Question-and-Answer Session
Operator
(Operator Instructions). Your first question comes from the line of David Webber with Broadpoint Capital.
David Webber - Broadpoint Capital
Hi. Just a couple of questions, John. First, I don't know if you have this information or not, but can you tell us whether the PROMACTA NDA has been accepted for review, and if so, what the review status is?
John Higgins
We do not know. And I don't believe that we would necessarily get that information unless it would pass on to us by investor enquiry from GSK. But they did file in December, about two months ago. And certainly, we'll be looking for any other news or headlines from GSK in terms of their expectations for us PADUFA to date.
David Webber - Broadpoint Capital
Okay. And then on LGD-4665, I think you alluded to this, but more specifically could we get a sense of where we are with testing to establish the feasibility of once weekly dosing?
John Higgins
Yes. We do plan to conduct a weekly oncology study. We have not started it. We expected about a six-week course in healthy volunteers. So all in all, with enrollments and trial, data collections, it's probably about a three-month study. We expect to start that probably in the next couple of months, and to have the data, I would expect, in the third quarter of this year. That trial is very important. We are intrigued by the long half-life and obviously the pharmacologic effects of that with dosing, and our objective is to get that data in hand before we start our Hepatitis trial.
David Webber - Broadpoint Capital
Okay. So then Phase II studies in ITP and myelodysplasia would be of daily dosing schedule?
John Higgins
That's correct. Right.
David Webber - Broadpoint Capital
Okay. And then, in terms of the revenue guidance, I guess, are you making any assumptions in the guidance for royalties from AVINZA, about any major changes in the direction of that drug from our market share point of view?
John Higgins
No. I appreciate the question. It is pretty simple math. The last two quarters of royalty to Ligand have been very similar, very comparable. In fact, fourth quarter was up only slightly and so, we are not making any judgment about the potential for price increases or the prescription trend. Looking at a 15% royalty that we will enjoy out of the product in '08, that's our estimate, for where the run rate is currently about a $20 million or so.
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