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The Medicines Company (NASDAQ:MDCO)

Deutsche Bank Annual Healthcare Conference Call

May 7, 2012 2:10 pm ET

Executives

Clive A. Meanwell – Chairman and Chief Executive Officer

William B. O’Connor – Vice President and Chief Accounting Officer

Analysts

Navdeep Singh – Deutsche Bank Securities, Inc.

Navdeep Singh – Deutsche Bank Securities, Inc.

All right. Good afternoon, everyone, and thanks for joining us in for afternoon session. My name is Navdeep Singh, and I am one of the Biotech Analyst at Deutsche Bank. And it’s my pleasure to announce our next company The Medicines Company. And presenting on behalf of The Medicines Company is Clive Meanwell, Chairman and CEO. We also have Bill O’Connor, the Chief Accounting Officer on the stage today.

And before, we start our presentation I just want to give you guys a heads up. We have this new app that we trying out, we call the [Yorn] app. The instructions to use it are on your desks. And it’s just basically, if you don’t want to ask live question, and you want me to ask it on your behalf, feel free to follow the instructions then I will ask the question on your behalf.

So with that, Clive, you want to take the podium?

Clive A. Meanwell

Thank you very much, Navdeep, and thank you to Deutsche Bank for the invitation to this conference. I was worried that [Yorn] app meant that you had to push a button and there was trap door in the stage, but hopefully, no.

I am here to talk today about The Medicines Company, which is focused on both value and growth in hospital, acute and intensive care medicines. And before I begin, I should point out of course that I will be using certain forward-looking statements; and for a complete account of the risks and uncertainties associated with our stock, I will refer you to our most recent SEC filings.

This is a bottle of Angiomax, direct injectable thrombin inhibitor used in PCI, that have been used to treat more than 4 million people worldwide during the cardiac procedures by consequence of that. Branson and colleagues and others have published estimates that it would save 35,000 lives, so far, 50,000 major transfusions or bleeds and about 5,000 patient years of hospitalization, which is a large amount of resource consumption reduction, which is associated with total hospital savings to-date of about $2.5 billion.

During that time, since the launch of the product, we’ve been fortunate to garner about $2.6 billion in net revenue, including last year, $484 million; and this year we’re running well over $500 million run rate. So just to me that splitting the value creation 50-50 with your customers would be a pretty sustainable approach.

Our entire pipeline takes a similar approach; we have 10 products including Angiomax, including three in Phase III, two in Phase II and two in Phase I to testing. So quite an extensive portfolio, all in the acute hospital space, and we’re operating now in 19 countries on a worldwide basis and we have partnerships in a couple of others. Despite this and despite the rather substantial growth both behind and ahead of us, market capital term is about $1.2 billion including almost $300 million of cash.

So the investment thesis put up in 10 minute here is that there’s an opportunity for an investment based on four key points. Firstly, that the cash flows future for Angiomax, we expect largely support the current valuation. The commercial business because of our footprint in the hospital and our capabilities as demonstrated recently by our deal with AstraZeneca has global leverage. Thirdly, that a focused R&D portfolio as I show you can add significant value that should be accounted for. And finally, we’ve been executing in a reasonably predicable fashion particularly in the last nine quarters.

So, Angiomax is for sure now the leading solution for anticoagulation in percutaneous coronary interventions. And the reasons are quite simple, it’s data set which show a 40% reduction in cardiac death, it’s sustained out for three years in particularly high-risk patients who’re having a ST-segment elevation myocardial infarction, 40% reduction in major bleeding in fact in high-risk patients as much as a 60% reduction. But once they do their length of stay reduction in particularly urgent PCI, but also for some elective procedures and cost savings in the hospital of between $400 and $2,000 each time they use the drug.

No surprise, therefore that the drug has grown and more or less in a straight line fashion since launch, with a compound annual growth rate of around 40%. We do expect that growth to continue and the way we expect that growth to be driven is because we will be seeing the drug use more and more high-risked patients, because of the latest data from HORIZONS II published in the New England Journal of Medicine several times now. And also another trial in Germany called, ISAR-REACT-4, which showed once again the utility and effect of the drug as well as its superior safety in high-risk ACS patients treated in the cath labs. So, this should continue for those reasons alone.

