Good day, ladies and gentlemen and welcome to the third quarter 2010 Repligen Corporation earnings conference call. My name is [Shamita] and I will be your coordinator for today. At this time, all participants are in a listen-only mode. We will conduct a question-and-answer session towards the end of today’s conference. (Operator Instructions) I would now like to turn the presentation over to your host for today’s call, Mr. William Kelly, Chief Financial Officer. Please proceed.

Thank you and good morning. The purpose of today’s call is to briefly review our financial results for Q3 of our fiscal year 2010, update our financial projections for the year and to update the status of our development programs. Joining me today is Walter Herlihy, our President and CEO. At the outset, I'd like to state that this discussion will contain certain forward-looking statements which are not guarantees of future performance such as our financial projections and projections for the U.S. sales of Orencia, opportunities for licensing, our intellectual property portfolio and our plans and projections for clinical trials. These statements are subject to certain factors which may cause Repligen's plans to materially differ or results to materially vary from those expected including market acceptance of our products, unexpected preclinical or clinical results or delays, delays in manufacturing by us or our partners, failure to receive adequate supply of clinical materials from our partners, timing of product orders, delays in or failure of regulatory approval, adverse changes in commercial relationships and a variety of other risks set forth in our filings with the Securities and Exchange Commission including, but not limited to, our Annual Report on Form 10-K. Except in circumstances in which prior disclosure becomes materially misleading in light of subsequent events, we do not intend to update any of these forward-looking statements. This morning, we released our financial results for the third quarter fiscal year 2010 which ended on December 31, 2010. For the quarter, we recorded total revenue of $5.6 million, including product sales of $2.9 million and royalty and other revenue of $2.7 million. Product royalty and other revenue benefited from a 20% increase in Orencia sales versus the same quarter of last year. Operating expenses has increased $400,000 compared to the prior year as…

Thank you, Bill. Today, I like to describe our plans to revitalize our bioprocesing business. As many of you know for years, Repligen has been selling Protein A, primarily to our commercial partners GE Healthcare and more for in applied Biosystems. Over the years this business grows our commercial partners sold increasing amounts of Protein A based resins to end users who were producing monoclonal antibodies. Over the past year, the recession has market reduced demand from these end users which has negatively impacted our sales. Last year, we put in place to plant to diversify our business and expand the revenue opportunity. The first step in this plan is to secure our future revenues and our bulk Protein A manufacturing business. Last week, we announced an important step in this effort by signing a five year supply agreement with GE Healthcare, one of the worlds largest consumer of Protein A. Yesterday, we announced our Pat Allowance for our next generation Protein A product which is an exact replica of the naturally derived form of Protein A using in the production of many of the World’s monoclonal antibodies. This recombinant product is now available in commercial qualities which allow us to compete head-to-head with naturally derived Protein A. This product will also be the basis of future collaborations or our own internal development efforts. The second step in the diversification and growth plan is to develop a series of products which can be sold directly to end users which will allow us to address larger market opportunities, with potentially higher gross margins. The bulk Protein A market is approximately $20 million of which we have a share of approximately 50%, when our commercial partners attach our Protein A Resin and resell to end users. Its value increases by 5 to…

Hey guys. We have been sure for about three years for our clients. My question, I always see you guys wanted to be a buyer. I always start to see why you guys wouldn’t want a higher investment bank or look to sale the company. It looks for me you have a better of selling for the whole stock deal to a mid-cap biotech 5 or 6 folds, we diversify the risk versus being a buyer. I just want to see what your comment on it with that question?

It's certainly a possibility. Our view is that over the next year, the outcome of the RG2417 trial in bipolar depression will be a significant determination of the value of the therapeutic pipeline and then any buyer would want to see the results of that prior to being able to really access with the value of that assets is. In addition, the two parties I mentioned in Friedreich’s ataxia and Spinal Muscular Atrophy, I think certainly a whole lot of value and inflection point in value is getting clinically enabled, another words having products that are advancing in clinical trials as opposed to being preclinical. So we kind of use those two events IND filings on the early stage products and Phase 2B results on the bipolar product to be key determinants and if in either way there is well I think early determine how we've perceived in building that of which selling them all or part of that is certainly a buyable alternative.

Okay. Thanks. That was my main question. Any comment on the stock price being down 50%. I mean, with your liquidation value of the company, are you even seeing higher? I see a couple of analysts on the street give 9 to $10 target, just staying trying to figure out why the stock's been so much on the pressure in the last 30 days. Any comment on that?

Well, I think it's the backlog from the setback on the RG1068 trial which we recorded in December, which didn’t make prime of -- for the primary endpoints set for. So that’s going to result in a delay. We get this -- rewrite approve by FDA or EMA. That will be about a year setback for that program and people are always looking for those types of the events coming up in a short term to take positions on this small biotech stocks.

(Operator Instructions) There are no further questions at this time. I would like to turn the call back over to Mr. Walter Herlihy. Please proceed.

Okay. Well, thank you everyone for attendance on today's call and as always, if there are additional questions come up over the course of the next quarter, please feel free to contact the company directly through Investor Relations. Thank you.

Thank you for your participation in today's conference. This concludes the presentation. You may now disconnect. Good day.