Q2 2020 Pulse Biosciences Inc Earnings Call
Annual projection products, including the uses benefits and applications as such products, our commercial and regulatory strategies the impact of the coated 19 pandemic and other future events.
Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties. These risks and uncertainties are described in detail in our most recent form 10-Q filed may 11, 2020 with the FCC. Our SEC filings can be found through our website or at the Fccs web site and.
Investors are cautioned not to place undue reliance on forward looking state.
Please note that this conference call will be available for audio replay on our web site at pulse Bio Sciences dotcom on the news and events section of our Investor Relations page with that I would now like turn the call over to President and Chief Executive Officer, Darren Euchre.
Good afternoon.
Thank you everyone for joining us today.
This afternoon, we look forward to providing you with an update on all the recent progress made by our made by our team at both style Sciences.
Before we begin and it is important for me to recognize the ongoing impact so the coven 19 pandemic outside her business.
First I'd like to thank all the frontline healthcare workers for their continued bravery and unwavering commitment to patient care.
As everyone, who has been affected by this virus.
It is clear at this point that depends then it will persist in our community for some time and we almost continued to be vigilant in our efforts to protect those around us the health and safety of our employees remains our top priority and we are taking every precaution to ensure we create safest workplace possible, while observing all local and state health.
The permanent regulations and guidelines.
With that as so many have experienced disruption and their day to day lives. The pandemic has had an impact in our business as well. However, we are fortunate that today. These issues have not been significant and we have maintained our full workforce as we work through these challenging times from the onset of these uncertain times internally we ever light.
Unclear and concise communication of our objective to maximize our productivity.
The responsible attitude of our company or single location and our current state of internal focus have been beneficial as we navigate the current landscape with the intention of bringing about improved conditions.
Amid these unique circumstances, we remain excited about the opportunity ahead and confident we can execute our growth strategy over our next phase of growth.
We remain focused on achieving regulatory clearances and continued progress towards commercialization of our proprietary technology along with the introduction of the cell effects system first to the aesthetic dermatology market.
Now for anyone new to pull styles Sciences, I would like to provide a six background on our business. Our mission is to offer biometric medical solutions that make a meaningful difference for the betterment of patients and clinicians we believe our device the Celtics system will be capable of offering such benefits.
The cell effects system is a multi application platform than harnesses, our proprietary nanomolar stimulation technology NPS technology delivers nanosecond pulses of electrical energy to non thermally clear undesirables, while sparing adjacent and needed non cellular tissue.
In the area of dermatology, it's highly differentiated cells Pacific mechanism of action provides the ability to address cellular lesions that were not well addressable previously and at the same time prevent collateral damage to the surrounding healthy skin.
This enables clinicians to generate patient and caregiver friendly improved outcomes as older modalities typically results in a skin appearance that could be worse than the original condition.
The Celtics system is a console based software enabled device designed to accommodate the clinical workflow preferred by dermatologists based on our extensive industry experience and a collaborative and collaborative process with clinicians, we design or sell effects system with an integrated cloud infrastructure, we call sell effects cloud.
Connect.
It is the backbone of our innovative utilization based business model that aligns the operational and financial interests of patients practices and the company.
Sell effects cloud connect makes possible the wireless connectivity between the customers will affect system. Our E commerce customer portal clinical practice management tools to track utilization data and other operational metrics that are tracked by our internal customer relationship management and enterprise resource planning software systems.
The customer portal is where practices purchase and wireless lead download cycle units directly to sell effects system.
Cycle units on a per lesion basis, so the more lesions the patient ones cleared the more cycle units consumed. This enables the physicians have identifiable and controllable fixed cost per lesion and discharge a patient on a per lesion basis, which is aligned with the patient preference.
Our model contrasts with the currently employed disposable and single use based medical device models, removing the friction for the physician that can occur in those models.
One last note about the cell effects connect is that it facilitates direct connectivity for pulls to remotely perform software upgrades to the cell effects system as well as provides several service and maintenance functions in real time because of this ability to streamline the responsive and drew and prevent disruption to the clinic clinician workflow sell effect.
Cloud connect allows us to provide unprecedented support and clinical practice growth enablement for future customers.
Turning now to our business objectives on the call today, we are pleased to highlight our progress in development in the three corporate priorities, we laid out on our last call first on our regulatory clearance for cell effects system, both in the U.S. and in key territories outside the us, namely European Union and can.
