Hello, and welcome to the Miravo investor presentation. At this time, all participants are in listen-only mode. A question and answer session will follow the formal presentation. You may ask a question at any time by typing it into the ask a question feature on the left side of your screen. If anyone dialed in should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Glen Akselrod, President of Bristol IR. Please go ahead, Glen. All right. Thank you, Kevin, and thank you everybody for joining our webcast today with Miravo. The purpose of today's presentation is to give our audience a better understanding of the business through a PowerPoint presentation and then Q&A with management. The discussion is going to be led by CEO Jesse Ledger, who is also joined by CFO Mary-Jane Burkett. You should see the presentation through the webcast. If you'd like a copy, simply email me, Glen, G-L-E-N @bristolir.com and I'll be happy to send you one. We will break for Q&A at the end of the formal presentation, and when we do break, we encourage questions. As a reminder, we're only taking those questions through the web portal today, so if you're listening over the telephone, please access the web link that we would have sent earlier to ask that question. Remember, you could submit a question using the text box at any time. I'll ask the questions on the air for everyone to hear, and then Jesse or Mary- Jane will then answer. I'm not going to reference any names, just simply read the questions asked. As we have a fairly large audience today, if I can't get to your question online in time and it has not yet been addressed during the call and can be, I'll come back to you through email. I'm not going to read the forward-looking statements, but I do state that they apply and I reference them on page two of this PowerPoint. With that said, once again, thank you for joining us. Remember, this is fairly informal, and we do encourage questions to help you better understand the business and its growth path. Now I'll turn the call over to Jesse to start his part of the discussion and presentation. Great. Thanks, Glen. Hi, everyone. Thanks for joining us today. I really appreciate everyone taking some time out of their day to listen. Glen already talked about the forward-looking statements. We'll breeze through that. We also use some non-IFRS measures in the presentation, and you can find a reconciliation of those towards the end of the document, and Mary-Jane will talk about some of those measures as well. Why don't we get right into it? For those of you that aren't familiar with the story, Miravo is a Canadian-focused healthcare company with global reach. We have a diversified portfolio of commercial stage prescription and non-prescription products. Really, we like to say that we've got three different and distinct commercial or business segments. First is our Canadian commercial segment. We do have what I would consider a traditional pharmaceutical business in Canada, where we have sales reps across the country that call on physicians and pharmacists and different healthcare providers and promote certain of our drugs to those healthcare providers. We have a manufacturing business where we've got an FDA-approved manufacturing facility located just outside of Montreal in Varennes, Quebec. For those of you that are familiar with our historical story, when we used to be called Nuvo Pharmaceuticals, that manufacturing segment is really our legacy Nuvo Pharma business. We also have an international business where we collect royalty streams and milestone payments from international partnerships that we've entered into where we've partnered out certain products of ours and proprietary products and intellectual property to different pharmaceutical companies around the world. We collect those royalty streams. We segment our business in those three different buckets, and I'll talk about each one of those today. Our core focus areas from a therapeutic area standpoint are really pain and neurology as well as allergy and dermatology. You'll see that most of our core products, the ones that we're really focused on from a promotional and sales marketing standpoint and international partnering standpoint, fit into those categories. Of course, alongside all these products that are all at commercial stage, we've got all the back office infrastructure in order to manage this business, whether it be regulatory affairs, medical affairs, quality, legal, business development, and of course, the entire commercial platform and everybody in the finance department to support all of this. I wanted to give everyone a little bit of a snapshot in terms of where this business has come from over the past few years. I made the reference earlier about sort of our legacy manufacturing business being called Nuvo Pharmaceuticals. Really, when you look at this slide, 2017 and 2018, that was when we were Nuvo Pharmaceuticals, and really our business was manufacturing and supplying primarily a product called Pennsaid 2% to our U.S. partner, Horizon Therapeutics. It was a nice business. It was marginally profitable, you know and we've continued to find new partners for that product internationally. At the end of 2018, we entered into an acquisition deal to acquire what was called Aralez Pharmaceuticals Canada, as well as the international intellectual property rights and royalty streams to a number of other products. As you can see with the 2019 numbers, this was a transformational deal for our company. It increased our top-line revenue in a dramatic way. It increased our adjusted EBITDA in a very dramatic way and really turned us from primarily a manufacturing and supply-based company to a fully integrated pharmaceutical company. What this deal did, not only did it add a significant number of new products that were generating revenue into our portfolio, but it also gave us an infrastructure to be able to add on to in terms of adding new products into the business, because we now have all the pieces that we need to commercialize drugs. It's this infrastructure that we are very interested in. My background prior to joining Nuvo back in 2016, I actually worked with a company called Tribute Pharmaceuticals, that was part of the management team that built that up, sold it to a U.S.