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Edited Transcript of ABEO earnings conference call or presentation 12-Nov-18 3:00pm GMT

Q3 2018 Abeona Therapeutics Inc Earnings Call

Dallas Nov 13, 2018 (Thomson StreetEvents) -- Edited Transcript of Abeona Therapeutics Inc earnings conference call or presentation Monday, November 12, 2018 at 3:00:00pm GMT

TEXT version of Transcript

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Corporate Participants

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* Christine Berni-Silverstein

Abeona Therapeutics Inc. - SVP of Finance & IR

* F. Carsten Thiel

Abeona Therapeutics Inc. - CEO & Director

* Timothy J. Miller

Abeona Therapeutics Inc. - President, Chief Scientific Officer

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Conference Call Participants

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* Difei Yang

Mizuho Securities USA LLC, Research Division - Executive Director of Americas Research

* Liav Abraham

Citigroup Inc, Research Division - Director

* Maurice Thomas Raycroft

Jefferies LLC, Research Division - Equity Analyst

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Presentation

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Operator [1]

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Good morning, and welcome to the Abeona Therapeutics Inc. Third Quarter 2018 Earnings Business and Update Conference Call. Today's call is being recorded. (Operator Instructions) For opening remarks and introductions, I'll turn the call over to Christine Silverstein, Senior Vice President, Finance and Investor Relations. Thank you. You may begin.

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Christine Berni-Silverstein, Abeona Therapeutics Inc. - SVP of Finance & IR [2]

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Thank you. Good morning, and welcome, everyone. Today's call will be led by Carsten Thiel, our CEO. Following Carsten, Tim Miller, our President and CSO, will present preclinical highlights.

Before I turn the call over to them, I need to remind our listeners that remarks made during the call may contain forward-looking statements that involve risks and uncertainties. Forward-looking statements on this call are made pursuant to the safe harbor provisions of the federal securities laws. Information contained in these statements is based on current expectations and is subject to change, and actual results may differ materially from forward-looking statements. Some of the factors that could cause actual results to differ are discussed in the reports filed with the SEC. These documents are available on our website, www.abeonatherapeutics.com.

With that said, it is now my pleasure to introduce to you Dr. Carsten Thiel. Carsten, you have the floor.

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F. Carsten Thiel, Abeona Therapeutics Inc. - CEO & Director [3]

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Thank you, Christine, and good morning, everyone. In the third quarter, our team has been working very hard to advance our lead programs and to further strengthen our pipeline. In our effort to bring transformative therapies to patients suffering from devastating diseases, we are focused on clinical, preclinical, regulatory and manufacturing initiatives. I will touch on this in more detail, but first, I'd like to highlight how excited we are about the license agreement we signed with REGENXBIO last week. We have acquired 4 worldwide exclusive licenses to their NAV AAV9 Vector platform for the development and commercialization of treatments for MPS IIIA, MPS IIIB, CLN1 and CLN3, which are all rare lysosomal storage diseases.

As we build on our existing expertise and the success we've seen to date with the use of the AAV9 vector in our clinical and preclinical trials, we are now one step closer to bringing these transformative therapies to the patient community that need them so much. We are committed to executing on our corporate strategy and our vision to becoming a leader in the treatment of these devastating and life-threatening rare genetic diseases for which there are no adequate therapies.

In a moment, I will provide further details on the quarter's events before turning the call over to my colleagues for additional updates on our programs, quarter financials and investor related events. We will then open the floor for questions. But first, I'd like to take a moment to acknowledge the recent important leadership changes taking place at our company. In preparing for the next stage of Abeona's growth, it is paramount to our future that we continue to establish strong world-class expertise and leadership in all functions of our company. The following changes are part of our transformation. I'm very pleased that last month, Dr. João Siffert joined the company as our new Chief Medical Officer and head of research and development. João has successfully led multiple drug development programs from preclinical to regulatory approvals in the U.S. and Europe with 30 years of combined experience in the biopharmaceutical industry, medicine and academia. He brings unique expertise in AAV, gained from his time serving as Chief Medical Officer for Ceregene, where he was responsible for clinical development of AAV-based gene therapies for Parkinson's and Alzheimer's diseases. João has also sat on the Board of Directors of AveXis, the AAV gene therapy developer acquired by Novartis. This comprehensive clinical, scientific and regulatory experience will be an asset for Abeona as we look to advance our clinical and preclinical candidates and to drive future pipeline growth.

