Q1 2024 Virios Therapeutics Inc Earnings Call

Operator: Good morning, and welcome to the Virios Therapeutics Incorporated first quarter 2024 earnings call. At this time, all participants have been placed on a listen-only mode. Please be advised that today's call is being recorded at the company's request. At this time, I'd like to turn the call over to Angela Walsh, Senior Vice President of Finance and Treasurer for Virios Therapeutics. Please proceed.

Good morning, and welcome to the various <unk> Therapeutics incorporated first quarter 2024 earnings call.

At this time, all participants have been placed on a listen only mode.

Please be advised that today's call is being recorded at the company's request.

At this time I'd like to turn the call over to Angela Walsh Senior Vice President of Finance and Treasurer for Vibrios Therapeutics. Please.

Angela Walsh: Please proceed.

Angela Walsh: Good morning, everyone. And thank you for joining us on today's conference call. We are pleased to be with you today to discuss Virios Therapeutics' first quarter financial results and to provide a corporate update. Please note that our financial results press release is now available on our website. Before we begin, I'd like to remind everyone that statements made during this conference call will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties that could cause actual results to differ materially from the information expressed or implied by these forward-looking statements.

Angela Walsh: Good morning, everyone and thank you for joining us on today's conference call. We are pleased to be with you today to discuss various therapeutics first quarter financial results and to provide a corporate update. Please note that our financial results press release is now available on our website.

Angela Walsh: For more information regarding such risks and uncertainties, please see the risk factors outlined in the company's filings with the SEC. Any forward-looking statements are made only as of today, and we disclaim any obligation to update these forward-looking statements other than as required by law. Please see the for-looking statement section in our financial results press release issued this morning for more information. Now, it is my pleasure to turn the call over to our CEO, Greg Duncan.

Angela Walsh: Before we begin I'd like to remind everyone that statements made during this conference call will include forward looking statements within the meaning of the private Securities Litigation Reform Act of 1995, which involve risks and uncertainties that can cause actual results to differ materially.

Angela Walsh: From the information expressed or implied by these forward looking statements.

Angela Walsh: More information regarding such risks and uncertainties. Please see the risk factors outlined in the company's filings with the SEC any forward looking statements are made only as of today and we disclaim any obligation to update these forward looking statements other than as required by law. Please see the following statements.

Angela Walsh: <unk> and our financial results press release issued this morning for more information now.

Angela Walsh: Now it is my pleasure to turn the call over to our CEO Greg Becker.

Gregory Duncan: Thank you very much, Angela. The team and I are excited to convey a few key progress highlights from the first three months of this year as the first part of today's update. First, let's start with the ongoing investigator-initiated Bateman Horn Center long COVID phase two study. Clearly, this is an ongoing study that is important to various therapeutic shareholders. However, we can't forget it's also important to the millions of patients who are suffering from the symptoms of COVID long term illness.

Greg Becker: Thank you very much Angela.

Greg Becker: The team and I are excited to convey a few key progress highlights from the first three months of this year is the first part of today's update.

Greg Becker: First let's start with the ongoing investigator initiated Bateman Horn Center long Covid phase II study.

Greg Becker: Clearly this is an ongoing study is important to various therapeutic shareholders.

Greg Becker: However, we can't forget it's also important to the millions of patients who are suffering from the symptoms of long COVID-19 illness.

Gregory Duncan: It seems each week new research highlights the growing burden of long COVID illness. Recently published scientific literature demonstrates a growing belief that reactivation of previously dormant herpesviruses, the target of our therapies, notably in Epstein-Barr virus and herpes simplex 1, may be triggering long COVID illness in at least a portion of those suffering from long COVID sequelae. The Center for Disease Control, or CDC, as you may know it, estimates that approximately 7% of the US population, representing approximately 23 million US citizens, have suffered from long COVID symptoms at some point since the beginning of the pandemic. The CDC further estimates that 3.4% of US adults are presently right now suffering from active long COVID sequelae, representing 11.2 million potential patient targets. That's patient targets here just in the US.

