Q1 2021 Celsion Corp Earnings Call

Please standby.

Good morning, My name is Olivia and I will be your operator today.

At this time I'd like to welcome you all to cell phones, and first quarter 2021 financial results conference call.

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Following the Speakers' remarks, there will be a question and answer session.

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At this time I would like to turn the call over to chemical a debt. Please go ahead.

Thank you and good morning, everyone. This is Kim Collins with L. H, a welcome to Celsius Corporation's first quarter 2021 financial results and business update conference call and.

It's been Celsius practice and as noted by the operator prepared remarks will be followed by a question and answer session.

During this call management will be making forward looking statements regarding Celsius, <unk> expectations and projections about future events generally forward looking statements can be identified by terminology such as expects anticipates believes or other similar expressions. These statements are based on current expectations and are.

Subject to a number of risks and uncertainties, including those set forth and the company's periodic filings with the Securities and Exchange Commission now with forward looking statements can be guaranteed and actual results may differ materially from such statements and particular, there is significant uncertainty about the duration and contemplated impact of the COVID-19 nine.

<unk> pandemic. This means results could change at any time and the contemplated impact of COVID-19 on Celsius operations financial results and outlook is the best estimate based on the information for today's discussion.

I also caution that the content of this conference call is accurate only as of the date of the live broadcast may 14th 2021 southsea and undertakes no obligation to revise or update comments made during this call except as required by law with that said I'd like to turn the call over to Michael Chae, Juno Chairman and C E.

Oh and precedent Michael.

Thank you for the introduction Kim and good morning, everyone.

Joining me today are Jeffrey Church, our Chief Financial Officer, who will provide a review of <unk> recent financial results.

And Dr. Chris <unk>, our Chief Science Officer, who will address questions regarding our recently announced and vaccine initiatives.

Also on the call for the clinical Q&A is Dr. Nicholas Borys, our Chief Medical Officer.

I'd like to start by saying I'm very pleased to report our progress during the first quarter and subsequent weeks of 2021.

I want to relate to you that our confidence that Celsius and is well positioned to achieve our development objectives. During the remainder of this year and beyond.

And quite evident and it's clear to me and on the.

Fundamental our company is sound.

Some reasons too.

To support that.

Third class are.

And clinical product platform technology is based on proven science and is supported by compelling data from our from Gen. One are for.

First product on this platform and the ovation study, which includes our phase one and phase two studies and advanced ovarian cancer.

[noise] Pliocene.

Our proprietary and smart adaptation of Arthroplasty technology is the next generation vaccine platform designed with multiple viral antigens and within and immune and immune modifiers and incorporate it into a single plasmid.

This is being evaluated for application as a vaccine platform, which may hold promise for significant advancements over the highly efficacious new generation of mrna vaccines.

Yeah.

Our very capable staff and research development team have shown extraordinary capability to expertly executed well following the rigorous and demands of global drug development.

Incredibly.

Professional individuals are being reinforced with a complement of individuals' who's experienced and achievements and immunology and vaccine development are well recognized and the industry.

And last but not least market conditions permit the company to be thoughtful and strengthening our balance sheet with straight stock financings with minimal impact to shareholders.

Smartly tapped into the equity capital markets. During the first four months of this year raising over $60 million.

This insurance funds for a rock solid balance sheet and cash sufficient to see us through our all of our immediate and anticipated major milestones and coding PFS or progression free survival data from our phase II ovation two study.

And so we move aggressively forward into 2020, one with a great deal of confidence that the road ahead will be paid with value, creating announcements from ovation too.

Our Gen, one and advanced ovarian cancer and from our da Vinci project, which is our plasmid DNA based vaccine development initiative.

So I'd like to talk a little bit more about these two major programs.

The foundation of Gen. One our DNA based immuno oncology candidate as thorough flash.

The third class nanotechnology is proven as a means to transfect cells with DNA payloads coded for proteins of therapeutic value.

Unlike viral delivery systems that can only be administered once because of the body's immune response to the delivery system itself surpluses not subject to the neutralizing activity of the patient's immune system. It has been safely administered as many as 17 times weekly over six month period and or ovarian.

Cancer clinical studies to date and.

More than 100 patients have been treated with Gen, one and our clinical trials.

The results, so far and demonstrate excellent safety.

Relational data that clearly show activation of a significant immune response and dose dependent improvement and clinical outcomes.