Evan.
And second preparations for commercial launch of the cells ex system in these territories and third financing with the closing of the rights offering in June.
I will start off by addressing the successful close of our recent financing.
On June 16th 2020, we closed a rights offering generating net proceeds of $29.5 million for the company with the potential for additional gross proceeds of $4.5 million through the exercise of issued warrants the capital, resulting from this shareholder friendly transaction has significantly strengthened the balance sheet and will.
Provide the runway necessary to progress our other to corporate priorities priorities regulatory clearances and commercial launch preparations.
We're thankful for this strong display of support and confidence from stockholders Sandy will provide additional details on this very successful financing later in the call.
Now to our second priority on the regulatory front, our top objective is achieving five 10-K clearance for the cell effect system with an indication for use in general dermatology.
As we mentioned previously in May we had a pre submission or accusative meeting with FDA and which we confirmed three imperative items regarding our subsequent work the regulatory path for a five 10-K general Dermatologic indication for the Celtics system.
The adequacy of the selected predicate device and that our proposed preclinical studies performed under FDA is good laboratory practices would be sufficient for the indication and support of our 10-K clearance.
We receive solid affirmation of all these items is important to note that the confirmed preclinical studies use animal skin and that no further human studies would be required for this submission.
With this study design locking we began working with the GLP animal facility on the protocol and pilot activities for the General Dermatologic study.
Because of Coven 19. These labs were not operating at full capacity in June and are still operating at a restricted capacity to an extent as we update you today.
Due to this constrained capacity, we began our study several weeks after our initial plan and we currently expect to submit this five 10-K in the next 60 to 90 days.
On the positive side, we're pleased to report that we have now completed all the preclinical treatments required for this study.
The next steps will include the pathology assessments of the skin treatment samples at the different follow up time points.
Then with the data in hand, we will analyze evaluate and prepare for the five 10-K submission.
We continue to be optimistic that the advantages of a general dermatology indication submission being more straightforward combined with the FDA prior knowledge of our systems and the data being provided could potentially result in a clearance somewhere between December year end 2020, and Q1 2021.
Our stepwise regulatory approach will continue with pursuit of specific indications following the cell effects systems initial clearance, while the submissions will be sequential we're able to parallel path. Some of our work. The next indication, we will pursue sebaceous hyperplasia or SH.
On our May Investor update call, we reported that we would be requesting a formal pre submission meeting with FDA to discuss the required us each study design.
Today, we are pleased to report that we requested a meeting in June and just last week had the meeting with FDA.
Leading up to the meeting we receive feedback from FDA on a draft study protocol, we provided meeting request the meaningless very productive and we were able to agree with FDA and a basic design of the clinical study that would support a specific indication clearance for SH based on this our next step is to incorporate FDA feedback into our investigators.
On device exemption or ITD submission and submit this to FDA for approval to move forward with execution of this study.
We anticipate submitting the investigational device exemption in the next couple of weeks and to begin enrollment in this important comparative trial in the fourth quarter.
Barring any delays due to covert 19, we estimate enrollment will take approximately three months.
We plan to follow similar paths to achieve indications rewards and Cimbria care doses and we'll report on our timelines for this on upcoming calls.
Onto our efforts to commercialize a cells ex system in the European Union by obtaining the CE Mark.
As we discussed on our previous Investor call. The delayed implementation of new regulations for medical devices in the EU due to the impact of coated 19 has provided an opportunity to potentially receive the CE mark for the cell effects system six to nine months sooner than we otherwise would have been able to and we are pleased to report that we continue to.
Track According to this accelerated plant.
Over the last several months, we have worked closely with our EU notified body the company authorized to assess our compliance with the European medical device directives or MDD and authorize use for the CE Mark and we recently achieved the important milestone of submitting all required documents in support of the application for the cell effects systems CE Mark.
The application is currently under review and based on our discussion. We continue to believe we will gain approval for the CE Mark in quarter, 120, 21, leading to commercialization of the cell effects system in the EU.
We also continue to make progress on Canadian regulatory approval and other important territory to health, Canada process Leverages. The work, we're doing for the CE Mark and therefore, we believe will Vienna physician to submit an application for the Celtics system to health, Canada in Q4, this year, where the Canadian clearance in the first half of 2021.
Now I will turn the call over to Ed to provide more details on our continued engagement with the scientific dermatology community.
