Chief Financial Officer
Thank you, Tony. I will begin with a brief discussion on our cash position. At March 31, 2013, the company's cash, cash equivalents and short-term investments were approximately $23 million, an increase of $4 million from the June 30, 2012, balance of $19 million. The increase in cash is the net result of the USD 11 million milestone payment received from Elan, offset by 9 months of expenditures. Today, we currently have approximately $22.1 million in cash. Our cash projections indicate that we have sufficient cash resources to enable the company to execute our core business plan and meet projected cash requirements well beyond the next year.