Amy Sullivan - VP, Investor Relations
Bill Heiden, - President and CEO
Frank Thomas - COO
Greg Madison - CCO
Joe Schwartz - Leerink Swann
Juan Sanchez - Ladenburg
Bill Tanner - Lazard Capital Markets
AMAG Pharmaceuticals (AMAG) Q1 2013 Earnings Call April 23, 2013 4:30 PM ET
Good afternoon ladies and gentlemen. My name is Ryan and I'll be your conference operator today. At this time, I would like to welcome, everyone to the AMAG Pharmaceuticals First Quarter Results Call. All lines have been placed on mute in order to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions). Thank you.
I would now like to turn the call over to your Vice President of Investor Relations, Amy Sullivan. You may begin.
Thank you, Ryan. Good afternoon and welcome to the AMAG Pharmaceuticals conference call to discuss our first quarter 2013 performance.
We issued our quarterly results press release a short while ago. For those of you that don’t have a copy, you can access that in the slide being used in conjunction with this call on the investor section of our website at www.amagpharma.com.
Before proceeding with this call, please be reminded that any statements we make during the course of this conference call that are other than historical facts are forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. We want to emphasize that these forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements.
Please refer to our recent filings with the SEC for a full review of the risks and uncertainties associated with our business.
Let me quickly run through the agenda for this call. Bill Heiden, our President and CEO will review the business highlights for the quarter; Frank Thomas our Chief Operating Officer will review our financial performance; Greg Madison, our Chief Commercial Officer will provide an update on our commercial progress with Feraheme. Bill will provide some closing remarks and then we will open the call for Q&A. Scott Holmes our Chief Accounting Officer is also with us this afternoon and will be available during Q&A session.
I will now turn the call over to Bill.
Thanks Amy and thanks all of you for joining us this afternoon. I’m pleased to report this afternoon that AMAG has gotten off to a very good start in the first quarter of 2013 and here just some of the highlights.
We delivered strong 16% total revenue growth in Q1 driven by 19% growth in U.S. Feraheme sales. Increasing sales of Feraheme in the U.S. was a function of double-digit volume growth and growing net revenue per gram versus Q1 2012. In fact this is the first time since launch that net price has contributed positively to Feraheme growth versus the same quarter a year ago.
Operating expenses are down 24% versus a year ago as we continue to manage expense as well and are also now realizing the full benefit of the changes we made to our operations in cost structure in 2012. Frank Thomas will provide more details about our financial performance in just a moment.
In terms of physician demand data Q1 represents our largest ever non-dialysis provider demand quarter for Feraheme with 29,500 grams. This in-market demand data shows that we grew 10% faster than the market or achieved an evolution index of 1/10 as compared to the same quarter year ago. This increase in demand was driven by a 24% growth in the largest segment of the market, the hospital segment.
In other news for the quarter we are making good progress on the sDNA for our label expansion having received formal acknowledgement from the FDA that our sDNA has been accepted or review with the PDUFA response date of October 21, now only 6 months away. And Greg Madison and his team are making excellent progress with our launch preparations which he will tell you about in just a moment.
We are really pleased to have Greg on Board. He joined us in January this year from Genzyme where he spent 12 years in a variety of senior commercial roles most recently running their Global Renal Business. He has already had a positive impact on our business and in a few minutes I’ll let him tell you about what he and his group have been focusing on this past quarter and what they are working on to continue to build the Feraheme business in the future.
With Greg now leading our commercial effort, I’ve been able to step back from the day-to-day commercial side of the business and have been focusing - increasing amount of my time on our business development activities which I’ll touch on in just a few moments.
With that brief overview of a great quarter, let me turn the call over now to Frank who will take us through our financial performance.
Thanks, Bill. As Bill just mentioned we are now seeing the full benefit of the changes that we made to the business in 2012. As you can see from this slide Feraheme sales are on a very nice growth trajectory over the last several quarters particularly you can see the nice growth we’ve generated in the first quarter of 2013 on the far right side of the graph. The results for 2012 in this chart do exclude the impact of adjustments that we made to our returns and Medicaid reserves which allows us to view the underlying business without the fluctuations that were caused by these non-recurring items in 2012.