-based company called POZEN, and that created Aralez. At the end of 2018, when we acquired the Canadian portion of that business, this is a business that I was instrumental in building previously at my previous job. There's a lot of connections between this historical business and where we are today. We know the products very well. We know the infrastructure, and it's a very scalable business. Let's get into sort of each of the segments that we have here. I mentioned we have the three different segments within our business that we report on, and I'll start with the commercial segment. This is really our traditional pharmaceutical business. This is a Canadian portion of the business. We sell these products in Canada. Suvexx and Cambia are both migraine treatments. Cambia would be considered a first-line treatment. It's a very fast-acting migraine headache relief product. It works as quickly as 15 minutes. Suvexx is a combination of two commonly prescribed ingredients that are used for treating acute migraine. It's more of a second-line treatment. We have this nice sort of portfolio of migraine treatments that give physicians different options for their patients. Cambia has been on the market for about 10 years. Suvexx, we just launched back in September of 2020, so it's a relatively new product for us. The other product that we have, a major product for us, is Blexten. This is a second-generation oral antihistamine. In English, that means it's an allergy drug. For people that have seasonal allergies or people that get hives, this is a very effective drug. It's a prescription drug. We do call on allergists and dermatologists as well as primary care doctors who write allergy prescriptions. Blexten is the biggest product in our portfolio right now. The fourth product that we have some promotional resources behind is NeoVisc. There are two different formats, NeoVisc ONE and NeoVisc+. This is an injectable product for osteoarthritis of the knee. We have a separate sales force that covers that product. The rest of our 38 sales reps across Canada focus on Suvexx, Cambia, and Blexten. As you can see from the line at the top, this segment represents about 66% of our total revenue, 65% year to date in 2021. This is really the part of the business that has the most near-term growth potential, and it's really through continued sales, marketing activities, and really organic growth. We've got more market share to gain, and I've got some slides later on to talk about that. There are other products in the commercial segment that we call legacy products. We don't promote these. We don't really put any resources, but they all generate nice contribution to our bottom line, and they're nice products to have. I just wanted to highlight that. The second segment, this is our international business. We call it the licensing and royalty segment. This was about 20% of our business in the third quarter of 2021. The main product in this business is Vimovo. This is a product that we acquired in that late 2018 business acquisition. Vimovo is commercialized in the United States through our partner, Horizon Therapeutics. This is the same company that sells Pennsaid 2% in the United States. Internationally, Vimovo is sold by a German company called Grünenthal. The U.S. royalty stream on this business, on the Vimovo business, was impacted in March of 2020 when a generic version of Vimovo entered the market. You can see the impact on a year-over-year basis of what that generic competitor did to our royalty stream. This is one of the reasons why when Mary- Jane gets into the financials in a few slides, you'll see a year-over-year dip on revenue and adjusted EBITDA. It's driven primarily as a result of this loss of royalty from the United States. There's no impact on the international part of the business. That remains solid and strong. We've got incremental royalties coming from other areas of this segment, and the products are listed here. I'll get into some slides later on about some of the new growth opportunities in this segment. Of course, our production and services segment. The legacy Nuvo Pharma business, where we manufacture the products that you see on the slide here. Most of the business is Pennsaid 2%, which is a topical non-steroidal anti-inflammatory treatment for osteoarthritis of the knee. You see a sort of a common theme here with some of these drugs in the pain and OA therapeutic space. This is where we capture revenues that are earned through the supply of the finished product. Where the licensing and royalty segment is royalty-based, this is really on the supply of finished product. About 80%-90% of the business on any one quarter is generally coming from Pennsaid 2% business in the United States. This is a bit of a lumpy segment for us because the timing of revenue is really driven by when we get purchase orders from our partners and when we ship that product. It's not quite as linear as other parts of our business, but it's one that we typically look at on a year-over-year basis. Those are the segments. With that, I'm going to hand it over to Mary-Jane, our CFO, and she's going to give you an update on the financials. Thanks, Jesse. So, w e released our Q3 results a couple weeks ago. The first metric I'm happy to discuss is adjusted total revenue, which is essentially a cash-based revenue number, and we provide a reconciliation to the IFRS measure at the end of the presentation. Current quarter versus the prior year quarter, and then also year to date, we're up in the current quarter, but down year to date for adjusted total revenue, really as a result of movements within the three segments that Jesse just discussed. Our commercial business segment continued to provide increased revenue contribution as a result of increased sales in our promoted products, both in the quarter and year to date. Production and service business segment was down both in the quarter and year to date, mainly as a result of a decrease in Pennsaid 2% product sales. We also saw some headwinds from foreign exchange. A number of the production revenue is denominated in U.S. dollars, and of course, the Canadian dollar strengthened in the current year. Look at the licensing and royalty business segment. We're up in the current quarter, but year to date, down about CAD 5 million, really as a result of two triggering events. Jesse mentioned the generic launch of a U.S. version of Vimovo in March of 2020, which really eroded the revenue contribution from this segment. Also, in the prior year, we received a one-time milestone related to the use of our Yosprala IP in Japan for CAD 2.4 million, and we anticipate receiving another milestone of about CAD 2.4 million in 2022. If we take a look next at adjusted EBITDA, which again, a cash-based earnings number, which is reconciled to our IFRS statements at the end of the presentation. We were up current quarter over the prior year quarter, really as a result of enhanced gross profit contribution from our commercial business segment. Year to date, we were down year- over- year, and