Question-and-Answer Session
Operator
Thank you, sir. We will now being the question and answer session. (Operator’s instructions) Our first question comes from the line of Brian Gagnon with Gagnon Securities. Please go ahead.
Brian Gagnon - Gagnon Securities
Can you talk a little bit about the investigator led studies? What’s going on with those? And where do you stand on some of the progress? And is it possible that any of these are going to lead into expanded trials and/or therapeutic programs for you in the future?
Christopher J. Calhoun
Brian, as you know, we’re pretty excited about a lot of these investor led studies because we’re focused on – our core areas of cosmetic and reconstructive surgery and our cardiac work. But the investigator led studies really allow us to expand the platform. And based on some of that data that’s been coming out as well as the revenue that we’re generating, we’ve seen an increase in both partner interest and more active conversations with partners. For example, recently we’ve signed a non binding letter of intent with the group for specific field in Japan based on one of these investigator led studies. It’s like a Q1 event. But it shows the model of the potential value of some of these translational activities.
Brian Gagnon - Gagnon Securities
Okay. A non binding letter of intent. What does that mean? Could this be something substantial for the company, as in potentially up front money and/or milestones in royalties? And could you maybe expand and give us a little idea how a structure of a transaction like that might look?
Christopher J. Calhoun
Yeah. I think you’re thinking about it in the right way. Obviously, there’s no guarantee this will get done. It’s a non binding letter of intent. But I think it shows the interest, the structure, again, because there’s confidentiality around some of these things. I can’t go into specific detail. But I think you’re thinking about it right. It would be a meaningful deal to us with significant up front in the milestones and then ultimately in commercialization model. So I think you’re looking at it exactly the right way. And I think it shows the model on how we can really leverage the value of a lot of this investigator led work.
Brian Gagnon - Gagnon Securities
Fantastic. Well, good luck on getting it down. Can you give us an idea on system sales. Is anything really happening in the US? And what types of markets are they looking at, at this point?
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