Ovation two study of Gen. One is an open label randomized trial and treatment naive advanced ovarian cancer patients. That's a subset of patients whose tumor burden is too great for immediate surgical intervention.

Ovation two combines gen one with standard of care and Neo adjuvant chemotherapy.

The goal of which is to shrink tumor mass and drive as much as possible the fluids that accompanies that cancer to improve surgical results.

Following the wedge when chemotherapy and eight weekly cycles of Gen. One.

Combined with Neo adjuvant chemotherapy.

Patients undergo interval de bulking surgery, which is then followed by three adjuvant cycles of chemotherapy and up to nine additional weekly Gen. One treatments that 17 Gen. One treatments.

Once weekly.

Over a six month period.

Our goal is to delay progression because you know that cancer progression portends, a bleak outlook. The ovation. Two study is designed with and it with an 80% confidence interval for and observed PFS hazard ratio of <unk>, seven and five which would mean, an approximate 30% improvement and the risk for cancer progression.

The study is progressing with more than 40 per cent of the anticipated 110 patients.

Having been enrolled and the study I don't want to say however that April was not up to our expectations disappointing wants and patient enrollment and we're not sure what was behind the blip, but we seem to recover. This once that said, we're taking no chances and immediately following this call Dr divorce.

Our lead Pi Dr factor and I are meeting with a large group from the G O G Advisors Foundation.

Our goal is to brainstorm with this group of ovarian cancer experts and to take advantage of our recent fast track designation to ensure that we have.

Our significantly improved our timelines to reach regulatory approval.

Fast track designation from the FDA, among other things supports and expedited path to market or authorization.

No a little bit more about the G O G Foundation and the G O G advisors.

Our fast track designation and fact brought you are and want to the attention and the G. O G Foundation.

This is a non profit organization with a purpose of promoting excellence and the quality and integrity of clinical and basic scientific research and the field of gynecologic malignancies.

The organization is comprised of the leading gynecological oncologists and the United States and has a network of more than 400 trial sites.

Clinical trial is funded by the G. O G Foundation of inflows for standard of care for numerous malignant and kind of Collagic neoplasms or.

Our meeting with the G O G. As in the first of many designed to accelerate our path to regulatory approval as I said.

We're delighted that the Gen. One has come to the G O Gs attention and believe that the organization's involvement.

Further validates the medical need and the purpose of our work I mean, frankly, why wouldn't you and wanted to come to their attention.

We've been reported compelling clinical data with results today, showing strong surgical outcomes.

Vision, two study data and I'll show, our zero resections, and 14 of 17 patients or 82% and the treatment arm compared with seven and 13 patients or 54% and the controller.

For the control arm is comprised of neo adjuvant chemotherapy alone, which is the standard of care for this patient population.

Physicians view ours, you'll resections and there's a good predictor of survival and at 82 per cent or zero resections and the treatment arm very encouraging thus far and these results also compare favorably with the ours, you'll resection rates observed in our two earlier and our earlier ovation. One study, where we are where we report.

And at 87, five per cent or zero resections, and the two highest dosing cohorts of this phase one dosing escalation study.

Historically, our share of rates as reported in our two large papers by Virgo and keyhole.

Debt to Neo adjuvant chemotherapy alone are approximately zero rates are approximately 50 per cent.

All of which is similar and we're seeing it to the control arm innovation two study.

Our comprehensive manuscript a deviation one trial is currently under review and had a major oncology journal and we hope to have and published in the near future I think the data that we are presenting and a paper and well speak for itself.

One final Gen, one and now theres been growing attention from strategic fund managers and clinical investor investigators expressing an interest and combining gen. One with other approved and investigative treatment regimens like checkpoint inhibitors as well as avastin.

Past and you know as a multi billion dollar oncology drug used for second line treatment of ovarian cancer patients. So we're very excited about the potential for combination with other agents and we look forward to the prospect of providing gen. One.

And supporting all.

The trial of Gen, one all with partners and upcoming months.

Now I'd like to turn our attention to their plant to the Pliocene initiative.

And I've said before placing us and adaptation of the surplus technology platform and.

And it forms are a second product platform initiative Pliocene.

This this time leveraging the knowledge of our plasmid vector construction and combining that with our proprietary delivery technology, which is the subject of share surplus.

Together to unlock the potential of our novel multi sister Annick DNA plasmid technology. So what's unique about this sector.

DNA plasmid vector.

Well, it's comprised of our DNA.

