Q1 2020 Earnings Call
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Good day and welcome to the I very bio first quarter Twentytwenty results Conference call. Today's conference is being recorded at this time I would like to turn the conference over to Kathy Galante. Please go ahead.
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Good morning, and welcome to.
Hi, guys bio.
Okay.
Representing idera today, we strengthened our chief Executive office, and President Dr., David Guyer Executive Chairman Mr., Dave Carroll, Chief Financial Officer, Dr. per vehicle, Chief strategy and business Officer, Dr. cores reside Chief Medical Officer, Dr., Abraham Galleria Chief Scientific Officer.
Sir.
Wes eight chief operating officer.
I'd like to remind you that today, we'll be making statements relating try third but future expectations regarding operational financial and research and development matters, including statements regarding the impact of the Kogut 19 pandemic on our research and development program operations and financial position and on the practices of the retinal.
Specialist and the conduct of clinical trial, our expectations do you use RPH Q. Arlo Guthrie, our previously announced clinical trial the more for the treatment of geographic atrophy ever phase three clinical trial, our development and regulatory strategy. Furthermore, including our plans and expectations for a second phase three clinical trial.
Evaluating the more for the treatment of geographic atrophy, our hypothesis regarding complement inhibition in the mechanism of action for the treatment of geographic atrophy.
Our projected use of cash and cash balances the timing progress and results of clinical trials and other research and development activity.
Essentially utility and development potential of our product candidate the size of the potential market for indications our product candidates are intended to treat and the potential about business development strategy. These statements constitute forward looking statements for the purpose of the safe Harbor provision under the private Security Litigation Reform Act of 1995.
These statements cover many events and matters that are subject to various risks that could cause actual results to differ materially from those expressed in any forward looking statements, including risks relating to the future progression of that covers 19 pandemic and its impact on our research and development program operation and financial position initiate.
Fashion and the progress of research and development programs and clinical trial availability of data from these programs reliance on University calibrated and other third party establishment of manufacturing capabilities expectations for regulatory matters need for additional financing negotiation and consummation of business development trends.
Action and other risk I refer you to our SEC filings any particular to the risk factor section in our annual report on form 10-K filed on February 27, 2020 for a detailed description of the risk factors affecting our business. In addition, any forward looking statements represent our views only as of today and should not be relied upon as that.
Presenting our view at the many subsequent date, while we may elect to update these forward looking statements at some point in the future. We disclaim any obligation to do so except as required by law I'd now like return the call over the Glenn.
Thanks, Cathy and good morning, everyone and thank you for June or call. This morning.
Before we get sorted if you want to acknowledge the kohl's is going to situation.
Hopefully all of you listen to doing your family's also too soon.
Let me begin today by introducing the new was number or global executive management team Dr. Priddy, Google for Veeva globally recognized retinal scars specialists, who has extensive network and won't screaming relationships with the biotech formal ophthalmic community.
He was also more than 200 papers 45 bookshop fees.
It has been invited to look through several more key medical meetings with the services visiting Professor University worldwide.
He is on the editorial board of several several major medical journals for being with internationally recognized as a major clinical researchers.
It has been principal investigators in over 100 multi center clinical trials.
As resurgent educational contribution burns in the prestigious senior on or award from the American Academy of Ophthalmology.
He has been a lucky improves as soon as the retina subscription Gary would chairman for the American Academy of Ophthalmologists annual meeting in.
He has also been Olympism previously served as a member of the board of directors are the largest retinal society United States. The American Society of retinal specialists in the largest retinal society in Europe right now.
In addition to as many accomplishments in contribution to the rental community.
He was also consulting.
Over 40 pharma and biotech companies.
Our executive Vice President and Chief strategy and business Officer, we believe previous experience will be instrumental in helping us build alliances with potential future collaborators investors and other stakeholders.
We will help lead the company strategy as we advance our portfolio therapeutics and gene therapy, R&D programs targeting multiple retinal diseases as well as new opportunities that could expand our portfolio and build our leadership in developing transformative therapies for treating retinal diseases.
So I just have produced joined the company in a few moments you'll hear from pricing.
We entered 2020 with positive data from multiple ph 2003.
Screening trial on the more in geographic atrophy or G., a secondary to age related macular degeneration or any Andy.
These results, which we believe qualify or ph 2003 is a pivotal trial for registration purposes.
