Manhattan Pharmaceuticals: The Wall Street Analyst Forum Presentation Transcript

TRANSCRIPT SPONSOR

Manhattan Pharmaceuticals, Inc. (MHA)
The Wall Street Analyst Forum
September 20, 2007 2:40 am ET

Executives

Gerry Scott - President Wall Street Analyst Forum
Douglas Abel - President and CEO

Presentation

Gerry Scott

In our ongoing attempt to adhere to the published schedule, I would like to introduce the next company in today's biotechnology, specialty pharmaceutical program. With a name like Manhattan Pharmaceuticals, I guess, I know where they stand with the American League pennant race. Having said that, which is very painful being a part of the Red Sox fan in the bar last night, watching those Yankee fans cheer every time something bad happened to Red Sox, and cheer every time something happened to the Yankees, and it all went their way again. And sitting here is an Irish café here from Boston, I just had to just close my mouth, because I didn't want to get hurt.

In any case, I would like to introduce the next company in today's program, Manhattan Pharmaceuticals. They are a pharmaceutical company that acquires and develops novel high-value drug candidates primarily for the treatment of dermatological and immunologic disorders with the pipeline consisting of four clinical-stage product candidates.

Manhattan Pharmaceuticals is developing potential therapeutics for large, underserved patient population, seeking superior treatments for conditions including psoriasis, atopic dermatitis, I don’t want to get that; head lice, A little reminder, I get that all the time and coming in about two months and mastocytosis. I destroyed that, you can correct me on that. You can follow me for years, I really got the roughest time with the Biotech's. So in any case, with out any further introduction, I would like to introduce Douglas Abel, President and Chief Executive Officer.

Douglas Able

Thank you, Gerry. And I've spent a lot of my life in Boston when I worked with Biogen Idec. So, I will say my son is a diehard Red Sox fan, commercially a Philadelphia guy, so I still can't rout for New York teams unfortunately in sports. So this has been equally painful for me, although it has been good to see the Phillies doing some damage to the Mets in the National League.

Well, thank you for joining us on such a beautiful afternoon here in New York, just a gorgeous fall afternoon. As Gerry, said my name is Doug Able. I am the President and CEO of Manhattan Pharmaceuticals, and we are based right here in New York, several blocks from where we stand today.

As all of these presentations, we do begin with a safe harbor statement, a number of the comments I make are likely to be forward-looking statements. All such statements are subject not only to the risks noted in this slide, but well disclosed in all of our public documents, and I direct you towards all of our filed 10-Qs and 10-Ks in order to identify such risks.

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Now turning to the company, Manhattan feels very, very good about the progress we are making in building a company based on the strong management team with vast experience developing, licensing and commercializing drug compounds. The skill sets that are really required in order to identify compounds of potential value and to shepherd them through the development process in an expeditious as possible fashion, allowing for hardnosed business decisions about which assets to continue to invest in development, and which assets deserve to be parked on the side.

We currently consist of our pipeline with four clinical stage product candidates. And each of these generates the opportunity for multiple near-term milestones that I'll touch on a little bit later in the presentation.

Our leadership team has undergone significant evolution over the last several years since I joined Manhattan with the merger with Tarpan Therapeutics. Prior to joining Tarpan as President and CEO, I had been at Biogen Idec for about four and half years. Before that I was in Allergan Pharmaceuticals for almost 13 years, where my last role was as Director of Marketing for Botox, responsible for the cosmetic and hyperhidrosis development of that brand and the pre-market activities prior to approval.

Alan Harris our, Chief Medical Officer, brings a significant background in drug development, as well as seven years as a practicing physician. He is an endocrinologist and a gastroenterologist by training, formerly led Worldwide Medical Endocrinology at Pfizer, part of that's been a lengthy part of his career at Schering-Plough and before that Sandoz-Novartis, where he was the father of Sandostatin.

Mike McGuinness, our Chief Financial Officer, who joins me upfront this afternoon, has now 30 years of industry experience, 18 of which comes as a CFO. Most important to us is that the majority of that time is in the biotech or drug delivery business. Prior to joining Manhattan, Mike was with Vyteris as the Chief Financial Officer. Vyteris is a publicly traded drug development company. Before Vyteris, he was with EpiGenesis, a private biotechnology company.

