Q1 2022 Clovis Oncology Inc Earnings Call
Good morning, and welcome to the Clovis oncology first quarter 2022 operating results conference call.
All lines have been placed on mute to prevent any background noise.
After the Speakers' remarks, there will be a question and answer session. If you'd like to ask a question. During this time press star followed by the number one on your telephone keypad, if you'd like to withdraw your question Press Star One again I would now like to turn the call over to you in a fashion Vice president of Investor Relations and corporate.
Communications for Clovis. Please go ahead.
Thank you good morning, everyone and welcome to the Clovis oncology first quarter 'twenty Conference call.
For joining us likely seen this morning's news release and if not it's available on our website at Clovis oncology Dot com.
As a reminder, this conference call is being recorded and webcast.
Remarks may be accessed live on our website during the call will be available in our archives for the next several weeks.
Today's agenda includes the following Patrick Mahaffy, our president and CEO will discuss the first quarter and recent highlights, including a summary of the recent Athena Monotype topline data readout and the anticipated upcoming clinical milestones.
Dr. Thomas <unk>, our Chief Scientific Officer will present, an update of our F. A pizza to waste fixed and targeted radionuclide therapy development programs.
Including upcoming clinical data presentations for a teacher to a fixed over here.
Daniel <unk>, our Chief Financial Officer will cover the financial results for the quarter, Patrick will make a few closing remarks, and then we'll open the call for Q&A during which time, Pat Tom again, I'll be available to answer questions.
Hey, Ross, our Chief Medical Officer is unable to attend this morning's call and Q&A session, but I'm happy to arrange follow up calls up immediately.
Before we begin please note that during today's conference call. We may make forward looking statements within the meaning of the federal securities laws, including statements concerning our financial outlook and expected business plans. All of these statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward looking statements our actual results.
Could differ materially due to a number of factors, including the extent and duration of the effects of the COVID-19, pandemic and the timing and extent of recovery from it.
Please refer to our recent filings with the SEC for a full review of the risks and uncertainties associated with our business forward.
Forward looking statements speak only as of the date on which there may well. This undertakes no obligation to update or revise any forward looking statement.
Additionally, please note that we'll be discussing cash burn a non-GAAP financial measures. During today's conference call required disclosures disclosures related to this are on todays news release, which can be found on our website I will now turn the call over to Bobby.
Thanks, Dennis Good morning, everybody I appreciate your time.
I'll start the call with a review of brew breakfast sales for the quarter.
In Q1, 2022 were $34 2 million, 5% lower than the prior quarter and 10% lower year over year compared to Q1 2021.
We've seen over the previous quarters. This year over year decline is primarily due to continued fewer diagnose sheets, which were patient search in the U S. Primarily caused by the ongoing COVID-19 pandemic.
As noted by one of our competitors ovarian cancer diagnoses are down approximately 29% from pre pandemic levels.
Q4, 2021, the most recent data available new patient starts for PARP inhibitors across all indications were down 19% compared to Q1, 2021 and down 26% compared to Q1 2020.
Clearly and as reflected in their sales the impact of COVID-19 has been borne by our competitors as well as us and we do believe this impact will moderate over the course of this year as the pandemic hopefully received.
Most importantly, it is tragic but so many patients with this disease will only be diagnosed when their diseases ever more difficult to treat.
Would you expect to need for maintenance treatment of advanced ovarian cancer patients to increase as patient visits and diagnoses essentially growth.
And Additionally, we're breakfast Houston recurrent maintenance treatment setting.
Based on Athena model and potentially or other things three readouts anticipated in the next 12 months we.
We see significant label expansion opportunities for Rebecca to address both ovarian and prostate cancer patient populations.
Of course, the highlight for the first quarter was the release of topline results from the new model. The monotherapy portion of our phase III Athena study of Nebraska as first line maintenance treatment for ovarian cancer, the results of which exceeded our expectations.
We believe these data demonstrate the benefit that Rebecca can provide.
An important new treatment option for women with advanced ovarian cancer in the frontline maintenance setting.
I'll discuss the Athena mono topline results to be presented next month at <unk> as well as the upcoming data readouts for the tube breakfast phase III label expansion studies shortly.
For FY 'twenty 286, the phase one portion of Gloomier continues to enroll and we remain committed to maintaining our lead in the clinical development of a S. A P targeted radionuclide therapeutic candidate.
