To Our Shareholders: In 2001, Titan continued to expand its product development programs, and now has ten therapeutic products in development based on innovative scientific advancements. These novel therapies  in development, combined with our strong operational resources and efficient business strategy, continue to provide multiple, growing opportunities for improved treatments of serious and  life-threatening diseases. This past year, new data demonstrating the potential of Titan’s products was presented by Titan and our scientific and medical collaborators at numerous scientific meetings, including new study results with Spheramine GLYPH<H23006> , iloperidone, Pivanex GLYPH<H23006> , Probuphine GLYPH<H23008> , CCM GLYPH<H23008> technology, and RB94. These results further support the strong scientific basis and therapeutic potential for these programs. In a one-year Phase I/II clinical study of Spheramine, patients with advanced Parkinson’s disease expe- rienced an average improvement in motor function of nearly 50 percent, as well as improvements in quality of life. Safety of Spheramine in this pilot study was also excellent. Titan received a $2 million milestone payment from Schering AG, our corporate partner for the development of Spheramine, for the successful completion of this pilot study. The randomized, placebo-controlled Phase III study of CeaVac GLYPH<H23006> in 631 patients with Dukes’ D colorectal cancer has continued to move ahead toward a final analysis of study results at year end 2002. This past year, we also initiated a Phase II study of treatment with CeaVac and TriAb GLYPH<H23006> in resected Dukes’ D colorectal cancer. This study is being conducted by the Cancer and Leukemia Group B, with funding from the National Cancer Institute. This same combination of CeaVac and TriAb is also being studied in a  Phase II trial in patients with non-small cell lung cancer by the Radiation Therapy Oncology Group, also funded by the NCI. A one-year Phase III study showed that iloperidone improved the symptoms of chronic schizophrenia with fewer treatment-related motor function side effects than haloperidol, a currently available treatment. Novartis Pharma AG, our corporate partner for iloperidone, also initiated additional safety testing to more fully profile the product. Results of a completed Phase II study of Pivanex in refractory non-small cell lung cancer demonstrated clinical benefit, with overall disease stabilization of 12 weeks or more in 30 percent of patients. In addition, encouraging one-year survival of 47 percent and median survival of 11 months was demonstrated in patients whose cancer had progressed after one or two prior chemotherapy regimens. The study also showed that Pivanex was very well tolerated without some of the severe side effects seen with many current cancer treatments. In addition, preclinical studies of Pivanex in both non-small cell lung cancer and bladder cancer in combination with chemotherapy agents demonstrated further enhanced anti-tumor activity, suggesting the potential of combining Pivanex with current chemotherapeutics. Two EN