the big driver of this is really the licensing and royalty business revenue contribution decline related to the U.S. generic version of Yosprala and the Yosprala milestone in the prior year period, which I just mentioned. Jesse mentioned the Aralez acquisition and related global royalty streams that we acquired at the end of 2018. We financed that acquisition with debt from a fund called Deerfield, which is a specialty healthcare fund based out of the U.S. Since the inception of the facility agreement, we've repaid $30 million to Deerfield. The original facility agreement was spread over three loans. A bridge loan, which was fully repaid within a year of the acquisition. Our amortization loan is repaid quarterly at a minimum of $2.5 million per quarter and is carried at a 3.5% fixed interest rate. This loan will expire December 31st, 2024. Our convertible loan is not repayable. It also holds a fixed interest rate of 3.5% and same-term expiry at December 31st, 2024. This loan can convert at Deerfield's option at a $2.70 per share conversion. As we take a look at our cash and capital structure, we ended the third quarter, being September 30th, 2021, with CAD 28.4 million of cash on the balance sheet. There are potential shares associated with the Deerfield debt that I just described. The convertible loan can convert at Deerfield's option at a $2.70 per share. There are also warrants attached to our amortization loan, which carry a $3.53 strike price. Both the converts and the warrants will expire upon the facility expiration, December 31st, 2024. It's worth noting that Deerfield can hold no more than 4.95% of our outstanding shares at any time, and CAD 11.3 million of the outstanding warrants are classified as flexible exercise shares, and there's an example of how that conversion, or sorry, exercise would work on slide 32 of the presentation. Jesse, I'll hand it back to you now. Thanks, Mary-Jane. Looking at the business, obviously the big question on everyone's mind is, all right, that's great, where do things go from here? Obviously there are a number of different ways that we're looking at growth. Certainly, a big area of focus for us is to continue growing our existing products. We believe that there are significant organic growth opportunities for Blexten, Cambia, Suvexx, and NeoVisc domestically. We've also got opportunities for some of our proprietary products in international markets, and we continue to look for partners outside of Canada and outside of the existing geographies where our products are available today to find new partners around the world. I'll provide a few examples of that later on. The other big focus for us is really on adding new products to our business. This is a business that has been built based on business development. This is the background of the management team here, and this is how most of our products have come into the portfolio. We've made some big investments this year in business development to really build out the pipeline of new products that we'd like to bring to market, particularly in Canada. We're also looking at other opportunities internationally. Really you've got those three different areas for growth, new business development, you've got continued organic growth with the current portfolio, and then you've got expansion of our proprietary products in international markets. Of course, we have our manufacturing facility that is profitable. It is underutilized from a capacity utilization standpoint, and so we're exploring opportunities to do more contract business in that facility. Those are really the areas of growth that we're focused on. I talked about the experience of the management team, and this really is a team that has been involved throughout our collective careers in business development. Whether, my background in particular, is primarily all in business development, in M&A, licensing transactions, et cetera, and building companies and product portfolios. The rest of the team, you know, whether it's Mary-Jane on the financing and the structuring side of things, Tina, who's our General Counsel, who's been involved in many, many transactions from the legal lead in terms of finalizing M&A deals, to Bernie and Luigi, who have been able to get our products approved and ultimately launch them and turn them into very successful drugs. You can see other products that both Bernie and Luigi have been involved with in the past, so some very well-known brands. At the end of the day, we've got a management team that knows how to get deals done and knows how important these are to our business, and we know how to find deals as well. Like I said, 20 out of 22 products in our portfolio have come from BD transactions, and so this is how we do things. We're not an R&D company. I think this slide here gives you a really nice sense of the kinds of deals that we've done. I mentioned before that I was involved in the predecessor company to Aralez Pharmaceuticals and what is essentially our commercial business segment today. I was involved in many of the deals that brought the products to this portfolio. Bernie and Luigi both worked with me at Tribute, and Rob Harris on our board was the CEO of Tribute at the time. There's a lot of familiarity with the partnerships. Most of the companies that you see here, these are deals that we've all been involved in creating these partnerships, both on the in-licensing or acquisition side, as well as out-licensing. You see a nice group, a nice mix of different companies here. We've done deals with large companies like AbbVie, Horizon, Reckitt Benckiser, Novartis, Takeda, which are all big multinational companies. We've also done deals with smaller regional companies, and we know what it's like to be on both sides of the table, and I think that helps to set us apart from many of our peers in terms of our approach to business development and how we execute on those plans. Let's take a little bit of a look here at some of sort of the more near-term opportunities and some of the new changes that have happened in the business. I mentioned earlier that we launched Suvexx, our migraine treatment, in September of last year, so it's been on the market for just over a year now. Through the first year, just over 10,000 prescriptions, so we're pretty happy with how that launch has gone. Obviously, with COVID and pandemic measures, I think the growth trajectory is a little bit slower than what we were hoping for, but it remains quite positive. We're moving in the right direction. We're gaining market share. Doctors are writing prescriptions. Patients, we're getting great feedback in terms of the efficacy and how much