As of June 30, 2012, we had cash, cash equivalents and marketable securities of $203.6 million, which compares with $112.3 million at June 30, 2011. Additionally, the company had $5.8 million due from Janssen Biotech Inc. at June 30, 2012, in connection with its cost-sharing arrangement. And as announced in August, additionally, we accomplished the triggering of 2 milestone payments totaling $100 million.

Before we start, let me remind you that this non confidential presentation contains forward-looking statements about the business prospects of Pharmacyclics, including expectations regarding Pharmacyclics' financial performance, commercial product and potential future products in different areas of therapeutic research and development. Results may differ materially depending on the progress of Pharmacyclics' product program, actions of regulatory authorities, availability of capital, future actions in the pharmaceutical market and developments by competitors and those factors detailed in Pharmacyclics' filings with the SEC, such as 10-Q, K and 8-K reports.

I would now like to turn the call over to Bob Duggan, our CEO and Chairman of the Board. Bob?

Robert W. Duggan

Thank you, Ramses, and welcome to all on the call. Since partnering with Janssen in December last year, we have made good progress clinically and organizationally. We continue to broadly and quickly develop ibrutinib across a variety of B-cell malignancies. Importantly, we continue to attract and hire highly competent professionals with excellent track records in the disciplines of science and administration from within the health care field.

The team we have assembled to date will be capable of building out the organization to complete the development of ibrutinib and introducing the compound commercially. We now have highly capable scientists and administrators overseeing the key functional areas of our company.

I will summarize here our most recent hires and organizational changes. If you'd like to read up more on our executives, you can find their resumes on our website.

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