Question-and-Answer Session
Operator
(Operator Instructions). Question comes from the line of Cory Kasimov with JPMorgan. Please proceed.
Unidentified Analyst
Hey, guys. This is actually (inaudible) calling in for Cory. Thanks so much for taking my question. On the calls, you actually mentioned your sensitivity to the financing, and based on the guidance for cash balance of approximately $160 million by the end of 2008, should we expect the financing in 2008?
Robert Hoffman
Not necessarily. As we said, we have sufficient cash to take us through the NDA towards the end of 2009. We may not finance until we have announced results from our BLOOM study or the Phase 3 studies for lorcaserin. But we may decide that it is opportune to finance before then. So, certainly right now we have no plans to finance. But we are flexible and we will see. The good news is that we started this year with sufficient cash. We will expect to end this year with sufficient cash to take us through our mid-term goal of filing the NDA, and we will see what our financing plans turn out to be during that period of time.
Unidentified Analyst
Okay. And regarding that, I think you mentioned earlier in the call that you will not be initiating any other studies in 2009. Did I hear you correctly?
Robert Hoffman
Sure. So, we have a Phase 2 study for 125 that we expect to complete around year end and then we plan on meeting with the agency and having an end of Phase 2 meeting and discussing Phase 3. I think we will have lots of partnering opportunities around that. So, I think it’s premature to speculate on our clinical trial for 125 next year. The ING that we mentioned, we plan on starting that study this year and continuing that into next year and the 791 study, we will see. We are waiting for the Phase 1b data. So, again, I think we need to look at all of that information.
Unidentified Analyst
Okay, great. Thank you. And I have one more quick question. I wanted to know if you guys have an early reaction to the competitive data that was released early today, especially regarding the premise that dosing can be increased relative to other drugs in a clinic due to the better selectivity and bioavailability?
Jack Lief
Yeah. That’s a simple question with a longer more fulsome answer required. The short answer is that’s not necessarily so and from a variety of reasons based on how the assays are set up. Dominic Behan, our Chief Scientific Officer is in the room and I will let Dominic address the – that part of the question. Dominic?
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