From launch through the end of 2012 AMAG pursued a strategy of heavy discounting. While the company was successful in growing volume some of that growth was lost by the declining selling price. You can see that in the 2012 results on the left side of this bar chart. In 2012, we grew 17% in volume of Feraheme sold, but gave back five growth points because of the declining price, which resulted in a 12% growth in dollars for the year as compared to 2011. Approximately one year ago we concluded that this pricing strategy was not a viable long-term strategy and we needed to stop the declining revenue per gram.
We implemented a new pricing strategy that would allow us to continue to grow volume and share of Feraheme while also increasing net revenue per gram going forward and these strategies have paid off. You can see it in the first quarter results where U.S. Feraheme product sales grew 19% with both 14% volume growth and 5% price appreciation contributing to the increase. So now we have the compounding effects of both volume and price growth.
The blue line on this slide depicts our net effective price per gram for the last several quarters. That is the revenue that we realized per gram of Feraheme sold. This amount is impacted by a number of factors including the gross price at which we sell Feraheme, the discounts and rebates offered on the product, the return rate as well as the mix of business in which Feraheme is sold through to customers.
I mentioned on the last slide that since launch our net revenues per gram had been steadily declining. And as a result of the changes to our pricing strategy and the implementation of our first price increase this reversed course in the second quarter of 2012. You can see this inflection on the blue line of this chart. We’ve seen the benefits of these actions including some additional price increases continue in the first quarter of 2013 as you can see depicted on the green line.
Our product revenue guidance for 2013 reflects nearly 20% growth versus 2012 performance driven by double-digit volume growth and increases in net revenue per gram. Throughout 2013 we expect to see revenue per gram continue to increase with the most significant benefits being seen in the first half of the year.
Now turning to our first quarter financial highlights, you can see that all of the trends are moving in the right direction from revenue growth to improving margins to declining expenses. First, total revenue was up to $17.9 million driven primarily by the 19% jump in U.S. Feraheme sales and to a lesser extent by increases in our milestone revenue from our collaboration with Takeda Pharmaceuticals. We talked about Feraheme sales in the last couple of slides, so let me just touch on our ex-U.S. progress.
As many of you know Takeda has just begun the international launches of Feraheme in Canada and Rienso as it is branded in Europe. The first quarter of 2013 marked the first full quarter of sales for Takeda and we have been pleased with the focus they have shown in developing and executing on their launch strategy, which is included rolling launches across Europe to optimize both pricing and reimbursement.
We recorded a modest amount of revenue from royalties in the quarter as we have decided to record sales in Takeda’s geography on a more conservative sell-through method of accounting. The low revenue you can see that our gross margins on global sales of Feraheme are now also improving as we begin to see the benefits of the closure of our manufacturing site in Cambridge and/or moved to an outsource supply chain in the second half of 2012. We picked up five (corporate) points on gross margin from 77% to 82% of global Feraheme sales.
Total operating expenses declined 24% overall compared to last year driven by reduced research and development spending. This decline coincides with the completion of our Phase III IDA clinical program in 2012 and the impact of our restructurings last year to more streamlined internal R&D organization. The decline in R&D was offset a bit by a slight increase in SG&A as we incurred expenses in the first quarter related to preparing for federal Sunshine Act reporting and other non-cash charges related to some asset write-downs.
These financial trends resulted in a 69% reduction in our net loss from $12.4 million to $3.9 million. I believe the financial results speak to our focus on appropriate investments to ensure top-line growth and strong expense management to preserve our cash a portion of which can be used to expand our commercial portfolio of products in 2013 and beyond. We ended the quarter with approximately $217 million of cash and investments only marginally changed from our cash balance one year ago.
Today, we are reiterating the annual guidance that we provided in January. We forecast total revenues of between $73 million and $77 million driven largely by U.S. Feraheme sales of between $63 million and $67 million, which are depicted in dark blue in the graph in the upper right hand side of the slide.
Operating expenses are forecasted between $78 million and $82 million, an approximate 10% reduction versus 2012. R&D expenses for the first quarter were down substantially from last year and we do expect to continue to see some quarterly fluctuations particularly in the R&D line and we are still very comfortable with our expense guidance range for the year.
Cost of goods are anticipated to come in between 14% and 18% of revenue. COGS came in at the high-end of the range in the first quarter of 2013 and we forecast that this will come down over the course of this year. And finally, we expect to end 2013 with over $205 million in cash and investments not including any cash that might be used to acquire additional products.
