Question-and-Answer Session
Operator
(Operator instructions) okay, and I am showing that our first question comes from Jonathan Aschoff. Please go ahead.
Jonathan Aschoff – Brean Murray, Carret & Co.
Hi, Mike, how are you doing?
Michael Weiss
Hey, Jonathan. How are you today?
Jonathan Aschoff – Brean Murray, Carret & Co.
Pretty well. I was wondering with the $47.6 million in cash, if you include the Torii $8 million, I have a note from the last call that you expected to end '08 with $40 million to $45 million. I was wondering is that’ still true? And if so, how do you get there?
Michael Weiss
I don't think we are going to end '08 with $40 million $45 million. I think our projection was to end '08 with closer to $25 million to $30 million.
Jonathan Aschoff – Brean Murray, Carret & Co.
Okay.
Michael Weiss
I don't recall having said we would end with $40 million to $45 million.
Jonathan Aschoff – Brean Murray, Carret & Co.
All right. Maybe it was bad note-taking, but $25 million to $30 million?
Michael Weiss
Yes.
Jonathan Aschoff – Brean Murray, Carret & Co.
That makes a lot more sense. Thanks a lot.
Michael Weiss
You got it. Thanks Jonathan.
Operator
Okay. And our next question comes from Matt Kaplan. Please go ahead, sir.
Matt Kaplan – Punk Ziegel & Co.
Good morning.
Michael Weiss
Good morning, Matt.
Matt Kaplan – Punk Ziegel & Co.
A couple things. With respect to the Zerenex program, you mentioned that we are going to get data by the end of the year for the dose escalation study. The animal studies that are ongoing, are those at all rate-limiting? Are those complete now, or --?
Michael Weiss
You know, we don't know if they are going to be rate-limiting. I think we need to actually see the results of those studies depending on what additional studies may need to be conducted. Our current projection is that we would enter Phase III sometime in the first half of '08. But, there is the potential that we would have to do longer-term animal tox studies, which could bring us out further.
Matt Kaplan – Punk Ziegel & Co.
And then in terms of the different dosage formulations, how many different dosage formulations are you working on right now?
Michael Weiss
I think we are at three or four different formulations.
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