Catalyst Pharmaceuticals (CPRX) 11 May 212021 Q1 Earnings call transcript

Greetings, and welcome to the Catalyst Pharmaceuticals’ First Quarter 2021 Results Conference Call. At this time all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Ms. Chief and President, Vice Grande, Financial Treasurer. Officer Alicia you. Thank

You may begin.

corporate and Good quarter joining and Chief call Executive thank Chairman our Patrick everyone, we XXXX Leading have today, conference results Officer. first for and Catalyst’s you morning, McEnany, the discuss call financial highlights. to

Officer Carmen, We Officer. Chief are Operating joined Officer; Scientific Steven Dr. Chief by Commercial and Chief Miller, and Jeffrey Del

also and question the – For Regulatory Dr. Medical Ingenito, Chief Q&A we’ll for Gary have session, Officer. the

accurate, performance. would call remind statements effects session, vary. may you to statements with I to securities may light future only and uncertainties and the They for federal laws. like comments and purposes estimates statements Q&A assumptions statements in which in that described be begin, the following not we the current projections to are in time, detailed factors we the I may results risk At in Before Actual conjunction Report our relate turn Form to XXXX the of filings, predict not prove be to difficult forward-looking are results These expectations, be Annual future about that in will involve the our and COVID-XX. including make contained considered our on this especially of risks, These SEC Pat. the should of and forward-looking of information in will expected XX-K. over guarantees

and these Thank times. and for update that business for staying everyone hope you, our first healthy us challenging and Ali, call. thanks XXXX during results everyone safe quarter joining morning I this is

some the parts much or fact supports parts the the offices physical that data open and beginning to patients are Although we continue still remain see reluctant to have reopen country, physicians' visits to to others lab. country to in to of than certain many slower practices of physician

will that see we revenues in a improving that during dynamics We are significant XXXX. we signs optimistic continue to remain gradually uptake and these see

by million the the were we We first impacted still of year-over-year most this the revenues of to be year year. COVID last period. as only mode, quarter move a post-pandemic last of begin good QX over being $XX.X the for to quarter. almost of report the versus modestly increased quarter million are quarter where in quarter into year pleased first most was Revenues we first challenging comparison same we XXXX recovering will Despite had X% last quarter first year. because likely of $XX.X This recovery

several for was income million reduced income was income detail GAAP regarding affect approximately in of patient of XXXX than be we quarter providing between of for Ali the four quarter $X quarters were that net a timing Ali a expense first were financial net $XX.X year's and it few to first over in more income GAAP quarter the expensing to XXXX. charge This for was that rather million. operating million net charges that and support And operating minutes. first results. income and foundation assistance required by difference non-GAAP non-GAAP will $X.X there the those However, relating quarter programs committed the substantially will in explain quarter. the this differences details net and

an of of the of During up average approved directors XXX,XXX market has share as purchased of shares quarter open price share. per $X.XX the today, this purchase to our late stock the first And board of at $XX common of in company year, million. of in a program buyback

with growth prudent time debt. We be opportunities. sheet while our funded increasing for increasing quarter and open at in utilized balance no $XXX.X shares continue cash believe to again the to same value our the and the investments on the million and rational that in purchases are strategic is we of cash We shareholder ended market

human the search quarter. as onboard well development chief for investor those a senior as positions our important officer, into bringing hope And new leadership two product are we relations very side, this On to function. well we resource in-house our

Our commercial high ultimately increased we The to the team enrolments, new a ago into that continues a level operate over put despite beginning to initiatives a accelerate year revenues. growth patient at drives conditions. challenging place now little which are

physicians We much and we've the is deemed that commercial operation in now and more number treating FDA disease. safe say introduced to an well increase as to of LEMS have that new marketing that programs fact Jeff there patients, Firdapse therapy of be a is will awareness effective about shortly. the that as approved have in among will our

team development their Firdapse make efforts and the the label to on progress expand to continues research Our brand. good for

topic We for make forward discussions path This end a before the expect regard decision to MuSK-MG. this quarter with be FDA. to this the with final a potential after we our of completed on will

as of begin long-acting are enrolment Firdapse's early busy quite on been in next with development for also provide minutes. Steve program these to We've on Additionally, as few we proof-of-concept target development programs our on well on details quarter. study the you will HNPP front. business more a

opportunities and to currently We portfolio pipeline product marketed late our our several early stage products of conducting are programs. exciting due and expand diligence evaluating and very on of potential

pull binding product any this we commitments trigger the in haven't or opportunities point, into acquisition to hope entered one we on XXXX. While more to

approval the violation Eleventh of arguments with our of Appeals. Circuit the in decision for FDA Court now we're on Turning Oral exclusivity. now a judge drug occurred March litigation from the ongoing XX, three of XXXX and Firdapse because the panel orphan of waiting to Ruzurgi

court court future. when a near we're will render the will in the very While control decision hopeful we that rule, don't the

