Question-and-Answer Session
Operator
Thank you. (Operator instructions) We'll go to Noelle Tune with Soleil Securities.
Noelle Tune – Soleil Securities
Good afternoon, guys, and congratulations on a nice quarter.
Arthur Przybyl
Thank you, Noelle.
Noelle Tune – Soleil Securities
Appreciate all the transparency in the prepared remarks. You eliminated at least half of my questions, but – on the Akten approval timeline, can you give us a little more granularity there in terms of if we assume that you responded within ten days, are we looking at a 60-day clock at FDA?
Arthur Przybyl
No, I think I prefer to wait until we have FDA approval for the product, Noelle, and make the announcement at that time rather than to forecast FDA approval timeline for the product.
Noelle Tune – Soleil Securities
Okay, fair enough. Turning to the tetanus diphtheria sales levels and going forward on gross in the third quarters and the fourth quarters, can you give us any more color on this for the quarter?
Arthur Przybyl
No, I'm not going to forecast any revenue projections for Td vaccines except to say that we expect the third quarter to exceed the second quarter revenue run rate.
Noelle Tune – Soleil Securities
Okay. And that's tetanus vaccine only?
Arthur Przybyl
It's only tetanus diphtheria vaccine, that's correct.
Noelle Tune – Soleil Securities
Perfect, okay. A couple of modeling questions. In terms of the R&D for the balance of 2008, are you looking for it to be consistent with the first half, or should we see some increases versus the first half?
Arthur Przybyl
Good question. And certainly we are level loaded in terms of personnel and R&D. And I think Jeff right now is looking at what some of our milestone payments will be for the second half. But I think in general, you'll see the same level of spending, including milestone payments, for the second half of the year, as you did for the first half of the year. Is that correct, Jeff?
Jeff Whitnell
I would model it comparable with the second quarter actual.
Noelle Tune – Soleil Securities
Okay. So the second quarter actual is a good run rate?
Arthur Przybyl
I'm sorry, Noelle?
Noelle Tune – Soleil Securities
I said the second quarter actual is a good run rate for third quarter and fourth quarter?
Arthur Przybyl
That's what Jeff is saying, yes.
Noelle Tune – Soleil Securities
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