Good day ladies and gentlemen and welcome to the Rockwell Medical Fourth Quarter Earnings Conference Call. At this time all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. (Operator Instructions) As a reminder, this conference call is being recorded. I'd now like to turn the conference over to Paul Arndt. Sir, you may begin.

Thank you, Victoria, and good afternoon, everyone and thank you for attending the Rockwell Medical fourth quarter and year-end 2013 financial results conference call. I’m Paul Arndt, Managing Director of LifeSci Advisors. On the call this afternoon are Rob Chioini, Founder, Chairman and Chief Executive Officer; Tom Klema, Chief Financial Officer and Ray Pratt, Chief Medical Officer. Before we begin, I'd like to remind everyone that various remarks about future expectations, plans and prospects constitute forward-looking statements for purposes of Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995. Rockwell cautions that these forward-looking statements are subject to risks and uncertainties that may cause our actual results to differ materially from those indicated. Among the factors that could cause actual results to differ materially include risks and uncertainties related to the regulatory process for Triferic including submission of the Triferic NDA, review of the Phase III study results and FDAs decision on whether to approve Triferic, the Company's ability to successfully commercialize Triferic, manufacturing capabilities and other risk factors identified from time-to-time and reports filed with the Securities and Exchange commission. Any forward-looking statements made on this conference call speak only as of today's date, Wednesday, February 26, 2014 and the Company does not intend to update any of these forward-looking statements to reflect events or circumstances that occur after today’s date. This conference call is being recorded for audio rebroadcast on Rockwell’s website at www.rockwellmed.com. All participants on this call will be listen-only mode. The call will be followed by a brief Q&A session. I'll now turn the call over to Rob Chioini, Founder, Chairman and CEO of Rockwell Medical.

Good afternoon. Thank you for joining us today. Today I'll briefly cover our fourth quarter numbers and then provide an update on our strategic initiatives. Joining on the call today will be our Chief Financial Officer, Tom Klema, and Our Chief Medical Officer, Dr. Ray Pratt. Starting with the fourth quarter numbers, sales for the quarter were $14 million, a 7.4% increase over a year-ago. Gross profit for the quarter increased 21% to $2.1 million. CitraPure sales continue to climb significantly. Fourth quarter CitraPure sales increased 415% and units shipped increased 560% over a year-ago. Sequentially from third quarter to fourth quarter 2013, CitraPure sales increased over 50%. CitraPure now accounts for close to 70% of all Rockwell Dry Acid sales. So I’ve mentioned prior, we expect CitraPure will soon become the new standard of care in dialysis. Going forward, we expect our sales momentum to continue. Regarding research and development expense, we spend $5.8 million in the fourth quarter, that’s a significant 51% reduction compared to last year’s quarter and 45% less than third quarter of 2013. We expect a similar reduction in R&D expense in the first two quarters of 2014 and then approximately $1 million of expense in Q3 and Q4, respectively in 2014. Net loss for the quarter was $8.3 million, 39% less than reported a year-ago, as clinical studies have come to an end and as a result we expect net loss will continue to improve quarter-to-quarter. We are just under $24 million in cash at year-end. Our cash resources are sufficient to get Triferic to commercialization. Now moving to our clinical progress and Triferic. As you know we reported successful study results from our pivotal CRUISE-1 and CRUISE-2 trials in the second half of 2013. Both pivotal Phase 3 studies met their primary efficacy…

Thank you, Rob and good afternoon everyone. I'll provide you with the review of the fourth quarter and year-to-date results along with liquidity and capital resources. I will start with sales. Sales in the fourth quarter of 2013 were $14 million, up 7.4% from last year’s fourth quarter. Sequentially fourth quarter sales were up $900,000 or 6.6% over the third quarter. For the year, sales were $52.4 million, a 5.1% increase over 2012, both domestic and international sales made notable gains in 2013. As Rob mentioned, we continue to see significant increased growth in our CitraPure product line and primarily in our dry powder concentrate products. As we’ve mentioned in the past, conversion to dry powder is attracted to the customer as it offers a lower cost for treatment. The results in lower sales revenue for Rockwell will provides us with a lower distribution cost. Our gross profit in the fourth quarter was $2.1 million, up 21% over the fourth quarter of last year. Gross profit margins in the fourth quarter were 14.8%, an increase of 1.7 margin points over the fourth quarter of 2012. Gross profit improved due to the increased sales inversion to our CitraPure product line, offsetting the negative impact of rising raw material and operating costs. All of 2013 gross profit was at about the same level as 2012. SG&A expense during the fourth quarter of 2013 was $3.8 million compared to $3.6 million in the fourth quarter last year. The difference was the result of the mandated medical device tax of $200,000 for the quarter. Notably non-cash equity compensation was $1.8 million in the fourth quarter compared to $2.2 million in the fourth quarter of last year. SG&A expense for 2013 was $14.3 million compared to $12.7 million for 2012. Increased SG&A costs were due…

Thank you. (Operator Instructions) And the first question is from Annabel Samimy of Stifel. Your line is open. Annabel Samimy - Stifel, Nicolaus & Co.: My questions are, just since you’re talking about I just want to make sure I heard correctly. The R&D is going to decline from fourth quarter into first quarter as well as second quarter and then $1 million each quarter thereafter, did I hear that correctly?