Greg Becker: It seems each week, new research highlights the growing burden of long covered illness.

Greg Becker: Recently published scientific literature demonstrate a growing belief that reactivation of a previously dormant herpes viruses the target of our therapies.

Greg Becker: Notably and Epstein Barr virus herpes simplex, one may be triggering long COVID-19 illness, and at least a portion of those suffering from long Covid sequela.

Greg Becker: The center for disease control or C. D. C. As you May know it estimates that approximately 7% of the U S population, representing approximately 23 million U S. Citizens have suffered from own COVID-19 symptoms at some point since the beginning of the pandemic.

Greg Becker: The CDC further estimates the three 4% of U S. Adults are presently right now suffering from active long cobalt sequela, representing 11.2 million potential patient targets, that's patient targets here just in the U S.

Gregory Duncan: Unfortunately, there are no FDA approved long COVID treatment. We believe valciclovir amsilocoxib, or IMC2, as we call it, has the potential to be a market-leading option to address this major need for millions of patients worldwide. The ongoing VHC-202 study is a three-arm study comparing two dose levels of the valciclovir-sulicoxib combination versus placebo over 12 weeks to treat their symptoms of long COVID illness. I'm pleased to report that patient enrollment is going well and has surpassed the 50% enrollment level, encouragingly and consistent with prior research, a planned preliminary safety analysis, of the BAC-202 study data indicates that the combination of valvociclovir and silococcus has been very well tolerated to date, with no serious adverse events reported, and only a few transient or temporary treatment emergent adverse events being reported throughout the study.

Greg Becker: Unfortunately, there are no FDA approved long COVID-19 treatments.

Greg Becker: We believe bell sick leader in Silicon chip or RMC too as we call. It has the potential to be a market leading option to address this major need for millions of patients.

Greg Becker: Wider.

Greg Becker: The ongoing D. H C. 202 study is a three arm study.

Greg Becker: Pairing two dose levels of the Dow cyclical celecoxib combination versus placebo over 12 weeks to treat their symptoms of long COVID-19 illness.

Greg Becker: I'm pleased to report that patient enrollment is going well and has surpassed the 50% enrollment level.

Greg Becker: Encouragingly and consistent with prior research.

Greg Becker: Planned preliminary safety analysis of the Bac 202 study data indicates that the combination about Sigma and Celecoxib has been very well tolerated to date with no serious adverse events reported and only a few transient or temporary treatment emergent adverse events being reported throughout the study.

Gregory Duncan: This phase two trial follows on from the previous proof of concept study results we reported last year, featuring the combination of allocyclic limonucelococci as a potential new treatment for long COVID. In this study, as you may recall, IMC2 demonstrated clinical and statistical improvement in long COVID patients' fatigue, orthostatic intolerance, anxiety, and pain, as well as an improvement in overall health as compared with age, gender, duration of illness, and previously vaccinated match control patients.

Greg Becker: This phase II trial follows on from the previous proof of concept study results. We reported last year, featuring the combination of L. Pic winner and Celecoxib.

Greg Becker: A potential new treatment for long Covid.

Greg Becker: In this study as you may recall IMTT with demonstrated clinical and statistical improvement in loan Covid patients fatigue, orthostatic intolerance anxiety and pain as well as an improvement in overall health as compared with age gender duration of illness and pre.

Greg Becker: Obviously vaccinated matched control patients.

Gregory Duncan: These results are particularly important for several reasons, most notably given the current dearth of treatments available to address patients' long COVID symptoms. Furthermore, we believe these data validate our approach to addressing the reactivation of secondary herpes virus.

Greg Becker: These results are particularly important for several reasons, most notably given the dearth of treatments available to address patients' long COVID-19 symptoms.

