Q2 2021 Dyadic International Inc Earnings Call
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Good evening and welcome to Diotic International's second quarter 2021 financial results Conference call.
Currently all participants are in a listen only mode.
Boeing managements prepared remarks, there will be a brief question and answer session. As a reminder, this conference call is being recorded today August 12, 2021, I'd now like to turn the call over to Mr. Ping Rosin Dyadic Chief Financial Officer. Please go ahead.
Thank you good evening and welcome everyone to the Attic International second quarter 2021 financial results Conference call.
I hope you've had an opportunity to review that press release announcing financial results for the second quarter ended June 32021.
And the recent company highlights.
You may access our release and Form 10-Q under the investors section of the company's website at <unk> Dot com.
On today's call are president and CEO, Mark EMA, Barbara will give a review of our business and corporate accomplishments for the second quarter of 2021, including a brief summary of our research and business development efforts.
I will follow with a review of our financial results in more detail.
We will then hold a brief Q&A session, our senior management team, Matthew Jones, and real Nash Allot will join Mark and I with a Q&A.
At this time I'd like to inform you that certain commentary made in this conference call maybe considered forward looking statements, which involve risks and uncertainties and other factors that could cause the IDEXX actual results performance scientific or otherwise or achievements to be materially different.
Those expressed or implied by these forward looking statements.
That expressly disclaims any duty to provide updates to its forward looking statements.
Whether as a result of new information future events or otherwise.
Participants are directed to the risk factors set forth in Biotics reports filed with the SEC.
It is now my pleasure to pass the call to our CEO Mark <unk> Mark.
Thank you <unk> welcome everyone and thank you for joining us as we move into the back half of fiscal 2021, we continue to make significant progress in our science.
Our corporate and strategic development goals of delivering the benefits of dynamics Q1 protein production platform to life science, biologics and vaccine production space.
Since the sale of dyadic industrial biotech business to Dupont for $75 million in 2015, we have focused our efforts on using synthetic biology to reengineer, our versatile industrially proven C. One protein production platform to address biologic vaccine in drug production.
The animal and human health markets.
Our research and development continues to advance, including having manufactured a C. One produced protein under cgmp manufacturing conditions.
Demonstrating the tier one proteins can be manufactured in the <unk>.
The GMP facility, coupled with the successful completion of an interim toxicology study.
It's a step closer and advancing a D Y a high 100, COVID-19 vaccine candidate towards the phase one human clinical trial.
Since March we entered into foreign collaborations, including the recently announced binding term sheet with Sorrento therapeutics.
NASDAQ listed clinical stage antibodies centric biopharmaceutical company developing new treatments for COVID-19 cancer and pain.
The surrender of license agreement when executed will Mark a significant milestone in our corporate development efforts as we will have begun to monetize or is COVID-19 development efforts to licensing our <unk> technology for the development and commercialization of vaccines therapeutic antibodies.
Protein diagnostics totally for Corona viruses.
Including <unk> 100 patents lead COVID-19 vaccine candidate to a drug development partner.
It has the resources and the expertise to advance coronavirus vaccines.
Computers, and diagnostics, both clinically and commercially.
Due to confidentiality agreements and they are often unable to publicly announce certain ongoing collaborations.
Over the past six months.
Noted by Sorento's, Chairman and CEO, Dr. Henry G. Sorrento carried out several promising preclinical animal studies using the tier one produced <unk> antigen and dyadic lead COVID-19 vaccine candidate <unk> 100.
Sorrento extensively studied panics lead COVID-19 vaccine, which utilizes the Sars COVID-19 two spike protein receptor binding domain, our BD antigen in vitro and in vivo.
Hertz induction of high titer, neutralization activities and vaccinated animals against the Sars Covid two virus and has major variance of concern.
The goal is their goal is to manufacture a COVID-19 vaccine that will provide protection across the variance of concern including Delta.
And in addition applied as human protein production platform broadly across their current and future Corona virus programs.
