Q3 2020 Mediwound Ltd Earnings Call
Ladies and gentlemen, please standby your conference call is scheduled to begin momentarily. Thank you for your patience and please continue to standby.
[music].
Ladies and gentlemen, thank you for standing by and welcome to the Q3 Mediware 2020 conference call. At this time all participants are in a listen only mode. After the speakers presentation. There will be a question and answer session to ask a question during the session you'll need to press star one on your telephone please.
Please be advised today's conference is being recorded if you require any further assistance. Please press star zero I would now like to hand, the conference over to your speaker today, Jeremy Feffer. Please go ahead.
Thank you Stephanie and good morning, everyone.
Earlier today Mediwound issued a press release announcing financial results and provided a business update for the third quarter of 2020, you may access that release on the company's website under the investors tab.
With us today are Sharon Malka, Chief Executive Officer of Mediwound Boys Gorilla V Chief Financial Officer. Following management's prepared remarks, we will open the call for Q in AG.
Before we begin I would like to remind everyone that statements made during this call, including the Q and a session relating to better ones expected future performance future business prospects or future events or plans are forward looking statements as defined under the private Securities Litigation Reform Act of 99 spot.
Although the company believes that the expectations reflected in such forward looking statements are based upon reasonable assumptions.
Actual outcomes and results are subject to risks and uncertainties that could and could differ materially from those forecasts to be impacted many factors beyond the control of matter with the company assumes no obligation to update or supplement any forward looking statements whether as a result of new information future events or otherwise participants are directed to cautionary notes set forth in today's.
Press release as well as a risk factors set forth in Maryland Annual report filed with the FCC for factors that could cause actual results to differ materially from those anticipated in the forward looking statements.
This conference call is the property of metal wound and any recording a rebroadcast is expressly prohibited without the written consent of marijuana.
Now I would like to turn the call over to Sharon Malka, Chief Executive Officer Sharon.
Thank you Jeremy.
Good morning, and good afternoon to all the leasing that and he is right. Thank.
Thank you everyone for joining us today on our second quarter Twentytwenty earnings call.
We are well they'll follow third quarter achievements as our team continued to navigate through the challenges of the Cobi 19 pandemic.
We are very pleased with our third quarter financial results as we generated the long term revenue growth compared with flywheel driven by the procurement of Nexobrid by BARDA fully met guidance. It is both the badness.
In addition, the third quarter was highlighted by several important milestones toward our goal of providing an exit bleed. I. Then you stand out of CAD four it's cutting move out in patients with severe burns.
That's the F.D.A. accepted the Knicks up would be late and provided US we didn't pay due for a target date in mid Twentytwenty one.
Second they detect study was completed and a 24 month patient follow up safety data was comparable it costs all items.
Sarah we completed the patient enrollment stage in the next up with Baby I think study and.
[laughter].
And lastly continue doing of all burnt patient he didn't next expanded access protocol.
In the S. got to pull them, we continue to actively recruiting patients in L.U.S. phase two study for treatment of venous leg ulcers and.
And we initiated pharmacology studies to explore additional clinical benefit.
Got it.
We continue to address challenges associated with a carbonate in pandemic why prioritizing the health and safety, if I will walk false and maintaining operational efficiency and flexibility.
Why COVID-19 continues to cause considerable uncertainty we expect to maintain gross.
And to be optimistic that we remain on track to commence and our company father.
Let me now provide some more color on our recent achievements and if you follow the task was to highlight.
We are pleased to see product revenue is going and the global expansion of Nexobrid to new territories.
We generated so all good revenue growth into fiscal <unk> due primarily as the south.
The acceptance of the first shipment of Nexobrid I spot off its mission to build not you're not depend this for probably Kathy management fees.
Defense Chief Man represents a major milestone in our long standing partnership with BARDA.
As a reminder, Danish yet about the procurement of Nexobrid is valued at 16.5 million and we expect additional quarterly pro rated deliveries and revenues.
On these procurement.
Well at the end of Twentytwenty one.
In September the U.S.F.D.A. accepted for review I will be a submission for nexobrid for efficacy move on.
The boss yacht weakness and food thickness Burns and assigned to it but do for goal date of June 29, Twentytwenty one.
This represents a major milestone in the past the bringing qnexa bleed to market in the U.S. and we look forward to working together with the buyback very sale and D.S.D.A. doing does it go leftovers review process.
