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Dyax Corp. (NASDAQ:DYAX)

Q2 2013 Earnings Call

July 24, 2013 05:00 PM ET

Executives

Jennifer Robinson - IR

Gustav Christiansen - President and CEO

Rick Berard - SVP, Commercial

Burt Adelman - CMO

George Miguasky - CFO

Analysts

Joseph Schwartz - Leerink Swann

Phil Nadeau - Cowen and Company

Serge Belanger - Needham & Company

Ted Tenthoff - Piper Jaffray

Operator

Good afternoon, and welcome ladies and gentlemen to Dyax Corp’s Second Quarter 2013 Financial Results Call. At this time, I would like to inform you that this conference call is being recorded and that all participants are in a listen-only mode. At the request of the Company we’ll open up the call for a brief question-and-answer period at the end of the presentation.

Before turning the call over to Gustav Christiansen, President and Chief Executive Officer of Dyax, the company will now read their Safe Harbor statements.

Jennifer Robinson

This afternoon, Dyax issued a press release concerning its second quarter 2013 financial results. Dyax would like to remind everyone that statements made today reflect current expectations, estimates and projections about its products, programs, collaborations, strategies and financial performance, and are forward-looking statements. These statements, including those relating to Dyax’s FDA-approved products KALBITOR, are subject to risks and uncertainties that could cause actual events and results to differ materially. Important information concerning these risks and uncertainties is contained in Dyax’s press release today, and described or referred to in its most recent Form 10-K and other periodic reports filed with the SEC, and are also available on the Company’s website at www.dyax.com.

I will now turn the call over to Gustav Christiansen, President and CEO of Dyax. Gustav?

Gustav Christiansen

Thank you, Jen and welcome to Dyax Corp’s second quarter 2013 financial results conference call. On today’s call, we will review the company’s quarterly results and provide updates on our key value drivers, which include the KALBITOR business, DX-2930 and the Licensing and Funded Research Program.

I’ll first review the KALBITOR business. We are pleased to report that patient demand units increased in the second quarter. This increase was 17% over the first quarter 2013 and 23% over the second quarter 2012. As mentioned in today’s press release that was issued after close, we had a significant distributor channel adjustment. There was an estimated 24% or approximately a $2.1 million reduction of distributor channel inventory, which resulted in reported KALBITOR net sales of $8.6 million in the second quarter.

Importantly, we are reiterating our guidance for KALBITOR sales in 2013 of $40 million to $44 million. We do so based on several key indicators; first, in the second quarter patient treated at a rate that was consistent with 2012 levels. This treatment rate is the main factor behind the increase in patient demand units; second, we continue to add new patients every quarter and we added 50 new patients in the second quarter; third, Dyax’s product in the distribution channel was substantially adjusted as the amount of KALBITOR supply helped by our distributors has been reduced to approximately 52 days of forward-looking demand, down from 70 days at the end of the first quarter.

Going forward, we believe that this channel adjustment means that distributor orders should match more consistently with pace in demand. It is important to note that KALBITOR business remains cash flow positive and we expect it to continue to be profitable this year and beyond. Additionally, the KALBITOR business health funds, the company’s evolving internal pipeline. At the center of this effort there is DX-2930, our fully human monoclonal antibody, directed against plasma kallikrein which is being developed for potential prophylactic use in HAE.

On June 25th, we filed an investigational new drug application with the FDA and subject to the FDA’s review and comment clinical testing of DX-2930 can begin 30 days following the filing. As a result, we expect to begin treating patients in our Phase 1 clinical study in the near future. Development of this prophylactic treatment has the potential to be a true game changer in HAE and we believe our knowledge of the plasma kallikrein pathway provides us with unique insight and a significant advantage to successfully develop and ultimately commercialize this candidate.

Lastly, we’re expecting a number of key milestones this year in Dyax’s other core business, the Licensing and Funded Research Program or LFRP. We have multiple portfolio candidates are advancing through the clinic and talks pivotal data outcomes. For detail on the KALBITOR business DX-2930 and the LFRP, I’ll now turn the call over to some of the members of our executive management team.

First, Rick Berard Senior Vice President, Commercial, will discuss in more detail the KALBITOR sales and marketing efforts in the U.S.; Dr. Burt Adelman, Chief Medical Officer, will then discuss our R&D activities; and finally George Migausky, Chief Financial Officer, will discuss the Licensing and Funded Research Program, as well as present our financial highlights and financial guidance. Following these updates, I’ll provide summary remarks and then open the line for Q&A.

