Celsion (CLSN)

Michael Tardugno Chairman, President and CEO
Jeff Church Executive Vice President and CFO
Dr. Nicholas Borys Executive Vice President and CMO
Kim Golodetz LHA Investor Relations
Hartaj Singh Oppenheimer
Raj Kumar Brookline Capital Markets
Call transcript
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Please standby. Good morning. My name is Casey, and I will be your operator today. At this time, I would like to welcome you all to Celsion’s 2020 Third Quarter Financial Results Conference Call. All lines have now been placed on mute to prevent any background noise.

there a remarks, session. speakers’ the will question-and-answer be Following like time, the [Operator this would to Golodetz. Instructions] At Kim I turn to conference over ahead. go Please

Kim Golodetz

Golodetz Celsion Thank LHA. quarter discuss financial and good business everyone. third is you, update. and morning, its XXXX Welcome conference Corporation’s Kim to results call to This with

telephone practice available will noted followed been by days later question-and-answer a As be by November The prepared and Today’s operator, XX, be next Celsion’s Celsion’s on webcast available period. has call replay the today through and will website. as XX conference beginning for archived the be will remarks XXXX. will the be

Tardugno, including be call, projections or on by such during conference Chairman, Celsion a that CEO as identified President. Celsion’s will to management other date I estimate set guaranteed is the law. periodic XX, and of would and number risks forward-looking COVID-XX pandemic. the making be this to expects, also This is expectations anticipates, best of means this the call, undertakes impact today’s Celsion’s as on from believes the except about may accurate Exchange statements the and operations, of on update and actual expressions. based of can the Generally, that and to results events. the results only Securities XXXX. of COVID-XX such company’s with any financial results subject November Michael are filings about or These statements particular, required and over revise differ this outlook duration call conference caution broadcast, impact With turn those regarding No like are at Celsion’s content to discussion. of can could a based statements significant there said, Michael? by change In information and contemplated During the the contemplated and materially future as similar uncertainties, is no made call time Commission. I comments forward-looking current live terminologies be statements and expectations statements. forth uncertainty forward-looking obligation for in

Michael Tardugno

Kim, you, everyone. good Thank morning,

found After President decision crossed we Church, saying today leaving this many provide ovarian that a P of Study, X the number steps wake Study, I exciting me have a by first to ovarian our the is few start more the company. Dr. immediately in that the Executive on boundary, the P unexpected Jeff -- the to point OPTIMA equal announcement. II announced in our know of because Borys, disappointing for news. to financial Officer, trial Phase of p-value, portion accelerate in Also OVATION Vice President taken Phase redirect call Medical will Kaplan-Meier I to want you III and resources is is start in our results cancer. advanced a our One, critical continue -- later Officer. to of the Nicholas sure minds it’s of will this incredibly that I’ll Chief I’ll Celsion’s because my the a you, DMC who Financial remarks. whether or July, wholly in study up and Chief I’m uncertain and this reviewing albeit of the equals minutes. fact, the both had the for the with review highly But terminate X.XXX, we with study narrowly discuss futility fails on the Executive Vice Q&A the Joining in

strong restructured and to sheet. The stabilize second a was and ensure balance

OVATION and and Fourth III I’d current new existing platform finally, in our our fifth and interrogate technologies application projected Study. to reduce portfolio, to including fully current indications independent Phase spending. the And means for valuation updating the X completed to from the on the data this of evaluate run is ovarian in earlier adaptations like OPTIMA new our by newly entered the you begin advanced third now therapeutic is through the Having areas. of Phase X The portion II, mediated GEN-X to I cancer. of successfully Study is recruiting immunotherapy year, diagnosed trial patients. or in OVATION Phase gene

continue meter profile patients with some treatment number months by we the and minor XX sites year, five Also, by associated arm July, of established end and Patients patients XXXX. arm patients based enrollment completing XX. treatment with the to expect complications are to in total of are the this over we active XXX-milligram two have fully U.S. mid-summer dose first delays run to in the Canada, GEN-X, being I be Phase COVID-XX up of dosing to amounts of dosing sites in enrolling in on anticipate of Despite in. the projected very with encouraging frequency schedule. XXX per pandemic, The clinical safety were squared ahead weekly treated and randomized a

review PFS randomization. primary to survival will study. progression two a conducted a has OVATION analysis Now be is free the trial based after on are X observed subjects to events the in or Study approximately arm at The XXX randomized in X trial. X more least XX

