These statements are based on assumptions that may not prove accurate. Actual results could differ materially from those anticipated due to certain risks inherent in the biotechnology industry and for companies engaged in the development of new products in a regulated market.Among other things, the timing and initiation of and availability of clinical trials may be delayed or may never occur as a result of actions of inaction by regulators of present or future collaboration partners, complications in the design implementation or third party approval of clinical trials, complications in the collection or interpretation of statistical data or unanticipated safety issues, continued sale of approved products maybe impacted by XOMAs ability to implement it’s marketing efforts, competition or unanticipated safety issues, regulatory approval of unapproved product candidates may be affected by the results of future clinical trials, actions or inaction by the FDA or unanticipated safety issues and anticipated levels of cash utilization may be other than as expected due to the unavailability of additional licensing or collaboration opportunities, inability to obtain the services of contract manufacturing or service providers on anticipated terms, higher than expected costs for clinical trials, outsourced manufacturing or other services, the effects of the pace of development spending in light of the terms of XOMA's existing collaboration arrangements, or unanticipated changes in XOMA's research and development programs or other businesses. These and other risks, including those related to current economic and financial market conditions; the results of discovery and pre-clinical testing; the timing or results of pending and future clinical trials, including the design and progress of clinical trials; safety and efficacy of the products being tested; action, inaction or delay by the FDA, European or other regulators or their advisory bodies; and analysis or interpretation by, or submission to these entities or others of scientific data; changes in the status of existing collaborative or licensing relationships; the ability of collaborators, licensees and other third parties to meet their obligations and their discretion in decision-making; XOMA's ability to meet the demands of the U.S. government agency with which it has entered into with government contracts; competition; market demand for products; scale-up, manufacturing and marketing capabilities; availability of additional licensing or collaboration opportunities; international operations; share price volatility; XOMA's financing needs and opportunities; uncertainties regarding the status of biotechnology patents and uncertainties as to the costs of protecting intellectual property, are all described in more detail in XOMA's most recent filing on Form 10-K and in our other SEC filings. Please consider such risks carefully when evaluating XOMA's prospects.
I’ll now turn the call over to John Varian.John Varian Thanks very much Carol. Good afternoon everyone. We’ve accomplished a great deal since we last spoke with many of you in November, although I’m sure we have quite a few first time listeners as a result of our recently completed financing. Today’s call is a review of 2011 and we will be taking a look back at certain events that occurred in the fourth quarter of last year, but hopefully we’ll convey those activities in a manner that highlights how they have positioned us for success going forward. I can tell you that the rest of the management team and I have never been more convinced that XOMA as a business is ready to take advantage of it’s long history of scientific successes. We are transitioning away from our historic reliance on licensing deals and royalty revenue, to a company, which benefits more fully from our own scientific discoveries. With XOMA we envision we’ll be a self-sustaining commercial organization in the U.S., with partners around the globe supporting our products in local markers. Read the rest of this transcript for free on seekingalpha.com