Q4 2021 Altamira Therapeutics Ltd Earnings Call
Good morning, and welcome to Altamira Therapeutics Conference call.
On today's call are Thomas Meyer, Altamira Therapeutics, founder, Chairman and Chief Executive Officer, and Marcel core Mod Altamira Therapeutics, Chief Financial Officer, who will present, the company's financial results for the second half and full year of 2021 and provide a business update the accompanying.
Slides can be found on the Altamira website in the investors section.
Earlier today Altamira Therapeutics issued a news release with the second half and full year 2021 financial results as well as a business update.
The release is available on the company's website at IR Dot Altamira Therapeutics Dot Com and has been filed with the S. E C.
During today's call the company will be making forward looking statements within the meaning of the private Securities Litigation Reform Act of 1995.
These include statements that address future operating financial or business performance or our strategies or expectations.
Forward looking statements are based on management's current expectations and beliefs and involve significant risks and uncertainties that could cause actual results developments and business decisions to differ materially from those contemplated by these statements.
These risks and uncertainties include but are not limited to the timing and conduct of our clinical trials the clinical utility of our product candidates, the timing or likelihood of regulatory filings and approvals, our intellectual property position and our financial position as well as those described in the risk factors set.
In our annual report form 20-F, and future filings with the Securities and Exchange Commission.
In addition, any forward looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date.
While we may elect to update these forward looking statements at some point in the future, we specifically disclaim any obligation to do so even if our views change.
With that I will hand, the call over to Thomas Meyer.
Thank you Holly.
Hello, everyone and thank you for taking the time to join Altamira Therapeutics earnings for a business update call.
On today's call I will provide an update on various development projects and overview of recent corporate developments as well as an update on our strategy.
Following my update our CFO Marshall <unk> will provide an overview of our second half and full year of 2021 financials.
Finally, I will discuss our outlook for the rest of the year.
Then open the call for any questions.
So overall 2021 was truly a transformative year for our company.
During the year, we laid the groundwork to reposition our company through a key strategic acquisition to enter the exciting and dynamic market of RNA therapeutics.
In addition to repositioning our business towards RNA therapeutics.
Also continued to progress our Nam RNA legacy programs towards achieving key value enhancing capitalists.
In the weeks and months ahead, we expect to approach several clinical and regulatory milestones.
At the same time, we have been preparing for a second major step.
Of our transformation.
The planned divestiture or spin off of our legacy business.
Last June at the time of our expansion into RNA therapeutics weeks.
We expect to complete this step within 12 to 18 months.
We feel that we are on track to meet this objective and anticipate executing on it in the second half of this year.
With that step we sold more fully unlock the intrinsic value of our legacy business and become a pure play RNA Therapeutics company with great potential in a fast growing and disruptive sector of human medicine.
First I will discuss our vision for RNA therapeutics, how we are building this business and our goals.
RNA therapeutics have generated significant attention over the last few years.
The ability to control the expression of disease relevant genes through short interfering RNA or S. I RNA.
For messenger RNA or mrna.
Or other types of RNA holds great promise.
Engaging targets that are otherwise undruggable by small molecules and proteins.
Whole new avenues are expected to open up with RNA therapeutics for treating a fair to intractable diseases.
In 2021 RNA therapeutics off the S I RNA or antisense oligonucleotide type generate that nearly $5 billion in sales.
But this may be scratching the surface of its potential some analysts project up by 2030. This is a medical field that could expand nearly five times to over $25 billion at a compounded annual growth rate of 17.6%.
The global market for mrna therapeutics is even bigger think of mrna vaccines, among others and should grow from $46.7 billion in 2021 .
More than $100 billion by 'twenty 'twenty six.
Regardless of the type of RNA therapeutic deliver.
Delivery into target cells and tissues.
As proof to be a major challenge as RNA is inherently unstable and tends to show poor cellular uptake.
Various delivery technologies have been developed to address these challenges.
Including the use of nano carrier, so bio conjugates for targeted delivery.
While there has been substantial progress was the liberty of RNA payloads to deliver other target issues and Oregon's have remained difficult to reach.
Another challenge has been the low amount of RNA payload stuff becomes available was into cell, which has been reported at 1% to 2% only.
These challenges have clearly prevented more widespread adoption of RNA therapeutics so far.
However, our proprietary peptide based technology platforms, which are called a legal for in semi for <unk>.