In addition to that, we are investing in new uses of the drug, as many of you know, coronary interventions are flat or declining in the United States and flat in European Union, although, growing rapidly Asia. However, what is exciting in terms of growth in the United States, this peripheral arterial disease interventions, which now represent more than 400,000 additional procedures a year, structural heart disease procedures such as transcutaneous aortic valve replacements and carotid and atherectomy through a catheter.

Now this adds to about another 500,000 available patients in the cath lab or in radiology labs in addition to the 700,000 to 750,000 PCI patients in the country. And since we are now doing clinical trials in all of those areas, we are hoping and expecting that there will be further growth beyond just the PCI franchise we have.

The second investment point is that the channel we are building for Angiomax in leading hospitals worldwide is highly leverageable for us. If we look at the United States, which has approximately 5,000 hospitals, more than 80% of the acute and critical care cardiology and stroke medicine as well as the really serious trauma work is performed in around 1,200 hospitals.

When you perform this analysis for the rest of the world, country by country, you find that approximately 2,400 additional hospitals or 1,400 additional hospitals will give you, reached to 80% of the remaining work in the world. And so for us, our target is to build a platform or a channel to those 2,500 hospitals that lead the acute care business in their respective countries and that’s exactly what we are underway doing.

The third point of the investment thesis is that on top of the growth for the Angiomax and the global foot print, which we are able to build now, which does have quality builds into it because of – at least evidenced by, as mentioned in the deal with AstraZeneca, we have a portfolio of late stage R&D compounds, which provide additional upside in valuation.

Have been dealt with Angiomax, I’ll just briefly mention Cleviprex and Argatroban, which are both on the market here in the U.S. Cleviprex will shortly be launched in Europe, but we also have in Phase III an intravenous form of Clopidogrel or PLAVIX, which is unique.

And importantly, for investors, two other Phase III programs, one is called Cangrelor, another intravenous platelet inhibitor, and an intravenous injectable gram-positive anti infective called Oritavancin, which is in the middle of Phase III; as well as, a Phase II product called MDCO-2010, which is a replacement for Trasylol, a drug which was removed from the market by Bayer with a run rate of over $300 million a year and a growth rate of 30% a couple of years ago. And finally a drug, which many know as ApoA-I Milano, a pretty unique product of reverse cholesterol transport, which we are pushing through into Phase I clinical studies again.

A word or two about Cangrelor, the drug is in the middle of Phase III trial called PHOENIX. It’s recruited well over 7000 patients, and by the end of third quarter, we expect have a readout with an interim analysis, which will determine the ultimate size of what is currently sized to be a 15,000 patient trial. We don’t know of course now, but we will then, whether the trial is going to be reduced in size or increased in size, but currently it’s planned to 15000 patients.

Cangrelor is unique because as an intravenous anti-platelet agent or P2Y12 inhibitor, it has an onset of effect in the seconds, and because of a short half-life, which is three minutes, but even more importantly, an offset at the receptor, platelet recovery time is one hour less. This is a particularly important profile for us in the recently published BRIDGE trial, which demonstrated quite nicely that patients who need to be taken off their oral meds and BRIDGE to surgery can do so predictably with a Cangrelor infusion.

The other important drug to mention in this short presentation is Oritavancin. We believe this has potential disrupted attributes because it is feasible with this drug to treat an MRSA infection, MRSA gram-positive infection with a single injection of the drug, anticipating clinical efficacy on par with all other marketed products in the space.

We think the ability to treat such a serious infection with a single injection could be an economic game changer because many of the cost associated with MRSA infections are in fact associated with hotel costs in hospitals, infusions as outpatients and other activities, which will be completely abrogated by the use of a single injection treatment.

If we look at the current crop of development products in this space, many of which investors are seeing as a consequence of their firms moving through in pre-IPO or IPO discussions. We can see that again, none of the products coming along have the once and you’re done motif in a way that Oritavancin does either.

So, a snapshot of the portfolio done, we could turn to investment point four, that in the last nine quarters the company seems to been executing rather diligently against both its own plans and financial analysts expectations. A new flow in 2012 should be important drivers of value in a short-term.

If you look through the compounds, we expect to see data on transaortic valve replacement studies from Angiomax during the year. We expect to see the first Phase III trial of Oritavancin, SOLO I completed this year. We expect to see a major interim analysis of Cangrelor Phase III trial in the third quarter of this year. We also expect to see the first major, effectiveness data of the fibrinolytic drug, MDCO-2010 which reduces blood losses during cardiac surgery.