Pharmaceuticals is is still Lastly, with ongoing regard to litigation and matter the stages. with its Jacobus the patent proceeding slowly on early and PantherRx,

over infringing We operations. Del it. point, Carmen, intellectual is further with Commercial property in you to call someone At our our I'd to to our Officer, we and are vigorously Jeff determined to order we Chief protect the our provide this like case on that pursuing to defend turn the details wherever IP intend commercial

everyone. morning Pat, and good Thanks,

of very quarter QX $XX.X impact subsequent prescriptions. with sales year, a quarter visits brand represents X% growth net pleased the on new which negative to last ongoing We diagnostic are pandemics despite and same the versus million,

this in primarily continued driven was a reimbursement As will is significant of quarter enrolments challenging Strong revenue in be dynamics modestly of Pat that most QX last only impacted third was in growth new patient XXXX likely the mentioned, quarter XXXX because enrolments. the discontinuations. outpaced net patient QX with decrease favourable consecutive first the year-over-year new quarter by COVID. most and year comparison QX by

naive higher X-DAP QX than XXXX. QX other were X, enrolments new increase to XXXX, any XX% patient fact, QX In a over in since quarter

low rates of continued than XX% XX% XX-day QX Our strong persistency patient less less of XXXX. and resulted discontinuation than in

build XXXX data As growth last QX, suggest market we I've approximately last mentioned same year overall the expect we were on visits scenario. a as in versus non-COVID-XX in the than generated XX% the quarters market Through in continued earnings that QX. momentum diagnostic pharmaceutical upon call, impact hypothetical COVID-XX IQVIA lower

April, Prescription were done journey outstanding treatment shows of one-on-one optimistic less growth XX% Firdapse by early backlog insurers. the those an the re-authorizations As stronger foundation XX% an support an pathways is we quarter rates co-pay visit Furthermore, upcoming government confident rates Based approval in have persistence in very observations the private granted and new on across program QX, patients will in Catalyst that enrolment potential patients in are LEMS offers compliance has Catalyst payers, patient personalized XXXX. on than same $X throughout well Firdapse. their are remain are year have experience trends payers. into all of as free family’s Patients or ensuring and vaccination be for month. including over by versus and about who enrolments adult remained job continue recognized patient commercial Firdapse versus that enrolled Medicare as last we increase, per patient average QX, rates assistance, are translate of stable. quarters. strong and Pathways, continue value to QX to new which In covered services diagnostic accessing the optimal of

execution direct detailed includes We to ongoing the thought leaders and of key oncology in strategy, continue assessment, oncology development a and with which research. our meet work market market milestones LEMS

confident achieving our in into adult of support As strategy, X move planning successful tumor this to goal, of the is Phase precision through and be are which that LEMS we we ultimate we will education, need patients. unmet provider

LEMS weakness area is We of have VGCC VGCC the a highlight XXXX. the network guidelines for slight in a the identify enrolments element the thus of in testing small in tumor a cancer diagnosis. cell as patients inclusion lung cell outlines dysfunction as comprehensive LEMS for in patients, far One new of which to national test lung this seen LEMS cancer most in already key complaining recent that percentage cancer, testing in autonomic indicates possible positive need increase small

that in and expect sooner. patients we journey the serve LEMS shorten Catalyst We the strategies patients diagnostic of enable additional will adult significant place the of number have to

will LEMS. state and has also information that Initiatives to disease generated closing, unique thank update Officer the about useful gained unwavering LEMS information Catalyst LEMS the commitment want Our Operating Chief focus patients to at users over regarding receive help has are for opportunity Community. containing and In we educational providing LEMS Officer the online to potential I Scientific call excited our providers adult to towards their activities. Dr. on to now Chief on branded resources healthcare directed X,XXX have turn R&A adult in over the traction. opted Steven to ahead LEMS all patients. I entire for team Miller, an

