Factors that might cause such a difference include, but are not limited to those discussed in our quarterly and annual reports filed with the SEC. Copies of these documents are available upon request from Investor Relations at Senomyx or maybe accessed via our website, at www.senomyx.com.I’ll now turn the discussion over to Kent Snyder, CEO of Senomyx. Kent Snyder Thank you, Gwen. Good morning to everyone and thank you for joining the Senomyx management team for our conference call and webcast. During the call, we will provide you with a financial update for the second quarter of this year and a general update on our business activities since our May conference call. This will be followed by a question-and-answer session. I will start with our announcement today of a significant recent accomplishment for Senomyx, the discovery of S52617 which for reasons have complicity or referred to as S617 a new sweet taste modifier intended to be applicable for the reduction of both High Fructose Corn Syrup known as HFCS and sucrose in foods and beverages. Taste tests have demonstrated that S617 allows a very meaningful reduction of HFCS and sucrose and product prototypes while maintaining the desire if we taste. This was achieved with very low concentration of the modifier which could provide important cost-in-use benefits to food and beverage companies that incorporate S617 in the products. In light of these valuable attributes have agreed to work with our partner PepsiCo to advance this new flavor ingredient into the preliminary development phase which include the initial safety studies and other activities necessary to support regulatory filings in the US and elsewhere. We will also continue to study other attributes to pass 617 as part of our ongoing evaluations of its commercial potential. S617 is Senomyx’s first flavor ingredient which we have moved into the development that exhibits the ability to reduce the amount of HFCS a sweetener used primarily in beverages. We believe that S617 will be applicable for many product categories including the extremely important carbonated soft drink category. The utility of S617 with both HFCS and sucrose is significant since it could allow manufacturers that use these sweeteners to focus their internal efforts on a single sweet taste modifier thereby potentially increasing efficiency and cost effectiveness.