Our mutual goal as highlighted in yesterday's press release as you continue to work together to develop and commercialize a protein based COVID-19 vaccine that can be rapidly manufactured in very large quantities and sorento's existing cgmp and other cgmp facilities.
And storage and transported either room temperature or two to eight degrees.
In order to increase access and affordability to underserved populations globally.
Toronto reported that a multivalent COVID-19 vaccine is under development using the Sars Covid two our BD so the <unk>.
A concern such as Delta Alpha beta gamma and Lambda and is being designed to cover all known and emerging variance of concern.
This is a significant event for dynamic.
Having achieved our goal of creating a pathway that addresses the COVID-19 production commercialization and distribution GAAP for mass scale immunizations across the globe quickly and efficiently.
The Sorrento license fills the gap for the remaining potential COVID-19, immunization production and distribution across all other territories not already covered by diabetics existing agreements with many tax <unk> and Aruba consortium.
The surrender license agreement when executed will grant sorento exclusive rights for human health and non exclusive rights for animal health and their territory to utilize dyadic Q1 technology for the development and commercialization of vaccines therapeutic antibodies.
Routine therapeutics and diagnostics totally for Corona viruses, including <unk> 100, direct lead COVID-19 vaccine candidate and will include upfront payments of $10 million of cash and stock of.
Of the $4 million in reimbursements for D Y AI, one hundred's preclinical and clinical development milestones and development costs incurred by dyadic.
Up to $33 million of potential milestone payments for the successful development of vaccines therapeutics in humans and animals as well as additional royalty payments based on net sales.
All future development costs related to this license will be incurred by Toronto.
The following is a brief overview of our other strategic tier one COVID-19 collaborations that could potentially reach upwards of an additional $3.7 billion people.
The rubric consortium.
This collaboration with South Africa's Rubik consortium is intended to reduce africa's dependence on foreign vaccines suppliers.
Africa represents 14% of the world's population population.
However, remarkably less than 110th of 1% of the world's vaccines are produced there.
Rubric intends to develop novel vaccines and in addition to a COVID-19 vaccine.
Using our <unk> technology.
They also intend to build manufacturing capacity in South Africa to manufacture vaccines for distribution in Africa to improve both access and affordability.
Less than 2% of Africans are currently vaccinated against COVID-19, and the potential need for boosters may further pushback Covid COVID-19 vaccine availability and affordability on the African continent, which is estimated at one 3 billion people.
<unk> International this collaboration is with an integrated research development and manufacturing services company in India to develop a COVID-19 vaccine candidate using dyadic proprietary <unk> protein production platforms.
And just a few short weeks of receiving the <unk> cell line used to develop and produce a D Y AI 100 vaccine candidate.
Ian has already successfully demonstrated the capability to adopt and produce the human express surge coffee to our BD antigen at high levels.
The population of the Indian subcontinent is estimated at $1.7 billion people.
<unk>.
As a co development program with South Korea's many tax to enable COVID-19, vaccines, and our boosters, which will immunize people against two or more to the current and future COVID-19 variance for.
For example, tetravalent or possibly even quadrivalent COVID-19 vaccines.
Many tax has begun engineering human cells to express COVID-19 variance of concern antigens med.
<unk> taxes territory covers the Republic of Korea, and multiple southeast Asian countries. The.
The population of Korea, and the countries covered under this collaboration is estimated to be over 700 million people.
We believe that this is just the beginning of a new phase in Diotic transformation.
As you know the <unk> production platform is the culmination of more than 20 years of ongoing research development evolution, and ultimately cross application of proven industrial scale enzyme and protein production and broad ranging industries, such as enzyme manufacturing using the.
<unk> of renewable Biofuels.
Our technology was used to manufacture and sell Diana its own enzyme products and more than 30 countries and.
And our sealant technology was licensed for industrial uses non exclusively to Codexis and shell.
Asaf and Avon Goa until our industrial biotech business was sold to Dupont in 2015.
These nonexclusive license fees generated more than $110 million and non.
Revenue for the company.
