Q2 2021 Xeris Pharmaceuticals, Inc. Earnings Call
Okay.
[music].
Hi.
Hello, Good morning, and welcome to the Dermis Palm Beach pool second quarter financial results. My name is John and I'll be the cooperated day, if you'd like to ask a question. During your presentation. Please press star followed by wanted no telephone keypad well if you change your mind. Please press star, but if I change I will now hand, you over to a haste.
<unk> Senior Vice President of Investor Relations. Please go ahead Allison.
Thank you Tamara.
It's an operation clinical trial, and third party suppliers and manufacturers and other risks, including those discussed in our filings with the SEC. In addition, any forward looking statements represent our views only as of the date of this call and should not be relied upon as representing our views as of any subsequent date is specifically disclaim.
Any obligations to update such statements I'd like to turn the call over to cough.
Allison.
Good morning to everyone Who's listening we appreciate your interest in Zurich.
Discussion on this morning.
At a very strong second quarter, especially with Djibo following a strong first quarter and maintaining momentum with or what what is clearly our number 1 priority.
We've shown steady and consistent progress on all leading indicators for the core business. We also announced a major move into in the process of transitioning our business to a commercially focus rare disease and specialty pharma company.
As well as a number of other key achievements I'll start with a few highlights the.
The major highlight of the second quarter was the continued strong demand for Djibo driven by the Hypopen sales as evidenced by impressive increases in several key metrics that I'll share with you shortly equal.
<unk> important was the announcement of the proposed acquisition of Strongbridge Biopharma, a major step to becoming a more commercially focused rare disease and specialty pharma company.
Which will discuss in more detail as well and on my follow on remarks.
We also found in Tetris pharma, a great UK and Y-you partner to prioritize the commercialization of <unk> in that territory.
We received FDA approval during the quarter for an extended shelf life of Gibeault, 1 milligram Hypopen Prefilled syringe moving from 24 months to 30 months at room temperature.
We renegotiated, our Oxford SBB venture debt facility to send our cash runway.
And based on feedback FDA feedback, we determined it was best to terminate the many dose PDA.
Bariatrics Hypoglycemia prevention program.
And advance our Microdose exercise induced hypoglycemia prevention program with an interim phase 2 study in a broader diabetes population, which will talk further about as well.
Excuse me.
Let me start with evoke.
Since the launch of Djibo Hypopen, a strong foundation has been built and our growth is beginning to accelerate.
Although over overall market growth has not yet back to prepandemic growth of 20% to 30% that we had seen the market showed modest growth of 5% in the second quarter. However, our market share in the second quarter improve by 18%.
From the first quarter and is now approaching 16% of new prescription market at the end of June significantly outpacing the overall goofed on market.
We do see modest signs of acceleration driven by the innovative ready to use France like djibo.
Compared to the first quarter Djibo prescription volume was up 32% in the second quarter Djibo unit sales to wholesalers and direct customers were up 36% in the second quarter and net sales were up 10% in the second quarter.
Who would also increase the number of unique prescribers of djibo by 30% in the quarter.
The end result was a very strong performance at the gross sales level not fully reflected in our net sales number only mostly to our gross and net being negatively impacted by 1 continuation of the Euro dollar copay, which we think is extremely important and 2 wholesaler and indirect returns of the PSS product that was sold prior to June 2020, we don't see.
Returns as a recurring.
<unk>.
Excuse me, especially for the 1 milligram Hypopen, which as I mentioned now has 30 months saving for manufacturer.
With our expanded sales force of approximately 135 customer facing people, including our inside sales group. We are now able to target approximately 20000, endocrinologist pediatric endocrinologist and top decile primary care physicians.
We're seeing momentum in our effort to expand ready views growth gone prescribing to the 6 million plus insulin taking people with diabetes, who currently don't carry goofy on.
We have developed on are currently launching an integrated campaign to pediatric endocrinologist.
During the fast approaching critical back to school season. These physicians drive that natural periodic third quarter Spike in glucagon prescriptions.
Of course this is assuming we have a more normal back to school this year.
As we see Covid researching again due to the delta variant around the country. We're closely monitoring the nature of in person school, we openings around the country and will be anxiously awaiting.
Children, returning to school, we will see what it looks like.
Turning to overall and our European Glucagon brand.