At this time, I’ll turn the call over to Rick Berard, who will review the KALBITOR U.S. business.

Rick Berard

Good evening, in the second quarter we’ve seen the patient treatment rate return to a more normalized state. As demonstrated by growth and patient demand units. Additionally, we added 50 new patients and expect to achieve or see this level of patient growth for future quarters.

As a result of these two drivers we had a strong rebound and patient demand unit growth in the second quarter was 17% quarter-over-quarter and 23% year-over-year growth. This growth in patient demand units is to a certain extend or result of patient outreach efforts implemented at the beginning of the second quarter that are consistent with our high touch patient service model.

That continues to provide a comprehensive (inaudible) services to support the HA community and our commercial team remains focused on two key objectives, patient recruitment and patient treatment and retreatment.

KALBITOR fusion services are signature service program continues to be an important driver for the KALBITOR business and importantly patients using this service treat at the upper end or above the typical treatment range of six to nine attacks.

This program is been successful for several key reasons. Patients can count on HAE trend registered nurses who are available 24/7 to treat them when and where they are needed. Patients received prompt specialized care with an average response time of approximately one hour.

Patients benefit from timely feedback provided from the treating physician from the HAE nurses. This feature enables a doctor to better monitor the patient's disease, gain knowledge of the attack and treatment patterns and develop a targeted treatment plan. Physicians also benefit from their patients being treated and monitored by a specialized nurse rather than having to make treatment decisions on their own during the stress of an acute attack.

And lastly from the payers' perspective the program ensures the patients are receiving the right medicine at the right time with treatment administrated by specialized nurses. This program keeps treatment decisions with the healthcare professional, provides control against product diversion and ensures appropriate utilization, all while providing convenience and peace of mind for the patient.

KALBITOR home of fusion services is an important program for HAVE patients who are best served by a novel therapeutic approach coupled with the healthcare professional to treat and monitor their HAE attacks.

We will continue to build this program by expanding our geographic reach, staffing the service with high quality HAE trained registered nurses, maintain rapid response times and increasing access to KALBITOR by working with payers to minimize any insurance barriers.

Additionally, we will continue to optimize our program offerings to best identify and serve this HAE patient segment. Dyax this comprehensive array of high-tech service and support programs combined with KALBITOR’s favorable clinical profile are in fact what sets KALBITOR apart from the other HAE treatment options. And what we believe will continue differentiate and grow KALBITOR sales

There are many factors that impact the acute HAE business, such as variable treatment rates and patients using multiple products to treat different attacks. However, we believe there remains considerable room for growth through new patient adds as approximately half of identified HAE patients are still not benefiting from novel therapies.

I will now turn the call over to Burt Adelman to discuss our R&D activities.

Burt Adelman

Thank you, Rick. Good afternoon everyone. I’m happy to provide an update on the important programs in research and development. On June 25th, Dyax took a key step forward on our development plan for the DX-2930 by submitting an investigation on new drug application or I&D to the FDA.

To remind you, DX-2930 is the fully human monoclonal antibody inhibitor of (inaudible) derived from our proprietary phase display platform. Our plan is to develop this antibody as a self-administered subcutaneous therapy to prevent HAE attacks. We remain on track to initiate the phase I clinical trial in the third quarter of 2013 with Phase II dosing plan for 2014.

Further we continue to plan for a U.S. and European based clinical development effort. Our diagnostic testing program also continues to progress. We now have at least one well characterized assay platform that can detect evidence of plasma kallikrein activation in patient plasma.

We plan to use this assay as a biomarker in our clinical trials for DX-2930. We’re also using the test to screen for evidence of plasma kallikrein effects in various inflammatory and autoimmune disorders in which kallikrein activation may contribute to the underlying clinical condition.

At this time I’ll hand the call over to George to update you on the LFRP and our financial highlights.

George Miguasky

Thanks Burt. Before I provide the financial update, let me begin with a brief update on the LFRP. Our LFRP pipeline currently has 13 revenue generating products, three programs in phase III and four in phase II.

For 11 of these candidates we are eligible to receive a 2% to 3% royalty on the first 10 years of commercial sales and the other two candidates are eligible to receive milestone payments. Given the size of the markets being targeted the revenue potential of these programs is significant to Dyax.

