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spk00: Greetings. Welcome to Intelligenix's third quarter 2023 financial results conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this call is being recorded. I will now turn the conference over to your host, Stephen Kilmer, Investor Relations at Intelligenix. You may begin.
spk05: Good afternoon, everyone, and thank you for joining us on today's call. With me on the line are Dwight Gorham, Intelligent Nexus CEO, Andre Gauden, our President and CFO, Dr. Frank P. Antonio, our Director of Clinical Research, Tommy Kemi, our Senior Vice President and General Counsel, and Dr. Horster Bay, Intelligent Nexus Chairman. Before we begin, I would like to remind you all that the amounts mentioned today are in U.S. dollars, unless otherwise mentioned. And today's call may contain forward-looking information that represents our expectations as of today and accordingly are subject to change. We do not undertake any obligation to update any forward-looking statements except as they be required by U.S. and Canadian security laws. A number of assumptions were made by us in preparing these forward-looking statements, which are subject to risks and results may differ materially. Details on these risks and assumptions can be found in our filings with the U.S. and Canadian Securities Commission. I would now like to turn the call over to Mr. Gorham. Dwight?
spk06: Thank you, Steve. Good afternoon, everyone, and thank you for joining us for the Intelligenix third quarter 2023 conference call. On today's call, I will provide a corporate update and discuss the progress we've made on our key pipeline projects consistent with what we had previously committed to shareholders. Then Andre will review our financial results. Following that, we will open up the line for your questions. I will now update you on our key programs, beginning with ResaPort. During the quarter, we received the first purchase order for ResaFilm, the U.S. market name for ResaPort, from our U.S. commercial partner, Gensco Pharma. This represents a significant milestone for the company, as it is our first purchase order for commercial supply of a pharmaceutical oral film. The purchase order triggered both an upfront order deposit payment, as well as a pre-specified milestone payment, both of which are reflected in our Q3 2023 financial results. We expect to ship the ordered RESA film product to Gensco in Q1 2024 for immediate launch to market. Production of the RESA film is expected to commence in December 2023. Also, Exaltus, our partner for Resupport in Spain, received this week the regulatory approval to implement a new strategy that enables product substitution at the pharmacy level. Based on the positive feedback they received from prescribing doctors and patients, we believe Exaltus' new strategy will ultimately boost product sales. We are eager to see this new strategy implemented to increase product substitution at the pharmacy level and the corresponding increase in resupport sales in Spain. Turning to our buprenorphine buccal film program, Zyromed, the agent and affiliate of our co-development partner, Chemo Research, submitted to the FDA an amendment to the abbreviated new drug application requesting priority review. The FDA granted priority review with a generic drug user fee act or GDUFA goal date of March 8th, 2024. However, if the agency determines that an inspection is required, the GDUFA date is July the 8th, 2024. But given the March 2023 pre-approval inspection of our facility, and the subsequent approval of resitriptin oral film, we are relatively confident that the FDA will decide to review this amendment without the need for an additional inspection. Now, turning to our cannabis business, we are happy to have entered into a settlement agreement with Tilray. The settlement agreement includes a purchase order for three new product, BBD 20, THC 10, and a 10-10 combined CBD THC and was entered into concurrently with an amendment to our licensing and development and supply agreement with Tilray that renders the relationship non-exclusive for both parties. Clearly, this represents a new stage in our relationship with Tilray. However, we have worked hard this year to develop these three products and are looking forward to having them available to medical cannabis patients. Next, turning to animal health, we have discussed during the previous call that we are under discussions with a potential partner for an important development and license agreement for an animal health product using our VetaFilm technology. These discussions are still ongoing, and with the substantial progress we have made to date, we anticipate being able to announce this animal health partnership later this year. Finally, With respect to our commercial activities, we expanded our CDMO offering by signing a binding term sheet for the packaging of a pharmaceutical oral film product that an undisclosed CDMO customer is planning to commercialize in the US. Intelligenix will package the product at our GMP manufacturing facility in Montreal. Moving on to R&D and specifically turning to our Monte Lucas program, We have completed enrollment of 52 patients in our Phase 2a BUNA clinical trial in patients with mild to moderate Alzheimer's disease. With the intention of efficiently achieving the program's goal, we've made a Health Canada authorized study design modification where we adjust the p-value to less than 0.1. This modification enabled us to decrease enrollment while optimizing the power of the study to detect the effects of Monte Lucas Versafilm compared to placebo. We are looking forward to completing the BUNIS trial dosing in the first quarter of 2024 and to report initial trial results the following quarter. Additionally, manufacturing of both placebo and active films are ongoing in preparation for a clinical study to investigate the use of Monte-Lucas Versafilm for the treatment of Parkinson's disease, or PD. The multicenter randomized double-blinded placebo-controlled trial will be conducted at the Karolinska University Hospital in collaboration with principal investigator Dr. Piers Sivingsson, who will sponsor the study through a Swedish Research Council grant worth approximately $2 million USD. The planned study will assess a Monte Lucas Versafilm as an alternate to the tablet form of Monte Lucas. We currently expect the study to commence in Q4 2023 with dosing to be initiated in Q1 2024 and we will provide more details on its design when they are available. Lastly, We also engage an R&D customer to advance their product to commercial output and are proud to have secured the immediate, albeit small, revenue-generating business. With that, I would like now to turn the call over to Andre for a review of our financial results. Andre?