I want to remind everyone of our approach on process with all go in the UK and Y-you. We originally viewed this X U S territory is having very limited potential based on reimburse pricing of the legacy Novo kits. In fact, we had analyzed on reported that would be a losing proposition to launch anywhere on the region and then reimburse prices. After then reimbursed prices.
Or the legacy kits.
Therefore, our going in assumption was the only viable strategy would be to launch and a select few countries for the self pay market only.
We were thus not looking for a commercial partner, but rather contracted distributors in select markets.
What changed in early 2021 was the successful success of the Lily launch and the levels at which they are getting reimbursed pricing in many countries as well as the higher than expected prices people are paying out of pocket in countries, where really has not yet even reimbursed.
As a result, and since overall approval in the <unk> in February of 2021 and in the UK at the end of April 2021, we had several inbound inquiries and also started our own outbound partnering outreach speed.
Speaking with several potential partners are priority was getting a partner who would prioritize overall and put the kind of time and attention necessary into making it a success in the territory essentially for <unk> to get the attention it deserves it needed to be in the hands of the company for whom success with Oprah.
The overall.
That is a hard day to pronounce.
For whom success would be absolutely critical to the overall success as a company.
And as you know a few weeks ago, we announced that we had found in Tetris a great partner.
Tetris is a UK based company founded by our leadership team of complementary on highly experienced individuals from UK and international pharmaceutical companies, we're scaling up in the UK for launch and expanding across the EU.
We're also very excited by their entrepreneurial approach to their organization.
Starting in 2022 and over several subsequent years service could potentially receive up to $71 million in payments tied to the first commercial sale and other time launch and sales related milestones as well as collecting in mid single digit royalty on net sales.
Tetris anticipated overall will be available in the UK later this year and launch subsequently an additional countries as individual country pricing and reimbursement is secure.
Now, let me provide an update on our many in Microdose ready to use group got programs.
As we've reported we've spent the past several months in dialogue with the FDA trying to find a reasonable clinical pathway in order to advance are ready to use many in microdose glucagon programs.
As you'll recall that is prevention of post very accurate hypoglycemia.
And prevention of exercise induced hypoglycemia.
Both into phase III.
We've gotten all of the feedback we need and have made decisions on both programs.
In short the new FDA requirements for these programs to enter full phase 3 development are far too costly and complex for us to accomplish contemplate any phase III work at this point on either programs.
For PVH, we have discontinued further clinical development.
For <unk> based on feedback in specific underlying underlying data requirements.
We will develop and execute an additional phase 2 study and prevention of exercise induced hyperglycemia to examine the efficacy and safety of long term news and a broader range of type 1 and type 2 patients.
That patients that exercise at least twice a week, we will anticipate initiating this study in early 2022.
Now on to the rest of the pipeline.
With our intensified focus on <unk> on the commercial business, especially would be anticipated clothes on the strong ridge Biopharma acquisition, where reprioritising our approach to our pipeline and will focus on development efforts going forward solely on products for our own potential commercialization.
Now what do I mean by that.
Like our liquid stable diazepam on premium tied insulin combination.
We're never intended for various development beyond phase II.
The intent was to develop these products to first.
That are very salt technology was applicable beyond glucagon and second to out license them for further development to other for other companies.
We've clearly with these products proven that technology is broadly approach applicable however, the competitive landscape has changed rather rapidly making out license more difficult.
That said, we will continue to look for development and commercialization partners to advanced both of our share of Salt Pramlintide influence on co formulation program and our Diazepam program.
Our goal is to find a suitable partners. However, we will otherwise not spend additional resources on advancing these assets.
We will continue to advance our 2 undisclosed programs in endocrinology in gastroenterology as they have high potential for development and commercialization in our primary area of current commercial focus and an adjacent therapy area in which we have a development program underway.
We will also continue to look for partners and or Outlicensing are unique technologies to companies for whom our formulation science may create a competitive advantage. We currently have 3 such programs that continue to advance and proof of concept.
And all of the top 10 pharma companies and we're in discussions on additional potential projects as we speak.
And I would like to spend some time discussing strongbridge accurate Biopharma acquisition and revisiting why this is the perfect combination on our mind for service.
First.
By bringing Zurich and stronger together, we're creating a scalable and diversified biopharmaceutical company increasingly oriented towards more specialty in rare disease products.
We will have a stronger revenue base with too rapidly growing assets Djibo can tobias.
We will also have the opportunity for near term launch a record low and subject to the approval.