We already have Phase IIA study showing quite distinct effects which are plasma area around the curve and dose concentration related, suggesting to us very firmly that this is a drug effect. We’ll confirm that this year, we hope. And finally, we’ll begin clinical studies with Apo-A1 Milano, later on this year, as we are scaling up manufacturing on the more efficient platform than was previously used by Pfizer for Aspirin.

Financial goals this year pushing straightforward, we aim to grow at around 10% top line and adding around $50 million in revenue, cost of revenues will be in the 33% to 34% range as a consequence of the large royalty we paid to Biogen, which by the way goes away completely, I believe at the end of 2014.

R&D will be 20% of net revenue except in the case that we accelerate our trials which we may choose to do at the interim results, I mentioned earlier are very, very positive. SG&A used to flat and income from revenues should be in excess of 11% growth.

So to summarize in brief, we think there is an opportunity to invest in growth and value in a segment which is actually growing globally and a segment, which from a healthcare legislation point of view is very easy to count meaning that health economics are transparent and manageable as oppose to perhaps chronic and primary care therapist, where the health economics is so complex, its sometimes difficult to determine exactly what value drugs are bringing and not always possible to demonstrate it.

Angiomax itself rapidly growing $500 million drug with a very tight footprint, largely supports the firm valuation of the company that they pleased off it. We have commercial leverage outside the United States, where for example, we are going in Europe and beginning work in Asia-Pacific.

Our R&D portfolio has a significant value and in many senses it’s probably not factored in to the current evaluation of firm given some investors sentiment that R&D is not something useful to do, other investors sentiment being that they saw the complex to determine whether there is value there or not.

And finally, execution use flow historically in this year, I think a good thing to look out for. So, I really appreciate your attention and we will try to take some questions now.

Navdeep Singh – Deutsche Bank Securities, Inc.

Thank you so much for the great overview. Are there any questions in the audience?

Question-and-Answer Session

Unidentified Analyst

May be we get an overview of the current IP position for Angiomax?

Clive A. Meanwell

Yeah, absolutely, thank you. The question was about the intellectual property situation for Angiomax. We have secured in the U.S., patent extension to mid 2015 including pediatric extension. So we expect exclusivity to 2015 is now secured. We are in litigation with a number of companies about subsequent patents which go to 2028. That litigation has included a number of pharmaceutical companies.

We have settled that litigation with Teva and with APP or Fresenius and those settlements both imply a pivotal exclusivity until 2019, at which time Teva and APP would be allowed to come into the market early. Well earlier than 2028 and both have made it very clear that they felt that the intellectual property we were defending was valid and enforceable. We’re now working through other litigation projects Hospira, Myelin and so on, and we fully expect to continue defending our IP as aggressively as we possibly can.

In Europe, the Angiomax patent or exclusivity period will end in August 2015. And in most of rest of world such as China and India, there is no intellectual coverage although we are selling in India and we’re happy to compete with generics in India and expect to grow that.

Navdeep Singh – Deutsche Bank Securities, Inc.

Clive, maybe a follow-up to that. How many challenges are there to Angiomax?

Clive A. Meanwell

Well, if I – I probably missed one, but I think there’s four additional ones.

Navdeep Singh – Deutsche Bank Securities, Inc.

Four additional ones, and so you just said that you already have kind of settled with Teva for 2019, I’m wondering if you can use the same argument when you’re approaching the other challengers.

Clive A. Meanwell

Well, since we’re in litigation with these other challengers it would be probably inappropriate for me to comment on the status of the litigation or possible settlements. So, if you don’t mind, I won’t try and speculate about that right now. Obviously, we’re very pleased that Teva and APP both felt that it made sense to sell around the 2019 date and we’re looking forward to building the product through that data and we do expect our litigation to be successful.

Navdeep Singh – Deutsche Bank Securities, Inc.

Okay.

Clive A. Meanwell

With regards to some remaining players.

Navdeep Singh – Deutsche Bank Securities, Inc.

And I think last week, on your earnings call you posted the previous good quarter for Angiomax EU sales. Just wondering what drove that and do you expect that kind of momentum to continue?

