Ladies and gentlemen, welcome to the Valeo Pharma Inc. second quarter results conference call. Also note that the call is being recorded on Wednesday, June 30, 2021. I would like to turn the conference over to Frederic Dumais. Please go ahead. Thank you, operator. Good morning, everyone. Present with me today on the call are Steve Saviuk, our CEO, Frederic Fasano, our President and Chief Operating Officer, and Luc Mainville, our Senior VP and Chief Financial Officer. Before we begin our second quarter 2021 results and highlights conference call, I would like to remind everyone that this conference call may contain certain forward-looking statements regarding the company's expectations for future events. Such expectations are based on certain assumptions that are founded on currently available information. If these assumptions prove incorrect, actual results may differ materially from those contemplated by the forward-looking statements contained in this conference call. The company disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, other than as required by security laws. I would now like to pass the call over to our CEO, Mr. Steve Saviuk. Please go ahead, Steve. Thank you very much, Fred. Good morning to you all, and thank you for joining us for the second quarter 2021 results and highlights conference call. I will start by quickly reviewing our second quarter product highlights and recent milestones. I'll pass the microphone over to Mr. Frederic Fasano, our President and COO, who will provide more details on our commercial efforts, our corporate structure, product status. Following which, our Senior VP and CFO, Luc Mainville, will provide a short review of the quarterly results before opening up the call for questions from financial analysts. Q2 2021 was, I think, a milestone quarter for Valeo, a really transformative quarter. We're very pleased to report that we recorded our highest revenues ever during the second quarter, and I'll go through some of the reasons why that is so. Again, we're at an inflection point where some of our existing products, our products we've had for at least 12 months now, M-Eslon, morphine sulfate, YONDELIS, are showing good sales. M-Eslon sales increasing. Onstryv sales increasing significantly. Our current products, our legacy products, if you will, did provide quite a bit of the revenue jump for Q2. Only at the very end, the last two weeks of the quarter, did we launch Redesca. Even in that short period of time, Redesca did start to show some significant revenue. In addition to that, it has now become our best-selling product in the space of less than two months. We expect that Redesca sales will continue strong in Q3. They are over the course of the first two months of our quarter, our quarter ends July 31st, have been quite strong and very much so into the next 8-12 quarters before they reach maximum peak sales. Again, we're estimating Redesca can hit peak sales of somewhere in the vicinity of about CAD 30 million. Quite a ways to go, but we're making very strong headroads with hospital pharmacies and with retail pharmacies. We've also had quite a bit of success on the reimbursement front. We are reimbursed in Ontario. We will shortly be reimbursed in a number of other provinces, and that's a key feature of the use of Redesca in the provinces. Very optimistic about and very pleased with our key account management team, which has led the launch of Redesca. Enerzair and Atectura are clearly two asthma products that will make a change for not only for the lives of asthma sufferers in Canada, but certainly for Valeo and its employees and its shareholders. In late March, we entered into the biggest and most transformative deal of our history when we signed a commercial and supply agreement with Novartis Pharmaceuticals Canada to be the Canadian commercialization arm of these two innovative asthma therapies. The signature of this deal and the subsequent buildup of our team and launch of these products immediately positions Valeo as one of the leading respiratory companies in Canada. A company from a position from which we can build additional products and market and therapeutic area dominance. We started shipping Enerzair and Atectura in June, and Fred will provide more of a detailed update on how our corporate structure is built out and the deployment of our national sales force. I'm very pleased with the quality of the people we're attracting. It was a daunting effort to have to build up a team and launch within less than 90 days, and it's really a testament to the management and the people at Valeo that we were able to do so. That is a very quick launch turnaround time. Private payer coverage. Any drugs sold in Canada relies to quite some extent on coverage by the various provinces and also by the life insurance companies that provide benefits to employees. We currently have announced that about approximately 80% of privately insured lives in Canada are covered and reimbursable for