SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
___________________________
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
November
6, 2006
Date
of
Report (Date of earliest event reported)
Discovery
Laboratories, Inc.
(Exact
name of registrant as specified in its charter)
|
Delaware
|
000-26422
|
94-3171943
|
|
(State
or other jurisdiction
of
incorporation)
|
(Commission
File Number)
|
(IRS
Employer
Identification
Number)
|
2600
Kelly Road, Suite 100
Warrington,
Pennsylvania 18976
(Address
of principal executive offices)
(215)
488-9300
(Registrant’s
telephone number, including area code)
(Former
name or former address, if changed since last report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
2.02. Results
of Operations and Financial Condition.
On
November
8, 2006, Discovery Laboratories, Inc. (the “Company”) issued a press release
announcing financial results for the
quarter
ended
September 30,
2006,
and providing selected updates on the Company’s progress since the end of the
second fiscal quarter in 2006. The press release is attached as Exhibit 99.1
hereto.
In
accordance with General Instruction B.2 of Form 8-K, the information in Item
2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall
not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”), or otherwise subject to the
liabilities of that section, nor shall it be deemed incorporated by reference
in
any filing under the Securities Act of 1933, as amended, or the Exchange Act,
except as expressly set forth by specific reference in any such
filings.
Item
8.01. Other
Events.
On
November 6, 2006, the Company issued a press release to announce that the United
States District Court for the Eastern District of Pennsylvania dismissed,
without prejudice, the Consolidated Amended Class Action Complaint filed on
August 9, 2006 against the Company and two of its executive officers. The
plaintiffs were granted leave to file an amended Consolidated Amended Complaint
by November 30, 2006. The press release is filed as Exhibit 99.2 hereto and
is
incorporated herein by reference.
Item
9.01. Financial
Statements and Exhibits.
| (d) | Exhibits | |
| 99.1 | Press Release dated November 8, 2006. | |
| 99.2 | Press Release dated November 6, 2006. |
Cautionary
Note Regarding Forward-looking Statements:
To
the
extent that statements in this Current Report on Form 8-K are not strictly
historical, including statements as to business strategy, outlook, objectives,
future milestones, plans, intentions, goals, future financial conditions, future
collaboration agreements, the success of the Company’s product development or
otherwise as to future events, such statements are forward-looking, and are
made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. The forward-looking statements contained in this Current
Report are subject to certain risks and uncertainties that could cause actual
results to differ materially from the statements made. Such risks and others
are
further described in the Company’s filings with the Securities and Exchange
Commission including the most recent reports on Forms 10-K, 10-Q and 8-K, and
any amendments thereto.
1
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
| Discovery Laboratories, Inc. | ||
| |
|
|
| Date: November 9, 2006 | By: | /s/ Robert J. Capetola |
|
Robert J. Capetola, Ph.D. |
||
| President and Chief Executive Officer | ||
2
Discovery
Labs Reports Third Quarter 2006 Financial Results
Warrington,
PA — November 8, 2006 — Discovery Laboratories, Inc. (Nasdaq:
DSCO),
today
announced financial
results for the third quarter ended September 30, 2006. The Company will host
a
conference call Thursday, November 9th
at 10:00
AM EST. The
call in number is 866-332-5218.
For
the
quarter ended September 30, 2006, the Company reported, on a GAAP basis, a
net
loss of $8.0 million, or $0.13 per share, on 62.3 million weighted average
common shares outstanding compared to a net loss of $10.4 million (or $0.19
per
share) on 54.5 million weighted average common shares outstanding for the same
period in 2005. Included in the GAAP net loss for the third quarter of 2006
is a
charge of $0.9 million (or $0.02 per share) associated with stock-based employee
compensation resulting from the adoption of Financial Accounting Standards
No.
123(R) (FAS 123(R)) in 2006. Excluding this charge, the non-GAAP net loss for
the quarter ended September 30, 2006 was $7.1 million (or $0.11 per share).
As
of September 30, 2006, the Company had 62.4 million common shares
outstanding.
