OCGN - Earnings call transcript Q1 2018

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Operator

Good day, and welcome to the Histogenics' First Quarter 2018 Financial and Operational Results Conference Call. At this time, all participants are in listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] I would like to turn the call over to Jon Lieber, CFO of Histogenics. Please go ahead.

Jonathan Lieber

morning, good and you, everyone. Thank

our on Joining of financial our Business and is A XXXX, Kennedy, Gridley, operating results first issued call and me Officer, release Chief quarter Histogenics' Stephen Chief was today President our Executive Adam Haut, this Officer. the the Officer; announcing Operating Chief for and press Don morning.

in our website you have will you you be this we've results, session. posted question-and-answer it, at we not will our which a of On seen For the yet who share Section those a call and of morning, business will www.histogenics.com. Investors our by find with followed update financial

call and objectives for would strategy securities we to forward-looking laws. we that and remind about our financial and the future plans operations you federal future this statements statements of the of results position, within remarks, Before meaning company's begin business operations I considered are like various our during prepared make the

statements forward-looking SEC filings circumstances, described on otherwise. conference events the our investors website. expectations All in are call we future the We on risks, make These our fully and are today more encourage read involve Our available system and filings. current on uncertainties. SEC SEC's provided information, provide to call on assumptions account on and changes new our or are in based upon only we no this information EDGAR forward-looking all obligation we that any statements this undertake is of and of as to update

call turn and that webcast. Finally, Gridley. being now is Adam to advised recorded please be over the today's call I'll

Adam Gridley

our in demonstrated in the is report us our this first subject This XXXX, positive third for expected And BLA of quarter we to Jon. of Application damage X you, to to all an knee pivotal the XXXX performance in to call our Histogenics NeoCart stakeholders the License top-line in approved. In with patients in XXXX. the third data positions importantly, the remain track Phase execution Biologic NeoCart of Most trial clinical leads data. similar thanks on areas launch morning. also business, of Thank joining of continued if to potentially XXXX. XXXX, quarter cartilage This in the of quarter submission late technical BLA, and to or from

NeoCart to leaving on and maybe patients to seeded these we or and we believe physicians cases. tissue improved NeoCart cartilage only be for cells of option cell scaffold, as oppose vast the in care. while cartilage damage three providing for X durability the activity allows follow the As U.S. Protocol The Administration at is is under conducted market FDA. the microfracture U.S. and XXX,XXX and Drug NeoCart designed as microfracture, randomized believe year, Phase a large will trial patient each treatment procedures Special in being of to approximately we patients growing after a years one clinical a the Assessment pain also treatment the the cartilage treat reminder, trial knee Food native better the and reliving that show XXX which the NeoCart compared the is The options, with superiority source, year return to is alternative to standard able current patients by tissue. or with and of of rapidly is the Because a may majority both than at more to new in

and our BLA the we those sites developing for investigative advisors is parts data of as raw sites efforts. our our and are additional of employees a diligently for massive patients, manufacturing of encompassing diligent the prepare the their our completing and upcoming team material talented we thank effort, and This NeoCart. and employees all following Our validations technical and various operations

applicability broad Restorative Cell innovative may have addition, believe our In indications. that or platform in we other Therapy RCT

part these and the we potential broader platform. generate allow to of the data will of RCT both realize NeoCart continue As efforts to us

University an from XXXX. Research Annual presented data As Cornell Society new in the the biomechanical example, Meeting Sponsored March Orthopedic Agreement Research at

continue the potential NeoCart conducted action these results data demonstrate mechanism in provide to our link have the an unique with important of believe correlation of we seen to We and to-date. clinical trials and

the In including addition, conditions to product to RCT the process. of the will we other clinical NeoCart future automation these help musculoskeletal believe data us aspects opportunities, support benefit with certain provide and platform utilize of manufacturing patients

several conducting the cartilage NeoCart. We on care potential we knee to of are underway damage for support NeoCart, also for and the the potential pathway with market efforts focus reimbursement had additional a commercialization research

strategy convened Importantly from our we feedback the conjunction of the trial, investigators recently in X also Academy continue some anecdotal clinical of Surgeons meeting, clinically procedure, we most of At when The in as future ideas members the board with as from feedback to attributes in the meaningful advisory NeoCart. product Orthopedic receive received the American Phase valuable clinical Annual March long positive NeoCart surgical XXXX. Meeting well that opportunities. we for of our performance