In both of those roles, Mike was highly active in both in-licensing and out-licensing activities as well as financing the enterprise. Prior to entering the biotech space, Mike was at BlueStone Capital Partners as the Chief Financial Officer, bringing his wealth and expertise in the broker/dealer investment bank side of our business in-house into Manhattan Pharmaceuticals.

So, as I mention its evolution of the management team over the last several years. Really, we believe gives us the leadership and management foundation to make the right decisions about identifying potential opportunities, developing them most efficiently and again making hardnosed business decisions about advancing those as we see evolving data sets.

Now the pipeline as it stands today, as Gerry alluded too, strongly focused in dermatology with three of our assets clearly sitting within that space and then our fourth product with a condition mastocytosis that has both systemic manifestations as well as cutaneous or skin manifestations. So it's a bit of a crossover product.

So, topical PTH 1-34, is a topical formulation of the first 34 amino acid sequence of parathyroid hormone. This is in development as a treatment for psoriasis. We do have Phase I, II data complete on an original formulation. This work was done under a physician IND. We are now preparing to push forward in to Phase II trials under a corporate IND.

The second product, the one we in-licensed this year from the company Thornton & Ross in the United Kingdom, a privately helped company, it's called Altoderm. Altoderm is a proprietary formulation of cromolyn sodium. Cromolyn sodium has been used for over 35 years in a wide variety of formulations for a number of disorders. In this case, we are looking at a proprietary topical formulation for the treatment of atopic dermatitis.

Now whilst we appropriately identify Altoderm as pre-IND within the United States, I would like to point out that there is published Phase III from some initial work done in pursuit of UK approval, and there is an ongoing second Phase III trial, also in support of that effort in Europe as we speak today. So outside of the United States this molecule is significantly more advanced clinically, our job is to wrap it again in front of the FDA and identify the most efficient path forward for U.S. development.

Hedrin is a novel approach to the treatment of head lice. This is a product that offers non-insecticide treatment for head lice with equivalent eradication of the lice infestation to that of the currently available insecticide therapies. Once again, while we identify this as a pre-IND product in the United States, this is a compound a molecular formulation that was launched in the United Kingdom about a year an half ago now has become the leading topical treatment for head lice in the United Kingdom after achieving that status six months post launch, currently holds about a 40 share in the UK head lice treatment market.

Following launch in the United Kingdom, Thornton & Ross drew a series of partners and licensing deals that has launched the product in majority of Western Europe with activity now to bring the product into Germany, which will be the last major market. In quite a few of those markets Altoderm, Hedrin has achieved market leadership very, very rapidly after launch. We would look at this product as one that is very, very well defined, very, very successful outside of the U.S. and really offers a significant opportunity for us.

Altolyn is also cromolyn sodium, in this case an oral tablet formulation. In this case the lead indication is an orphan condition mastocytosis, mastocytosis in excess of mast cells often seen in the gut where you get GI side effects, severe diarrhea, pain, other problems associated with that. In addition you can get, as I said cutaneous manifestation of this disease with itchy lesions, somewhat atopic dermatitis like in coloring, often known associated with urticaria or pruritus, the itch associated with the condition.

Now this oral formulation, we have two development opportunities in front of us. One is the orphan I mentioned, the other is the fact that there is a liquid formulation of cromolyn in the U.S. market today called Gastrocrom. That does provide us with the 505(b)2 development pathway on the heels of that oral liquid.

Now mastocytosis, as I mentioned, is an orphan condition. Altolyn's competitors in the marketplace currently are in a run rate for a little over $7 million. But we do see significant longer-term opportunity for this molecule outside of mastocytosis, because in Europe, oral cromo sodium is routinely used for the treatment of food allergy and actually approved in a number of countries across the European markets for that condition. Also irritable bowel syndrome offers a potential long-term opportunity. So we see mastocytosis as an entry into the market, which then allows us to fund the ongoing development and exploration of this molecule in a numbers of very, very exciting conditions.

Now to delve into each of these products a little more deeply. Topical PTH (1-34) for psoriasis, we expect to initiate a Phase IIIa trial under the corporate IND in the fourth quarter of 2007. We have a robust and improved formulation that we have developed over the last year or so. We've, in fact, submitted the corporate IND to the United States FDA in order to begin development under the corporate IND. All previous work was done under a physician IND. This moves us in to the more straightforward path to approval by doing the work under the corporate auspices in front of the agency.

