We are extremely pleased that data from our Phase III psoriasis trials of ISA247 will be presented to audiences that represent both dermatology and transplantation. We continue to be encouraged by the data generated in the SPIRIT extension trial and we believe ISA247 will continue to demonstrate continued efficacy with minimal toxicity.

We have more than 150 patents pending and 16 patents issued related to our ISA247 technology. These patents include compound claims, methods of manufacture, use claims and analytical methods. Our intellectual property position continues to be strengthened with the addition of this new patent. We will continue to pursue additional patentable claims for ISA247 where appropriate.

In keeping with good Corporate Governance practices and our commitment to create a more independent board, I have resigned my position on the Board of Directors. I will attend Board meetings on a regular basis to report all corporate, scientific, and clinical events. Dr. Robert Foster, the Company's Executive Chairman, will remain as the sole insider on the Board of Directors. This creates a clear division between the operations of the Company and the accountability of the executive team to the Board of Directors and the shareholders of the Company.

Now audiences will be able to hear opera the way it is supposed to sound.

When people realize that in the long run you may be turning off the audiences more, even though they will look temporarily--in the end they turn away, we really need to develop other metaphors and not talk about two sides, but talk about all sides.

If the quality is there, and it's compelling, audiences will commit. Not only will they commit, they will also buy the DVD and watch it over and over again. And that's the trick, how to make it compelling. If it speaks to the audience, we will listen.