Well a watershed moment for us and positions are those bonds in the late stage clinical company in the potential multibillion dollar market.
Although our view of results from this pivotal trial has not changed we've changed the phase distribution will now refer to it will ph 2003 for the phase two three or phase three trial.
Recall that RPH 2003 would not have qualified as a pivotal trial had the result from not hit statistical significance threshold that we observed both in the more two milligram and use of war four milligram treatment groups.
Following the positive efficacy results and favorable safety profile observed in this trial will.
We began the process in the process of initiating is second to the more phase three clinical trial, which we call IC 2008.
This clinical trial was on track to initiate patient enrollment in March 2020.
Let me also to this terrible Camden is our main priority is always been the health and safety of patients and their caregivers as long as physicians in their staff when all employees and collaborators.
For March we chose the policy initiation of patient enrollment.
For our C 2008, two to 2008.
He was the dedication and unwavering support of our clinical investigators in their staffs, along you know experienced clinical operations team, we put in place an aggressive strategy. Furthermore, we continue to activate additional storage.
In progress other trial initiative activities, including the identification of potential patients. So that we will be in a position.
With viciously begin enrolling patients as weak as soon as we determine the appropriate time to do so.
Course in his review will go into some of the details of the trial as well as some of these initiatives that we have taken to keep engage with our investigators and clinical trial sites.
Beginning a 2020 as bore on processing times. However has also been a productive calling for us here and I've done style.
In January we announced the design of IC 2008, clinical trial and within three months to the announcements or clinical operations team has completed the activities necessary to begin enrolling patients on a number of clinical sites.
For the previously mentioned, we are poised to initiate enrollment assumes the coated 19 situation improves to a level that we you know investigators believe it's safe to begin patient enrollment.
Following the positive initial topline data that we reported at the end of October 21 team.
On track to receive the 18 month data from multiple ph 2003 phase three clinical trial.
Ended the second quarter 2020.
Tim the primary purpose of the 18 month ton point data is to gather additional safety data.
We were granted fast track designation from the Usfifty eight for some more for the treatment of GE a secondary to AMC fast track designation offers important benefits.
Including frequent interactions with the FDA and the potential eligibility for rolling submission and priority review of a new drug application.
If the relative criteria on that we look forward to working closely with the FDA.
Our own ongoing phase to be clinical trial in some more for the treatment.
Autosomal recessive stores are disease, and orphan inherited retinal disease continues on track for top line data to be available during the second half of this year.
However, we continue to closely monitor this trial, including the impact of code of the Cosan 19, pandemic on or patients and investigators.
Although bringing into more to our patients is our top priority. We continue to focus on our gene therapy portfolio in orphan inherited retinal diseases.
All this code of 19 pandemic, we remain in close contact with our collaborators at University of Massachusetts Medical School.
The University of Pennsylvania, and the University of Florida, as well as our manufacturers.
While there have been expected temporary slowdown some temporary shutdowns at the academic centers do the co design team.
We maintained an active dialogue with all of our collaborators.
Natural history studies in R&D, enabling activities, but I see 100, which is intended to treat the adoption mediators 80, RP or ongoing and we plan to phone I envy by the end of 2021 early 2021 can begin enrolling patients in the phase one two clinical trial during the first.
Yes of 2021.
I see 200, which is intended to treat that's one related retinal diseases continues on track we plan to initiate a phase one two clinical trial during the first half of 2021.
Our military programs are also ongoing and we expect to identify the lead mid June construct for aren't many sep two major program for the treatment of LLC a trend during the second half of 2020.
We look forward to providing updates on all of these programs as they progress.
The actions that we've taken prior to close of 92, because the 19th endemic to strengthen our balance sheet includes the completion of the successful follow on public offering of our common stock and pre funded warrants, resulting net proceeds to the company's approximately 42.6 million in December 2019.
We believe that our cash cash equivalents are sufficient to fund will operations and capital expenditures is currently planned in the beginning of 2022.
In addition, we continue to aggressively but selectively.
Continue or business development efforts as we continue to explore options for future development and potential commercialization of is a more including potential outliers license and collaboration opportunities.
While we cannot predict the depth of duration of the disruption caused by this pandemic, we remain committed to mitigating the impact of this global crisis on our business by effectively managing or cash position and focus on creating value for shareholders.
With that I'd like to now turn the call over to vision.
Thank you Dylan and good morning, everyone.
First and foremost I hope that all of you are well.