Currently we see our healthcare opportunities in animal and human health market is much larger and potentially far more value valuable.
We've done it before and we are laser focused on doing it again.
Across these industries dyadic development advances have transformed the scalability production efficiency as well as manufacturing footprint needed for those industries to reliably produce enzymes and proteins at industrial scale.
That has been our goal to disrupt the biomass and fracturing of biologics.
In the animal and human pharmaceutical markets we.
We are proud to say that in five years dyadic has pivoted the utility of the <unk> platform to transform the biologic and vaccine production process and life sciences to be Frank with you.
We're trying to accomplish is a massive undertaking and we remained very enthusiastic by the progress that we've made in such a short time as well as what we believe we can achieve in the future.
License agreement with Sorrento once executed further validates <unk> business model and is in the first licensing agreement, which includes the cash upfront payment for the development of a vaccine intended for human or animal health.
We are creating multiple shots on goals for our technology to be recognized toward utility and application in health care, especially when vaccine access across the globe is terribly unequal from one population to the next.
We now have agreements that serve as the framework for the potential to support vaccine development of COVID-19, and other vaccines and production for up to 100% of the worlds population.
But we truly believe that the versatility and benefits of our <unk> platform technology go beyond the COVID-19 program and.
Tackling the current world problem, we continue to validate the utility of dyadic seem one expression system.
Hi.
To talk about our <unk> 100, Covid vaccine candidate.
The <unk> technology platform has the potential to rapidly develop new highly productive cell lines to produce the Sars COVID-19 two RV D receptor binding domain variant antigens.
Our goal is to demonstrate the recombinant protein vaccines of all types produced from cone cells can be manufactured rapidly under cgmp conditions in large amounts using standard microbial buyer actors.
At low cost, which and gain regulatory approval by showing safety and efficacy for their use in humans.
This data is anticipated to further accelerate the adoption of use of our <unk> production platform broadly to support rapid development and manufacturing of future vaccines drugs, including vaccines for Pandemics.
We and our collaborators continue to advance <unk> hundred towards initiation of a phase one clinical study.
An interim analysis of toxicology study conducted by in vitro as demonstrated preliminary safety.
Final toxicology results are expected by October 2021.
T. GMP production is in progress and once completed we expect it to put us a step closer and advancing our <unk> hundred COVID-19 vaccine candidate towards the phase one human clinical trial.
Later this month, we anticipating anticipate meeting for a second time with the Paul Ehrlich Institut.
Hey.
The German Federal agency medical regulatory body and research institution for vaccines in biomedicine to discuss the regulatory requirements, yet again that will be needed for switching between different COVID-19 variant antigens antigens. Following the initial phase one study.
<unk> technology platform has the potential to rapidly develop new highly productive <unk> cell lines producing receptor binding domain variant antigens. Our goal here is to ensure that the regulatory approval process can support such rapid development.
Part of the understanding with Sorrento.
I will share a phase one data with us to fulfill our previous contract commitments such as with Rubig.
We will also share clinical data with sorrento whenever possible under the terms and conditions allowed under our contracts with our other collaborators.
Once this rental license agreement is executed this is expected to allow us allow us to greatly reduce our expenses related to our ongoing efforts to advance our <unk> 100 vaccine candidates towards a phase one clinical trial.
Once we validated that the <unk> produced proteins are safe in humans. We will then have the potential to accelerate <unk> adoption and use for several biologic drug and vaccine opportunities.
On July 27th 2021, the company sold its equity interest in BD holdings and <unk>.
Realizing $1.3 million euros in cash and approximately a 30% return on investment.
The related gain will lose recorded in the third quarter of 2021. However.
However, just as importantly, PDI remains a valuable resource to perform contract research for us in the future as needed.
In regards to the Zappy gnosis anticipation preparative initiative. The peer reviewed peer reviewed study the development of a modular vaccine platform.
Multi merit entered in display using an ortho Buena virus model demonstrated to discuss successful use of dyadic patented and proprietary <unk> protein production platform to facilitate a fast coordinated and practical in response to new infectious diseases as sue.
