Question-and-Answer Session
Operator
Thank you. (Operator Instructions) We’ll go first to Charles Duncan with JMP Securities.
Charles Duncan - JMP Securities
Hi guys, thanks for taking my question and very good job on managing the cash in a very good way. I actually have a question on the cash. I know you just said that you had sufficient cash for awhile at the current level. Can you help us understand what that means? Does that mean in terms of R&D spend, the current trials or what are you really anticipating being able to do for the next couple of years?
Edward Lanphier
Well, I’ll repeat what we said in the prepared comments and then if that’s not clear enough, maybe Ward can expand upon it. The $65 million that we start 2009 with is sufficient for us to run our operations at our current levels, executing on all of our current clinical plans, including the initiation of the glioblastoma trial through 2011, assuming the same headcount and the same prosecution of research activities and if that’s not clear enough Charles, Ward is here and we can give you more detail.
Charles Duncan - JMP Securities
So, are you not planning on stopping any programs or anything and continuing? I mean it’s a bit astonishing.
Edward Lanphier
The financial guidance that we’ve given does not anticipate stopping any of our ongoing programs. Now, it does not include moving into Phase III clinical trials of SB509. It does include completing all of our Phase II trials that are ongoing.
Charles Duncan - JMP Securities
Just to be clear, you are not anticipating any additional cash in from new partnerships during that time?
Edward Lanphier
Again, thank you for the question and clarification. The cash guidance assumes that we do not do any future financings and we do not do any additional new partnerships. However, as we said in the prepared comments, our business model is to continue to do partnerships both in the non-therapeutic space as well as in the therapeutic space.
Charles Duncan - JMP Securities
Okay. That’s clear to me. Now, if I could ask a question on the HIV program. My immunology is a little rusty. Can you help me understand how the genetically modified T-cells can be immunologicly active? How can they prove to be antigenic?
Edward Lanphier
Let me rephrase the question and make sure we’re in the same page and then ask Dale and Phillip to comment. Your question is, the modified T-cells, how can they still be active in terms of fighting opportunistic infections and the virus itself, is that correct?
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