the use of Enerzair and Atectura. I'm also happy to announce that we are well on our way to advancing public coverage, which will be the second leg, so to speak, of the full reimbursement package. I'm sure some of you are curious about where we stand with Hesperco. Hesperco, as you know, is a flavonoid that has some very unique properties in terms of anti-inflammatory response, immune support. As you may know, Montreal Heart Institute, in February, instituted a clinical trial using Hesperco on a double-blind, placebo-controlled 216-patient trial using Hesperco as the active arm. That trial has been completed, all patients enrolled. They are now reviewing the results, and we should have something to report later on in the month of July. We also, during the second quarter, completed a CAD 6.6 million debenture financing, which was 40% subscribed by insiders. Subsequent to the quarter end, Valeo was admitted to a trade association known as Innovative Medicines Canada as a full member. This association plays a central advocacy role in all major issues related to the pharmaceutical industry, we're glad to be part of it. Certainly, I think it's important going forward that Valeo has a voice at the table of how the pharmaceutical industry in Canada develops and its relationship with the federal government and the provincial governments. Just recently, as of yesterday actually, we announced that we've closed a CAD 11.5 million bought equity financing agreement, including an over-allotment. A fully subscribed deal, Mr. Mainville, our CFO, will provide more details on that and on our financial position. Any successful company needs a number of elements, I think the key ones for Valeo are great people, world-class products, and now finally the capital resources. With these three elements, we strongly believe that we will be building a leading Canadian pharmaceutical company focused on respiratory, neurology, oncology, and other specialty products. With that, I'll pass the mic over to Frederic to give you a bit more detail and color on some of our main products we just launched. Thank you, Steve. We are actually very proud to have now officially launched and started commercializing our three transformative products. Redesca, Enerzair Breezhaler, Atectura Breezhaler will all play a key role in the achievement of our ambitious growth objective. As demonstrated by our just-released quarterly results, the growth we anticipate has already started to materialize. In order to maximize and capitalize on these significant growth drivers and market opportunities, we needed, as Steve mentioned before, to further update and upgrade our corporate structure. Based on our level of execution today, we are about to demonstrate to our current and future partners how an agile company like Valeo Pharma can promptly build infrastructures to support key brands at time of launch. Our hiring plan has led to the addition of key talent to the Valeo leadership team and to the commercial team. We have created recently two distinct business units supporting our branded product portfolio, Respirology and Specialty Products. We have one division composed of our hospital generic portfolio. As far as the respiratory business unit is concerned, this business line will support the promotion effort for both Enerzair and Atectura and potentially additional respiratory products in the midterm as we are growing our expertise in this field. In terms of hiring plan, we are almost done with the hiring of key talent to build up quickly and efficiently our commercial capabilities. The National Respiratory Sales Force is today composed of more than 50 collaborators who have been deployed on the field across the country and will be, by end of July, fully operational. We have been able to rapidly recruit and deploy a very strong team of experienced people with impressive track records in the pharmaceutical industry. All the way from the business unit head, we just announced the arrival of Howard Wiseman as our Business Unit Head, Respirology. Regional sales managers and sales representatives to the support staff at head office. We are very pleased with the attraction of talent and quality of people joining the company. We have also started to deploy our digital platform with our strategic partner, Impres Pharma. This digital platform, basically a customer relation management platform, a CRM, will help our medical and commercial team connect with more than 10,000 healthcare providers in both a remote fashion where access is still limited due to COVID-19 and/or back in face-to-face as COVID-19 related conditions reopen access to doctors in person. Enerzair Breezhaler and Atectura Breezhaler were just recently launched, and the very early feedback we are getting from the field is very positive and encouraging. Both products are already well covered by private plans, and we are now working on the public side to get them on public provincial listing as soon as possible. As far as the