We and our investigators remain extremely enthusiastic about this program.
And look forward to presenting initial phase one linear data in an oral presentation at the society of nuclear medicine and molecular imaging.
Hi.
At their 2022 annual meeting in June .
We remain on track to initiate phase two expansion cohorts in multiple tumor types during the fourth quarter of this year.
Tom will speak about developments for the program shortly.
But first all stand in for Lindsay to describe the Athena model, the topline data and upcoming clinical milestones for Rebecca.
Athena to remind you.
As the phase III 1000 patient study in first line newly diagnosed advanced ovarian cancer.
With Athena, we believe we are uniquely positioned to evaluate Rebecca.
Terms of two independent outcomes.
Hello therapy versus placebo in the first line maintenance setting.
As well as any potential advantage of the combination of <unk> plus <unk>.
<unk> over record alone in the same first line indication.
As we detailed the results on a previous call.
I'll briefly review the data today.
Xena Manav enrolled 538 women with high grade ovarian fallopian tube or primary peritoneal cancer.
The primary efficacy analysis evaluated two prospectively defined molecular subgroups and the step down manner.
HRD positive inclusive of BRCA mutated tumors.
And second all patients randomized or intent to treat in the Athena mono study.
As a reminder, this study is evaluating newly diagnosed patients with advanced ovarian cancer. Following successful first line treatment with platinum based chemotherapy.
The Athena mono comparison, which was evaluating Rebecca monotherapy versus placebo.
Excessively achieved the primary endpoint of improved PFS by investigator assessment in both populations in the primary efficacy analysis HRD positive and the intent to treat.
HRD positive subgroup includes those patients, whose tumors had homologous recombination deficiency, including deleterious BRCA mutations.
In addition.
Benefit in progression free survival was also seen in the exploratory subgroups of patients with BRCA mutant tumors.
BRCA wild type HRD positive or negative tumors, and those whose biomarker status could not be determined.
Moving onto the details of the primary efficacy analysis, beginning with the HRD positive patient population.
In the HRD population, which included 234 patient.
Breakfast showed a statistically significant improvement in investigator assessed progression free survival over placebo.
The hazard ratio was <unk> 47.
The median PFS for the HRD positive patient population treated with through cap rate was $28 seven months versus 11, three months for placebo with a P value of 0.0004.
And the second step of the primary efficacy analysis, the intent to treat population, which included all 538 patients randomized.
<unk> also showed a statistically significant improvement over placebo.
The ratio here was five two.
The median progression free survival for all patients enrolled in Athena bore when treated with <unk>.
Was 22 months versus $9 two months for placebo with a P value of less than 0001.
Moving to the exploratory subgroups.
The progression free survival endpoint in the exploratory subgroup of patients with BRCA mutated tumors.
Inventory did a hazard ratio of <unk> for the.
The median PFS for the 91 patients treated with <unk> was not yet reached versus $14 seven months for the 24, who received placebo.
In the subgroup of BRCA Wild type HRD negative patients.
Russian free survival endpoint demonstrated a hazard ratio of <unk> six five the median PFS for the 189 patients treated with.
<unk> was $12 one months.
Versus nine one months for the 49 patients who received placebo.
In the subgroup of BRCA wild type, but HRD positive patients.
S endpoint demonstrated a hazard ratio of <unk> five eight.
The median PFS for the 94 patients treated with Rebecca was 23 months.
This was nine two months for the 25 patients who received placebo.
And finally in the subgroup of patients with Biomarkers status could not be determined the PFS endpoint demonstrated a hazard ratio of <unk> 39.
The median PFS for the 53 patients treated with Rebecca was $17 five months versus $8 nine months for the 13 patients who received placebo.
The safety of <unk> observed in Athena mono was consistent with both the current U S and European labels.
The most common treatment emergent grade three or higher adverse events, and 5% or more patients in the <unk> arm, where anemia or decreased hemoglobin of 28, 7% nut.
Neutropenia 14, 6% a L. P. S T increased 10, 6%.
And thrombocytopenia seven 1%.
The rate of treatment emergent myelodysplastic syndrome, or acute myeloid leukemia in the rubric of arm was 0.2% and no patient in the placebo arm experienced treatment emergent Mds or AML.