We will be well positioned to leverage vs experienced endocrinology focused commercial infrastructure to bring makola to market.
Our commercial footprint in endocrinology is larger than Strongbridge had envisioned for the launch a record low enable enabling a greater potential reach at lunch.
We will also have an overall more robust rare disease in endocrinology focus commercial infrastructure into which we can add additional products benefiting a broader range of patients.
We also expect that new products will be brought forward in these therapeutic areas using our unique formulation technology platforms.
To put into our larger and scalable.
Infrastructure for continued development specialist oriented and receive products from first on Sir Jack.
Furthermore, with a stronger financial and strategic foundation, we see the potential opportunity to participate in the consolidation of commercial and late stage products and companies focused on endocrinology neurology gastroenterology on rare diseases.
We also have the potential to realize significant synergies and substantial cost avoidance and importantly, we believe this combination will provide significant benefits to all of our stakeholders and will position is to drive enhanced value for shareholders.
Now transitioning to our finance and.
The specifics of our quarter I wanted to talk just briefly about the change in our CFO in April of 2018, we were ready for our IPO. It was important that we have a finance leader who could build the team we would need a new public company and guide our financing financing debt and reporting efforts as a development stage company.
Very doidge stepped into that role and has built a superb team that Stewart at our finances for the last 3 years, culminating in the pending closed of the Strongbridge acquisition.
Very and I believe the next day for <unk> as an increasingly commercially focused larger and more complicated company needs the appropriate leader out of our finance team for that stage very.
Barry has been mentoring, Steve Piper for several years and Steve is a significant background and commercial finance, we believe Steve is what serious needs for the next stage of our development and as such has recently been tapped to succeed Barry as our CFO.
I want to thank Barry for everything he's done for the company.
And I want to welcome Steve to the role and now I'll turn it over to Steve to review the highlights of our financial performance.
Thanks, Paul Good morning, everyone. I am pleased to meet you all virtually today and I look forward to future opportunities to engage with everyone being.
Being the CFO of service is an exciting opportunity for me personally.
And I look forward to sharing positive developments at our company both today and in future company updates My remarks. This morning will focus on a few of the key financial results.
The details of which are in the press release issued earlier this morning, and our 10-Q that will be filed later today.
As Paul said, we had another strong quarter from Achee, both revenue perspective reporting $8.8 million in Chi both net sales in the second quarter, which is up approximately 10% from the first quarter of 2021 and up approximately 345% from the second quarter of 2020.
$8.8 million Chievo net sales was driven by strong demand from our wholesalers and other direct customers with Chievo unit sales up 36% from the first quarter of 2021 as.
As Paul mentioned in his opening remarks, the second quarter Djibo net sales of 8.8 million included adjustments to the accrued returns reserve related a prior year sales and based on actual returns experience that decreased revenue by approximately 900000.
<unk> net sales on a year to day basis through June 30th was $16.9 million.
Which is an increase of approximately 360% vs. The 6 months ended June 30th 2020.
As you May recall on Q1 of this year, we recorded an adjustment to rebate and patient assistant co pay accruals, which were recorded in prior years based on actual claims experience. This adjustment increased revenue by approximately $900000 in Q1.
There is no impact to net sales on a year to date basis as a result of the queue on adjustment and the returns reserve adjustment in queue too as they offset on another.
As we move down the P&L cost of goods sold for the second quarter of 2021 was $3.4 million, which included primarily standard costs for products sold in the second quarter. This is up from $1.3 million from the same period in 2020.
This increase was primarily driven by higher unit sales in Q2.2021 in comparison to Q2.2020.
Turning our attention your expenses total operating expenses increased by approximately $8.4 million in the second quarter to $31.3 million compared to $22.9 million for the same period. In 2020. This increase was primarily driven by increases to selling general and administrative.
The expenses of $8.3 million.
R&D expenses for the 3 months ended June 30th 2021, or $5.4 million compared to $5.3 million for the same period ended June 30th 2020. The increase was primarily driven by a higher pharmaceutical process development costs of on $1 million, partially offset by lower personnel related cause.
Just a point $8 million due to lower head count.
Selling general on administrative expenses increased by $8.3 million for the 3 months ended June 30th 2021 in comparison to the 3 months ended June 30th 2020.