The most advanced candidate in the pipeline is Eli Lilly's ramucirumab which is a fully human monoclonal antibody targeting VEG FR 2, with positive single agent activity in second line gastric cancer, Lilly has initiated applications for marketing approval of ramucirumab in the US and Europe.

On their second quarter earnings call this morning, Lilly stated that for the rolling daily submission that is underway in the US two of the three modules have been submitted to date. Further Lilly also discussed timelines for their other indications for ramucirumab, stating that they expect topline Phase 3 results in breast cancer eminently with the possibility of presenting data at the San Antonio breast cancer symposium at the end of the year.in addition to monotherapy gastric, Lilly announced that they anticipate an internal data read out for the Phase 3 gastric combination trial later this year.

Lilly also touched on necitumumab another product candidate in the LFRP. Necitumumab is a fully human antibody targeting EG FR that's currently being studied in the Phase 3 trial, for first line treatment of patients with (inaudible) non-small cell lung cancer. Lilly confirmed the study called Squire is expected to yield data later this year with likely presentation of data next year.

Also in June our licensee Amgen announced that trebananib met its primary endpoint of progression free survival in the Phase 3, Trinova 1 study for recurrent ovarian cancer. Amgen also noted that the secondary endpoint overall survival is expected to mature in 2014 in line with previous guidance. So upon approval Dyax is eligible to receive milestone payment for this candidate. So collectively all of this new serves to further validate the depth and the breadth of the LFRP pipeline.

Now moving on to our financials, as reported this afternoon our total revenue for the second quarter of 2013 was $11.3 million compared to 14 million in 2012. These revenues include KALBITOR net sales which for the second quarter of 2013 were 8.6 million and as Gustaf mentioned these sales were offset by an approximately $2.1 million reduction of distributed channel inventory.

Let me take a moment to compare Q2 sales in detail with prior periods. So compared to the first quarter of 2013, which also had net sales of 8.6 million there were three components of change between Q1 and Q2. First sales represented by patient demand units increased in Q2 by approximately $1.6 million a 17% increase over Q1. Second, distributed channel adjustments reduced the comparable Q2 2013 net sales by approximately 2.1 million and third KALBITOR price increase in Q2 offset by the higher gross to net sales adjustments increased the 2013 net sales by approximately $500,000. A second comparison is against last year's second quarter which had net sales of 9.2 million and there again there were three components of change between 2012 and 2013. First, sales represented by patient demand units increased in 2013 by approximately $2 million, a 23% increase over 2012.

Second distributor channel adjustments reduced the comparable 2013 net sales by approximately 2.9 million and third the KALBITOR price increase in Q2 this year offset by the higher gross to net sales adjustment increased the 2013 sales by approximately $300,000. One of these significant impacts on our reported net sales was the effect of distributor channel adjustments. As we discussed last quarter we have worked with our distributors to assess demand and monitor the amount of KALBITOR supply in the distribution channel, we anticipate that our distributors will carry KALBITOR in their inventory that is in line with their forecasted business needs, at quarter end we estimate that KALBITOR supply held by our distributors was approximately 52 days of anticipated patient demand down from 70 days at the end of Q1. And the $2.1 million net sales reduction of distributor channel inventory during Q2 reflects this decline in the number of days.

The net sales of 8.6 billion in the quarter are also net of discounts, rebates and other charges of approximately $1.5 million or 14.8% of the gross sales. This gross to net adjustment primarily reflects the effect of government patient rebates associated with the second quarter KALBITOR price increase. And going forward, we anticipate the gross to net sales adjustments during 2013 to be in a range of 12% to 15%.

We incurred approximately $563,000 for cost of goods associated with product sales during the second quarter of '13 and 416,000 during 2012. The cost associated with manufacture of KALBITOR prior to FDA approval were previously expensed when incurred and accordingly they’re not included in the cost of product sales during 2012. and in the second quarter of 2013, KALBITOR sales were comprised of a combination of product manufactured both prior to and following FDA approval so therefore the cost of product sales reflect some but not the full KALBITOR manufacturing cost.

We’ve not used all of the pre-FDA approved KALBITOR so going forward in the future quarters, our cost of product sales will increase to reflect the full manufacturing cost of KALBITOR and that’s in an amount that should not exceed 10% of net sales.