Clive A. Meanwell

Yes, the growth in Europe now is important to us and is reaching a pretty good mass whereby Europe is making a contribution to our business certainly ex-U.S. sales are. The drivers of success in Europe in the last couple of quarters have really come down to strengthen execution in the North of Europe where for example in Sweden and Denmark, acute myocardial infarction patients have about 70% likelihood of getting Angiomax if they get a heart attack and go to hospital for PCI.

Also, in the UK where NICE had given a fairly upbeat recommendation for Angiomax in that setting, so UK has done very well and so has been Netherlands, Belgium. We were ahead of goal this year as well for those parts of Europe, and its growing again at a pretty rapid clip.

In Italy also we’ve been quite successful with the team there that has done a good job in showing up and making sure hospitals understand the economics as well as clinical benefits of the product.

And in France, we’re moving on quite nicely now. We’re interested to see what happens with the new President. Germany, we still work hard to move forward, we’re growing about 30% to 35% in Germany, which I’m not satisfied with but with our partnership with Daiichi Sankyo who are helping us to visit German hospitals, I think that can continue to grow and accelerate.

So all in all it’s an execution story in Europe. The data we have, the guideline, there we have to label I should say, the guidelines for the European Society of Cardiology rate this is as a Class I recommendation and with endorsements from people like NICE and some of the major centers around Europe, I think further growth can be expected at a reasonably high rate.

Navdeep Singh – Deutsche Bank Securities, Inc.

Okay. Maybe moving onto your pipeline, you highlighted Oritavancin and as one of the key pipeline products. Just can you give us a quick history of the product? I managed telling that it’s been in multiple hands before. I just want to know why the product keeps getting passed on because it seems it has a pretty differentiating profile whether single dose.

Clive A. Meanwell

Yeah. Oritavancin, will be like one of my old girls friends before I got married. Actually it’s difficult to tell a story quickly because it’s a long story. But in essence the drug was.

Navdeep Singh – Deutsche Bank Securities, Inc.

Well, which one, the girl friend or the?

Clive A. Meanwell

Well which one would it be? Lily of course discovered the drug, practically at the same time that Daptomycin was discovered and I think in their efforts to license both products one famously went to Cubist to become extremely successful, the other one to InterMune. InterMune moved the product forward did the second Phase III trial in skin infections and then InterMune ran into problems with it and it was acquired by Targanta who in turn moved it forward to file an NDA which was put in front of the panel about three years ago and narrowly missed approval.

Basically, because the data we’re looking I think a little bit old and although Targanta has done an excellent job in organizing the information, I think the (inaudible) quite enough MRSA data in that filing.

In the meantime, Targanta has done a very clever trial called the simplify trial in which they had shown that the drug could be given as a single dose, and that appeared to be as effective as multiple divided doses over several days. That really didn’t catch our eye, because the economics of that proposition seemed attractive. In the meantime, both InterMune and Targanta had sorted out quite a few of the problems with the drug that been seen earlier such as speed of infusion being associated with phlebitis.

And once those things were sorted out, we felt there weren’t many showstoppers on the product for approval, except the need to do a new Phase III program in the contemporary setting with the single dose single infusion. And that’s exactly what we are doing. So whilst with many of these drugs, there is a history, an important history, I think we are in pretty good shape now with a very attractive microbiological profile, very interesting pharmacology and a particularly important economic advantage potentially over existing therapies.

Navdeep Singh – Deutsche Bank Securities, Inc.

And, since Oritavancin is a single dose. I am just wondering, what’s your safety profile like, are there any serious adverse events you’ve seen with the product. What the regimen that you are using in the Phase III study.

Clive A. Meanwell

It’s a great question. The time that the FDA reviewed the, had the first panel meeting a number of adverse events were seen less frequently with Oritavancin than with Vancomycin, so it was a plus not quite a big enough plus to get it over the goal line.

Of course when we move to the single dose, big dose, we would confirm that that very high plasma level for the first few hours might be associated with plasma peak type adverse events and of course we don’t have a blended data, in the simplified trial that was not the case. We’ve now treated over thousand patients in the trial maintaining approximately 500 with this big dose. We’ve had a very diligent DSMB monitoring the trial, and thus far there would be no reports of concerns or unexpected events. So I think in that, so far we’re doing fine.

Navdeep Singh – Deutsche Bank Securities, Inc.

