Thank you, Carl and good morning everyone. Regarding our operating results, Palatin’s net loss for the quarter ended March 31, 2012 was $6.0 million or $0.17 per basic and diluted share compared to a net loss of $3.8 million or $0.17 per basic and diluted share for the quarter ended March 31, 2011.
The increase in net loss for the quarter ended March 31, 2012 compared to the same period last fiscal year was attributable to costs related to our ongoing Phase 2b clinical trial with bremelanotide for female sexual dysfunction. This trial commenced June of 2011. The net loss per share of $0.17 for both quarters reflects the weighted average impact of a greater number of shares outstanding for the entire quarter ended March 31, 2012 compared to the same period in 2011.
Regarding revenue, total revenue for the quarter ended March 31, 2012 was $24,000, compared to $61,000 for the quarter ended March 31, 2011. This revenue consisted entirely of amounts recognized under our collaboration agreement with AstraZeneca.
Regarding cost and expenses, total operating cost for the quarter ended March 31, 2012 were $6.1 million compared to $2.7 million for the same period in 2011. As I mentioned, the bremelanotide trial for female sexual dysfunction commenced June of 2011.
The increase in operating expenses for the quarter ended March 31, 2012 compared to the comparable quarter in 2011 was primarily due to costs related to our ongoing Phase 2b clinical trial with bremelanotide for female sexual dysfunction.Regarding our cash position as of March 31, 2012, our cash and cash equivalents were $8.8 million and our current liabilities amounted $3.4 million. We believe based on our current operating plans, that our cash and cash equivalents will be sufficient to fund our operations through March 31, 2013. Carl?
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