With respect to operating expenses which include research and development costs as well as selling, general and administrative cost, these operating expenses in the second quarter were reduced to $16.6 million compared to 19 million in 2012 and within operating costs R&D expenses for the second quarter of '13 were 6.4 million versus 8.7 million last year.

The SG&A costs which include commercial costs for KALBITOR were 10.2 million in the second quarter of '13 versus 10.3 million last year. Over the course of the first two quarters this year, our operating costs have been reduced from 2012 by over $2 million that’s approximately 5%. For the quarter ended June 30, 2013, Dyax reported a net loss of 8.4 million or $0.08 per share as compared to a net loss of 7.9 million also $0.08 per share for the comfortable quarter in 2012.

With respect to our cash resources as of June 30th, Dyax had cash, cash equivalence, and short-term investment totaling approximately $47 million exclusive of restricted cash and this cash position reflects the financing and outstand completed in May in which the company raised approximately $30 million. Dyax intends to use the net proceeds from this offering to fund research and development activities including the development of DX-2930.

With respect to financial guidance with the company as mentioned by Gustav earlier for 2013 we’re reiterating our previous guidance of top line total revenue of $53 million to $58 million which includes KALBITOR sales guidance of 40 million to 44 million. Our operating cash burn in the second quarter of 2013 was approximately $5 million as compared to 7 million reported in 2012 and we’ve planned to continue to manage operations with our controlled level of operating cash burn and we expect cash burn for the second half of 2013 to approximate $5 million.

Over the past year, we have executed on strategic and financial initiatives by reaching profitability in the KALBITOR business focusing our R&D and SG&A and by reducing and managing the operating cash burn and we do expect to carry this approach forward in the coming quarters, so now back to Gustav for his closing remarks.

Gustav Christiansen

Thank you, George. Dyax has a clear strategy to moving our key value drive as forward. We have a number of milestones ahead this year including growth in KALBITOR business which remains profitable and focused targeting patients that benefit from high top support program in this getting a phase I clinical trial with DX-2930 an antibody for potential prophylactic use in HAE, advancing a laboratory test which will allow us to more rapidly develop DX-2930 and potentially identify a broader range of plasma kallikrein mediated disorders and lastly, a number of phase III data readouts from product candidate in the LFRP, as well as the BLA filing for Ramucirumab as a treatment for second-line gastric cancer with a well-developed with a well-defined strategy that leverages our key areas of expertise.

Dyax remains well positioned to achieve its clinical, commercial, and financial goals. With the KALBITOR business remaining profitable and cash flow positive, it will continue to help fund the company’s activities in particular, DX-2930.

We look forward to updating you on our progress on future calls, and with that, I will turn the call over to questions. Operator?

Question-and-Answer Session

Operator

(Operator Instructions) Our first question comes from the line of Joseph Schwartz from Leerink Swann.

Joseph Schwartz - Leerink Swann

I was wondering if you could talk a little bit about where you see the inventory at wholesalers going. Do you have any sort of visibility from inventory management agreements or anything there that can give us some clarity on when the inventory draw down is likely to subside?

Gustav Christiansen

I am sorry we believe since we have in our guidelines that we should have a maximum of 60 days at the distributor levels of the forward-looking use of their shipments of KALBITOR, with that number now reduced to approximately 52 days we feel that should be a much more consistency between what they ship to their hospitals and patients and what they buy from us. So, we feel that the major adjustment took place this quarter, so we should be back at the level where there is a consistent correlation between the two.

Joseph Schwartz - Leerink Swann

Okay, great. And then on the comments that you made regarding the frequency of administration, what are you seeing there, why has that been so variable? I recall last quarter it went down a lot but then you made some comments about this quarter it’s gone up in some part because of your high touch patient facing activities?

Gustav Christiansen

I think for this quarter there are two main factors; one is the inherent variability in the disease and it looks like quarter one was the more abnormal treatment rates that we saw because we have seen treatment rates that were different from the first quarter and we’re now back to seeing that level of treatments among the patients.

The second thing is that we obviously increased the persistency efforts that we have to help remind the patients that they can take control of their own disease, that they are to treat attacks when to approach it et cetera. So, between those two activities the variability itself and persistency activities from our side we believe were the two main factors for the return of the treatment rate.