I’ll now turn the call over to Greg Madison.
Thanks, Frank. Good afternoon. As Bill mentioned earlier, I joined AMAG from Genzyme, where most recently I was running their renal business and one aspect of kidney disease that I didn’t fully appreciate was the impact of anemia on patient’s lives. Well, I since joining AMAG, I spend a lot of time on the road with our sales representatives, being with physicians and speaking with patients, I’m really hearing firsthand just how debilitating it is to live with chronic iron deficiency anemia. What we do everyday here, it starts with patients and ends with patients and the visible difference in a patients anemia has been corrected its just amazing to see. So I’m going to tell you about one of those patients later on in this presentation.
Feraheme was a great product. I’m really thrilled to be here working to ensure that today CKD patients and tomorrow pending regulatory approval, any IDA patient that can take oral iron can realize the benefits that Feraheme can bring. So, prior to discussing Feraheme’s specific performance, let’s take a look at the non-dialysis IV iron market as a whole. As you can see, the total market for IV iron remains constant at approximately 206,000 grams. We are however, starting to see some shifts in practice patterns specifically hospitals have been and continue to acquire hematology and oncology practices so there has been a slight shift in grams from the Hem/Onc segment to the Hospital segment we are beginning to see this in our business as well.
Another market dynamic that we believe is having a positive impact in our business is the new HOPPS, the acronym for the Hospital Outpatient Payment System rolling that one into effect in January 1st of this year under which Feraheme continues to be fully reimbursable drug administration fees.
Now let’s take a look at Feraheme performance for the first quarter. We had record demand growth in the first quarter of this year achieving 29,500 grams of Feraheme which represents a 11% growth over the first quarter 2012. As you can see in the slide, there was significant growth in the Hospital segment depicted in the green bars in the chart which increased 24% over the prior year, this is driven by a couple of things. First, the primary driver in our hospitals was new accounts utilizing Feraheme.
In 2012, we were able to secure contracts with a couple of major hospital networks which is really just the first step in driving the overall hospital business once you establish a contract then you have to work with each hospital network then with each individual hospital within the network to ensure you get on formulary in a light to pull the business through we’ve been very successful on this front in the first part of the year. This has not happened overnight it requires solid commercial execution we’re beginning to see the results of those efforts.
Second, as I just mentioned hospitals have been purchasing hem/onc Infusion Centers, while we have modest growth in the hem/onc segment we know that some of the business has shifted over to hospitals. All in all, we are gaining share in the Hospital segment but currently we are just above 9% we are maintaining our share in the hem/onc segment with a 26% share.
I’ll now spend a few minutes describing how we’re achieving this double-digit growth as we enter our fourth year on the market. So we’ve spent a great deal of time actually the team did, beginning in late 2012 really examining our business and literally diving into each of the segments whether it be Hem/Onc Hospital or Nephrology and understanding the different types of customers contained in each. In essence, we are segmenting the segments.
Once we had a well-defined segmentation, we develop specific messages for each customer type and trained our reps on both identifying and selling to each one of those specific customer types. With this effort, we now have very good alignment across the entire commercial organization and how best to grow our business and have shifted our reps time and our resources to focus on those customers most likely increased the utilization of Feraheme and are executing very well against those plans.
I’ll now move away from our current business and discuss our plans for the potential broader IDA label over the next several slides. In the pyramid depicted on the slide, the blue segments what is available to us today for the current CKD label and the green segments represent the market opportunity that would open up with the broader IDA label. As you know, we filed a sNDA in December 2012 for the broadening of our approved label which we believe would double our market opportunity within the existing non-CKD IV iron market shown in dark green to $400 million.
In addition to significant market expansion opportunity shown in the light green with more than 2.4 million patients currently diagnosed with iron deficiency anemia most of whom have tried oral iron therapy. We believe that a product with a dosing profile and efficacy of Feraheme would be a welcome addition to the treatment options available for IDA patients.
Now the great part about this market opportunity is that there are varieties of physicians today that diagnose and treat iron deficiency anemia in their patients. These range on the left hand side of the slide for Nephrologists to OB/GYN to Gastroenterologists to Rheumatologists. These physicians all typically put their IDA patients on oral iron. Now some of these patients get better with oral iron however many do not. Now unfortunately for those who don’t very few currently get referred for IV iron and are instead told to keep on trying oral iron by their physicians.