Seek to address some of these main issues and challenges, enabling safe and effective delivery of RNA molecules into target cells outside the liver using systemic or local administration.
With our nanoparticle technology, we can protect the RNA payload from degradation in the circulation as well as achieve rapid cellular uptake and efficient relieves inside the cell.
The technology has been successfully tested in numerous animal disease models, including indications and various types of cancer and inflammatory diseases.
All these results to which I refer have been published in peer reviewed journals and can be found on our website.
So with full understanding of the challenges and opportunities and following our deep dive into the science, we entered the RNA therapeutic space in June 'twenty, 'twenty, one swell where shares based acquisition of trace of therapeutics.
Tracer is a pioneer in the development of nanoparticles for extra hepatic nucleic acid delivery. It was founded in 2014 as a spinoff from Washington University in St. Louis.
Our strategy in RNA Therapeutics is based on two pillars.
Number one we are developing RNA therapeutics to demonstrate the clinical proof of concept for our technology platform.
For this we have selected K, Ras driven cancers, which may affect the pancreas lungs, or colorectum as the first indication for drug development.
We have initiated our preclinical development program for E. M 401, and are aiming for an S. T E. I N D. In 'twenty 'twenty three to be followed by a clinical proof of concept study in humans.
Number two.
We are proactively seeking to leverage our technology platform through partnering considering the suitability of our platform for multiple therapeutic indications, especially in oncology and immune diseases.
But also elsewhere and for various types of RNA molecules.
We aim to leverage it through collaborations with other biopharmaceutical companies and the out licensing of technology for specific indications in this way, we intend to become as the delivery platform company.
I'm pleased with the way that we have developed our RNA therapeutics business since June of last year.
We published new in vivo data showing successful treatment of adult T cell leukemia lymphoma, or a T. L. L. A rare yet sometimes very aggressive cancer.
And abdominal aortic aneurysm, a frequent inflammatory process associated with a high risk of mortality due to rupture if left untreated.
These two studies further added to the growing body of evidence regarding the safety and the efficacy of our technology in people.
To implement our growth strategy and are in a we have made some key hires which included seminal wickline.
M D as Chief Scientific officer.
Dr. Wickline, it's the founder of trace of Therapeutics and lead inventor of the illegal for semi for technology.
He had a very productive and distinguished career at Washington University, and the University of South Florida.
Recently.
Cover the hung up on EDA.
She has a ph D joined us as Chief Development Officer.
Doctor upon the Ada has over 15 years of experience in drug development and over 70 years of experience as an R&D miniature other clinical stage or an eight biopharma company called scientists.
Last but not least I'm pleased to report that we have already made solid early progress with our business development activities raising the profile of our legal for summer for within the community.
Across this nascent sector. We are excited to see the strong meat and interest in delivering RNA therapeutics to extra hepatic targets.
And to achieve significantly better efficiency in the release of the therapeutic insight cells compared to currently available technology.
This is evident through the rapidly growing amount of preclinical and clinical research in this area as well as increasing numbers of academic and professional biotech journal articles published it. In addition to a lot of capital flowing into the space and a highly active marches on acquisition C.
Moving on to slide 12, concurrent with building our our knee business. We also achieved substantial progress in our non RNA legacy business.
Here, we are laying the foundations for long term growth.
With our two nasal spray programs battreal at a M 125.
As for our innovative drug free been through nasal spray be continue to expand the set of data supporting its efficacy and safety.
In our protection against Airborne allergens and viruses.
Simultaneously, we are ramping up global over the counter distribution by partnering with international distributors.
As for our a M on twenty-five nasal spray for where to go treatment. We are approaching important milestones. This year featuring the readout from our Travers phase II proof of concept study.
And the submission of an NDA application to the F D. A.
We are very excited about the prospects for this product, which has the potential to fill an important gap in the U S market for with stable treatments.
I'll circle back on this in a minute.
I will now discuss been true.
In 2020 , one we made significant progress with Centurylink.
Ventral is an OTC product, which means a doctor's prescription is not necessary to purchase it.
Following positive results from our first clinical trial in allergic rhinitis, and our second quarter of 'twenty, one which showed a significant reduction in nasal symptoms.
We're four hours of controlled exposure to grass pollen a challenge chamber compare to no protection.
We initiated the tool for the studies in the allergy indication.
In Canada.
Asia did a house that's my challenge study was allergic rhinitis patients.