I'm excited to join either bio I'm extremely enthusiastic to work with Glenn coolers, and David will not known and respected for many years.
I'm also looking forward to working closely with all of my new colleagues at either via.
Appreciate the opportunity to be easier with you today to discuss our expectations regarding the impact of covert 19 on the practices of retinal physicians and the conduct of clinical trials for geographic atrophy going forward.
We believe that either bio opioids to 003 trial may be the only she or he called the positive phase two clinical trial data in geographic atrophy sexually to Andy.
Additionally, we believe that the quality of the OPX two tools or the data may provide an advantage for patient recruitment and retention for the ice in 200 a trial.
Let me explain.
We have seen in many surveys most recently won by the American Academy Ophthalmology that ophthalmology practices will continue to face unprecedented financial and logistical challenges due to the coated 19 epidemic.
We expect that recruitment and retention of patients for clinical trials will also be negatively impacted.
In the post coded 19 era.
Like many business owners, we expect retinal specialists will be will need to adjust their practices.
Adapt to a new environment, and we'll need to increase for revenue as quickly and efficiently as possible.
As clinical trials eventually starts.
Geographic atrophy trials in particular may be in lower priority uses several factors.
The elderly patient population being among the most vulnerable for coated 19 tests that are time consuming.
A number of patients who will be randomized to a sean armed with more group of treatment benefit which need these patients will be risking their health for as long as two years for data collection element.
Even after a these stores of geographic atrophy trials in the post coded era.
There may be concerns about the quality of today.
Due to the availability and capability of sites to recruit patients patient dropout rates missing data from mixed visits hole logs recruitment time, and an actual or CEO of a second or third pandemic ways.
At one point it out.
We're excited about the positive results of the appeals to do is all three phase three clinical trial, indicating that Zamora was well tolerated over 12 months, we were able to slow down.
The weighted growth of geographic atrophy to statistically significant degree.
As I mentioned.
Oh ph two words or three phase three results are from the precluded era.
Making with what we believe is the only sure who co the positive phase three clinical trial and geographic atrophy.
Taking into account you above challenges facing the retinal physicians.
We believe that we are in an advantageous position.
For the following reasons.
OPX two durasert three primary efficacy analysis is completed.
On the primary end points have been met.
Sensitivity analyses confirmed the robustness of the data.
Potential suggestion of a dose response across treatment groups further confirms the trials results.
We also believe the 80 age to 003 results are consistent with our previously completed.
As a more or less phase one two trial and geographic atrophy.
Although the phase and want to trial with a small on controlled safety trial.
And so it is difficult to draw conclusions regarding efficacy. We believe the results from this trial indicated both the dose response trend and a potential on off effect.
With a relative losses benefit in the higher dose group when similar was dose.
Yes frequently.
Oh ph to 003, Matt its pre specified primary endpoint for both the two milligram and four milligram dose groups with statistical significance, showing a 27% reduction in geographic atrophy equally over a 12 month period as compare.
Her to shop.
The primary purpose for the 18 month data it to gather additional safety data.
Zimura has been well tolerated in all studies to date, and we believe them or safety profile, a potentially differentiate similar from other complement inhibitors in development for the treatment of geographic atrophy.
Importantly, we believe that this positive clinical trial may serve as one at the same number two phase three clinical trials typically require for marketing approval by the FDA and many other regulatory authorities.
Since joining the company.
I have noticed that some people tend to compare the opioids to zero zero the phase three clinical trial to other geographic atrophy clinical trials.
Although it is very difficult to move costs trial comparisons.
I would ask that you consider three important attributes about the OTI age two deals all three phase three clinical trial.
First.
Patient characteristics.
The inclusion criteria specified extra AFFO yields geographic atrophy, which is generally grows faster than some sort of low geographic atrophy.
We believe that is for drugs such as Zimura.
We've shown to slow down faster growing geographic atrophy lesions.
Overcome a higher bar scrutiny.
Second.
Appropriate masking.
The level of masking in Openreach two years ago, three was equivalent to what is typically done for phase three clinical trial.
In fact, there were four levels with masking the.
The patients the investigator, they leading centre and us.
This is one of the reasons we believe.
That OPX two years to qualify as a phase three clinical trial for approval.
Third and perhaps most importantly statistics.
The level of statistical significance pre specified for success in the RPH two deals all three clinical trial was set at a level typically requires fourth phase three trial.
