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Executives

Marcy Graham – Executive Director of IR

Mike Martino – CEO

Athena Countouriotis – CMO

Analysts

Jim Birchenough – BMO Capital Markets

Laura Chico – Robert W. Baird

Jonathan Eckard – Citigroup

Ambit Biosciences Corp (AMBI) Q3 2013 Earnings Conference Call November 11, 2013 7:00 AM ET

Operator

Welcome to the Q3 2013 Earnings Conference Call. My name is Heather, and I will be your operator for today’s call. At this time, all participants are on listen-only mode. Later, we will conduct question-and-answer session. Please note that this conference is being recorded. I would now turn the call over to Marcy Graham, Executive Director of Investor Relations. Marcy, you may begin.

Marcy Graham

Thanks Heather and Good afternoon and welcome to the Ambit Biosciences’ Conference Call to discuss financial and operating results for the third quarter of 2013. Joining me today on the call are Michael Martino, CEO; Alan Fuhrman, CFO; and Athena Countouriotis, the Chief Medical Officer.

Before I proceed, I would like to remind everyone that statements made during this call regarding matters that are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements are not guarantees of performance. They involved known and unknown risks, uncertainties, and assumptions that may cause actual results, performance, and achievement to different materially from those expressed or implied by the statement.

To learn more about these risks and uncertainties, please read the risk factors that forth in our most recent filings with Securities and Exchange Commission. All forward-looking statements made during this call speak only as of the time they are made. We undertake no obligation to update the statements. I will now turn the call over to Mike Martino, President and CEO of Ambit, Mike?

Mike Martino

Thank you, Marcy, Hi everyone and welcome to our third quarter call. Today, we’ll try a brief update on our operating and financial results for the quarter and our outlook for the remainder of 2013. As we head in to this last quarter of the year, we’re focused on three primary events. First our upcoming FTA meeting in November, Second, preparations for the initiation of our phase three trial with Quizartinib, and third, data that would be presented in the ASH meeting in December.

Let me elaborate briefly on these three areas of focus starting with the FTA meeting which is scheduled for later this month. We’ll communicate the outcome of that meeting and provide an update on our regulatory strategy in a timely fashion. We will remind everyone that as discussed from the last call, a key issue is the consideration of CRI as a sure end point which is reasonably likely to predict clinical benefit and whether it could support or accelerate our approval based on our existing phase two and to be data. Until we know the outcome of the FTA meeting, we continue to guide to the expectation that the randomized control based reciting, will be required to the initial registration of Quizartinib and we are on track to initiate this trial in early 2014.

Now, regarding this phase three study, we’ll simply remind you on this call that our proposed study design which is pending feedback from FTA, anticipates that we’ll enroll approximately 326 patients will be randomized to the one Quizartinib monotherapy or salvage chemotherapy with a plan single interim analysis.

So lastly, we are very excited about the upcoming ASH conference in New Orleans, and are pleased to report that all four of the Quizartinib clinical abstracts we submitted were accepted for oral presentation. Two abstracts from John Hopkins university, highlighting three clinical work with Quizartinib were also accepted for poster presentations. The full abstracts are available on the ASH website at www.climatology.org. As a reminder, the data on the abstracts are preliminary and the final data will be included in the oral and poster presentations at the conference itself. We look forward to discussing the data in detail after the presentation at ash. In the meantime, we will highlight the following key points from the published abstracts.

The first abstract contains data from our phase 2B trial with top line analysis from all 76 enrolled patients. The purpose of this study was to assess the efficacy and safety of 30milligram and 60 milligram doses of Quizartinib administered daily to flip three ITD positive patients, 18 years and older who were relapsed to retract way the second line treatment or stem cell transplant. The results of this trial show that the reduced doses of Quizartinib will maintain comparable efficacy so that seen and reported of a higher doses study in our initial phase 2B study and improve the safety profile in particular the rate of QTC prolongation as decreased. Additionally, two abstracts for the first time contain data from newly diagnosed AML patients who were given Quizartinib in combination of chemotherapy.