the plans and Firdapse or indications. new pipeline We of to Jeff. submitted clinical an develop symptomatic next plans treatment for trial update provide MuSK-MG comment. days. the agency's for anticipate Thanks to a the myasthenia our commercial now XX within response for our Catalyst for the additional update, the for MuSK review the our clinical gravis FDA has on I'll to

the materials briefing to the design relative the trials. of Specifically, of in discuss trial new the the design completed to our FDA the differences

underway. our agency's of announced, Firdapse. the of analysis MuSK-MG treatment feasibility previously evaluation community we our investment completion the with of trial Upon this new will on the and of feasibility As of comments plans symptomatic our receipt update for the conducting further is

improvement variability, large and secondary was Phase Also our effect. endpoint its achieve multicenter Firdapse than clinical due may placebo clinical for to therapy, the trial a marked for MuSK-MG higher there endpoints. treatment that did We that provide previously the which benefit the significance announced, X primary expected day-to-day for did reported, stage disease meet with believe a not Firdapse concluded upon us not to initiation of of and trial some patients. statistical previously leads As

limitation the also improvement proof We clinical the we X the will a design of clinical including address The a sheaths numbness to currently previous by the for by in And protocol of inherited paralysis. for XX% heterozygous with the nerve reduction sensory with or in by results proof of previous our mechanical which third trial Phase innocuous to of a significant level, nerve to gene, proposed normal trial MuSK-MG. seen the autosomal-dominantly XX% people. XXXX, treatment symptomatic trial. trial. quarter an leading clinical present efficacy disruption the believe HNPP demonstrate better study motor by under hope focal design during was the deficits, proteins deletion of clinical Finally, often myelin be new be a caused new Catalyst PMPXX of healthy is will Palsies concept of axons. and triggered Hereditary demyelinating evaluate mild compression Firdapse study Patients of to Neuropathy concept to may with Firdapse Pressure and with sensory treatment is and PMPXX this events focal the HNPP Liability initiating of disease review motor the peripheral of of HNPP of FDA. may

potential also patients PMPXX afflicted deficits, demyelination is for and internodal amifampridine, patients excessive current with expected sensory fatigue. HNPP that believes supported motor in considering of alleviating that In functional propagation HNPP through channels. improve addition, by about in by channel research This hypothesis States. in scientific thereby affects is deficits action model in in The are a Application to HNPP. potassium like this X,XXX the in Unites deletion. heterozygous potassium is fatigue voltage-gated outward results HNPP basis HNPP, the Catalyst HNPP blocker, animal indication

regulatory Japan, research we in on that have of with to and on initially opportunities, the other a LEMS. we Japanese markets agreement seek previously for Moving approval reached the to reported treatment PMDA pathway of Firdapse

would entity would was new chemical of be that for of as granted Catalyst market April designation in grated Additionally market the and drug orphan XX for exclusivity. such LEMS; treatment be a Firdapse years

the with reminder, market HNPP. As There a of about X,XXX patients. the is also U.S. in are X,XXX of therapies the LEMS for and the market to no Japanese about market size MuSK-MG XX% Japanese

a complete are Japan to this to we in completion Finally, market the hoping project carry commercially an in Japan. to to and development agreement with product partner

product the acting will the PK These to have long have developed the of results formulations acting with patients of or Firdapse effective inform formulations. the they once that PK and take our formulas only study future on in morning of is that candidate development, Regarding with goal the candidate these under first long once pharmacokinetic also design completed for an need that group in ultimate providing evening. medication we

the A of court protect to begun superior against administering Pharmaceuticals in an available be and has optimal more to the X-diaminopyridine, input patients publicly Jacobus current the and interviewed number infringement Firdapse that and numerous issuance their physicians U.S. has Firdapse That for design feel offering. anyone also product LEMS patent. are the filed they into to obtain would We product of April input methods basis in Catalyst has of for have PantherRx Firdapse estate LA to reported induced new XX-XXX-XXX, made October, X, interested progress Catalyst franchise. the of suit XXXX. this intellectual our Last developing for for to goals the expiring related learning significant an product. design Firdapse also federal issued documents protect our case the we X, number also case. of about on is the franchise property the patent

all pending at are Track most, the Firdapse that four under Trademark we patents All In to that Patent in addition, other recently were Office these One issue hopeful will patents U.S. has use not them, related four being Catalyst the of and published. and if of prosecuted status XXXX. of are

these financial now results. property if to needed. also Officer, anticipates call of patents, action will Financial this protect taking our legal Catalyst Assuming Grande, issuance I our to appropriate Chief the over Ali to patented intellectual new review turn

the line Thanks, SEC press results and our financial expectations. results Steve. reporter level our release. XXXX financial At a internal for Yesterday first we our XX-Q filed the a first quarter high in with with quarter and Form are