become to it’s the as the trial. the able the is so provide Given updates the throughout will treatment, of be open unblended, study course and they available clinical label of we nature

to minus the the current The and tumors surgically. disease endpoints tumor chemotherapy accompanying to be is The burden disease treatment XXXX. good resection, should all We to of is good for grade overall completed chemotherapy and data cancer include endpoint patients advanced to PFS are treatment. results. GEN-X. for will up GEN-X’s of rates dry course, objective, and Final resection chemotherapy expect overall updates to XX RX as resections for patients visually in These surgical for will provide of surgical later. as design a removal arm to of found course, cohorts the both neoadjuvant whose who resist to standard-of-care will second data about possible scores achieve one in the are goal Final effect response idea two primary study and follow is II PFS provide of trial surgeon’s Phase the an patients year among These of complete the improve immediately the XX for cancer the it to progresses. no half surgical a survival. available rates Neoadjuvant prognostics have is as the of according response removing reasonably sites margins. from XX updates much surgical with secondary The and calls judged both neoadjuvant all plus shrink

treatments, Following the additional the the nine patient to neoadjuvant chemotherapy arm. been randomized cycles patient and has will debulking the surgery, to weekly undergo GEN-X up additional treatment three if of

over administered recruit GEN-X We payload surgery that typically we for to a be of poor progression only the moment activity are the using not treatment nanoparticle TheraPlas over reason prophesized It’s DNA disease The results. IL-XX. and means platform platform. local critical progression technology. with ideal a immune the is carriers the suggests engineered to of our that the proprietary treatments once, non-viral cytokine the DNA risk drug high such use record widespread particularly confined six-month pro-inflammatory beauty factory that body results and weekly coded ovarian will viral technology the system. titrating system immunotherapy of into and again a It’s associated local effective recombinant avoids not over TheraPlas before is typically a in first delivery for the provides is regionally today. know making to on being viral of toxicity activity administered carry clearly a cavity be and the delay review take and level period. delivery neutralizing produced is a like proteins of value. interleukin with administration with GEN-X abdomen the because GEN-X for coded synthetic the of a XX can IL-XX DNA for safe incorporates plasmid as immune administered Toxicity systemic cancer GEN-X systemic after patient’s the mechanism. the that TheraPlas therapeutic plasmid Its IL-XX prognosis. subject a to technology regimen is system the of goal TheraPlas activity a technology or or that is for transfect can and to Unlike cancer. cells is and TheraPlas our I’d use systems is IL-XX. advanced regional GEN-X

adopting Institute IL-XX an scientists, toxicity. provides that Huntsville, significantly IL-XX in mitigating developed activity approach of local the Alabama, regional unwanted our improves elegant while Our solution

lasting one local for a accomplished So cell persistent, week. in following of transflection safe, is secretion administration, to up IL-XX durable and effective resulting

of Of they are treated why the with and treated where are me we were XX the squared, the why stand in encouraged? so of we chemotherapy meter treated six program neoadjuvant per were GEN-X the with neoadjuvant Well, dose So that’s arm while seven arm. eight XX of those arm they’re GEN-X the doubling control resection, resections in the of had resection with XX% with GEN-X an arm treatment successful treatment and their an tumors, so Phase in and encouraged. plus let All X alone. a treated XXX portion, milligrams the patients chemotherapy in out a start at do or six having having patients with RX we RX over

free These Phase survival earlier population the of with study, matched due pull that criteria, of arm significance. however, synthetic While has the data statistical dose a a Ib should patients suggests when had data patients -- data and reinforced has caution, be are findings reviewed the from to a now which significant study the efficacy. a patients studies. comparing prior from promising progression in number of dependent when of these small improvement patients These control with with which same to similar inclusion/exclusion lack observations we the with GEN-X statistically

the note, for we Orphan you U.S. the provides following other years the things, Orphan Medicines As final Agency, of approval. in EMA received GEN-X have and I this both XX Designation year particular value Drug European enhances remind from FDA among the received earlier marketing want market that of which exclusivity Designation the to commercial from a

discovery to want very It’s make taking I questions we’re our early our Now won’t on in on and be comments this. we portfolio any on of -- a very phase. few developments

I subject, mention we’re to that want surplus TheraPlas powerful platform the to I So while opportunity very that mentioned this is technology. take a on

advantages. areas, we multiple believe it may and significant a important We’re currently and for with can range application where logistical flexible delivery of concern. combined evaluating payload other patentable provide technology medical approaches and evaluating therapeutic of indications be broad this global and Therefore why, TheraPlas adaptive

on proof-of-concept announce more months. efforts yield in Assuming to these the our experiments we’ll coming positive have results,

Now financial comments. on some I to would like to move

our access our ensured capital As I said We’ve and stabilized our reduce to we early, have sheet. balance spending.

