Turning to costs, our G&A expenses for the first quarter of 2012 were $6.9 million compared to $5.8 million in 2011. Total cash and equivalents as of March 31, 2012 were $192.5 million compared to $227.9 million as of December 31, 2011. The decrease in cash is primarily due to the second and final payment of $27.5 million to MedImmune under our February 20, 2011 settlement agreement.Net cash provided by operating activities in the first quarter of 2012 was $17.9 million compared with net cash used of $13.2 million in equivalent period of 2011. Net income for the first quarter of 2012 was $40.2 million or $0.29 per diluted share as compared with net income of $44.5 million in the same period of 2011 or $0.25 per diluted share.
PDL BioPharma's CEO Discusses Q1 2012 Results - Earnings Call Transcript
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