Question-and-Answer Session
Operator
(Operator Instructions) Your first call comes from Tom Russo – Robert W. Baird.
Tom Russo – Robert W. Baird & Company
I'm guessing you probably won't want to set any explicit guidance on timing or partnership, but could you characterize just any of the ones that people focus most on, including the 4240 U.S. diabetes inflammation have meaningfully advanced in the last three months and which if any of those need additional clinical data or new information in order to get to something mutually satisfactory?
Paul Friedman
I would say they all have advanced substantially in the last few months or none of them do I at this point in time anticipate we need any further clinical data to consummate a partnership.
Tom Russo – Robert W. Baird & Company
Do the potential partners for 424 already have the data that you referred to for presentation at ASH? Have they had a chance to look at it?
Paul Friedman
I think in one form or another they've seen it, yes.
Tom Russo – Robert W. Baird & Company
In terms of the enrollment for 424, it sounds like everything is on track. Would you be able to put any percent to the enrollment status at this point?
Paul Friedman
No, I wouldn't do that but what I can tell you is that we have projection curves that keep us on track to enroll give or take a few weeks within the frame of what we anticipated and we're doing just fine in both studies.
Tom Russo – Robert W. Baird & Company
Switching real quick to a financial question, in terms of modeling how should we think about the timing or the pace for paying off the remainder of the old converts that are due in 2011? I know it might be lumpy, but it looks like you paid maybe $25 million in the last month or so and I'm just kind of trying to figure out if there is anything that you can say to help us think about that going forward.
Dave Hastings
Tom, I think we have a lot of optionality there. As you know, all the notes are callable but as we indicated in today's press release we have retired a fair amount and we will continue to do that. But I think you said it well, it is lumpy and difficult to predict. But again, we are focused on using the proceeds from the new note offering to continue to reduce that balance.
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