Q3 2024 OmniAb Inc Earnings Call and Business Update
Speaker Change: Good afternoon and welcome to Omniab Inc. 3rd Quarter 2024 Financial Results and Business Update Conference Call.
At this time, all participants are in a listen-only mode.
A question and answer session will follow the formal presentation.
As a reminder, this conference is being recorded.
Speaker Change: I would now like to turn the call over to Kurt Gustafson, Omniab Inc. Chief Financial Officer. You may begin. Thank you.
Speaker Change: Before we begin, I'd like to remind listeners that comments made during this call by management will include forward-looking statements within the meaning of federal securities laws.
Speaker Change: These forward-looking statements involve risks and uncertainties that could cause actual results to be materially different from any anticipated results. These forward-looking statements are qualified by our cautionary statements contained in today's press release and our SEC filings.
Speaker Change: Importantly, this conference call contains time-sensitive information that is accurate only as of the date of the live broadcast today, November 12, 2024. Except as required by law, OMNIAB undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this call.
Speaker Change: Joining me on the call today is Matt Foer, Omniab's President and CEO. And during today's call, Matt and I will provide highlights on the company's operations, partner and technology updates, and our recent financial results.
Matt Foer: at the conclusion of the prepared remarks, we'll open the call to questions. And with that, let me turn the call over to Matt. Thanks, Kurt. Good afternoon, everyone, and thanks for joining us today on our third quarter call.
Matt Foer: We've continued to deliver robust performance across our key metrics and are building momentum in the business.
Matt Foer: With strong execution in a leverageable business model, we're well situated to navigate a variety of industry cycles with a business that's now positioned for success.
Matt Foer: Our diversified base of partners and programs continues to grow and continue to grow during the third quarter.
Matt Foer: Despite a backdrop of a somewhat challenging macro environment presenting headwinds to some areas of the pharma discovery tools and technology space this year.
Matt Foer: As our partners' clinical stage programs advance, we're also gaining better insights into timing around key inflection points for preclinical and later stage programs.
Matt Foer: These post-discovery programs represent just a subset of our growing portfolio and have over 550 million dollars in potential milestones to OMNIAD.
Matt Foer: We're committed to driving innovation to further differentiate our technologies and to bolster our pipeline. And we're excited both about the potential opportunities ahead and our important place within the global pharmaceutical industry.
Speaker Change: I'll now quickly review some of our business metrics, starting here on slide number five.
Speaker Change: As shown here on the chart on the left-hand side, we ended Q3 with 86 active partners.
Speaker Change: We signed three new platform license agreements during the quarter that included new agreements with 92Bio, Memorial Sloan Kettering Cancer Center, and Queen Mary University of London.
Speaker Change: Strong partnerships like these are fundamental to our success and we remain committed to expanding our partnership base while helping partners realize their research and discovery goals.
Speaker Change: Also, I'll mention here that we recently expanded our ion channel screening relationship with Syngenta, which began last year.
Speaker Change: and we also recently entered into a new license with Insight Corporation.
Speaker Change: We're looking to finish the year strong in our business development and licensing efforts, and this year could potentially be our best year ever in that regard.
Speaker Change: And an added benefit is that our deep relationships with our partners help inform the intelligent expansion of our platform.
Speaker Change: Our partnerships provide a valuable vantage point on current industry trends and future opportunities and also keep Omniab on the leading edge of in-demand technologies.
Speaker Change: The number of active programs underway by our partners remains robust.
and year-to-date new program additions have been strong.
Speaker Change: As shown here on slide number six, as of September 30th, active programs increased to 352 net of attrition.
Speaker Change: As you'll see on this slide, we're now providing more detail on our active programs. We're displaying both attrition and additions on the right side of the slide in the call-out bar graph shown here on the screen in the orange and the green bars.
Speaker Change: As of the end of the third quarter we had 12 terminations and 39 active program additions.
Speaker Change: We often say that terminations or attrition are a natural part of drug development and as we've noted this year and as reported more broadly in the industry, certain pharma companies continue to realign and reprioritize their therapeutic programs and pipelines.
Speaker Change: Having said that, our net growth and number of active programs continues to validate our technology platform.
Speaker Change: We've generated growth net of attrition over multiple years now in a variety of macroeconomic and industry cycles, which I think demonstrates our ability to continuously evolve and enhance our technologies and expand our reach.