they like the product. Very helpful trends that'll continue on into the, now that we're in the second year of launch for this great product. Blexten, which I mentioned before, is our allergy product. This is the biggest product in our portfolio. We originally had an adult formulation, and an adult label had been approved for the last five years. This past summer, in August, Health Canada approved the pediatric version of this product. A couple of things to note here. One, on the label, the age has been expanded to children as young as four years of age. Before, we were at 12 or 16, depending on the indication. Getting down to four years of age basically covers the vast majority of allergy and urticaria patients. We've also added two new formats. We've got an oral solution and an oro dispersible or a quick-melt tablet format. These are in addition to our regular 20 mg immediate-release tablets that are already available. We'll have the new formats available in the first quarter of next year. The label is already updated, and so our sales force is already out talking to physicians and healthcare providers across Canada, getting the message out that the pediatric product is here, and the new formats will be available early in the new year. We're excited about that. I think I mentioned before that we believe that there is significant growth opportunity remaining with Blexten. What this slide here shows you is the growth trajectory in terms of the total number of prescriptions written, as well as our market share in terms of total prescriptions in the Canadian prescription antihistamine market. You can see since the launch, we've gotten up to 18%, almost 19% market share. It's always a bit of a lumpy growth curve because of the seasonality of the allergy market. Normally, I think getting close to 20% market share would be quite an accomplishment, but we know that there's more growth to come. Where is that coming from? Well, we're getting our market share from cetirizine. This is a brand in Canada called Reactine. In the United States, you would know this as Zyrtec. When we launched Blexten, it had about 70% of the market. We've whittled that down to just over 50%, and we believe that Blexten will be the number one prescribed antihistamine in Canada within the next couple of years. Significant growth opportunity remains for this particular brand. Cambia, I mentioned earlier, it's been on the market for about 10 years now, a nice steady eddie growth product. There was a bit of a holdback in the third quarter of this year, which we believe was really associated with COVID-19 pandemic restrictions. Just, you know, I'm sure many of you have seen articles in the media about patients not getting out to see their doctors in person. There was a KPMG study that came out in the summertime that 30% of Canadians with a family doctor have not seen their doctor since pre-COVID. These are big numbers. In products like ours that have some OTC options from a competitive standpoint, if patients aren't going to their doctor, it's very easy for them to go get an OTC product. We believe that this pullback is temporary. As doctors get back to practicing, as patients get comfortable to go back to see their physicians, we'll see those prescriptions return. We haven't seen any indicators that that's not going to be the case. Temporary, obviously, is the way that we see that trend. I mentioned earlier that from our international business, there's some new opportunities. We've announced a couple of deals over the course of the last year, in particular for Suvexx, our migraine treatment, back in right around this time last year, we signed a deal with Orion Corporation. This is a Finland-based company, and they've got rights for Suvexx in Northern European markets. They filed Suvexx with the Finnish regulators back in the summertime, and so assuming a positive review cycle there, that we'd be looking at a potential commercial launch in the first quarter of 2023. We're excited about that. Earlier in the summer, our partner in Korea, SK Chemicals, we announced that deal, and so a similar timeline in terms of potential commercialization. They filed their regulatory submission back in the third quarter of this year, and so we'll be looking at a potential Q1 2023 launch. Both of these deals, the product upon approval would have market exclusivity, about nine years in Europe, six years in Korea. A nice runway for our partners to build those products up. Of course, we'll earn revenue from a royalty and milestone standpoint for both of these products, but also on the supply of the finished product. We don't manufacture Suvexx at our production site in Quebec, but we do manage the supply of the product from our contract manufacturing organization, same one that supplies us for the Canadian market. We source the product from that CMO and then supply it to our partners. We have two streams of revenue from each of these products. Resultz, which is our proprietary head lice product, was partnered with The Mentholatum Company, a large multinational consumer health company. They've got the rights for the United States. They just launched this back in the third quarter. It's available throughout the U.S. on Amazon now, and so the rollout is just happening. We're happy about that, to be able to have a fairly innovative treatment for head lice available in the U.S. It's got the fastest treatment time with a five-minute claim on the label, which is faster than anything else on the market right now. Excited about that opportunity. Then, of course, Pennsaid 2%, we've signed a deal with Gebro Pharma a couple of years ago for the Swiss market, and they launched back in January of this year, again, into a COVID environment, but they've done a nice job so far, and we've had follow-up shipments go out the door, finished product to Gebro in the second half of this year, which is always great when somebody launches and they start ordering their subsequent replacement orders for because they've exhausted their inventory. We're pleased about the progress there. I think this year, from a milestone standpoint, we've achieved a fair amount. Obviously, the goal for us was to continue to expand our business internationally, continue to expand our business domestically, and we've hit these milestones. I think that the major milestones that remain for the rest of this year, we're still looking to get Pennsaid 2% filed in Greece with our partner, Vianex, in that market. Then, of course, the Blexten pediatric commercial pre-launch activities continue in anticipation of the commercial launch of those two new formats in the first quarter of next year. I think the