First of all more and more stable than mrna.

Not not this non integrating nucleic acid API is showing the functions throughout the lifecycle of the transfected cells.

[noise] itself. It's also the construct is multi cistron term you may have heard.

And meaning that the placement is encoded for multiple proteins and the case of our COVID-19 vaccine design included are the following the U S or spike protein. This is our sole protein and by the way.

The current mrna vaccines rely on to develop immunity to the COVID-19 back vaccine.

Relying one one antigen.

Yes protein.

And as we've heard from the C. D C and medical experts alike causes concern that a viral variance may ultimately evade immunity acquired by the vaccination.

So our design also includes.

A code for the M or membrane protein of the COVID-19 virus, representing a backup strategy and event that yes protein is no longer recognized by the body's immune system.

And also as I mentioned earlier, our design includes the code for IL 12, a potent immune system recruiting cytokine.

Recruiting the immune system at the same time, providing to antigens for primary and a backup.

I believe is a powerful combination and summary, our design includes three proteins.

Two of which are viral antigens and one is and immune system accelerator.

Our approach has described and a provisional patent filing has the potential to be advantageous to the commercially available mrna vaccines and a number of ways and let me spell this out for you.

First our multistate tronic multiple antigen approach reduces the possibility as I pointed out that virus variants like those from South Africa, or the United Kingdom or others will.

Well escape vaccine dependent immunity.

Second because the DNA plasmid may functions throughout the lifecycle of transfected cells.

The durability of response may improve memory T cell activation and establishing a longer lasting immunity.

Third the concomitant.

Expression of IL 12.

Along with the crush.

Presence of antigens and its well established capability to recruit the immune system may.

And May result, in a higher quality a vaccine.

And the last point I'd like to make is Pliocene offers improved stability and we notice.

The stability and commercially viable temperatures has been demonstrated with the gen. One our lyophilize DNA nanoparticles and.

We've shown that it can be successfully sort of refrigerated temperatures for extended period of times.

And at ambient temperature of roof temperatures for very workable periods. This is very important when considering the various environments of a global pandemic.

Well see we're late to the party yet and you May ask me be asking why now since the current and <unk> and RNA approaches are so effective.

What is our chances of commercial success.

And they're two very important and fundamental questions and I'll try to answer.

And with our plan.

First our immediate goal is to validate our vector and delivery technology and hypothesis and play.

Preclinical studies using the mrna vaccines as competitors as standards to demonstrate the capability of our DNA Multistem tronic approach and its advent and and it's projected it advantages.

What's your hypothesis is proven and if there is a commercial possibility.

We intend to seek development partners for a COVID-19 clinical trials.

Second and more importantly, what's your hypothesis is proven and will begin development of vaccines to address a broad range of other infectious viral agents for example, hepatitis C for herpes simplex or even the seasonal influenza.

Among others.

Third.

And this is something that excites us I, I believe and our advisors and our researchers the most.

Oh, and we may be on the horizon of the real breakthrough combining antigens with IL 12 has the potential to be both for prophylactic and therapeutic.

The development of vaccine technology that has the potential to be truly therapeutic.

Could rough level revolutionize.

The world of treating infectious disease.

[noise] our progress so far is quite encouraging as I mentioned, we've submitted a provisional patent and we've established a research platform, we've recruited scientists with expertise and experience and vaccinology and immunology, we have established relationships with high profile medical and scientific advisors.

<unk> and analytical methods necessary to evaluate the progress of our work we've developed strategic partners that will support wide ranging vector development and we've demonstrated in vitro.

That are multi cistron and that's the multi protein and vector design will produce proteins.

It's designed to express.

Most importantly, and I'm very happy to report that.

And in vitro work with our third generation vector has shown that an S. One antigen and then one antigen and the IL 12 protein can be successfully expressed for my single plasma and incorporate into one of our proprietary delivery platforms.

We should know soon if antibody specific to the antigens are expressed in.

And mouse models and the same mouse models that were used and the development of the COVID-19 vaccines that many of you may have already received.

So from our perspective this is very exciting folks.

There's much more to come on these developments and the near future. We promise to keep you updated and with that I'll turn the call over to Jeff.

Thank you Michael.

Sales of sales Cn's first quarter 2021 financial results are included in the press release, we issued this morning and in our form 10-Q, which we filed today before the market opened.