As they emerge.
This was published in the peer reviewed journal vaccines.
Zappy, we have validated that the siem one producing antigens can be used to develop vaccines that are safe effective and protective in animals, such as cattle and sheep.
As mentioned in our Q1 conference call. We are continuing to work with a global animal health company that is continuing to conduct poultry animal trials using <unk> produce antigens.
They continue to report to the <unk> Express antigens.
So promising efficacy and the initial animal study they have additional animal trials ongoing and we've begun a fully funded phase II portion of this project to work on further increasing productivity of one or more of these antigens.
Based on the encouraging results to date, we've begun initial discussions on how to expand our cabo collaborations to develop a number of additional antigens for farm animals.
Last but not least there are several ongoing fully funded research projects, where <unk> is being used to explore the expression of a number of different proteins, including antibodies and bi specifics with registrational potential in oncology autoimmune disease and COVID-19.
We anticipate that we'd be able to share with you additional details related to one or more of the tier one human health programs before the end of the year.
Suffice it to say we are very pleased with the company's scientific progress and our operational and corporate progress as we move into the back half of fiscal 2021, and as we look forward to 2022 and beyond.
And with this I will turn the call over to <unk> for financial update.
Thank you Mark.
In addition to the financial results I'll be discussing now you can find additional information in our Form 10-Q, which we filed earlier today.
Our cash cash equivalents and the carrying value.
Securities including interest.
$25.8 million.
Let me start in 2020, one compared to 2704 four color as of March 31st 2021.
Research and development revenue for the quarter ended June 32021 increased to approximately $937000 compared to $524000 same period a year ago.
Cost of research and develop revenue for the quarter ended June 32021 increased to approximately $830000 compared to $624000 for the same period a year ago.
The increase in revenue and cost of revenue for the quarter reflected an increase the number of ongoing research collaborations to 11 compared to <unk> collaborations for the same period a year ago.
There was no provision for income.
For contract losses in 2021.
R&D expenses for the quarter increased to approximately $2.2 million comparing.
Comparing to $1.1 million for the same period a year ago.
The increase primarily reflected phase one clinical trial costs.
100, <unk>, our lead COVID-19 vaccine candidate.
Out of one $5 million.
Set by a decrease of 400.
$415000 related to our other internal research project.
G&A expenses for the quarter increased 80.
Two 5% to approximately $1.7 million compared to $1.5 million.
What are the same period a year ago.
The increase principally reflected increases in legal expenses of $117000.
Development and Investor relations cost of $65000.
Exactly it is and the board of directors' compensation costs of $41000 insurance expenses up $24000 and other increases of $26000.
Interest income for the quarter was approximately $21000 compared to $147000 for the same period a year ago. The decrease was primarily due to the lower balance a hold to maturity securities and lastly investments because of the decrease.
Interest rate.
Net loss for the quarter was approximately $3.8 million or <unk> 14 per share compared to $2.7 million or 10 cents per share for the same period a year ago.
As Mark mentioned earlier on July 26, we sold our equity interest in BVI holdings, and DLP bile, resulting approximately a 30% return on investments and the cash of approximately $1.3 million euros.
The related gains will be subsequently recorded in the third quarter of 2021.
Based on the amended service statement framework agreements with BVI farmer, we will remain the rights to engage VDI to provide R&D services and till June 32025.
Looking forward, our previously provided cash burn guidance for 2021, which was in the range of $10 million to $12 million will be significantly tools once the sorrento license agreements.
To date.
We expected to receive the $10 million upfront cash and stock rental in the fourth quarter of 2021.
With that I will now ask the operator to begin our Q&A session. Dr. Roland Shellac, and Matthew Jones will be joining mark and I to answer your questions.
Each caller will be allowed one question and one follow up question to provide all callers an opportunity to participate in.
If time permits the operator will allow additional questions from those who have already spoken.
Operator.