other milestone that, it's not mentioned here, but it's obviously a high priority for us. I mentioned earlier we made an investment this year in business development. We've got a team of three BD professionals that are dedicated 100% to finding new products for our business. We've evaluated over 100 opportunities so far this year. We've got a couple of high-profile opportunities that are moving or high potential, rather, that are moving into the term sheet and due diligence phase. Timing is always hard to pin down on BD transactions. The expectation is that we will be in a position every year moving forward to be launching one to two new products and the way that we're going to do that is through in-licensing and product acquisitions and potentially bolt-on M&A type transactions. Some interesting opportunities to come. I suggest that we all stay tuned for new business development news. Just before we open up the floor to questions, just to kind of highlight the business again. Really, we're a diversified specialty pharmaceutical business. We've got more than 20 revenue-generating products that all contribute in a positive way to our bottom line. We really have three main growth drivers. There's the organic growth of our existing products and market share expansion. This is where we've got our sales marketing team out talking to doctors. We've got new product launches, whether they be in Canada or the international partnerships that we've entered into. As I just talked about, new business development to bring in new products to build out our pipeline. We've got the key products in our portfolio are protected by market exclusivity or patents or long-term partnerships, depending on the nature of the business. We are an innovative pharmaceutical company. We're not a generic company, so innovative products that have protection. We've got continued strong quarterly financials in terms of revenue and adjusted EBITDA and of course, cash provided by operating activities, which helps us to continue to pay down our debt. We do have a strong cash position as of the end of the quarter, and as Mary-Jane mentioned, we are carrying debt, but it's got a very attractive 3.5% fixed interest rate with a very clear path to repayment. Obviously, the business is generating sufficient cash to manage that debt and then make the necessary investments in business development and growth opportunities. With that, I'll take a pause, and I suppose we can compile some questions and kind of go through it. Perfect. Thank you very much, Jesse. To our audience, please go ahead and type in some questions if you have them. We've already got quite a few in the queue, so I'll just get going. Jesse, can you just talk a little bit more about the Canadian competitive market, who some of your competitors are, and how you sort of differentiate yourself within the marketplace? Sure. I think some of the competitors, at least on the public company side of things, companies like HLS, companies like Medexus. You've got Searchlight, which would be a private company. Paladin as well, which is part of Endo. Those would be some of the peers that we're competing with. In terms of the spec pharma side of things, even Bausch Health, the Canadian division of Bausch Health, would be a direct competitor. Then there are others, but those are all good examples. I think the way that we're differentiated, to a certain extent, it's the therapeutic focus areas that each of the companies have. Yes, if you look at some of the areas that we're focused, like allergy, and Medexus has an allergy product as well, there is some overlap. For the most part, each of the groups, each of these companies, is focusing in on a slightly different therapeutic area. We all recognize there are interesting assets out there in the United States and Europe that should be available in Canada, and big pharma isn't necessarily bringing these products to market to provide value and support to Canadian physicians and patients. We're all able to kind of pick off different therapeutic areas. I guess one of the other big things that would set us apart from many of our peers is the fact that we aren't just a Canadian-based pharma company with a commercial infrastructure in Canada. We've also got the manufacturing business and we've got an international business. We've got multiple sources of revenue. All of these segments have growth potential. I think that that also sets us apart from our peers. Thank you for that. As a follow-up, are there any areas outside of your core focus of pain, urology, allergy, or dermatology that you're thinking about expanding into? Yeah. I think the reason why we talk about those core areas is because that's the low-hanging fruit. We've got access to those physicians. We've got great relationships already, and so it makes a lot of sense. It doesn't mean that we're not going to look at other areas. I think we're open-minded. The ideal therapeutic areas that we'd be focused on would be areas that have smaller specialist physician populations, so that you're likely not going to see us get into cardiology or oncology. Those are big areas with lots of physicians. Big pharma, they're covering those quite adequately now. Areas like maybe gastroenterology or rheumatology or immunology. There are other areas that we can look at, and those are just examples, but you've got maybe 100 or 200 specialists as opposed to 3,000 or 4,000 doctors that you need to call on. Those are areas that we'll look at. I think the other thing that we like is drugs that are enhancing quality of life. If you look at our portfolio today, you'll see the main areas of focus, pain management, migraine, osteoarthritis, allergy treatment, dermatology. These are products that are helping improve and enhance the quality of life of the patients that are prescribed these medications. We're not necessarily saving anybody's life. We're not curing cancer. These aren't rare disease drugs. They're products that are for everybody. That means that there's a large patient population for these medications, and they're all growing markets. This is an area that we're highly focused on, is really how do we bring products that are going to add value by enhancing patient quality of life and providing better options for physicians. Like I said, we remain quite open-minded in terms of the therapeutic areas that we're looking at. Super. Thank you for that. I guess we had a question come in as you were answering that question that I think makes for a good follow-up. Have you looked at the area of urology? Of neurology? Urology. Yes. Oh, urology. Yes. You know, it's an area that we've got some experience. We had a product