We also welcomed Neena Patil to the Abeona team as our General Counsel and Corporate Secretary. Neena brings extensive legal expertise from previous jobs at companies such as Pfizer and Novo Nordisk. This is a new role that will aid us to evolve from a clinical to a commercial stage company.

Finally, we are announcing that at the end of the fourth quarter, Stephen Thompson is retiring from his position as Abeona's Chief Accounting Officer. I want to take a moment to recognize Stephen's contributions to our company as one of the first employees of Abeona. On behalf of the Board of Directors and the leadership team, I'd like to collectively extend our gratitude to Stephen for his many contributions to Abeona over the past several years. Serving as Stephen's replacement is Edward Carr, who will join the company as Vice President and Controller, effective as of November 26, 2018. In this role, Mr. Carr will serve as the company's Principal Accounting Officer.

Let us now discuss the work completed in the third quarter and in recent weeks starting with our AAV programs. Our clinical programs in MPS IIIA with ABO-102, an AAV gene therapy administered through a single intravenous infusion to treat the disease. This is a single arm clinical trial for patients suffering from MPS IIIA, which is a rare, inherited, progressive and life-threatening metabolic disorder that affects children from very young age. There are currently no approved treatment options available for this disease, and 7 out of 10 children die before the age of 18. MPS IIIA is caused by a defect in the SGSH gene that leads to enzyme deficiency and the inability to metabolize toxic sugars called GAGs.

Results from the ongoing Phase I/II trial highlights continued efficacy and safety data, which demonstrate time and dose-dependent improvements in underlying disease pathology including decreased GAGs and CSF in urine, improved liver volumes and stabilized neurocognitive scores compared to natural history. In addition, as Dr. Kevin Flanigan, who is the principal investigator of this trial, shared earlier this year, parents and caregivers reported back behavioral progress posttreatment such as improved muscle function, attention, social interaction, speech and sleep.

On our last earnings call, we announced that a total of 13 patients have been treated in the trial. These patients have been enrolled in 3 dose-escalating separate cohorts. Since that announcement, I'm pleased to report that one additional patient has been treated in Cohort 3, bringing the total number of treated patients in the trial to 14 for greater than 6,100 days cumulative follow-up. This is important as our trial enrollment has moved towards younger patients. The trial is being conducted at 3 sites, Nationwide Children’s Hospital in the U.S., Clínico de Santiago in Spain and Adelaide Women's and Children's Hospital in Australia. And sites continue to screen, recruit and follow-up patients for the ongoing safety, biometric, biophysical and neurocognitive assessment. Earlier this year, the FDA agreed to lower the minimum enrollment age in our trial down to 6 months from the initial 2-year cut off, an important amendment to investigate safety and efficacy across a broad range of patients and importantly at the onset of the disease.

As part of our continued efforts to treat and assess younger patients and strengthen the comparative data, we decided to aggregate 2 natural history studies. The existing study, we referenced from Nationwide Children’s Hospital; and an extensive study from the University of Pittsburgh. Our safety profile remains consistent and promising with no serious drug-related adverse events over 6,100 days of cumulative follow-up. We look forward to reporting additional updates from cohorts of this trial as data are collected. Remember, the ABO-102 program has been granted regenerative medicine advanced therapy, rare pediatric disease and Fast Track designations in the U.S. and orphan drug designation in both the U.S. and the EU. These regulatory designations allow for a dialogue with the FDA that remains focused and on track to support our overall efforts on our path to regulatory review. In parallel to our ongoing discussions with FDA, we continue the EMA's scientific advice process in order to identify the regulatory review pathway in Europe. We've recently completed important interactions with the FDA and the EMA and are currently consolidating this feedback to determine the best path forward for our MPS IIIA program. We will be able to update on the outcome of these regulatory discussions prior to the end of the year.