Thank you ladies and gentlemen, the floor is now open for questions. If you have any questions or comments. Please indicate so by pressing star one pressing star to remove you from the queue should your question to be answered and lastly, Rob posing your question. Please pickup your handset or pushing on speaker phone to provide optimum sound quality. Once again Thats star one of your one question or comment.
Okay and the first question is coming from John vendor motion from Zacks SCR.
John Your line is live.
Hey, good afternoon.
Congratulations on the strength of agreement that's nice to see upfront. So we've been looking for that and it's finally here.
That $4 million that was cited is that for past expenditures or is that for future expenditures.
Yes, that's for past and current expenditures that are ongoing as we continue to move the T Y AI 100 vaccine candidate towards the first phase one clinical trial.
Okay, Great and then.
Sorry, guys spend up to $4 million.
Okay, Great and do you think youll get that whole $4 million or will it.
Just be a portion of that.
Well.
What we'll see I'd, rather not say, but probably it'll be exactly what it is.
The bill that we have to submit for all the different things, but it'll probably be close to that number.
Okay great.
I guess you break that out internally on all the Covid specific R&D expenditures.
Yes, it is different vendors specifically for <unk> hundred.
Got it got it and then.
Then on <unk> in South Africa.
That's a great deal that you have with them as well.
Is that more for our long term objective.
Is to build up I guess the opportunity for biosimilars to be developed in the country.
I guess I'm trying to think of that longer term, how all of that.
How the work now could be set up for something bigger in the future.
Yeah, No I think it's a good point I think there is today is tomorrow and there is the future and I think they can address all of those things because number one the consortium consists of research.
Knowledge is virologist people that are going to develop not just COVID-19.
<unk>, but potential therapeutics, but also it can be malaria HIV. It can be a variety of different diseases, and so they're carrying on research and development and so the problem there as I mentioned and what I said less than 110th of 1% of the vaccines and the whole world are actually for Africa, and it's about <unk>.
14% of the World population.
It's not sustainable it hasnt been sustainable and they view that the technology fits like a glove.
The high high quantities low cost rapid production ease of use all of the things that you would think you would need in an environment like the African continent, as well as other kind of and it is all over the globe that have underserved needs to what we're doing here is we're together putting the infrastructure in <unk>.
Today for the research and development they have very good clinical trial experience in fact.
The researcher this involved severe Marty is running some of the J&J and <unk> clinical trials.
South Africa is well known for their phase one phase two phase III clinical trial capabilities. So for their COVID-19, <unk> 100, either that product <unk>, a variant thereof, there well scaled and taking that through rapidly and quickly and they're motivated to get that out as fast as possible. So that's today.
Tomorrow is a new development and in the future is of course, a bio manufacturing facility. They can satisfy a nice portion of the African continent.
And all of that brings low cost healthcare revenues profits for.
For dyadic Canfor aerobic.
And just a clarification on my question is this will this be for off patent products in the future.
Our new developed products I get the census, the target will be off patent products vaccines that are have already been proven it's just going to be done using <unk>, one and <unk>.
Erica.
I think it will be for both.
Okay great.
Great. Thank you Mark.
Once again, if there are any remaining questions or comments. Please indicate so by pressing star one on your Touchtone phone. The next question is coming from particularly Williams from Williams Resource Group SEC. Your line is live.
Mark.
Yes.
Yes, Hi Tech.
Hi, I missed it for a second sorry, congratulations on a tremendous deal that you've made I don't think.
The breadth and size of that deal was understood totally yet.
Stockholders and the street, but I have a clarification questions.
In essence.
In terms of the the deal with.
These guys.
At this company.
We're working initially an mrna vaccine they had made several announcements in the past months on it and it seems as though that you also were working during that same period on the animal studies with the dye or 100 with Europe product.
And it seems obvious to me that somewhere along the line they determined that the way to go in the home run for them was with the Dio 100 product. Then obviously, that's why they've signed this deal with you which is a much.
Roger deal and something that's developed scone or rather than later because they've been working on this and the other part of that same question essentially is.
That the remuneration of the funds and everything to you.