We are pleased to report that we completed the U.S. faced the detect study, including the collection and analyses of the long term patient follow up safety data.
As a reminder, in early 2018, we announced that he's done of the U.S. face to detect study, which we have robust across all endpoints.
The study met its primary endpoint and all of the secondary endpoints.
Sequentially really bolt had its best month follow up safety data, which was comparable at coarse oar study with no safety, saying nice pickup so.
The 24 month safety data of course med D function and quality of life was again comparable across all study on the Nexobrid Januvia God and the standard of care Oh.
Additionally.
The overall safety profile next of lead was consistent with the previous data and no new safety signals as well, though.
I think you did with the F.D.A. you know a freebie are they meeting we plan to submit the 24 month safety data I spotted it popped up a little bit of commitment.
We recently announced the completion of Standalone, one stage or the phase three next if we pay the epic study Keith.
Completing the enrollment stage of the Keith study. He is an important step towards our goal of providing an exit bleed as a treatment option for pediatric patients with severe band given nexobrid potential to address the unique challenges into I think she's doing.
We see feel brand with the current standard of care.
We anticipate reporting top line results from this study, including the 12 month follow up data during the second half of 2021.
As we await F.D.A. if you we continue to enroll patients in our next up with expanded access program Nick.
To date 22, U.S. burn centers with rain, we didn't majority actively treating Ben patients.
And we expect to activate additional clinical sites before you and.
We see increasing Oh, the use of Nexobrid, we'd mo band patients treated in mall burn centers across the U.S.
The completion of the Keith and all my stage, followed the Ft aid agreement to allow the next up with expanded access protocol to be expended and to include but do you have to make as well as a dog better patient.
The inclusion of but the application in the next protocol will allow additional physician to expenses that experience with nexobrid in pediatric patients and expand the national capacity of transition.
The next program importantly, and strategically keeps us engage we did keep incentive in the U.S.I. several U.S. commercial path now for Nexobrid very sad.
He is actively preparing for commercial launch as discussed in detail during the recent analyst and Investor day.
We were encouraged by the care, whereas enthusiasm for Nexobrid effect and how a point approved by the FDA. It could change the treatment paradigm for its getting move Oh, the visit them out of bounds.
Very sale provided an overview of the potential market opportunity in the U.S. estimating a dose that addressable market, all but 200 million, we the target of 140 bed incentive cost the U.S.
Most of which I've already very says cost him out.
In addition, very soundly viewed its extensive ongoing prelaunch and Medicon initiative, which include significant expansion of pizza Banstead theme there.
Development extensive education and support plan.
And cost effectiveness and pricing analysis.
Let me now shift gears and update you on the Escharex development program.
We continue to actively recruit patients in our phase two U.S. study for the treatment of Venus like I said in compliance with applicable governmental Odessa and clinical sites policies and procedures.
As we expect an interim assessment toward me Twentytwenty one.
Since the initiation in June we continue to initiate new clinical sites across the U.S. and we currently have 25 clinical sites open and ready to enroll patients. We then majority having already begun environment.
Well I have considerable uncertainties related to COVID-19 remain we expect to add additional clinical sites in the U.S. before you and and our team continues its efforts to have additional clinical sites out of the way.
We also believe that Escharex can provide additional clinical benefit and address other areas of unmet medical need well in thematic debridement can be handful such as reduction of buying better than.
There is a consensus among clinicians that biofinity and I get a gauge of Michael open these them encapsulated in a self created methods.
Contributes to delay in wound healing and that it may be possible to use enzymatic debridement agent such as escharex to promote improved healing.
Multi put brick clinical studies have reported the enzyme including Bromley.
Show promise as an effective treatment for reduction of the battlefield burden independent all 50 broadening the capabilities.
As part of our initiative to explore the pharmacological effect of Escharex, we have initiated pharmacological studies to assess the effect of aesthetics on buying back then I swear that's either clinical effect associated with chronic wounds.
We look forward to sharing more details with you about other development plan in this area in the near future.
Let me now turn the call over to Boston for a summary of our financials for the quarter.
Well I.
Thank you Shawn and good morning, everyone and good afternoon, Charlie centers in Israel.
First I would like to update that we continuously monitoring as you're probably 19 crises.
In implementing prudent measures to reduce and controlling our operating expenses.