We presently intend to submit an NDA to the FDA and subject to EMEA discussions a type two variation to the EMA for first line maintenance treatment indication for women with advanced ovarian cancer.
Who have responded a first line platinum based chemotherapy.
We're now engaged in discussions with FDA on the scope and timing of our submission and we expect that the regulatory agencies will review the overall results as well as results by the individual's subgroups I described and making their assessment.
We will provide additional data from the Athena mono trial at the 2022 <unk> annual meeting on June six in Chicago.
Which will include Kaplan Meier curves in key secondary endpoints, including progression free survival by blinded independent centralized review.
And other analyses.
Looking ahead, the other phase III readouts for Rebecca.
Data from Athena combo, so the combination of <unk> plus opdivo versus <unk> monotherapy are expected in the first quarter of 2023 as previously announced.
Beyond the opportunity for monotherapy <unk> in frontline ovarian cancer.
Xena combo study represents the potential to introduce an anti PD one containing regimen.
For the first time to a broad population of ovarian cancer patients.
Continuing with upcoming milestones topline data from the Triton three trial are now expected in the third quarter of 2022.
Rather than second quarter of 'twenty two.
Based on a slower than expected event count trading.
<unk> three is a phase III study evaluating <unk> versus physicians choice of chemotherapy or second line androgen deprivation therapy.
And patients with mutant castrate resistant prostate cancer with BRCA or ATM mutations.
This trial is expected to serve as a confirmatory study for breakfast current approval.
In metastatic castrate resistant prostate cancer as well as a potential second line label expansion.
Athena in title III, each provide the potential to reach larger patient populations and earlier lines of therapy for both ovarian and prostate cancers.
As is obvious in our industry the timing for the data Readouts for Athena combo and Triton three are contingent upon the occurrence of the protocol specified progression free survival events and.
And timing estimates are based on event based projections.
One last mentioned related to <unk>.
You may recall that we announced topline <unk> four data in December 2020, which compared <unk> with chemotherapy in patients with ovarian fallopian tube or peritoneal cancer with BRCA mutation, whose cancer has come back after chemotherapy.
The trial, which was a post marketing commitment met its primary endpoint of progression free survival with no new safety signals identified.
Overall survival is a secondary endpoint of the study.
At that time, we shared that there appeared to be a survival advantage for the chemotherapy arm compared to breakfast.
While we announced these data in December 2020, and submitted these data to EMA and FDA last summer in.
In the last few weeks that EMEA has begun and article 20 procedure to review the aerial for dataset, specifically to evaluate the risk benefit of <unk> in the treatment indication.
EMEA explicitly states that there are no new safety concerns with the medicine and this review does not repeat does not include the use of Rebecca as maintenance treatment following chemotherapy in the second line setting.
While the article 20 procedure is ongoing EMA has asked physicians not just certain patients on the third line treatment indication.
We will distribute the dhcp letter to this effect in Europe within the next couple of weeks. We expect this ongoing review to last three to six months.
While the procedure may ultimately lead to limitations on the later line treatment indication in Europe . This represents a very very small fraction of our sales in Europe and in fact is only reimbursed in Germany and the Netherlands.
The final overall survival data from Ariel four are now available and are summarized as follows.
And the intent to treat population the hazard ratio was 1313 with a nominal P value of <unk> five or seven.
In the platinum resistant subgroup. The hazard ratio was one five with a nominal P value of <unk> <unk> five one.
In the platinum sensitive subgroup the hazard ratio was one seven with a nominal P value of $74 55.
To our knowledge <unk> is the only randomized phase III trial of a PARP inhibitor in the advanced treatment setting.
Included both platinum resistant and platinum sensitive cohorts.
<unk> phase III trial of elaborate solo three which included platinum sensitive patients only.
Also reported a hazard ratio of <unk>, seven which is exactly the same as the hazard ratio of the platinum sensitive subgroup in area four.
In area four patients randomized to chemotherapy were allowed to cross over and receive a recap at the time of disease progression.
69% of the chemotherapy patients in fact did crossover and overall, 90% of all aerial for participants received <unk> within the clinical trial.
Therefore, these data are not easy to interpret and highlight the complexity of overall survival analyses and clinical trials for crossover is a mandated or available component.
Within the study.
We will present the final area of for overall survival data at a medical meeting later this year and anticipate a dialogue with FDA as well related to these results.
