Q1 2020 Earnings Call
Ladies and gentlemen, this is the operator todays conference is scheduled to begin momentarily until that time your lines will be again placed on a musical. Thank you for your patience.
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Thank you for standing by welcome to the Stare Technologies Conference call.
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I'd like to remind everyone that this conference call is being recorded today April 14th 2020, or 30 am eastern time.
I'd now like turn the call over two dozen associate Vice President of communication Corporate Affairs distribution. Please go ahead.
Well, Thank you and welcome partly bank, President and Chief Executive Officer up their technologies as well as Mr., Philip <unk> Senior Vice President and Chief Financial Officer will be the speakers on today's call acuity period open exclusively to financial analysts will follow their presentation.
Before Paul begins his remarks I've been asked by third technologies to read the following message regarding forward looking statements I would like to remind everyone that they're a technologies remarks today contain forward looking statements about its current and future plans expectations and intentions resolved levels of activity performance goals or achievements.
Or their future events or developments in preparing these forward looking statements. Several assumptions were made by carry technologies and there are risks that results actually obtained by the company will differ materially from those papers.
As a consequence the company cannot guarantee that any forward looking statement will materialize and you are cautioned not to place undue reliance on that there were technologies rephrase current and potential investors to the forward looking information section of its press release issued this morning and to the risk factor section of its annual information form David February 24th.
2020.
At Triple double you, Doug Cedar Dot com and on Edgar at Triple W. Dot FCC Dot geography, as an exhibit to our report on form 40 F. They said every 25 2020 other Terry technologies public filings.
Forward looking statements represent very technologies expectations as of April 14th Twentytwenty, except as may be required by securities laws heard technologies does not undertake any obligation to update any forward looking statement, whether as a result of new information future events or otherwise I wouldn't I like to turn the conference.
A workable.
Thank you Denise good morning, everyone and thank you for being with us today.
I was very much looking forward to my first opportunity to introduce myself and to make acquaintance with the analysts into many investors on the line today.
Of course, I would have preferred that my first thought they get parents as president and COO up third technologies happened on their better and more normal circumstances.
Some of you May Wonder why you decided to the Pfizer enjoy joint a small Quebec based pharmaceutical company.
Let me answer this question by giving you a bit of background as to where I come from and how I see opportunities unfolding at that Sarah technologies.
I grew up in Quebec City work completed my own do or graduate degree biochemistry I didn't obtained my post graduate degree management from Mcgill University.
I pursued this academic training given my attractions to science in business not surprisingly I turn to the farm industry. My first you I'm in pharma was with John where I stayed with the first six and a half years of my career I, then joined Pfizer 1992, where it spend the next 28 years interest.
Finally, I'd been position outside of Quebec, namely, the United States, Europe, and Asia for half of those 35 years in the industry.
My last assignment as Pfizer as Doble president of the rare disease business unit was particularly exciting challenging and rewarding.
I've learned a lot.
Including to bring to patients unique therapies in areas of high unmet medical needs.
Its expertise is what I want to put the contribution at their technologies as I foresee great opportunities ahead, where the same skill sets and approach will allow us to win in the marketplace.
Sarah technologies possesses all the key elements of a global farm out with into when capabilities and a promising future.
It has to commercialize assets in areas of unmet medical needs She'll Garcia was approved onto your priority review was designated as breakthrough and features a unique motive action preventing the HIV virus to enter into this house combined to its safety profiles regards always an indispensable tool for HCP to control the.
Our loan in many patients.
Are there more to regards will benefit from widespread reimbursement.
As for Bristow. It is the only product approved to treat HIV associated lipid dystrophy, embolic condition, which has serious health consequences. The recently launched as the formulation offers a smaller injection volume comes in a single violin can be kept at room temperature.
The table the table is set I believe for increased demand.
Now, let's talk about our pipeline for a moment started technologies has a promising pipeline in Nash in oncology platform, which holds great potential.
And Chris down has been on the market for eight years and its safety profile is well established the thinking is that preventing and decreasing the accumulation of fat and deliver can prevent style or reverse the horrible inflammation cascade and health consequences associated to Nash.
Based on feedback received from the FDA and Yeah me. We're currently contemplating different trial designs to maximize the opportunities.
Last but not least the animal model related to our oncology platform is also showing great potential and will be soon ready to enter first in human development.
In summary, not only do we have a significant potential with the assets already approved into your west any you, but the future is exciting and full of promise. This is why I decided to join our technologies I.