In addition to submitting the IND and preparing to move forward under that IND as we get to those points. We have also submitted new patent applications based on the findings of the work we did in our formulation enhancement and development. As we move forward and those patents become public we'll be disclosing more detail on some of the interesting findings.

But we believe we have the opportunity to have a very exciting enhancement in our ability to deliver peptides and the work we've done with this formulation and are excited about both the additional protection this will give us as well as the potential utility for delivering other large molecules to the skin.

The market need in psoriasis is estimated by the National Psoriasis Foundation who have about the best statistic we've seen. And about 4.5 million Americans do suffer from psoriasis currently. And last we've seen a lot of excitement and interest in the biologic therapies, Enbrel, Remicade, Humira and all.

Topical treatment still remains the foundation of therapy for the vast majority of these patients. We estimate that fully two thirds or more of these patients are mild to moderate and therefore really receiving treatments solely with topical therapies and for the balance you receive light therapy or the biologics, it's often combined with topical treatment.

So, we really see that 4.5 million patients as a full market opportunity for PTH (1-34) in the United States alone. The current topical therapies are limited in efficacy by tachyphylaxis often associated with toxicity, limited efficacy and irritation creating a significant market opportunity for a novel approach and a new option.

I'll point out that an older brand, a product called Dovonex, a vitamin D3 analogue in the last IRI data we have or IMS data we have is still showing market leadership and showing revenue in the United States of about $140 million to $150 million IMS. So we do see a significant financial opportunity in psoriasis as well and I'd like to point out those are just U.S. dollars and we do have global rights on PTH (1-34) for psoriasis.

Now data we have on hand is we embark on our Phase II, comes from a Phase I/II study that were conducted under physician IND at Boston University. I'd point out that while the end of this study is 15, this was conducted at least in the blinded portion as a split body design. So, we do get a statistical line of 30; 15 active, 15 placebo with each patient offering one side if you will of each. What we see visually in the photos is very dramatic improvement in relatively significant disease in this patient and maintenance without improvement through the open label extension which was up to a year.

Now, we all have been to dermatology conferences and presentations, and seeing a single photo with dramatic improvements. So, it is important that we look at the statistics behind that, as we look across the three core aspects of psoriasis, scaling, erythema, and induration. We see exactly what we would hope to see that being statistically significant and clinically meaningful improvement in all aspects of the disease of psoriasis netting out to a 67% global improvement with a very high statistical response rate.

In a split body study and a single-center we do also look at placebo response rate to give us some insight and we are in fact seeing the placebo perform as it should in a dermatologic study with topical application of the placebo to psoriasis, should help the scaling of the disease more significantly than any other aspect and should occur about 10% to 20% total improvement. We do in fact see that.

About 60% of the patients demonstrated complete lesion clearance and treated lesions. Histology, biopsies were done and the changes in the histology do support the clinical improvement. The therapy was very well-tolerated, no allergic reaction or significant irritation. And this data was published in the British Journal of Dermatology, one of the top books in this specialty, back in 2003.

As I mentioned with PTH (1-34), we have submitted the corporate IND to the FDA and are fully prepared to initiate our Phase II trial, once we complete the FDA process as well as the IRB review of protocol. And we anticipate all of that to occur as we get a little bit later in this year, but certainly very rapidly and really looking forward to getting that product back in to the clinic.

Now without the atopic dermatitis, as I mentioned, the active ingredient here is in fact topical cromolyn sodium. As I mentioned earlier, cromolyn sodium has been used for about 35 years beginning as an inhaled agent, primarily in the treatment of asthma and often pediatric asthma. We've seen topical eye drop delivery for ophthalmic allergies as well as nasal delivery for nasal allergies or with product called Nasalcrom.

We do have promising European Phase III data out of the first of the studies conducted with the second trial ongoing, looking for data, a little bit later this year. A pre-IND package and meeting request is being prepared so that we can get in front of the FDA with all of the data from our European partner and pursue U.S. development.

We anticipate those discussions to occur in the fourth quarter. We do anticipate U.S. clinical trials to be required if for no other reason than endpoint. The endpoint in the initial trials was a something called SCORAD in the U.S. The FDA preferred endpoint is physician's global assessment. So we anticipate entering clinical trials here in the United States, subsequent to the meeting with the FDA.