Thanks, Darren I will begin by sharing new marketing research on the continued business recovery in aesthetic dermatology practices, our target customers as they have resumed their elective procedures, while navigating cobot 19 patients and state and staff safety measures.
Next I will highlight recent additions to our ever expanding foundation of clinical evidence presented and published regarding the successful use of Mcs technology on various difficult to clear skin lesions and describe our continued engagement with the scientific community as this importantly research as being published in peer to peer set.
Thanks.
Starting with our new marketing research regarding the continued recovery of the aesthetic procedure market as patients continue to demand these services.
Compared to the same marketing research field of in May our newest marketing research shows clear trends of both increases in current procedure volumes compared to last may.
And more bullish projections of a continued recovery over the next six months.
Back in May survey aesthetic procedure offices were operating at less than 50% of capacity, including almost complete elimination of elective aesthetic procedures due to covance concerns and constraints.
In the most recent July survey the majority of Dermatologists reported that patient procedure volumes have been risk for restored to 50% or more of normal levels.
And the majority of practices have now opened their office to elective procedures.
Regarding expectations for the future of patient volumes. The majority of physicians continues to predict who will take about six more months to return to normal procedure volumes.
Second as a whole this new marketing research represents encouraging signs that the aesthetic specialty position is thoughtfully implementing prudent cohmad safety guidelines and that patient confidence in those safety measures is being reflected with a growing backlog of future appointments for set of procedures.
Again, these new marketing research findings all point to growing of optimism from aesthetic dermatology practices, but the can keep their patients their staff and themselves safe.
And in base and invite patients back into their office for elective procedures.
This optimism and trending to normal procedure levels is further supported by recent reports from our scientific advisory board that their practices are continuing to experienced high demand for scheduling aesthetic procedures appointments and have a backlog of several months of patient appointments.
This is equally true intentions to continue and extend new clinical research projects for companies like pulse.
As we ready for the launch of our cell effects system and aesthetic dermatology. We have remained actively engaged with our key opinion leaders and clinical investigators who are experiencing increased demands for NPS technology to be presented at virtual scientific meetings and published in various dermatology specialty journalists. Thanks.
To these continuing successes there is a growing awareness and acceptance of MPS has an important new technology in as our research results and clinical findings continue to present to be presented at scientific meetings and published in the leading peer reviewed journals like the American society of lose.
In Medicine surgery Journal, and American Society of Dermatologic surgery Journal as well.
We're pleased to see how innovative and effective the various dermatologists professional societies have been embracing and enhancing their virtual meetings to share their experiences with emerging technologies like MTS.
There are some silver lining benefits to these virtual events, including physicians, having on demand access to this recorded scientific content. That's available beyond the scheduled conference states and their ability to share access to associates and clinic stacks.
As we mentioned on the previous call the American Society for lasers in surgery, and medicine or eight as LMS posted their annual conference. This past month as a virtual meeting.
NPS technology research, which featured as its own new category of energy device.
The large selection of papers, including updates on three of our recent clinical studies empty posters on the two preclinical studies for a total of five abstracts presented that this important conference of energy device specialists.
Our newest clinical results were presented by Dr., Victor Ross cast LMS, President and pull scientific Advisory Board member, who presented early data from our pivotal study and cutaneous non genital warts.
He reported a 79% complete clearance warrants, including clearance in the works that have failed to clear with previous treatment methods.
These new data showing high rates of clearance in difficult to treat works in a large clinical study represent a significant commercial opportunity for NPS in the future.
Another important commercial application for MPS on which new data was presented is so basins hyperplasia or SH.
Which is a very common but difficult to clear facial lesion.
The large multi center clinical study was presented by Dr. dealing with the valley a post clinical investigator and a member of our scientific Advisory Board.
These new findings proved that our energy settings.
Both maintained efficacy and reduced healing time after these difficult to treat lesions were cleared by MPS.
Another important presentation was given by the incoming president of the S formats and also a member of our scientific Advisory Board Dr. Thomas sure.
He shared positive results in our first human feasibility study of NPS to clear biopsy confirmed nodular basal cell carcinoma or BCC.
The afterwards discussed the successful elimination of BCC and the unique advantage of NPS to preserve the healthy nonsolar dermis surrounding the malignant cells BCC nests.
This unique potential safety advantage for MPS was illustrated by independently rated clinical photographs and histologic evidenced of.