Alright, let me turn it over to Tom <unk>, our Chief Tom Harding, Our Chief Scientific officer to discuss the F 22, 86, and targeted radionuclide therapeutic development program.
Thanks, Pat Hello, it's a pleasure to speak with you again today.
2286 elite targeted radiotherapeutic compounds license as part of our ongoing collaboration with <unk> Pharmaceuticals is the first peptide targeted radiotherapy candidate or P. TRT targeting fibroblast activation protein.
<unk>.
In clinical development.
<unk> is highly expressed on cancer associated fibroblasts or caps, which represent one of the most abundant so components in tumors and are found in the majority of solid tumors.
Cash play a critical role in tumor initiation progression and metastasis and therapeutic resistance.
For example, recent studies have demonstrated <unk> Cas.
Immunosuppressive activity that can promote tumor progression and confirm resistance to immune based therapies, such as PD, one PDL one blockade.
Previously we have presented non clinical data describing a high expression level of F across nine of 16 solid tumor type screens, using our munis to chemistry.
Hi, FEP expression was observed in pancreatic ductal adenocarcinoma.
Cancer of unknown primary celebrity gland, mesothelioma, colon bladder sarcoma squamous non small cell lung as well as squamous head and neck cancers.
In these tumor types higher <unk> expression was detected in both primary and metastatic tumor samples and was independent of tumor stage and grade.
The analysis also demonstrated the most tumor types expressing was predominantly localize the cancer associated fibroblasts surrounding the tumor cells and integrated in the tumor microenvironment.
In addition in cancers of mesenchymal origin, including sarcoma mesothelioma.
J P expression was observed in tumor cells in addition to caps.
These data support the investigation of F 2286 in multiple tumor types in the planned phase two expansion cohorts of <unk>.
Additional presentations of non clinical data anticipated medical oncology and nuclear medicine meetings over the next few quarters.
As interesting as.
<unk> increases in the field gross larger we are pleased to be in the first mover position with FAP, 2026th first peptide targeted radionuclide therapeutic targeting to enter into the clinic.
Clinically we are focused on FAP 2206, monotherapy development and ongoing Lumia phase one two study.
However, as we've discussed previously.
Pre clinically we continue to evaluate a number of F 22, 86 drug combinations.
Given the role of S&P expressing cast in mediating resistance gene based therapies, such as PD, one and PD Lone blockade combination with these agents is a priority.
We are evaluating in non clinical studies, the efficacy of mechanism of action 2286, and the PD, one blocking monoclonal antibody and synergetic mouse tumor models.
In addition to immune checkpoint inhibitors. There are a number of publications reporting non clinical data to support the combination of targeted radiotherapy with PARP inhibitors to efficacy.
This makes sense since radio therapies work by causing DNA damaged by a radioactive emission.
If this damages not repaired the cell will eventually die.
One of the critical proteins for repairing radiation induced damage is pump and its inhibition augments efficacy in combination with multiple targeted radiotherapy agents.
We are currently evaluating the combination of F&B $20 86, without pump inhibitor with Catherine and <unk>.
Preclinical models.
Lastly, radiation is known to synergize with the number of agents are currently approved as the standard of care in specific tenders cancer indications.
For example, Jim site to be used first line chemotherapy in pancreatic cancer. Another carcinoma is a well known radio sensitized and could have utility in combination with FAP 2002 to 86.
We are currently performing a high throughput screen of approved oncology drugs in combination with radiation.
We identify promising combinations for 2026 development well.
We look forward to reporting the results of our ongoing non clinical work upcoming scientific meetings.
And our commitment to developing a lutetium best compounds. We have also begun exploring an alpha particle admitting compound.
To this end in March we initiated a development manufacturing and services agreement with evergreen thorough gnostics to develop <unk> five labeled FAP 2286.
As part of our commitment to this emerging field, we have developed educational materials, including a microsite and introductory video that will provide more information about targets radiotherapy, FAP 2286, and <unk> targeted radionuclide development program.
To learn more about this please visit targeted radiotherapy dot com.
Lastly, before I turn to the clinical updates and upcoming milestones for FAP 2286, we are collaborating with <unk> pharmaceuticals on a discovery program directed at three additional targets. So targeted radionuclide therapeutic development to which we will have global rights.
And ongoing phase one two lumia study.