spk11: Thank you, Dwight.
spk06: Good afternoon, everyone.
spk11: As Dwight mentioned, I'll take a few minutes to discuss the company's financial performance. for the third quarter ended September 30th, 2023. The total revenues for the 2023 third quarter amounted to 318,000 compared to 142,000 in the same period last year. The change is mainly attributable to increase in R&D revenue of 128,000 and R&D milestone revenues of $125,000. Operating costs and expenses were $2.7 million for Q3 2023 compared to $2.5 million in the same period last year. For Q3 2023, the company had an operating loss of $2.4 million consistent with Q3 2022. Adjusted EBITDA was negative 2.1 million for Q3 2023 compared to negative 2.2 million for the corresponding three-month period of 2022. Our net comprehensive loss was 2.5 million or one cent on a basic and diluted per share basis for Q3 2023 down from a net comprehensive loss of $3 million or $0.02 per share for the comparable period of 2022. As of September 30, 2023, the company's cash and short-term investment totaled $2.1 million. In August, our parent company closed the first tranche of a non-broker private placement of units from Atai Life Sciences for an aggregate gross proceeds of approximately 3 million U.S., including 750,000 in a subsequent Atai subscription upon Cheryl Du's approval. We intend to use the proceeds of the offering to fund the formulation and development efforts related to our collaboration with Atai for working capital purposes and to cover costs related to the offering. Intelligenix will seek to obtain shareholders' approval at a special meeting of shareholders taking place on November 28, 2023. In addition to shareholders' approval, the offering is subject to final PSX approval and the satisfaction of customary closing conditions. I will now turn the call back to Dwight.
spk06: Thanks, Andre. At this point, I'd like to review our track record of delivering on our promises. During the previous Q2 call, we indicated we would soon advance Reza Film in the US, which we have done in Q3. We also told investors that we were expecting to resolve the Tilray arbitration by the end of the year, which was also recently accomplished in an outcome that is favorable to both the company and its partner. Finally, we indicated that our partners IronMed would respond to the latest CRL in a timely manner, and such response was submitted in Q3. All of this to say, since joining Intelligenix as CEO, the company has kept its commitment to the investment community and executed on key programs in line with commitments made. We are looking forward to continue to execute and deliver on our upcoming milestones, such as the signature of an animal health partnership in Q4 2023, the launch of RezaFilm in Q1 2024, and the fulfillment of the cannabinoid-infused Versafilm order from Tilray. We are also looking forward to receiving the latest tranche of our recent financing in Q4, assuming we receive shareholder approval. I would like to end my introductory remarks by highlighting the fact that the progress we have made in our key projects has noiled the door within our R&D group for additional projects. We look forward to updating everyone on future calls on how we successfully capitalize on that. In closing, I'd like to, once again, recognize our team for executing our long-term strategy and the team's commitment and focus on the company's transformation from solely an R&D organization into a full-service R&D and commercial operation. With that, I will now turn the call over for questions. I would like to remind you that our forward-looking statements apply to both our prepared remarks and the following Q&A. Thank you.
spk00: Thank you. At this time, we will be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Once again, please press star one if you wish to ask a question. Please hold while we poll for questions. And once again, it's star one if you wish to ask a question. That's star one if you wish to ask a question. We did have a question come from Hugh Kiley. Hugh is a private investor. Hugh, your line is live.
spk07: Thank you. Thank you, Dwight and Andre, for the update. Question on the – where is the film? The shipment is going to go in the fourth quarter 2024 – first quarter, excuse me. Is there any idea, can you share, is that going to pharmacies, hospitals, or can you relate on the distribution and rollout plan? Like CVS or anything like that?