Moving on to ABO-101, our clinical program for patients suffering from MPS IIIB. Notably, this quarter, we received approval from the Spanish regulatory bodies to proceed with the Phase I/II clinical trial for this program in Spain. This is our second clinical trial conducted in Europe, alongside the ongoing Phase I/II trial for patients with MPS IIIA. In addition to Spain, we have plans to open clinical sites for the trial in 3 European countries, including France, Germany and the United Kingdom. This is a significant milestone for children suffering from MPS IIIB, an autosomal recessive lysosomal storage disease with a devastating effects such as neurocognitive decline, speech and mobility loss and premature death. MPS IIIB is caused by a genetic defect that leads to the deficiency of the NAGLU enzyme needed to break down complex sugar molecules. The ABO-101 gene therapy delivers a potentially transformative effect through the body with a single intravenous infusion, which uses an AAV9 vector to introduce the functional NAGLU gene to the target tissue in MPS IIIB patients. In this trial, patients will be evaluated at multiple time points post-infusion for safety and efficacy assessment. Like all our clinical programs, this is supported by a Natural History Study, which include a biochemical and clinical assessments consisting of neurocognitive evaluation, biochemical assays and MRI data generated over 1 year of follow-up. We're encouraged by the preliminary results observed in our U.S. trial to date, both in terms of clinically relevant biomarker response as well as regarding the ongoing safety profile. Importantly, ABO-101 in MPS IIIB has been granted rare pediatric disease designation in the U.S. and orphan drug designation in both U.S. and the EU.

With respect to our regulatory progress, on multiple designations across all our programs provides us with the opportunity for more frequent interactions with the FDA as well as becoming eligible for priority review and accelerated approval timelines. In addition to MPS IIIB, we have 2 other lead clinical programs that have been acknowledged by the U.S. and European regulatory bodies.

Lastly, I'd like to discuss EB-101, our clinical program in epidermolysis bullosa or EB, in autologous gene corrected skin graft cell therapy, for patients suffering from the most severe form of EB, recessive dystrophic epidermolysis bullosa, or RDEB. It is a life-threatening genetic skin disorder characterized by devastating and painful consequences, including chronic skin blistering, open and painful wounds, esophageal strictures, corneal abrasions and a shorter life expectancy. Due to gene mutations, patients with RDEB lack a functional collagen 7A1 protein, which is the main component of the anchoring fibrils that attach the dermis to the epidermis. Patients with RDEB suffer from intense pain throughout their life and life-threatening complications with no effective treatments available to reduce the severity of their symptoms.

The results from the Phase I/II clinical trial thus far demonstrate that the therapy is safe and well tolerated with durable efficacy throughout various time points post administration. Collagen 7 expression and reconstitution of anchoring fibrils were observed as early as 1 month post engraftment on EB-101 treated wounds and remain functional after the full observation period of 3 years thus far. The clinical result observed in this trial, which is conducted at Stanford University, are significant because they demonstrate clinically meaningful wound-healing improvements, durability and improved quality of life for these patients. We are preparing diligently for the start of our Phase III trial. Specifically, the team is completing the full scale of detailed CMC work streams, which we know from our discussions with the FDA are necessary to get ready not only for the Phase III trial but also for BLA filing and commercialization. The preparation and planning include the ability to create and use commercial grade products in the Phase III trial internally at our Cleveland facility. And in parallel, we are performing comparability studies to the product being developed at Stanford. We continue making progress from required as development SOPs and training personnel to engineering ones. In preparation for the trial and completing the CMC work, we are finding that increased investment on the front end will inevitably position us for a smoother, more expeditious transition towards the BLA filing and our goal of bringing a treatment to other patients. I want to remind that our EB-101 program in RDEB has been granted regenerative medicine advanced therapy, Breakthrough Therapy, orphan drug and rare pediatric disease designations from the U.S. Food and Drug Administration and orphan drug designation from the European Medicines Agency. Similar to MPS IIIA, these regulatory designations ensure that our dialogue with the FDA remains focused and on track to support our overall efforts on our path to regulatory review. We will be able to update on the outcome of these discussions prior to the end of the year.

I said this before, and it is becoming more real. Our collective efforts together with our investigators bring us closer to delivering on our mission to give hope, relief and extended life and better quality of life to these young patients who suffer from diseases for which there are no current treatment options. Working together to find a cure, this is our mission.

With that, I'll turn the call over to Dr. Tim Miller who will update you on our preclinical programs. Tim?

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Timothy J. Miller, Abeona Therapeutics Inc. - President, Chief Scientific Officer [4]

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Thank you, Carsten. In the third quarter, we continued to make progress on our preclinical programs. We are developing 2 AAV9 gene therapies for Batten disease, ABO-202 in CLN1 disease also known as infantile Batten disease and ABO-201 in CLN3 disease, also known as juvenile Batten disease. Both are inherited genetic diseases diagnosed in infants and young children that progress very rapidly.