Let me of few now. a those results highlight

which was innovative million to and initiatives with of ended no we million As advance to we investments strategic technologies Net $XX.X and with of or we to reported, and million, our acquiring funded would earlier the quarter the value compared believe $XXX.X first programs growth stage support creation. cash enable QX and for and enable opportunities revenues debt, us $XX.X quarter of XXXX. to XXXX R&D

continue our pandemic. impacted first expected As sales to COVID-XX be by quarter

the first in In many companies our quarter addition, the of in year calendar industry. like

XXXX higher Despite We including are of compared as revenues impacted quarter reset the of quarter deductibles, the the by XXXX. effect. our patient [indiscernible] almost to the these were X% of the challenges, first first in

impact of revenue growth million income about compared are share optimistic As for $X.X per of subsides. diluted pandemic QX and million income in and Steven or or $X.XX basic of QX basic GAAP our We XXXX COVID-XX $X.XX XXXX share GAAP reported mentioned, to net net we the $XX.X just XXXX. diluted for with as the

Before a color on quarter I tax. provide our moment take continue, let to more first me

first the the QX XX.X% X.X% our in the of first Our the rate a item. in from quarter of compared we benefited quarter in is differed which noncash was to as time, same tax At XXXX. use effective XXXX assets, tax of XXXX

continue paid from XXXX, or future resulting support a limitations, net programs. tax we although operating LEMS In operating credit, net operating first use donations the certain make more assets $X once to [indiscernible] net of we balance rate burn subject While relating normalized in benefit use patient periods commitments of relating in the and recorded we charge foundations that we the million XXXX, XXX expect that our losses tax we to those the to charitable a losses. will our losses expect are in deferred to to to to federal out quarter

quarter when million, While fiscal required and for and per million. compensation of $X.X for the an of Non-GAAP XXXX GAAP $X.XX share, million. which respectively. slightly contributions, Cost of taxes first the we from excludes excludes assets committed QX XXXX basic XXXX base diluted in significant the XXXX, million Because expensed sales compared of were for of they income net $XX,XXX to net useful per income XX% income, to GAAP $X.X provision LEMS and in from $X.XX compensation first of XXXX, of for for for of to deferred the first first to our of continuations $X.X million XXXX $X.X stock-based QX believe the Depreciation expense quarter resource QX patient year. and we million of XXXX to tax million first overall of QX of were the support which will of were the the income compared $X.X this XXXX effect and or This for XX% compared taxes to the was quarter million at basic income $X.X of up $XX.X compares depreciation of is programs non-GAAP of for diluted of be non-GAAP such or net measure $X.X quarter $X.X the income operations of our quarter understanding the XXXX. revenues share, net provision the use of XXXX, that for of million.

quarters. prior Research expenses As is research to to QX increases decrease we and a expenses expenses Firdapse, trial XX% inventory XXXX, products during QX than million in from as lesser to a completed approval $X primarily of reminder, XXXX. our from expense for and year-over-year in benefit FDA to development trial proof-of-concept expenses these prior in were inventory XXXX, due of from clinical cost clinical MuSK-MG million and down continue SMA degree study our for $X.X a development

development innovative that to expanded development diseases. or periods, for seek conduct with evaluate neuromuscular expect to to in will other for our that successfully we to well XXX(c) approval opportunities commitment technology and will HNPP, treatment We of foundation, expects QX attributable expect the continue earlier-stage and of XX% therapeutic regulatory contributions program as for continue initiatives to XXXX charitable in-license we XXXX, numerous continuing concept our $XX.X our path a expenses supporting the lands discussed continue up XXXX execute costs as totaled Japan the our to Firdapse, in formulation expenses future charged cost oil to of support other and outside access startup legal beyond in and diseases. substantial products compared a our associated research increases LEMS in of long-acting make increase to our categories the patient as timing largely also and be was programs study $XX.X on SG&A expenses acquire operations. for our in the personnel treatment QX expanding million for additional million ongoing reporting litigation in we early strategic for the year-over-year, if with Innovation, increase R&D for of programs earlier, I a to