So what we intend to do is two-fold, first half is to increase the rate of patients that are referred for IV iron when those patients stay oral iron. And second is to ideally get the physicians to request Feraheme specifically during this referral process. Now the good news is, for the majority of these patients will be treated by the same size of care that are using Feraheme today as shown on the right hand side of the slide the hematology oncology customer in the hospital Infusion Centers. So the work we do now increasing our market share within our current customer base today will allow us to be better positioned should we receive the broader label in October.
Now let me focus on the work that we’re doing to prepare for the potential launch with a particular emphasis on Gastroenterology where we think the most immediate opportunity for Feraheme lies. In terms of patients depicted on the left hand side, we see chronic iron deficiency anemic across a number of different patient types within gastroenterology. For example patients who suffer from inflammatory bowel disease and patients who have had bariatric surgery many of whom suffer from chronic anemia and have great difficulty tolerating and/or absorbing oral iron.
These 300,000 anemic patients represent an excellent opportunity for Feraheme treatment and we know from primary market research that today only a small minority of these patients referred for IV iron even though they are excellent candidates for treatment.
As you can see on the right-hand side, these patients are treated by a relatively small group of physician specialists. For example there are only 150 IBD centers located in the U.S., many of these centers are located in hospitals that our existing sales representatives already call on today. So these two patient populations alone with MGI represent approximately $250 million of Feraheme sales opportunity. Many of these patients are living with chronic anemia with all the adverse effects on their lives that I showed earlier.
As we’ve shown in our recently completed clinical trials Feraheme pending approval for this indication has a potential to significantly help these patients. So how do we really approach this market expansion opportunity? We are well underway of their launch planning, we are currently validating assumptions that have been gleaned for market research, developing product specific messages and testing those messages with healthcare providers, conducting advisory board, meeting with key physicians and the specialties as well as initiating contacts with advocacy groups to understand the patient perspective.
We are also preparing to make presentations and publish our clinical data from these patient subgroups. GI specific data from IDA-301 has been accepted at Digestive Disease Week in May and we are looking forward to further presentations throughout the year. We’re also working to educate physicians and patients on iron deficiency anemia and are developing disease state of awareness materials to let patients know that they should talk to their healthcare providers if their symptoms persist, in essence they don’t have to live with the symptoms of iron deficiency.
This slide depicts just one tactic that we delivered in the first quarter that was picked up by nearly 1250 online publications translating it to more than 23 million potential readers across United States. And again, it’s just one example of the work that we are doing to educate the public on iron deficiency anemia in this case specific to CKD patients. So when I started speaking early today I mentioned that everything we do starts and ends with the patients. So I thought it would be interesting for you to meet a patient and truly understand the negative impact that anemia can have in our patient’s life.
This is Flora, she is a 42 year-old working mother who was diagnosed with breast cancer. This is a very typical patient dealing with iron deficiency anemia we’ve prescribed oral iron yet failed repeatedly. She was finally referred for IV iron treatment and you can see that it changed her life. The comments that she no longer feels like what she calls the walking dead and she is not dreading the next decade of her life she is actually embracing it. This is just one small example of the opportunity that’s in front of us pending broad IDA approval.
With that let me turn the call back over to Bill.
Thanks, Greg. With four straight quarters of improving financial metrics our Feraheme business is growing well and preparations for the launch of a potential expanded label on track we are looking to build and are aggressively pursuing business development opportunities to expand our portfolio. Well, I can’t go into the specifics about commercial assets that we are currently pursuing. I think this slide represents well how we think about targeting various opportunities. At the center of our target the bulls eye of our opportunity set, our commercial products that complement today’s Feraheme business and leverage our existing commercial infrastructure and sales force.
We are targeting modest sized products up to $60 million in annual revenue that would be immediately accretive have good IP runway can have growth potential. The next year in this circle around the bulls eye our opportunity that would be considered more strategic those that are aligned with Feraheme’s growth strategy in the broader IDA market. So products that would be used by GI practice for example would be a nice fit in this tier.