Now the first of this phase one abstracts in an ongoing company funds or phase one study in younger adults or newly diagnosed with AML and which preliminary data indicates Quizartinib as generally well tolerated when administered with induction and or consolidation chemotherapy at either 40 milligrams for 14 days or 60 milligrams for seven days. The efficacy results from this study will be available at the time of the presentation. The second phase abstract is a phase 1B to investigate sponsored study namely AML80 in 55 patients showing that Quizartinib administered at 40 milligrams for 14 days can be given sequentially with chemotherapy in older patients with newly diagnosed AML. This is the first phase of presentation in the use of Quizartinib with combination of chemotherapy in newly diagnosed AML patients 60 years of age and older. The last company sponsored abstract is from the recently concluded phase one of the PDF trial in patients 21 years of age or younger with relapsed ALL or AML; a study that conducted by the Taco group. The findings demonstrated favorable toxicity profile and encouraging response rates at further testing of Quizartinib in pediatric patients with flip three ITD positive AML.

We’re pretty excited about the data on our four upcoming oral presentation at ASH which we believe show that Quizartinib can be given at a lower dose to improved the benefit risk profile and relapsed refractory flip three positive patients with AML and also support the continued development of Quizartinib in a broader applications for newly diagnosed belts and in relapsed refractory pediatric patients with AML. In addition to the posters and all presentations we want to let you know that for the first time, we’ll also be exhibitors on the trade show floor and providing us with the opportunity of further educate the clinical community and our initiatives in AML. In short, we are very optimistic and excited that this will going to be a another big year for AMBIT and Quizartinib at ASH.

I would now like to turn the call over to Alan Fuhrman, our CFO, who will provide us with the financial update. Alan?

Alan Fuhrman

Thank you Mike. Revenues were 7.7 million for the third quarter and 25.8 year to date. Your expected increase of 3.4 million and 11.1 million year over year resulted primarily from the acceleration of life and speed revenue related to the termination of the company’s collaboration with Stella’s Pharma which is effective in September this year.

Research and development expenses for the third quarter and year to date 2013 are 4.5 million and 20.3 million. The decrease of 3.7 million and 10 million for the same periods in 2012 was primarily due to lower Quizartinib research and development expenses resulting from a reduction in the number of patients being treated and followed in our phase two clinical trial. Enrollment in that trial was completed in late 2011. Going forward, we expect research and development expenses to increase as we prepare to initiate the phase three clinical trial for Quizartinib in relapsed and refractory AML patients and are probably expected to begin in early 2014.

Today case operating plan assumes that the submission on an MBA will be based on the ramdomized controlled phase retrial on approximately 326 patients. We expect our cash and cash equivalents are sufficient upon this trial in our operations to the receipt of hotline data likely by the end of 2015.

General and administrative expenses for the third quarter and year to date 2013 were 3.1 million and 7 million respectively. An increase of 1.8 million in the third quarter and 2.5 million year to date was primarily due to increase cost related to passive prosecution, personnel related expenses including soft phase compensation and consulting fees. These past increases were primarily due to organizational development and planning related to the return of full rights Quizartinib from Astellas.

Other expenses at 8.7 million for the third quarter and 10.3 million year to date. The increase of 6.7 million for both periods resulted primarily from the change of fair value of the company’s stock market liabilities.

At September 30, 2013, we have 78.9 million in cash and cash equivalents. The increase of 61.4 million from the end from the end of 2012 is primarily due to the net proceeds of 83.2 million raised during the company’s IPO and concurrent private placement let the cash required fund operations. At the end of the third quarter, we had 17.9 million shares of common stock outstanding.

With that, I’ll turn the call back to Mike for his closing comments.

Mike Martino

Thanks Alan. Everyone this is a brief update but nonetheless, I have to tell you, we really are very pleased to have made a great progress towards our goals storming the third quarter moving forward to the development of Quizartinib . We do believe that ASH in December will be a great opportunity for us to present data from our most recent studies including for the first time data that will give glimpses of the potential of Quizartinib to treat both young and elderly patients newly diagnosed with AML and of course we are looking forward to the outcome of our FTA meeting, and will provide additional updates on our plans for 2014 following that feedback.

That does conclude our prepared comments. Heather, please open the line for questions.

Question-and-Answer Session

Operator

Thank you. We will now begin the question and answer session. (Operator Instructions). Our first question is from Jim Birchenough from BMO Capital. Please go ahead with your question.