As
of
September 30, 2006, the Company had cash and marketable securities of $19.7
million, compared to $27.3 million as of June 30, 2006, a decrease of $7.6
million. The decrease is primarily due to net cash used in operating activities.
In October and November the Company entered into two financings under its
Committed Equity Financing Facility (CEFF) that have generated proceeds of
approximately $5.0 million from the issuance of approximately 2.4 million shares
of common stock. The Company currently has approximately 8.2 million shares
available for issuance under the CEFF for future financings (not to exceed
$42.9
million).
At
September 30, 2006, the Company had an $8.5 million loan with PharmaBio
Development Inc. (PharmaBio), an investment group of Quintiles Transnational
Corp., that was scheduled to mature on December 31, 2006. In October 2006,
the
loan was restructured to provide, among other things, that all principal and
interest is now due on April 30, 2010. In connection with the restructuring,
Discovery and PharmaBio entered into a Warrant Agreement, pursuant to which
PharmaBio has the right to purchase during a 7-year term 1.5 million shares
of
the Company’s common stock at an exercise price of $3.58 per share. Under the
Company’s capital lease financing arrangement with General Electric Capital
Corporation (GECC), as of September 30, 2006, $4.8 million was outstanding
of
which $1.9 million is classified as a current liability and $2.9 million as
a
long-term liability.
In
addition, selected updates on the Company’s recent progress include:
| · |
On
September 28, 2006, the Company submitted an information package
and
requested a meeting with the U.S. Food and Drug Administration (FDA).
The
package covers items identified in the April 2006 Approvable Letter
that
the Company received from the FDA, which primarily focused on the
Chemistry, Manufacturing and Controls (CMC) portion of our new drug
application (NDA), and provides information about the Company’s
comprehensive investigation and remediation of the April 2006
Surfaxin®
process validation stability failure. The purpose of the meeting
is to
clarify the information requested by the FDA in the Approvable Letter
and
reach agreement on the appropriate path to potentially gain approval
of
Surfaxin for the prevention of Respiratory Distress Syndrome (RDS)
in
premature infants. The FDA meeting has been scheduled for December
21,
2006.
|
| · |
In
October, the Company announced encouraging preliminary results from
its
Phase 2 clinical trial of Surfaxin for the prevention and treatment
of
Bronchopulmonary Dysplasia (BPD), a debilitating and chronic lung
disease
typically affecting premature infants who have suffered RDS. The
study
results suggest that Surfaxin therapy may potentially represent a
novel
therapeutic option for infants at risk for or suffering from BPD.
Improved
outcomes were observed with Surfaxin including a lower incidence
of death
or BPD in patients receiving the Surfaxin standard dose as compared
with
the control group receiving standard of care. The FDA previously
granted
Orphan Drug Status and Fast Track designations for Surfaxin for the
prevention and treatment of BPD. Presently there are no approved
therapies
for this disease.
|
| · |
In
October, the Company announced that additional clinical data from
the
SELECT and STAR Phase 3 trials for Surfaxin for the prevention of
RDS in
premature infants demonstrate that Surfaxin-treated infants require
significantly less invasive re-intubation and experience improved
key
clinical outcomes compared to those treated with the current market
leading animal-derived surfactants.
|
| · |
On
November 6, 2006 the Company announced that the United States District
Court for the Eastern District of Pennsylvania dismissed, without
prejudice, the Consolidated Amended Class Action Complaint filed
on August
9, 2006 against the Company and two of its executive officers and
granted
plaintiffs leave to file an amended Consolidated Amended Complaint
by
November 30, 2006.
