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Navidea Biopharmaceuticals, Inc (NYSEMKT:NAVB)

Q1 2013 Earnings Call

May 08, 2013 8:30 am ET

Executives

Brent L. Larson - Chief Financial Officer, Principal Accounting Officer, Executive Vice President, Treasurer and Secretary

Mark Jerome Pykett - Chief Executive Officer and Director

Thomas H. Tulip - President and Chief Business Officer

Analysts

Stephen G. Brozak - WBB Securities, LLC, Research Division

Stephen M. Dunn - LifeTech Capital, Research Division

Kevin DeGeeter - Ladenburg Thalmann & Co. Inc., Research Division

Reni J. Benjamin - Burrill & Company, Research Division

Michael G. King - JMP Securities LLC, Research Division

Timothy Feron - Janney Montgomery Scott LLC, Research Division

Operator

Greetings and welcome to the Navidea Biopharmaceuticals First Quarter 2013 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Brent Larson, Chief Financial Officer for Navidea. Thank you. Mr. Larson, you may begin.

Brent L. Larson

Thank you. Hello, everyone, and thank you for joining us today. Joining me on today's call are Mark Pykett, Executive Officer of Navidea; and Tom Tulip, President and Chief Business Officer of Navidea. At the end of the call, we will take your questions. Before we get started, we would like to remind you that during the call, management may make projections or other forward-looking remarks regarding future events or the future performance of the company. It is important to note that statements about Navidea's estimated or anticipated future results or other nonhistorical facts are forward-looking statements and reflect Navidea's current perspective on existing trends and information. Navidea disclaims any intent or obligation to update these forward-looking statements. Actual results may differ materially from Navidea's current expectations depending on a number of factors affecting Navidea's business. These factors include, among others, the inherent uncertainties associated with financial projections, timely and successful implementation of strategic initiatives; the difficulty of predicting the timing or outcome of product development efforts; NFDA or other regulatory actions or approvals; market acceptance of and continued demand for Navidea's products; clinical and regulatory pathways; the impact of competitive products and pricing; patents or other intellectual property rights held by competitors; the availability of pricing and pricing of third-party source products and materials; successful compliance of government regulations and such other risks and uncertainties detailed in Navidea's periodic public filings on file with the Securities and Exchange Commission.

I'd like to turn the call over to Dr. Mark Pykett, Chief Executive Officer of Navidea.

Mark Jerome Pykett

Thank you, Brent, and welcome to everyone. It has been an eventful first several months of the year so far. Just last week, we had a conference call announcing our official launch with partner Cardinal Health of our first precision diagnostic product, Lymphoseek, which was approved by the FDA for use in lymphatic mapping for breast cancer melanoma just 8 weeks ago. I hope that each of you had the opportunity to listen to that call. Since it was so recent, I will briefly touch on Lymphoseek today but instead, we'll focus many of my comments predominantly on our 4694 and 5001 programs.

As we noted last week, we remain confident that together with Cardinal Health, we are well positioned to drive adoption of Lymphoseek in the medical community over the next few months. We are highly focused on ensuring the success of the Lymphoseek product launch and on maximizing it's large overall market potential by working to expand its use and tap into additional significant opportunities for growth. In the near term, we will work to capitalize on the global market outside the U.S., broaden into additional, even larger patient populations and potentially enhance the brand through label extension, for example, by advancing into sentinel lymph node biopsy.

On this front, we have filed the Marketing Authorization Application seeking approval of Lymphoseek in the EU for use in intraoperative lymphatic mapping not specific to any particular solid tumor type. And we hope to receive our Day 120 feedback from the EMA later this quarter. Based on this timeline, a positive CHMP opinion could come as early as the fourth quarter of this year. We are taking steps to prepare for commercialization in the EU and, of course, are engaged in active discussions to secure a partner in that region and continue to be hopeful that we will be in a position to announce an agreement with the EU soon. Beyond this filing, we plan to focus on those countries that allow marketing based on U.S. or EU approval such as Mexico, Israel, Singapore, Saudi Arabia, the Philippines and others, where we are evaluating the merit and process of pursuing sales in those markets.

Based on encouraging data from the interim analysis of our Phase III clinical study in head and neck cancer, we are also assessing the possibility of not only filing a supplemental NDA to the FDA for a label expansion for Lymphoseek into head and neck cancer but also to gain a sentinel Lymph Node Biopsy claim.