Speaker Change: As I mentioned on the previous slide, our deep relationships with our partners position us really well as we focus our innovation efforts.
Speaker Change: Now on slide seven, as of September 30th, our partners had 33 active clinical programs and approved products.
Speaker Change: During the quarter, GenMavs' GEN1057, an investigational proprietary bispecific antibody, and Merck KGA's M5542, which is a fusion protein, both advanced into Phase I clinical trials.
Speaker Change: GenBab's GEN1053 came out of our clinical program count shown on this slide and shifted back to the preclinical stage.
Speaker Change: According to GenMap's public disclosures, they're discontinuing a phase 1-2 clinical trial in solid tumors for GEN1053, while preclinical activities and other indications remain active and ongoing.
Speaker Change: As of the end of Q3, three new OMNIAB-derived programs have entered human clinical trials in 2024. Based on discussions with our partners, we continue to expect that we'll see one to three additional entries into clinical development for novel OMNIAB-derived antibodies by year-end.
Speaker Change: Our post-discovery assets, which include preclinical and later stage programs, have the potential to drive near-term and mid-term value generation.
Speaker Change: Now on slide number eight, you see the increased count in these assets. Over the past two years, we've maintained impressive growth with a 40% increase in the number of these programs, reaching a total of 53 by the end of Q3.
Speaker Change: As I mentioned earlier, the programs depicted here have over 550 million dollars in contracted potential milestones to OmniApp.
Speaker Change: The successful progression of our partners programs showcase our collaborative efforts and our shared vision along with the value that our technologies can create.
Speaker Change: And here on slide number nine, I'll just briefly touch on some select partner updates.
Speaker Change: Immunovan has made significant progress on development of IMVT 1402 and late last week they announced IMD clearance for rheumatoid arthritis.
Speaker Change: where they stated that IMVT-1402 has a potential best-in-class profile for difficult-to-treat RA.
Speaker Change: They also announced that five INDs have been cleared by the FDA in a range of therapeutic applications and that they're on track to initiate potentially registrational trials of IMD-1402 in four to five indications by the end of Q1 of next year.
Speaker Change: And they also reported positive results from the Phase 2a trial of bataclamab in Graves' disease.
Speaker Change: In addition, they announced alignment with the FDA and IND clearance and an expectation to initiate a pivotal trial of INVT-1402 in Graves' disease by the end of this year.
Speaker Change: GenMab highlighted both Acosunlamab and GEN1057 on their earnings call last week as well.
Speaker Change: They described their priority in continuing to build a world-class differentiated pipeline and highlighted the phase 3 study of acosemlamab in second line non small cell lung cancer and that it's on track to start this year.
Speaker Change: They also highlighted the recently initiated Phase I-II trial of GEN1057 in malignant solid tumors.
Speaker Change: At the ESMO conference, BioCity presented interim phase one clinical trial results on the safety and efficacy of their first-in-class antibody drug conjugate BC3195, which targets CDH3.
Speaker Change: They reported that 3195 demonstrated impressive anti-tumor activity in patients with advanced non-small cell lung cancer and that the drug is in concurrent dose optimization and dose expansion studies in China.
Speaker Change: And Teva recently disclosed Phase I data for TEV53408, which is an anti-IL-15 discovered in our OmniRAT technology.
Speaker Change: that indicated that 408 is showing a potential best-in-class profile, noting high affinity for IL-15, prolonged suppression of free IL-15, and a potential for low dosing frequency.
Speaker Change: It was well-tolerated in a first-in-human study, and a proof-of-concept study in celiac disease is in progress. And last week, Teva also disclosed the initiation of a clinical study in vitiligo, which is an autoimmune disease with significant unmet medical need.
Speaker Change: And on my last slide here, slide number 10, I'd like to highlight a couple of upcoming scientific conferences by our team.
Speaker Change: We continue to increase the visibility of our differentiated technology platforms at relevant scientific conferences by showcasing innovations that we think create value for our partners.
Speaker Change: Next month we'll be at the Antibody Engineering and Therapeutics Conference down in San Diego, where our team will present workflows for discovering developable binders with broad epitope coverage and affinities that serve as building blocks for multi-specifics, which is an area of significant and growing interest in the industry.
Speaker Change: In another presentation, we'll discuss the design and implementation of OmniHUB, which is a new platform we're launching for bioinformatics tools that also enhances antibody discovery workflows by integrating machine learning and AI tools with our deep bioinformatics capabilities.