Jeff to Development by planned Jersey now I Now discussed know but recently you this including the want to NOLs, more, approval Agency our moving which Economic on New that will of approved the the by governor. sale were

Our enrollment comfortably cover balance over sheet and several will cash to remains the XXXX, to of enough strong X our emphasize million. runway extend first the prepaid quarter costs I fruition development want time milestones cash Study. that $XX to we expenses bring and well OVATION will the phase of to with

We reasonable access capital to have ensured rates. at

so, our lowers that in product to with For cover debt more a support Reducing restructure with $XX leverage this $X comments, also able we our to terms. million third We less but costs. with far remaining service facility the equity doing with our elected dilution initiatives our loan of substantially provides are stockholders. will and during development quarter, our market $X to Jeff we the further million repay debt which his competitive Horizon loan capital, renegotiated our example, during million Financial. facility August to

X Another Stock of a with the premium announced. to XX% market. point, shares Agreement as we plus Park included with Sale Capital million the That we entered into Common Lincoln sale

a and as we Study OPTIMA of with we consulting III Independent to my HCC. that next. We have is I leaving update discussed earlier, follow very and with conclude study Also Phase projected in is reduced OPTIMA with and The to is the terminate million Study if have am continue at continue patients also the the this overall confounding to we time commercialize the on futility arrangements confirmed ThermoDox up that up Committee over analysis variety diagnosed which primary prepared none the utility the going in situation, company liver cross known finding where not treat negotiated associated to with or for to that Monitoring for observations, such patients and plans change interim planned boundary to or $XX highly newly cancer successfully are us otherwise outcome expenses uncharted Data associated of H unusual consistencies remarks dispel. And puts of or second ThermoDox study’s completely and contracts survival an ThermoDox in we headcount until of decision termination year reduction territory. the should either which fall. may a have our determined and --

been seven for occurred from statistical plan rate near-term deaths period. data of one for it’s second half of the interim over this the with the some deaths Since in X.XXX, we interim futility So needed where when patient XX% which was the X.XX. second study rate, hazard is deaths a XX as earlier a deaths minimum and is XXX. time of July. have of statistician final since our and database the six those ratio consulting lock consistent predicted study XXX equals to analysis, The Kaplan-Meier consistent, have period, This April reasonably now a P reasonably what a enrollment a albeit total final covered specifies boundary XXXX, month the a of of said for analysis suggested We I was analysis of by for analysis. XX, reported the the only but The by of we? XX death total with concerns new are total for curve analysis. deaths reported XXX the X.XXX death with Reported

is is The what basis the are and engaged and In parallel, And clinical Study National statistical of associated consulting, if capability, taking? evaluating management, with a also, data reasoning that survival. specializes trials particular organization independent the secondary contract with laboratory with OPTIMA objective steps the submitted to data to and forensics and biometrics the sciences, expertise a patients Institutes there research for experience promised, statistical behind promised, data all data outside data issues. who determine Now, As CRO’s influences for with futility. from to have are we of Health. a any the and along objective in continue global decision impacted have analysis we regulatory for in to work product evaluation follow clinical unusual may determine and statistical company CMC primary forecast analysis as to

weeks a from receive NIH We the six expect the to to four weeks. in report next back

consultants was of HEAT nor preclinical our We rigorous independent was want might NIH both CRO to have the from independent on to to to conclude anticipated, of therefore, The patients evaluation mid-XXXX. to Study. We firmly report guide the to never cost say published findings from to so recommendation the should decision published supported the NIH continue remarks Study likely to beyond evaluation on will OPTIMA subject. -- final published and that that obligated or undertake of by in the up was of believe, prepared with this analysis, reached a by OPTIMA Study we a do the the independent Celsion consider I and the it XXXX be these research is the the either year, the conducted It data. are science, modest. disappointing. end discontinuation statistical final DMC’s analysis which before few the our follow I quite to July this of milestone X, sometime thoughts support by by the my

from that change, second study analysis, agencies that we interim predicted the transparent we assure At under clinical which can’t the be our is trial the you we may event NIH do. when you we outcome is options the may for with I but unlikely tell said, review in plan any All regulatory do, CRO the we that the substantial may OPTIMA we the we’ll Study it not definitively the choose will conducted. being discontinue is XX this time. be to about to point, it benefit potential at what carefully it by see and as analysis While the