Okay. So, maybe going back to the point that you had made on why the FDA didn’t approve the product in the beginning with 9.5% of patients having MRSA, so what was the percentage being in the previous in a filing, and what is the percentage in your current Phase III trial?

Clive A. Meanwell

Yeah, my recollection, this might be slightly off is that they had less than 200 patients with MRSA. In the current program, we’re going to have approaching 400. So it will more than double the experience with MRSA patients. Remembering that MRSA resistance profiles may change overtime, I think the FDA wanted both contemporary data and a little bit more data.

So I think we’ve got that covering as well as remembering that we have an SPA with the agency. Of course SPA is not always completely perfectly adhered to by the agency, but I think on those masses of patient numbers they usually fairly constant, so we’re able to fulfill their needs, I think now.

Navdeep Singh – Deutsche Bank Securities, Inc.

So, is there a proportion of MRSA patients in your Phase III trial similar to the real world?

Clive A. Meanwell

Proportion? Well, the problem it depends on which real world you’re talking about. I think for us the U.S. MRSA population is mainly in California, Baltimore. Besides that we’ve got some in India, where we’re recruiting patients, quite a few MRSA patients. Our numbers will be sufficient, whether it’s going to be a perfect representation of every country in a global proposition, I think it’s questionable. I think the real question that FDA is asking, DMA are asking the same question, do you have enough experience of killing MRSA in-patients? And we’re worried about the epidemiology when it comes to marketing.

Navdeep Singh – Deutsche Bank Securities, Inc.

Okay, we’ve got a question from the audience on our Oritavancin. And so the audience number, Oritavancin will require a major practice change in hospitals, is that a heavy lift?

Clive A. Meanwell

Yes, it is. But I think that’s what innovation is all about. If a patient comes to the hospital, let’s say by way of an example, a young football player or a wrestler arrives with a nasty looking infection that could be MRSA, he faced with a number of choices at this point. You can certainly start up the vancomycin or even daptomycin, sorry. And start a series of infusions over the coming few days, weeks even or you can cure the patient with a single shot in the emergency room.

As a parent, I know which of those two I would go for. I think there are many situations where adequate new innovative treatments need to change in practice, and especially where that change in practice saves the hospital, or the payer or both a lot of money, I think that changes in practice that can be made to happen based on data.

Obviously, this is speculative, and so we get the results of the trials, but I think our work on the economics of care here make this quite an attractive proposition, any change of practice in a hospital is difficult. We’ve experienced with Angiomax, the need to change practice on many things such as patient throughput, the way the (inaudible) managed off the case in selling us – so called are many. So absolutely the questions, that’s right, it’s the difficult thing to do.

Navdeep Singh – Deutsche Bank Securities, Inc.

So after you give Oritavancin, there have to be some time that the physician monitors the patient or are you…

Clive A. Meanwell

Possibly.

Navdeep Singh – Deutsche Bank Securities, Inc.

That would be a few days where you have to see the infection kind of subsiding.

Clive A. Meanwell

Oh, for sure, you’ll have to go back and see somebody and make sure you’re being cured. I mean it would be crazy not to do that.

Navdeep Singh – Deutsche Bank Securities, Inc.

Okay. All right, maybe a question on your competitors in this space (inaudible) has got a molecule being developed for the same skin infection indication, so does a company called VIBEX with (inaudible), again the skin infection indication. Any sense on how Oritavancin compares to those in terms of may be efficacy, and how broad spectrum the drug is?

Clive A. Meanwell

I think all of these compounds are being tested as non-inferiority test against vancomycin. I’m not aware of any head-to-head trials that are planned will be done, so it’s very difficult to comment about direct comparison. I think from an MIC point of view, I think that the MIC values for Oritavancin are certainly in the leading part of the class, if not the leading spectrum.

So to the extent that one can extrapolate from in-vitro to bacteriological testing, I think we feel quite comfortable. But in terms of clinical comparison, I think that’s practically impossible, and certainly impossible until we see – have very least everybody’s results again vancomycin.

Navdeep Singh – Deutsche Bank Securities, Inc.

Are they any other question from audience? Okay, maybe moving onto Cangrelor, you have an interim readout in Q3, at that point I think you’ll know the blended event rate, what your expectations of that blended event rate, and let’s say it comes in higher or lower, how do you deal with that?