Jim Birchenough – BMO Capital Markets

Yeah, Hi guys. Congratulations on all the progress and the abstracts. Maybe a couple of questions just on the proposed phase pre- program. In particular, when you talk about timelines should date by the end of 2015, maybe you can go to the assumptions of these timelines in terms of how quickly the trial would enroll and what end point should be the most eminent. I got a whole question.

Mike Martino

OK. Thank you Jim but let me provide a few opening comments and then bounce the ball to Athena to elaborate. I think as previously guided with the phase three, the anticipation is a 326 patients randomized to the one Quizartinib to one of three choices of chemo. To the one randomization, where anticipating enrolling starting on early 2014 and about a 17-month enrollment period to get the top line data by the end of 2015. Now that the end point is survival. So, clearly the statistical plan on the trial and we would anticipate going in the more details on that following feedback from FTA but the statistical plan are assumes, it is driven by assumptions on our members of events and the survival trial of those events are down.

Now, I would compare and contrast this to the 326 phase two trial that were recorded to the ASH last year, that essential have multiple patients coverts underwent six protocol amendments and was a regular slow conducted trial that was fully enrolled in just about two years. So we are, we are setting the bar a little bit higher in terms of our execution on this trial based on our preliminary work with, with sites, we believe the timeline is doable.

Athena, Do you want to add to that?

Athena Countouriotis

Jim, I would agree with everything that Mike has said. I think in line with the phase two study, we’ve projected our enrolment based on that initial projection from the phase two. So this is based on historical information of how we’ve done previously in trials and at the same time based on investigator interest. To the guide—report that there is a high degree of investigator interest, and quite a bit of questions in regards to when will this trial start if this one of the first opportunities for access to Quizartinib. So we are confident in meeting our enrolment timeline it might just discuss. Hopefully that answers your question.

Jim Birchenough – BMO Capital Markets

Yeah, just maybe to follow just quickly on the front line study in LG email with discussion in the abstract if this is a precursor to a phase three. I’m assuming that would be funded by a partner or what are the thoughts on timelines for a frontline phase three study.

Mike Martino

Yeah, I think you’re referring to the AML teen abstract and that is a investigator sponsored study so we need to be very careful here that we are representating what is rightfully the investigators will represent. But it is- it is our information that is moving into the phase three phase of the study and we are simply we have agreed to provide drug for that Jim. So that does not speak directly to an additional phase three trial but we related the label expansion. And we can elaborate our math a little bit. But you know, again Athena that’s good to add your thoughts.

Athena Countouriotis

I think Jim since you brought up the Burnet abstract as Mike mentioned, we’re quite optimistic with the upcoming ASH, and in addition, Dr. Burnet abstract is one of the first opportunity show cost our limit, tolerability and combination with chemotherapy. He does have interest in starting a phase three study in a quite the abstract reflect that the phase three study is currently planned.

Jim Birchenough – BMO Capital Markets

And would that be a registration enabling study for frontline annual?

Athena Countouriotis

I think it’s always hard to speculate if whether it would be a registration study as Dr. Burnet is very well known in the field. His current projective study is quite interesting. And it does look as end point in the – support approval but again as Mike mentioned, given that it is an investigator sponsored study, will hold too many comments until that phase finalized.

Mike Martino

Yeah, Jim I would add, you know, as we previously discussed, we are intently aware on accelerating label expansion studies for Quizartinib, when proven to do so and you know that decision will be informed by a number of factors including regulatory feedback, ongoing market research to guide our thinking on the next best market opportunity from a commercial perspective, do-ability of a study et cetera. And there are multiple choices there, could include study of newly diagnosed patients with chemo, I think the abstracts presented at ASH suggest that both, you know, patients over the age of 18 and combo chemo as well as patients over the age 60 bed patients in combo with chemo, are both buyable alternatives. Additionally, as you know, we have a phase one study underway imposed transplant maintenance. It too early to share that data but we remain optimistic with that. Could be a buyable treatment setting with Quizartinib as well. So we anticipate that there are things that were continue to incur over the next three to six months that further inform a decision on what the next phase this study would be.

Jim Birchenough – BMO Capital Markets

Great, thanks for all the detail and good luck with the meeting later in the month.

Mike Martino

Thank you Jim.

Operator

Our next question is Chris Raymond from Robert W. Baird. Please go ahead with your question.

