Very upbeat. Basically CEO reiterated all of the stellar data for SGN 35 presented at ASH. Additionally he outlined other potential therapeutic uses for 35 including earlier lines of treatment for HL and ALCL as well as other CD 30 expressing lymphomas. Very promising was the cutaneous lymphoma data from patients enrolled in the ALCl trial. 15 of those ALCL patients had cutaneous lesions and 14 of the 15 achieved CR for the cutaneous lesions. On a non SGN 35 note, Clay seemed optimistic about SGN 75 and ASG5ME, two additional pipeline drugs aimed at renal cell and pancreatic tumours. While difficult to treat, he believes these " may be the right type of molecules to deliver the punch ". He believes we are entering a new era of Oncology, whereas for the past 20 years the focus has been on antibody development, the future is in the empowered antibodies. He did relate the early trials of SGN 30 antibody which resulted in 0 % ORR, where later, that same antibody empowered showed a 75% ORR against HL. The usual sales force build up was also touched upon. Small company hiring the best and brightest to get it done. Finally he did let on about numerous other companies showing interest in their technology and he does expect future collaborations will pickup.