This past September Palatin announced a strategic restructuring in which our primary focus would be to advance our phase two clinical drug candidates forward. As part of this restructuring we began a process of closing down our research and discovery activities and putting in place the human resources needed to advance our clinical development programs. These activities are now almost completed.Earlier today we announced that Dr. Jeffrey Edelson has joined Palatin as our Chief Medical Officer. I would like to welcome Dr. Edelson to the Palatin Management Team and look forward to working together with him to advance our programs. Dr. Edelson has 15 plus years of clinical development in regulatory experience in a variety of senior positions in the pharmaceutical and biotechnology industries. He most recently held the position of Executive Vice President of Research and Development and Chief Medical Officer of Ikano Therapeutics, a specialty pharmaceutical company. Prior to that, he was a Vice President and Area Head of Novel Therapeutics for Johnson and Johnson Pharmaceutical Research and Development. He's also the principal of – I'm going to get this wrong Aequanimitas Consulting and Adjunct Associate Professor of Medicine at the University of Pennsylvania. He brings a wealth of experience in clinical areas such as pulmonology, critical care and cardiovascular medicine. Dr. Edelson will be responsible for our clinical and regulatory activities. Later in the call, Dr. Edelson will give an update on our clinical programs. Before we move forward, I would like to address one further item. As a result of our decision to research and discovery activities Dr. Trevor Hallam, our Executive Vice President of Research and Development has resigned effective December 31st, 2010. During his years with Palatin Dr. Hallam drew on his considerable expertise in pharmaceutical research, discovery and development to make significant contributions to the advancement of our research and development efforts and our product pipeline. We are grateful for Dr. Hallam's efforts and we wish him well in his future endeavors.
Before turning the call over to Steve Wills, I'll provide a brief overview of our programs. For Bremelanotide, our experimental treatment for both female sexual dysfunction and erectile dysfunction, we have conducted three clinical trials in premenopausal women and middle aged men which are our target demographics. The goals of these studies were to characterize the effects of subcutaneous bremelanotide on blood pressure and to show a reproducible plasma exposure level. I'm happy to report that the results of these studies have provided us with the date required to move both of these exciting programs forward.For PL-3994, our natriuretic receptor A agnonist we have generated very exciting pre-clinical data showing potent bronchodilator activity. We have discussed this data with the FDA and are ready to file a new IND to support phase two clinical studies in asthmatic patients. As a reminder we have already conducted two phase one studies under an open IND for cardiovascular uses. In addition, we have made a good start on attracting potential corporate partners to this program. For MCR-4 obesity and diabetes program which is part of AstraZeneca, we achieved several important milestones. We have demonstrated human clinical proof of principle that validates the melanocortin-4 receptor as a target for treating obesity we also successfully completed our joint research program transferring lead compounds, back up compounds and assays to AstraZeneca. This program now under the direction of AstraZeneca, is moving towards clinical trials early next year. Our discovery and research activities have provided us with multiple back up compounds for melanocortin-4 receptor and natriuretic receptor clinical programs. In addition, we now have novel components in both of these areas, ready to move forward into new development for new indications. With that I'm going to turn it over to Steve Wills who will give us a financial update and then Dr. Edelson will give us a little bit of an update on our clinical programs. Steve. Read the rest of this transcript for free on seekingalpha.com