Market need is not only large but has an interesting history in evolution, 15 million Americans suffer from atopic dermatitis or asthma. It is estimated that about 20% of the pediatric population in the United States has some form of this condition.

U S. insurance companies are spending about $1 billion a year on the condition. And I would like to point out the evolution as I mentioned in the marketplace. A number of years ago probably about five now, a number of topical immunomodulators began to be developed for the treatment of atopic dermatitis, calcineurin inhibitors or specifically Protopic Tacrolimus from Fujisawa, now Astellas followed by Pimecrolimus or Elidel, a product from Novartis.

Those products were or did receive black buck warnings from the FDA about two and a half years ago now. They were on a run rate of approximately $400 million a year in the United States combined, before receiving those warnings. Despite what the dermatologic community would tell you an over reaction and a lack of robust scientific rationale for adding those warnings had a marked effect in the market place, with the sales of those products being virtually cut in half.

What that means for new products entering the market is basically $200 billion in sales that have been abandoned and are waiting for novel product opportunities, especially products that can provide a safe foundation treatment for the disease.

So, again cromolyn, very widely used and that market opportunity for the foundation therapy. Now, why do we believe that Altoderm may provide that opportunity for foundation therapy? Well it begins with its data, but is also based on the long-term safety history we have seen in this molecule in a wide variety of applications. But specifically we see an almost 40% improvement in the disease. We do see significant improvement from the placebo. Statistically, in the first trial these two separated as early as week four, with the separation growing as treatment continued with cromolyn sodium. That's not unexpected based on the history with cromolyn where one tends to see incremental benefit or additional benefits, I should say the longer the product is used.

Now interestingly in this trial design patients were allowed to be on a wide variety of concomitant steroids. That steroid use was tracked and was identified that in addition to seeing significantly greater improvement in the treated patients with the active you also saw a statistically significant greater reduction in use of steroids. So as we think about a condition that historically has been treated by initially emollients and then steroids to bring hot flashes under control, we think about the pressure the topical steroids have been under in the United States today and the fear in the parent population of using these products, some of which was bolstered by the launch of alternatives. Here we see a product that offers in this trial data set, improvement in the disease with a steroid-sparing effect, really the ideal foundational therapy.

Now one of the primary complaints of individuals with atopic dermatitis is pruritus or itching. It manifests itself in older children with commentary and discussion about itch as a problem and scratching and excoriation. In the younger children you'll often see parents having them go to sleep with socks on their hands, taped in place, so the child can't scratch themselves while sleeping and that itch is enough to disrupt the sleep of the child. And for those of you who have been through young children at home, I know you'll understand that a young child not sleeping means a mom that's not sleeping and a tired unhappy sleep deprived mother often leads to a household that's dealing with the outcome of this condition and therefore creates a real quality of life issue across the household.

As we analyzed further the data sets from Thornton & Ross in order to understand our path forward we've identified pruritus or itch as an area where we're seeing really dramatic improvement with this product and something we're likely to focus on as we move forward as it has such a significant impact in the disease state itself.

Now turning to, Hedrin. The head lice product as I mentioned is on the market in Western Europe and United Kingdom, soon to the launch in Germany I understand. Rather than a typical insecticide approach, and I'll remind you for those of who have seen lice outbreaks in schools, and it's really across the country, across the socioeconomic levels where we are now seeing these, your alternatives in the United States say are basically to bathe your child's head in a insecticide based formulation, not unlike what you treat your backyard with if you have a insect infestation in your yard. So what we are now offering is a unique alternative that kills lice by asphyxiation rather than by the central nervous system effect of insecticides.

In addition to offering the opportunity to avoid CNS toxicity or insecticide toxicity, we offer the opportunity to avoid insecticide resistance. In a published clinical trial of 253 patients, one of the largest published life studies done to date, the product demonstrated equivalence to Phenothrin one of the currently available products in Europe with less irritation. Now there is a second yet to be published paper looking at head-to-head comparison with another active that is in fact available in the United States as well. So as we sit here today, we do have data from two well done clinical trials looking at the efficacy of this product.

Once again we are in preparation to enter U.S. regulatory discussions. We anticipate these discussions in the fourth quarter of 2007. We anticipate it's likely the agency will request at least one small trial to demonstrate that the product is effective against U.S. lice population. We think the risk of not succeeding in that study would be quite low, based on the mechanism of action, the efficacy of the product and both studies seen to-date, as well as it's rapid and continued growth in sales around the world and the markets where its known.