This increase was driven by several noteworthy items, including transaction related expenses of 3.9 million related to the pending acquisition of Strongbridge Biopharma, an increase of $1.8 million and personnel related costs due primarily to an increase in sales force head count and an inch.
Kris in marketing and selling expenses of 1.2 million.
We anticipate that we will continue to incur expected transaction related expenses up through and beyond the potential close of the Strongbridge Biopharma acquisition and early Q4.
Moving on a debt at the end of the second quarter, we had debt totalling 97 million consisting of $47.2 million of convertible debt and $43.5 million under our senior credit facility with Oxford and SBB.
As announced in May we amended the senior debt facility facility, allowing for extensions of interest only payments for up to 12 months to January 2023 subject to achievement of revenue milestones.
The extensions allow us to delay principal payments of up to $17.4 million.
We currently expect to achieve each revenue milestone and if therefore classify the amounts due is noncurrent on our balance sheet as of June 30th 2021.
Net loss for the second quarter of 2021 was 27.5 million or 41 cents per share compared to $24.1 million or 63 cents per share for the same period in 2020.
Moving on to cash as of June 30th 2021, we had total cash cash equivalents in investments of 116 million compared to 133.8 million at December 31.2020.
Based on our current operating plans an existing working capital of June 30th we believe our cash resources are sufficient to sustain operations and capital expenditure requirements for at least the next 12 months.
<unk> from current marketed and potential future marketed products will determine when we will be cash flow breakeven.
To summarize we had another very strong quarter of Tivo revenue, we continue to have a healthy balance sheet with a recently renegotiated debt facility that sets arris up very well to fund the commercial infrastructure necessary to drive continue to evoke adoption fond are R&D pipeline and lastly fun.
Our overall corporate infrastructure necessary to effectively run a public company. We are excited about our partnership with Tetris, bringing on glued to patients in Europe, and the potential revenue and cash flow of this arrangement represents for <unk> in 2022 and beyond.
We anticipate that we will continue to incur transaction related related expenses associated with the potential acquisition of Strongbridge Biopharma and we look forward to closing on the acquisition and early Q4.
I know I will turn the call back over to Paul.
Thanks, Steve and welcome to the goal.
Before we open up for Q&A, owing to a rather large retail investors segment, we thought it would be helpful to address a few of the frequently asked questions that we get on a regular basis.
Number 1 and 1 we've gotten most frequently of late why do the strong Breeze acquisition.
I think that at the end of the day, a better question would be in my mind why not.
We're frequently asked from analysts and investors, what we're going to add to our bag in order to complement djibo.
This should be viewed as the perfect answer to that question and the acquisition of strong brands Biopharma is perfect reserves as I stated in my remarks, the resulting pro forma company will have to growing revenue product producing assets and to therapy areas will move into rare disease and specialty we have a potential product launch in our core endocrinology.
Franchise on the horizon.
The launch organization, a significant will significantly larger than strongbridge would have been able to assemble on a standalone basis.
We will have a stronger balance sheet, and we will recognize potentially $50 million plus and synergies.
I think that is the perfect acquisition for our company.
Second question, we get on a regular basis and the last year or 2.
Why do you believe COVID-19 pandemic is still impacting your business.
On.
There is no question that the pandemic over the last 18 months. It has it has had a significant impact on our business in general.
And on the launch a G book specifically.
Like it or not what I would say it of this absolutely remains the case today.
We're all seeing stores and restaurants open and full of people.
I will tell you that's just not the case in doctor's offices, so far the rate of opening of endocrinology endocrinology offices access to physicians in those offices that are open and timely prescribers remains the low prepandemic levels.
I can't emphasize enough the offices opened patients as diagnoses and prescriptions written in the second quarter, we're still not back to Prepandemic levels.
We've been doing everything continue to do everything virtually since March of 2020 in fact for the first time in 17 months, we had 100% of our field reps back in the field.
Predominantly face to face with meetings in July.
I believe that our organization and I congratulate on our entire commercial organization.
Amazing job over the last 18 months doing their job virtually.
And you can see that everyone is thrilled to be back out calling on doctors in person.
And we hope that that continues well into the second quarter, we hope that the Delta variant doesn't knock on <unk> on our heels.
Closed offices again or begin to close offices again.
But at the end of the day, who knows we were looking forward to a strong second half and we hope that the COVID-19 experiences somewhat behind us.
The third question, we get recently on a regular basis why did you take so long to get on the new partner.
It was in fact, a rather short process by any standards.