of this $XX Japanese the we long-term December by commence believe both value in that treatment partnership the available, agreement XXXX. companies consistent in which provide initiation progress Phase new payment made second territory to a and for our for Now of goal and first we NeoCart half during also upfront MEDINET planned making XXXX Japan expect the in is million responsible X for all January in the and trial development the signing trial, partner will in in NeoCart of with MEDINET, received After quarter bringing market. in we will the with our commercialization broadly conduct we Japan. XXXX, to significant the options activities development the support

the payments opportunities through potential additional royalties other international markets, and markets. near-term through We to value have payments sales partnership which are in NeoCart milestone also additional on in longer-term evaluating of licensing any create value those and

net by stock January million from The registered the current we fund transaction will of common investors was $X.X XXXX. strengthened to and new further direct existing addition from our a our raising in In the We proceeds payment of operations objective several by into minimizing resources XXXX. position of in demand to offering driven dilution financial approximately upfront financial MEDINET, with an our fourth Histogenics believe quarter existing shareholders. from our

As the we Board expanded will pleased Regenerative otherwise Technologies than valuable Directors serves expertise years CEO known for In Industry we that relationship in opportunities more and Organization ARM. been Genetic for our including Board We inside biotechnology we and towards Directors addition has the this or welcome turn is the Alliance keen of NeoCart, commercialization and Sue and will of have Medicine that Biotechnology to to she platform. Washer both advance Corporation XXXX, be NeoCart she a our the support were organization. Jon AGTC, partners. believe discuss for also Applied point, of the over and the growth additional that Sue in BIO our also XX Lieber, support April as I'll community, our to a for of who believe potential as Director or to Jon? our the goal to broader At to with identify effort new potential build call adding connections members financials. can

Jonathan Lieber

good Adam and morning Thanks, everyone.

to to $X.X reduction positive overall in an that operating aggressively reported decrease to by BLA program The expenses of Histogenics submission XXXX, compared quarter XX, while data. a increase March was in and a for the million a in to XX, was the the XXXX. of quarter loss the decrease loss expenses attributable of of million in March general X research ended quarter operating advancing subject Phase rate, ended the a from reflective NeoCart and to development $X.X offset expense our our third operations in administrative For towards expenses. is XXXX, burn efforts manage the FDA The

the including first the stock the increase quarter note, change dependent conversion Of And lower a to decline a completed XXXX, liability which expenses value of to of $X.XX share was XXXX our the some reduction of from upon attributable clinical was Phase NeoCart first and in the The the specifics, in common to warrant in $XX.X development in of of administrative related of and an number preferred XXXX. in of on for or quarter June per per is quarter private common completed or the expense warrant. the expenses. quarter support potential of common quarter the given share compared likely higher million stock offset enrollment first partially related loss $X.X in compared and in as the of to of XXXX attributable The due to in fair we first in compared in by value stockholders share commercialization to to costs increasing the related net was convertible fair factors the warrant increase increased connection which share was in Net X consulting liability, stockholders of XXXX. quarter price and to XXXX to due placement expenses general expense primarily in result into research increasing the in trial, an in is to Moving with XXXX the XXXX the expenses was to quarter operating in salaries the in NeoCart. million issued $X.XX first value loss the price. the the the of first activities primarily to due to is fair increase to as year-over-year

have currently approximately XX.X million primary and fully outstanding. shares we point, XX.X million reference a diluted As outstanding shares

a in fully These not As million have include XX.X diluted issued private cashless XX.X the connection reminder, a warrants the provision. exercise warrants shares placement. do XXXX million with

expiration, operations had $XX compared call million marketable fourth plans in $XX.X of now believe I'll operating Based warrants of development prior on and expected for Adam? Adam So to cash March the those December we programs, concluding securities the equivalents and to Q&A. to cash before proceeds. XXXX. product At we we of our should their back Histogenics turn fund the approximately XXXX XX, our into position exercise $X the to will remarks at holders million go timing current will receive current XXXX. cash, XX, million quarter