Joseph Schwartz - Leerink Swann

And then one last one if I could on DX-2930, I know that the Phase 1 is primarily focused on safety being first than demand, but given you’re developing this diagnostic and you might be able to use that to guide development in HAE and other diseases, what are you looking to see, what would be encouraging for you in terms of a biomarker response such as plasma kallikrein, what would you like to see in healthy volunteers and how would you extrapolate that to patients based on what you know about their plasma kallikrein levels?

Gustav Christiansen

Right, good question, they don’t want an HAE patient would probably have the same plasma pre-kallikrein levels. Normal volunteers obviously don’t have HAE so they have got adequate C1 inhibitor level so they really don’t have evidence of plasma kallikrein activation. But we are -- we do have the ability to initiate plasma kallikrein generation essentially in plasma that you can draw from a patient by adding a KLN or dextran sulfate as an activating agent. So, it’s possible to essentially examine Ex Vivo the inhibitory potential of Ex Vivo activation in samples from patients who receive various levels of 2930 and at various time points following dosing, so we will try to look at that.

Joseph Schwartz - Leerink Swann

And would we see data like that this year?

Gustav Christiansen

Well, the Phase 1 study because it’s a monoclonal antibody, because it has a long half-life and because Phase 1 studies take a little while because you’ve got to dose escalate across the doses, we’ll probably get some of the data this year. I am not sure exactly how much of the data we’ll have to discuss before the end of the year, but we certainly take it as it comes.

Operator

And our next question comes from the line of Phil Nadeau from Cowen and Company.

Phil Nadeau - Cowen and Company

Thanks for taking my questions. First a follow-up on one of Joe’s questions, Gustav in response to his question you said that you felt that sales of KALBITOR in the future would more as certainly tracked in user demand because inventory levels are down to 52 days. But from many of the trucks that we track the typical inventory levels are more like 14 to 28 days. So, do you have a lower limit on inventory in your agreements with the wholesalers? Is there some reason why your inventory wouldn’t go down to something like a month?

Gustav Christiansen

Yes. This is different (inaudible) I think all of them probably are drug that are given on a schedule basis. So, the distributors know exactly how much they’re going to ship every week. In our case our new supply is used to treat acute attack. So and since we started have run higher inventory levels than what you mentioned and we are sort of getting down to levels that have maybe typically been there again. So we believe that we certainly approaching that, we have never seen levels that typically have with a scheduled prophylactic (inaudible).

Phil Nadeau - Cowen and Company

Then Burt second question for you. Could you give us more details on the phase I trial design as you understand it today like how many doses will you be testing? What dose range?

Burt Adelman

I can't remember all the details. We’ve got sort of a broad estimate of the potential amount of plasma kallikrein that could be generated in an attack and is pretty wide range because no one has really accurately measured it. Again because the drug is monoclonal antibody with a long half-life, the opportunity to get to pretty high plasma concentrations by adjusting the frequency of injection is there.

So, I think we’re looking in the single dose, dose escalation study at quite a probably, a very broad dose range and I’m not going to sort of going through details of what they are but probably something that would significantly see anything that we would likely need therapeutically.

But it gives us an opportunity to see how well tolerated it is to get a broad pharmacokinetic profiled product, make sure there aren’t dose dependent effects on the PK.

It’s going to be across pretty broad spectrum doses and we'll worry at the next step about refining that for HAE patients.

Phil Nadeau - Cowen and Company

As far as the subcutaneous injection dose, I release it's not actually been in people yet, but what type of volumes do you…

Gustav Christiansen

Well I don’t think you can ask patients to give themselves more than one to one and half or at the most 2 ml sub Q injection at a single site. So, we are looking for 1 ml injection.

Operator

(Operator Instructions). Our next question comes from the line of Serge Belanger from Needham.

Serge Belanger - Needham & Company

Just a couple of questions, first on the patient add number that you provided, like you said it was 50 this quarter about the same as last quarter but below the average of 2012. Do you think it’s possible to attain 2012 levels given the streamlining of commercialization efforts you implemented in 1Q?

Rick Berard

That’s a good question. I think certainly, what we said in the call was that we did add 50 patients and we expect to achieve or exceed this whether we are able to get 2012 levels is really depended upon our focusing on the segment of patients that really benefit most from (inaudible), the more we're spending time on is patients that have really moderated or severe activity and there is room in there for additional growth within (inaudible) within this segment of patients.

Serge Belanger - Needham & Company

How much correlation is there between your patient add numbers and the growth in patient demand that you see every quarter?