of on to Relations over on I'll Form be be steps Firdapse further And website SG&A our with will in Securities in found and our expenses XX, business. the our sales analysis expect company's yesterday we More call increase that, the We can and be in expand found which the Commission Pat. efforts and XX-Q, detailed turn revenues report filed XXXX www.catalystpharma.com. from to to take to as May continue page was Exchange Investor that and the may substantial at quarterly conduct information with

diligent I'll remarks turn operator to Thanks, all Ali. on take assist healthcare by so effort our emphasizing now may these times that their providers. prepared of the I'd your continue caregivers, efforts, questions. a and performance LEMS the and the their over like team all challenging patients, as to during we of our to their call close employees to

ahead. coming from Instructions] Thank question Fitzgerald. of first Charles Our Cantor [Operator is Duncan Please you. go

how Pat Morning, for questions team, how Jeff Can color you, quarter's on the a just good going the quarter quarter progress. and congratulations of or you. Thank quarterly little roughly of that all case a couple on and growth in of particular will, for confirm if you more that perhaps went. Had the you provide ads and the the patient in color a Is to and breadth on depth saw prescribers. you XX% terms new QX of bit – perhaps QX? like

base prescribers broadening you are deepening a prescriber are within practice? you So or

in that confirm And experienced I confirm growth was patient XX% Thanks, seen QX that. I enrollments there or Charles so new last will in yes, the versus do for QX question. year, a

look say are prescribers. The significant and vast second the coming or take is our of when enrollers the physicians, to physicians our we a part enrollments first-time about at new the new majority, XX% are that who from new are, XX% I'd

field So with that non-person target RAMs, neurologist sales as specialists we – and neuromuscular as goes such to that's as and of show, our base as promotion. our ways: inside three broad well well both a force, why RAMs

answer your to new are writers. from XX% of coming question, So new enrollments our

within Okay. and patients additional any other their practice I patients identify practice their their with and prescribers have follow-on, as do up patients patients, deepening progress get practice, And their perspective then have prescription say say feedback when followed so of their them you it? have seen or to deepening from – a they within that you prescribers these guess any new

more ultra patients answer this these out And there an are of there there. is positions types repeat your those more LEMS. X,XXX writers. disease that are patients orphan that question, specialists symptoms as that Yes. there there remembering are specifically, are think have that and that may we to about out neuromuscular And see But

So repeat writers. many there are

because these have to they that LEMS practice some patients, test there and look of myasthenia they're to their that patients are at potentially and a starting maybe think antibodies from standpoint, see gravis multiple of if patient should neurologist or probably general I myasthenia for they lot adult this a previous Now they are from gravis physicians zero misdiagnosed patients, maybe patients they patients. that see negative VGCC now in years had

it So LEMS seeing base could patient. we physicians then prescribe patient patient and once and say, maybe this be across look a that their other are

that seeing we're both ways, in So yes.

past ask That's I a Okay. could helpful. pipeline. added the I Steve. all to sure you Very question to appreciate Steve to not you're I'm color. want I'm about of color disclosive, on that good. any be the compounding you've did wondering it, provide effect But that in able going call difference reduce any be the if MuSK-MG study saw that may and that element proposed MuSK-MG particular between potential elements the the reduce that you the highlight could or as you variability agency? to

give variability the was design. the showed upon of specific significance be you'll the failure achieve to of state. I in Charles, you therapy. may ask for of primarily we give tell changes, a improvement the generally FDA details. observation And Generally, I in you, amount recall causes a other can't significant premature about primary would presentation earlier of details can whole a the had that initiation was to patients specific so to actually the related from it the the part of disease that any high statistical lot previous Obviously, their condition new as then

both of those of tell the included new In that in I the that the you you observations. show advantage any design you specific details of of case trial, can that in of design noise, take data. more will of improvement. initiation change the So to to actually therapy elements seems the the simply about without an therapy, trial of case take initiation we giving design collect fact advantage And