Maintaining flexibility for additional cost reductions in future if necessary.
We're also very satisfied with our Nexobrid revenue growth driven by the deliveries to BARDA and global expansion, resulting these cash inflows to further support our cash position.
I would like now to provide you with an update on our financial performance for the quarter or 20 point.
Revenue for the quarter ended September Thirtyth, Twentytwenty were 6.6 million compared with 5.1 million for the fourth quarter were 2019 increase of 29%.
Revenues from products in the quarter ended September Thirtyth, Twentytwenty, which were 3.2 million an increase of 189%.
Comparison to the third quarter of 2019, primarily driven by BARDA recruitment.
As a result of these procurement, we expect to maintain consistent product revenue growth on a year over year basis.
Gross profit for the quarter ended September Thirtyth was.
2.8 million compared to a gross profit of 1.2 million for the third quarter 2018.
Gross margin increased from about 23% in the third quarter of 2019 to about 42% in the service.
Quarter ended September Thirtyth Twentytwenty.
As a result.
Revenue from BARDA procurement gross margin from sales of products.
Increased to about 65% from the 40% in the third quarter were.
2019.
Research and development expenses for the quarter ended September 32.1 million compared with 1.6 million for the third quarter of 2018.
The increase was a result of Escharex clinical development.
Selling general and administrative expenses for the quarter ended September thirtyth.
2.2 million in line with the third quarter of 2019.
Operating loss for the quarter ended September Thirtyth was 1.5 million.
There was an operating loss of 2.7 million in the third quarter twinkling team.
Net loss for the quarter ended September Thirtyth was 1.9 million or seven cents per share compared with a net loss 0.2 million or one cents per share for the third quarter of 2018, which included 2.8 million profit from discontinued operation.
Excluding as a discontinued operation profit net loss for the third quarter with 2019 was 3 million and 11 cents per share.
Adjusted EBITDA is defined below for the quarter ended September Thirtyth Twentytwenty was the loss of zero point Eightmillion compared with a loss of 2 million for the third quarter with 20 thinking.
And that's enough to move to year to date Twentytwenty financial result.
Revenues for the nine months ended September Thirtyth, Twentytwenty were 15.1 million compared with 26.3 million in the first nine months of 2018.
Revenue from products were 5 million in the nine months ended September thirtyth, reflecting an increase of 100 per cent compared with that part of the period, excluding the 17.5 million upfront payment from the very see licensing agreement for next spring.
Operating loss for the nine months ended September Thirtyth, Twentytwenty was 6.5 million compared with an operating profit of 7.6 million and they're part of that period, which included a 17.5 million.
Oh from Texas payment and 1.7 million deal related expenses.
Excluding the upfront license payment and deal related expenses.
Operating loss for the first nine months of 2019 was 8.2 million, which reflects an improvement of 21% in the first nine months of Twentytwenty versus appalling Korea.
The company net loss for the nine months ended September Thirtyth was 7.5 million or 28 cents per share compared with a net profit of 8.4 million or 31 cents per share for the first nine months of 2019, which included a 17.5 million upfront license payment one.
1.7 million deal related expenses and discontinued operating profit of 2.8 million.
Excluding these upfront license payment.
Net of deal related costs and this continued profit net cost for the first nine months of 2019 was 13.2 million or 37 cents per share.
Adjusted EBITDA for the nine months ended September Thirtyth Twentytwenty was also 4.7 million compared with a profit of 10.5 million.
The first nine months of 2018.
Which included the upfront payment of 17.5 million from the very selective to remain near.
Net of royalty payments of 0.7 million.
Moving now to our balance sheet.
Cash and short term investments as of September Thirtyth, Twentytwenty was 25 million compared with 29.5 million as of December 31st 29 teams and no debt.
The company remained on budget in the first nine months of Twentytwenty four weeks operational activities.
We reiterate our expectation of cash used for operating activities for the full year, two beans or range of eight to 10 million.
With that I've concluded our financial overview.
I'll now turn the call back over to Sean Sharon.
[noise], Thank you bye-bye [noise].
As you can see it was a very busy and productive first quarter for mediwound.
And much to expect in the coming future.
We'll continue to support our partner very said with the preparation for commercialization and we look forward to walking with the F.D.A. for the quarter totaled review process of Nexobrid.
We are actively recruiting patients for Escharex U.S. phase two study and we are exploring the pharmacological effect of Escharex on wound healing.