The outer ring of the bulls eye are our broader set of opportunities that fall into the category of being more financially driven transactions and these are opportunities that makes sense purely from a financial perspective through the elimination of a duplicative corporate infrastructure. As you can imagine this segment includes quite a wide array of opportunities for several things would have to align in order for a transaction to be successfully completed.
We have made and continued to make good progress over the last several months evaluating many different opportunities passing on some, focusing our work on those assets that we believe have the best potential for future revenues and profitability. So we’re actively in the hunt and I’m optimistic that we will conclude one or more transactions this year.
So with the momentum on the strong Q1 performance we continue to pursue a set of ambitious goals for the full year 2013 achieving double-digit growth for Feraheme in the U.S. in our current CKD indication through volume growth and our growing net revenue per gram, with our sNDA submitted and accepted, planning for potential approval in Q4 this year and are now as Greg reviewed making excellent progress as we prepare for launch of the broader IDA indication, business development is a high priority activity here in AMAG and we are committing significant time and energy towards achieving this goal. Overall with a solid Q1 behind us we are on track to once again meet or exceed our financial guidance.
Operator, that concludes our prepared remarks and so Ryan with that we can now open up the call for Q&A.
(Operator Instructions). Your first question comes from the line of Joseph Schwartz from Leerink Swann. Your line is now open.
Joe Schwartz - Leerink Swann
I was wondering, if you could give us an update on your view of what the competitive pricing environment is like or you are seeing more or less discounting and rebating from your customers now that your own price has been on the rise? And are the pricing trends impacting your end customers P&L?
So, this is Bill. Thanks, Joe for the question. In terms of pricing for our competitors, I think you know that most of our competitors compete on the lower end of the spectrum in terms of pricing and I think that segment has stabilized. There hasn’t really been a lot of movement on pricing from our competitors that I’m aware of.
In terms of our customers, I think, as you, again you know the - our customers are reimbursed on an ASP plus basis and so and this is a look back system at CMS. And so now that we’re several months, we now are about nine months into our first price increase what is happening for our customers as their ASP is starting to raise. And so, our customers are seeing an increasing reimbursement as we begin to see increasing revenues based on price increases.
Joe Schwartz - Leerink Swann
Okay. That makes sense. And I was wondering if you could talk some more about how you can increase patient referrals from whomever is pushing oral iron at them it sounds like repeatedly in many cases despite their medical response and increase their referrals to someone, who can provide Feraheme. What is awareness of Feraheme like in such a level of patient care now and where do you see it going?
Yes Joe, this is Greg here. It’s an excellent question and I’ll make sure I try to address your points there. Right now the awareness of an option such as Feraheme within gastroenterology segment is quite low. Number one, nobody has been in there to talk with them about newer treatment options. Number two, the last time they probably had significant education about of iron therapies if you will happened back in their fellowship so their perception is of usually of IV iron is part of the older irons that are out there build on the marketplace so they really don’t have much of a knowledge of a newer treatment option that offers the efficacy, safety and convenient dosing schedule something like a Feraheme.
So, our plan is to ensure that we get in there and chat with those physicians. And again many of the patients that suffer from chronic iron deficiency anemia such as I mentioned the IBD patients or the bariatric surgery patients, they are already under the care of those gastroenterologists and so we think it’s obviously a two-fold effect, which is educating them on iron deficiency anemia, educating them on the oral iron failures and the rate of those oral iron failures, which they may or may not be aware of that their patients like Flora are either discontinuing or not tolerating and number three is educating them that there is another treatment option available that these patients may absolutely benefit from treatment like a Feraheme.
Interesting enough the patients that are I just mentioned are probably the worst patients to put on oral iron. They typically have malabsorptive disorders. They can’t absorb the iron. They can’t tolerate the iron because of the nature of their disease. So, we think these are really; really good patients for us to talk about and good patients for us to potentially put on A) get referred to IV iron and B) get put on to Feraheme.
Your next question comes from the line of Juan Sanchez from Ladenburg. Your line is open.
Juan Sanchez - Ladenburg
Couple of questions. I might have missed it but what will be your additional expenses upon label expansion and your gastroenterology effort specifically? And the second question is your expectations on if or how much the business could suffer if Injectafer gets approved? I think the PDUFA is by July or something?
Yeah. They have just gotten another - another new PDUFA date that’s right July. I’ll ask Frank to touch on expense forecast specifically on IDA.