For which we are expected to see data readouts in the second quarter of 2022 so very soon.
This dust mite allergens constitute the prime cause of respiratory allergies.
That is allergic rhinitis and allergic asthma with.
With prevalence estimates for Allergan sensitization, ranging between 65, and 110 13 million persons in the general population worldwide or as many as 50% among asthmatic patients.
In the U S. They are the second most common source of sensitization right off the plant related to allergens, such as in Hay fever.
And may be PRASM, all year long.
Meanwhile, in Australia.
We have a larger study called the NASA or a trial that is ongoing with patients who are naturally exposed to seasonal alert elegance.
In this study.
Participants self administer bench youll or a saline nasal spray control over two weeks.
We expect another of our trial to report data in either the fourth quarter of this year or Q1 of 'twenty to 'twenty three.
In the viral infection indications for Banfield, we generated additional in vitro data using the highly relevant in vitro assay with human nasal epithelial cells. We are very pleased to see that bench you significantly lowers infectious while tighter when applied prior to or.
Or after infection with Sars coronavirus to not only for the wild type, but also with both the Delta and Omicron Barron's.
In addition, similar positive effects in the same type of assay were also shown in H. One N. One influence a virus infection bird flu further confirming the broad protective scope of central.
Obviously, the next step in testing eventual wants to set up a clinical trial and call. It 19.
However, this turned out to be a rather challenging due to the unpredictable up and down off infection cases, while it usually takes several months to do this study setup.
Our plans for clinical testing, where the late in 2021 in August as we waited for regulatory approval in India.
However, we were able to start the randomized controlled <unk> trial in Bulgaria last month's orders in March 2022 .
Enrollment has been progressing swiftly so far and Altamira me complete the study in the third quarter of 'twenty to 'twenty two.
Well the major milestone.
Back in the third quarter of 2021 we launched <unk> commercially in Germany, and Austria first via online pharmacies, followed by brick and mortar pharmacies, starting late in the fourth quarter of last year sale.
Sales in 2021 reached approximately <unk> 1 million Swiss francs, with the product launch and adoption slowed.
But the areas regulatory restrictions on direct to consumer marketing for use against the Sars coronavirus tool and the lack of specific clinical evidence since we didn't have our clinical data yet.
In the first quarter of this year venture our revenues continued to grow reaching approximately 2.5 times that of their full year 'twenty 'twenty. One level. We have received the first orders from distributors and expect revenues from ventral supplies to accelerate following Furthermore.
<unk> clearances and the respective product launches.
In addition, under our agreement was neels covering China.
In the first quarter, we received an upfront payment of 1 million U S dollars.
Further we may receive development and commercial milestones of up to 22.5 million U S dollars and upon production transfer a staggered royalty on net sales at a high single to low double digit percentage.
The key focus of our marketing campaigns and the current pollen season in the northern Hemisphere.
We have been receiving an increasing number of positive feedback from people suffering from allergic rhinitis.
These two here.
So gentlemen.
What happens to be a medical doctor told us for many years I've been suffering from allergic rhinitis and sinusitis isn't tried up many different treatments, but without success.
Debenture I could significantly reduce the irritation of my nasal mucosa.
Another gentlemen, using banjo my sneezing is almost zero now and I'm no longer blowing my nose every 10 minutes.
So allergy is a very important market for been true.
Violence section is another important one.
So geographically the German speaking European countries have been serving as the primary test markets too.
To be clear.
Marketing, even a highly efficacious OTC product direct to consumers is expensive wildly.
While the entire planet has a far higher awareness of airborne viruses and other harmful airborne particles than it did two years ago we.
We plan to market and distribute eventual through established distributors leveraging their expertise and economies of scale in OTC consumer health markets worldwide.
We have already established marketing and distribution agreements covering more than 20 international markets.
Our in initial current partners include well that's the holdings.
India, Singapore, Malaysia, Indonesia, Philippines, Vietnam, Taiwan, Morocco.
Ernest Pharma company in the United Arab Emirates, Saudi Arabia, Kuwait, Qatar, Bahrain, Oman, and newest pharma, which is covering China mainland Hong Kong, Macau and South Korea.
We are in ongoing discussions to expand into other countries in geographic regions, including North America, Europe and other markets.
As of today venture has been cleared for sale in the countries of the European Union, Switzerland, U K, Singapore and Malaysia.
Now for the U S market, we filed with the FDA in October 2021 .