Greg Becker: Furthermore, we believe these data validate our approach to addressing the reactivation of secondary herpes viruses, rather than targeting the stars koby to virus itself as a unique approach to treating lung COVID-19 patients symptoms.

Gregory Duncan: Rather than targeting the SARS-CoV-2 virus itself as a unique approach to treating long COVID patient symptoms, this approach and these data may explain why treatments like PaxLovid that specifically target the SARS-CoV-2 virus have failed to date to exhibit benefits in treating long COVID symptoms. We also now know that the risk of developing long COVID increases with each acute infection and that COVID vaccines do not prevent, or do not prevent patients from progressing to long COVID illness.

Greg Becker: This approach and these data may explain why treatments like tech fluid that specifically target. The Sars cov two virus have failed to date to exhibit benefits in treating long carbon symptoms.

Greg Becker: We also now know that the risk of developing more COVID-19 increases with each acute infection.

Greg Becker: That COVID-19 vaccines do not prevent do not prevent patients from progressing how long COVID-19 illness in short.

Gregory Duncan: In short, there is a major need to advance new therapies like IMC2 in the hopes of addressing this emerging health problem. Top-line results from this landmark study are expected in the second half of 2024 and, in our view, represent a significant value inflection opportunity for various shareholders on the near-term horizon. On a related Long COVID program note, Virios' global patent for IMC2 covering combination antiviral treatment of both Long COVID as well as Alzheimer's disease was recently published. This enables the company to streamline the process for obtaining patent protection globally.

Greg Becker: There is a major need to advance new therapies like IMC too in the hopes of addressing this emerging health problem.

Greg Becker: Topline results from this landmark study are expected in the second half of 2024 and in our view represent a significant value inflection opportunity, but very shareholders on the near term horizon.

Greg Becker: On a related long Covid program note very doses global patent for IFC to covering combination anti viral treatment of both long COVID-19 as well as Alzheimer's disease was recently published.

Greg Becker: This enables the company to streamline the process for obtaining patent protection globally.

Gregory Duncan: If ultimately granted, this will provide us with intellectual property protection for use of IMC2 in both treating long COVID and Alzheimer's disease until approximately 2044. Moving beyond the IMC2 long COVID program, I also wanted to share that discussions are ongoing as we seek a partner to advance our second development candidate, IMC1, a fixed dosage combination of famciclirin and salicoxib into phase 3 development for the treatment of In particular, we are evaluating opportunities with partners who are focused on developing and commercializing non-opioid pain treatment.

Greg Becker: If ultimately granted this will provide us with intellectual property protection for use of IMC too in both treating lung COVID-19 in Alzheimer's disease until approximately 2044.

Greg Becker: Moving beyond the I M. C. Two long Covid program I also wanted to share that discussions are ongoing as we seek a partner to advance our second development candidate <unk>, a fixed dose combination of fab, particularly around celecoxib into phase III development for the treatment of fibromyalgia.

Greg Becker: In particular, we are evaluating opportunities with partners, who are focused on developing and commercializing non opioid pain treatments.

Gregory Duncan: And finally, the company continues to actively explore complementary opportunities that can build shareholder value through strategic partnerships, collaborations, or other forms of transaction. In particular, we are assessing both pain and anti-infective development candidates as potential complements to our focus on IMC1 and IMC2. Now, I will turn it back over to Angela to discuss our quarter one financial update. Thank you, Greg.

Greg Becker: And finally.

Greg Becker: The company continues to actively explore complementary opportunities.

Greg Becker: That can build shareholder value through strategic partnerships collaborations or other forms of transactions.

Greg Becker: In particular, we are assessing both pain and anti infective development candidates as potential complements to our focus with <unk> and IMC to now.

Angela Walsh: Greg, with respect to our income statement, as a development stage biotechnology company, we did not generate revenue during the three months ended March 31st, 2024, or during the year-ago quarter. We reported research and development expenses of $0.3 million for the first quarter of 2024, as compared to $0.5 million for the first quarter of 2023. The $.2 million decrease was due to decreases in expenses for toxicology studies of $.1 million and regulatory consulting costs of $.1 million.