The company ended the first quarter with $54 $6 million and cash and cash equivalents and a receivable for the sale of New Jersey net operating losses, and we raised an additional $13 $9 million and net proceeds from common stock sales during the early part of the second quarter.

We also announced earlier this week that we received $1.85 million.

And net cash proceeds from selling approximately $2 million other unused new Jersey net operating losses, which is the receivable we booked at the and do the quarter.

Over the past three years, we have sold $15 million of net operating losses equivalent to almost one full year of operating expenses without any dilution to our shareholders.

We have an additional $5 million of unused Nols.

Available to the company for sale and the future.

Our current spending levels, we have sufficient cash to fund operations through 2020 four so as Michael indicated we have sufficient runway to see us through several value, creating milestones. Let me now turn to a review of our first quarter financial results for.

For the quarter ended March 31, 2021, the company reported a net loss of $5 $7 million for nine cents per share. This compares to a net loss of $5 $1 million for 20 per share for the quarter ended March 31, 2020 operating expenses were five and a half million.

In the first quarter of this year, which is up $600000 or 13% from the operating expenses of $4 9 million and the first quarter of 2020, breaking this down by line item research and development expenses were two.

And $2 $6 million and the first quarter this compared to $3 $1 billion, a year ago, a decrease of about 16%.

Clinical development costs for the phase III Optima study decreased by about $600000 from the prior year quarter.

Research and development costs associated with Gen. One to support the ovation two study as well as the development of the Classing DNA vaccine technology platform increased to $1 million for the first quarter of 2021 compared to $900000 for the same period last year other costs related to the company.

Clinical development programs decreased by $200000 and the first quarter of this year due to lower regulatory and manufacturing costs, primarily related to the Thermodox program.

General and administrative expenses were $2 $9 million for the first quarter of 2021 compared to $1.8 million for the first quarter of 2020. This increase is primarily attributable to a higher non cash besides noncash stock compensation expense of $800000 and <unk>.

Kris and professional fees of $200000 and an increase in premiums on our director and officers and insurance net cash used for operating activities was $4 $7 million for the first quarter of 2021, compared with $5 million for the comparable prior year period total cash provide.

By financing activities was approximately $45 million and the first quarter. This resulted from $39 million and net proceeds from the sale of common stock and one and a half million dollars put and the exercise of common stock warrants before I turn the call back over to Michael I wanted to highlight our recent pre.

And filing the car.

And its annual shareholders meeting is scheduled for.

Friday.

During the fourth and shareholders of record at the close of business on April 5th will be asked to vote for proposals three of these proposals are routine and require only a plurality of votes.

Cash and favorite to pass however, the past proposal three requires a favorable vote by more than 50 per cent of the outstanding shares.

But outstanding share stood at approximately 86 6 million shares on the record date.

Total three well increase the number of authorized shares from $112 5 million shares currently to a proposed one.

172 and.

And the half million shares.

The board of Directors and management believe the proposed increase and authorized shares will provide the company with the ability to support our future and anticipated growth.

By this with greater flexibility to consider and respond to business opportunities.

Needs as they arise which would include stock based acquisition and new technologies or product development candidates as well as equity financings.

The availability of additional shares will permit the company to undertake certain of these actions without the delay and expense associated with holding a special meeting of stockholders and to obtain approval each time, such an opportunity arises.

With that I'll turn the call back to Michael.

And thanks, Jeff and I, just wanted to say publicly your AR.

Mark to.

Strengthen our balance sheet on a with a very investor friendly approach is well appreciated.

Thank you.

I also want to just reemphasize with Jeff just noted please vote your shares and as Jeff points out.

Excess to additional capital to support our research is dependent upon your approval to increase our authorized shares it's never been easier to vote your shares.

And your proxy you you haven't for.

Instructions on how to vote via the website.

You can also mail and your ballot and.

If you've lost your ballot, let me if you have a peso. Please take down this number you can call US we'll get you another one.

Telephone number six O nine eight and nine 690 100 and.

609.

And 96 9100 and please.

Please do vote your shares.

Well I want to close our prepared remarks today by underscoring that Chelsea on holds great potential to benefit patients and need and to create value for our shareholders.

And so I've said.

Uh huh.

So it often and we have a highly capable team of researchers and clinicians who are committed to bringing life saving medicines to market.

Well, we look ahead to our anticipated accomplishments. It's helpful to remind you of all of the assets that reside within your company.

And we have two versatile technology platforms, and the exciting area and nucleic nucleic acid therapy and vaccination.