|
Review
of Operating Results - Third Quarter Ended September 30,
2006
The
Company reported, on a GAAP basis, a net loss of $8.0 million for the quarter
ended September 30, 2006, a decrease of $2.4 million compared to the same period
in 2005. Excluding a charge of $0.9 million for stock-based employee
compensation associated with the Company’s adoption of FAS 123(R) in 2006, the
non-GAAP net loss for the quarter ended September 30, 2006 was $7.1 million
compared to $10.4 million for the same period in 2005, a decrease of $3.3
million. The primary components of the third quarter 2006 loss
include:
| (i) |
manufacturing
development expenses (included in research and development expenses)
for
the quarter ended September 30, 2006 were $2.2 million, a decrease
of $0.8
million compared to the same period in 2005. Manufacturing development
includes (1) costs associated with operating the Company’s
manufacturing facility in Totowa, New Jersey (which the Company acquired
from its then-contract manufacturer, Laureate Pharma, Inc. (Laureate),
in
December 2005), to support the production of clinical and anticipated
commercial drug supply for the Company’s SRT programs; (2) continued
investment in the Company’s quality assurance and analytical chemistry
capabilities to assure current good manufacturing practices (cGMP);
and
(3) costs associated with the ongoing comprehensive investigation
and
analysis of the April 2006 Surfaxin process validation stability
failure
and remediation of the Company’s related manufacturing issues.
Expenditures in the quarter ended September 30, 2005 primarily represented
Laureate manufacturing service charges and direct costs for the
manufacture of Surfaxin, as well as costs of improvements and enhancements
to the manufacturing operations.
|
| (ii) |
research
and development expenses (excluding manufacturing development activities)
for the quarter ended September 30, 2006 were $2.7 million, no change
compared to the same period in 2005. Expenditures in the third quarter
of
2006 were primarily associated with costs incurred for (1) regulatory
activities related to the April 2006 Approvable Letter for Surfaxin
for
RDS and the process validation stability failure; (2) clinical and
data
management activities related to the Phase 2 clinical trial of Surfaxin
for the prevention and treatment of BPD; (3) engineering and development
activities (in conjunction with our strategic alliance with Chrysalis
Technologies, Inc., a division of Philip Morris USA) related to
Aerosurf™,
the Company’s proprietary SRT in aerosolized form administered through
nasal continuous positive airway pressure (nCPAP), for the prevention
and
treatment of infants at risk for respiratory failure; and (4) research
and development activities to expand the application of the Company’s
technology in other respiratory conditions and explore improved
formulations; and
|
| (iii) |
general
and administrative expenses for the quarter ended September 30, 2006
were
$2.1 million, a decrease of $2.7 million compared to the same period
in
2005. Expenses in 2006 include, but are not limited to, the costs
of
executive management, cost to defend the recently dismissed Class
Action
lawsuit, evaluating various strategic business alternatives, financial
and
legal management and other administrative costs. Included in 2005
are
costs associated with building a United States commercial infrastructure.
The decrease compared to last year primarily reflects the Company’s
decision, in response to the April 2006 Approvable Letter and the
Surfaxin
process validation stability failure, to discontinue this capability.
|
For
the
nine months ended September 30, 2006, the Company reported, on a GAAP basis,
a
net loss of $38.5 million, (or $0.62 per share), on 61.7 million weighted
average common shares outstanding compared to a net loss of $29.5 million,
(or
$0.56 per share), on 52.8 million weighted average shares outstanding for the
same period in 2005. Included in the GAAP net loss for the nine months ended
September 30, 2006 is a charge of $4.1 million (or $0.06 per share) for
stock-based compensation associated with FAS 123(R) and a restructuring charge
of $4.8 million (or $0.08 per share) related to the staff reductions and the
close-out of certain commercial programs as a result of the adjusted timeline
for regulatory approval and commercial launch of Surfaxin for the prevention
of
RDS in premature infants. Excluding these charges, the non-GAAP net loss for
the
nine months ended September 30, 2006 was $29.6 million (or $0.48 per share).
Use
of Non-GAAP Financial Measures
Discovery
adopted FAS 123(R) on January 1, 2006 using the modified prospective method,
which resulted in the recognition of stock compensation expenses in the
statement of operations for the three and nine months ended September 30, 2006
without adjusting the same prior year periods. Discovery uses non-GAAP net
loss
data to improve its analysis of operational results and trends. Discovery’s
management also uses these non-GAAP figures to make financial and operational
decisions as these numbers exclude non-operational activities. Discovery
believes that presentation of results excluding non-cash compensation expense
and restructuring charges may provide meaningful supplemental information to
both management and investors. These measures should not be considered an
alternative to measurements required by GAAP, such as net loss and net loss
per
share, and should not be considered measures of our liquidity. A reconciliation
between non-GAAP financial measures and GAAP financial measures is included
in a
footnote to the Statement of Operations accompanying this press
release.
