Corey Fishman: Sure. Thanks for the question, investors, because this is one we get quite frequently. And we want to address it head on. We’re constantly evaluating a variety of financing strategies to ensure that we can continue to fund operations through 2024 and over the next few years. One such strategy is to take advantage of opportunities to raise capital through share issuances or cash. As we’ve discussed previously, as an Irish-incorporated company, our shareholders must approve the disapplication of statutory pre-emption rights, over the authorized but unissued share capital, including the additional ordinary shares that were approved at the Annual General Meeting in May, and this is otherwise known as the waiver of pre-emption routes.
This waiver provides us with the ability to more efficiently and cost-effectively access the capital necessary to continue to execute on our business plans and strategies. Without this waiver, our ability to raise additional capital for cash is severely limited under our existing authority, which does not cover the new shares that were approved at the Annual General Meeting in May. As you may know, we did ask shareholders to approve this waiver earlier this year at our Annual General Meeting and at a subsequent extraordinary meeting in August. And while we received over 60% support of the votes on both occasions, we did not receive the affirmative vote of at least 75% of the votes cast as is required under Irish law. Simply stated, without this waiver extending to all authorized and unissued shares, in order to issue shares and raise sufficient capital in the equity markets, we’d be required to either seek a transaction-specific waiver from shareholders every time we want to issue shares, that would entail an extraordinary general meeting each time and significantly impede the timing of a financing transaction and our likely ability to do a deal efficiently or at all.
Alternatively, we can attempt to issue shares through our rights offering by first offering the shares to all existing shareholders for a period of time and then perhaps finding additional investors willing to take any shares that are not subscribed for on the same terms as the rights offering. The rights offering is also quite time-consuming, costly and there can be no guarantee that we would raise sufficient capital via this process. We strongly believe that having the flexibility to quickly take advantage of opportunities to raise capital through share issuances for cash in order to fund the continued execution of our business plans and strategies is critical to interim success and our ability to bring oral sulopenem, if approved, to market.
While we will also continue to pursue other corporate strategic financial and financing alternatives, including partnerships and debt financings, we plan to go back to you our shareholders in the near future to seek approval for the waiver of pre-emption rights over a portion of the authorized, but unissued shares.
Louise Barrett: Great. Thanks, Corey. That’s all the questions for now. So I’ll pass it back to you, Corey, just for your closing remarks.
Corey Fishman: Great. Thank you, Louise. Thanks for joining us today. We’ve taken the opportunity to address some of the questions we get most frequently from investors in order to provide as much clarity as we can regarding our upcoming milestones and time lines and to reiterate the importance of obtaining the waiver of pre-emption rights from shareholders with regard to the long-term financing of the company. We continue to remain confident in the value of oral sulopenem to treat multidrug-resistant infections in the community. We look forward to our upcoming top line data readout and subject to our analysis of the data, resubmitting our NDA to the FDA for this important treatment option for physicians and patients. Thanks again for joining us today, and have a good day.
Operator: This concludes today’s call. Thank you all for joining. You may now disconnect your lines.