spk06: Yeah, this is Dwight. The product, when it's shipped from our warehouse, will be immediately available for shipment and CVS is a lead one of the customers. So it'll go to Gensco and Gensco has set that already in motion and they expect to have CVS as a large customer.
spk07: That's good because I've seen on there, Dwight, I've seen it, I'm following this closely. It was highlighted on the website. There's more info to come about arrive on their shelves. With the Gensco relationship, I know they have a, I believe I may, hopefully I say it correctly, press right to China. Is there any thoughts of expanding that, or is that just further down the road? More specifically, just wondering about other countries besides the U.S. under Gensco.
spk11: I can answer that if you want, Mark. I mean, Jenco is also looking at China. And, uh, I mean, we, we also have obviously Excelsis, you know, distributing in Spain. Hopefully the sales should pick up based on what Dwight, uh, just mentioned.
spk07: And, uh, they're looking at getting that resolve Andre congratulations with Excelsis getting that, you know, a shelving issue, uh, uh, resupply is resolved. So regarding that one, is there discussions on the way, what countries in the EU would be next in line, or are they just going to wait to see how Spain goes?
spk11: I think in the, in the first place, they will wait to see how Spain goes, but there has been discussion for EU countries in the past with Exceltis. So we'll see how that goes. But, um, you know, we also have discussion with other countries. But this, you know, is really preliminary in terms of discussion. But obviously, we are fully aware how this RISA film or RISA port can be very successful. It's the first migrant film in the U.S. And it will be in other countries. So I think we're very excited about this launch. And we're definitely ongoing discussion for other countries. Yeah.
spk06: Thank you. It's Dwight back online. Sorry, I got cut off. We definitely, as late as two weeks ago, were speaking with Exaltus about monitoring progress in Spain and looking to move that into other large markets in the EU directly adjacent to Spain.
spk07: Okay. That's good. The last thing with the FDA and the pediatric Rizofilm? Is that still, is that ways off to be developed? Do you see that in the first half of next year, the end of the year?
spk06: That is in development and we have studies to do. So it's not likely to be part of the sales line in 2024. It's more likely a 25 line item. Okay. And then the
spk07: The new products that were introduced with Tilray, I know from a prior call of Salk and Atami, there was a lot of development effort for cannabis, cannabis THC, and whatever other products are. Do you see those? Last call, there was some, let's say, less than excitement of the cannabis market. Do you think those will have an attractive appeal in the marketplace with Tilray?
spk06: I think that's an open question here. I mean, we all know that the cannabis market has been problematic for most. This is medical cannabis. So the limitations will be a little bit more, will be a little tighter. I think it's a wait and see. The good news is we're making commercial product, the commercial product going to market. So there's some return on that investment. And they are very clear that they expect that they'll make some traction with this, although I would say cautiously optimistic would be the expression I would use.
spk07: And I was just wondering, with their prior arrangement with Rapid Dose, is that still active as a competitor, or is it basically aligned with Intelligenix? I don't know if you're allowed to say that, but I tracked it.
spk11: Hugh, they dropped Rapid Dose. They're dealing with us now.
spk07: Okay. Thank you. Thank you, Andre. Thanks, Andre. No, thank you for that. And I didn't get on a little late there, Dwight. On the CDMO, this is the contract that was revealed before. Is it close to being finalized? I know you've got the binding term sheet and some other issues to work out resolved to both companies' satisfactory expectations. Would that be done in Q4 or is that going to 2024?
spk06: that'll likely be early in 2024 you the the it's not stopped us from progressing the machine parts which are the critical path items uh are on order and they're subject to the vagrancies of some of the subcontractors but are expected to be in in january and we will then start doing line trials etc to get the line commissioned and run stability lots so the the definitive agreement, I suspect, will be completed sometime in Q124.
spk07: Okay. That's a good answer, Dwight. And I was going to ask you about on the other products like the Dysentech or Transdermal, before I bring up Vetafilm, was any of those have any potential interest in the marketplace with new partners?
spk06: Our focus and our conversations have all been on the film products, not transdermal.
spk07: Okay. And then they just say you have potentially one partner for Vetafilm. Is there any behind that? The first company that, you know, you may be able to bring to a conclusion with a contract? Or is it just one for the present time for Vetafilm?
spk06: It's one, but there are other conversations on other, uh, pharmaceutical ingredients that might be, um, good targets for conversion from the current, uh, dosing regime to, to, uh, Betafil. All right. And one last question. Those are early conversations. Yeah.