I feel absolutely privileged to have been called upon to take the Hell of this company at this time when it is facing such an exciting inflection point.
The company has existed for over 20 years and top notch individuals will help me carried the torch to success.
This said, let's talk about my 60 or 90 day plan.
During my career I must have transitioned to new roles over 15 times every time I go at it in a very simple, but systematic way.
This time would be no different as I will start by assessing capabilities within the company.
I will then review our business model in pin down believers of success in the investment required to fully activate them.
Once everyone is onboard with what the right plant is then we will focus on the execution and I will hold people accountable for doing what needs to be done.
As previously said this is a simple way to dive and they said this situation, but it is the best way to share objectives and get colleagues toward as a cohesive team.
No. The current situation Colvin 19 is everything but normal and therefore, it will be imperative that we find an effective way to keep interacting with Ahgps inpatient Association.
From an operational perspective, the team was ready to phase a crisis, we had a plan in place to ensure that patient would continue to have access to our products.
The plan with rapidly implemented.
We managed to take care of patients, while protecting the health and safety of our employees and avoid it kept us tropic scenario, where key employees could have been contaminated and become sick, thus threatening business continuity.
We had to technology required to have every one of our head offices in Montreal in Dublin fully productive working from home.
[noise] measures taken have been effective so far Furthermore, our supply chain remains unaffected and inventory of our products is sufficient to meet market demand for the next 12 months.
In all territories, where the our commercialized.
Ever since the crisis structure, we have worked to scale up our virtual capabilities. As you know over sales representatives can no longer have face to face meeting with position in light of this challenge with quickly implemented measures to maintain and traction with physicians through virtual meetings and webinars.
Despite these times being challenging I believe that there's an opportunity for us indeed people living with HIV or among the most vulnerable to covert 19.
This is especially true that patients viral load is not well control and his or her immune system is compromised shurgard, who has been on the market for 18 months and has proven to be safe and effective in patients for whom other existing treatments have failed to bring their viral load below detection level.
In fact, its unique mode of action makes it an ideal add on foreign control patients.
More than ever these patients must be looked after it must receive the best care available to protect them from Kobin 19 and to avoid the potential dire consequences are being affected by it.
If anything cobot 19 is a good lesson to all that we should we shall not be lenient when it comes to patients with detectable in unstable viral loads. This message is not only clinically rather than it is completely grounded in today's crisis.
We will now use the best equals to bring dismiss it should targeted healthcare professionals and patient associations in the current context. Our goal is to ensure that everyone. Currently treated with one of our products continues to be without interruption and that patients who should be treated with one of our products receive it without undue delayed.
At the end of the day, we must remind ourselves that this crisis is not going to last forever.
As it unfolds my role and data my team needs to maintain the highest level of activity under the circumstances, well looking ahead and being ready when things start getting back to normal I.
Our future also rely on the development of our pipeline.
As we reported on March 31st our research and development activities are still progressing and thus far the clinical research organization, we work with.
Our still active.
On the Nash front were pleased with the feedback we receive from both the FDA and from M.A. regarding the proposed clinical development programs.
Where does the marlin in the treatment of Nash in people living with HIV.
We should started discussions with a two agencies fairly soon to find a common approach for the research protocol.
As you as you know we intend to use a new formulation of to some orman also known as <unk> eight.
Lets study to assess the bio equivalence of this new formulation to the original version of the some Marlin was recently completed which paved the way too we complete Bioequivalent study, which should be soon initiated.
Compared to the recently launched a grid SV this new formulation of to some Mormon can be reconstituted once a week and remained stable at room temperature. After reconstitution. Furthermore, given it's much smaller volume of injection Saar technologies is assessing a multi dose but to inject.
For the S. Eight formulation the F. Eight formulation is patent protected until 2033 into your west in until 2030 Ford in major you countries.
Our oncology program is also moving forward then we should be in a position to release, new pre clinical data in the near future.
So as you can see we remain very busy despite the crane context.
Over the coming days and weeks, we'll continue to develop and implement new initiatives aimed at reducing the impact of the crisis and to give us an edge when we come out of it.
On that note I will let now they need present, our results for the first quarter and I will come back after for a few closing remarks today. Thank you Paul good morning, everyone before diving into our financial results for the first quarter I wouldn't like degree give a brief update on our European operations.
