Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Joel Sendek with Lazard Capital Markets.
Joel Sendek - Lazard Capital Markets
Given the fact that the agiment data for colon for Avastin didn’t work and you have a program moving forward with DM1 and agiment breast, I am wondering if that strategy might be accelerated at all on the part of Roche.
Dan Junius
I think you are probably asking the wrong audience, Joel. I mean possibly yes, but that is one that they are going to have to determine and we’re probably at least one or two derivates away. I think you have to first see what the efficacy is and we’ll find out about that at ASCO.
You were talking about the colon study, find out what’s going on there before they can then determine whether they want to pursue T-DM1 in colon cancer.
Joel Sendek - Lazard Capital Markets
Okay, so maybe just too early to get that. Could you update us on what the prospects are, if you know of any change in the prospects with T-DM1 in the agiment setting?
Dan Junius
As soon as we know and we’re allowed to say, you can count on us telling you. What we know thus far in terms of T-DM1 in the agiment setting for breast cancer is what was announced by Genentech and Roche at the first quarter update. That they are encouraged and they will be looking at it in the agiment setting and that really is as much as we know.
Joel Sendek - Lazard Capital Markets
Okay, thanks a lot.
Operator
Your next question comes from Pamela Bassett with Cantor Fitzgerald.
Pamela Bassett - Cantor Fitzgerald
I wonder if you could just review again why the financial outlook looks better for fiscal year end?
Greg Perry
Over the last couple of quarters, I think, what you continue to see is a continued aggressive management of expenses and we’ve continued to out perform a bit in terms of milestones that we’re recorded. I think those have been the two drivers, as I look out over the last couple of quarters versus our previous guidance. So, we continue to expect to see that and that is reflected in these numbers here.
Dan Junius
Just to add to that, I find that to be a very encouraging development and a real endorsement of the business model. The company has its cash burn at a very low level for several years and in great part due to the money that we were taking in for signori for development. Now as we see that declining, we had indicated and directed the market to expect less in fiscal 2009 and it will be at a lower level from sanofi in 2010. To see the advancement of other programs bringing in additional cash to compensate for that I think speaks to the validity of the business model and I think is very encouraging to us going forward.
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