Good day, ladies and gentlemen, and welcome to the RXi Pharmaceuticals’ First Quarter 2016 Earnings Conference Call. Today’s call is being recorded. At this time, I’d like to turn the call over to Ms. Tamara McGrillen, Head of Investor Relations for RXi. Ma’am, the floor is yours.

Thank you, operator. Good afternoon ladies and gentlemen. Thank you for participating on our call today. We are joined today by our President and CEO, Dr. Geert Cauwenbergh; our Chief Development Officer, Dr. Pamela Pavco; and Principal Accounting Officer, Ms. Caitlin Kontulis. I would like to remind listeners that this call will contain certain statements concerning RXi’s future expectations, plans, and processes which constitute forward-looking statements for the purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements and as a result of various important factors including those discussed in our most recent Form 10-Q filed today with the SEC. In addition, any forward-looking statements represent our views only as of the date of this recording and should not be relied upon as representing our views as of any subsequent date. We specifically disclaim any obligations to update such statements. Now, I would like to turn the call over to our President and CEO, Dr. Cauwenbergh.

Thank you, Tammie, and good afternoon to everybody. Thank you all for being on our quarterly update call. Before handing the call over to Caitlin and Pam, I will briefly focus on the four core aspects that drive our company. Number one, financials. Q1 of 2016 has been a quarter during which we once again have carefully managed our expenses, resulting in a net loss that was $700,000 lower than the Q1 of last year. We ended the quarter with $7.7 million in cash, and we have evaluated our project priorities in terms of their timing to having data available and we have been able to adjust our spending accordingly. That has resulted in an extension of our cash run rate in to Q2 of 2017, excluding additional financing activities or cash from corporate development or business development projects. As we access additional financial resources, we will take into account our strong desire to also generate value for our existing shareholders. In the past quarter, we have been able to clean up our cap structure by receiving the green light from our shareholders to implement a one-for-ten reverse split. I want to thank our shareholders for voting in favor of this reverse split. Thanks to their vote, RXI has received the letter from NASDAQ that we are back in compliance with their listing requirements. Number two, clinical development. We currently have three clinical studies ongoing. For RXI-109, in the preventional hypertrophic scars at the scar revision surgery, our Phase II study 1402 is now 75% enrolled and we hope to finish enrollment before the end of 2016. Our first clinical Phase I/II study in ophthalmology is a new way with the first two low dose cohorts enrolled. So far, the intraocular injections with RXI-109 have been well tolerated with no…

Thank you, Geert, and good afternoon everyone. The company filed its Form 10-Q for the first quarter of 2016 today with the SEC. The filing includes detailed information on the company’s financial performance. I will present an overview of the select financial highlights from the filing. The company had net revenues of $10,000 for the three months ended March 31, 2016. The revenues during the quarter were due to the company’s out-licensed technology agreement with MirImmune. Net revenues for the three months ended March 31, 2015, totaled $34,000 and were due to the Company’s government grants with the NIH. All the work under this grant was completed during the first quarter of 2015. Research and development expense was $1.3 million for the quarter ended March 31, 2016, as compared with $2.1 million for the quarter ended March 31, 2015. The decrease in research and development expense was primarily due to the cash and equity fees payable to Hapten Pharmaceuticals, upon the close of the exclusive license agreement from Samcyprone, as well as for toxicology studies performed in connection with the company’s IND for our retinal scarring clinical trial. Both of which were completed in the first quarter of 2015. General and administrative expense for the quarter ended March 31, 2016 was $1 million, as compared with $0.9 million for the quarter ended March 31, 2015. The increase in general and administrative expense was primarily due to an increase in the use of professional service providers as the company has increased its focus on business development activities in line with our key corporate initiatives during the first of this year as compared with the same period in the prior year. The company’s net loss for the quarter ended March 31, 2016 was $2.2 million, compared with $2.9 million for the quarter…

Thank you, Caitlin, and hello everyone. I am happy to update you today on the progress RXi has made since the last earnings call in March. At that time, I gave a comprehensive overview of our ongoing programs. This time I will focus on the progress we have made in several of our research areas and update you on the ongoing trials. I will start with ophthalmology. First of all, RXi very recently presented data at ARVO, the Association for Research in Vision and Ophthalmology that gave an update on our success in topical delivery of sd-rxRNA in a wounded cornea. One main function of the cornea is to serve as a protective layer covering the front of your eyes, protecting them from foreign matter such as dust, water, bacteria and participles. In situations where the cornea is damaged either from keratitis and inflammation of the cornea, infection or from injuries such as abrasion and laceration during surgical procedures, sometimes the healing process is accompanied by scarring. If so the otherwise clear cornea will become hazy or opaque and the result can be permanently impaired vision, because the cornea not only protects our eye, but serves to bend or refract the income light on to the lens that plays a crucial part in your vision. Our goal is to reduce the scarring compound and subsequent blindness of corneal injury or disease with RXI-109 independent of its many causes. So, connected tissue growth factor or CTGF is known to be involved in the fibrosis pathway in the cornea and we have already demonstrated proof-of-concept in previous studies that RXI-109 can significantly do the CTF protein present in the normal monkey retina and cornea for at least a week following an intravitreal injection. We had been working to develop a topical delivery…

Thank you, Pam. This now concludes the formal presentation for today. Operator, we would like to now go for questions please.

Well, once again, ladies and gentlemen, thank you for participating in our call today. That will be it. This concludes our call.

Thank you. Good evening all.

This does conclude today’s webinar. We thank you for your participation. You may disconnect your lines at this time and have a great day.