As I explained in my prepared remarks with approval at the end of the first quarter of this year, we adjusted our strategy to look for a commercial partner and we're able to announce a partnership just 3 months later, so and we're very happy with asked US we think they're going to do a great job.
The other question we get.
Why will it take until year end to launch in the UK and well into 2022 to launch an additional countries.
The first launch will in fact be 5 to 6 months from the from the deal signing.
And I wanted to make sure everybody understands that the process in the UK and the <unk> is very different from here on the U S.
In these territories in order to get reimbursement immediate government pricing approval and reimbursement approval in each country will take several months. In addition, we have not invested in translating patient materials into various languages with our partner will have to do.
Before the product can be manufactured for distribution.
And Lily just as an example, they are very large standing commercials organization in the EU were approved in December of 19 in the first commercial launch in Germany was approximately 3.4 months later.
With subsequent launches an 8 to 10 additional countries over the balance of 2020, so it's a fairly standard procedure in EU UK on the.
In order to get a drug on the market.
The other question, we get on a regular basis is why we have waited so long to do something with the many on Microdose glucagon programs I think we address that in our remarks.
Without specific agreement with the FDA on clinical trial design, the size timing complexity and cost and feasibility of clinical trials really can't be determined.
We finally had what we needed from the FDA in July and done the analysis that announced today, what our intentions are.
And then the other question is when are we going to see a partner on diazepam and pay them insulin.
As I mentioned those will never specifically for.
Our further development always for partnering.
And we stated several times that the level of these programs with most important thing to these programs improving our technology beyond.
Who began.
Proving our technology to be broadly applicable, which we have.
And we started the outreach on both programs and we'll see over the next many months if we were able to get a partner in the meantime, we won't be spending additional resources on those assets.
So hopefully that answer some of the questions we get on a regular basis, we're happy to do it. We appreciate all of our all of the owners on their stock and we're happy to.
Tried to address as many other questions as possible.
Now with all that said our near term focus continues to be on driving djibo. During this important back to school season closing the Strongbridge Biopharma transaction and seamlessly executing on the integration of the organization and its products planning for a potential approval and launch a record of leather early 2022, and Reprioritising our pipeline as we positioned the comes.
Any for long term product development and commercial success.
And once again I want to thank everyone for listening this morning.
I'll remind you that we do have John Johnson and rich.
Available from straw.
Strongbridge to answer questions.
And our open it up for the operator to open it up for questions at this time.
Thank you and he would like to ask a question taste staff pipeline yeah. Thank you pack.
And if you change your mind, please pass staff I take.
Our first question comes on the site gang of making has great.
These kind of hot.
Hi, good morning, and my.
My crack.
Paul I was wondering if you ask people to come on on the.
But you know.
Coca card usage trended over the past several quite day.
And how should we think about on.
The co pay cash.
On a copay cog on the move forward basis.
Looks like it's on.
Central component before executing commercial strategy.
Thank you.
Thanks to say good morning.
I appreciate the question.
2 zero dollar co pay was initially a launch incentive and it has become a central part of our ongoing.
Commercial.
Process with G vote.
The usage has remained relatively steady over time.
And we continue to see it.
It's 1 of those things where.
The pandemic is really had a devastating effect on on a lot of people, especially in this community.
And we just think it's important to do whatever we can to continue to maintain the easiest access possible to djibo. There are $6 million over 6 million people with diabetes, who are on insulin every single 1 of them should have a prescription for glucagon, obviously, we hope it's djibo.
And and we want we continue to want to make it as easy and as affordable as possible.
We reevaluate zero dollar copay on a quarterly basis.
And at some point, we make make a decision to discontinue but for the time being it's is it means day of our of our process.
Our next question comes on from David I'm Shannon of Pachysandra, David Your line of day to these kind of apps.
Thanks, So just a few first.
You mentioned Delta Covid.
Anything you're hearing anecdotally in the field about.
More restrictions on anything that.
You think could be negatively impacting your tivo business.
And just overall thoughts on what you think that back to school season.
Is going to look like and how we should think about quarterly cadence and the second in it for the year that's number 1.
Number 2 just general thoughts on the impact of Zeeland product Decalogue and.
How you think.
That product sets into the market.
If at all.
If you think of on have any impact whatsoever, just wanted to get your latest thoughts there and then lastly, with Strongbridge coming on board how are you thinking about.