spk07: Yep. Okay. No, except that the, uh, and then the discussions, uh, prior calls we had in, uh, uh, with the status of, uh, The power product may be being – the power partnership being replaced. Is that still on hold with the end of bankruptcy? Or is that a potential future product that could be news on?
spk06: I would say the latter is a potential product that you may get news on. There's discussions, but they're in early stages.
spk07: Okay. Well, thank you. I'll go back into the queue. Thank you, Dwight and Andrej.
spk06: Yeah, my apologies for getting cut off, Hugh.
spk00: Thank you. The next question is coming from Abraham Shapiro. Abraham is a private investor.
spk04: Good afternoon, everybody. Andre Horst, Dwight. I got the Tilray order. I didn't hear any revenue numbers. What kind of revenue are we expecting? Is Intelligenis expecting from that initial order?
spk06: The initial order is for $400,000. All right. That's just an initial order. That's what kind of revenue. Okay. Being that it's a medical product, is it allowed to...
spk04: exports to the United States?
spk06: No, they cannot. They cannot. They cannot, and in general, exports to the U.S. are still problematic on cannabinoids.
spk04: Okay. I thought perhaps because it was a medical, it might be a little lesser. So, other than that, it's high financing. You know, it's always my concern that you guys won't get, you know, you need to get to the finish line to get it so close. What other revenue, you know, borrowing, financing do you have in mind?
spk06: Andre, can you take that one?
spk11: Yeah. We're looking at multiple options here. There is... another 750,000 coming in on November 28, upon shareholders approval. And you know, based on what we know or see, at this point, we will get that money. There's also other revenue that might come in in 2023 that we can not really be specific on but that are most likely to happen. But having said that, there is always, you know, options that we're looking at to fund or well capitalize the company. But we are always and always been and always will be very concerned about dilution. So we're trying to find ways so that the dilution is not too... dramatic but there is I wouldn't be worried I think that we have money and we'll find the money like we always did to make sure that all our programs are you know launch as expected and that we're getting you know new programs and new programs approved in order to generate revenue
spk04: All right, thanks. Congratulations. To me, it looked like the util race settlement was a good settlement. It took a long time. And, you know, moving along. And I'm a longtime shareholder, and I'm waiting for the price to reflect, you know, all these great things going on. So thank you. Thank you, Hank.
spk01: Thank you. The next question is coming from Brant Gakey. Brant is a private investor. Brant, your line is up.
spk09: Yes, good afternoon, guys. So the first CDMO contract that you all have, that's just a term sheet signed right now, or do you all have – is that a contract signed and ready to go, or when do you expect that to be done, revenue to come in on that?
spk06: That is a binding term sheet that is signed. The definitive agreement, as I told Hugh, is expected to be in the first quarter of 24. There's some registration work to be done. And it should be late 24, early 25 revenue.
spk09: Okay. And what about, I think on the last call you all had mentioned a second deal would be coming soon. Is that still the case? And if so, when do you expect that?
spk06: I don't recall what was said in the last meeting, so I'm sorry. It's like my age is getting to me, I guess. However, at this point, I don't see another CDMO customer on the horizon. I see FDA approvals for Reza, and I see a lot of volume coming with Reza. And I see buprenorphine going to come out of the FDA. And those are the major events I see in the next six to nine months.
spk09: Okay. And as far as a tie, I believe the – press release that indicated that they their shares would be at 18 cents is that is that going to be the case even if when this you know when this gets approved if we're at 11 or 12 or 13 is it still going to be 18. yeah it's going to be 18 and a half cents for um their current that's the conversion price on their uh convertible note
spk11: and the warrant that is attached to it is 26 cents U.S., and that won't change.
spk09: Okay. Okay. Thank you, guys.
spk02: Thank you. Operator. I think the operator. Apologies, I lost my line for a moment.
spk01: Yeah, apologies, I lost my line for a moment. The next question is coming from Bobby Zanetti, who's a private investor.
spk09: Yeah, hi, good afternoon, gentlemen. First of all, I'd like to congratulate you on all the accomplishments for this quarter. It's really nice to see that Dentalgenics is moving forward at a very fast pace. So congrats on that. My first question is in regards to the Atai Life Sciences announcing the filing of an early warning report on October 10th. Could you shed some light on that with them owning 66% shares in the company?
spk02: Dwight, do you want me to answer this one? Yeah, please do.