Infantile neuronal ceroid lipofuscinosis caused by autosomal recessive mutations in the CLN1 gene is a fatal lysosomal storage disease that primarily affects the nervous system starting in newborns. Our AAV9 gene therapy program has received rare pediatric disease designation by the FDA and orphan drug designation by the FDA and EMA and has advanced to IND-enabling studies, which have evaluated a combination of intravenous and intrathecal gene therapy administrations of ABO-202. To date, the combination approach has demonstrated enhanced efficacy as measured by survival, motor and behavioral assessments in the mouse model of the disease and no safety issues have been observed in the rat toxicology study. We believe that this data will support the IND, which should be filed in the first quarter of 2019. Our IND enabling studies continue for our CLN3 program. This program, which is an intravenous delivery of AAV9 to address the systemic and neurologic manifestations of the disease, has also received orphan drug disease designations by the FDA and EMA. As we near the clinical stage, we are enthusiastic to work with leading Batten medical centers in the world in the University of Rochester and University of Hamburg. These clinical sites have devoted years of work in evaluating natural history of patients with CLN1 or CLN3. And these data will be critical to evaluating efficacy in the upcoming clinical trials. We anticipate the work supporting the IND for the CLN3 program will be completed in the first half of 2019.

Finally, we continue to expand and advance our AIM vector platform with now over 100 second and third generation AAV capsids that have demonstrated enhanced selectivity for tissues, specifically to compare them against naturally occurring AAV capsids, and these are viable through multiple routes of administration. Through internal development, the AIM platform is able to target diseases of the eye, lung, CNS, liver and muscle and has enabled our in-house pipeline development to expand. Importantly, initial nonhuman primate data in the eye and central nervous system is supportive of additional therapeutic targets, and we look forward to releasing more details on these data before year-end as we evaluate potential treatment approaches for patients that may have antibodies to natural AAV serotypes or importantly, have previously received an AAV injection. Our AIM vector platform is a powerful asset that may present potentially clinically superior as well as next-generation gene therapy approaches for delivering gene editing and gene replacement strategies for rare diseases. Now that we have internal AAV core capabilities with concept to commercial GMP manufacturing in-house to provide enhanced quality control and economies of scale, for preclinical to late clinical stage products, we look forward to continuing our product development at our facility in Cleveland. And we have an exciting few months ahead of us.

I'll now turn the call back to Christine, who will review our third quarter financials. Christine?

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Christine Berni-Silverstein, Abeona Therapeutics Inc. - SVP of Finance & IR [5]

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Thank you, Tim. I remind the listeners that we have recently filed the Form 10-Q, where you can get all the specific details on our financial results. But in summary, our cash, cash equivalents and marketable securities as of September 30, 2018, were $112.2 million compared to $120 million as of the end of the second quarter, June 30, 2018. Net cash used in operations in 9 months ended September 30, 2018, was $22.1 million compared to $17.6 million in the same period of 2017, an increase of $4.5 million. Cash outflows were offset by inflows of approximately $5.5 million from proceeds of the exercise of outstanding options and warrants. From a revenue perspective, our revenues were $1.7 million for the third quarter of 2018 compared with $219,000 for the similar quarter the year prior. A portion of the increased quarterly revenues consisted of the recognition of foundation grants that were announced during the fourth quarter of 2017. A portion of the grants were received in the third quarter of 2018, and the amount recognized is matched against corresponding expenditures. Additional revenues consisted of royalties from marketed products, primarily MuGard.

Loss per share was $0.34 per share for the third quarter of 2018 compared to $0.13 per share in the comparable period in 2017. Total number of common shares outstanding as of the day that we filed the 10-Q on November 9 is about 47.9 million shares.

That completes the summary financials. Also this week, we will be participating in the Jefferies 2018 London Healthcare Conference, presenting on Thursday November 15. That presentation takes place at 10:40 local time and can also be accessed through our website at www.abeonatherapeutics.com.

Finally, we are very excited to announce our second research and development day, which will take place in New York City on Thursday, December 6. Presentations by senior management, clinical investigators and key opinion leaders will span a myriad of gene therapy topics, and we'll also provide updates on our clinical and preclinical programs. Interested parties are welcome to follow the live webcast through our website.

And with that, I turn it back over to Carsten.