So, Juan, we had done a lot of work as Greg outlined in the call related to IDA opportunity and while we do expect that we’ll incur some additional expense. We don’t expect significant expansion of our sales force or infrastructure. As Greg mentioned, these patients are already getting referred just maybe not in the quantities that we think is appropriate. So, as more patients get driven to the same types of care we think that we can cover those types of care with our current sales force we may decide to carve in some additional targets but it’s something that we don’t think it’s going to require a substantial change in the footprint of the sales force. So there might be some incremental non-personnel promotion non sales force cost but not so much that it will have a great impact on the P&L.
Juan Sanchez - Ladenburg
And then your second question was regarding Injectafer?
Juan Sanchez - Ladenburg
And I ask Greg to touch on that.
Sure Juan. So we’re over that Injectafer actually as of July PDUFA date following the resubmission to CR as you had mentioned. As a reminder they received a Complete Response letter last July and the company cited a manufacturing issue related to the plant when Injectafer is manufactured and this is their third negative FDA response related to this product. So we’ve been prepared for Injectafer since last year, we believe we are prepared should they come to market in 2013, we believe we have a great product it’s already established itself in the marketplace with more than 600,000 patient exposure since launch. Feraheme we have solid reimbursement today a well-established safety history and its four years in the market. So if Injectafer is approved we believe it supports our belief that there is a lack of therapeutic options available today for patients who suffer with IDA, (inaudible) it’s a very large market to Feraheme and its competitors and that could be a benefit to an increase share of voice helping create this larger market opportunity for IV Irons.
(Operator instructions). And your next question comes from the line of Bill Tanner from Lazard Capital Markets. Your line is open.
Bill Tanner - Lazard Capital Markets
Thanks for taking the questions. A couple of them. Now Greg, you mentioned that you put together some Advisory Boards and other lot there is any account of reflections from those that you’ve had that you can share with us just in terms what the receptivity looks like at least at that level towards the expanded indications.
Yes, good question Bill. So we conducted a couple of GI specific advisory boards and a lot of the commentary that are provided during the slides today is some of the reactions we’ve got in -- we received from those physicians. So couple of things stand out number one is that they are aware of their patients who have iron deficiency anemia and they also are aware of the devastating effects they can have on their lives.
So we do believe from a disease state perspective we have an opportunity that are kind of elevate the need to treat these patients and get the more appropriate treatment options. But it’s not like you’re pushing the lock up the hill significantly here. So they are aware that and they understand it we just need to kind of encourage that and educate them that there is a maybe a better treatment option out there and having these patients constantly recycling on oral iron.
The other thing that they recognized is that these patients really can’t tolerate oral irons specific to the disease states that we talked about before so that kind of came back to us loud and clear. So we really felt pretty good based on the initial feedback we got from gastroenterologists that this is probably the best opportunity for us to approach first and we look at the different physicians specialties in the patients that they treat.
Bill Tanner - Lazard Capital Markets
Okay, thanks that’s helpful. And then Bill just on your target I mean you said you had maybe one or two things that you hope to get done this year and I'm curious if you would care to share where in the rings your things might fit?
So it’s always a – it’s hard to be too specific, I can tell you that we currently have projects in each one of the elements of the target as I mentioned in my remarks I think that third ring the more financial oriented transactions those are probably a bit more challenging to actually pull off because a lot of things have to align. So it’s probably a more likely that the projects will be successful on our in the bulls eye where we do have a number of active projects underway and then in the second ring which has strategic interest to us we’d mentioned Gastroenterology, Rheumatology, OB/GYN there are some interesting opportunities in that segment as well.
We have no further questions at this time. I’ll turn the call back over to Bill Heiden.
Thank you very much, Ryan. I thank all of you for joining us here this afternoon. As you heard, we came out of the gate strong in the first quarter here at AMAG with record non-dialysis physician demand for Feraheme an increasing net revenue program versus a year ago another first time event here at AMAG and continuing strong management of operating expenses.
And while we’re proud of the accomplishments of the quarter, we’re now totally focused on the goals ahead of us continuing growth of Feraheme preparing for the potential approval of our label expansion and executing on our business development goals. We look forward to updating you on our progress. And thank you again for your participation on today’s call.
This concludes today’s conference call. You may now disconnect.
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