Greg Becker: Now I will turn it back over to Angela to discuss our quarter one financial update.

Angela Walsh: In addition, we reported general and administrative expenses of $1 million for the first quarter of 2024, as compared to $1.1 million for the first quarter of 2023. The $.1 million decrease quarter over quarter was due to a decrease in insurance expenses associated with being a public company. Finally, we reported a net loss of $1.3 million for the first quarter of 2024 as compared to a net loss of $1.5 million for the year-ago quarter.

Angela Walsh: Thank you Greg with.

Angela Walsh: With respect to our income statement as a development stage Biotechnology company, we did not generate revenue during the three months ended March 31, 2024 or during the year ago quarter.

Angela Walsh: We reported research and development expenses of $3 million for the first quarter of 2024 as compared to $25 million for the first quarter of 2023 so at.

Angela Walsh: Point 2 million dollar decrease was due to decreases in expenses for toxicology studies of <unk> $1 million and regulatory consulting cost of $1 million.

Angela Walsh: In addition, we reported general and administrative expenses of $1 million for the first quarter of 'twenty 'twenty, four as compared to $1 $1 million for the first quarter of 2023 the.

Angela Walsh: So point 1 million dollar decrease quarter over quarter was due to a decrease in insurance expenses associated with being a public company.

Angela Walsh: Finally, we reported a net loss of $1.3 million for the first quarter of 'twenty 'twenty four as compared to a net loss of $1.5 million for the year ago quarter.

Angela Walsh: The lower net loss was primarily due to the decreases in research and development and operating costs that I just discussed. As of March 31, 2024, we had $2.4 million in cash as compared to $3.3 million as of December 31, 2023. We expect our current capital to fund operations into the fourth quarter of 2024. At this time, I will turn the call back over to Greg, who will moderate the Q&A session of the call. Greg

Angela Walsh: The lower net loss was primarily due to the decreases in research and development and operating costs that I just discussed.

Angela Walsh: As of March 31, 2024, we had $2 $4 million in cash as compared to $3.3 million as of December 31, 2023.

Angela Walsh: We expect our current capital to fund operations into the fourth quarter of 'twenty 'twenty four.

Angela Walsh: At this time I will turn the call back over to Greg.

Angela Walsh: A moderate the Q&A session of the call Greg.

Angela Walsh: Okay.

Greg Becker: Thank you Angela.

Gregory Duncan: Ali, we are now ready for questions.

Greg Becker: We are now ready for questions.

Operator: Thank you. Ladies and gentlemen, the floor is now open to questions. If you have any questions or comments, please press star one on your phone at this time. We ask that while asking your question, you please pick up your handset, if on speakerphone, to provide optimum sound quality. Please hold while we pull for questions. Thank you. We have a question on the line from David Bautz with Zach's Small Cap Research. Your line is live.

Greg Becker: Thank you ladies and gentlemen, the floor is now open for questions. If you have any questions or comments. Please press star one on your phone at this time.

Speaker Change: We asked a while posing your question you. Please pickup your handset if on speaker phone to provide optimum sound quality.

Greg Becker: Please hold while we pull for questions.

Speaker Change: Thank you.

Unknown Attendee: We have a question on the line from David boats with Zacks small cap research your line is nice.

David Bautz: Hey, good morning, everyone. And thanks for taking the questions this morning. Greg, I'll start with the 202 study.

Unknown Attendee: Hey, good morning, everyone and thanks for the taking the questions. This morning, Greg I'll start with for the 202 study.

David Bautz: Can you remind us again what kind of data we should be expecting when those results are released? And do you expect them to be released? Basically, through a press release? Or is this going to be at a scientific meeting?