Clive A. Meanwell

Well, if it came in higher or lower it would mean, it is different to what it is today, because right now, it’s slightly above the anticipated blended event rate. So in fact, it’s a very key question out there, because knowing how many events are occurring in your trial is really fundamentally determining the power of the trial.

And we set the trial up with set assumptions about event rates; we seem to be tracking to those aggregate event rates very closely, so just toward – the information we’re working with was helpful. And I don’t think it’s likely to change by the middle of the year based on where we are today.

So I think we are where we need to be, and the power of the trial will not be limited by the number of events, the power of the trial will now be determined by the relative effectiveness of the two drugs.

Navdeep Singh – Deutsche Bank Securities, Inc.

Okay. And maybe a question on, if one of the interim happens, you’re going to have – the interim is going to be in 11,000 patients, is it correct?

Clive A. Meanwell

That’s correct, yeah.

Navdeep Singh – Deutsche Bank Securities, Inc.

And then you’ll figure out, if you have to increase the number of patients to 15,000 or…

Clive A. Meanwell

Just to clarify to that, the assumption is that we need 15,000 patients.

Navdeep Singh – Deutsche Bank Securities, Inc.

Okay.

Clive A. Meanwell

This is an interim look on the weight of 15,000 patients which may allow us to increase or decrease the total number of patients required, but the current assumption is that we need 15,000 patients.

Navdeep Singh – Deutsche Bank Securities, Inc.

Okay. And when are you expecting final data from that?

Clive A. Meanwell

Well again it would – the question is right, but it would rather depend on the interim analysis. Since we’re recruiting in the ballpark of 800 to 1100 patients a month, going to 15,000 patients will require another five to six months.

Navdeep Singh – Deutsche Bank Securities, Inc.

Okay.

Clive A. Meanwell

More or less, we’d be comfortable on that basis, almost.

Navdeep Singh – Deutsche Bank Securities, Inc.

And is that trial also under SPA?

Clive A. Meanwell

No, we didn’t do an SPA for that trial.

Navdeep Singh – Deutsche Bank Securities, Inc.

Just because if the FDA is comfortable with it, and you talked to FDA when designing it?

Clive A. Meanwell

Oh, absolutely. I think we have – SPA is very helpful for some divisions that are struggling with guidelines and trying to help companies as concrete if possible. And I think in the anti-infective space particularly for skin infections, the division was hopefully trying to provide concrete guidance to all of us. There are quite a few of us in that space as you’ve pointed out. And therefore an SPA make sense to just check the boxes to make sure if everybody is on the same page.

I think the cardio-renal division is so experienced, and done so many of these ACS trials and PCI trials. I think that much more comfort with the type of methodology and endpoints that everybody is using. And certainly, we’ve worked a lot more with cardio-renal than we have with the infectious disease group. So I think it’s natural for us to not need, we do not feel we need an SPA there.

Navdeep Singh – Deutsche Bank Securities, Inc.

Okay, my final questions is on GAIN; GAIN standing for Generating Antibiotics Incentive Now, and it’s being passed through the house and the spending right now, and what it would is, it would add five years on to Hatch-Waxman extension for all anti-infectives, because those who are going back to Oritavancin, any sense on the timelines here or what that status here, and what’s the likelihood of it going through?

Clive A. Meanwell

Well, if ever there was a poster child for legislation as important part of improving the likelihood of innovation, I think The Medicines Company is that. We spent seven years on the Hill, it felt like 70 years on the Hill trying to help Congress understand the importance of incentives for particularly IP incentives for innovation.

So first of all, we’re very positive and excited about the GAIN Act. I’m very grateful to the leadership of Cubist in the whole thing. I think it’s appropriate that Cubist should lead this given a market leadership, so it’s excellent.

I have to say, saying then about the likelihood success, having worked on the Hill a long time. These things are difficult to get done. I hope it happens quickly. I hope it happens with bipartisan support. My general experience is that common sense doesn’t always prevail there as much as we wish, and so I reserve judgment as to how quickly and how profoundly it can get done, but I certainly hope it does, it’s an important step in making sure that company such as ours and others that you mentioned are incentivized with carrots, not sticks. And a carrot for innovation is generally the best approach. So I’m very happy that this is being considered.

Navdeep Singh – Deutsche Bank Securities, Inc.

Okay. All right. With that, thank you so much for coming here and presenting.

Clive A. Meanwell

Yeah. Thank you very much for the invitation.

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