Laura Chico – Robert W. Baird

Good Evening guys, this is actually Laura Chico for Chris Raymond. Congratulations on the progress, and ASH abstracts. I guess, if I could start off with the phase three trial. You mentioned there, it’s considerable investigator interest, could you also remind those enrolment criteria that may have changed from phase two. Is there anything there, that you think will help facilitate enrolment.

Mike Martino

Hi Laura and thank you for your comments. Athena, could you elaborate on that?

Athena Countouriotis

I think the only thing that would help enrolment that we have discussed in the past is the companion diagnostic requirement for ITD positivity which was 10% cutoff. And given the fact that we have validated the test to a lower cutoff of 3%, that could potentially increase the pool in regards to patients that could be eligible and diagnosed as one ITD positive for this trial. With that exception, there’s really been no change from the phase two, if you look at combining cowork one and cowork two, given as the phase three, over the age of 18 ITD positive patients in first relapse.

Laura Chico – Robert W. Baird

OK, very helpful. If I could ask another question, switching over to the ASH abstract as you mentioned in the frontline studies. Could you help us put in context a little bit, I think with regards to maybe a 40 milligram dose. I guess, what is your sense in terms of how that was collected, or how that was compare with the 60 milligram dose that you expected and more possible advance in the phase three.

Mike Martino

Well, I would say Laura, and again I’m going to ask Athena to address it in detail but I want to make sure that we have the appropriate context that the 60 milligram in the, that were going forward with Homano therapy and relapsed refractor disease is one specific setting. The 40 milligram times 14 days is the maximum tolerate dose in a phase one trial in newly diagnosed patients and combination with chemo. And, you know, we think it quite typical, in the space, where drugs and development to have different dosing rates schedule et cetera, depending upon setting of disease and other drugs that could have be combined with or not. So, with that context Athena, would you speak specifically please to our confidence in 60 monotherapy and confidence in 40 times 14 in combination with chemo.

Athena Countouriotis

Sure. So Laura you’re aware that we’ve studied Quizartinib in their relapsed refractory monotheraphy setting in over 400 patients now in both of the phase two studies and our current proposed starting dose is 60 milligrams space on that totality of the data check. At the same time, as Mike mentioned, the new data in combination with chemotherapy, both of those studies were typical – finding BLT, NTD phase one studies. And with that, given the fact that the drug was used in combination for the first time with a different schedule, the anticipation of changes in dose, would something that we already have foreseen and at the same time, the 40 milligram dose if you look at it has quite a tolerable practicity profile in both studies, 005 and the email 18 study. At the same time again, the schedule was different, it was given in[inaudible] of continuous is what we found in the monotherapy setting and I think in the totality setting, looking at the Burnet data, one of the encouraging acpects is the induction mortality rate which is quite low. Again, with very aggressive chemotherapy in an elderly population. So in general, I’m quite optimistic in regards to Dr. Burnet’s overall opinion of the pilot study is planned on the phase three follow on based on what we think is the tolerable phase profile.

Laura Chico – Robert W. Baird

That’s very helpful to have that context. Thank you. Again, last question, I hop back in queue, and I don’t know if I get you to comment on this. The anthologist phase, we had. I guess, some of chemo recently, was some unexpected safety news emerging from a couple compounds. Just wondering if you could compact – comment on the impact on your own development programs and I guess set another way, is there any concern that the bar for safety could be moving at all.

Mike Martino

Well, we – you’re right. But we certainly not going to comment on the development of somebody else’s drug. I think our particular taste, we believe that we’ve done extensive dose range finding here in over 400 patients on phase two setting, and now approaches 500 patients with the phase one trials that we’ll be reporting on at ASH and specific to relapsed refractory disease as a monotherapy, you know data from- from 333 patients of those patients are at doses that are significantly higher than what we believe would be the dose that we would advocate on either, you know, a label based on phase two studies or the dose were starting to phase three study at.

So, you know, again, 333 patients in a phase two trial, 17 were studied at 200 of the balance of 316 that were split approximately equally at doses of 90 and 135 and our proposed- proposed those going forward is 60. So, you know, the proposed doses is two-thirds of the lowest dose studies in a pretty large regular phase two trial.

So, you know, we don’t want to be, we certainly don’t want to be or perceived of the equipment when it comes to safety. At the same time, I think we said before that with the exception of QT, says follow up we know today, the safety profile for this drug is very consistent and with regards to QT, I think we can say now with our 2B study that there is a clear dose response here or we materially lower the incidence at the proposed dose of 60.