Please to say that we received an initial triggers or shipment for mucci in China at the beginning of March and that testing and quality control. The release of the shipment is ongoing we do not foresee any issues preventing the release of commercial product.
As your is pretty much coming to a standstill. We're currently reevaluating the timing of our launch, but we're confident that we'll be able to commercially launched regards though before the end of this fiscal year as discussions with payers, which were highly encouraging have slowed substantially in the past few weeks.
We also have encouraging signs in the market as new patients are still coming into our early access programs highlighting the level of interest and the need for the product in the countries.
We closed our first quarter a couple of weeks before a worldwide pandemic was declared by the World Health organization.
Our first quarter results were not affected by the pandemic and we recorded consolidated revenues of $15.7 million compared to $15.1 million for the same quarter last year.
This represents a growth of 4.1%.
During the first quarter servers, or net sales reached $7.2 million compared to 6.1 million for the same quarter last year, representing an increase of 17.4%.
Cars will sales growth was the result of increased efforts put behind marketing.
Medical education efforts and patient engagement, such as direct to consumer campaign and increased social media presence.
As for our Grifter franchise.
Sales were slightly down due to a longer than usual delay between the time. The prescription is written and the time the patient receives the first treatment.
This is due to the introduction of a script as fee and is quite normal in a transition period. When some ensures might take more time than others to include new products on their formulary.
We expect the situation to come back to normal during our current second quarter.
For the first quarter of 2020 gripped the sales reached eight and a half million dollars compared to 8.9 million for the same quarter last year.
Cost of sales in Q1, 2020 reached $6.7 million compared to $6 million for the same quarter last year. The increase is primarily due to higher sales of progresso, which carry a higher cost of goods sold.
Cost of sales also includes a 1.2 million dollar.
Charge and amortization, a figure which is stable from quarter to quarter.
R&D expenses increased to $3.4 million in Q1 compared to two and a half million dollars for the same quarter last year increases largely due to the development of our oncology platform and various regulatory expenses related to test the Marlin.
So the three month period ended February 29, 2020, selling expenses were up compared to the same quarter last year.
For Q1, 2020, they amounted to $6.4 million compared to $5.4 million for the same quarter last year the increase in marketing activities in the you in the United States and the development of our in fracture infrastructure in Europe explain the increase in selling expenses.
DNA expenses increased as planned to $2.6 million in the first quarter of 2020 compared to 1.5 million for the same quarter last year.
The increase is mainly due to the overall growth of the business the higher level of activity in Europe, and the lifting our common shares on Nasdaq.
In Q1, 2020 finance costs were $1.3 million compared to $1.1 million last year.
Finance costs also include finance costs include interest on the senior convertible notes as well as an accretion expense of $500000 compared to 357000.
For the same quarter last year.
The first quarter 2020, we recorded a negative EBITDA of $1 million compared to positive adjusted EBITDA of $1.5 million in Q1 of last year, and we generated a loss of $4.5 million or six cents per share compared to a net loss of 1.2 million.
Or two cents per share in the same period last year.
During the three month period, our operations use 994000 of cash while changes in operating assets consumed 3.8 million, mostly as a result of a decrease in accounts payable.
Our financial position remains strong with close to $35 million in cash and bonds at the end of the first quarter.
As previously announced given the current situation with the worldwide endemic we have pulled our revenue guidance for the current fiscal year until further notice.
I'll now turn the call back over to Paul for his closing remarks.
Thank you city, when I decided to join a third technology. The pandemic was not even on the radar. My decision was based on the fact that third technologies has great assets both commercial.
And in development.
The pandemic has not change any of that our assets and potential are there for the long term, but the pandemic as a short term event.
We've managed to keep our business moving forward and to maintain our supply chain intact.
Given our inventory levels I'm, not constrained by product shortage for existing and new patients.
As nobody knows how long this will last my focus will be to monitor this tuition closely and to align our expenses based on the evolution of our revenues in the coming months at the same time to team will try to turn this difficult situation into unfortunately.
Now more than ever people living with a non controlled or detectable viral load need to be looked after.
We will continue to implement new initiatives to reach health care pretty practitioners and patients virtually to communicate this crucial message.
We had been able to trend on the diamond to adjust very quickly to the reality that that change our world.
We were among the first in the farm industry to implement contingency measures to minimize the impact on our business and to preserve the health and safety of our staff and our customers I want to thank the entire team for what they have done so far and for their continued support as we work together to make it through the crisis I have no doubt.