About
Discovery Labs
Discovery
Laboratories, Inc. is a biotechnology company developing Surfactant Replacement
Therapies (SRT) for respiratory diseases. Surfactants are produced naturally
in
the lungs and are essential for breathing. Discovery’s technology produces a
precision-engineered surfactant that is designed to closely mimic the essential
properties of natural human lung surfactant. Discovery believes that its
proprietary SRT pipeline has the potential to advance respiratory medicine
and
address a variety of respiratory diseases affecting premature infants, children
and adults.
Discovery’s
lead product candidate, Surfaxin, is the subject of an Approvable Letter from
the FDA for the prevention of Respiratory Distress Syndrome in premature
infants. Surfaxin® is also being developed for the prevention and treatment of
Bronchopulmonary Dysplasia in premature infants. Aerosurf™, Discovery’s
aerosolized SRT, is being developed initially to treat premature infants
suffering from respiratory disorders and is intended to obviate the need for
intubation and conventional mechanical ventilation. Discovery’s SRT pipeline
also includes programs addressing Acute Lung Injury, Acute Respiratory Failure,
Cystic Fibrosis, Acute Respiratory Distress Syndrome, and other respiratory
conditions. For
more information, please visit our newly redesigned corporate website at
www.Discoverylabs.com.
To
the extent that statements in this press release are not strictly historical,
including statements as to business strategy, outlook, objectives, future
milestones, plans, intentions, goals, future financial conditions, future
collaboration agreements, the success of Discovery’s product development, events
conditioned on stockholder or other approval, or otherwise as to future events,
all such statements are forward-looking, and are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
These
forward-looking statements are subject to certain risks and uncertainties that
could cause actual results to differ materially from the statements made. Among
the factors which could affect Discovery’s actual results and could cause
results to differ from those contained in these forward-looking statements
are
the risk that financial conditions may change, risks relating to the progress
of
Discovery’s research and development, the risk that Discovery will not be able
to raise additional capital or enter into additional collaboration agreements
(including strategic alliances for aerosol and Surfactant Replacement
Therapies), the risk that Discovery will not be able to develop or otherwise
provide for a successful sales and marketing organization in a timely manner,
if
at all, the risk that approval by the FDA or other health regulatory authorities
of any applications filed by Discovery may be withheld, delayed and/or limited
by indications or other label limitations, the risk that any such regulatory
authority will not approve the marketing and sale of a drug product even after
acceptance of an application filed by Discovery for any such drug product,
risks
that the Chemistry, Manufacturing and Controls (CMC) section of
Discovery’s
New Drug Application will not satisfy the FDA, risk in the FDA or other
regulatory agency review process generally, risks relating to the ability of
Discovery or Discovery’s third party contract manufacturers and development
partners to manufacture or provide Discovery with adequate supplies of drug
substance, drug products and expertise for completion of any of Discovery’s
clinical studies, risks relating to drug manufacturing by Discovery, risks
relating to the integration of manufacturing operations into Discovery’s
existing operations, other risks relating to the lack of adequate supplies
of
drug substance and drug product for completion of any of Discovery’s clinical
studies, risks relating to the ability of Discovery and its collaborators to
develop, manufacture and successfully commercialize products that combine
Discovery’s drug products with innovative aerosolization technologies, risks
relating to the significant, time-consuming and costly research, development,
pre-clinical studies, clinical testing and regulatory approval for any products
that we may develop independently or in connection with Discovery’s
collaboration arrangements, and risks relating to the development of competing
therapies and/or technologies by other companies. Companies in the
pharmaceutical and biotechnology industries have suffered significant setbacks
in advanced clinical trials, even after obtaining promising earlier trial
results. Data obtained from tests are susceptible to varying interpretations,
which may delay, limit or prevent regulatory approval. Those associated risks
and others are further described in Discovery’s filings with the Securities and
Exchange Commission including the most recent reports on Forms 10-K, 10-Q and
8-K, and any amendments thereto.