Your delivery technology, and bringing more proprietary products into.
Into the clinic.
Thanks.
Thanks, David really appreciate it.
Several several excellent questions in there let me start with.
Restrictions I think we are seeing health health care systems across the country.
Beginning to mandate that people.
They've always met mandated masking so and that continues.
But that doesn't hinder our reps.
Many many health care systems are now mandating.
Vaccination in order to get access so we're diligently working to make sure that our organization is vaccinated I think is a company where it about 90% vaccinated right now.
Obviously, there are people here on there that has health issues et cetera that can't really cannot get vaccinated right away.
So we're working diligently on that to work with the health care systems in order to be vaccinated.
So that's not hindering us at this point as I mentioned in my remarks, endocrinology offices aren't as open as we are seeing our society open.
So there's continues to be that debt access issue and we've been fighting that for now 17 months.
We continue to fight it but the good news is we're back out on the field, we're seeing a lot of physicians face to face.
And it's very refreshing actually to be back out there and calling on doctors, but it's still not back to pre pandemic levels I won't mislead in any manner. It's still it's still a little bit of a struggle.
You mentioned back to school.
Every indication is that.
Across the country kids are going to go back to in person school.
But with the with the resurgence of the Delta variant.
It's anybody's guess, what's really going to happen at the end of the day.
So what I've been saying David is the normal spike that you see in the third quarter you saw in 2017.2018 2019.
And then in 2020, you saw kind of a dome.
And it was a it was a really mutants back to school.
I think the third quarter is going to look more like last year than those spiky years to come.
New interface Bikey sorry.
I, just don't think it's going to be back to prepandemic levels and.
The leading indicators for our business Djibo are strong.
But we're we're.
Waiting to see that that kind of a hockey stick that you see in August on on a normal basis, and we'll see where we're working as hard as we can we're focusing on pediatric endo. They drive this business at this during the third quarter.
And for everybody's.
Consumption the third quarter is the largest quarter, usually by far of any quarter and year. Then you see this drop in the fourth quarter.
Like we saw last year on in previous years, and then you see it sort of trail into the first quarter and then it starts again.
So I think it's going to be better than last year, but the degree to which is how much better I don't know, we're still waiting to see.
And you mentioned the quarterly cadence that's kind of what what you see you see the first quarter.
Was a little bit muted coming out of the holidays, and then started to grow second quarter was really strong third quarter should be the best of the year and then you'll see a seasonal drop off on the fourth quarter.
That's how glucagon goes it has for many many many years.
[noise] Zealand.
I think the most important thing about all of the competitors Lily Zealand on US is that we're all on message and that message is there are over 6 million people with diabetes, who are on insulin they should all have Google.
And ready to use glucagon in some form.
And we're all sending that message. So I think that's a really positive thing for the community I think it will help the overall market growth at the end of the excuse me at the end of the day.
And when.
When you start getting down to product attribute we think the Djibo Hypopen is clearly the best product out there.
The nasal has its drawbacks in a lot of people don't like nasals.
And the Zealand product needs to be refrigerated.
You can now carry the Djibo hypopen of the Djibo Prefilled syringe that 1 milligram. The adult version you can carry it around for 30 months, 2 and a half years. So clearly the best option for placing it into your environment in case of emergency.
And then.
The Strongbridge acquisition and.
So we're going to once we combined the companies and we're up and running and we're really efficient and both endocrinology and neurology and rare disease, we're going to look at how can our fundamental technologies are are.
Formulation chemistry, how can we bring more products to supplement those products and build out those therapy areas and.
And as you know when you look at our.
Pipeline chart, we've got product in gastroenterology that we're moving forward.
We're going to look at products that we can potentially developed in that area as well. So in time, we will continue to focus primarily on endocrinology rare disease in neurology and then we're going to be moving into gastro drowsy as we fill up our pipeline. So hopefully I answered all of our questions and they're really appreciate that data.
Yeah very helpful. Thanks, Paul.
And we have nice have a question for our hand, it back to Paul technicians in ox.
Thank you to those who ask questions hopefully are.
Prepared questions helped a lot of people that are E mailing and texting us and.
Looking for answers on a regular basis, we're happy to provide as much information as we can we appreciate everybody listening in on well. Thank you and wish you a well.
A good day.
Ladies and gentlemen, this concludes today's curse on C. For Charlie you May now disconnect your lines.
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