Not only is Lymphoseek an important first step on our path to becoming a leader in precision diagnostics. It validates our vision to bring precision radiopharmaceutical agents to market to positively impact patient care. We believe that the launch of Lymphoseek will help lead the way for additional products that we have under development for indications such as Alzheimer's disease, Mild Cognitive Impairment, Dementia with Lewy Bodies, Parkinson's Disease and other movement disorders.

So with that quick overview on upcoming Lymphoseek milestones, I'd like to continue on to discuss our pipeline programs beginning with NAV4694. NAV4694 is a potential best-in-class PET tracer in development for the diagnosis and detection of Alzheimer's disease as well as Mild Cognitive Impairment or MCI. A Phase II study of NAV4694 is currently underway. This trial is a PET imaging study evaluating the safety and efficacy of NAV4694 for the detection of cerebral amyloid plaque in subjects diagnosed with probable Alzheimer's disease by comparing individuals and images from subjects with probable AD to images from healthy volunteers of a similar age.

We've also made headway recently in a second area of focus for NAV4694, namely Mild Cognitive Impairment. In March, we began enrollment in our Phase IIb PET imaging study in patients diagnosed with MCI. The objective of this trial is to distinguish subjects with MCI who progress to AD from those who do not. Patients will receive free injections of NAV4694 at baseline, 18 months and then 36 months after initiation. And the efficacy will be determined based on PET scan findings in predicting progression from MCI to AD over the 36-month time period. The diagnosis of Mild Cognitive Impairment is an area of intense medical research as physicians and scientists seek to identify emerging dementia at earlier and earlier stages. It is also an area of great interest to pharmaceutical companies seeking to develop therapeutics to treat Alzheimer's disease. The performance characteristics of 4694 lead us to be encouraged that it will help with these important efforts.

Along these lines, very encouraging data were recently reported by our collaborators at Austin Health in Australia, comparing NAV4694 head-to-head to the academic amyloid imaging benchmark in Alzheimer's disease. The findings were published last month in the Journal of Nuclear Medicine and demonstrated that the 2 tracers exhibited low light matter binding and generated images that were virtually indistinguishable. The combination of 4694's low nontarget background uptake, with high binding to target amyloid, should enable earlier detection of amyloid and potentially earlier diagnosis of the underlying cause of cognitive impairment and dementia. One of the authors of the study, Dr. Chris Rowe, recently reiterated the importance of these findings, saying that by demonstrating the imaging characteristics that are nearly identical to the gold standard, we have shown that NAV4694 can provide the same low background needed for an earlier differential diagnosis along with enhanced practical qualities for production logistics. Encouraged by the initial data from these studies, we've continued to work toward our plan to initiate a Phase III trial of 4694 yet in the second quarter.

The rising incidence of Alzheimer's Disease and its associated cost is become increasingly alarming around the world. The World Health Organization has estimated that Alzheimer's affects over 24 million people worldwide, and this population in the U.S. alone is expected to triple by 2050. The pressing need of this important disease is evidenced by the roughly 100 experimental therapies in development today aimed at slowing or stopping the progression of AD. An accurate diagnostic agent will be crucial in diagnosing AD and cognitive impairment with greater accuracy and identifying the patients who will benefit most from a treatment, as well as in selecting patients and modeling disease progression in clinical trials. We feel confident that 4694 is truly a best-in-class agent for capturing this market. We agree with Dr. Rowe's assessment as well as that of other opinion leaders of 4694 who believe that, ultimately, it may be able to assist with differential diagnosis associated with Mild Cognitive Impairment, which is clearly an important medical and commercial goal.

Our second neural imaging agent in development is NAV5001, a small molecule radiopharmaceutical used in SPECT imaging to identify the status of regions of the brain affected in patients with Parkinson's disease. By binding to dopamine transporters on the cell surface of neurons and identifying the status of this region of the brain, we believe NAV5001 may be able to highlight disease status and progression through SPECT images. In addition to its diagnostic use in movement disorders, NAV5001 is also being studied in Dementia with Lewy Bodies or DLB, the second most common form of progressive Dementia after AD. DLB often presents with AD-like symptoms, making accurate assessment very difficult, yet optimal treatment of these disorders is dramatically different. And that demands that differential diagnosis, therefore, be highly reliable and accurate.