spk11: Yeah, this is the... It's kind of unfortunate, but this number is wrong to start with. But Atai owns 21% of the company, and that's a fact. And they could potentially at some point own more than 50%, so anywhere between 50% and 60%. but to get there, they would have to invest about $30, $35 million. So the reality is they own 21%, and as long as they don't invest any further money into intelligentics, it will remain at 21%.
spk09: Okay, okay. And the other question that I have is, In regards to the settlement with Tilray, a lot of investors were anticipating a payout for you guys. Was there a payout on the table or a partnership deal? Or was it only a partnership deal with amendment of the other part of the deal concerning exclusivity?
spk10: Do you want me to take that, Lloyd? Hi, it's Tommy here. Unfortunately, settlement discussions are confidential, and it's not something that we can bring up. I can just tell you that the outcome is probably the best thing both companies could have expected. We're moving forward as partners, and we're hoping that the future will bring additional products, but at least right now there are three products, and we're hoping that this will be a continuing product. They have told us that their patients are expecting those products, so there is some expectation there.
spk09: Okay, and just to clarify, Andre, you had mentioned that there are ties with RapidDose. There is no manufacturing by RapidDose for Tilray, as far as the film goes.
spk10: As far as we're informed, that's the case. But again, the agreement is non-exclusive. We believe they will get the film from us, but it's the same thing with us. If we want to sell to someone else, we're authorized right now.
spk09: Okay, and are there any other companies, like from the big players, that have approached you in regards to the CBD or THC products?
spk10: At this point, we haven't shopped anything around because we were in litigation. The game has significantly changed now that this is open to us to market if we see an opportunity. So at this point, we were not entertaining any discussion with the current partner in Canada.
spk06: Yeah, this agreement was just signed. And we have activated our sales department and marketing department to take a look at other potential targets for these products.
spk09: Okay, and just I wanted to ask about the launch of these products or when they will be possibly delivered to Tilray and distributed to the patients. Do you have like some sort of like a time frame? Is it going to be Q1 of 2024 or this year?
spk06: No, based on the orderly times of the base for all materials, it'll be early Q2.
spk09: Okay. All right. And going to the buprenorphine, you said March 8th was the GDUFA day, correct?
spk06: Provided that they don't push a facility inspection, yes.
spk09: For inspection. Okay. So when are we expecting, if God willing, you get the approval on March 8th, when are we expecting this product to be launched?
spk10: There is ongoing litigation with the product. We cannot make any statement as to when the product will be available because it will depend on when we get the court date and we get in front of the judge. Unfortunately, this is the situation. We're looking forward to approval and we'll push as much as we can to get the product as soon as possible to the market.
spk09: Okay. And is there any milestone payment that Intel Janus will be receiving upon approval?
spk10: Yes, there is one milestone upon approval.
spk09: Okay. And can you shed light on like, is it like a six figure or?
spk02: Low six figure.
spk09: Okay. All right. That's all for me, gentlemen. And again, congratulations to you guys and the whole team. God bless.
spk01: Thank you. Thank you. And the next question we had was Hugh Kiley with a follow-up. Hugh, your line is live.
spk07: Okay. Thank you. And I apologize, Dwight, Andre, and Dr. Gerby and Tommy and Frank for not congratulating on their great progress with the company so far in 2023. I have a question with Ty. Is there any other programs in the work besides the one that's moving right along? Any new molecules that they're interesting having your company, our company, develop for them?
spk06: We're really focused on getting their clinical phase two work done for them. As recently as two weeks ago, I had extended conversations with their CEO in Berlin. And at this point, it's a focus on what we've got on the table. Although nothing's been ruled out.
spk07: Okay. Is there a follow-on to that with your business development team evaluating different molecules? Is there anything in the background that's being worked on, developed, that we could learn news on that may be attractive for the oil film market?
spk06: I think I said that we've opened up some space in the R&D area. We're looking to capitalize on that. And as soon as we've got that nailed down, I would love to be able to share that with the shareholders. But it's premature for me to say right now.
spk07: Okay, I accept that, Dwight. Thank you. And the last two questions is, with the progress of Monte Lucas and soon with the Parkinson study over there in Sweden, any... potential partners on the horizon for either one of those programs? I know I ask that every conference call, but always got a keen eye out for that.
spk06: Well, there's certainly, Dr. Zerbe and I had a lot of conversations at the recent trade show. We're with several potential partners, but everything comes down to getting the readout in the second quarter. If the readout's good, then I don't think there's a lack of partners.