Market in the United States, UK sales in 2006 for this product using external data from Nerac, one our sources estimated about $12 million in the United Kingdom. In the U.S. six million to 12 million Americans are infected with head lice each year, prevalent pre-school and elementary school aged children were also seeing growing outbreaks in the nursing home communities as well.

In the UK, Denmark, a number of other countries in Europe the product has achieved over 40% market share. And looking at the IRI data out of those countries with the market leader in the UK about six months post-launch and that is a market where there is another non-insecticide treatment on the marketplace and Hedrin was able to surpass that product within six months. And again the market opportunity based on the convenient non-insecticide alternative.

Our oral formulation of Cromolyn, Altolyn in development for mastocytosis, this is a side specific tablet delivery, releasing the drug at the reported side of action, which is the upper part of this small intestine or its believed the majority of the mast cell infiltrate occurs in this condition. A Gastrocrom liquid solution is approved in the U.S. to treat mastocytosis as an orphan. This is available on liquid, vials must be broken open and mixed into liquid and consumed by the patient.

We are working with Thornton & Ross on developing the United States regulatory package. We anticipate following either orphan drug or 505(b)2 and we'll get that package also in front of the agency in the fourth quarter. As you can see, we are going to have quite an active fourth quarter with all four of these products. While, this is a rare but serious disorder effecting children and adults, we believe this gives us the opportunity to bring a product rapidly to market using the 505 or orphan drug pathway. Gastrocrom sales were small are growing quite rapidly in the hands of Azur Pharma, who took this product over back in 2005. And again, we see long-term opportunity for oral cromolyn sodium in a number of significantly larger opportunities downstream, food allergies, irritable bowel syndrome, other functional disorders of the gastro intestinal track, due to our site specific formulation and the early UK clinical experience with this formulation, which suggests promising activity in these patients.

So, in these larger market opportunities, we have about 2.7 million Americans suffering from food allergies, and again the same background of a very safe, long use, active ingredient.

As we look ahead with topical PTH (1-34), we anticipate initiating the Phase IIIa trial in the very near future as we wrap up. As I mentioned, the IND process, as well as, the IRB process, we want to do that trial immediately thereafter. With Altoderm, regulatory discussion is expected in 4Q '07 as well as some initial data out of the ongoing European trial quite soon, with Hedrin U.S. Regulatory discussions in fourth quarter and the same with Altolyn.

Now from the capitalization and finance status, as of the end of the fourth quarter we did have just under $5 million on hand. Our average quarterly burn excluding in-licensing fees over the last six quarters is about $2.1 million. I will note that we did shut down one of our larger programs or activity in obesity was shutdown as we went through the summer and in light of the data we saw in the Phase II trial there. So that does give us the opportunity to relocate our cash burn going forward as opposed to the historic cash burn, which included large investments in that obesity development program.

Common stock outstanding is a little over 70 million shares, warrants and options about just under 19 million, so total fully diluted about 89 million outstanding as we stand today.

So that wraps up the Manhattan story. As I said, we feel very good about having built a pipeline consisting of four clinical stage product candidates. We look at each of these as giving the opportunity to bring significant value with a number of these products. In the case of Hedrin, for example, already being on the market in United Kingdom, and Altoderm being much more advanced outside of the U.S. developmentally, we see the opportunity to accelerate U.S. development based on that foundation. So, with that I will bring to close my comments and ask if there are any questions. Yes sir.

Question-and-Answer Session

Unidentified Audience Member

(Question Inaudible)

Douglas Able

The question asked was our recent stock performance as well as our shareholder base? I will start, and since Mike is here, he can throw something at me if I misspeak or jump up and grab the mic. Our share price recently has been trading in the low mid 20s, $25.06 when we came over today. That did -- we did certainly experience a rundown when we announced the lack of efficacy in our obesity trial and our decision to shutdown that program. Prior to that we were bouncing between $0.75 and $1, you know how the markets are in the current environment. And so we did suffer that penalty.

I will point out though that I believe for our shareholders, we made the right decision, based on having seen all the data from that product and the deep in-depth analysis, I think it's far better to shut a program like that down, rather than to continue, trying to find money to throw at the wall and I hope that something wonderful happens. And so I think that really is our recent stock experience. And certainly we believe in the value of the underlying pipeline and want to build the company back out of the circumstances based on progress with the four molecules that we are now focusing on.