Laura Chico – Robert W. Baird

All right. Thank you guys, have a good night and congratulations.

Mike Martino

Thanks Laura.

Operator

Our next caller, a question from Jonathan Eckerd from Citi. Please go ahead with your question.

Jonathan Eckard – Citigroup

Good afternoon and thanks for taking the question. I apologized, I joined the call late so I’m not sure if you address this but, if you know, I was wondering if you could with the rest of comparative cross trials. Just give me some context regarding the elderly frontline patients with regards to what is the kind of typical observed complete response rate as 10 million overall survival in those patients. And another aspect of that trial that’s also interesting was the nutrifilm platelet recovery which is another to be quite complicated to work with. Is there any comparison you could give us so we could pass on context of e-sales of comparable historical data?

Athena Countouriotis

Sure Chris but you have to queue. I think one of the things obviously…

Jonathan Eckerd – Citigroup

Jonathan..

Athena Countouriotis

Oh I’m sorry Jonathan, sorry. I think of the things that I would point today, given the fact that many of the ASH presentations are now public, as there’s quite a bit of information in other abstracts that have been submitted not only in patients with newly diagnosed email, but also ITD positive email. So the first thing that I would say, is I think looking at Dr. Burnet’s abstract that you’re referring to, a 79% CRE I think you will see in a comparison historical rate in the mid 60’s is quite interesting and at the same time, there was a limited number of patients that are actually positive in this trial, but all four, so 100% of the four patients achieved this CRE.

Again, I quite encouraging you with regards to historical data in patients that are newly diagnosed with the ITD notation. Minimum of survival is a little bit more difficult to compare given that our study is still early at the stage of follow up. What you would overall expect is approximately 12 months in this patient population. In the same time, I think in regards to, as I said the four, the induction mortality rate, of ours being 6.5% for historically some are around 10% will think, both the efficacy and the safety in this trial which is a relatively robot chase once study in over 50 patients, is quite encouraging and again that’s what leading Dr. Burnet’s to want further study the drug in phase three.

Jonathan Eckard – Citigroup

Thank you. Can we look at anything nutriphil and platelet recovery is you just used energy therapy induction in patients. How quickly is that recovery normal? The 20 – 22 days or I’m just trying to figure if that’s normal or if that’s even faster than what you simply expect.

Athena Countouriotis

What I can comment on is that in this patient population over the age of 60, giving quite extensive chemotherapy including the additional drug of tetopecide is quite rare. This is something that Dr. Burnet does quite routinely, and so to answer your question, it is difficult to compare to your standard seven plus three rate of recovery. But we do feel that this is consistent with what you will see without Quizartinib even if less chemotherapy. So again, quite encouraging, given the fact that we’re giving more chemotherapy in this setting in addition to Quizartinib.

Jonathan Eckard – Citigroup

That’s very helpful. I appreciate. Thank you.

Mike Martino

Thanks Jonathan.

Operator

Our next question is from Jim Birchenough from BMO Capital. Please go ahead with your question.

Jim Birchenough – BMO Capital Markets

Yeah, Hi guys, thanks for the follow up. So, on the phase 2B, the CR and CRI rate looked pretty comfortable between 30 milligram and 60 milligram. So I’m just wondering if there’s any rational to go lower than 30, just given how preposterous responses seem to be at that those. You think, FTA might want data to lower dose and then I just have one other follow up.

Mike Martino

You know Jim, we – I certainly don’t want to be on record as predicting FTA’s response. We think that we have a compelling data fact and a large number of patients that demonstrate that were on a flat point on the dose response curve from those whose up 30 up to those who is up to 200. We have pretty compelling pre-clinical data which suggest that targets saturation falls off pretty materially at doses below 30. And even though in the abstract, it looks like the response rate, some of QT rates are pretty similar, both doses.

You know, our belief is that 60 is the right dose as based on the holistic risk benefit analysis that includes data on things like those reductions, those interruptions, those increases data that will be available at ASH that’s not available to discuss today. So I think, you know, just in summary, don’t want to predict what FTA will say, but we think we make a pretty compelling case at 60 milligrams is the right dose, again, in this relapsed refractory monotherapy setting.