Have a normal epidermal recovery process and a low potential for scar formation compared to the current standard of care.
The very positive findings from this feasibility study of basal cell carcinoma, which is the most frequently occurring form of skin cancer will be the basis for designing future studies of BCC that are just part of our long term development plan for the NPS platform platform for multiple applications in dermatology.
The bright future NPS technology was further highlighted at the eight elements of virtual conference in to the poster presentations.
One once by Dr., Brian Berman, showing that MPS could be used in combination with that modifier drugs to synergize marine melanoma tumor clearance.
And the second poster presentations by Dr. Brian's auction that provided key insights and evidence on the NPS sitler mechanism of action by using high resolution electron microscopy images to demonstrate how NPS energy.
Due to changes in the intra cellular organelles, such as the mitochondria and other vital cellular organ ounce.
At the same meeting corresponding app specs for be SH warts basal cell carcinoma, and asking studies were published in the print and online versions of the 2028 as Ellen asset Abstracts publication, which is a special supplement of the official elements journal lasers and search.
Matt this.
This is a publication that is frequently red and cited by physicians that specialize in the use of these energy based devices.
Two weeks ago, there was another vertical inning of aesthetic specialist called a symposium for cosmetic advances and laser education or scale.
This symposia is considered one of the most premier multi disciplinary meetings for cosmetic and medical dermatology.
The prestigious scale faculty members are considered amongst our peers.
As respected scientific opinion leaders many of whom are also pulse bio Sciences scientific advisory board members or clinical investigators.
Over 350 physicians registered for this event and MPS technology was spotlighted on opening date of this virtual councils first Dr. George SCUSA. The 2019 American Academy of Dermatology, President and early post investigator included NPS technology in his all about 10.
Balance sheet plenary session.
Explained the cell specific mechanism of NPS and its high efficacy in clearing SK lesions with a low risk of Skarn.
Next Dr. Victor Ross delivered a 10 minute presentation dedicated to MPS technology, where you highlighted its non thermal sell specific mechanism of action benefits across several common dermatology applications, including so basis hyperplasia Seborrheic care ptosis.
Cutaneous non genital warts and basal cell carcinoma.
These two recent virtual scientific meetings are a testament to the importance and impact of our continuing investment in clinical evidence and growth in scientific information validating unique profile properties of MPS technology with the potential for a broad.
Spectrum of clinical applications in dermatology.
As of July 15th 2020, our clinical database has expanded to over 630 clinical study in patients with NPS results from over 3400 treated benign and non benign lesion procedures in human skin.
Our commitment to high quality science generated in partnership with some of the most respected leaders in dermatology has resulted in important advances in clinical outcomes.
And then device development optimization that brings us closer to commercial product introduction.
And the receptive market for MPS technology based on our growing scientific foundation of acceptance and add new among key opinion leaders.
While cobot production production precautions may have constrain lies physician meetings are prominent virtual presence is alive and ongoing in the scientific community.
Now I'll turn the call over sandy for more on the financials.
Thank you.
The second quarter of 2020 operating expenses were $11.4 million inherent to $11.6 million for the prior year period, decreasing and research and development costs, partially offset by increases in general and administrative costs.
Operating expenses pretty than three months ended June 30, 2020 included $2.4 million and non cash stock based compensation versus $2.7 million in the year ago carrying.
General and administrative expenses, consistent salaries and related implants, and executive sales and marketing finance legal human resource.
Information technology and administrative price now as while professional fee patent feed costs you shack.
General operating expenses.
General and administrative expenses increased by approximately 200000 volumes to $5.3 million for the three month period ended June and again 20 $25.1 million. During the same period in 2019, primarily related to increased personnel from year ago offset by.
The reduction in marketing related outside service costs.
Research and development expenses consist of salaries and related expenses for manufacturing research and development personnel as well as clinical trial and consulting costs relating to the design development and enhancement and our potential future product.
Research and development expenses decreased $9.4 million 5.9, $9 for the three month period ended June Thirtyth 20 $26.3 million during the same period in 2019, primarily due to reduced clinical trial.
And development costs associated with the teletext system.
Net loss for the second quarter ended June Thirtyth, 2020 went to $11.3 million compared to $11.4 million for the second quarter ended June 30 in 2019.
Excluding the net proceeds at the right boxing received in three months ended June Thirtyth.