Speaker Change: When we kicked off the year, we mentioned that we'd be rolling out some partner experience enhancements, and OmniHub is one example of this.
Speaker Change: And with that, let me now turn the call back to Kurt for a discussion of our third quarter financials. Kurt.
Thanks Matt
Kurt Gustafson: The income statement on slide 12 summarizes our financial performance in the third quarter of 2024. Total revenue for the quarter was $4.2 million, and this compares with $5.5 million in the prior year quarter. The decrease is primarily due to lower milestone revenue and lower ion channel service revenue.
Kurt Gustafson: We had previously guided that our revenue would be weighted towards the second half of the year. That guidance was based on statements and information from our partners, and we still believe this to be true. However, it looks like most of those milestones will hit in the fourth quarter.
Kurt Gustafson: Our R&D expense for the third quarter was $13.3 million compared to $13.9 million in the prior year quarter, with a decrease primarily due to lower stock-based compensation expense.
Kurt Gustafson: Our G&A expense was $7.1 million for the quarter compared to $8.5 million a year ago, with a decrease primarily due to lower legal costs and lower stock-based compensation.
Kurt Gustafson: The net loss for the third quarter of 2024 was $16.4 million, or $0.16 per share, versus a net loss of $15.7 million, or $0.16 per share, in the prior year period.
Kurt Gustafson: Turning to slide 13, you'll see our balance sheet as of September 30th, 2024. We ended the third quarter with $59.4 million in cash, which includes $8.5 million of capital raised through our at-the-market security offering.
Kurt Gustafson: We raise an additional $2.9 million under the ATM program subsequent to the end of the quarter, which will be reflected in our fourth quarter financial statements.
Kurt Gustafson: As the year progressed, we continued to observe pressure on the biopharmaceutical industry, which has led to restructurings and pipeline reprioritizations.
Kurt Gustafson: This can drive additional volatility in our business, and given these dynamics, we believed it was prudent to add some cushion to our balance sheet through the issuance of stock off our ATM program.
Kurt Gustafson: These new funds strengthen our cash position, enhance our financial and strategic flexibility, and better prepare us for potential risks driven by macroeconomic and varying industry conditions and cycles.
Kurt Gustafson: At this point, we believe the company is well capitalized, and we enter 2025 in a better financial position.
With regards to cash guidance
Kurt Gustafson: We expect to end 2024 with a cash balance in the range of $50-$60 million, which includes the proceeds from the recent ATM issuance.
Kurt Gustafson: The actual cash collection for some of these milestones may not occur until the first quarter of next year, which is what drives the broad range.
Speaker Change: And with that, I'd like to open up the call for questions. Operator?
Speaker Change: Thank you, ladies and gentlemen. We will now begin the question and answer session. Should you have a question, please press star followed by 1 on your touchtone phone. You will hear a prompt that your hand has been raised.
Speaker Change: Should you decline from the polling process, please press star followed by the 2. If you are using speakerphone, please lift the handset before pressing any keys.
Speaker Change: I was wondering, just given the large step up in the number of active programs this quarter, I was wondering if you could do some pay goals.
Yeah, Michael, thanks for the question. This is Matt.
Speaker Change: Yeah, I'll just I'll call out one one detail here that I that probably wasn't lost on you But we've provided a little more detail on our active program count
Speaker Change: you know, after, you know, kind of discussion with internal team and external stakeholders thought it would be useful. Traditionally, we just reported numbers net of attrition.
Speaker Change: And growth in program counts has been strong this year, and it continues to be strong. I think it's a testament to the new technologies that we've launched.
Speaker Change: of Antibodies Found Naturally in Camelids that is an area of growing interest in the industry for a variety of scientific reasons.
Speaker Change: And then I'll say the validation of the platform is as well. We balance that with the backdrop of the industry, some of the things we mentioned in the intro around big pharma companies realigning portfolios.
Speaker Change: and pipelines and things like that but you know program growth has been strong and continues to be strong.
Speaker Change: Yeah, thanks. It's another tool that we use in collaborating with our partners, right? So we're going to do a full launch of that at the ATC conference.
And it's really meant as a way to facilitate
and Streamline.
and accelerate discovery interactions with our partners.
Speaker Change: As we've expanded our platform, you know, we have the benefit of
in ways that others frankly can't.