Last month, we announced the enrollment of the first patient in a single center investigator initiated study of NAV5001 in DLB. This study will assess the distribution, safety and tolerability of the agent in evaluating the integrity of the dopamine transporters in the brains of healthy volunteers. Beyond this investigator-initiated study, we also look forward to the initiation of the company-sponsored Phase IIb study in DLB in 2013, as well as the initiation of parallel Phase III registration studies of 5001 as an aid in the differential diagnosis of Parkinsonian syndromes later this year.

With that brief overview, I'll now turn the call back over to Brent.

Brent L. Larson

Thank you, Mark. Good morning, again, everyone. I'm going to start my comments by focusing on our research and development expenses. For the first quarter of 2013, the Research and Development expenses decreased 8% to $3.6 million from $3.9 million for the same period in 2012, and that decrease in R&D expenses for the first quarter of 2013 was attributable to several primary factors, including a $900,000 decrease in Lymphoseek development costs as the 2013 milestone-related FDA approval was more than offset by decreased costs to support the NDA review in 2012. A $445,000 decrease in 5001 development costs as increased clinical and manufacturing-related costs were more than offset by the $500,000 decrease in license options fees paid, a decrease in RIGScan manufacturing-related costs of $270,000 and decreases in consulting costs related to potential pipeline products of $100,000. These decreases were offset by increased 4694 development costs, which increased $626,000, including manufacturing-related activities at $335,000 and clinical trial costs of $270,000.

The net decrease in R&D expenses also incurred despite increased compensation of $742,000 due to increased headcount required for expanded development efforts and other related expenses such as incentive-based compensation and increased travel and other support costs. While we continue to maintain our virtual model, we have added to our subject matter expertise and management capabilities to ensure our resources are used efficiently and appropriately to achieve our objectives.

Selling and general administrative expenses increased $790,000 to $3.4 million for the first quarter of 2013 from $2.6 million for the same period in 2012. The net increase was primarily due to increased compensation costs of $434,000 related to increased headcount and incentive-based compensation; increased medical education costs to support Lymphoseek adoption of $290,000; increased insurance, depreciation and other expenses to support the increased headcount of $132,000; and increased investor relation costs of $131,000 offset by decreased out-of-pocket manufacturing or marketing costs incurred in preparation for the commercial launch of Lymphoseek of $268,000.

Other expenses for the first quarter of 2013 were $337,000, composed primarily of $363,000 in interest expense on the Hercules [indiscernible] transaction that we entered in December of 2011 and draws made under the Montaur credit facility that we made during the fourth quarter of 2012. This compares to other expenses of $483,000 for the same period in 2012, comprised primarily of $294,000 in interest expense and $184,000 from the change in fair value of derivative liabilities on the company's balance sheet at the time.

The net loss attributable to common shareholders for the first quarter of 2013 was $7.3 million or $0.06 per share, compared to a net loss attributable to common shareholders of $7 million or $0.07 per share for the first quarter of 2012. Navidea's loss from operations for the first quarter of 2013 was $7 million, compared to $6.5 million for the same period in 2012.

We ended the first quarter of 2013 with $9.8 million in cash and management remains confident that our balance sheet remains strong and that we have adequate resources to continually support our active development programs and reach positive cash flow generation from Lymphoseek or a [indiscernible] radiopharmaceutical product.

Now we'd like to open the call up for questions from the investors.

Question-and-Answer Session

Operator

[Operator Instructions] Our first question is coming from Steve Brozak from WBB Securities.

Stephen G. Brozak - WBB Securities, LLC, Research Division

Team Navidea, this is 2 calls in 2 weeks. I will keep it one question only. Baxter's Alzheimer's product, obviously, unfortunately failed yesterday in late stage trials, which obviously means that there's more of a demand for earlier diagnosis of Alzheimer's. Can you give us some color, and you can be a specific as you like, on where you see you're going with this, your partnering? And just any details you can give us because, obviously, that's the next big thing in the hopper that you control directly.