I’ll Now turn those call with comments, over Jeff. to the

Jeff Church

were our morning quarter Thank and before financial open. the you, release we Details results filed third the in Form today in of included this Michael. XX-Q which market Celsion press XXXX we issued

million XXXX to to first quarter ended the fund As that the cash $X of the have capital with sale end complete sufficient plan $XX.X and coupled operations resources of third of XXXX. Michael believe into before losses indicated, company quarter we of in the approximately with operating our Jersey million cash this of New equivalents, we year, recently approved the net we

the a used reduce expenses period. million, to activities flexibility, value nine compared net That’s cash we with comparable for to file that statement operating on prior $XX registration moving has significant months During the SEC, $XX.X taken respect with The steps key first focus forward, of on facility. a decrease. have XX% was operating with $XX.X maintaining company on million XXXX, tight while million million drivers. for With over a remaining future the shelf $XX year funding

also after at market no We very and a with facility opportunistically with JonesTrading us raise warrants traditional that have money allow commission. low a to

the to quarter turn let’s P&L. Now third

costs $X.XX September million quarter, XXXX, is await share. Study for XX% per net net the largely a $X.X last third $X.X in ThermoDox Other current This the from clinical development of $X.X for by XXXX. and two development and August development non-cash or been costs year-over-year was for million Study. on NIH. million were were findings ended the year put down compares related for Study manufacturing XXXX. down in For the were activities $X.X II General OVATION fully quarter This in needed Total ended $X.X we $X.X program million reported ThermoDox OPTIMA to third operating XXXX. experts to The for of million $X.X was non-cash million. with partially in were of XX, clinical to all Virtually OVATION Costs $XXX,XXX The supplies the Celsion per of in loss charges enrolled have from quarter GEN-X two separate of regulatory offset manufacturing related $X.XX to the with expenses the current million programs to costs by at OPTIMA X quarter, year. September due costs share the associated loss XXXX. decline and by million decreased regulatory being the a or lower emphasize Phase compared conducted $X.X III expenses flat Research the million for statistical while million, the third from driven quarters XXXX $X.X were each the quarter by hold $XXX,XXX partially the development ago. clinical the analysis in XX, associated for higher $XXX,XXX of offset the about and Study. $X.X -- expenses decrease a a quarter X operating the ThermoDox, costs Phase lower portion These administrative charges. GEN-X

$X.X $XXX,XXX the noting million cash XXXX the quarter for The approximately the that year-to-date of incurred for This was first assets. the a to net venture XX-month $XX.X of $X the million, debt, was million of for loan this for thereafter. a payment brain interest-only program. our in during in earn-out anticipate million, process comparable to liability $XXX,XXX interest GBM $X.X period of GEN-X to second period And that of in candidate. year evaluation versus prior fourth year $X.X cancer of the payback amortization restructured by of R&D the division which cancer million will Horizon interest charge of related cash The used related followed was period compared change $XX.X third to a period. quarter expense the and one company the to product the milestone provides year same impairment company’s ovarian XXXX. operating related and related We the the activities charge usage million restructured a element be we was expense the or This

with year with in behind and of continuing to utilization We $XX largely being believe us. GEN-X back between now that expect to opportunities million cancer, closing, turn of further provide data building reported In I advanced Michael. $XX cash ovarian with we periodically ThermoDox, in full being additional million and the call to like shareholder minimal the cost progress for patients to XXXX, will value. follow

Michael Tardugno

Thanks, Jeff.

by saying to to potential saving capable going to bringing highly questions continues create life for to a shareholders have that the staff before close medicines committed Now to I greatest value want Celsion and market. to

in extraordinary other of two medicine future of therapies. platform have exciting technologies, one the We the the on nucleic acid legacy and

scope development drug candidates. required span of rigorously competencies the Our to is what evaluate

and U.S. outside on Our promises. the relationships our authorities management, we spending with and cash expect regulatory exemplary are sufficient and with deliver smart have both and in we and encouraging cash to

Now, open you would we will the do call questions. to please? so Operator,


question from Yes. Hartaj [Operator Oppenheimer. first with Singh Instructions] comes Our

Hartaj Singh


Michael Tardugno

Good morning, Hartaj.