Unknown Attendee: What can you remind us again, what kind of data are we should we be expecting windows results are released and do you expect them to be released basically through a press release or is this gonna be it at a scientific meeting.

Unknown Attendee: Okay.

Gregory Duncan: Hi David, Greg here. And thank you for the question. So the design of the phase two study, the BHC 202 study, is quite similar to the prior trial, and that is by design. And it is consistent with the discussions we've had with the FDA regarding what would be required to advance a drug, potentially the first drug to treat long COVID sequelae or symptoms as we speak today. The primary endpoint in that study is fatigue.

Greg Becker: Hi, David Greg here and thank you for the question. So the design of the Phase two study the D. A C to a two study is quite similar to the prior trial and that is by design.

David Greg: And it is consistent with the discussions we've had with the FDA regarding what would be required to advance the drug potentially the first drug to treat long COVID-19 sequela or symptoms as we speak to them.

David Greg: The primary endpoint in that study is fatigue. It is to the best of our knowledge. The first time FDA has agreed with using fatigue as a primary endpoint and we're excited about that for two reasons number one.

Gregory Duncan: It is, to the best of our knowledge, the first time FDA has agreed to using fatigue as a primary endpoint, and we're excited about that for two reasons. Number one, this combination, famciclovir and valciclovir, when used with cellococcib, either as IMC1 or IMC2, as we call it, has consistently shown in both fibroclinical research and in long COVID clinical research, A three-point change is considered clinically meaningful, and we've seen between a three and a seven-point change across all of those three steps.

David Greg: This combination Sam stick with here and they'll stick with us when used with Celecoxib, others, IMC Warner IMC to as we call. It has consistently shown in both fiber or clinical research and then long cobalt clinical research significant reduction in fatigue, a three point change is considered clinically meaningful.

David Greg: We've seen between the three and a seven point change across all of those three studies and as a consequence.

Gregory Duncan: And as a consequence, we believe, frankly, that this may be the symptom that best responds to treatment with this particular combination. So the primary endpoint for this 12-week study is fatigue. The secondary endpoints include orthostatic intolerance, or you may know this as orthostatic hypotension when people get dizzy when they get up quickly or when they move.

David Greg: We believe frankly that this may be the symptoms that best response to treatment with this particular combination so the primary endpoint.

Gregory Duncan: Unfortunately, that happens for patients in this particular category with this illness all day long, and this is arguably as debilitating as the fatigue itself. So fatigue, orthostatic intolerance, and pain will be assessed; we'll also look at pain, anxiety, and overall global health. So those outcomes, as I referenced in my earlier remarks, are the ones we were so excited to see improve in the first BHC study, the 201 study. And that led us to progress to this double-blind placebo-controlled trial.

David Greg: This 12 week study is fatigue. The secondary endpoints include orthostatic intolerance you may.

David Greg: No. This is orthostatic hypotension when people get Dizzy when they get up quickly or when they move unfortunately that happens for patients.

David Greg: In this particular category with this illness, all day long and this is arguably as debilitating as the fatigue itself.

David Greg: So fatigue or static intolerance pain will be assessed we'll also look at pain anxiety and overall global health. So those outcomes as I referenced in my earlier remarks are the ones. We were so excited to see improve in the first B H C. The 201 study and that let us to progress to this double blind placebo control.

Gregory Duncan: And we are very hopeful and encouraged by our past performance and are looking to repeat those results in the second half of this year. It is pretty substantial, so I think we'll probably announce those results directly, at least the top line from Virios Therapeutics, and certainly we'll be looking for and or exploring what might be the best scientific venue, Dave, to announce those results to make sure that the entire scientific community, not just the investment community, is aware of them.

David Greg: Trial, and we are very.

David Greg: Hopeful and.

David Greg: I'm encouraged by past performance and are looking to read out those results in the second half of this year.

David Greg: It is pretty material. So I think we'll probably announce those results.