spk07: Okay. That's a good answer. And then that would be the same for both products or just the Alzheimer's film?
spk06: I think if the data is good on all of them, then there's partners to be had. The first one will be the Alzheimer's.
spk07: Okay. And it wasn't brought up in the call, but I'll ask, is there any update on the progress on the Datafilm?
spk06: Yes, that also is, excuse me, we've got the last of the development work understood and we're back on track with that to complete the work we need to move forward probably within the next three to six months.
spk07: Okay.
spk06: And that's not commercial, but there's other project milestones in there.
spk07: Yep. That's a good report. All right. That takes care of my questions, right, Frank, Andre, and Dr. Gerby. And if I missed anyone else, I apologize. Thank you.
spk06: Well, the development goes to Namin as well.
spk07: One question I did, sorry, this one. In the past, there have been research reports about the, the progress of the company and investors' research report. Is there anything in there with your discussion with investors, any research houses that may issue a report with the success of the approval of Rizapur and the other progress the company has made?
spk06: To my knowledge, at this point, you know. Would we like to engage with that? The answer would be yes.
spk07: Okay. All right. Thank you, Dwight. Thank you.
spk01: Thank you. And once again, it's Star 1 if you wish to ask a question today. Star 1 on your phone. The next question is a follow-up coming from Brent Gakey. Brent, your line is live.
spk09: Yes. Do you all expect or have any indication that Tilray will put out any communication, press release, or anything on these three products?
spk06: Tommy, can you answer that one?
spk10: I mean, they will probably – if they issue anything, they will probably only issue it upon receiving the product because they don't want to create expectations from their patient or customer before the product is actually available.
spk09: Okay. And if the share price continues to wane down where it is now, do you all have any indication or idea if a tie would –
spk11: purchase shares on the open market I can answer that I think that's a tie as warrants and available I doubt that their business model allow them to purchase shares on the open market and but they could bring in money by exercising either more convert that they have or warrants that they have. But they are there to support us, obviously. As you probably know, they have supported us through a term loan as well. But one of the objectives of the company with all the execution that has taken place the last six months and that continues towards 2024 will be out there road showing. I just came back from a road show in South Florida and that will continue. So unfortunately, small cap has been hit quite a bit in the market, especially life science. But as long as we execute on our business plan and that we get closer and closer to being commercial. I think that the stock price will reflect that at some point in 2024. I'm not worried.
spk02: Okay, thank you.
spk01: Thank you. And the next question is going to be from David Nguyen, who's a private investor. David, your line is live.
spk08: Thank you. Gentlemen, thank you for the update and your progress. It's good to see that, you know, real progress is being made. But being that said, you know, we have a couple of products that have already been approved in various countries, including the United States. And I think it's fair to say that there's been some hiccups in commercialization. Moving forward with Montelukas being probably the jewel of the company, are there any basics criteria for choosing a commercialization partner? Because, you know, God willing, that drug gets approved for AZ and maybe PD, you know, what is the criteria for choosing a commercialization partner? Because obviously with prior approved products, we haven't seen real revenues from that.
spk06: That's a great question. Thank you very much. From a criteria perspective, I think if the Monty hits There'll be much more mature companies, much larger scale companies involved in the bidding for the product. And certainly some of the criteria will be scale. Others will be international reach. And others will be specifically focused to reach into the U.S. and to Europe. So for me, it's mostly going to be scale and size of the enterprise to make this happen. With some of the other products, we had partners, and we didn't quite understand some of the logistics associated with holding their hands to get to market. And that's been cleared up, and I think we've fixed that. And if Monty hits, I don't think there's a lack of partners. It'll be significantly into the choosing and scale and the credibility organization will be key attributes we look at.
spk08: I appreciate that answer there. I just hope that, you know, the company, I know you've only been here for a short time, but I just hope the company can learn from the missteps with already approved drugs. and maybe make the next few drugs that we get approved huge successes. So thank you for your time.
spk06: Yeah, thank you as well for the question.
spk02: Thank you. And we would now like to hand the call back to Mr. Gorham for closing remarks. Yes, thank you very much.
spk06: Well, this concludes our third quarter 2023 investor call. I'd once again like to thank the entire Intelligenix team for its hard work and dedication, our board of directors for the continued support of the management team, and finally our investors for continuing belief in and supporting us. The quality of the questions was excellent today. Thank you very much. Thank you and goodbye.
spk02: Thank you. This does conclude today's conference call. You may disconnect your phone lines at this time and have a wonderful day. Thank you for your participation.
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