Subject: File No. SR-NASDAQ-2006-040
From: Robert J Caso
Affiliation: CFO, Cellegy Pharmaceuticals

November 30, 2006

We believe it is vital that all companies have a choice of wire services without having to pay twice and that fair competition is necessary to ensure wide and full disclosure of relevant company news to all relevant distribution points in the marketplace. In our view, those elements are critical not only for individual listed companies to achieve the news impact and reputation they deserve, but also for the health and integrity of the capital markets overall.

By forcing listed companies to use its captive press release service, NASDAQ won't have incentive to make those same investments to retain a company's business having very real implications for a company's message, reputation and value.

This proposal should be rejected