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F. Carsten Thiel, Abeona Therapeutics Inc. - CEO & Director [6]

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Thank you, Christine. In summary, I'm excited about the progress we have made across our pipeline over the recent quarter and even more excited about the upcoming work ahead of us that includes important milestones for our company. After decades of research and development, gene therapy is rapidly emerging as one of the most exciting areas of medicine and generating new hope for patients with rare and fatal genetic diseases. I want to thank our hard-working staff, our investors, our clinical investigators and most of all, our patients for working with us to develop potentially curative therapies for their devastating diseases.

I will now turn over to the operator to open up for questions. Thank you.

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Questions and Answers

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Operator [1]

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(Operator Instructions) Our first question comes from the line of Liav Abraham with Citi.

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Liav Abraham, Citigroup Inc, Research Division - Director [2]

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Perhaps just a few clarifications on the EB-101 program, Carsten. Last quarter, you said you're still -- you're on track to start the trial in the second half of this year. Apologies if I misunderstood this from your comments, but is this still the case? And then following on from that, based on your comments, will the trial be enrolling both at Stanford as well as from your own facility from the outset? And then lastly, on this program, it seems as though the gating factor to this trial starting is the manufacturing runs that you're doing. Can you confirm that the trial design itself has been agreed upon with the FDA? And are there any comments you can provide on the pivotal trial design as it relates to -- or perhaps as it compares to the Phase I/II trial?

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F. Carsten Thiel, Abeona Therapeutics Inc. - CEO & Director [3]

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You have many questions about the EB program. Let me start with just emphasizing how important the EB-101 program is for us. Our investigator as well as the entire Abeona team is extremely motivated to progress with this trial as those patients have no other therapy that is approved. As we've said earlier, we had regulatory interactions during the summer and following these interactions, we have put more emphasis on hiring staff, especially in the quality team and the CMC team, to meet the requirements on the CMC side with respect to assays and the quality release criteria. This is important for us because while it is more work right now, it will position us for a smoother and more expeditious transition towards a BLA filing and ultimately, bringing the treatment to RDEB patients through commercialization. In terms of timing, what that means for us is that the initiation of this trial is moving into 2019. And pointing to your question about the supply, we have parallel paths both at Stanford with the LCGM facility that has been preparing for this trial as well as Cleveland that can both supply this clinical trial as well as ultimately, commercial. And I think your third question was about the clinical trial design. We've been very pleased with interactions with FDA in terms of the trial. It's very consistent with the Phase I trial that we have pursued as well as consistent with the EB draft guidance that FDA released earlier during the year. So we feel confident that there are, at this stage, no more comments or questions regarding the protocol.

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Liav Abraham, Citigroup Inc, Research Division - Director [4]

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Just a follow-on question. Given the progress that you're making with your own facility as it relates to this program, will this actually accelerate enrollment once the trial does commence?

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F. Carsten Thiel, Abeona Therapeutics Inc. - CEO & Director [5]

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That's a very good question. We clearly see the potential because of the capacity that Cleveland has to advance the study. It's in our interest to do the study as rapidly as possible, but it's ultimately the investigators that have the patients lined up. They are well identified to pursue the trial.

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Operator [6]

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Our next question comes from the line of Maury Raycroft with Jefferies.

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Maurice Thomas Raycroft, Jefferies LLC, Research Division - Equity Analyst [7]

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Congrats on the recent updates, including the REGENX agreement. I was wondering if the REGENX license had any caveats to it or is it transferable. And then if you can provide any more specifics on the royalty rate.

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F. Carsten Thiel, Abeona Therapeutics Inc. - CEO & Director [8]

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So let me give you a bit more context about the license agreement. It's been something that I recognized very early on when I joined the company that the license situation is something that needed to be addressed, and I've been very pleased with the interaction with REGENXBIO on that. I think this agreement reflects the appreciation of the work that we have done, not only in MPS IIIA and B, but also the advances we have made so far on CLN1 and CLN3. And the fact that we have received exclusive licenses, I think, points to the fact that we are a very strong player here. The details of the agreement will be disclosed later. But so far for us, I think the most important detail of the license agreement as we have disclosed earlier is the scaled payments over time with $10 million -- immediately $10 million after 12 months and then the first annual payment of $20 million. So those $40 million are guaranteed, and then a total of another $80 million spread over the next 4 years, which adds up to a total of 7 years. And I think this fits very well with our development timelines and also with the overall capitalization we have.