Mark Jerome Pykett

Sure, Steve. Thanks very much for the question. I -- we touched on this in the call a little bit by highlighting the value and importance of our Phase IIb study in Mild Cognitive Impairment. In fact, I believe we're the first company to launch a multi-presenter, multi-national study of an amyloid tracer in Mild Cognitive Impairment. So we're quite proud of that achievement. The reason we're doing that is not so much for registration because the registration of 4694 will boil down to a study much like the other agents have had to go through looking at a pathology analysis of autopsy specimens of brain but because -- the value of that study is because of the direction that the clinical field and the therapeutics field is headed. And clearly, it's very important to be able to diagnose emerging cognitive impairment and Dementia earlier and earlier. I think what the therapeutic trials are demonstrating is that once you try to address an individual who's had ongoing brain pathology and then the emergence of a form of Dementia and Alzheimer's disease for years, it's nothing less than heroic to try to expect that there will be positive intervention and a success in treating that patient. Much like, for example, if one were to treat late, late stage heart failure or stage 4 cancer. The probabilities of an effective outcome, a successful outcome, are remarkably reduced. And so the field now is really moving toward the earlier diagnosis of emerging Dementia and cognitive impairment. And the avenue to do that, we believe, is by being able to detect amyloid at earlier and earlier levels. In fact, we know that amyloid begins to appear in Alzheimer's disease years before symptoms actually appear. So if you have an agent with the specificity and sensitivity to detect amyloid without detecting high background binding, which gets in the way, it produces a lot of noise in terms of reading the image as well as seeing the amyloid itself, then you have the hope of being able to identify these patients as their dementia is emerging. And that's probably the best point for intervening therapeutically. I think this is what Lilly is seeing in their solanezumab study where they -- in their first set of Phase III studies, saw a mild but positive signal in individuals with moderate or mild disease, and now they're going back and redoing their Phase III efforts on that basis. So we think that 4694 will be a perfect tool for those kinds of studies and then in clinical debuts [ph] use an excellent agent for being able to detect amyloid as it's forming and as the cognitive impairment and Dementia is emerging.

Operator

Our next question is coming from Stephen Dunn from LifeTech Capital.

Stephen M. Dunn - LifeTech Capital, Research Division

I'll keep it quick this morning. Just 2 questions. On the strategy of filing the SMDA for head and neck and at the same time looking for a label claim of sentinel lymph node, are we looking at an either/or situation? Or are you planning on filing an SMDA for head and neck anyway and then in addition, looking for sentinel lymph node claim? Or what exactly is that strategy? Do you think it would prejudice FDA if you did 2 filings like that? Or what's your strategy on that?

Mark Jerome Pykett

Steve, that's a great question. On the basis of the guidance from the agency as to what would be required to seek a step in the Lymph Node Biopsy claim, we believe that the data that's generated in the '06 study fulfill those requirements. And so -- and that was the reason the study was designed the way it was. So with the data in hand now, again, we have to complete the full data analysis and arrive at a determination as to whether or not we will or will not close that study. As we've said before, we believe that we will likely close that study in accordance with the guidance from the DSMC so far. But our first approach then to the SMDA NDA would be able to seek the Sentinel Lymph Node Biopsy claim. That's where we think there is the greatest differentiation for the agent among the other agents. We think it will clearly enable the field in a manner that the other agents have not been able to, to date. We think it may provide some flexibility for pricing. We also think it may provide new avenues for reimbursement. So that is clearly our first objective. However, that's not the only thing that could be done with the data that we have. Certainly, we now have evidence of very, very strong performance in a third cancer and a third cancer where the unmet medical need is dramatic. Again, we've said time and again, these are patients who are undergoing hours and hours of surgery, removing dozens and dozens of lymph nodes with a lot of morbidity, a lot of side effects, a lot of time and cost as well for the health care system and for the clinics. So at the very least, we've shown that it's going to be a useful agent, we believe, in head and neck cancer. And at some point, the preponderance of the data, we believe, will tip the scale in favor of this being used broadly in cancer anyway because of its common underlying mechanism of action. Remember, we're not detecting anything, so [indiscernible] we're not specific about cancer. We're detecting normal physiology and anatomy of lymph nodes by virtue of the engagement of the CD206 receptor, which is expressed on normal immune cells. So there are sort of -- when we think about this, Steve, we think of there being 3 cuts, the primary objective being to seek a Sentinel Lymph Node, a biopsy or mapping claim or -- but there are other elements -- other ways that the data could be utilized and deployed. And of course, we will engage in dialogue with the FDA about the totality of the evidence that we've developed and how best to use that in supplemental filings.