Our competency span and scope of what's required to rigorously evaluate.

These drug and vaccine candidates.

Our relationships with the regulatory authorities and medical advisers and the medical community for within and outside the United States are as good as they get.

And with smart spending and prudent cash management, we have sufficient capital to deliver on our promises.

So with that overview of our business and our financials I'd like to now open the call to questions. Olivia would you open the.

Clients place of cash.

Sorry.

You would like to ask a question. Please signal by pressing star one on your telephone keypad, if you're using a speaker phone. Please make sure. Your mute function is turned off to allow your signal to reach our equipment.

Again star one to ask a question.

We'll pause for just a moment to allow everyone the opportunity perfect and all.

Yes.

Our first question is coming from Kumar Roger with Brookline Capital markets. Please go ahead.

Thanks for taking my questions first with regard to the black seen platform.

Maybe you can and that's about what needs to be done what stayed at right now what needs to be done before it can be dosed and humans and will this be a inthrone muscular injection and what do we know about the expiration of the fly a bake off.

Possibly does for this exhibition and those sales. Thank you.

Oh, so trashy non whereas on the line crocheted debt.

I want to say a couple of things about the or to answer these questions and maybe you can.

Uh huh.

Finish up with some answers to the to the questions.

So we're we're still in early phase development Kumar.

At the preclinical work that's ongoing as well as our goal is to establish proof of concept.

And well once we have sufficient proof of concept our intention is to meet with the agency.

To discuss the requirements for and I N T.

And our expectation is once we have and understanding of those I N D requirements is to complete the preclinical work to support our.

Clinical program.

We expect our hope is to have a meeting with the agency and the late into thoroughly and the fourth quarter. This year and to move forward with an eye and D application.

Around the end of the year or early in the first quarter of next year.

Well with regards to met.

And that the sore routes of administration.

We're very encouraged and we think there for evaluating multiple approaches and up with that what I'd like to do is ask Chris sheet to jump in and got cushy.

Thank you Michael Thank you for Kumar for your question Yes.

Michael said and developing and.

Vaccines that are based on and broader delivery that can be easily easily and conveniently admin searched for re looking at intra muscular and.

And also other I would suggest subcutaneous and eventually intra and inter nasal and smell the.

And the muscular program as well.

Morning.

So and injecting a DNA formulated DNA.

And muscle would lead to uptake by.

Muscle cells.

And muscle cells for all.

So the DNA is taken up by them to the lymphatic system and did the lymph node, we have seen that some of our gen. One.

Plasmid.

We believe that muscle will express the.

Protein on the surface to MHC class, one molecule that leap day.

To help ourselves and.

Cell mediated responses southeast zone antigens could be secreted and then antigen presenting cells could also pick it up and lead to the B cell response antibody response, and then the formulation could itself would be taken up by a dendritic cells outside the muscles. So.

And multiple cell types that could be and wrong.

And I'm looking up the DNA and.

And express and the antigen and causing a downstream immune responses.

And.

Before you can I, just I'd, just like to add a little bit more.

And so.

But the big breakthrough here Kumar as the it's what I spoke about and my prepared remarks.

So we have a single plasma that's and coated with with multiple promoters and coded for actually for proteins two of which are formed the basis for for IL 12.

And now and I were seeing the expression of the a.

Subunit of the Spike protein and also the and antigen and.

This is I mean, this is a breakthrough, we think and up and plasma development and.

And then for right now.

And next sequence of experiments to demonstrate the.

The presence of antibodies and eventually neutralizing antibody should tell us.

Whether or not we are proof of concept is ready to move forward into some pretty.

Pretty well designed animal models. So we're excited for frankly to have this breakthrough that oh shows a single plasma and with this highly capable potential.

Okay, Thanks, and I'm moving on for Gen, one and in them self enrollment and a lot kind of radiation. So are you seeing and different sites are you talking about this little bit and the prepared remarks, and so how about you Brian.

Mice and enrollment being B site.

Yeah.

Yeah. So you know I think a parade and parental is is Oh concept, that's not unique to mathematics, I mean, it just plays.

Plays itself out well and virtually every clinical study that we've been involved with us So we get about 80% of our.

Patients from about 20 per cent of the sites. We currently have 23 sites.

Active for one more and Canada to be activated.

Our goal with the discussion with the G. O G advisors. This afternoon is too.