in our portfolio called Uracyst that was a treatment for painful bladder syndrome. We do have some relationships there. It's definitely an interesting area for us. Yes, it's not a therapeutic area that we would say no to, for sure. Okay. Thank you. A little different question here. Can you talk a little bit more about your business development team that you've got in place and sort of how you see them adding value to the company? Sort of as an expansion of that, maybe a little bit more about your sales force, both in Canada and outside of Canada? Sure. The BD team, I mentioned before, we've got three people. Basically, we've got a Vice President of Business Development, Pete Ecclestone. He's been in the industry for many, many years. Has completed deals. He knows how to find deals, knows how to get deals done, knows how to negotiate deals. Can lead a due diligence team. Sort of a seasoned BD executive. Then working with Pete, Lidia Cosentino really is the individual on the team that handles the clinical and scientific side of things. It's one thing to be able to evaluate the commercial potential of a product, but you need to understand the clinical differentiation of the product, the data that came out of those clinical studies. How do we convert that into product differentiation and sales marketing, and how do we convert that into a forecast? You've got Pete on the commercial side, Lidia on the scientific and clinical side, and then Cristina Paletta is our financial analyst that really crunches the numbers and helps build out the models. You've got these three individuals that are all focused on evaluating opportunities. You know, first and foremost, finding the opportunities, prioritizing the opportunities, and then completing the analysis to determine whether or not these are drugs that we should be going after. And then, of course, there are other individuals in the company that are supporting the process from a due diligence standpoint. To have a sort of fully integrated team that can really do 95% of the sort of upfront due diligence that's required without having to tap into resources of the rest of the company, where we've got a business to run, right? We've got products that are generating significant revenue. We've got continued growth potential. We need our commercial team focused on what they're doing on a day-to-day basis. Having this dedicated BD team is really nice and it's definitely accelerated the timeline and the sheer number of opportunities we've been able to evaluate. As far as the sales reps are concerned, we've got 38 reps across Canada. We don't have any sales reps outside of Canada. The only place where we have a commercial infrastructure would be Canada. It's the 38 reps that are calling on allergists, dermatologists, neurologists, as well as relevant family care and general practitioner physicians. That's the sales infrastructure. Okay. Thank you for that. I would imagine given that you're in the business of acquiring product, you're potentially in the business of acquiring companies as well. What sort of criteria do you typically look at, both product and company? So, you know, first and foremost it's can we add any value? We're not interested in acquiring legacy sort of big pharma assets that have lost patent protection, and there's no opportunity to promote those products or do something to create value and grow that business. That's not of interest. If we're going to acquire a product or if we're going to acquire a business, we need to be able to create some value there. That's the big one. Then, the other criteria really comes down to what's the fit with our existing business, if it's from a product standpoint. And, if it's not within one of the therapeutic areas that we're already focused on, what's the cost of entering that therapeutic area? For example, if we found an interesting urology asset, and we're not calling on urologists today, if we acquire this asset, what's it going to cost us to commercialize it in the most effective way to create value? Those are some of the considerations that we're thinking about. From an M&A standpoint, again, it's are we looking at bolting something on to our existing business, or is it a transaction that's going to add potentially a new business segment to our business, and how do we manage that? The sort of the underlying focus for us is if we can't add value to that business or that product, then it's not worth us pursuing. Of course, everything that we look at, we're interested in patent protection or market exclusivity, something proprietary about the product that protects it from competitors. But always looking at how do we create value. Okay, super. Thank you. I had a question that came in on this topic as you were answering it, so I'll just follow up with that question. Would you consider an acquisition in the U.S. that came with a sales force and commercial infrastructure? I'm certainly not going to say no. I think anything's possible. I think it all depends on what are the products that are coming with that infrastructure. Are these products that have come to the end of their product life cycle and they're sort of tail assets, or is there something that we can do to enhance value? We're very open-minded in terms of how we look at things. The other challenge with the U.S., of course, is that it's a very large market, and so many of those kinds of M&A opportunities might be a little bit bigger than what we can tackle with our balance sheet and the cash on hand. But, sort of bolt-on type transactions in the U.S., that's something that we would certainly consider. Thank you. I'm going a little bit out of order because we've got some questions coming in as you're talking regarding our topic. I'll actually continue with this line here. Based on your discussion around business development and acquisitions, is it more likely that business development will mainly license deals with small amounts up front and is expecting more acquisitions? How do you expect to finance those? Yeah. When we're looking at licensing deals, you're right. The up-fronts are significantly lower than if we were doing a product acquisition or a business acquisition. We can definitely finance licensing transactions with the cash coming from our operations on a quarterly basis and the cash on hand. We're more than well positioned there. Those are really the near-term opportunities that I believe will create long-term value. If we can bring in more products like Blexten and Cambia and Suvexx through licensing transactions where, if you go back in time and look at the Tribute Pharmaceuticals public disclosure on Blexten, you'll see that we paid