Stephen M. Dunn - LifeTech Capital, Research Division

Okay, great. Just a housekeeping question. On RIGScan, we didn't talk about it today. Are we putting that program on the back burner? We looking to partner? Are we continuing on with it internally? Could you give us a little color on your development plans with the RIGScan program?

Mark Jerome Pykett

Sure. I wouldn't say it's on the back burner per se. But among the programs that we're running, it's clearly the fourth priority right now. We're using the grant funding that we got from the NIH to continue to make progress with that program. Our objective is to get it back into the clinic by the end of this year if not sooner. And we do continue to work on it. We, of course, will update people when there's news. The news right now is simply that we continue to make progress and keep -- have our objective and are on track for our objective and getting back into clinic this year. But there's nothing more to say about it because it hasn't advanced to the point where we're yet on the threshold of doing clinical work, but we will disclose that when we get there.

Operator

Our next question is coming from Kevin DeGeeter from Ladenburg Thalmann.

Kevin DeGeeter - Ladenburg Thalmann & Co. Inc., Research Division

A few quick questions. Can you just walk us through the steps that need to be completed to kick off the Phase III study of 4694 and AD? Any production or manufacturing needs to be completed? And how do we just think about, incrementally, the milestones you need to complete in the quarter?

Mark Jerome Pykett

Sure, Kevin. This is a program that will look very similar to the other programs which have come before via predecessor agents, first-generation agents and their respective owners. It will be, as I said during the call, a pathology-based comparison looking at brains in autopsy. The work that's being done to enable us to get into the clinic, and we've said we believe that the Phase III could start by the end of this quarter, really boils down to protocol refinement, site qualification, identification, contracting. And then, of course, because this is a PET agent, all the manufacturing is done on a local basis so you have to identify multiple manufacturers who can supply into your clinical sites and provide the agent on an just-in-time basis. So it's really now working at the level of clinical trial operations, regulatory operations, manufacturing operations and the related logistics to get into the clinic and begin this Phase III study, again as we've said, ideally by the end of this quarter.

Kevin DeGeeter - Ladenburg Thalmann & Co. Inc., Research Division

Okay, 'cause in part where I was going with that question, actually, gets to kind of cash flow and balance sheet. I know the company doesn't provide quarterly financial guidance, but it sounds like in the absence of major upfront expenses associated to 4694, the cash burn rate is similar to first quarter. It seems like a reasonable way to think about the June quarter. Brent, would you say that's, without providing guidance, a reasonable metric? Are there onetime expense items we should be mindful of?

Brent L. Larson

Yes. Kevin, I think your view is probably not far off. I guess, the point that I would probably make in the reply is that one of the advantages that we believe our virtual model has for us is that we can manage our burn, if you will, fairly effectively because of the outsourced nature of a lot of those resources. So we're very cognizant of what the balance sheet is. We're very cognizant and mindful of what the resources are and trying to use them as judiciously as possible. So I would reflect on what we've I think, been able to do in the face of looking at the differences in the programs from the quarter-to-quarter perspective, the decrease in development costs for Lymphoseek and the announcement of increased marketing, in preparation costs and things like that. And we've been able to still pretty effectively manage that burn during that whole process.

Kevin DeGeeter - Ladenburg Thalmann & Co. Inc., Research Division

Okay, great. And then maybe one more housekeeping question. With regard to 4694, any additional data we may see presented this year, either investigator sponsored or from other studies the company has completed previously?

Mark Jerome Pykett

Yes, Kevin. I think what we're trying to do through this program, through our own Phase II and Phase IIb work as well as through collaborations, is to produce ongoing news flow. We are seeing tremendous interest from key opinion leaders because we think, and I believe they would endorse as well, that this agent represents the ability to dive into the next level of clinical question and resolve some of the uncertainty around emerging Dementia and Mild Cognitive Impairment. So we expect that there will be continuous presentations, data news flow generated from not only our studies but the collaborative work that we're engaging in. Of course, that would not pertain to the Phase III study because the Phase III study will be fully blinded. There won't be any disclosures in the pathology analysis of that study.

Operator

Our next question is coming from Ren Benjamin from Burrill & Company.

Reni J. Benjamin - Burrill & Company, Research Division

A lot of my questions have been answered but just one simple one. I hope you may -- provide some color is, how is the early launch going? I totally understand it's only been a week, but can you give us any sort of color as to feedback that you might be getting from sales or call volume or anything?