It is important to remember these that we differentiating attributes when evaluating the old ph to 003 phase three data.
The bottom line is that we believe.
The quality and robustness of the data.
Our higher than what we have seen in any other geographic atrophy trial.
To summarize.
We have what we believed to be the only positive phase three data for geographic atrophy from the pre code that era.
We are convinced.
This data.
From the old ph to 003 phase three clinical trial as well as all experienced clinical operations team will give us a differentiating advantage in the recruitment and retention of patients for the I see two years or a phase three clinical trial.
In this challenging.
It's called the era.
We recognize the challenges that retinal physicians base in their practices and in conducting clinical trials in the post hosted era and plan to work closely to support collaborating positions.
In the challenging.
The 19 pandemic era.
We believe that investigators will be more enthusiastic and comfortable in recruiting and retaining patients in a clinical trial with a drug that already have high quality positive data.
Chris will discuss how we plan to leverage the quality.
Of the opioids to zero to three phase three clinical trial data to maximize patient recruitment and retention for the I see two deals will aid phase three clinical trial.
Thank you for the time.
I look forward to leading all with you soon.
I will now turn the call over to course.
Thank you for games and good morning, everyone.
I hope everyone other families are healthy and sales.
The retinal specialists practice, maybe quite different cost targets.
In our discussion the vast majority of retinal specialists recognized the need for the practices to adapt to the post corporate era.
We believe that the positive results on 50 profile observes the hour RPH 2003 phase three clinical trial is a major advantage as you prepare to initiate our second even more to our phase three clinical trial I see 2008.
As Glen pointed out we are excited about the results. Our first phase three clinical trial for Zimura in G., a second due to RMB, indicating that remora slowed down the growth of over 12 months on was well tolerated.
Following gives results we could you started the process to initiate our IC 2008 clinical trial.
They were ready to begin enrolling patients in March as we had originally planned.
However, based on what was happening with regard to covered 19, we believe that remained the correct decision to voluntarily powers the initiation of and Goldman for IC 2008 clinical trial.
Our first priority is to protect the health and safety of patients their caregivers physicians understand.
Causing the initiation of enrollment provide a time to allow sites to adapt to the new environments.
We believe that about patients, but the cycle implemented will protect our maintained patient and investigator safety in the new environment.
Thereby increasing our likelihood of obtaining high quality data from this trial.
We continue to work closely in collaboration with our principal investigators as we monitor the pandemic situation in the United States and across the World.
Based on feedback from our investigators we plan to commence patient enrollment in stages, if somebody condition in different communities and countries.
Well the initiation of enrollment is pounds.
We are aggressively continuing our efforts in regard to planning on risk mitigation to prepare the clinical trial sites. So that we can be in a position to begin enrolling patient expeditiously.
When the covered 90 titration improved to a level that we and our investigators believe escape to begin enrolling patients.
As previously mentioned, we believe that having one completed phase three clinical trial with a positive outcome is a bit motivator to help facilitate enrollment the second confirmatory phase three clinical trial.
I now want to outline some of the steps that we have taken to expedite recruitment once we determine to initiate the IC 2008 phase three clinical trial.
We have after principal investigators to review the patient records and identify potential trial participants prior to the enrollment initiation.
We have them an ongoing communications about investigators in the U.S. and globally.
They understand the importance of IP 2008 for patients with GE and are eager to that the clinical trial underway.
Today over 50% of North American clinical sites for the trial has been approved by the applicable IR beans.
We're in discussions with our principal investigators to be incurred for the potential second wave of coverage with the objective of minimizing disruption.
In addition to time contacting all investigators individually to keep them at the forefront of I see 2008 clinical trial. You have also hosted several webcast meetings with them.
Original monitors are actively following up with sites on a weekly basis to ensure that the facts remain engaged and are able to continue to prepare for the trial were working remotely.
You are taking advantage of regional procedures as our sites to help minimize efficient exposure during the study visits.
You want to thank our principal investigators under stuff for the enthusiasm and support the complete in many of the activities necessary. So that when the time comps we can begin enrolling patients as quickly as possible.
Now I will provide some details on the clinical trial design.
I see 2008 is an international randomized double masked sham controlled multicenter phase three clinical trial evaluating the safety and efficacy of doing were up two milligram in patients with geographic atrophy secondary to Andy.