One additional factor there is that this only pertains in terms of the royalty et cetera, and so forth.
Two everything connected to Corona viruses, so whatever is develop beyond the corona viruses in the future. Obviously you would then re negotiate.
Compensation deal, including royalty for that.
Correct, yes.
Yes. So this this particular license agreement is solely for Corona viruses.
I can't speak as to their other development efforts, but it's obvious that based on their press release yesterday and I would suggest everyone not just reading hours been reading Sorento's press release as I mentioned in today's call.
Got very high neutralizing antibody titers are very excited about it.
They have very similar goals and objectives.
Which were virtually able to fulfil together in a much more efficient way large volume low cost safe effective protective vaccines for prime and boost as well as potentially boosters.
And so.
The answer is there.
They're excited about what they are doing obviously, they're going to write a check but more importantly. It is these people are teed up with the right regulatory expertise and infrastructure I believe there's about 800 people that work in that company.
And they have a variety of products are already in the clinic and Covid and otherwise and we expect them to bring this to market in a more efficient way with a higher probability than we can do it on our own with obviously, a much lower cost to us with a high upside potential for both companies.
Okay, one thing in terms of the potential for both companies.
It was mentioned in the release and the way I interpreted everything and I just want I did some back of the envelope.
Numbers here and I just wanted to make sure I'm in the right ballpark, so I'll mention them here to you.
But the royalty is typically a royalty for situations like this in my experience has been.
A 5% number it goes up to 10, and 12, but I think I'm using the lower well probably be a lower number of a 5% royalty.
And according to.
The numbers of how many vaccines would be made Pfizer was charging 30 cents a.
A vaccine so their products now 33.
Having 30 I use 15.
To be conservative.
And that translated to a revenue stream on that royalty basis of $75 million.
And of course 100 million of these to equate to that would be a small number.
When everybody is talking billions required throughout the world and especially the market that these guys have as an exclusive assuming they meet the criteria you set.
We will be far north of that but is that reasonable in terms of the numbers that I come up with from the back of the envelope.
Well I can't share with you what Sorrento as terms and conditions are.
But obviously based on your math, if you had a 100 million doses at $15, which is approximately half the price per dose.
And you had a I think you said, 5%.
Now that I believe equal $75 million.
And if we have an epidemic not just the pandemic, which some people think this is going to be a sustainable market for years to come.
Just at a 100 million doses.
No matter what the number is is a lot of potential for Sorrento and a great potential for dyadic.
To win win situation actually a win win win patients first.
<unk> access.
Two a vaccine that can save lives and reduce pain and suffering.
And we can make profit posted sorento and dyadic and everybody wins.
Okay.
To your presentation today, it was very very comprehensive and answered some of the questions that I had thanks a lot.
Thank you.
Okay. The next question is coming from Luis Garcia Private Investor Lewis Your line is live.
How're you doing mark.
Question for I missed a little earlier on just a question about the patent life on this product when we come out with a new well say someone uses you'll see one for the vaccine.
The new date for the pack for that product are they issued different patents for different variances and things like that.
Yes, I mean, obviously patent lives very depending on when it starts and what you do to change and modify something when improvements you make.
It answers whats an innovative.
But we believe.
And we have patent applications that I would say our provisionals. So they are very new in some cases, and we believe that the cell line that being used in this case is just at the beginning with July if not it's and so.
It's got many years they run.
So I was just going to say, we expect the long run with many many many hopefully different different.
Opportunities. Another question I believe you said or it's been said that we can use this for insulin is that correct.
Well, we can produce virtually any protein from any gene, but not every system. We will make every protein okay. So.
Some are very easy to make similar more difficult to make some are mediocre in terms of how much time and effort, but theres a good possibility that we could express insulin.
Antibody, we've already expressed antibodies with bi specifics tri specifics.
Fabs.
Virus like particles I'm, just going by memory.
Alright.
Arent classes and types of proteins for different uses whether it be oncology or potential rheumatoid arthritis for Alzheimer's potentially we worked on insulin.