David Greg: Correct Lee at least top line from various therapeutics, and certainly we'll be looking and exploring what might be the best scientific venue, Dave to announce those results to make sure that the entire scientific communities not just the investment community is aware of those results.

David Greg: Yes.

Gregory Duncan: Okay, great. And, assuming positive results, what do you envision as the next step for that program? Do you think you'll be doing a Phase 2B? Do you think you can go to a Phase 3? Maybe you can talk about kind of how you foresee things moving there. Yeah.

Speaker Change: Okay, great and.

Speaker Change: So assuming positive results what do you envision as the next step.

Speaker Change: For that program do you think you'll be doing a phase two b do you think you can go to a phase three but if you could talk about kind of how you foresee things moving there.

Speaker Change: Yeah I think.

Gregory Duncan: with positive results. And remember, the goal of this trial is to help design, not necessarily endpoints per se; those will be consistent. We've agreed that with FDA, we want to progress with the same endpoints as the destination for assessing patient care. What this trial will do is it will allow us to assess the effect size. So how many patients will we need to see a particular effect on fatigue, lethostatic intolerance, etc.

Speaker Change: With positive results and remember the goal of this Paul is to help design not necessarily the endpoints per say those will be consistent we've agreed that with F. D. A we want to progress with the same endpoints as the destination for assessing patient care.

Speaker Change: What this trial will do is it will allow us to assess the effect size. So how many patients will we need to see a particular effect on fatigue, leprostatic intolerance et cetera. So.

Gregory Duncan: So the inputs from this study will dictate the design for the next study, which we believe will likely be a phase two B study. I'm not sure we could go directly to a Phase 3, but ultimately, now that we've scoped out the parameters that are required to get a drug approved, we would certainly design the study even as a Phase 2B in a way that's consistent with Phase 3, and decide what else might be required beyond that study, which we would hope to begin executing toward the beginning of next year.

Speaker Change: The inputs from this study will dictate the design for the next study, which we believe will likely be a phase <unk> study.

Speaker Change: I'm not sure we could go directly to a phase III, but ultimately now that we've scoped out the parameters that are required to get a drug approved do we would certainly designed the study even though the space to be in a way that's consistent with phase III.

Speaker Change: And decide what else might be required beyond that study, which we would hope to begin executing a towards the beginning of next year.

Speaker Change: That would be the rough time.

Gregory Duncan: Okay. And so it sounds like you're holding off on the fibromyalgia program until you get a partner there. Do you think you could move the long COVID program on your own? Or would you also want to partner with that program? Unknown Attendee

Speaker Change: Okay, and so it sounds like you're holding off on the fibromyalgia program until you get a partner there do you think you could move the long Covid program on your own or would you also want a partner that program.

Gregory Duncan: Certainly, we will choose the path that is most value- enriching for shareholders and expeditious to get to the endpoints. So we feel comfortable that we can execute the long COVID program independently. But there are companies we know that have an interest in the space. I think, David, the fatigue people had for COVID vaccines is now waning. I think, as I referenced again in my earlier remarks, the scientific community is seeing, or it seems to me, on a weekly basis, new research highlighting the role of reactivation of secondary viruses.

Speaker Change: Well certainly we will choose the path that is most value enriching for shareholders and expeditious to get to the end points. So we feel comfortable we can execute you know AMC too long Covid program independently, but there are companies, we know that have an interest in the space I think.

Speaker Change: David the fatigue people had for Covid vaccines is now waning and I think as I referenced again in my earlier remarks, the scientific community is seeing.

Speaker Change: It seems to me on a weekly basis, New research highlighting the role of reactivation of secondary viruses.

Gregory Duncan: And so I think this disease, which is really, frankly, pretty well known on Main Street, is now coming back into focus for the scientific community on Wall Street. So our hope is that there's great interest in this in general, and we certainly wouldn't rule out potential partnership. It's the right economics, the efficient way to deliver value for various shareholders emerged following the report out of those results.