Hartaj Singh

monitor Thanks how say, plan it the or time? fatality, for should I end for I the to number in you just study taking at of real be you will done events Thank first, whether our or the questions. of you. ThermoDox talk can guess, about

Michael Tardugno

basis? do to Hey. do take how to ongoing Question monitor that. on we the want Nick, plan was you

Dr. Nicholas Borys

survival monitor, for focus data all plan system data to our OPTIMA Hartaj, your data. from continue involved we Thanks, question. electronic and sites you how on On have where we of the Study capturing in Yeah. overall a the our the particular to have

rest is be other to in continues and to-date. been the the data that So minimized cognates data terms ongoing. all The of of detailed

However, that data all restart again. if over interesting we that answers we could Hope get your question. that

Hartaj Singh

ex-U.S. Yeah. or pretty your regarding regulatory any updates should that was clear consistent helpful. Thank U.S.? you. we you. here strategy with pathway with then That’s Thank that’s your think ex-U.S interactions, And from

Michael Tardugno

a connection? repeat have question, first Hartaj? please, just We Could of part sorry. that I’m good the you Yeah. don’t

Hartaj Singh


there regulatory FDA quite here the ex-U.S. strategy agency? ex-U.S. -- think or your regarding U.S. similar study, Just its to we we it’s your regarding since interactions, global with should mean, strategy should how about I your right?

Michael Tardugno


I your to question. to start want So, restate

outside Phase Study? ��� United we strategy what is regulatory OPTIMA our So that States with regards to III Assuming the the

Hartaj Singh


Michael Tardugno

is Assuming conducted that my from spoke analysis think by that continue probably of we continue? evidence we the independent that we that first If point is, coming the point. So the evidence last have first sufficient point, we the I CRO should being first FDA. meet NIH, situation be is recommendation no very with step our will find under the that This to We the with and unblinded can has a an from a comparable unusual which in. DMC. other circumstance a indeterminant sponsor been we’re

So we’re doing the a among efficacy our investigators, information. same the evaluating the very based maintain best here our time of to drug the survival at blind while on

study survival study study we to -- any FDA, not to less influence. Assuming in the the to compromised. or This able But in confident, statisticians had enrolled. consulting absolutely that leads is it along with will have very definitive The to understand be that believe we fully analysis, will bring be an the our them. our this endpoint why understanding interim overall the second with then we know be. no we be ability and successful to that potential what meet we the that sidestep ultimately don’t we’re the will way present outcome us been study the bring has case is We has and a

could investigators also the possibility no of the for treatment in study that the care there’s the patients. So

that be them believe would we supports the allows That our data an if first confident pretty the can we’re to we can to and it. that that a provide So step. NDA FDA submit explanation an rationale

be Our with NMPA by meeting discussion. They second to following similar the a for have step in would the similar then a followed China. with discussion, that me EMA

the first And movement be our Hope simultaneously we’re that activity it. first why with community doing course, FDA. of doing explain meet to question? to what -- will your and we’re here Our investment answers

Hartaj Singh

and thinking wondering, pandemic Thanks, ongoing X last, you updates Yeah. the has especially any the just OVATION Michael. your then kind of in conducted, here over of in given or U.S.? how made -- resurge in have And the

Michael Tardugno

the discussion hospital patients In to Dr. the reporting we symptoms. And reduction a for interesting all with the investigators oncology question. with across an that. reports seeing principal of -- his the indications, in reduction That’s substantial are in Borys number

enroll, Mayo being enthusiasm that all at enrollment We be also completed dramatically. opinion leader sites The heard it’s a to investigator Clinic with the [ph] dropped said, for that of that the visits have will the oncology and we is up next cases for -- been number we by their hospital the from key still at year. visits among the believe study And by admissions XX, that affected our to mid not intend investigators. study pandemic their

So anything I’ll add do? want to to comment, please and you that if Nick, make that

Dr. Nicholas Borys

very Yeah. important That’s a days. question these

fortunate. very We’re

other Our study what hotspots centers but see might are of seeing enrollment we have sites and distributed some throughout the wherever the we’re seen decrease increases. is, country Canada. maybe And COVID, of

also we we more our with the recent And so news, enrollment of could we’re hoping that in us see going the could because we’re nationally distributed in good into of terms sites future. help enrollment that will and

Hartaj Singh

Again, all thanks question. Great. the for Right.