As you May recall, the first phase three clinical trials both of them are up two milligram and similar four milligram cohort demonstrated a seminar 27% statistically significant reduction in the main great of GE, a grow over 12 months when compared to the corresponding sham controlled cohorts.
The Zimura two milligram is administered as a single intravitreal injection, whereas the more afford milligram required to Intravitreal injections you selected as the mid of two milligram dose for the valuation in the IC 2000, and a phase III clinical trial.
Our understanding from the FDA does for marketing approval purposes for the two milligram dose from a safety perspective of this 300 patients need to be treated with monthly zimura, two milligrams or higher gross for the duration of at least 12 months with a portion of these patients treated for 24.
Models.
Based on the safety data, we have already generated to date, we plan to enroll approximately 200 patients interview with remote or two milligram treatment arm in the next trial to reach the 300 patient threshold.
In total you're planning to enroll approximately 400 patients in the ice in 2008, Prince Street Phase three clinical trial.
The stations will be randomized one to one to two cohorts. The first called receded monthly administration of similar to me the graph for 12 months on a second quarter two did not have been surgeons have shop.
The pre specified primary efficacy endpoint would be the same as our first phase three clinical trial and does that mean rate of change in GA growth over 12 months measure by Fundus Autofluorescence factory time points.
Baseline Onesix I'm htwo.
It's the primary efficacy endpoint is met at much wall Youre planning to fall from marketing approval of Zamora for the treatment of GA in a and b with the FDA and DNA.
A month 12, we plan to randomize patients and the numerator alumina grandma to receive either monthly or every other model brings version of Zuma two milligram.
Patients will initially received Monday administrations of Sham, we'll continue to receive monkey every decision Rochelle.
We intend to treat and Paul all patients for 24 months.
Thank you for your time, everyone to stay safe I will now turn the call over today.
Thank you for us and good morning, everyone I'd like to highlight a few items from our press release of this morning, and also update our year end cash guidance.
At quarter, our net loss to 15.1 million for 28 cents per share compared to a net loss of 12.5 million 30 cents a share for Q1 2019. This increase in net loss was driven primarily by an increase in R&D expenses offset by favorable settlement of a stay corporate tax audit.
We've narrowed our yearend cash guidance.
I expect our year end cash bound to range between 65 million in 70 million based on our current 2020 business trend, which includes the initiation of our phase three clinical trial, I see 2008, and a continuation of our other ongoing R&D programs.
Facts or circumstances, where to change we'll adjust our guidance accordingly.
Of course is actually sent reflect any additional expenditures, resulting from the potential in licensing or acquisition for additional product candidates were technologies, where any associated element that the company they pursue.
I'll now turn the call back over to Glenn. Thank you for your time.
Well, thanks, everybody for listening long update today, a lot going on.
In the some of this covert period.
So I want to thanks, everyone for listening and I'd like to now turn the call back over to the operator.
For questions.
Thank you, Sir ladies and gentlemen, if you wish to ask a question at this time, please signal by pressing star one on your telephone keypad.
Let's make sure thing it function on your phone switched off target signal to reach of equipment. If you wish to cancel your request this single by pressing star to.
Again, it is star one to ask a question.
The first question comes from the line of Georgia yard to know from Cowen. Please go ahead.
Hey, Thank you so much we're taking a question. So just have a few questions on the the gene therapy program that I see 100, and many very quick questions in the phase two trial Super one I T 100 I.
I just wanted to.
Let's talk about how I'm getting the asset is differentiated from other therapies in development such as visitation specifics procured approach.
And secondly in terms of the phase one two trial, how should we think about the timing of the data do you expect your child designed to be similar to that to procure and have a similar on a 12 month primary endpoint.
Oh, and then I can follow up on the phone answering your question.
Yeah. Thanks security so both questions. The first two questions around my C 100.
Scott Coors to talk about the differentiation and then a little bit about the out of the trial costs.
Thank you Glenn and thank you for the question.
So for me I C 100, or is it a single or sub retinal injection versus a continuous intravitreal injection. So we believe that is the key.
Differentiating factors that you do a single treatment for them hopefully a longtime long term effects.
And I C 100 is a mutation independent approach as you know for adoption mediated ERP there over 150 different mutations.
Since we are shutdown shutting down.
All hosts a reduction production it is a mutation independent matter covering the entire with this spectrum.
We have we are currently working with our collaborators on natural history study and we have not provided any detailed guidance regarding their clinical protocol design, but we will do that at the two times.
