Question-and-Answer Session
Operator
(Operator instructions) Your first question comes from the line of Frank Sipato.
Frank Sipato
I was asking about, I am interested in how the Phase III for NicVAX will proceed from here?
Raafat Fahim
You are asking a question. If I read your question correctly as you mean whether we are going to initiate our Phase III and when?
Frank Sipato
Yes.
Raafat Fahim
Okay. We currently have not made a final decision on that and as we said all along, what we would like to do is to initiate the Phase III with a partner and beyond that we have not made any more statements on that.
Frank Sipato
Well, there has been a lot of consolidation in the big Pharma, how come we cannot find a partner?
Raafat Fahim
As we indicated in our prepared statements we actually have increased interest in the Company due to the recent successes that we have with the SPA and with immunogenicity study, but beyond that I cannot answer the question.
Frank Sipato
Okay. I was just wondering because the shareholder value that you speak of has only been toward those who have shorted the Company. The long people who are long Nabi have suffered terribly in the last year or so, suffered terribly, but the short people who have shorted the Company have been very successful against you.
Raafat Fahim
Yes, I mean obviously what I am telling you [Mr. Sipato] is that we are seeking a partner that is our focus in the Company. That is what we have been doing and that is the only major focus for the Company and we are continuing to add value for our programs to achieve that target.
Frank Sipato
Do you think you will find a partner this year?
Raafat Fahim
I am hoping we will find a partner.
Operator
Your next question comes from the line of Richard Mansouri - DellaCamera Capital.
Richard Mansouri - DellaCamera Capital
Just a couple of questions, one, the Company’s net operating losses, NOLs, do you have any approximation as to how much NOLs you guys have?
Ron Kocak
It was actually in the 10-K, $128 million.
Richard Mansouri - DellaCamera Capital
Hundred and twenty eight million?
Ron Kocak
Yes, Richard.
Richard Mansouri - DellaCamera Capital
Okay great. Secondly, someone just previously asked a question and you said that there is increased interest in the Company, just so I understand that when you say increased interest, can one interpret that to mean that now that you have the successful SPA in hand, I am assuming that implies that the value that could be ascribed to the NicVAX compound might be afforded a greater value by certain players if they do have an interest. Is that a fair characterization?
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