2286 issues, both as an imaging agent in a therapeutic agent concept often described as a thorough gnostic.
So the imaging agent FAP 2286 is attached the isotope gallium 68 to allow positron emission tomography or pet imaging and selection of patients for inclusion into the study.
For the therapeutic agent.
2026 is attached to the isotope your tissue months 77.
And a mixture of beta particle ionizing radiation cause this DNA damage and cell death.
The phase one portion of the <unk> study continues to enroll patients in the third dose cohort is planned to initiate this week.
Following the phase one evaluation of the safety of <unk> 2026, and the determination of a recommended phase II dose expansion cohorts planned in multiple tumor types and are expected to begin in the fourth quarter of 2022.
In addition to our own program a separate investigator sponsored imaging study with FAP 2286 is underway at UCSF and is being led by Dr. Thomas Hope, Brazil. So the principal investigator of the Lumia study.
The imaging only study is evaluating <unk> expression in multiple tumor types and is currently enrolling patients.
<unk> from this study along with the preclinical data we are generating are expected to help inform selection of tumor types in the phase two expansion cohorts within EMEA.
We are looking forward to several medical meeting presentations in June 2286.
Dr. <unk> imaging data will be the subject of a poster presentation at <unk> in Chicago on Sunday June 5th.
And a week later will be the <unk> annual meeting in Vancouver.
We will have two oral presentations on <unk> 2286 on Tuesday June 14th.
The first presentation of phase one data from EMEA.
Which has been accepted to oral presentation and Doctor hopes imaging data, which will also be the subject of an oral presentation at that meeting.
It's an exciting time for this program and we look forward to sharing these updates and others throughout 2022.
And with that I'll turn the call over to Dan to discuss first quarter financial results.
Thanks, Tom and Hello, everyone. We reported net product revenues for bracket of $34 2 million for Q1, 2022, which included U S product revenues of $24 5 million and ex U S product revenues of $9 7 million respectively.
This represents a sequential 5% decrease from Q4, 2021, and a 10% decrease year over year compared to Q1 2021 net product revenues of $38 1 million, which included U S. Net product revenues of $31 7 million and ex U S. Net product revenues of $6 4 million.
Gross to net adjustments totaled 28, 5% globally in Q1 2022 compared to 36% in Q4 2021, GTS was lower in both the U S and Europe .
This metric fluctuates quarter to quarter.
To estimate our future revenues, but the high 20 percentile level seems likely depending on the revenue and distribution mix for the U S and Europe .
Research and development expenses totaled $42 3 million for Q1, 2022 down 20% compared to $52 8 million for the comparable periods. In 2021, we expect R&D expenses in 2022 to be comparable to 2021.
Selling general and administrative expenses totaled $29 2 million for Q1, 2022 down 2% compared to $29 9 million for the comparable period in 2021 due to overall cost reduction efforts. We also expect SG&A expenses in 2022 to be comparable to 2021.
Reported a net loss for Q1 2022 of $60 2 million or <unk> 44 per share compared to a net loss for Q1, 2021, $66 3 million or <unk> 64 per share net loss for Q1 2022 included share based compensation expense of $6 6 million compared to four.
For the comparable period of 2021.
Turning now to a discussion of cash and debt Globo side of $122 2 million in cash and equivalents as of March 31, 2022. During Q1 2022. The company raised $28 6 million in net proceeds through its aftermarket equity offering program <unk> remains focused on its liquidity position and is committed to ray.
Additional capital in the near term in order to fund its operating plan for the next 12 months and beyond.
As of March 31, 2022, the company had drawn $156 4 million under the sixth Street partners LLC, Athena clinical trial financing and had up to $18 $6 million available to draw under the agreement to fund the expenses of the Athena trial.
Net cash used in operating activities was $58 5 million for Q1, 2022 down 5% from the $61 9 million reported in Q1 2021.
Cash burn in Q1, 2022 was $49 3 million up 2% from $48 1 million in Q1 2021.
As the cost for the Athena trial, and reducing SSP funding was $4 6 million lower than Q.
One two versus Q1 2021.
Q1 is also typically a higher cash burn quarter during our fiscal year now.
Now I'll turn it back over to Pat.
Thanks, Tim in summary, we entered 2022, knowing that it would be the most significant year for clinical data readouts.