We are grateful to our employees.
The physicians patients and all of our partners as we continue to navigate through the challenges of probably 19 pandemic.
With that we concluded our repair.
Your mouth.
And it's now my pleasure to open up the call for your question.
Alright go.
Thank you ladies and gentlemen, if you have a question at this time. Please press the star and the number one key on your telephone once again Thats star one to ask a question and if you'd like to remove yourself from the queue. Please press the pound.
Our first question comes from Ryan Zimmerman with BTG. Your line is open.
Good morning, and good afternoon. Thanks for taking my questions. So maybe I could ask one on a part as procurement of Nexobrid and certainly encouraging to see other procurement revenue. This quarter can you just talk a little bit about your expectations for cadence through 21 on the Nexobrid.
Revenue is it generally consistent quarter to quarter is there some lumpiness or maybe just some color there and then you.
And my final question is just around the agreement with there so and how your help reverse all prepared for their launch or Conversely, how they're helping you prepare for the launch of Nexobrid in the U.S. any color there would be appreciated thanks for taking the questions.
Thank you and good morning, Brian.
So we will indeed excited we day first the live video flexibly to BARDA, a this quarter I spot profit effortful emergency response preparedness.
The second deliver deliberately to about that the second quarter <unk> quarterly deliveries to buy there is expected to take place in this quarter, followed by subsequent quarterly deliveries well Twentytwenty one on a pro rated bases.
Got entity, we are expecting to recognize revenues of approximately 3.7 metering 2020 formed by the document.
And the balance throughout Twentytwenty, one again pro rated overall big kudos.
Initially I've spoken with have bought it goes live into the 16.5 million of which about 10.5 meter on is our portion and the balance is that he says bullshit.
Regarding your second question and he got in their activity and so forth, we very stale.
So Barry said he's responsible at the U.S. commercial pop now fiscally responsible for commercializing the product in the U.S.
As a flex it in a recent analyst day. They are currently conducting an extensive and prelaunch and medi can initiate team which includes a significant expansion of the sales team. It includes a development of education.
I'll answer both planned and of course cost effectiveness and pricing analyses.
I will support is mainly focused on the following one we have I think the next program into your way and then Nick folk I must be mentioned before as importantly, and strategically and to keep us both very.
Very sad and Mad didn't want to engage with the key burn centers in the U.S. why is there anything going on with teen basis with Nexobrid.
And to the cost effectiveness and probably think analyses he's conducting to get there we bowed out there he said and I Q.V. as our lead bendel for that and we provide them with the addition on a scientific peer reviewed paper mill and publication form you off and globally to support that.
Spectra launch upon Beard airport.
Thank you.
Thank you for taking the questions.
Thank you and the next question comes from Raj Denhoy with Jefferies. Your line is open.
Hi, good morning.
Maybe just calling blip on that last question you know when you think about a $3.2 million you did have a product revenue in the quarter.
Can you tell us what percentage of that work how much of that was was tied to the procurement of nexobrid by BARDA and how much was your your sales of Nexobrid outside the United States.
Sure I would turn the call it the blood Blake Hi, Raj Good morning, and thank you for the question. So bought up recruitment for the quarter was 2.1 million and 1.1 million to 3.2 is from and sends outside of the U.S.
Okay and to that point, you know as you think about.
You know nexobrid getting commercial in United States over the next year or so was there any potential for that to to have sort of a bit of a halo effect or any impact on on your sales outside the United States noise as it gets FTC approval in and sort of gets that stamp of approval could it have an impact on on what you're doing or U.S.
Yeah. So thank you for the question Raj first we do think that faster for the day, a key market, though they focus market for Nexobrid is of course, the U.S. mckim to each share repurchase and the major opportunity for Nexobrid.
Yeah, Hey, having said that we do have an expectation to a growth in either they told me I said, it's out of two main things one.
Dan launch and take Oh, Nixle bleed into U.S. market can support high that international markets, such as you and two we do expect to get additional and marketing approval in some territories, where our distributor submitted the five for marketing approval and foreign debt provider.
We expect launching these territories.
Okay. That's helpful and maybe just one quickly on Escharex. So you mentioned you know the trial is is enrolling again and you have this mid 2021, a timeline for the interim assessments you weren't trying to get at is how risk. Adjusted that is you know when you think about the path between here and what you'll need for that.
