Corner, bend, horizon....."Dredge Edge" ; - )nvestment Thesis: We believe that Spectral’s PMX column could provide a clinically meaningful benefit to severely septic patients with multi-organ dysfunction who are confirmed to have high levels of circulating endotoxin. Although the interim analysis produced the result we were looking for, the route it took was not a pleasant experience for investors. We believe that Spectral is on track to report a positive result from EUPHRATES and it appears to have made significant progress with the FDA. The catalysts are on the horizon opposed to within immediate sight, but we remain believers that: 1) endotoxin has become a central marker/target for intensivists. 2) We believe that Spectral’s PMX column removes endotoxin from the blood. 3) We expect that endotoxin removal will benefit patients. Also, based upon our conversations with intensivists at a recent conference, we believe that Spectral has properly structured EUPHRATES, which is supported by yesterday’s FDA news. We believe that the PMX column has a good chance of US commercialization. We maintain our Buy (S) rating and $1.70 target price