Speaker Change: So I think this disease, which is really frankly pretty well known on main street is now coming back into focus for the scientific community on Wall Street, So our hope.

Speaker Change: Is that there is great interest in this in general and we certainly wouldn't rule out potential partnerships, if the right economics, the efficient way to deliver value for various shareholders emerged following report out of those results.

David Bautz: Okay, great. Thanks for taking the questions this morning. Of course.

Speaker Change: Okay, great. Thanks for taking the questions. This morning of course of course.

Gregory Duncan: Of course, of course.

Operator: Thank you. Once again, if you have any questions, please press star one on your telephone keypad at this time. Okay, as we have no further questions at this time, I will hand it back to Mr. Duncan for any closing comments. Thank you very much.

Speaker Change: Thank you once again, if you have any questions. Please press star one on your telephone keypad at this time.

Speaker Change: Yeah.

Speaker Change: Okay. As we have no further questions at this time I will hand, it back to Mr. Duncan for any closing comments you may have.

Gregory Duncan: Thank you very much, Ollie, and thank you to the team for participating, and thank you to those of you who dialed in, or clicked in on the webcast. In short, just to summarize that BHC 202 study, the three-arm studying is enrolling well, we've passed the 50% enrollment level, and we're very excited about top-line results for the second half of this year, both for various shareholders, but also because, as we articulated, there are literally millions of people who are suffering today here in the U.S., and probably tens if not hundreds of millions worldwide if that epidemiology data in other countries is the same in the U.S, patients really need something to treat this particular disease.

Gregory Duncan: Thank you very much all and thank you for the team for participating and thank you to those of you who dialed in or.

Gregory Duncan: Clicked in on on the webcast.

Gregory Duncan: In short just to summarize that P. H C. 202 study the three of them studying is enrolling well past the 50% normal level and we're very excited about topline results for the second half of this year, both the various shareholders, but also because as we articulated there are literally millions of people who are suffering today here in the U S.

Gregory Duncan: And probably tens if not hundreds of millions worldwide is that epidemiology data in other countries is the same in the U S patients, who really need something to treat this particular disease that preliminary safety analysis of the data indicates that the combination about click the brand's celecoxib.

Gregory Duncan: That preliminary safety analysis of the data indicates that the combination of alzheimer's and psilocoxib has been very well tolerated, and that's very consistent with what we've observed through the clinical development of both of our aspects, which published our global patent earlier this year. And I'm pleased to tell you that discussions are ongoing as we seek a partner with Advanced IMC1 interface redevelopment for the treatment of fibromyalg And I should mention, as I mentioned earlier, just to close out, we continue to explore other complementary opportunities to build shareholder value.

Gregory Duncan: It's been very well tolerated and that's very consistent with what we've observed through the clinical development of both about assets, we published a global patent.

Gregory Duncan: Earlier, this year and I'm pleased to tell you that discussions are ongoing as we seek a partner to advance I M. C. One.

Gregory Duncan: Into phase III development for the treatment of fibromyalgia and I should mention as I mentioned earlier just to close out we continue to explore other complementary opportunities to build shareholder value in particular, we're looking at other potential paying opportunities and our anti infectives with a focus on anti virals to complement I N C. One N I M C. Two.

Gregory Duncan: In particular, we're looking at other potential pain opportunities and our anti-infectives with a focus on antivirals to complement IMC1 and IMC2. We appreciate your time and attention this morning and will report progress on all of those matters in a very timely manner. Thank you.

Speaker Change: We appreciate your time and attention this morning, and we'll report out progress on all of those matters in a very timely manner. Thank you and have a great day.

Speaker Change: Thank you.

Operator: Thank you. This concludes today's conference call. You may disconnect your lines at this time, and we thank you for your participation.

Speaker Change: This concludes today's conference call you may disconnect your lines at this time and we thank you for your participation.