Speaker Change: that we continue to innovate and continue to remain on the cutting edge to meet our partners' needs, not only now but in the future.
Great, thank you very much.
Your next question comes from.
Matthew Huett with Greg Hollum. Please go ahead.
Speaker Change: Yeah, I think we sort of mentioned some of these macro and industry
Speaker Change: you know, we maybe have a little bit more cautious outlook as we as we look ahead. All that being said, I think if you take a look at the key metrics that we have.
Speaker Change: Have you focused on in terms of signing up new deals, partners continuing to see the value of our technology and starting new programs, moving things, you know, progressing through the clinic. We're seeing progress on all of our key metrics. So I don't discount the fact that there are.
Speaker Change: Some challenging industry things going on, but our business continues to perform well.
Speaker Change: But, you know, that's balanced with, you know, we have a lot of discussions with those in the industry. And one of the things we also hear is that at times that they are focusing their work.
Speaker Change: They also look to the best platforms and the most validated Technologies to help them meet their discovery needs and that also can attract them to to us. So Yeah a lot going on in the in the in the industry, but we feel good about our position
Speaker Change: Awesome, thank you. I do realize that it's early, but how should we be thinking about the range of new clinical entries by your partners next year?
Speaker Change: Yeah, thanks. Great question. You know, as we look into next year and as we said, we expect...
Speaker Change: So those programs are candidates to move into the clinic in 2025.
Speaker Change: I expect as we get into next year, we'll talk about that in more detail.
Speaker Change: What we often find is that the JP Morgan conference at the beginning of January is often a time when many of our partners
and their intentions for the year.
Speaker Change: post that time for us to start talking in a little more specifics about some of the programs and the count that we expect. But we feel good about the growth in the portfolio and the matriculation of the programs through the various phases.
Speaker Change: Next question comes from Stephen Woolley with Stifel. Please go ahead.
Speaker Change: That partners are looking to employ downstream leveraging our our technology for discovering antibodies continues to grow.
And you know if.
Speaker Change: If you look even at our visible clinical programs.
Speaker Change: Programs.
Speaker Change: A growing number of those are bi specifics by multi specifics are absolutely.
Speaker Change: The next wave and we've seen an increase in multi specifics this year and interest there.
Speaker Change: And I think our omni Dab technology is also driving that as well, we're also seeing more diversification and therapy areas and areas of interest on the Dab opens up a lot more possibilities in neuroscience as.
Speaker Change: As well as in oncology, where we already have a pretty broad presence.
Speaker Change: So I'll just answer it generally and say, it's absolutely increasing the interest in multi specifics.
Speaker Change: And we're pleased that partners come to us because they realize.
We've got technologies that are designed.
Speaker Change: Two to meet the needs there and that's something we've been talking with them about for a long time. So they know that we're there and our technologies are designed to help help meet that need.
Speaker Change: Okay. That's helpful and then.
Speaker Change: I think you may have given this information at some point.
Speaker Change: Last year, but do you have any update as to what the blended royalty rate of the post discovery program portfolio. It looks like at this point and then is there anything that you can say about how do.
Speaker Change: You mean, the band 14 O two asset I guess compares to that blended royalty rate I know that that's an asset that is getting a lot of investor.
Speaker Change: Investor attention right now.
Speaker Change: Yeah, Steve I don't have an update for you on that blended royalty rate, we gave that number.
Speaker Change: But back in September and November or so of last year, but what I'll say is that that rate that we provided was based on the number of active programs that we had at the time, which was about 300, we obviously have grown the number of active programs, but it's kind of hard to move the needle on that number a whole lot.
Speaker Change: So while I don't have it.
Speaker Change: Date to that number I would imagine it's it's not that much different than the number that we provided back in November.
Speaker Change: In terms of.
Speaker Change: Immune event program so.
Speaker Change: Just as a reminder.
Speaker Change: The way that contract works as you know and all was the original.
Speaker Change: The party that we had a contract with so the way. It works is immune event will pay and all and we get a portion of whatever.
Speaker Change: Yet and so it's a little bit of a different structure than kind of a straight license for us but in terms of the royalty rates are standard sort of saying is that the royalty rate that we get is in the low to mid single digits and as it turns out the percentage that we will be getting from ethanol that theyre getting from immediate immune event is pretty consistent.
Speaker Change: With that so.