Our history and we're very pleased that the results from the Athena Mono study of Rebecca.
The first of those Readouts.
Performance as well as a bid.
Importantly, we believe that the positive results from Athena motto, which we will highlight at <unk> next month demonstrate the benefit that <unk> can provide as an important new treatment option for women with advanced ovarian cancer in the frontline maintenance setting.
Looking ahead, we continue to anticipate two additional phase III Readouts Rebecca.
<unk> three in the second line prostate cancer treatment setting for selected patients during the third quarter of this year and Athena combo in combination with Opdivo in first line ovarian cancer maintenance treatment setting in.
In the first quarter of 2023.
Importantly for our first targeted radiotherapy candidate F. 22, 86, we look forward to presenting initial data from the phase one portion of the Lumiere study at the <unk>.
We're meeting next month.
And initiating the phase II portion of the study during the fourth quarter.
These anticipated pipeline events and our commitment to improving our balance sheet support our efforts to execute our three core strategies expand the Rebecca level to drive revenue growth.
Emerge as a leader in targeted radionuclide therapy and achieve longer term financial stability.
With that happy to answer any questions.
We are all happy to answer any questions you might have.
Thank you at this time I would like to remind everyone in order to ask a question Press Star then the number one on your telephone keypad.
Your first question comes from Paul Choi from Goldman Sachs. Please go ahead.
Hi, Good morning, everyone. This is Charlie on for Paul Thank you for taking our questions.
So looking forward to all of these events coming up this year, particularly with the 2286 readout in June and I was just wondering if you could maybe frame expectations in terms of like what sort of data or what sort of plots. We can expect in this.
Oral presentation and maybe.
If you could set perhaps a clinical bar even in terms of response rates for the patients that would be included.
And then Furthermore, regarding additional radio farm assets with the <unk> collaboration I'm just wondering if if we're still on track to maybe hear more about those additional discovery assets in the latter half of this year. Thank you so much.
I'll start with the.
The presentation in June and then.
Tom can answer.
To answer the question about the discovery programs.
This will be the first presentation of.
Data from an ongoing phase one trial.
We are just now beginning this week in fact, two enrolled patients in the third dose cohort of the planning for those cohorts.
So the data.
That will be presented will include an update on the patients treated in the first and second cohorts of the study.
It will focus primarily as it is a phase one trial on safety and Tolerability.
There will be other features given that as a targeted new nuclear.
Radionuclide.
Which will include tumor specificity tumor uptake.
<unk>.
And and the duration of time.
That the targeted radionuclide $20 86 is retained in the tumor environment.
So what we have talked about is that to drive.
Ultimate activity for this class.
You have to get to the tumor you have to stay in the tumor and you have to avoid.
Off target tissues.
And we will be providing an early look at how we perform against that metric, but I'll remind you. It's a relatively small number of patients.
As to efficacy will report on any.
Sure.
Of course on any.
Disease impact.
From the trial.
I will remind everybody. These are two low dose cohorts and so I think your expectation should be that there will be much more focused if not sole focus on safety and tolerability and the other attributes I described at.
At the second meeting where we anticipate.
Presenting data.
Which is in October in Barcelona at the European equivalent meeting.
That's where I think we could most realistically expect to see evidence of anti tumor effect.
Tom anything you'd add to that or and also on the discovery programs.
And thanks for the question nothing to add to the clinical Lumia study Readouts just.
Just on the discovery component. So we have signed the deal with <unk> pharmaceuticals for <unk> III discovery candidates.
And I am pleased to say that we are on track to be able to talk about one of those programs.
Actually elevating too.
Preclinical lead candidate selection.
At the end of this year, so look forward to telling you more about that program, but when the time comes but it is a completely novel peptide targeted radionuclide therapy against the cancer target.
Okay.
Thank you so much everyone.
Thanks.
And there are no further questions at this time I will turn the call back over to your presenters for closing remarks.
Thank you thanks, everyone.
It's a busy morning of analyst call or excuse me an earnings call.
We understand from our analysts so thank you each for your time today. If you have any follow up questions. You can reach me at 360 <unk> to this call can be accessed via replay of our webcast Clovis oncology dot com beginning in about one hour and it will be.
Available for 30 days, we appreciate your interest and time, Thank you and have a good day.
This concludes today's conference call you may now disconnect.
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Okay.
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