Michael Tardugno

you. Thank


next with Our (sic) Kumar Kumar] question Raj Brookline [Raj comes Capital from Markets.

Raj Kumar

for... Thanks Hi.

Michael Tardugno

Hi, Raj.

Raj Kumar

taking for questions. Thanks Hi. my

with to like continue also COVID-XX. would regard I So to the

hospital that consideration into will take elective this does procedures? be So allowing

Dr. Nicholas Borys

take we into consideration. that Well,

considered debulking our I not is case, an exactly elective surgery interval think procedure. in the

that’s procedures one, number the these might that COVID. procedures in with have collect we associated necessary they make sure, involved sight in deviations be review absolutely to and all that are with every the So place. COVID study based We

to a a it’s and the patient -- for design. or that miss For delay in example, for with is if hospital necessary protocol our every startup accounted all there’s in if visit,

treatment, get into come their forward the very with But one biggest move patients to problem. the be system, threatening. in done this not guidelines, for here and to life treatments, and surgery, FDA guidelines, issue to motivated because is NIH seems this come any once with getting is So, not their interval in patients debulking their afraid to they the very conjunction to number the initial is are skip indeed, that diagnosis,

Raj Kumar

in the of And control the synthetic that? include Okay. Is the arm terms too? powering controls based on that

Michael Tardugno

of Could are of a having repeat am sorry, that little you a communication terms bit In powering, place? I the issue? we

Raj Kumar

OVATION the Does Like, guys Study? No. including arm? it you on synthetic the of based is placebo the in powering powering are saying controls that

Dr. Nicholas Borys

to No. designed the The moment, going protocol is at the we’re is, way our synthetic not using controls. be

this. we But of our actual into we’re real the scheme. enroll so have at to in mentioned very using anxious it. data. This patients take that as control both another studying actual Michael We’re But enthusiastic have and they’re investigators patients into arm very Maybe very pour look arm exciting treatment and is randomization on, technology. the we’ll a before, later we

Raj Kumar


is how that If you control, include synthetic impact the expected trials? powering up

Dr. Nicholas Borys

be data. control another arm to impact at look would way just synthetic The of the

think strongest agree in patients help when an that’s have will major problem into to that patient we in synthetic case a resort that in interesting data. technology. everyone It’s arm control would the run We that. study, to helpful to enrollment. hope have be actual I The you our don’t be -- we going enrolled

We in involved that’s vendor continue that. our discussions with the

is I think actual data has But to good been very commitment patients. their now our right directionally.

Raj Kumar


Finally, in terms Can amount an of of update have. that? you GEN-X Thanks. manufacturing and provide on supply the drug you

Michael Tardugno

question. a very timely Yeah. That’s

GEN-X, manufactured we for. for sources Europe. an currently in have approved is in for multiple The So, plasmid, components the the example, site

developed Secondary in China. site being is

enough we four the one in all the answers materials delivery enrollment in supply China second product. polymer finished locations, China and Phase reliable Phase non-viral the that the for been polymer because think Now last We two night all Poly are II any United manufactured. of have fully in We backups just the Pharm completed positive. was to plasmid fully in lots first on current Hope that’s complete study been manufacturing to has Those our one the manufacturing manufacturing guess, and in last to to at the States. sufficient see of I that available platform, synthetic study. produced enroll The don’t the have the chain, been the reports your manufactured II materials the potential and by lots The are very bottomline, interruption question. very supply I chain. sourcing in partner the

Raj Kumar

much. so you Thank Yes.


back question-and-answer will today’s This remarks. to session. for today’s concludes I closing turn speakers it now

Michael Tardugno

this So time I your all morning. of for thank you to want

our fourth again stay our results. our safe. care. talented In We forward scientists, great administrative medical you when appraise afternoon. meantime to the We’ll to and a hope community have We clinicians, by staff. driven financial be nice you look quarter and with our keeping to progress. technical we report full and you continue by of medicines new of the bring year speak Take to work commitment the We XXXX


Ladies this call. today’s and participation. concludes your you for Thank gentlemen,

You may now disconnect your phone lines.