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Maurice Thomas Raycroft, Jefferies LLC, Research Division - Equity Analyst [9]

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Got it. That's helpful. And then you mentioned the combination of the Nationwide and the University of Pittsburgh natural history studies. Can you remind me if the Pittsburgh study is published? And if you can provide any more specifics on how the 2 data sets will be combined. Are you primarily trying to increase the number of patients for specific ages?

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F. Carsten Thiel, Abeona Therapeutics Inc. - CEO & Director [10]

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Yes. So maybe a bit more context around these natural history studies, why they are important and what's the power of aggregating 2 studies. You may remember in the Natural History Study from Nationwide, we had 15 patients for MPS IIIA. And those 15 patients are distributed over a pretty wide age range. As we moved onto Cohort 2 and we are now well into Cohort 3, we were able to agree with the FDA to reduce the age of screened patients down from 2 years to 6 months. This has been a very important change because our investigators and key opinion leaders were very clear that the earlier we treat, the better. With that came the recognition that we want to have a Natural History Study comparison that mirrors this age range well. The Pittsburgh study is a study that has been going on since many, many years, and Maria Escolar has published on that over time. The benefit of aggregating these 2 studies is that we have more patients in particular in the younger age range, and this will serve us well as we look at our ABO-102 trial that is a single-arm study versus this aggregated database.

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Maurice Thomas Raycroft, Jefferies LLC, Research Division - Equity Analyst [11]

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Got it. And will these 2 natural history studies being combined, will that influence the regulatory update that we get by the end of the year, I guess? Is this something that the FDA wants to see in order to make a decision on how that endpoint would look for regulatory approval?

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F. Carsten Thiel, Abeona Therapeutics Inc. - CEO & Director [12]

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Well actually, Maury, we are right now looking into these data. Then the important benefit of these 2 studies is that they are using the same measures in terms of biochemical, biophysical changes but also neurocognitive changes. So these 2 studies fit very well together, which is important for us in the aggregation and they use as a control.

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Operator [13]

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Our next question comes from the line of Difei Yang with Mizuho Securities.

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Difei Yang, Mizuho Securities USA LLC, Research Division - Executive Director of Americas Research [14]

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So maybe on the very high level for the manufacturing site in Ohio. Carsten, would you be able to provide some key milestones to help us keeping track -- keeping track of the progress made at that facility on an ongoing basis? What we should be -- what milestones should we be paying attention to for the next 12 to 24 months?

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F. Carsten Thiel, Abeona Therapeutics Inc. - CEO & Director [15]

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So we have already a couple of very important accomplishments under our belt, namely that in a very short period of time, we have finished that facility and opened this on the 31st of May this year. Over the summer period, the next milestone was to hire the staff working in the facility. We have completed that in the last few months. We have also trained those people on CMC requirements. And the one important milestone was for us the actual production of skin grafts, which had initiated during the summer. The next milestone is the completion of those methods and assays for the CMC amendment. And as we look to the final milestone that in my view is important is providing actual RDEB product derived from patients that provide the biopsies. So it's a gradual process, and I've been very pleased with the talent that we were able to recruit, the work that those people are doing and how well they work together with our principal investigator and the LCGM site in Stanford.

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Difei Yang, Mizuho Securities USA LLC, Research Division - Executive Director of Americas Research [16]

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Okay. And then on the MPS IIIA program, when would you expect us to get another update on how well those patients, I think, now it's 14 patients, will do.

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F. Carsten Thiel, Abeona Therapeutics Inc. - CEO & Director [17]

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Yes. So we look at that study as now being in a very important phase, I mentioned this before that we were pursuing a path to recruit younger patients, and those younger patients were successfully recruited in the third cohort. And we expect that the effect of our therapy will be the most meaningful in that patient population. We're still not at patient 15 yet. And as you know, the trial has a 2-year follow-up. So at this time, we continue to analyze the data and we'll provide an update before the end of the year.

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Operator [18]

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We have reached the end of our question-and-answer session. I would like to turn the floor back over to Mr. Thiel for any closing remarks.

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F. Carsten Thiel, Abeona Therapeutics Inc. - CEO & Director [19]

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Well, thank you, everyone, for joining this morning. It's been a pleasure. Thank you for the questions. I look forward to share with you more exciting data about Abeona as we move forward. Have a good day.

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Operator [20]

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Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.