Adam Gridley

and NeoCart to-date investigators trials Thanks, Don. from collaborators and in The clinical very data feedback is generated our anecdotal the encouraging. the

with We potentially response function and eliminate and believe and provide and early additional robust endure damage NeoCart that many market. in costly will an meaningful today's cartilage that unnecessary continue knee pain on surgeries to patients patients clinically and

knee we commercial a of osteoarthritis and reduce give knee. a treatment long-term is be between recovery finally risk could strong We potentially pain than This offer market that in clinical believe the the or providing knee. durability believe currently If in restore their development and product and the developing on of their cartilage source NeoCart to potential a is literature rapidly surgeons osteoarthritis treat there profile allowing NeoCart native in at medical treating correlation available the damage able tissue. addition, to procedure option a patients with any cartilage their by development. alternatives, in than very and patients the In the patients will of more currently daily may performance and while has the that the different resume are significant approved, activities

We call. reality ahead. are that months to working sharing with diligently the forward for to our Thank into in look I today's and transform you you potential progress joining

up Operator, for the open the please open now lines. will We up questions. any line

Operator

Company. Instructions] question Messer of & from Our [Operator Chad first is Needham

Your is open. line

Chad Messer

business about sort next Great, call maybe your see good Adam looking you prepared giving you of talked morning. opportunities, with your time you us how other close and the remarks, you those. be hoping here I'm congratulations. out give public can a prioritize just at on I'm We're can heart you on map some I development getting guys.

type and I we that, your do kind about? think for problematic has product other think how Europe you are of been the areas Japan Europe that But besides view past. there in and any should of

Adam Gridley

and to Chief Happy Chad to I'll start over then our Officer hand leading this Don out it effort. Sure. and Business

of opportunity opioids MEDINET I it and in you be have have subsequent a a very regulatory large process allergenic lot medicines. speed with clear found needs terms to through and I well, get category did as transaction course of well. Japan that characterized think then available as favorable effort to in starting environment the and market there both you And don't a would as So as autologous to the where in well patient PMDA that characterize with we as of for is of work we the know the therapies with China of streamlined that is even China. well. number CAR-T Korea a falling into regenerative and course We

likely the Europe, a that if regulatory to data U.S. And that be quite submission. doing in we're bit So in are of positive, work of sufficient each And is then those. put we to believe in that we've of there? later you do context bit the terms little to more urgency little want on pathway. just a we Don, been bit clarify comment regulatory the doing that in probably that work a for

Donald Haut

Yes.

So, large looks underserved where it an think we said, as to at Adam there China the point other is and trying of and there, Korea we to there. are the probably a as with like focus better that that and attractive understand we're Asian us now really opportunity we some markets

so And would - and other parts point is Asia. an of is priority now, this that's first our set behind I behind right line of at in certainly our - what China it say market, interesting but Europe

Chad Messer

about a thinking little then other a you all about All guys bit talked or platform talked Adam - opportunities. your right, that makes sense. and you bit little of lot a And

in in and may of how sort product where that collaboration Intrexon on future and regards here checking fit Sort that opportunities. your just sat maybe of into that

Adam Gridley

Sure, think the course and collaboration hen sort so. that process. the of NeoCart happy of for autologous starts and platform current And everything to the product manufacturing platform about way do with is broadly we knee the Intrexon the more

the then think equivalence to Society Research data candidly other be allogeneic NeoCart early where platform into We volumes selling of of at we're Meeting hopefully in automate to as this that's regions from tens be and may thinking from to some have you to where and large allogeneic the start now, leverage to in potentially of able manufacturing between NeoCart, is we source just show reported were the go Orthopedic thousands just master March, goal back years to autologous going we very we Our about the that NeoCart. required. drive able data five going process, sell to

BLA be will we that very to and the where may are still see opportunity. continuing pleased of the activities, we're lot area continue platform to the evaluate regulatory for on would that of candidly And next couple a pretty been in what focus for be we the has about those to we're so NeoCart quarters. But able we and with opportunity excited pathways take

Chad Messer

looking I Well, thanks great. months forward am Alright, the and to ahead.

Adam Gridley

Thanks, Chad.

Operator

Thank you.

is from of question Zimmerman BTIG. next Our Ryan

Your line is now open.

Ryan Zimmerman

you Can thank you hear Great, me taking for okay? questions.

Adam Gridley

Hi, We Ryan. sure can.