Yes, you did. That’s correct.

Yes, that’s correct. Annabel Samimy - Stifel, Nicolaus & Co.: Okay, I just want to clarify that. And you said from the first quarter to second quarter is going to be a decline of about 50%?

Yes. That’s correct. Annabel Samimy - Stifel, Nicolaus & Co.: Okay. Now on the SG&A, I just want to understand with the potential launch of Calcitriol, what kind of additional sales or marketing support are you going to have to supply or is that something that can go straight into your infrastructure through client contracts?

Right, those are going to be minimal expense for SG&A for the launch of either drug, Calcitriol or Triferic. Annabel Samimy - Stifel, Nicolaus & Co.: Okay. And then while we’re on the top of Calcitriol, I just have to ask again; do you have any sense of what the holdup is if they’ve expedited this program, why is it supposed to be at the FDA almost a year later?

Well, I think we received the expedited review that was granted to us in July. I don’t know if it's been a year, but your guess is good as ours. I don’t really look at it like there’s a holdup; I look like we’re just moving along and soon or later we’re going to get the approval. Annabel Samimy - Stifel, Nicolaus & Co.: I mean because this is an approved product, so I mean is it -- I guess should we assume that it's going along just your standard ANDA timelines for approval because it's already an approved product, so does manufacturing sort of fall on the same lines of classic ANDA approval then?

Right, so what I can tell you is, had we not gotten the expedited review granted we would have been looking at three to four years, the FDA our understanding is with generic drugs they don’t get the authority that new drugs get. So, we’re actually in good shape. Certainly it's not happening as fast as we would like it to, but we’re in good shape. Annabel Samimy - Stifel, Nicolaus & Co.: Okay. Let me ask you then about the upcoming filing, you’ve obviously been preparing your package since the data release. Do you have, I noted the prime study was not a pivotal study for approval purposes, but to what extend is the FDA going to want to see the prime data and how would it factor into their decision making?

Ray, why don’t you answer that question?

Yes, thanks. Well actually we know that the main decision maker for the agency with regard to this product will be the hemoglobin, the change from baseline in hemoglobin and the difference between the Triferic and the placebo group, definitely they will get the -- they will have the prime data included in the package. And we’re anticipating that all of the clinical study results will be part of the approved labeling should we, when we get approval. So again whether they -- whether that’s part of the indication or just as part of results in clinical pharmacology that would be opened in negotiation with the FDA. Annabel Samimy - Stifel, Nicolaus & Co.: Okay. And can you just share with us if we’re going to see any kind of data releases from the open-label extension study because obviously that’s been going on, and it will be nice to see not just safety but any kind of I guess maintenance or a consistency in hemoglobin levels, and what exactly happened to these patients that move them into that open-label study. So is there any data release that we’re going to be seeing either in publications or additional medical forms that we can be looking forward to?

Yes, I mean we have just completed the enrollment in those studies and are locking all the data bases and haven't got the final analysis from those studies. Yes, so once we actually have those we anticipate that we will be releasing them through upcoming medical meetings in the 2014, 2015 calendar year. Annabel Samimy - Stifel, Nicolaus & Co.: Okay. And I guess one last question; I can get back in the queue. In terms of patent protection on SFP I know that you have a couple of patents issued already one in 2016 and maybe another one after that, can you just go through your patent protection and how well you feel that you’re covered and if you’re filing for any additional patents?

All right. There’s an extensive, substantive list of patents where they’re been filed and where they have been issued, take a little bit of a time to go through all of them obviously. So, what we can tell you is we -- the ones that you know about obviously have been issued. We just had another one issued in Japan on the formulation. There’s other patents pending on both formulation, there’s been other patents filed. I don’t really want to say around what at this time, but we filed several other patents in many different countries and there’s a lot of IP around the drug. Annabel Samimy - Stifel, Nicolaus & Co.: Can you tell us how broader now the claims are on some of the later patents?

No, I mean I can’t get into that on this call. We feel we’ve got very strong IP around the products. Annabel Samimy - Stifel, Nicolaus & Co.: All right, thanks. I’ll get back in the queue.

Thank you. The next question is from Charles Haff of Craig-Hallum. Your line is open.

Hi, thanks; most of my questions have been asked and answered. But I had a couple here, on the short-term debt for $2.3 million, is that a bank credit line or what is that?