Now that we will be coming out of this stronger I want to thank you all for being on the call today, and we will now take questions from financial analyst.
Thank you.
At this time I'd like to remind everyone in order to ask a question. Please press star followed by the number one on your telephone keypad.
Again, if you'd like to ask a question. Please press star followed by the number one on your telephone keypad and we'll pause for a moment, while we compile the Q and a roster.
And our first question comes from the line of Brian Abrahams.
Go ahead. Please your line is open.
Hi, Thanks, so much for taking my questions, Brian Abrams from RBC capital markets here.
I guess starting off on for cars. So just wondering if you maybe talk a little bit more specifically about how the administration of cars those being accomplished.
During this covered 19 crisis.
What kind of impact you're seeing of the pandemic on new patient starts and compliance for existing patients.
And whether there might be ways to further increase the rate of.
But with patients are getting home infusions, what whether the barriers there that's something you could potentially accelerate in this environment that a follow up thanks.
Thank you Brian for the question I'll turn to until then our head to head of commercial to answer the question with hands on experience Chauvin.
Yes, Thank you Paul and thank you Brian for the question so.
As it relates to the infusion process, Brian we have not seen any impact as of today.
All the locations that are confusing are considered a central services and for the home infusion situation. We have people that are certified and to necessary precautions as it relates to the slowed down I think it's probably fair to say that there has been a slow down across the industry on on a multiple therapeutic carry.
Yes.
And it varies from come through the company, we have seem a little bit of his phone number we are still very happy that we are continuing to get enrollments for both for guards, though and the graft Oh during this past these past few weeks.
Got it that's really helpful. And then I guess just my other question would be sort of bigger picture a first of a welcome to Paul and Paul just wondering if you could maybe speak to and obviously I know it's early days, but.
Your thoughts in terms of any potential.
Changes in overall strategy or expansion of focus for the company, perhaps into some of the areas I would like rare diseases, where you have particular levels of.
Experience that you can leverage as well and I'll hop back in the here. Thanks.
Thank you. Thank you for the question what I said in my opening remarks, I think that I will be a going at it in a very systematic way side I just want to review to keep abilities of this organization I had been onboard now for the last six days. So obviously I still have a bit of deep dive to do.
But so far so good I'm very very happy with the colleagues and their knowledge and the fact that they've been carrying the load for so long This company has.
Has had success and is well incurred now.
It all starts with having products that actually offer solutions to unmet medical needs. So I need I need to review you know the quality of our message and what is the plan that we have to make sure that we yes, we'll take advantage of the opportunities and I truly believe that it's the same type of work that out.
Was doing at Pfizer in rare disease, it's it.
Small population.
But at the same time would just need to resume on those patients and healthcare providers that actually face a situation where patients are not controlled the best possible way and then he execution is where we're going to win in the marketplace. So I'm going to go in a very very systematic way, but I'm pretty pretty sure that these products and actually fine.
Significant success over a decent period of time.
Got it thanks, so much.
Thank you Brian.
Our next question comes from the line of Edward Mash Go ahead. Please your line is open.
Hello, Paul Inflate the technology steam Adam on for Edward.
Question for you guys.
First as if you could comment on the status of conversion rate from a growth to grifter SDN and has this process slowed at all during the the pandemic and kind of what they do you have any numbers on what percentage of the listing grifter users are now on the SB lessen.
Thank you as Edward for the question yes.
Version as occurred and is that being slow down for a couple of a reason, but I'll turn to show fan who has the latest information on this he will tell you again, what has been Dia reimbursement status and when we believe that things will go back to normal Ben.
So then you may be on mute.
Perhaps you're absolutely right Paul I was on so as it relates to the conversion question the percentage of patients in Q1 that we've been able to the new starts rather than we've been able to start on the <unk> is is hovering in the range of about 60%.
We are getting close to having all our plans at the same level of where we are with the original a gift formulation.
We are seeing a little bit of slow down as it relates to some of the government payers, taking action and putting a group to on a gross destocking on formula, but we expect that to that activity pickup over the coming weeks as they move more and more towards.
Towards virtual meetings to be able to address those aspects. So probably to your point about one will things get back to normal and that's that's a difficult question to answer but likely it seems to be headed towards at least from the standpoint of the payers that we're making progress on some key.
This is were slow down a little bit but expect within about a month, we should be we should be in this in a position where the formulary is at least in the coverage we should be in a position what were fairly close to where we are dealing with the formulation.