Company
Contact:
Lisa
Caperelli, Investor Relations
215-488-9413
|
Condensed
Consolidated Statement of Operations
(in
thousands, except per share data)
|
||||||||||||||||
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
|
September
30,
|
September
30,
|
|||||||||||||||
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
|
2006
|
2005
|
2006
|
2005
|
|||||||||||||
|
Revenues
from collaborative agreements
|
$
|
-
|
$
|
20
|
$
|
-
|
$
|
105
|
||||||||
|
Operating
expenses:
|
||||||||||||||||
|
Research
and development (1)
|
5,204
|
5,676
|
18,728
|
16,660
|
||||||||||||
|
General
and administrative (1)
|
2,723
|
4,817
|
15,429
|
13,182
|
||||||||||||
|
Restructuring
charge
|
--
|
--
|
4,805
|
--
|
||||||||||||
|
Total
operating expenses
|
7,927
|
10,493
|
38,962
|
29,842
|
||||||||||||
|
Operating
loss
|
(7,927
|
)
|
(10,473
|
)
|
(38,962
|
)
|
(29,737
|
)
|
||||||||
|
Other
income / (expense)
|
(71
|
)
|
67
|
474
|
189
|
|||||||||||
|
Net
loss
|
$
|
(7,998
|
)
|
$
|
(10,406
|
)
|
$
|
(38,488
|
)
|
$
|
(29,548
|
)
|
||||
|
Net
loss per common share
|
$
|
(0.13
|
)
|
$
|
(0.19
|
)
|
$
|
(0.62
|
)
|
$
|
(0.56
|
)
|
||||
|
Weighted
average number of common shares outstanding
|
62,312
|
54,476
|
61,703
|
52,844
|
||||||||||||
|
|
||||||||||||||||
|
(1) Included
in expenses for the three and nine months ended September 30, 2006
are
charges of $0.9 million ($0.3 million classified as research and
development and $0.6 million classified as general and administrative)
(or
$0.02 per share) and $4.1 million ($1.2 million classified as research
and
development and $2.9 million classified as general and administrative)
(or
$0.06 per share), respectively, associated with stock-based employee
compensation in accordance with the provisions of SFAS No. 123(R),
which
the Company adopted on January 1,
2006.
|
||||||||||||||||
|
Condensed
Consolidated Balance Sheets
(in
thousands)
|
|||||||||||||||||||
|
September
30,
|
December
31,
|
||||||||||||||||||
|
2006
|
2005
|
||||||||||||||||||
|
ASSETS
|
(unaudited)
|
||||||||||||||||||
|
Current
Assets:
|
|||||||||||||||||||
|
Cash
and marketable securities
|
$
19,723
|
$
50,908
|
|||||||||||||||||
|
Prepaid
expenses and other current assets
|
278
|
560
|
|||||||||||||||||
|
Total
Current Assets
|
20,001
|
51,468
|
|||||||||||||||||
|
Property
and equipment, net
|
4,604
|
4,322
|
|||||||||||||||||
|
Other
assets
|
216
|
218
|
|||||||||||||||||
|
Total Assets
|
$
24,821
|
$
56,008
|
|||||||||||||||||
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|||||||||||||||||||
|
Current
Liabilities:
|
|||||||||||||||||||
|
Accounts
payable and accrued expenses
|
$
6,867
|
$
7,540
|
|||||||||||||||||
|
Credit
facility (2)
|
8,500
|
8,500
|
|||||||||||||||||
|
Capitalized
leases and other liabilities
|
1,922
|
1,568
|
|||||||||||||||||
|
Total
Current Liabilities
|
17,289
|
17,608
|
|||||||||||||||||
|
Long-Term
Liabilities:
|
|||||||||||||||||||
|
Capitalized
leases and other liabilities
|
3,489
|
3,562
|
|||||||||||||||||
|
Total
Liabilities
|
20,778
|
21,170
|
|||||||||||||||||
|
Stockholders'
Equity
|
4,043
|
34,838
|
|||||||||||||||||
|
Total
Liabilities and Stockholders' Equity
|
$
24,821
|
$
56,008
|
|||||||||||||||||
|
|
|||||||||||||||||||
| (2) |
In
October 2006, the Company restructured its $8.5 million loan with
Quintiles Transnational Corp. Payment of the $8.5 million loan
principal,
originally due December 31, 2006, has now been extended as a lump
sum
payment due on April 30, 2010.
