Good day, and welcome to the Transgenomic Third Quarter 2015 Financial and Business Review Conference Call. All sites are currently in a listen-only mode. Please note there will be a question-and-answer session later on in the call. Also note, today’s conference call will be recorded and will be accessible both, by phone and on the Internet. For more information, please refer to the conference call press release on the company’s Web site transgenomic.com for further details. The company has asked that I read the following statement. Management will make comments today that contain forward-looking statements. Forward-looking statements are any statements that are made that are not historical facts. These forward-looking statements are based on current expectations of the management team and there could be no assurance that such expectations will come to fruition. Because forward-looking statements involve risks and uncertainties, Transgenomic's actual result could differ materially from management’s current expectations. Please refer to the press release, the company’s 10-Q, 10-K and other periodic SEC filings for information about factors that could cause different outcomes. The information presented today is time-sensitive and is accurate only at this time. If any portion of this call is rebroadcast, retransmitted or redistributed at a later date Transgenomic will not be reviewing nor updating this material. I will now turn the call over to Transgenomic's President and Chief Executive Officer, Paul Kinnon. Please go ahead, sir.

Good afternoon everyone and thank you for joining us for today’s third quarter 2015 conference call. I’m joined by our Chief Accounting Officer, Leon Richards. I’ll provide an overview and update of our progress during the quarter, and Leon will then briefly review the quarter's financial results in greater detail. During the third quarter, Transgenomic made major significant progress towards becoming the focus precision medicine company we’ve been targeting for the past 12 months. We significantly advance our ICE COLD-PCR commercialization strategy with the launch of multiple clear tests for cancer. We signed our first commercial license for the use of ICE COLD-PCR powered clear diagnostic tests and we continue to work with our pharma partners towards developing the scalable ICE COLD-PCR base serve this business for the company. We accomplished all this while delivering on our promise to divest and monetize our non-strategic assets and generate non-dilutive cash to help fund our growth strategy. During the course we move to divest all of our genetic assays and platforms of GAP business unit for total of $2.5 million in non-dilutive cash while reducing our expenses by over 1.5 million per quarter and reducing substantial restructuring charge. As we have noted, divesting in these legacy instruments and reagent business made good strategic sense of they are being consuming significant management time and required major investments to become competitive and profitable. Results is now freed up to focus on our high potential, high growth ICE COLD-PCR. We still have more work to do on the execution of our commercialization strategy for ICE COLD-PCR. For the first time we have a far more agile company that is fully focused on enabling technology and our enabling focus on precision medicine. From a financial perspective, please keep in mind this is a transition period of…

Thank you, Paul. I’ll start with our third quarter results. During the third quarter, the company announced that it held certain assets and liabilities of its Ion Chromatography columns business and additionally announce that it entered into a binding term sheet to divest the remaining portion of our genetic assays and platforms for the GAP business segment. These divestitures have a major effect on the company’s operations and financial results. The revenues and expenses associated with the GAP business are no longer included in the company’s results from continuing operations and the information presented for both the current and prior year period in the financial statements have been modified to reflect the discontinued operations treatment of that business segment. For the continuing operations, net sales for the third quarter of 2015 were 4 million, a $100,000 decrease as compared with 4.1 million for the same period in 2014. The slight decrease reflects lower sales from the contract laboratory services segment of the business partially offset by an increase in the patient testing services segment. Gross profit was 1.8 million or 45% of net sales compared with gross profit of 1.7 million or 42% of net sales for the same period in 2014. The gross profit, gross margin increase as a percent of sales is due primarily to managing and primarily lowering the cost of our operating supplies in 2015 versus the prior year. Operating expenses were 10.7 million during the third quarter of 2015. This includes $7 million charge for impairment of long-lived assets that was recorded during the three months ended September 30, 2015. This is a non-cash charge related to the company’s review of recoverability of the amortizing long-lived assets of our patient testing business and resulted in the $7 million charge. During the third quarter of 2015,…

Thank you, Leon. In recap, during the third quarter Transgenomic made major significant progress towards becoming the focus precision medicine company we have been targeting for the past 12 months. We significantly advanced our ICE COLD-PCR commercialization strategy with the launch of multiple clear tests for cancer. We signed our first commercial license for the use of ICE power clear assays and diagnostic tests. We continue to work with our pharma partners towards developing the scalable ICE COLD based services business and we accomplished all of this while delivering on our promise to divest in monetize our non-strategic assets and generate non-dilutive cash to help fund our growth strategy. At this point operator, we are ready to open the call for questions.

