David Friedman - Morgan Stanley
Great. Thanks. Maybe if we can just start with one broader question, which is you guys have made fairly significant headway in rightsizing your business versus your current opportunity, and it's something that I think a lot of small and midcap biotech companies struggle to do, and frankly don't do very well, so can you maybe just briefly touch on the changes that you've made within the organization 12 months back and any changes that are coming in the next 12 months in terms of you guys have had manufacturing changes, sales force changes, and just talk a little bit about how you've set the organization up for this next leg, because again it is fairly unique among a lot of single-product companies right now.
Let me just mention broadly, and then I'll ask Frank to go through a bit more detail. I think one of the overriding goals of some of the changes we have made is to form ourselves into a true specialty pharma company, where we have flexibility, so on the development side historically; the company had a large development organization.Going forward, we are going to have a small flexible team that can flex by external partners and also take in development when we need to and then to remain small and lean during times when we are not doing development. Similar on the manufacturing side, we didn't feel it made sense for us any longer as a one-product company or even a two or three-product Company to have our own manufacturing. Outsourcing manufacturing gives us tremendous flexibility as a specialty pharma company. Lastly, I will just mention we have right-sized the commercial organization. It was much larger in the past, but we did some very, very detailed analytics looking at the opportunity that we have in the IV iron market and now have right-sized our commercial organization to 43 sales territories and a total of about 70 people in the field and we think that's right-sized. Read the rest of this transcript for free on seekingalpha.com
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