Copies of these filings may be obtained by visiting the Investor Relations page on the company's website at neurocrine.com. Any forward-looking statements are made only as of today's date and we undertake no obligation to update these forward-looking statements to reflect subsequent events or circumstances. Kevin?
Thank you Jane. We've had a real productive first quarter here at Neurocrine particularly in the VMAT program and everything moving forward with the Elagolix program. We’ve also hit our numbers right on spot for guidance that we gave at the beginning of the year. So what we will do today is Tim will take you through our financials in more detail and Chris can give you a brief update on each of the programs.
And then I would like to turn it over to the rest of you to answer any other questions that you may have. So without further ado Tim.Tim Coughlin Thank you, Kevin and good afternoon everyone. Today we released our financial results for the first quarter of 2012. We again met our financial plan for the quarter losing a penny per common share outstanding. This compares to $0.05 of income per share for the first quarter of 2011. The main differences in this managed results from quarter to quarter are lower income realized under the Abbott collaboration coupled with higher research and development costs primarily related to our VMAT2 Program. We remain on target for an annualized cash burn from operations of $40 to $45 million consistent with the guidance we provide at the beginning of this year. Revenues for the first quarter 2012 were $11.3 million compared to $12.5 million for the first quarter of 2011. The decrease in revenue is attributable to clinical and pre-clinical efforts around Elagolix which continue to tread through to Abbott. We expect revenue recognized under this collaboration agreement, both Abbott and BI to continue to decline throughout the year.