|
Discovery
Labs Announces Federal Court’s Dismissal of
Class
Action Law Suits
Warrington,
PA — November 6, 2006 — Discovery Laboratories, Inc. (Nasdaq: DSCO)
a
biotechnology company focused on developing its proprietary surfactant
replacement therapies to address various respiratory conditions, announced
today
that the United States District Court for the Eastern District of Pennsylvania
dismissed, without prejudice, the Consolidated Amended Class Action Complaint
filed on August 9, 2006 against the Company and two of its executive
officers.
The
Complaint alleged violations of Section 10(b) of the Securities Exchange Act
of
1934 (Exchange Act), Rule 10b-5 and Section 20(a) of the Exchange Act in
connection with various public statements made by the Company. The Court's
decision to dismiss the Complaint is based on several grounds, including
plaintiffs’ failure to set forth particularized facts giving rise to a strong
inference that defendants acted with a conscious disregard of the truth or
recklessness. In the Court's dismissal without prejudice, the plaintiffs were
granted leave to file an amended Consolidated Amended Complaint within 30 days.
Mary
B.
Templeton, Esq., Deputy General Counsel of Discovery commented, “Discovery Labs
is committed to full and prompt disclosure of all material information about
our
business, financial results and events surrounding our efforts to develop our
portfolio of Surfactant Replacement Therapies. We are pleased that our external
counsel on this matter, Pepper Hamilton, LP has effectively presented our
arguments and that the court has recognized the quality of our disclosures
and
granted our Motion to Dismiss. We have no information as to whether the
plaintiffs plan further filings.”
About
Discovery Labs
Discovery
Laboratories, Inc. is a biotechnology company developing Surfactant Replacement
Therapies (SRT) for respiratory diseases. Surfactants are produced naturally
in
the lungs and are essential for breathing. Discovery’s technology produces a
precision-engineered surfactant that is designed to mimic the essential
properties of natural human lung surfactant. Discovery believes that its
proprietary SRT pipeline has the potential to advance respiratory medicine
and
address a variety of respiratory diseases affecting premature infants, children
and adults.
Discovery’s
lead product candidate, Surfaxin, is the subject of an Approvable Letter from
the FDA for the prevention of Respiratory Distress Syndrome in premature
infants. Surfaxin® is also being developed to address Bronchopulmonary Dysplasia
in premature infants. Aerosurf™, Discovery’s aerosolized SRT, is being developed
initially to treat premature infants suffering from respiratory disorders and
is
intended to obviate the need for intubation and conventional mechanical
ventilation. Discovery’s SRT pipeline also includes programs addressing Acute
Lung Injury, Acute Respiratory Failure, Cystic Fibrosis, Acute Respiratory
Distress Syndrome, and other respiratory conditions.
To
the extent that statements in this press release are not strictly historical,
all such statements are forward-looking, and are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
These
forward-looking statements are subject to certain risks and uncertainties that
could cause actual results to differ materially from the statements made. Those
associated risks and others are further described in Discovery’s filings with
the Securities and Exchange Commission including the most recent reports on
Forms 10-K, 10-Q and 8-K, and any amendments thereto.
For
more information, please visit our newly redesigned corporate website at
www.Discoverylabs.com.
Company
Contact:
Lisa
Caperelli, Investor Relations
215-488-9413