Ryan Zimmerman

Hi, guys, you. thank

assuming milestones should trial half of subsequent So congrats on the with starting partnership continued you the the in about are Japanese progress. your Can to thinking in you - be second MEDINET, that. how we the XXXX,

long the you how investors is and the So, Thank trial remind just market? Japanese when could potentially on you. be

Adam Gridley

- the XXXX. question. I to Sure, is there opportunity an that we part market on your in to sometime so am the going of that last be in Japan think think right We

NeoCart year we the in of point this assumption study So that the one just using plus had second United of design States. is really that same for potential patient is about The confirmatory States. way the the which start a XXXX. we study, in in a And year at intent enrollment the half we XX launch that after there get to would United the the

take So understand six then most a for yet about a on the XX review that at medicine is of it's regenerative - months assuming will rapid. a follow-up of year it's lot course enroll to probably and products for pretty the regulatory we process that maybe positive year

area. lot Steve and the and for many lot Japan there timeframe of most our at of activity doing is Doing that Don getting kick-off let's work team couple in of training, and so MEDINET, XXXX in just So recently ago. some of look ready a weeks of have been this a with members a

Ryan Zimmerman

the you and Appreciate on where kind you comfort of BLA investors And just of stand submissions going you and on terms that's could remind completion module just, feel in how if then that. level. your

in positive third the Assuming quarter? data

Adam Gridley

around clinical, the projected submission there three of through activities are three patients BLA is We're activity doing modules. four large the major XXXX. five, the of so of Sure, first database. we third activities three but of site is unlocking or actually following data all working the allow the with course very associated or is closely, are bolus the which for for There top-line of to of quarter audits, the the

going really there assemble components to a the is That targeted has that XXXX quarter the associated manufacturing those quarter that runs, the information. team Steve is huge historical And submission. for or of number ready we're to here obviously internally. is through where third the technical leading biomaterials. manufacturing second of The at activities then the end shortly CMC third talented process our that's validation effort where the data. for process studies all And the to modules and be assembling BLA Kennedy be been of through validations. NeoCart a top-line on able coming with we're going of last to of is And going number we're currently get after preclinical the a the

effort, the going lot that massive there myopically lot all activity us feeling milestone most to the about timeline. support So of top-line at on. good is work is important where of But Obviously the We're data still of focused. is we're a here happening organization for that. internally and

Ryan Zimmerman

you Wonderful. the Thank for color. guys

Adam Gridley

Ryan. Thank,

Operator

you. Thank

Cowen. question next Josh Jennings of from Our is

Your open. line is

Unidentified Analyst

Hi, on This [indiscernible] Josh. good for morning. is

in XXXX. have and will in point at years follow-up? percentage as release Will guess - of to and four And of first I commercialization then terms XXX% have that trial enrollees at five in my your So that then the question, what data. of three, point

Adam Gridley

year XXX% probably year term probably the have time then At third than question. patients two longer will the all half good will have three data. of less And approval, morning data. Good will data have

it surgeons under would prospectively to one even well. In our long-term seven the patients us that We required of of patients to a of be some significant trials And agency these some registry and as expect I years advantage. NeoCart our follow three XB running have has are as that that. companies protocol that have with implants file But which that durability the patients over or course them want we've will pass run year to all certainly, the allows data, some other, we form out study. special to we think continue will assessment know with ago. commercial pretty reminder got are year who in a the As cases,

initially. to also some then label and So continue But we small we'll future on would expect albeit for in data submissions for that good publications both then have to long-term expansion. database build

Unidentified Analyst

market And has through exactly response to you entails? that's that what helpful. Great, as Clinical created engagement I just us maybe walk on the such efforts what side, Board. development maybe recent been can guess And recently customer Advisory

Adam Gridley

Sure.

held we clinical leaders investigated have we start of Board, So to To meeting the data really are our a of sites. regular through these Clinical go may Advisory what's have. our

some the sure is to are course And appropriate most in first once of thinking making data the And that that far. and least we've side the as for strategy, some response metrics. about is interest. of We're data. been excitement. generated our honed reason - I returning then seeing and then on new indications. launch biomechanical able clinical and is that going there we're strategy who function Of as general some earlier patients unblended, the surgeons the training think we've Cornell developed we're in that may to thus how what interestingly outlined And year the that And providing are anecdotal the on about relief lot pain the that a being continue first function. surgeons our the that great sites we're developing returning The in year at of I return was as rollout come And to commercial data us investigative really feedback better that Cornell. the with to Don of able correlate good of responses pain a more think biomechanically has meaningful be is for patients I see anecdotal excited pretty board, biomechanical is consistency demonstrable. there appropriate to recognition There it's think commercial across of a at we're a feeling

result and clinical great we start can say to wide. this see now they So

think well. anything feedback So of I from and that point a that have John missed those was discussions? helpful I as Don may