Interim assessment in the deal you study.
Is that a firm date in your mind at this point and when you. When you say mid 2021 is there anything more you can tell us about when that that interim look might come.
Yeah. So thank you for this question, but I would like to say that we are pleased with day our sites in the CFP initiation here since the initiation of this study a last June we currently having 25 active sites participating in the study primarily in the U.S. we didn't much.
40 of them, having already began enrollment of patients.
We do expect to add additional clinical sites in the U.S. before year end and our team continues its effort to have additional clinical sites out of your way I supposed to follow efforts throughout the day, they could be 19 challenger.
We plan to have Eventuallly around 30 to 35, a clinical site active sites.
As part of our plan.
For interim assessment toward Mead Twentytwenty one.
And a lot of concern about global uncertainties, there related to club and they seem to remain and recently, increasing and we the second way off the pandemic. We believe that they have more time is required to evaluate the pace going forward of that equipment, which is subject to governmental policies individually a clinical facilities policy.
Ladies and of course, the willingness of that and ability of patients to it I two clinical sites to get these statement.
Okay. So sure it sounds like you're you're you're confident at this point, but there is a healthy amount of uncertainty I suppose.
In that mid 20 why guy.
Exactly today, we are comfortable with our plan, but that's the old a facing now the second wave worldwide that let's see what could it be that he thought we are actively and taking some measurement and activities to address potentially deception.
But currently we are on plan right.
Great. Thank you.
Thank you.
Thank you.
Question comes from the line of Kevin Degeeter with Oppenheimer. Your line is open.
Hi, guys. Thanks for taking my question. Thanks for the detailed updates with regard to the expansion of clinicians being targeted under the next study to include pediatric should should we think of those as.
Additional surgeons substantially with and you know the same hospitals you know as the adult population or ours is just you increased the range and the footprint of institutions that you're able to get into prior to launch you know those that are strictly pediatric or.
Those for whom you'll be targeting pediatrics footwear, you know previously they were non rolling EPS for as you know for adult patients.
<unk>. Thank you for the question. Kevin currently we have 22 active sites across the U.S. dot actively treating patients with nexobrid. While additional sites are inactivation process with a goal to have about 30 sites participating in the expanded access program by year end.
To date about 51 patients got treated successfully with Nexobrid why did the protocol. So we cannot protocol in April up to 150 patients to be treated.
Now with the completion of the pediatric study and the woman stage and if the FDA has agreed to allow the next program to be expanded and include those up but you got to break.
And it will impact this photo one we will have additional site that can treat that.
There are some sites limited number of sites that are dedicated full band population I felt pediatric population most of size that we think both adults and <unk>, but the uptick back you correctly I in most of the cases is different.
Clinicians have different a physician different teams within the burn center. So we that's for sure and TC paid to expand their experience. All Fey addition, not Philippe clinicians with Nexobrid and also to expand the number of a.
Burn centers that would fleet week next week.
Yeah, and then following up on that I appreciate the granularity with regard to potential Tam for the pediatric sub segment.
In the last I think you called out around 5000 patients.
Just how should we think about the relative concentration is pediatric.
Patients in terms of you know sites and other was 5000 you know how many in general terms nor portion do you think.
Typically treated by some of the centers, you'll be able to gain access through sort of the next protocol.
A I don't have the exact number but I can just give you a rough estimation I assumed that 80% of a delta or do you have to go population is treated on the same a burn centers that put or saw dogs in some cases by ideal team and a byline C suite that.
In specific a bad Benson desktop idiotic dedicated for the uptick we sold also into pediatric study that we conducted and we also see now in the next study protocol, where we are now a opening goal in a process of occupation of attrition outside and expanding the population of the study.
Hi.
Super helpful. Thank you for taking my questions.
Thank you and our next question comes from the line of Josh Jennings of Cowen. Your line is open.
Hi, good morning.
Good afternoon, showrooms and boys.
Thanks for all the the updates in the details here I wanted to just focus a couple of questions on Escharex you know the exploration of the pharmacological effects on biofilm bird and I know, it's still early days, but any more color you can listen in terms of what these actions me until.
And when you may update the investment community on those results.
Okay. Thank you for your question and good morning, Josh.
Hey, I'd say, a disguise seem to put them back we believe that it's kinda can provide additional clinical benefit and address I did he has a fine unmet medical need on top of debridement of chronic wounds.