Excellent. Thank you for that a clarification then any any additional comments it can make about the status of the S. Eight formulation and hasn't injector been identified for the use of that as of today.
Yes, Adam it's been Embeds Vic here.
The where we're at the we pretty much founded dose that we believe will be bioequivalent, but we need to confirm this so.
We are planning a confirmatory trial that should start next month, but.
We need to.
We need to be sure of that with our CR. Although we were not seeing any delays right now we haven't identified a few injectors.
Injectors that are already on the market that have been used suffer a number of years. So we don't believe that that'll be the.
The time critical factor in the in the development and launch of the paid but we have found a few and we're confident that will get.
One that is.
Adaptable to Christa.
Yeah, that's written in there and then.
Yes.
Maybe you can send us through to remind that the F. Eight is stable that's room temperature and even once reconstituted than for the patient to have a multi dose vial and the pen will be a pretty significant advantage.
Yeah, No no that's true.
I just want to one more comment before.
Turning it on over.
So can you just can you just comment again, whether there were any supply hiccups first regarding the or a drip drip to me I know you made a comment earlier, but I just want to see.
Additional detail or color you can provide and thank you.
Question, I'm, sorry, I didn't get that Adam.
Oh I was wondering if there was any sort of imply hiccup or any sort of additional color you can supply for the grip day gripped the products.
For the for the transition.
No supply because that's right.
That's helpful supply no. We have we have no issues actually we have a lot of inventory as well.
When we launched a griffith the we manufactured a few locks up for validation and so we have we have at least a year of inventory of grouped as fee.
Thank you I work for.
For your question.
And again as a reminder, if you'd like to ask your question. Please press star followed by the number one on your telephone keypad.
Your next question comes from the line of Andre Modine go ahead. Please.
Your line is open.
Good morning, everyone.
Graduations, Paul on your claim and in terms of a marketing expenses.
Do you feel if you could answer that's how how much on a monthly basis should we expect the run rate roughly drop given that you're not going to be able to have any sales reps on the ground marketing to physicians you won't go to conferences.
And RUPS won't be trial.
Thanks.
Thank you and entry for a four for your question I do not have and I'll turn to people in a moment, who can comment more precisely but I do not have this number but the point is to say, obviously, we're going to be saving money from many of those lines like traveling.
Like DNA and all of this question is is wet what is it that should be reinvested to support the business what is it that needs to be saved to ensure that we don't.
Jeopardize profitability, so we're going to put the cursor at the right place, but we aren't a growing mode and it's important that we don't short change our itself when comes down the potential of the topline for these assets, but I can tell you we're going to do a deep dive to actually take a look closely at what type of expenses can be bank and how much of that can be around.
Invested in some of their activities could if do you want to comment further well it's difficult to say at this point Andre because we of course, there's a lot of expenses that will be.
Lower.
But the we're not planning any cuts for now it depends on how long this.
And last and how long are salesforce needs to stay at home.
So right now we're not planning any cuts in personnel.
Obviously, some some expenses will be lower but as Paul said, we might take the opportunity to look.
At how to redeploy that capital so it's difficult to say, it's safe to say that it will be lower.
But putting a number at this point is it's probably not doable.
Just one other question given the coven 19 as to HIV domains and that's genome.
Just wondering if you're going to be.
Well games the virus.
We didn't get that last part Andre.
I can't say the question.
Given that cobot 19 has two different HIV domains and its genome I'm just wondering if you're going to be testing for GARS old games corporate 19.
No. Thank you for the question Andrei So Tristan do you want to answer that question. Please.
Absolutely the a we got some discussion of course like many of the other companies and.
At the moment base on the way the you, Belgium and is working on the C.D. for them in two of the CV for Todd the scientific rational might not be the best to some extent in terms of anticipating activity for coal that but we're also trying to work with some to see for Kent does that just in case, we see some activity then.
There are very busy at the moment, but in the coming weeks I think thats will most likely be able to test the anybody's Matt.
Thank you.
Our next question comes from the line of Andriano.
Please your line is open.
Hi, Good morning, and thanks for taking my question quick question for me I was wondering if you can and.
Paul you commented a little bit on that's fairly soon in terms of the discussions with yet the India me on a great stepper Dash I was wondering if you can't provide perhaps a bit more of a concrete timeline.
And also what.
And so anything like that you guys said that in terms of what kind of requirements are the differences between the two agencies are that you are trying to bridge unified development approach.