Donald Haut

characterized think don't it well. I so, you No,

Unidentified Analyst

you. thank Great,

Operator

Thank you.

is of question from next Our Brandon Canaccord Vasquez Genuity.

open. is line Your

Brandon Vasquez

but feedbacks give mentioned receiving data thanks positive using more NeoCart. anecdotal of maybe you're your some then obviously a against how taking positive Adam isn't market? available, Hi, on on the bit stacks the currently just physicians had feedback that. little that And details up the Can maybe competition that's just color that feedback for on from think initial you question. you the you just

Donald Haut

their be very pain the are Sure, uniform this fairly and earlier expected. is there were back - a positive consider or getting physicians say that to some of would number may patients - in appear our to is competitive including respect they to have we coming seems and feedback Advisory lots out Don. the product that function I they with these than Clinical used it of with mean from there. that products patients happening And responses physicians Board very, other who have NeoCart

Adam Gridley

implant. think Advisory folks I mentioned a guy day in feedback, We've sorry five on we we've would just add from outside after at months think I to lot - of official who Southern got Board the got three that full a in good so may months who after marathon got is heard presently I And California NeoCart who his past of in job NeoCart are even I his Indianapolis has back we've clinicians in time just Clinical not labor the Brandon, implant.

right the for are And this of a of for those standard pretty intend kind value the obviously B, be to make of we is a of; direction. things Phase feel X really the and; reminder the So, heading microfracture. about new good us all that care the therapy as A, that placement in

a people could this think by NeoCart. we the so that be large a of year candidates And microfracture, XXX,XXX which most for folks - and receiving for are

can that most of market tackle NeoCart. And we with that so we ultimately think the

Brandon Vasquez

XXXX And on XXXX, That's feedback all hear. you XXXX remainder would had the the move at the start should consider you you've executing look as expect? a end of of of milestones, very through successful we what encouraging as to Thanks. kind good initiatives as just What year? lot to we what a - a thanks. Great, of

Adam Gridley

lot is Sure, what for the our driving and shareholders NeoCart. patients, value a our obviously so I top-line investigators think of we started for certainly is data

around unlock So, we're focused XX% the to the organization working that data can get then database, subsequently where that's is of and we myopically that into tirelessly to into the BLA.

So, other got we And that's Restorative the want Therapy next focus in. about where the think I second that same primary come a initiatives. how manufacturing are into regions some some And feedback really our time is look great of think focused the that this for is then leverage to indications, into quarter organization. this stay platform of can starting advisors initiatives we at But we milestone on at We're Cell to the data and we the over do think leverage that's there there. platform, that we're a or from two. we future continuing our first DB course to where

or Japan going that market for those I particularly cartilage the looking think China great matter in the days better there clearly repair the and the that are is healthy itself, need. year a whether for assessments. here considerable active it's for probably XXXX congruence patients those later enthusiasm just or are it's not through fair alternatives, and but it's doesn't But early in are technology there is event to commercial or say we're

this term. into to into we is sure we can Once that then leverage a side don't and So that want other other at make positive we regions where longer move potentially data have indications. we

Brandon Vasquez

thank Great, you.

Operator

Ramakanth Instructions] Our [Operator you. Swayampakula Wainwright. of is H.C. from Thank question next

line open. is Your

Swayampakula Ramakanth

Thank as you. my questions questions Couple answered. of have quick from This is HCW. been RK most of

about be we NeoCart Phase data, detailed analysis would we how of expect X from the Just you should some data and study? thinking remind releasing can this us the when

Adam Gridley

Sure.

from goal that which us. XXXX do top-line Phase of we're release would And event And press would in via the targeting quarter the the the only a probably review and achievement there couple release the secondary also peer variety of So endpoints. we as complete we the of out well. that endpoint, is is Superiority at we economic certain but after initially of the data, data set publications There include X least health material would likely obviously a that this then top-line publications. submit of we for data of data not publish of it's that third BLA as come into Data that some top-line would

strong think I publishing our to data. have We commitment

that both the some then But others. Cornell, X earlier The publications. Phase and Phase X from work Research seeing through Society You're the of also and we've recent Orthopedic that done at

XXXX, So continuum I and would come in expect XXXX then that publications thereafter. you'll to a see of out

Swayampakula Ramakanth

help in your getting research collaboration with Thanks. suggesting could from automating press Talking about you are manufacturing process. Cornell, in your release you Cornell were that the that data that

we the number process so into get is you're of can manufacturing this impact would and to incorporate if COGS you should for questions, this one you true, how two, think utilize long is into product about to your your the how So Couple that and would once able if this how take commercialized? that it it manufacturing?