A five 10-K application for pre market clearance of bench, you Indeed allergy indication.
The review of the submission is still ongoing at this point.
One should note that it's not unusual for the F D. A to request additional information during such processes.
And that a clock stop applies to the calculation of the total review time as such requests are out.
I will conclude my report on bench rule by highlighting the establishment of our OTC consumer health business unit to support our further growth with this promising product.
The business unit that will be headed by smaller shows starting next months.
Joel brings an outstanding track record of more than 20 years of global marketing and sales experience in OTC consumer health and pharmaceutical products Inc.
Including with some of the world's largest brand name OTC manufacturers like Barack consumer care, which is an all buyer consumer care shrank plow and Abbott laboratories.
His experience spans multiple therapeutic areas and product categories, including cough and cold and allergy.
Which battreal belongs.
Now turning towards our advancements in the a M. One twenty-five program to treat vertigo.
In regards to the development of our 125 program for the treatment of Vertigo, we experienced intermittent slowdowns in recruitment for the Travers phase II trial due to COVID-19 in 'twenty 'twenty and also in 2021 .
The neurosurgery.
That is triggering acute vertigo that we were seeking to treat with am 125 in this trial.
It's considered an elective procedure.
Therefore called elite at quite a few studies sites.
Finally in March 2020, we were able to complete enrollment into the second part of the trial.
The topline data from the trial are expected to be announced in the current second quarter of 'twenty 'twenty and.
An interim analysis of the first part of the trial have already demonstrated a dose dependent improvement in balance as well as good safety and tolerability of ascending doses of <unk> 125.
At the highest dose of 20 milligram, which is taken three times daily by a nasal spray.
Jim on 25 treated patients demonstrated at 2.6 fold improvement in the so-called tandem Romberg test performance from baseline to six weeks compared to those who received placebo.
So that means they could maintain the balance much longer.
This positive outcome was supported by similar improvements in additional efficacy measures, including additional objective as well as clinician and patient reported outcomes.
We are currently preparing the submission of a 92 the F D. A for the next steps in the clinical development of a M 125.
Okay.
Here is why we are so excited about the potential for a 125.
So the product is an intranasal formulation of better his theme, which has been widely used for decades in tablet form as the Vestibular stimulant and standard of care in Vertigo treatment and management around the world.
With the U S being a notable exception.
Vestibular dysfunction affects more than once sort of the U S population 40 years of age and older ASIC ROE older you get more balanced problems.
Because of its ability to circumvent first pass Metaplasm aim.
125 has been shown to have five to 29 times higher bioavailability than orally administered that of his team.
Even without a U S market worldwide sales off the current oral that HD product are approximately $450 million a year.
If approved the marketed in the U S and globally, we believe that the market potential for England twenty-five could reach $1 billion. So more.
We intend to pursue distribution partnering opportunities with am 125.
At a more scalable scalable model than distributing and marketing ourselves.
I would now like to hand, the call over to our Chief Financial Officer Ourself Grimaud to run through highlights of our second half and full year 2021 financial results.
Okay.
Excuse me.
<unk>.
Ourselves line disconnected.
Right now just one moment please.
So while waiting for Marcel to reconnect Joanna could you please jumper hit.
To my next slides.
Yeah.
Slide 30.
Okay. So, let's hope that Marcel will reconnect he is currently traveling.
Okay. So let me just.
Oh here, yes, okay.
Good.
Please go back.
Ghana.
Okay Marceau.
Yes.
Yeah.
Thank you Thomas.
I'm sorry, the line interrupt the tier.
Oh.
That now ends.
And printed present, you the financial statements.
So, but before reviewing our financial results for the second half.
Full year of 2021.
I would like to note that mismatch statements are presented in Swiss francs.
Help you with into briefing to financials. Please considers that once Swiss franc is the equivalent of about one point C O seven U S dollars.
Well, starting with the second half of 2021 .
During the second half of 2021, we reported our first revenues of about 0.1 million Swiss francs from the initial launch of thing Sheila Summer.
This two online pharmacies in Germany and in Austria.
Well the second half of 2021 and at 31st of December 2021, we saw an increase in net loss of 10 point takes median or 0.7 seeks to Shea from Python Flash median or sito 0.75 per share versus the second half of 2012.
T.
The main factor contributing to the net loss in the second half of 2021 was an increase in total operating expenses.
Total opex for the second half of 'twenty.