EUR 375,000 up front for that product, and now it's the biggest product in our portfolio. Of course, there are milestone payments and royalties and things like that, but you get to spread all of those costs over the life of the asset, as opposed to paying a multiple of sales or something where it's going to take you a number of years to recover that upfront payment. We can do licensing deals all day long with the cash that we have. From an M&A standpoint, we've got CAD 28 million of cash on the balance sheet. We can't use all of that cash for acquisitions because we self-finance our working capital investments. We can use a good chunk of that and put it towards acquisitions. That gives you a sense of how sort of the scale of transactions that we might be able to take on. There's a limited appetite for adding additional debt. We've already got a fair amount of debt now, and so adding on more doesn't necessarily make any sense. Where our share price is trading today, there's also a limited appetite for raising cash through an equity offering. I think we do have sufficient cash on hand to be able to transact and get some interesting products and businesses that will add value immediately in the near term. Those are the areas that we're focused on. Okay. Thank you very much for that, Jesse. A little different line of questioning here, and I've got a few questions on this topic, so I'll just try to consolidate the questions. Three of your four core Canadian products are going to lose exclusivity or patent protection between now and the end of the decade. Will you continue to sell these products beyond those dates? Yes. Absolutely, we will. Just because we lose patent protection doesn't mean that we can't sell it. Obviously, what happens when you lose patent protection is you generally face some elements of generic competition, and we would certainly anticipate having generic competitors on our key products. The business doesn't disappear. Yeah, absolutely. What changes is the amount of money that you're spending on those products, the sales force and the advertising and promotional spend immediately goes away. One of the big reasons why we're so focused on business development and building out a portfolio of new products is so that we can leverage that infrastructure that we have and make that shift in advance of losing patent protection and in advance of facing generic competition on some of these products. And, it's really shifting those resources to the new products, which would then have another 10-15 years or so of market exclusivity or patent protection. That's kind of the approach here. Okay. I think you may have answered part of the follow-up on that one question, but I'm going to ask it anyway in case something was missed. What strategies can be used to preserve revenues of products losing protection? Historically, what percentage of peak revenues can be preserved once the impact stabilizes with these strategies in Canada? Yeah, there are a bunch of different ways that companies are doing this. One, you could sign up with a generic partner and do a sort of an authorized generic where you're supplying your product to a generic company who's then selling it to compete with the generics, and you can capture some market share and retain market share that way. That typically results in significantly reduced revenue and lower margins, but it's one way to keep the volume. We have not historically used that tactic. Another tactic, well, Horizon does that in the U.S. with Vimovo, but they're controlling that. From a Canadian standpoint, one of the things that we've done, we have two products in our portfolio, Bezalip SR and Soriatane, that went generic in 2017 and 2018, respectively. What we've done is we've got a prescription card program where if a patient wants access to, or continued access to the brand name product, as opposed to the generic that their insurance plan sort of mandates that they switch to, they can use this card and they'll get Bezalip or Soriatane at the same price as the generic. Ultimately, what that means is we're buying down the difference between the generic and the brand. In many cases, a lot of the insurance companies in Canada will still cover the brand name product at the full price, even if the generic is available. They mandate that patients get dispensed the generic because obviously it saves the insurance company money. We've done this with those products, and we've been successful at maintaining sort of 20%-30% of the pre-loss of exclusivity market for those products, which I think compares quite nicely or contrasts quite nicely to if you think about when drugs like LIPITOR from Pfizer, the big cardiovascular drug, when it went generic, it basically lost like 90%-95% of its business over the course of the first 6- 12 months after the generics launched. We've been successful at maintaining a decent amount of market share. What we're working on now is how do we enhance that? What are the tools that are available to make that better? It's early days now. I can't get into too many details about some of the tactics that we might consider deploying before we lose exclusivity on a product like Blexten at the end of 2024. There have been a lot of interesting developments over the course of the last, let's call it two years, sort of over the course of the COVID pandemic, and the increased adoption of things like telehealth and digital health technologies and different ways for patients to access healthcare and different ways for patients to be able to have more control over what products they are dispensed and prescribed. We're evaluating opportunities in these areas to try to get some incremental gains in controlling more about how much of our brand business we retain in a loss of exclusivity environment. So, stay tuned for that. And, you know, w e'll also look at using some of these other more traditional tools to retain that business. Thank you very much, Jesse. This is more of a statement that I guess requires some commentary from you. Slide 22 shows results, U.S. patent expiry in mid 2023. The drug was launched in October, so not much time to monetize. Perhaps some commentary around that statement. Sure. Yeah, Resultz is a non-prescription OTC treatment. Typically in the OTC business, the strength of the product and continued revenue growth and consumer adoption comes from a strong brand. One of the reasons why we partnered with Mentholatum for the U.S. market is because all they do is commercialize strong brands in the consumer health area, in the non-prescription OTC market. The idea is that they establish brand equity before the patent expires, and at that