Charles last year we entered into a financing arrangement and we borrowed $20 million and that’s repayment of the principal this year.

Okay. And then for CapEx you’re running at about $600,000 annually. Once Triferic is launched do you have any idea to what CapEx may look like on an annual basis, you’re going to make that product yourselves, right?

This time we’ll probably use the contract manufacturing organization and so we do not have plans for any capital spending related to the production of Triferic. I would anticipate the capital spending to be much the same level it is today.

Okay. And then you mentioned the manufacturing approval you hope for shortly. Has the FDA come in to inspect the facility of your contract manufacturer yet?

The manufacturer that we use has been inspected by the FDA.

And could you share that date with us or approximately when that was?

Well, they don’t -- so they may not go inspect the manufacturer based strictly on our submission, but yes that date occurred at the end of last year.

Okay, and when you say they wouldn’t go to for your submission, is this just kind of a general inspection or maybe you could elaborate about that a little bit, because I’m a little confused.

All right. So the way it works it the FDA has facilities they inspect regardless if we’re filing a submission on chemistry. In a particular facility they happened to inspect it right after we had submitted our filing, but I don’t believe it had to do with our filing, as a matter of fact I’m certain we didn’t.

Okay. So is there a separate inspection that needs to be done in regards to your filing or is the inspection that they’ve already done could be adequate?

Right. The inspection they already did was ade is quate, there’s no extra inspection.

Okay, great. And then you mentioned a comment about SFP substantially reduces nursing hours. I was just wondering if you guys have quantified that or any of your partners -- any of the dialysis providers that were included in the SFP studies if they’ve quantified the nurse savings.

Yes, there is some data out there that’s quantified the nursing hours and the reduction.

And what kind of ranges or approximations would you say that vendor seem saving is?

I’d have to go pull that data again, but it's significant, it's a lot of hours. And you can just imagine today a nurse that’s delivering IV Iron has a lot more work and a lot more steps to complete as opposed to the way Triferic is added into the central bicarb mix.

Sure. Okay, I’ll jump back in queue. Thank you.

Thank you. (Operator Instructions) Thank you, and at this time we do have a follow-up question from Annabel Samimy. Your line is open. Annabel Samimy - Stifel, Nicolaus & Co.: Hi. I just had one other question. I think just back a couple of months ago you mentioned that ASN was conducting their own, I guess, special meeting to talk about the issue of ferritin I guess overall, the [C] [ph] change that has to have it in the phase. Is there any update from that meeting? Has it happened, is there anything that you can tell us from that that’s going on from a medical perspective?

Ray, do you want to address that?

Yes, sure. I mean, actually it's KDIGO. Annabel Samimy - Stifel, Nicolaus & Co.: Okay, KDIGO, it is okay.

Which is conducting the meeting and it is scheduled for the end of March, and that’s all we know right now. Annabel Samimy - Stifel, Nicolaus & Co.: Okay. And then the basis of the meeting is to deal with the ferritin issue, can you just explain that, is it an overload issue, is it a lack of understanding what ferritin is. Can you just help us understand.

The basis of the meeting is to discuss the current status of iron and anemia management, and will cover all of the various different aspects of intravenous iron administration, ferritin some of the latest information coming out about infections that are in patients given large doses of intravenous iron. It's going to be a fairly comprehensive -- it's one of their controversies conferences which actually is the prelude to making new -- to convening a new guidelines conference sometime in the future. So, they are just now putting together the final agendas for that. And I think if you go to the KDIGO website you’ll actually be able to find some information about that meeting. Annabel Samimy - Stifel, Nicolaus & Co.: Okay. And just another broader question, I mean KDIGO has been putting out guidelines for quite some time, it doesn’t seem like the dialysis market really follows them very closely. So what is it that’s going to cause a greater [C] [ph] change in terms of physicians following guidelines because it doesn’t to seem to be in practice they love to do?

No, I actually disagree. I think that they actually do, they do try to follow the guidelines for the most -- for a lot of the different areas of nephrology. And KDIGO puts guidelines out not just because of the dialysis community. So they put them out for the -- for all the chronic kidney disease aspects. So again it's a very important aspect we believe in terms of an educational opportunity to begin to change the practice of nephrologists to a more evident basis. And I believe that KDIGO actually is a fairly important organization in terms of all of the impact that they have. And I think that nephrologists they actually well they do try to follow a lot of this, maybe they don’t do it perfectly. But they certainly are aware of them and when you ask them about it they certainly are aware of what the guidelines say. Annabel Samimy - Stifel, Nicolaus & Co.: Okay, great. Thank you.

Thank you. And at this time I would like to turn the call back over for closing remarks.

Thank you for joining us today and we appreciate your time and your continued support.

Thank you. Ladies and gentlemen, this concludes today's conference. You may now disconnect. Good day.