'twenty, one was $8 9 million compared to 3 million for the second house of 2020.
The total second half 2021 operating expenses consisted of reserve development that increased to 5.5 million Swiss francs compared to two medians for they can tell off of 2020, while general and administrative expenses were $1 9 million.
<unk> to one 1 million sort of taken households, 2020.
Now moving onto our full year 2021 financial result.
For the full year of 2021 net loss increased to $17 4 million or one point 71 per share compared to $8 2 million or 1.36 per share for the full year of 2020.
Again, the main factor contributing to the net loss for the full year of 2021 was an increase in total operating expenses total operating expenses for the full year of 2021 was $15 4 million compared to five quantify millions for the full year 2020.
The total 2021 operating expenses consisted of research and development expenses of $8 5 million compared to two 9 million for full year of 2021.
General and administrative expenses.
$4 9 million Swiss francs, compared to $2 6 million or <unk>.
In 2020.
In the context of our strategic repositioning he has deep prioritize our development programs into need touse hearing loss and antipsychotic induced weight gain.
And has written offs old related intangible assets in 2021 .
Cash and cash equivalents at December 31st. Thank you Juan totaled 1 million Swiss franc compared to $11 3 million at December 31st 2020.
Okay.
During the first quarter 2022, we raised 5 million from feisty investment management limited through a convertible loan agreement.
The loan is convertible into common shares of our stock.
At one point 95 U S dollar per share.
It carries an interest of 10% per annum.
They mature on February eight 2023.
If not converted by ice tea on prepaid by Altamira.
In addition, as already mentioned by Thomas We ceased one median as an upfront payments from U S pharma.
Thanks.
For financial year, 2022 we expect our total cash required to be in the range of 11 to 13 million for.
For which we can drop on our cash position as well as our equity line with Lincoln Park capital and our at the market program with H M D.
Additionally, other sources of funding may arise from our planned spinoff or divestiture.
If all or part of our legacy business.
Which is our plan also there is no assurance.
With that I would like to turn the call back to Thomas.
Thank you Marcel.
So before taking questions I would like to take the time to wrap things up and discuss our future roadmap.
So we accomplished several key milestones in 2021 and we expect this trend to accelerate through 2022.
While executing on our repositioning strategy towards RNA Therapeutics, we continue to invest in our Nam RNA legacy business.
I will highlight now some of the key events that are expected to be catalysts for the business over the next few quarters.
We expect to see Readouts on the house stuffed My Challenge study was allergic rhinitis patients in the current second quarter of this year top.
Topline data from our a M. One twenty-five travers phase two of them and Vertigo is anticipated also in the current second quarter F. 2022 .
We are preparing the submission of a 92 the F D. A for the next steps in the clinical development in the 125 program.
Our seasonal allergic rhinitis Nazar clinical trial is expected to report topline data either in the fourth quarter of 2022 or first quarter of next year.
Our calvo made the trial with <unk> in acute COVID-19.
May be completed in the third quarter of 2022 office way driven here by.
The rate of infections.
In our RNA based business, we plan to submit the 98 to the FDA in 'twenty 'twenty three four K Ras driven cancer treatment using RNA therapeutics.
Apart from this rich pipeline of events and outcomes, we look for it to FDA feedback.
Our venture five 10-K submission.
And we'll continue to progress our plans for the divestiture of spin off of our legacy programs.
I'm very proud of our team's hard work and dedication as we focus our efforts around RNA therapies, while advancing our legacy programs.
I'm very excited about being part of the ongoing or in a revolution in mezzanine and also about the potential for our nasal sprays to help potential of millions of people protect themselves against airborne allergens and viruses.
Or to regain their sense of balance.
At the same time I genuinely believe that our strategic pivot will offer a great opportunity to unlock significant value for all of our shareholders, both near and long term.
As always I look forward to sharing through yogic updates as we continue to advance our mission.
And I would now like to turn the call back to the operator, who will open the line for questions Ali.
Ladies and gentlemen, the floor is now open for questions.
Any questions or comments. Please press star one on your phone at this time.
We ask that while posing your question you please pickup your handset.
Speaker phone to provide optimum sound quality.
Please hold while we poll for questions.
Your first question for today is coming from Andrew Scott.
Your line is live.
Good morning. Good afternoon. Thank you Tomas a really a lot of progress last year, you have a tremendous amount of science I don't think people really appreciate the full value of what you have.
