The broad applicability of our antisense technology allows us to create promising drugs and we have successfully developed novel drugs designed to treat many different diseases. In therapeutic areas that are outside of our core areas of development, we have licensed our drugs to highly focused satellite companies that have the specific expertise and resources to continue developing the drugs. Together with our partners we continue to advance drugs in clinical development that are outside of our core therapeutic areas, such as the ocular and antiviral drugs we and GSK are developing under our preferred partner collaboration.
Oil price volatility remains high, with Brent crude having risen $17/bbl or 51% since our last macro outlook in January 2016. Since then we have seen supply affected by a reduction in Canadian output due to wildfires, combined with underinvestment and instability-driven supply interruptions across OPEC members Venezuela, Libya and Nigeria. Some of these temporary supply effects will reverse over the coming months; nonetheless, we expect the oil market to tighten over 2016. Although record levels of inventory and uncertainty over the sustainability of emerging market demand growth may limit near-term price gains, longer term, we expect prices to rise to c $70/bbl in line with levels required to incentivise non-OPEC supply expansion. Our short-term oil price assumptions remain aligned to EIA STEO forecasts at $43/bbl Brent in 2016 and $52/bbl in 2017.
Antibody-drug conjugates (ADCs) represent a promising anti-cancer strategy in which the antibody directs targeted, selective localization of a toxic payload. Preclinical studies have shown that CD276-directed ADCs armed with different toxic payloads were able to destroy CD276-positive cancer cells with or without destruction of the associated blood supply depending on the nature of the toxin associated with it. Since CD276 overexpression is associated with many different tumor types, this approach could impact a large variety of disease states.