So we havent reported specific projects, but we've worked on a number of different types and classes of proteins are multibillion dollar targets.
Okay very good. Thank you do you think that many of these big pharmaceutical companies don't really want to do business with us right out of the gate, because it's less money for them and that they don't care Theyre, just getting the top dollar for product.
I can't predict or think about what the big pharma companies will or won't do but if you remember we went through this experience in the industrial biotech business, where we did a nonexclusive license with admin Golar Bioenergy and then we did a nonexclusive license would be ASF and then we did a nonexclusive license with shell oil.
Ill and Codexis and Dupont came and purchased the industrial biotech business and so that was a $110 million combined and is a far greater and larger market that's much more valuable.
We've already done this once and we expect to do it again, we developed our own products. In addition to that and sold them in 30 countries around the world. So I think the opportunity for US here is just to continue making this technology more robust more versatile and the applications proving it out and human beings safe effective protective <unk>.
First in the vaccine space, which is what we're doing now ultimately then moving into therapeutics and antibodies and.
And then of course, you have the whole animal health side. When you have companion animals in farm animals, and then you have a whole bunch of other biologic projects and products and opportunities that we're being.
Sort of I don't know inbounded with opportunities that are broad and diverse so.
We're not a loss of opportunity and we want to focus right now on making sure that we succeeded in producing large volumes of low cost safe effective vaccines for COVID-19 out of vaccines, because that platform is up and running and it looks to be we believe the most productive.
<unk> way to make a vaccine from Merck common protein production.
Alright, one more speaking of the Biofuels anything from stopping you to getting involved with that against that thats already a proven market.
Well there are obviously, a certain patents there, but we think that there is a possibility for a variety of different products and opportunities to get back into that space or noncompete ended on December 31.
Of last year.
And so we are evaluating that and we're being approached by a variety of different people and we're sorting through that but to be honest with you.
It's moving at a slower pace, because we're focused on making sure we don't drop the ball.
Great. Okay, well thanks for thanks for all the information I have a great night, everyone. Thank you. Thank you.
Thanks, guys.
There are no further questions I will now turn the call over to diuretic CEO Mr. Mcbride.
So one of the things I just wanted to clarify is that the.
These opportunities that we have today are a proof of concept not only pre COVID-19, but potentially for new novel proteins Biosimilars bio betters. So the people that were involved with for example, <unk> we owned 70% by <unk> in India are quite large <unk> is the fourth largest.
Producer of Botox.
Rubik is smaller, but nimble and have wide connections in the African continent.
Of course Sorrento is a proven.
Biotech very aggressive company. So we believe that we have the opportunities to expand those those license agreements to even broader deeper and wider areas, whether it be rheumatoid arthritis oncology.
Or insulin or diabetes or who knows what.
So once they get used to using the technology see the power of it the speed at which it can be programmed the protein yields it can be produced to simple ease and low cost media safety.
Safety in humans, I think the sky's the limit so.
I wanted to thank them.
Everybody here is.
As we go forward as a small biotech company growing expanding ultimately benefiting populations.
And franchise or otherwise lack access to immunization and vaccine programs and treatments for infectious and other diseases do in inaccessibility and are prohibitive costs.
We look forward to keeping you updated on our progress along the well along the way.
We'll see you on our next call. Thank.
Thank you and good night.
The conference has now concluded thank you for attending today's presentation.
May now disconnect your lines at this time.
I got confused.
Thanks again pain.
Sure.
Okay.
Thanks, Mark and good job.
There were no questions Tonight right.
Anyway.
Hello.
Thank you.
Okay.
Can you hear the matter now.
Okay. Okay.
Really crappy system can Joe.
Guidance I thought we'd get more questions.
Our France.
Jason.
Okay.
Yeah, Greg the tenure for him because he is Alice.
Out of surrender.
Wow.
Yes.
Hi, good job alright, Matt we need more deals.
You there.
Okay.
Okay.
Hello.
Thanks.
Okay.