Pat. My We'll question those that's Okay, is last very await good, perhaps details. for helpful.

diligence think commitments the not itself forward. your that particular, But in be I development Firdapse with abilities me it stated particular there any some call and you disorders. are haven't across areas your approach any that to is LEMS only you population that to would Firdapse an how that business firm drug classes could existing would, of Regarding gotten of can but you you've it highlight other because move that patient successful to activities, asset, the terms or focus in drug seem marketing or conducted orphan leveraged in back-office leverage

Yes. with sales extremely we'd they are Good Thank And neuromuscular our to love Those another find. Obviously, leverage you. very force available, difficult they're to are Charles. question, costly. existing product. when

year we year, general decided is a area look we outside ago, interested that any so last to in Oncology would end our therapeutic And complicated. in oncology. of expand neurology. just into therapeutic the at products And too decided we of about be

as effort So our in endocrinology other looking do neuro, or treat rare ideally team want disease neuromuscular that areas replicate stay strong in or the space, we rare areas. like disease we're Firdapse therapeutic we do to at can immunology. we but to really we sales put another therapeutic and such drugs And believe believe with marketing LEMS, and together a

at well think, I outside now, right spectrum of we're and anything categories we're oncology. of a think positioned So, therapeutic I looking broad again

the Okay, my Congrats questions. quarter. that's you helpful. Thank on taking for

Charles. you, Thank

coming Truist. from [Operator Please Instructions] you. Joon is Thank Our next go ahead. Lee question of

my Joon. is Good for you Les questions. taking Thank for morning. This on

So increase significant the just And you in line. back get patient to the increase new was. quantify can saw a you've call, last to also I mentioned on what starts, revenue perhaps that wanted percentage you

looking You decline? stages it of X% was it I this is am so thought was at quarter. for Essentially from XX% what XQ. in the or the slight impacted did what I mention early sequential

more little have follow up. and Thank that. color If bit I you a you just a could on provide

this be same the right. We're QX that the that enrollments. of sequentially not not believe as to continue percentages we of going We're new we specific year to and new have patient increases the rest number see QX hold year, of for you to the can specific. prepared should last been or to Yes. year be the I true tell debt and enrollments of and increased from QX,

And Okay. go dismissal end appeal litigation Canada on Ruzurgi. of the news to there some application Federal you the appears was And there that? the believe, we that received against made. then no in the from Can side, Court regarding we I of March comment

decision what for I wanted key – to that commercialization expected and your So in partnership know your means for with Canada. just efforts when your

Brian Yes, I'll turn and it's that Legal a question Chief Elsbernd, to Compliance our Officer. over good and

Yes. from. Thanks I'm where for not the it's question, exactly sure but coming

from notification actually no December. not the held ongoing decision received of been the There back last waiting a in the in of action. We're our decision contact a loss actually been couple Court of Federal such Canada. days. yet with have was from our has in of We on hearing lawyers We've any that

guess can then Well the near-term we see can that you of timelines us but expect. of sort in just mistaken, you that on potentially and would any I kind my news Okay. perhaps any update

to regard our With Canada? lawsuit Health against

Yes.

you do Brian, to on opine that? want

any a literally expecting day We're day any now, now. decision

So honest, decision. daily the check is on docket I'll a I a to in see Canada if basis there be

So and public when be the answer. will we you'll hear something, I'm sure hear it

Excellent.

Okay. Thank you.

one Last queue. me jump Okay. for the back in I'll and

date stock? trigger program, the Just the share but you accelerated $XX stock just kind expiration repurchases, and I the kind choice on certain perhaps can us given remind what of a have regarding million is guess, any price that you in buybacks the where of repurchase is, great where the established

$XX timelines Yes, the we haven't million on purchase. put any

level a I internally would board and we the discussions program. at were – that be likely that think our be thinking would one-year

to basis. to we So, want on about want do be strategic a again, and thoughtful and these it we rational purchases

accelerating shares. time when it's we It's additional repurchase into program. just think no market dipping there And the time really to appropriate from so is to

you. Thank for you Great. clarity. the Thank

or time, would this At to to you. back any over management turn I additional closing for floor the like comments. Thank

you, us Have a Thank future I joining today day. Thank you great and look forward to for calls.

you your for participation. Ladies and thank gentlemen,

You day. wonderful and off at webcast your a disconnect have or log lines rest this the may your of time