I've got plenty of questions, but just in case other people have questions I don't want to hog up the phone, but I'd like to focus on your RNA program going forward.
Can you give <unk>.
There's an idea on what separates urine RNA program.
There's a lot of the other technologies out there.
I know you also and if you can sort of talk a little bit more about the potential therapeutic target you might be going after I know you mentioned pancreas lungs, colorectal and you just had really good in vitro data for a T. L. L lymphoma, but if you could just talk a little bit more about what's a distinguishing in your arm.
A program versus others I'd appreciate it thank you.
Yeah sure Hi, Andrew Thank you for your questions. So there will be a lot to talk about for sure. So I think here it really boils down to two aspects so far RNA products, our therapeutics molecules.
They have been deliberate in most cases to the liver, which is fine. If your target is in the liver you want to achieve something in the liver either with mrna or S. I RNA. There are lots of important T C eases disorders.
That oriented originate there there is great technology for this and actually has been a lot of M&A activity around this I mean that was that just a couple of months ago to take out of a company called Dai Sarno for almost 3 billion by a novel and in Europe , and there have been other things so.
This is great fascinating technology. However, when you wanted to reach other targets then okay becomes a kind of challenge here. So either you have you tried to treat the.
The problem locally which is not is.
He is not very feasible in most cases.
Or will you go by IV administration. So you inject that and then you have to make sure that your RNA actually survives the the journey travelling through your body and does not get degraded before it reaches the target cell. So our technology is already.
<unk> taken care of that and it is delivering here. These RNA molecules to non hepatic targets and primarily the sweet spot is really oncology. So we have tested this in an several oncology models in all of them. It worked.
Very nicely.
We have to tested it in inflammation inflammatory diseases. It has also worked very nicely. So you get this IV and it travels to the target tissue. This is a little bit the Holy Grail with what the industry has been looking for so to have something that goes where you.
Wanted to go and not let's say expose the whole rest of the body and diluted and everything so very precise targeted delivery and then once it enters the cell. That's the second advantage. So here this technology illegal for a summer for allows us to actually harvest.
So to speak.
Actually almost entirely the complete RNA that a molecule that is brought inside the cell. So cold endo somal release, whereas classic technology lipid nano particles, they deliver one or 2% so imagine.
You bring something to your targets. This is very specific and inside the target then you have a here at very efficient release. So this is truly this is truly.
Outstanding are what we have here. So we have picked among the various disease models.
Where we tested the technology or trace of Trustedid, we picked a K Ras driven cancer for a variety of reasons. So number one strong data and number three and number two.
A very strong unmet medical need that mean, if you take pancreatic cancer colorectal cancer lung cancer. They all have very high mortality rates and so K Ras it has been cold the.
The heart, the beating heart of cancer, So basically which decides on whether a cancer is to grow and do you want to switch that off and so this is a fantastic a very interesting target now there are other companies out there. They are working with small molecules and they have struggled a lot. So here.
We see a great opportunity to actually achieve a great therapeutic outcome here with this let's call. It ladies of beam type of treatment. So that you can deliver it very effectively now what indication. Google then test I mean at this point without going too much into detail there.
The goal here is to get a 90 open and then we'll do a phase one in cancer patients and then one scenario that is quite likely is that we will actually enrolled ah patients with a K Ras driven cancer, whether it's pancreatic or a colorectal or.
Non small cell lung cancer. So that's that's still to be determined but we'd be focused on this first and beside that okay. We are seeking to leverage the data that we generate and so it's it's a great. It's an amazing potential here and this is why we are excited until we are so excited that we do.
Decided okay. Our other programs are legacy programs, which are also great well, let's focus here on RNA and lets see that we become a pure play there's a theory of the biggest potential and the authors.
We will find here a way to actually unlock here the potential for this so a very long answer to your question.
I Hope this is what you were looking for.
That was perfect. Thank you.
Once again, if there are any questions or comments. Please press star one on your phone at this time.
There are no further questions in queue I would like to turn the floor back over to the management team.
Okay. Thank you Holly well, it's already late I believe we've covered.
All the highlights thoroughly today, so I will simply thank everyone for attending this morning's call.
And thank you Andrew for your third question and I will be sure terrific day ahead. Thank you very much goodbye.
Thank you ladies and gentlemen, this does conclude today's conference call. You may disconnect. Your phone lines at this time and have a wonderful day.
You for your participation.