Speaker Change: That's probably as far as I can go in terms of disclosure.
That rate, but hopefully that's a little helpful anyway.
Speaker Change: No. That's helpful. Much appreciate it guys. Thank you.
Speaker Change: Yeah, Thanks, Steve Thanks, Steve.
Speaker Change: Next question comes from <unk>, the Vara Condor with jewelry security. Please go ahead.
Speaker Change: Hi, This is Alex Xenakis on for Bob.
Speaker Change: Question from US we see some of your potential partner for rethinking their portfolio, perhaps driven by economic pressures and are you seeing more or less partners elected to develop molecules and house in advance of the IND stage.
Speaker Change: Stage and maybe what are your thoughts on that and are there any impacts or can we see the seeds of change.
Speaker Change: That might affect your car business model.
Speaker Change: Forward.
Speaker Change: Yeah. Thanks, Alex.
Speaker Change: I'll say a quick quick answer to your second question no we feel great about our business model.
Speaker Change: The leverage ability in our business.
Speaker Change: And in our ability to demonstrate that going forward.
And our place in the industry more generally.
Speaker Change: The partners come to us really for discovery technologies, we are not.
We don't intend to.
Speaker Change: Programs into IMD.
Speaker Change: That sort of thing they come to us to get access to our technologies that allow them to get access to broad repertoire of novel antibodies and then to very quickly select winning antibodies that can then be taken forward. So.
Speaker Change: I think we do have a unique vantage point on the industry.
Speaker Change: Given that we have intimate relationships with our partners we understand.
The sorts of targets Theyre going after the ways in which they want to engage target targets and that informs how we innovate around our early stage discovery platform. So.
Speaker Change: Yeah, I don't see a change in our business model, we feel great about.
Speaker Change: The the work that we're doing.
Speaker Change: And our position in the industry and I think we have a bit of business is well positioned for.
Speaker Change: A number of industry cycles, it's designed that way purposely.
Speaker Change: And and I don't see us really strength from that.
Speaker Change: Yeah that makes a lot of sense, thanks for the color and congrats on the progress.
Speaker Change: Thank you. Thank you.
Speaker Change: Your next question comes from.
Brendan Smyth with PD Cowen. Please go ahead.
Speaker Change: Hi, This is Jackie on for Brandon just to start off I have you done any beta testing for the omni hub offering a prelaunch and if so have you seen any feedback from over from your customers.
Speaker Change: Yeah, well, yeah, Jackie we obviously interact digitally with our partners all the time so.
Speaker Change: I guess the short answer to that is yes and.
Speaker Change: We as we've expanded our bioinformatics capabilities over the years and then.
Speaker Change: Rolled out our army deep platform.
Speaker Change: Over the last couple of years, which is a suite of in silicon tools. This really became a real natural.
Speaker Change: Extension of the work that we're doing so.
Speaker Change: Short answer is yes, where we interact with partners.
Speaker Change: In this way digitally and we'll be rolling out kind of the brand and more broadly at the.
Speaker Change: <unk> conference in December.
Speaker Change: Awesome, that's great and just to follow up on that are you thinking of partnering with any cloud providers or are you going to kind of run things on prem or on your own side of things.
Ed: Yes. This is Ed.
Ed: At this point much more homegrown, obviously theres a lot of other it infrastructure behind.
Ed: Behind the scenes, but.
Ed: It's much more homegrown at this point.
Speaker Change: Awesome and then if I could just squeeze one more in on the three new licenses could you give us any color on the therapeutic interest or program size expected from these companies and then the mix regarding the platforms theyre going to use.
Speaker Change: Yeah, So we announced three new deals in the quarter.
Speaker Change: One with 92, bio which is a company focused.
Speaker Change: On best in class multi specific antibodies.
Speaker Change: As focused solely on cancer.
Speaker Change: And so they're going to be focused on cancer targets.
Speaker Change: And then the other two deals were with Memorial Memorial Sloan Kettering Cancer Center, obviously, there they have a really deep and long standing.
Speaker Change: Dedication to cancer, a lot of funding into translational research capabilities in a large innovation hub there theyre, obviously, primarily focused on novel cancer targets.
Speaker Change: And then the Queen Mary University of London, which.
Speaker Change: Of course, it is a top research institute in the U K, they're really focused on on cancer prevention.
Speaker Change: As well as diagnostics.