[noise] entry. Thank you for the question. This is a very important program for us and we want to make sure that we harmonize the feedback and we have only one trial further that is going to be satisfactory to both agencies. So we need to agree to endpoints, we need to agree to samples.
Size or a cohort size and Thats what were trying to do at the moment, we just want to make sure that we havent right thing we want to do it with the formulation as for the previous comments. We've made it sound do you want to add anything to that.
Yeah, well the a the dismissed and would you have D. N D. I mean, just taking place now because we received the feedback and we're pleased with the feedback that we received.
You know it takes time because by the time that you send your response you have another 60 or 90 days, but everything is everything is a line of the moment for a start of the port program towards the end of this year.
And the goal is to have a common protocol for both you and the U.S. and as Paul mentioned before and set up in his answer for do you have eight we'll be starting the confirmatory study with DS eight.
In coming weeks and based on those results were based on the results of the pilot we're quite confident that can show bio equivalence and with the confirmatory study then we would be ready to start the Nash program at the end of this year with the new formulation, which will be animal to those file.
So we're very pleased with the discussion so far.
Great. Thank you very much.
And again, if you'd like to ask your question. Please press star followed by the number one on your telephone keypad. Our next question comes from the line of Doug Low go ahead. Please your line is open.
Good morning, Thanks, very much operator in the Caldwell Board.
With regards a little bit that's okay.
Little bit of a good news bad news story in the quarter in our view.
Positive that it's up 74% year over year that uses its only up 74% year over year during still early days of launch so Paul just wondering here on your early days looking at the the market opportunities with regards those specifically.
You.
I agree with our noses and others the target market, even just in the U.S. and somewhere between 10 and 20000 patients somewhere in that range current sales levels would still implies that there are more drug resistant patients who are not.
As a therapy that who are just what do you want just kinda talk through the competitive landscape there what the what the barriers urgently to overcome in order to enhance adoption is it pricing as it is likely to those to confuse et cetera is and as products.
Intractable problems to consultative sales growth going forward there I'll just leave it open ended there just kind of comment on on how you think you might be able to kick start to quarterly sales.
For two cars when future periods I'll leave it there thanks.
Thank you Doug for the question I think this is a critical one so let me give you a a few a few bids from my perspective again after six or seven days on board.
Sure Gardasil is indeed.
You know a approaching the marketplace with a you know and offering that is significant because there is an unmet medical need there. There's many many patients that are facing resistance at this time.
But to your question what is it that needs to be done I think trocars always challenging the mindset and the paradigm of treatment.
Let me take.
And draw a parallel with.
Rheumatology and Rheumatology first line medicines are infusion. The Remicade is a is an infusion medicine has been for many years and it's still standard of care in this category doctors switch to oral combination a while ago and now we have to challenge them challenge them to say you know the infusion is half an hour.
Were twice a month the drug is well tolerated and more importantly, the mechanism of action is probably the best when you can have because it prevents the virus from entering into this.
So we just need to do a fair amount of education education that there were MSL can do our opinion leaders can do our reps can do my following up on on D. sort of Webinars and calls, but I think that if we don't stepped back it a little bit and go high on science doctors will not create that sense of urgency for themselves that.
We need to have that's one.
And second I think that I want to review.
Very very deeply the type of pools strategy that we have because I'm absolutely convinced that if patients were to know that this was an option for them knowing that whatever happens to them will happen for life I think that many of them would say I wouldn't mind, having you know in Ivy I formulation twice a month infusion like we've seen.
Other categories, providing that this is the best long term strategy for me and I think that this is where we are we need to challenge the mindsets of both providers and patients and that is why I'm going to review the plan and put emphasis on the education pace, because there's a bit of education to do and I think that if you don't.
You go too fast to selling without doing.
Just as to what the education component you want succeed in the marketplace. So infusion I'd infusion is effect if it's a this medicine was not I'd infusion, then obviously could open up to even at a bigger set of patients but at the same time I don't see from many resisting patients the Ivy formulation being an up cycle.
Providing that would put that into perspective with each at Ivy providers. Thank you for the question.
That's good feedback flexible.
And there are no further questions in queue at this time I turn the call back over to our presenters.
Well. Thank you very much hubs as there are no.
Okay.
Okay. So as there are no additional question at this time I want to thank everybody for being on the call. This morning, and I wish you a very pleasantly. Thank you.
This concludes todays conference call. Thank you for your participation you may now disconnect.
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