Thank you. [Operator Instructions] We’ll take our first question from Per Ostlund from Craig-Hallum Capital. Please go ahead.

Thanks. Good afternoon, Paul and Leon. I wanted to -- I guess over first question and I apologize you have to pardon this the broad nature of this question, but with the progress on streamlining the business obviously the focus has been but even more or so now going forward will be ICE COLD-PCR. With all the launches and the license in Q3 is it still a little too early to actually speak to a current quarter revenue contribution from ICE COLD-PCR? And then I guess sort of related to that sort of how do you see the pacing of revenue from the products over the -- I guess the near-term feature and sort of the broad receptivity to them?

Good question, Per. We’ve always said that this year is the beginning of ICE COLD-PCR and the move into precision medicine. We think this year, we’d like to be able to get to the state by the end of the year that it will be material, we’re still working on that and we’re still focus on that in terms of licensing deals, commercial deals and sales of the assays and stuff and that’s why we focused on the commercialization. Now we actually done also in the background launching the tests, launching the kits, sign the first deal, educating the marketplace. So we do think by the end of the year that we’ll be able to report a number that’s sizeable, we can’t report it yet because not quite there. And then going forward next year we see it starting to ramp up when it becomes a major number that we can close and talk about in terms of breaking out in terms of right licensing revenue, commercial revenue for clear testing and revenue from kits. So we think we’re going to be there by the end of the year, it still saying what that number is, but that’s where we’re focused on at the moment.

That’s more than fair. A couple of questions I guess related questions that pertaining to the cash side of things, so you called out the expense reduction, the quarterly expense reduction in the release and I just want to make sure the reduction by quarter more than $1 million of expense. Is that purely the exiting of the assay and platform business or has there been other internal cost cutting effort undertaken aside from that?

We’ve tightened our belts a little bit I’d say, we’ve had a very focused approach this year on measuring our expenses against our costs and we’ve done that on a regular basis and kept us ourselves as lean as we could do. There are so obviously significant savings on the expenses side because of the divesting of the businesses. And that will payout dividend in 2016, well not likely to see as much this year but next year and then roughly I would like to add to that.

I think that’s fair Paul, again when you look at our operating expenses were down year-over-year were down quarter-over-quarter lot of that is in terms of us being able to control some of the spending and that’s what we’ve been trying to do, I wouldn’t call it a restructuring per se but it certainly is a timing as belt as Paul indicated and he is right because of the timing of the deals and the closings that are still yet to be to happen we’ll probably won’t see a lot of the cash flow benefit in the fourth quarter, but certainly in 2016.

And then I guess just of detailing off of that on cash, where do you sort of see and maybe it's too soon given that you are really in the throes of a significant transition, but as the assay and platform business, where do you see burn rate kind of shaking out on a quarterly basis for the next couple obviously there is ideally we’re ramping revenue significantly not too far down the road but just thinking sort of near-term?

I would say Q1 is probably going to be in the region maybe in the region income f2 million burn rate. But it all depends on the uptake of the business as well. Obviously the business that will be left is mainly focused with lot of fixed asset in terms of services and clear testing labs. So when we get to that breakeven point in terms of the fixed cost it's the profit and margin goes up significantly.

Thank you. And it appears we have no further questions in queue. So this will conclude today’s question-and-answer portion of the call. I’d like to turn the call back over to management for additional closing remarks.

Thank you very much. I hope we have communicated our enthusiasm about the progress we’re making and the revitalization of Transgenomic delivering on our commitment to divest the legacy businesses while advancing the commercial of ICE COLD with its potential to transform both our company to measuring field of precision and personalized medicine. We look forward to keeping you update of our progress and thank you for joining the call.

Thank you. This does conclude today’s conference. You may now disconnect your lines. And have a wonderful day.