Question-and-Answer Session
Operator
(Operator instructions) Our first question comes from the line of Ram Selvaraju from Rodman & Renshaw. Please proceed.
Ram Selvaraju – Rodman & Renshaw
Hi, thanks very much for taking my question. First of all, Marc, if you could just reiterate the P-values for me of the secondary analyses that you've conducted on the Phase III Probuphine trial?
Marc Rubin
Yes, absolutely, Ram. One of the key ones in the objective and the subjective evaluation of opiate withdrawal, I was told I might have omitted one of the zeros, which is what happens when there are so many zeros in the P-value. But the P Value for those was 0.0008 – three zeros after the decimal point, for the so-called COWS [ph], and 0.0005 for the SAWS [ph].
Ram Selvaraju – Rodman & Renshaw
Okay. 0005. And then you had the .0006 P Value for the cravings that were lower over the entire course of the trial, right?
Marc Rubin
That's correct.
Ram Selvaraju – Rodman & Renshaw
Those are the only P-values that you have disclosed at this time from secondary analyses?
Marc Rubin
That's correct, Ram.
Ram Selvaraju – Rodman & Renshaw
Okay. And then I had some questions regarding your guidance for future R&D spend. Given the company's current cash position and the fact that you would essentially, only for the near-term at least, be continuing on simply with the development of Probuphine, what can we expect with regard to R&D spending over the next 12 months?
Marc Rubin
Yes, thanks, Ram, good question. Let me turn that over to Bob.
Robert Farrell
Sure, thank you, Ram. Ram, the company is currently spending about $6 million a quarter. That's our cash burn. And about three-quarters of that is R&D expense, the majority of which is primarily directed into our Probuphine program. So over the balance of this year, I would expect to see R&D spending in the neighborhood of about $4.5 million.
Ram Selvaraju – Rodman & Renshaw
Okay. Can you comment on the potential likelihood of a near-term financing, given the projection you've just stated, regarding the existing cash being sufficient to last through to the first quarter of 2009?
Robert Farrell
Sure, Ram. Let me say this, we are exploring all options that are available to us and all opportunities. But with the current share price where it is, the potential to raise cash is not something that we're putting as a priority. Our priority right now is focused on, as Marc said, partnering our Probuphine program. We think that the data from the Phase III study were excellent, and we should be able to find a partner, and hopefully do so before the cash becomes too much of a problem.
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