Adam Gridley

good Thanks, Excellent. RK question.

test Chief have the of briefly then where various start historically Maybe as to And to tough and with out biomechanical best reminder, Kennedy very hand the and have who this industry companies relationship Cornell. So other the biomechanical to the in they over I'll started Operating leading at been Steve started relationship just our has a the Officer of agency, measures. competence to demonstrate also this. been ask many

University. with leaders in of Cornell the And lab at industry, one ended up of the companies Larry so have which Bonassar's many working the is

some be of this really do jump special on respond the then to has of sort it'd relationship. turned want we're printing so And there. that on the first XD really the that be is work was comment a whether was to the from locked to response. some of pretty relationship of to doing initiative able regulatory and part in And Steve you into that work manufacturing, it

Steve Kennedy

Adam. thanks - think I Yes,

the first measurement. we're thing manufacturing was this with that how most biomechanical the think poster able would going the impact ORS be most correlated to at that demonstrate biochemical I recent that NeoCart in measurements presented all to where we're of

that problem destructive the - measures. that's We those biomechanics, So of that that can construct measurement constructs. biochemical the content that our protect is, straightforward. fairly The they're exist combinations it's so molecules biomechanical both is two in step measurement The show one. correlate is with [indiscernible] that the and molecules way and with collagen

make pieces in extra use So process that it the non-invasive to the recent method. biochemical test can The using to then very actually is was of that done difficult process NeoCart requires offline that these measure monitoring, most constituent studies we in we we've control lab. it

called is there measure So the very essentially Spectroscopy is is probe or There with with we allowing know FTII what tissue the spectroscopic sophisticated its these methods tissue and tissue, these probe non-evasive thereby can methods the for some in tissue where - the [ph]. developmental measuring biochemical can't. Vmans constituents

same bioreactor NeoCart. the some testing, sampling, able So to time the offline into by the costs incorporating need for optimize eliminate the for that production eliminate the eliminate of measurements the control we'll of the to be for need for technology the while a at need associated

scale that kind well So to just optimize cost once take capacity results for these all BLA. approval reduced a submit start ability initial us of I of up of get not we'll it's this - right we to an of some of advantage all process, that beyond start and the that manufacturing of when there, lot but that in would and we we'll unit the to to it expect for techniques

Adam Gridley

own a as roughly launch, We with each Steve I QC we right that everybody think within lot reminder of the end further Keep element call can that actually. as that think amount say certainly year mind B, in we more follow-up XX% on. that the just for comments, candidly. just the to doing we're We talked of what now big serves some volume margin gross of things And we goes would QC is of take is and the on our autologous sort doing there think of things patient capacity. up and that of testing of their cost RK at is first Because some just product fair a Steve's at can be initial a sort testing of about. A, as a

product big And so if lowering the initially allogeneic back will to think costs also one to on we're of too. to asked that an move has that a before, big if impact a able overtime we have questions - going impact

Swayampakula Ramakanth

thanks. you Thank gentlemen,

Adam Gridley

Thanks, RK.

Operator

no to turn Thank it at I'll you. this Gridley queue, questions for time back is remarks. in closing there Mr. other And

Adam Gridley

also quarter one at in seeing third Investor to the our NeoCart of and trial on year York New XXXX. We today. forward as X for of you XX, XXXX data City, in operator Thank Have quarter great announcing first the day Day is by look as thanks We think a company and the call NeoCart. we very our time you remain our executing significant and in on clinical this everyone. offered the to exciting committed the top-line shareholders opportunity for participating on ever June superiority a Phase

Operator

in gentlemen, conference. and your program, This Everyone day. now the participation you concludes have may you Ladies a great disconnect. thank for today's

Ocugen (OCGN) 10 May 182018 Q1 Earnings call transcript