Our shareholder base has historically been largely retail investors. I think our institutional holdings are about right in the high teens, low 20% holdings. Those are distributed across a number of funds. If you have access to the underlying data bases you can easily get those. But not a large number of funds, four or five tend to hold a significant piece.

We do have some significant holdings by some of our Board members and the balance really spread across a very retail-oriented base based on the history, especially as an obesity company with a potential for a fat pill it seems to generate a lot of interest in the retail space historically for the company.

Other questions? Yes sir.

Unidentified Audience Member

I went through your article in New York Times recently about the fat pill and the fat shot. Can you go into that?

Douglas Able

The question is about the recent New York Times article about obesity and number of the options. There have been historic articles about the fat pill. Some of those articles over the last several have included a discussion of our product candidate that we are no longer pursuing. But most of have been focused on a product that was under development in the FDA process called Rimonabant, that or Acomplia. That product that had been submitted for approval had a FDA hearing that's with a negative recommendation from the panel.

In addition there are and that was the Wall Street Journal this week there was a discussion of the fat shot. The fat shot is something called mesotherapy where a cocktail put together in a physicians practice, is believed to basically metabolize the fat on a localized level is injected. There is a lot of question about that process. There is at least one small company that's looking to try and take it out of the cocktail kind of questionable world if you will, and bring it into development.

At this point our focus has shifted as we went through the summer away from obesity and really entered the four assets, which we see as having a much straighter shot at development than the obesity drugs do in the marketplace today. If you think about the conditions we are now focusing on, primarily dermatologic and if you think about basing those on molecules such as cromolyn sodium, which had such a robust history in the marketplace and such a nice safety profile, we think that gives us the opportunity to really advance the company quiet rapidly.

Well, if there are no others, I've succeeded in my promise to Gerry. And well, I think we are back on time. So I thank you very much for your attention and look forward to seeing you again in the future. Have a great afternoon.

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Comments

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1-616-677-1261
"An invasion of armies can be resisted, but not an idea whose time has come." --Victor Hugo

2007 Sep 21 01:02 PM

[Stephen Tve...:]

How to kill pests without killing yourself or the earth......

There are about 50 to 60 million insect species on earth - we have named only about 1 million and there are only about 1 thousand pest species - already over 50% of these thousand pests are already resistant to our volatile, dangerous, synthetic pesticide POISONS. We accidentally lose about 25,000 to 100,000 species of insects, plants and animals every year due to "man's footprint". But, after poisoning the entire world and contaminating every living thing for over 60 years with these dangerous and ineffective pesticide POISONS we have not even controlled much less eliminated even one pest species and every year we use/misuse more and more pesticide POISONS to try to "keep up"! Even with all of this expensive pollution - we lose more and more crops and lives to these thousand pests every year.

We are losing the war against these thousand pests mainly because we insist on using only synthetic pesticide POISONS and fertilizers There has been a severe "knowledge drought" - a worldwide decline in agricultural R&D, especially in production research and safe, more effective pest control since the advent of synthetic pesticide POISONS and fertilizers. Today we are like lemmings running to the sea insisting that is the "right way". The greatest challenge facing humanity this century is the necessity for us to double our global food production with less land, less water, less nutrients, less science, frequent droughts, more and more contamination and ever-increasing pest damage.

National Poison Prevention Week, March 18-24,2007 was created to highlight the dangers of poisoning and how to prevent it. One study shows that about 70,000 children in the USA were involved in common household pesticide-related (acute) poisonings or exposures in 2004. It is estimated that 300,000 farm workers suffer acute pesticide poisoning each year in the United States - No one is checking chronic contamination.

In order to try to help "stem the tide", I have just finished re-writing my IPM encyclopedia entitled: THE BEST CONTROL II, that contains over 2,800 safe and far more effective alternatives to pesticide POISONS. This latest copyrighted work is about 1,800 pages in length and is now being updated at my new website at www.stephentvedten.com/ .

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Stephen L. Tvedten
2530 Hayes Street
Marne, Michigan 49435
1-616-677-1261
"An invasion of armies can be resisted, but not an idea whose time has come." --Victor Hugo

2007 Sep 21 03:35 PM