Mark Jerome Pykett

Yes, Ren. We expect to evolve into more detail and be -- provide more guidance and more detailed guidance regarding certain specifics as we get further into the launch. As you said, it's only a week since the formal launch. However, we can tell you that the inventory stock for the Cardinal's 140 Nuclear Pharmacies has been completed. They are ready to accept product orders and we'll continue with gathering information regarding a number of metrics that we can then use to help provide certain insight into the success of the launch and the outlook for the product in general. But we're not disclosing any additional information beyond that at this point.

Operator

Our next question is coming from Mike King from JMP Securities.

Michael G. King - JMP Securities LLC, Research Division

I know we've talked about a lot of stuff just recently. But I just wanted to see if you could help map out the near-term steps for creating value from the head and neck study. What can we expect in terms of presentations, filings, publications, etc.?

Mark Jerome Pykett

Sure, Mike. As we complete the full analysis of the data, we will be in a position to disclose more than the [indiscernible] top line data we disclosed a number of weeks ago. We'll be able to disclose more specifics about elements of outcome measures that were assessed and also how we intend, therefore -- how we interpret the data and, therefore, what we will guide on using it for -- in terms of supplemental filings with the FDA. We think that there could be some near-term conferences where the data could be presented. We have to, obviously, get those data submitted and then reviewed by -- the various conferences. But it's our objective to use those data to demonstrate this very successful performance of Lymphoseek compared to the full pathology, gold-standard analysis. We think that speaks very well to the utilization of Lymphoseek in general, but certainly with respect to this study, the possibility that we could file for a Sentinel Lymph Node Biopsy claim.

Thomas H. Tulip

Mark, I might -- this is Tom. Mike, thanks for the question. Specifically, in the next month, actually, I think we've disclosed last week that we're going to have a significant presence at both upcoming Joint International Congress on Oncology in San Francisco and we'll have 6 presentations there. I think 4 of them are head and neck related, actually; and 10 presentations at the subsequent -- Society of Nuclear Medicine and Molecular Imaging, about almost exactly a month from today. And again, I think 7 of those 10 are head and neck related. So there's going to be a fairly significant set of commentary and discussion around the study, its application, in those 2 important medical science communities.

Operator

Our next question is coming from Spencer Nam from Janney Montgomery Scott.

Timothy Feron - Janney Montgomery Scott LLC, Research Division

This is actually Tim Feron filling in for Spencer. I was just wondering if you guys could just touch on the awareness among oncologists concerning Lymphoseek and if you have any visibility there. I know it's early.

Thomas H. Tulip

Sure. Our -- I think we've discussed before, our initial focus is on the nuclear medicine community because that's the group that will be purchasing our product, and in the vast number of cases, actually administering it. So our sequence is, nuclear medicine, followed something like 2 quarters and we'll turn our attention more to the oncology side. So we -- now we've got very respectable awareness, both aided and unaided interestingly in the nuclear medicine community, and we'll be certainly measuring those kinds of characteristics in the surgical oncology community so that we can best understand the impact as we turn our attention to the oncology side.

Timothy Feron - Janney Montgomery Scott LLC, Research Division

Okay, thanks, that's helpful. And just one more question just concerning the balance sheet. Between the roughly $10 million you guys have now in cash and future cash coming in as Lymphoseek sales start rolling through, do you anticipate having enough cash to complete the trials that you have for the products in the pipeline? Or will you guys be leaning on your credit facilities a little bit?

Brent L. Larson

Yes. Tim, thanks. I think as we've laid out all along, one of the reasons for the credit facility is to be there for us as we need to. So and we've, I think, judiciously drawn on that as we've shown already. So I think our intent is to continue to move forward as best we can to manage our balance sheet, to make sure that we are judiciously using the resources as needed. Certainly, we want to continue to project the financial strength that we have and believe that have a great deal of flexibility within the number of different sources coming online and available to us at any point.

Operator

That does conclude our question-and-answer session. I would like to turn the floor back over to management for any further or closing comments.

Mark Jerome Pykett

Great, thank you. Thank you, everyone, for your time on today's call. We certainly hope we were able to give you insight into Lymphoseek as well as our other programs. We look forward to keeping you updated on company progress as we move forward and continue to keep you updated on new developments. Thank you very much.

Operator

That does conclude today's teleconference. You may disconnect your lines at this time and have a wonderful day. We thank you for your participation today.

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