Cash in the second quarter totaled $7.9 million cash cash equivalents and investment totaled $37.8 million as at June Thirtyth 2020, compared to 15.99 as of March 31st 2026, Tesla completions and write backs.
We generated net proceeds at $29.5 million and basic six friction and over subscription fees totaled $56 million far exceeding $30 million offering them out.
And structure at this transaction turned two important preferences.
Maximize the net proceeds and the company by minimizing transaction cost comparing to a traditional public offering of common stock and afforded stockholders and right participate maintaining their ownership conditions.
Our board of directors improved the subscription price per unit equal to the latter at $7 in one back and closing price by common stock on April 23 2020.
Volume weighted average price our common stock at five trading day period through and including subscription exploration May and June eight.
Upon expiration at the subscription period, the subscription price per unit was determined to be $7 in one sense.
Proximately 642000, Warren with a cash exercise price $7 in one sense for weren't share are also issued in the rights offering additional gross proceeds of approximately $4.5 million Navy received from the exercise and needs line.
In addition to the strong display and confidence from our stock.
This confidence is also reflected internally with insider participation totaling approximately $1.9 million. This excludes participation by chairman Robert that and we're very pleased with the results from this offering in next.
Switching now I'll turn the call back again.
Thank you Sandy to conclude amid a challenging circumstances created by co. The 19, we persisted and had a very productive quarter at Paulsboro Sciences, we've adapted our operations sprayer prioritize the safety of our employees, while maintaining our driven and collaborative culture, we are progressing the teletext.
System, along multiple regulatory paths for multiple indications with FDA, the CE, Mark and Canadian approval.
To reiterate our upcoming milestones, we expect to submit our five 10-K free general Dermatologic indication within the next 60 to 90 days.
Starting our message comparative study to support a specific indication in the us.
Which we expect to begin in early Q4.
Working with our notified body towards completion of the review process for the CE, Mark, which we expect to occur in quarter 120 21.
And a health Canada approval expected in the first half of 2021.
At the same time engagement with the scientific community, albeit through new mediums like digital platforms and virtual events remains high.
Recent programs have featured many positive investigational studies with hurting our Nanoflex stimulation technology, leading key opinion leaders in the space continue to support our technology and educate other dermatologists on its a variety of benefits.
Again, I would like to thank our employees for their dedication and commitment to our progress over these trying past few months all of your efforts are appreciated.
We continued strong collaborative effort, we are confident we will be able to execute our strategy throughout the coming months and achieve approval for our cell effects system.
We are excited about potential benefits.
NPS will provide to patients and clinicians across various unmet needs. We look forward to providing you updates in the future.
Before we move into Q in May I would like to welcome Richard Van and brought to our board of directors were very excited about the experience and leadership he brings to the company.
Joining me for Q in AG is at Evers Executive Vice President and General manager Dermatology, and Sandy Gardner Executive Vice President and Chief Financial Officer, Operator, let's open the call for questions.
Thank you we will now begin the question answer session.
During the question Q Unit Press Star then one on your telephone keypad.
You will hear atone to acknowledge your request if you are easy speakerphone. Please pick up your handset before pricing NDC.
To withdraw your question. Please press Star then too.
We will pause momentarily to assemble our roster.
The first question today will come from Sean came with H.C. Wainwright. Please go ahead.
Hi, This is Sean varieties and H. W.
Well congrats on your will that with this.
You made in this quarter.
Thanks, I heard correctly.
Did you say you are expecting bingo yet.
Maybe at the approval.
You may 20, or one coupon one is a quick.
Yes, yes, that's correct so.
Okay.
Yes for where the general Dermatologic indication so.
We've made very good progress throughout the last quarter on our GLP stepped in as we mentioned completing all treatments.
We expect to submit the five 10-K in the next 60 to 90 days if that point it is.
On Ft AIDS review cycle and as I'm sure.
As Im sure you know FDA operates on a basically a 90 day review period and so.
We're optimistic that.
Because that is very familiar with the cells ex system and very familiar with the GLP study based on our pre submission or Q said meeting that we had that the review will go very efficiently. So.
That will put us we think end of year.
December 2020, or just into the first quarter of 2021.
Hi, Thank you so.
I will follow the question regarding your commercial ended in plan since.
Due to the put any containing depend any impact.
Ongoing by now.
Would you be waiting for the additional indication to get approved then you start commercializing your product or.
Would you.
Would you do the Apollo lunch right away.
