Using the estimates for clinical trial costs, success rates, and duration in the table below, estimate the expected value of an orphan drug at the beginning of the following phases. Assume that the effective annual cost of capital for preclincal research, Phase 1, Phase 2, Phase 3, and NDA review are 30%, 30%, 30%, 25%, and 15%, respectively, and that clinical trial costs are incurred at the beginning of each phase. (Note: Your answer should be expressed in units of millions of dollars.)

Phase	Cost (US$ Million)	Probability of Success	Duration (Years)
Preclinical	5	69%	1.00
Phase 1	5	84%	1.66
Phase 2	8	53%	2.09
Phase 3	43	74%	2.15
NDA	-	96%	0.80

- NDA:

$ _______________ million

- Phase III:

$ _______________ million

- Phase II:

$ _______________ million

- Phase I:

$ _______________ million

- Preclinical

$ _______________ million