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I'd like to draw your attention to our safe harbor statement and risk factors included in our SEC filings. Momenta Pharmaceuticals is using innovative characterization tools, methods for determining structure and process and applying patented methods and approaches to identifying the structure, the process and the biology for complex mixture drugs and we do that in order to develop a portfolio of both generic and novel products. So we are based in Cambridge, Massachusetts, approximately 200 employees, and our approach was validated with the approval and launch of a generic Lovenox in July of 2010. We reported $366 million of cash as of December 2011 and we have collaborations with Sandoz division of Novartis with generic Lovenox and generic Copaxone and recently signed six products Follow-On Biologics collaboration with Baxter.
So just to recap 2011, a very eventful year for us. Generic Lovenox generated over $1 billion in sales to Sandoz and for most of the year for the first three quarters of the year, we were earning a profit share on those sales and then earned royalty during most of the fourth quarter of 2011. Competitor generic Lovenox was approved in September of 2011. We managed to keep that product up in market temporarily to an injunction but that injunction was stayed in January of this year. We did sign a collaboration with Baxter in December; I'll talk more about that. They have paid in the first quarter, their $33 million upfront payment in connection with that collaboration.