was determined with reference to several quantitative and qualitative factors, each of which contributed to the difference between the Company&#146;s most recent determination of the value of its common stock as of</font> April&nbsp;30, 2015 of $0.86 per share and the midpoint of the anticipated offering price range of $[**] per share.&#160; Specifically, the Company believes that the difference between the fair value of its common stock determined as of April&nbsp;30, 2015 and the midpoint of the anticipated price range for this offering is primarily the result of the following factors:</p>
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<p style="font-size:12.0pt;margin:0in 0in .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Catabasis Pharmaceuticals,&nbsp;Inc. </font></b><b>respectfully requests that the information contained in the response be treated as confidential information and that the Commission provide timely notice to</b><b> Jill C. Milne</b><b>, President and Chief Executive Officer,</b><b> Catabasis Pharmaceuticals,&nbsp;Inc.,</b><b> One Kendall Square, </b><b>Bldg. 1400E, Suite&nbsp;B14202</b><b>, </b><b>Cambridge, Massachusetts 02139</b><b>, </b><b>(617) 349-1971</b><b>, before it permits any disclosure of the bracketed information in Request #1.</b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="font-size:12.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The estimated price range for this offering necessarily assumes that the Company&#146;s IPO has occurred and a public market for the Company&#146;s common stock has been created, and therefore excludes any discount for lack of marketability of the Company&#146;s common stock.&#160; In the April&nbsp;30, 2015 valuation, the discount for lack of marketability that was applied to the IPO and sales scenarios was 6% and 23%, respectively.</p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="font-size:12.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The estimated price range for this offering necessarily assumes that all of the Company&#146;s preferred stock has converted into common stock in connection with this offering.&#160; The Company&#146;s preferred stock currently has substantial economic rights and preferences over the Company&#146;s common stock.&#160; Upon the closing of this offering, all outstanding shares of the Company&#146;s preferred stock will convert into common stock, thus eliminating the superior rights and preferences of the preferred stock as compared to the common stock.</p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="font-size:12.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The estimated price range is based only upon a scenario in which the Company completes this offering and is not probability weighted, in contrast to the Company&#146;s prior valuations of its common stock, which considered multiple potential outcomes, some of which would have resulted in a lower value of the Company&#146;s common stock than an initial public offering.&#160; In the April&nbsp;30, 2015 valuation, the probability weighting for the IPO scenario was 70%.</p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="font-size:12.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In May&nbsp;2015, the Company received preliminary results from the first four cohorts of the multiple ascending dose portion of its Phase 1 clinical trial of CAT-2054.&#160; The Company believes these results support advancement of CAT-2054 into a Phase 2a clinical trial.</p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Securities and Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">May&nbsp;29, 2015</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Page 4<a name="PB_4_220357_5796"></a></font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:12.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In recent &#147;testing-the-waters&#148; meetings, the Company received positive feedback from potential investors.</p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="font-size:12.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company has taken several steps towards the completion of an IPO, including:</p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="font-size:12.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In the public markets, the Company believes there are investors who may apply more qualitative and subjective valuation criteria to certain of its clinical assets than the valuation methods applied in the Company&#146;s valuations, although there can be no assurance that this will in fact be the case. As a private company, the Company used a more quantitative methodology to determine the fair value of its common stock and this methodology differs from the methodology used to determine the estimated price range for this offering. The estimated price range for this offering was not derived using a formal determination of fair value, but rather was determined by negotiation between the Company and the underwriters. In particular, the estimate of fair value of the Company&#146;s common stock as of April&nbsp;30, 2015 was not a factor in setting the estimated price range for this offering.</p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="font-size:12.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In addition to the above factors, in late March&nbsp;2015, the Company received guidance and market data from its underwriting team that was presented to and reviewed by the Board that indicated increasing volatility in the life sciences IPO market and less favorable market conditions.&#160; Subsequently, in early May&nbsp;2015, the Company received guidance and market data from its underwriting team that was presented to and reviewed by the Board that indicated there had been improvement in recent market prices of publicly </p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Securities and Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">May&nbsp;29, 2015</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Page 5<a name="PB_5_220414_2897"></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">traded shares of generally comparable companies and in the demand for such shares.&#160; Through May&nbsp;22, 2015, the Nasdaq Biotechnology Index (BTK) had risen by 4% since April&nbsp;1, 2015, and by 21% since January&nbsp;1, 2015.&#160; In addition, many 2015 biotechnology IPOs have seen strong aftermarket performance, with stock prices of the 12 biotech companies pricing IPOs (with a minimum offering size of $20 million) in the second quarter of 2015 rising by an average of 29% and the stock prices of the 22 biotech companies pricing IPOs (with a minimum offering size of $20 million) since January&nbsp;1, 2015 rising by an average of 22% through May&nbsp;22, 2015.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Company respectfully requests that the Staff return to the undersigned this letter pursuant to Rule&nbsp;418 of the Securities Act of 1933, as amended, once the Staff has completed its review.&#160; For the convenience of the Staff, we have provided a self-addressed stamped envelope for this purpose.&#160; We respectfully reserve the right to request that this letter be returned to us at an earlier date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">In addition, the Company requests confidential treatment under 17 C.F.R. &#167; 200.83 for the contents of this letter and has submitted a separate request for confidential treatment in accordance therewith to the Commission&#146;s Office of Freedom of Information and Privacy Act Operations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">*</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>*<font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>*</p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman"><img width="123" height="16" src="g265525bgi003.jpg"></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Securities and Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">May&nbsp;29, 2015</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Page 6<a name="PB_6_220435_3020"></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="font-size:12.0pt;margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">If you have any further questions or comments, or if you require any additional information, please contact the undersigned by telephone at (617)&nbsp;526-6</font>633. Thank you for your assistance.</p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Very truly yours,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="4" face="Times New Roman" style="font-size:14.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="34%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:34.44%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">/s/ Rosemary G. Reilly</font></p>    </td>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.56%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:34.44%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Rosemary G. Reilly</font></p>    </td>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.56%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="font-size:12.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">cc:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Jill C. Milne</p>
<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Darren DeStefano</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Office of Freedom of Information and Privacy Act Operations</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Securities and Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">100 F Street N.E., Mail Stop 2736</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Washington, D.C. 20549</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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