A lot of them. He said he doesn't have the buff inboden as you probably know there is a consensus among a clinician about a delay of wound healing, where they both because of the bio for him and seems to have multiple clinical studies.
That's a demonstrated that enzyme in bromine lane, we choose day, a key component of our product of the L.A.P. I show promise as an effective treatment of reduction. So we are now initiated a pharmacological a study to assess and explore the pharmacology.
Got it effect of Escharex.
And we look forward to sharing more details with you in the first quarter effect in Q1 and guiding the development plan and the status of these those pharmacology studies.
No. That's that's great and then we just think about some of the value creating events in the Escharex program in the interim analysis mid next year seems to be a potential big deal as long as things worked out in the <unk> and this trial continues after that in a minute assessment you'll have this this.
Other details around us correction and the effect on bio film Bird and when do you see the potential to open up a strategic process again similar to what you did with with an extra breed is is there anything in your mind, where.
You, it's unlocking of value where that the strategic process second strategic process could could commence thanks. Thanks, a lot for taking the questions.
Thank you for the question. So this is a did you something to you know.
See in the future, but I assume that the positive interim assessment can a accelerate that day potential process, yeah, but definitely a definitive finally saw the topline results of the study we have a data driven company and we believe that the data of these.
Phase two study we support one discussion we deftly a regarding the next stage of development of the next step of development was clearly and through May potentially support any father discussion I'll reach out of potential to keep a wound care players in the market.
Great. Thank shrunk.
Thank you.
Thank you. Our next question comes from the line of Slant Bakula <unk>.
Ramakanth with H.C. Wainwright your line is open.
Thank you and good afternoon Truman Bose.
Most of my questions have been answered just just just couple of them.
In terms of the next to study that you are conducting the U.S. use you said that are I think 21 or 22 centers open at this point Hum.
For you to reach your your.
Time for him to do that analysis in the second half of two into one how many additional centers do you think you need to add so that it's an optimal number you know to reach your goal.
That's question number one and the other question is do you have an idea of when you would publish didn't complete the analysis of the detect study.
Hi, Thank you for your question. So I study the second question.
We now have they study completed and a data analyzed I assume that in that a fifth quartile off a 2021, and we will have it and find the T cell. So we can <unk> and have the full data set of the detect study yeah.
As agreed with the FDA to 24 months safety data.
It will be submitted as opposed to pull that commitment I left during the review process. They will ask for the stuff that because it's already available.
Regarding your second question for the next so you clearly a described that we currently have 22 active sites in the U.S. treating patients with Nexobrid and we plan to have about 30 sites, we will keep enrolling patient to the next study <unk> a product with.
It does seem to be a they would be approved and the product will be launched two three months. Following day, a full value of such as a P.L.A. and from this point of time, we will keep treating pediatric population onto the saporta quoted going forward.
Thank you one last question is I mean, you're talking about the pediatric.
Oh population that you want to include in this if.
If you can expand.
To expand the label to the pediatric patient can you give us an idea like what sort of margin expansion. We are looking yet no lunch. Once we have that patient group also included.
[laughter].
Thanks for question. So first of all a completion of 10 alderman stage of to fit the epic study is an important step towards our goal of providing nexobrid for treatments or be specific a population.
Given the potential of next up with to address the unique challenges of treating Ben a children.
We anticipate reporting topline things that fall in BC study, including day follow up data. The 12 month follow up data in the second half of Twentytwenty one.
Based on our experience we did detect study and the delay we believed that a we can submit to the pediatric indication expansion of Nexobrid to the FDA based on day two as my follow up data why the 24 month, a follow up data will be a post marketing submission.
And so we plan to have a baby allay meeting we did ask D.A. into first half of 2021.
And if D.A.F.D.A., except our submission plan, we anticipate submission in the second half of 20 to 22.
Thank you. Thank you for all that color.
Peaceful.
Thank you very much.
Thank you and I'm not showing any further questions at this time I'd like now like to turn the conference back to management for further remarks.
Thank you operator.
Thank you everyone for joining us today, we look <unk> continuing to executing on our strategy and bringing new therapies to market and to update you again on our next Twentytwenty fully update color. Thank you and have a great day.
Bye bye.
Ladies and gentlemen. This concludes today's conference call. Thank you for your participation you may now disconnect everyone have a good day.
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