Question-and-Answer Session
Operator
Thank you. (Operator instructions) Our first question comes from Sapna Srivastava with Morgan Stanley. Go ahead please.
Sarah Slisko – Morgan Stanley
Hi, this is actually Sarah Slisko [ph] calling in for Sapna. You said you’ll have $100 million in cash by year-end and it seems like you’re going to have three programs with your new pipeline candidate coming into the clinic in early ’09 and I was just wondering if you can discuss how you plan on prioritizing those programs and whether you think you’ll need to approach the public markets next year?
Kevin Gorman
Thank you very much. We do not have any plans of approaching the public markets. Secondly is that we – with our programs, the GnRH program fully baked into our projections going forward, as we’ve said, as Tim said, we have over two years of cash in hand, is the fact that we would be completing out that Phase II program with Elagolix.
Secondly is with the VMAT2 program, that is one where, as you’ve seen, we’ve been husbanding cash. We’re careful on our costs constraints. And so we will pursue that in the clinic as funds became available, external funds become available into the company but we are not talking about approaching the public markets.
Sarah Slisko – Morgan Stanley
Okay.
Chris O’Brien
And also, it’s fair to point out that the Urocortin program is one that we’re not funding additional clinical initiatives as we seek potential partners to that, and the GSK CRF program is a fully-funded program through GSK.
Kevin Gorman
Yes.
Sarah Slisko – Morgan Stanley
Great, thank you.
Operator
Thank you. Our next question comes from Brian Abrahams with Oppenheimer & Co. Go ahead please.
Ryan – Oppenheimer & Co.
Hi, this is actually Ryan [ph] for Brian. Just a quick question. So given the fact you guys have the blood level exposure with the PK between the two tablets, would we see any data that would correlate the blood level exposure with the BMD changes?
Chris O’Brien
You will when the 603 study is done. As I’ve mentioned before, we have extensive PK/PD modeling that will come out of this 603 trial but, because we chose to show the top line data from the six-month treatment period before the study was complete, I’m not unblinded at an individual subject level yet. But when that’s done, we will have the kind of PK modeling that will allow us to look at the relationship between Elagolix exposure, estradiol level and bone mineral density change.
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