point, patients know the name, they trust the brand, and they continue to buy it. A good example of this, the impact of losing exclusivity in the OTC space, if you think about a brand like ibuprofen, or sorry, Advil, which contains the active ingredient ibuprofen. Advil's been off patent and has been generic for decades. Advil still commands 60%-70% of the market because it has a very strong brand, and it's a brand that patients trust. The other thing that's very different in the OTC market than the RX market is when a generic version of an OTC medicine hits the market, it's not entering the market at a 75%-90% price discount to the original brand. It comes out maybe $1 or $2 cheaper than the national brand. There's less incentive for the consumer to buy that store brand version or the generic version of that OTC brand, because they're already familiar with the original brand. They like how the product works, and there's not as much of a price differential. That's, I think, depending on how that business in the U.S. e volves over the next couple of years, sure, there might be situations where a Walgreens or a CVS decides that they want to do a private label version of the product. But, history has pointed out that the original national brand generally retains the vast majority of the market share in OTC products, even when generic versions enter the market. We would anticipate a similar experience with Resultz. Okay. Thank you for that. I'm going to switch line of questioning to your debt now, as we have a few questions in the queue on that. You've got about CAD 28 million in the bank. What are your thoughts about repaying your debt in an accelerated way using that cash? We've already got a pretty clear path to debt repayment. Every quarter, we're paying at least $2.5 million, plus there's a 50% excess cash flow sweep. That happens every single quarter. By the time we get to the end of 2024, which is the end of the term, that amortization loan will be fully repaid by virtue of these quarterly payments. We've got a low 3.5% interest rate, and it's fixed. I think the idea of deploying the cash on hand to accelerate debt repayment, certainly it's an option that's available to us, but we believe right now that the best deployment of that cash is towards business development opportunities to add new products into the pipeline to ensure that we've got a sustainable product portfolio beyond the sort of loss of exclusivity periods that are coming up on some of our brands sort of in the next four to five years. I think if our interest rate was at 13.5% or 10% or a significantly higher interest rate, that probably would change the conversation. Right now, given that the debt is very manageable on a quarterly basis, we believe that's the best use of that cash, and the debt is being taken care of through those quarterly repayments. Okay, perfect. I think you've answered another question that was in the queue, so I'll leave that. On this cash, I guess, topic, have you considered using any of your cash for a stock buyback? Yeah. It's a similar answer to the debt one. That's an option that's available to us. Given that we recognize that there is a bit of a potential gap coming up in the future with loss of exclusivity of some of our key products, we do need to find new products to put into the portfolio. That's the near term focus for us. Okay, thank you. Last question on this topic. Have you considered selling any of your assets to further reduce your debt? We have. We've sold off some small, very non-material products over the course of the last year. Like I said, they weren't material, so they haven't really been announced, but two products, if anybody's been paying attention to our slides since 2019, they would notice that Visken and Viskazide are no longer in the portfolio. I think one of the things for us is that all of those legacy assets continue to drop cash to the bottom line and contribute in a nice way to our EBITDA. Yes, while we could sell them individually, some of these products are relatively small. You've got sort of CAD 1 million or CAD 2 million of revenue or maybe CAD 4 million of revenue, and so the proceeds you'd receive relative to how much of the debt would be repaid. For the time being, it makes more sense for us to keep most of these assets in the portfolio because they do contribute to our cash position and to continuing that quarterly repayment of debt. It's something that we continue to evaluate. We're always looking, every couple of times a year, we look at the portfolio, we look at the possibility of rationalizing products, and if it makes sense, we'll pursue those divestments. Okay, super. Thank you so much. A couple more questions for you. Can you talk a little bit more about management's ownership in the company? And then as a follow-up, are there any patterns in terms of insider buying? Yeah. Management ownership, insiders, and management of the boards, it's about 5% of the shares outstanding. Obviously, you got to remember, we're not founders of the business. I joined the business in 2016. I certainly have been purchasing shares on the open market over the last couple of years. I can't really comment if there are any patterns of buying. Certainly, there's a management team in place here that believes in the plan, and we're executing on the plan. Obviously, I've made some purchases, and other management members have made purchases over the course of the last couple of years on the open market with our own after-tax income because we believe in what we're doing. Obviously, I think that sends a strong message to potential investors and existing investors that we're putting our money alongside your money as we continue to grow this business and execute on the plan. Perfect. Thank you, Jesse. There are no further questions, so I'll ask you for some closing remarks, and then we'll end the call. Okay, great. Well, thanks. Actually, those were fantastic questions. I always love having these discussions when people are asking well-thought-out questions and really taking a look under the hood of the company. Appreciate that engagement. Appreciate the interest in the business. Obviously, if anybody has further questions for us, feel free to reach out to Glen and the team at Bristol or reach out through the investor relations portal on our website. We're always happy to have further conversations. Thanks again and all the best for the upcoming holiday season. Super. Thank you, Jesse. Thank you, Mary-Jane, and thank you to our audience. This concludes this call. Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time and have a wonderful day. We thank you for your participation today.