Jim Birchenough – BMO Capital Markets

In just a final question, Mike, this thing become standard question for any climates and have better in any kind blood cancer, but, can you comment on the Bedjef activity of Quzartinib and just, it’s not really gotten any detail my abstracts I assume, were not seeing traumbolic events but it’s something that surprise us in another instance, so could you just maybe go through characterizing the drug from that perspective. Thanks.

Mike Martino

Well, I’m going to bounce this call to Athena as well, but the overall comment I would make is that we – we simply haven’t seen this. You know, I think of course, as we continue to analyze and learn from our safety database, it would be foolish not to look at this. But I would repeat what we said earlier, which is the safety profile on this drug with the exception of QT profile, that QT signal. Based on what we know today, it’s pretty darn consistent now, over 500 patients comprising a phase one study, a phase two study, a 2B study and now the multiple phase one studies. But Athena, you are certainly medically called filed than I am to comment on that.

Athena Countouriotis

Well I think it’s the point that now, we’ve been trying to address twice, is as that this point we haven’t seen any unexpected toxicity. Obviously, the evaluation of our safety database continuous. Jim, in regards to Betjef inhibition, we have consistently said that Quizartinib is highly specific and specifically much more targeted towards flip three in other areas of the kindly. But obviously, we’re very much aware of what is been happening recently with unexpected toxicities with other TKI’s and continue to evaluate our safety database.

Jim Birchenough – BMO Capital Markets

Ok Thanks.

Mike Martino

Thank you.

Operator

Our next question comes from Gina Wank from Lorraine’s Sponsors. Go ahead with your question.

Unidentified Speaker

Thank you for taking my question. I’m pretty sure you have collected quite from data on survival benefit of which you will see, I, have prepared with the FTA. Shall we expect these data will also prevented at ASH? I know there is a long abstract by Andy Anderson showing survival benefit. So she will see are, should we expect something more at the say, life break abstract?

Mike Martino

You know, we, Gina thanks for the question. We have in our briefing document to FTA have included what we believe is a pretty extensive and rigorous analysis of data from multiple sources, public and non public which we believe, demonstrates a statistically meaningful survival benefit for patients who achieved a CRI versus patients who achieved no response. To the best of our knowledge today, the Andy Anderson poster which is a subset of the data we have presented to FTA is the only presentation of historical data at ASH. I don’t know Athena if we are in a position to predict what may be submitted in the late break for category.

Athena Countouriotis

I would just mention, I haven’t have a chance to see the late wreck cruise should have been published today with the addition of all the remaining abstracts. As you know, they are presented on Tuesday, the last day of ASH. But I can say about the historical data is to reread what have Mike said. The Andy Anderson data were quite optimistic than in regards to the improvement that you see in that abstracts with the achievement of CRI versus no response on overall survival and that supports our phase with Quizartinib. In addition, as we discussed on the last conference call we have gotten additional information from other institution. Whether that information will be incorporated to, incorporated in to ASH abstracts is unclear. But there are additional ASH abstracts that we have given information to the FTA to support CRI.

Unidentified Speaker

Thank you.

Mike Martino

You know I would add Gina, that the challenge we have here is that we have obtained right to, right to use this historical data from the multiple institutions that Athena has reference. We do not have right to publicly site this data at this point. So, you know, we really want to honor the agreement and the commitment that we and the relationship that we developed with, with those institutions.

Unidentified Speaker

Thank you. So if not at ASH, shall we expect, you know, sometime in the future, like some kind of form of by you or by the investigators be presented.

Athena Countouriotis

I would just comment that as Mike said, this is not our database, the investigators that we’ve been working with have been putting information into ASH abstracts and as I mentioned, it’s unclear whether will be additionally added into the actual poster presentation or not. I can guarantee though, if it’s not incorporated into the ASH presentations that these institutions are very likely to publish these data in the near future, I just don’t know when that will be publish.

Unidentified Speaker

Thank you.

Operator

We have no further question at this time. Marcy, do you have any closing remarks?

Marcy Graham

Yes, just want to thank everyone for joining us today on the call and for your interest in Ambit. We look forward to speaking with you again soon and will meet with many of you at ASH and investor conferences to follow. Meantime, if you have any further questions or need additional information, please feel free to contact me and the Investor Relations department at 858-334-2125, thanks.

Operator

Thank you ladies and gentleman, this concludes this conference. Thank you for participating. You may now disconnect.

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