Rick Berard

I’m not sure I understand your question.

Serge Belanger - Needham & Company

Is there any correlation between those two numbers, I mean if you see high growth in patients at the end does that correlate to a higher patient add number?

George Miguasky

There is a very minor correlation. The real correlation is treatments, patient's treatments as compared to adding new patients with their setup doses.

Rick Berard

So what George means is that overtime as a percentage of overall doses is going out, it gets less few and fewer for the setup that the actual treatment doses is obviously patient base is by far the larger number.

Serge Belanger - Needham & Company

And then any updates from your partners on their international efforts?

Rick Berard

Well, I can say in Japan they have finished their 10 patients, they are waiting for a pediatric patient to also have a treatment before they file. So basically the intend 10 have been done what they need to file, again they would just wait for that pediatric attack before they file.

Serge Belanger - Needham & Company

And then Middle East I think they were almost, they were near the commercialization.

Rick Berard

I think the areas where you talk about, name patient sales are going to have small impact on us relative to US. Historically prices there are much lower and so our share of a significantly lower price is overall too small to really impact our quarters even if they stop putting some patients on it.

Serge Belanger - Needham & Company

Okay, and then, one last one for George, are the op ex numbers for this quarter, do they reflect most of the changes that were implemented in Q1 and those are the ones that we should be basing our estimates on going forward.

Gustav Christiansen

So the costs in Q2 reflect all the changes that we’ve made. as we look at the future quarters, we really compare the year '13 against 2012 where we expect the overall operative cost levels to be about 5% lower than 2012. So that's the rate and range that we'll be looking at.

Operator

And our next question comes from the line of Ted Tenthoff from Piper Jaffray.

Ted Tenthoff - Piper Jaffray

Right, thank you very much for the update, you know it’s interesting to see because I see some of the other specialty pharma network has been reducing their inventory in this space as well so not a big surprise there and I appreciate you giving the color around the patient adds. My question really has to be I guess from a high level on kind of where these patients are continuing to come from. Are you finding sort of patients leaving or coming back to you from the (inaudible) product, mostly you know naïve patients and then can you say anything about patient retention, you know are you loosing patients once they go on this high touch, very service intensive approach?

Gustav Christiansen

So the first part of your question again?

Ted Tenthoff - Piper Jaffray

Kind of where these patients are coming from, maybe patients coming back from some the newer competitive products that they tried, are they naïve patients, just trying to get a sense where.

Gustav Christiansen

So I think it’s a combination of three main areas, first off there are naïve patients that are starting on KALBITOR, one of the main changes that's occurred out in the market place is that rather than starting patients prophylactically some of them diagnosed today, the treatment guideline says you should start with an acute treatment. So they're patients that certainly start with that. The second mix that we get patients from is the patients that are currently on a prophylactic agent that are having breakthrough with that, and so they may add on a drug like KALBITOR particularly if they're having more moderate to severe attacks. The service offering that we have coupled with clinical benefits of KALBITOR add in and then I guess the third area that we are seeing happening is that there are some patients that are receiving other acute treatments and those treatments may be giving them a transient response and they're not getting the benefits that they're looking and we're finding some of those patients may be opting for KALBITOR so it's a combination of all three of those areas.

Ted Tenthoff - Piper Jaffray

And then just about retention, my view has been because of a high touch, very service intensive approach of (inaudible) that you really probably have a pretty high retention rate, is that correct?

Gustav Christiansen

Yes I think certainly no drug is perfect, I think there are patients that drop off for every medicine, but you're right, because of the high touch model I think we've done a very good job, we've got nurses that are available locally to interact with the patients as well as on the phone. We spend quite a bit of time touching, and we also do local education programs for many of the patients that are able to attend and we find like any disease, the more knowledgeable you are about the disease and the medicine the more apt you are to be compliant. Although we can't control is whether they have attacks or not, but certainly if they are having attacks through the educational efforts we have and the high touch service model we're able to sort of help ensure they're using the drug appropriately.

Operator

Thank you. And that concludes our question and answer session for today. I would like to turn the conference back for any concluding remarks.

Gustav Christiansen

Well I thank you all for dialing in to the Dyax call and again we look forward to updating you on our progress on future calls, so again thank you, have a good evening all of you, thank you.

Operator

Ladies and gentlemen thank you for your participation in today's conference this does conclude the program and you may now disconnect. Everyone have a good day.

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