Good morning. I am Joel Ackerman, the CEO of Champions Oncology. Thank you for joining us for our Quarterly Earnings Call. I will start the call today with highlights and updates since our last call, then discuss the financial results and then open up the call for questions. Before I start, I will remind you that I will make forward-looking statements during the call and actual results could differ materially from what is described in those statements. Additional information on factors that could cause results to differ is available in our Forms 10-Q and 10-K. Reconciliation of the non-GAAP financial measures that may be discussed on the call to GAAP financial measures is available in the earnings release. For highlights and updates I'll cover five broad areas today; bookings, new products, the TumorBank, operations, financial projections, and our recent financing. Over the last quarter I spent a lot of time talking to shareholders including existing shareholders new investors and potential investors. I've listened carefully to the feedback and will be adjusting certain aspects of our Investor Relation strategy. One of the changes I hope you will notice is a more detailed approach to our Investor Call. As a result the call will be longer than in the past and will cover more topics in more detail. Our business is simple to understand at a very high level, but it's a complex one once you look under the hood. Our goal is to give the investors the details they need to assess the progress we're making and the future potential of our business. Overall, we had another great quarter of progress. I'll talk more about each of these topics in the rest of the call, but as an overview our bookings are strong and growing and giving us the confidence to…

[Operator Instructions] We do have Thomas Shelton. Your line is live.

Hey, Joel. This is Tom Shelton. How are you? Congratulations.

How are you, Tom? Thank you.

Good. I’ve been reading a lot about the tests for humans where they use the blood, the liquid, diagnosis or whatever you want to call it for cancer.

Liquid biopsy.

Yes. And I’d like to either explain in if you could in relatively simple terms. The advantages of our model with the animal model and why we won't get displaced by these blood tests?

So the liquid biopsies and I’m not an expert on them. But in general, they are a simpler less invasive way to test patients to see whether they have cancer or not right for diagnostic purposes and potentially for prognostic about how they might respond to a given drug or a different treatment. From our standpoint, our revenue really is more about the work we do with the pharmaceutical industry in testing how their drugs will or won't respond to different drugs. So we don't really compete with liquid biopsies in the TOS business. From a POS standpoint, again, what we do generally tests for different things and what you tests for in a liquid biopsy. But there is certainly the possibility that it could have some impact. We are actually looking at technologies that would try to develop PDX like models using just blood so not having to do a full tumor biopsy. So we're actually looking to see if there's an opportunity to take advantage of the technologies that are being developed around liquid biopsies to make it easier for us to build our models.

Are you saying you could use the blood to implant into our animals?

What you would do is you would take the blood and then you would isolate what they call circulating tumor cells which is have generally these liquid biopsies work is the physical tumors shed some cells and those are called circulating tumor cells or CTCs. What we would look to do would be work with collaborators who could isolate those CTCs out of blood and then we would inject to CTCs into the mouse. It is a technology that is not viable today as the best of our understanding, but that doesn't mean it we can't develop it for the future. So it is one of the areas as I think about new product development is on the list of things that we are considering spending some time in money in pursuing.

I appreciate very much and again congratulations. I look forward to the next call.

Thank you.

Thank you. End of Q&A

[Operator Instructions] There are no questions at this time.

Great. Well, thank you all for listening. We look forward to updating you next quarter.

Thank you. This concludes today’s teleconference. You may now disconnect your lines.