Yes, no that's a good question Sean so.
I think we're very optimistic about being able to launch commercially as soon as we get an FDA clearance and as you kind of heard add speak about it in his prepared comments, we're in very close contact with.
Many of the K LLC, the systemic derm space, we've done a number of surveys of.
Their practices to kind of understand where theyre at today, and where they think they're going to be out in the coming months given given cobot 19. So our current plan is is to launch as soon as we are able.
Meaning as soon as we get a clearance from FDA now that being said things can certainly change in the environment, but.
I think our physicians are optimistic that their practices are going to continue to to go strong in the back half the year and early into next year, and we're going to be prepared to deliver the cell effects at that time.
Hi, Steve. Thank you very much the hopefully I'll just last question could you just provide general commentary on operating expenses for the second half.
And then maybe on Kashi run rate.
All right so our cash utilization for the quarter wise I, just under $8 million $7.9 million expenses on that you see for that both the at three months ended and actually the first half of the year, we do expect it today.
That ran rate for the balance as the year Theres. Some reductions that we were able to see in niche in this specific corridor largely due to cover at 19 or instant on travel related expenses were slightly down that these weren't material tight as expenses. So if we look forward.
In terms of that first of all the first half year cash utilization.
$17.4 million and just looking at the back half of the year expected to be flat as I said on the same ran right. So really ending the year with total cash utilization in the 34 to 35 million dollar range.
Thank you very much that's all I have for now thank you.
Thanks, Sean.
As a reminder, she would like to ask your question. Please press Star then one.
Next question will come from Mike gravity.
Please.
Okay.
Hi, Congrats on seems to be a productive quarter during challenging times.
On.
First question strategically and seems like you are pretty robust data on SK.
So.
Assuming you get the Gen five 10-Q ruble.
What's the logic.
And.
During the comparative study on your modes robots.
Indication.
As opposed to something that.
Has not been Laurence as much.
Yep.
That's a good question Mike so.
I think we maybe touched on this a little bit on our last call that this strategy is basically.
You know tips first and this is something that we've been in close communication with FDA and so its first to go after the general indication like you suggested and then pursue specific indications and so the reason.
To pursue specific indication in SH is.
We think two things one is very high clinical unmet need for SH in the market today, and so therefore, something that we're going to want to be able to market to directly.
And allow physicians to market to their patients and so in order to do that.
The best way to do that has to have a specific indication for it which will do two things one it will enable us to generate.
Additional very good data, but also then provide that data and.
In various marketing materials to physician for they can market directly to their patients and so we feel that that is.
That will be an important contributor to us being able to expand the market in in something like SH and so our first step was really to talk to FDA about what that comparative trial would look like.
Based on feedback that we had gotten from than previously on doing a comparative trial and so now we think.
Based on the formal meeting we had we had we have really good guidance along those are along the lines of that study design that will lead to a specific indication and we think that it is a framework for indications to fall. So as much as we are leading with SH.
Our plan is to go very quickly after a number another a number have other indications.
Now that we sort of have good I think.
Hi, good framework would that be on how these studies these can be executed.
Okay. Thank you Andrew just to clarify.
You upon the general through more you could be treating gain at age here to be up to the doctors discussion with less clinical.
Dana.
That's exactly right. So it will be a general dermatologic indication for which you know physicians have the ability to treat each.
Various things they're choosing.
It doesn't give us the flexibility our ability to market directly to those indications and show doing that additional clinical work and go through the FDA will give us that ability.
Thank you maybe another way so that is on that.
Got it and go ahead, sorry on.
On the I'd. He is there any other regulatory requirements those yields as not being able to use.
Goodbye and have installed before and approval.
Im sorry.
I'm not sure I understood the question.
It is for the purposes of executing the Sage study and so once EFI give us approval for that that gives us. The go ahead.
To execute that study in the in the U.S.
Okay. So there's no other exemptions from regulatory requirements other than just allowing you to do you correctly specialty yes. Thank you very much.
Thank you.
At this time there are no further questions MCU and this will be loot question answer session I would now, let's turn the conference back which management for any closing remarks.
Thank you everybody for joining us on our second quarter 2020 call. We look forward to updating you in the future.
The conference has now concluded. Thank you for attending today's presentation you may now disconnect.
Okay.
Okay.
[music].
Okay.
[music].
[noise] [noise] [noise].
[music].
[noise] [noise].