Thank you Andy just in terms of doesn't move phase three trials to please reminders of how the phase two studies Howard on the primary endpoint.
The these these phase three trial as you know Weve reached statistical significance of 0.005 with somewhere around 80 patients.
As I pointed out.
Earlier, the resent the number and put a number of patient is to make sure. We hit the safety number required which is a total of 300 patients treated with the doors of Zimura, two milligram or higher with the four milligram an indication of indication obviously the trial as it is designed now were 200.
What about her on his overpowered.
Thank you this very helpful. Thank you so much.
Thank you George.
Thank you.
Well now take our next question from David Nierengarten from Wedbush Securities. Please go ahead.
Hi, Thanks for taking a question on high up a couple first off.
On the upcoming starker cater to remind us or hurt top tell us if those patients have any propensity to.
Neovascularization or execution at so it's or.
Any additional research safety from that readout for your geographic atrophy studies, and then second on the upcoming phase three and Preopening.
Is there.
It's situation what are you at least in the U.S. of course, certain states are reopening sooner and.
Do you kind of having a staggered start to the study in different regions or do you want to.
Start.
Cross country to eliminate any geographic bias, yeah, just maybe walk us through how do you anticipate reopening to occur. Thanks.
Yeah, Thanks, David and good to talk to you and.
Maybe I'll make a couple of comments on the second question about the philosophy and strategy I think it encompasses all of that leaves more one of the reasons true.
Mentioning today the active gone along the precise is really to understand what's going on.
In the respective regions peak because there are differences. Some you know being here in New York Metropolitan area. Unfortunately, even though we have area.
You know quite a lot of cases here and I think it's a little bit different as you travel through the country. Those change so that is definitely come in entry for planning process and it's something that we'll continue to monitor and shipping active dialogue and probably.
Bill or may impact the way, we initiate the trial so more to come on that but your questions right on where youre looking at a geographic differences of towards the end of the pandemic.
So more to come on that on the star door, Our course answer that but I'd also like for both cost and presumes that also give is their view.
What's happening in the retinal community because they've been living it literally day today.
Course millions of lives.
Sure so without them.
Obviously, we will be looking for any kind of adverse events.
We are not.
We're not going to comment on the ongoing.
A clinical trial, but CND will be one of the is also being looked at.
In that trial and.
The regarding be a regular community I think the retrofit isn't as I pointed out already to source for your adapting you know as different cities on so for the soft opening up you know we are starting doing elective procedures.
We saw doing only emergency London, you're still starting more patients in the practical so but again different parts of the country are different and based on that that would make a decision how to go forward.
Oh, sorry, but is it.
But to start or patients have an increased or decreased risk do you know earn their vascularization just to her background yeah.
Oh Gee I go back up.
Yeah.
Thanks, Eric here not in general no they don't.
Okay Yep, just just checking Greg.
Yeah.
[noise] casino Nicole Thank you.
Okay. The second question.
Yes. Thank you for the question I guess, what I would say is really reiterate what I stated and my commentary, which is that it obviously is a unprecedented situation that we have and clinical trials in general I think we'll start up in in a in a less prioritize.
Okay, and geographic atrophy trials, I think we'll be more challenging for the reasons that I mentioned, so for that reason as retinal specialists and look at a competitive environment is enrolling I think there'll be a great deal of premium placed on the data that's already present.
And we had a fantastic clinical operations team were ready to go where patients are identified.
I can't think of a better time to pause. This study if you have to causes study for safety purposes than when we did.
So I think the fact that we haven't owes to the trial or the P code that data with the robustness and the quality of data that we have that we can leverage.
Recruit and retain patients on the away trial, we'll certainly give us a huge competitive advantage and I think.
Positions that are enrolling patients into clinical trials, particularly patients that are most vulnerable, we'll look to enroll patients into a clinical trials, where there is great data for the drugs that are gonna be given to those patients and I think there will stand at very big advantage and term treatment and in terms of them.
Thank you.
Thank you David Thank you and as there are no further questions in the queue up would like to turn the call back over to Glenn Sblendorio for any additional or closing remarks.
Thank you everybody for listening today, Thank you for the questions and I wish overview.
Safe and healthy time, so moving forward.
Petrodelta speaking through thank you.
Operator, we can thank you because that's going to conclude todays.
That concludes today's conference call. Thank you for your participation ladies and gentlemen, you may now disconnect.
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