Explore if there are other network opportunity for other opportunities within their network to add additional sites.

And the recruiting.

Trajectory.

Call it that.

Up until the for.

For last two months March and April had been very encouraging.

There's there was some discussion among our investigators that are the.

The COVID-19, and some of the restrictions associated with.

And.

Controls that hospitals have been put into place and maybe some of the and some of the.

Anxiety among patients is limiting.

The number of patients that they've seen.

So as I said, we we are we've seen a.

Disappointing April.

May seems to be rebounding very nicely.

So I I.

I'm going to ask Scott to talk divorced two comment here, but I think we're a very much and back on track to complete enrollment.

Before the end of the year.

And then we've got about a 60 or more patients to recruit and that time period.

About 65 patients to recruit and that time period, and we think the.

Our debt the chances of us achieving that objective are.

Pretty good so Nick.

And the only thing I could add to Mr. Towards doing those comments are that we are also and discussions with employing a professional agencies that specialize and patient recruitment to do direct.

Patient outreach and also were working directly with investigators were now increasing our frequency that we communicate with sites provide more information about the studies and as also as Michael mentioned in his prepared remarks once some more data come.

Out into the field regarding the activity of Gen. One and our ovation. One studies, we think that that will gain more attention not only with our investigators, but also with potential patients. So with all those activities going on I think we're going to see a nice bump and our recruitment as time goes on.

And we don't want to leave you with the impression that we were facing a study thats failing by any means.

And I think I, just want to point out there's other trials and tribulations of recruiting patients, particularly.

And this COVID-19 environment.

Are not unique to the company and we think honestly Kumar of we think we understand these dynamics and we don't expect.

Specced any significant.

Delays and getting this study fully enrolled.

Okay, and finally with regard to.

Gen. One nine combination blind laud, the preclinical data on and our data and leave me to be hired with regard to and in combination with Avastin and all that.

Immuno oncology agents.

And you can easily what would be the plans and comes off and you know them.

Moving part with this combination thank you.

So crocheted I think he'd be very excited to talk about our some of our combination data preclinical data.

Yeah. So of course Kumar so we have done some extensive preclinical investigation of combination therapies.

For Gen. One in combination with chemotherapy and have been published and that form the basis of the ongoing study.

But the vast and.

Sounds really interesting resolved the vast and by yourself.

Multiple doses.

Effective and Hum and controlling the growth of ovarian cancer and mouse and the mouse model when we combine the gen one and the Hudson and just sick response and and in fact at a much lower doses and vast didn't we got good response that could perhaps down the road.

Just that and I've asked and dose could be lowered.

But clearly there's a convincing data and multiple set of experiments and our.

That collapsed and plus gentlemen combination.

And just take chemotherapy, we have shown before and there's some data of a checkpoint inhibitor is also not with us, but with IL 12 and it.

Different forms of delivery has been shown to synergize. So I think a big point here is that general.

Gen one treatment of and truck.

And for our peritoneal cavity.

And cancer, we have seen a convergent offer that immunosuppressed and highly immunosuppressive environment into immuno stimulatory and now that would be conducive.

And any immuno therapeutic agents that requires debt that condition for example, checkpoint inhibitors and area.

And that's where they don't work because truly been a suppressive environment T cells are not there they're not active.

For the IL two does that so I think based on immune profile debt, we have seen with the reach and data. So all these combinations that.

And logical such as checkpoint inhibitors, and a vast and as I told you we have debt ourselves. So these are the possible avenues of venues where we could.

Thinking about developing Gen one down the road.

And the chemotherapy combination that's in progress.

Thank you so much.

Thank you Kumar.

That will conclude today's question and answer session. Mr. Toward unknown at this time I will turn the conference back to you for any final remarks.

Thank you Olivia.

And just wanted to say again. Thank you all for your time this morning, and Chelsea and we continue to be driven by our commitment to.

And to bring new medicines and enough vaccines for patients in need and.

This is exemplified by the work of our talented scientists and clinicians and our technical staff and our support people.

And we are fully committed.

And we are absolutely appreciate the support of our investors and the investment community and we.

And we look forward to keeping you apprised of our progress throughout the year and we'll speak to you again, when we report our 2021 second quarter financial results and August in the meantime don't forget.

We have our annual shareholder meeting on June 4th please do vote your shares.

Thank you very much have a good day.

Thank you. This concludes today's conference call. Thank you for your participation you may now disconnect.

Okay.

[music].