Speaker Change: And Sarah Gnostics, and those are areas, where some of our newer technologies really can be applied well so.
Speaker Change: Across the board, there's a range of our technologies that these parties will be interested in much like many of our other partners.
Speaker Change: And so we're we were excited to add them on.
Speaker Change: Great. Thank you so much I appreciate it.
Speaker Change: Thank you.
Speaker Change: Okay.
Speaker Change: Your next question comes from Connor Mcnamara with RBC capital markets. Please.
Speaker Change: Please go ahead.
Speaker Change: Hey, great. Thanks for taking my question guys I got one for one for each of you.
So Matt just.
Speaker Change: On a product development standpoint, what are you seeing on the development.
Speaker Change: Single domain antibodies.
Speaker Change: What are you seeing on the adoption of omni chicken with customers.
Speaker Change: Yeah.
Speaker Change: Well, primarily on the single domain side, obviously, we launched our omni gab technology.
Speaker Change: About a year ago and it has been.
Speaker Change: A really significant.
Speaker Change:
Speaker Change: Portion of.
Speaker Change: One of the things Thats, attracting new partners.
Speaker Change: And it opens up new possibilities across a range of therapeutic areas I mentioned growth in the CNS space, That's a big one.
Speaker Change: As well as radio.
Speaker Change: Radiotherapy.
Speaker Change: There is a big interest there.
Speaker Change: And that's attracting a lot of new new partners.
Speaker Change: There is also interest in infectious diseases as well.
Speaker Change: And that's something that we'd had some.
Speaker Change: Partnerships in the past, but that has definitely accelerated as well a lot of different things are driving this one the.
Speaker Change: The range of routes of administration that single domain antibodies open the opportunity for whether that's injectable inhalable or oral.
Speaker Change: The ability to.
Speaker Change: Penetrate the blood brain barrier and has asked or tunable clearance.
Speaker Change: That's another element that is attracting new partners and then an area I'm excited about is just is opening up new areas as I said, the diagnostics of Ferro Gnostics radiotherapy so yeah.
Speaker Change: Yes, it's it creates more diversity in our in our.
Speaker Change: Pipeline of programs, which which we're excited about.
Speaker Change: Okay, Great and then just on the.
Speaker Change: The AP and the amount of money you raised you raised a little over $11 million.
Speaker Change: If I just think about that coinciding with a kind of a.
Speaker Change: Call it a push out and what you were expecting from them.
Speaker Change: License and milestone revenue should we be thinking about that kind of $11 million is kind of stuff that might have come before the end of 'twenty five but now may.
Speaker Change: You are saying, maybe it is going to be pushed out a little bit just because of the program.
Speaker Change: Or.
Speaker Change: Is there any way to kind of.
Speaker Change: Separate how much of that is just safety that versus versus what what you see as potential push out in the later than planned.
Speaker Change: Revenue from those sources.
Speaker Change: Yeah, No I mean, Colorado I don't think this had to do with sort of filling a specific shortfall that we thought was going to happen in the current quarter or anything like that or even next quarter. We sort of this was more about as we the year progressed.
Speaker Change: We just were seen.
Speaker Change: Big pharma as well as smaller companies given sort of changes in the industry and funding cycles and things like that.
Speaker Change: We got a little bit more cautious just with our with our outlook and said it probably makes some sense to put a little cushion on the balance sheet. So this was the entire amount I would say is more in terms of just as we look forward, let's put a little cushion on the balance sheet. So that we can make sure we have enough capital to go through various cycles that might.
Speaker Change: That might occur.
Speaker Change: It wasn't a hey, we're going to we're going to be short 3 million Bucks. This quarter lets go lets go hit the ATM. It was more of a longer term view.
Speaker Change: Got it thanks for that clarification, and congrats guys on the progression of the business.
Speaker Change: Yes, Thanks Scott.
Speaker Change: There are no further questions. Please continue.
Great. Thanks, I'd like to thank everyone for joining today's call and thanks for the questions. We look forward to keeping you updated on our progress.
And to updating you next quarter, Kurt and I will be at a couple of Investor conferences next week Curt will be in New York, The Stifel Healthcare conference and I'll be in London, or the Jefferies Conference and in the meantime, we appreciate your interest in <unk> and thanks again for joining us today.
Okay.
Speaker Change: Ladies and gentlemen, this concludes today's conference call. Thank you for your participation you may now disconnect.
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