medical team of Valeo Pharma is concerned, we have now internally all the required capabilities and the full infrastructure, as we mentioned several times in the past, to register and properly manage our growing product portfolio through all stages of commercialization. From regulatory market access and now to medical affairs, our new structure now allows us to manage every aspect necessary to ensure commercial success. The team is now led by our Senior Vice President and Chief of Medical Affairs, who joined the company two weeks ago, Miss Nelly Komari, and she has already onboarded field-based medical positions like MSL, Medical Science Liaison, covering entire Canada. One H2-based position as a scientific and medical manager. The second business unit that we created is our specialty product business unit. This business line has also recently been created as for the promotion of our specialty branded product, including our flagship product, Redesca, but also other specialty brands in neurology and oncology. The team is completed and fully operational, and the recent launch of Redesca is already showing very encouraging signs of market capture, both in the hospital and retail market. The product is now listed on most of the provincial formularies across Canada, and private payers are also largely covering Redesca as an open benefit product. Our team is now comprised of 15 dedicated people, including 11 KAMs, and they are all working hard now to include Redesca on hospital listing. The business unit supports also the promotion and the whole P&L of Redesca, Onstryv, YONDELIS, Hesperco and Ametop. The hospital generic division is including generic products, which have been deprioritized in terms of investment. This line of products is mainly supported through submission to hospital tenders, but no promotional support in the field with healthcare providers has been deployed. Overall, small revenue stream, but still profitable, and we are now seeking to maximize the value of this business line. As overall comments, Valeo has now more than 80 employees. We expect to complete our hiring plan and be above 100 by the end of July. The ongoing integration of our new employees is going very well, and the great focus of all our team members is now and clearly on the launches of our three key assets, namely Redesca in thrombosis and YONDELIS and Atectura in asthma. The strategic transformation of Valeo is well advanced since the organization itself, the business lines, including the product portfolio and the management accountability, are now all aligned on our key priorities. We are ready to deliver on the value of our product portfolio, and this had already started in Q2. Early signs of Q3 trends are showing that it's really on the good trend, and it is again very encouraging. Our business development team is also continuously hard at work to search for additional strategic assets to add to our portfolio and to take full advantage of our new corporate structure and commercial platform. We'll keep you updated on our progress going forward, and we look forward to bringing you more details throughout the year. This concludes the product preview section of our call, and I will now pass it over to Luc for a quick review of our quarterly financial results. Thank you. Thank you, Fred. Our revenues for Q2 2021 were up by 27% compared to Q2 2020, at CAD 2.26 million compared to CAD 2.1 million for Q2 2020. The increase in net revenue was due to the strong contribution of new products launched over the past 12 months, which represented 25% of our Q2 2021 revenues and included revenues from YONDELIS, Ametop, Hesperco, INQOVI in the U.S., and also Redesca, which was launched in April 2021, a few weeks only prior to the end of the quarter, but still generated meaningful revenues for the period. Revenues for the year-to-date 2021 period were up by 20% compared to year-to-date period 2020, at CAD 4.5 million compared to CAD 3.8 million. Same as for the quarter, the increase in revenue for the year-to-date period was due to the contribution of new products launched over the past 12 months, which represented 20% of our year-to-date 2021 revenues. 2021 revenues. Sorry. Due to the addition of revenues from new branded products such as YONDELIS, Ametop, Redesca as well as the quarterly growth of Onstryv sales, our growth margin ratio for Q2 2021 has improved when compared to Q2 2020, at 27% versus 24% of product revenue. The 3% increase in gross margin ratio, combined with a 27% increase in revenue, contributed to a 43% increase in our gross margin for Q2 2021 at CAD 700,00 compared to CAD 500,000 for Q2 2020. Note that we were anticipating an even greater gross margin contribution for the quarter due to the mix of product revenues, but higher-than-expected gross to net sales adjustments impacted our margins, but still ended up 84% above gross margins achieved in the prior Q1 2021 quarter. For the six months year-to-date 2021 period, our growth margin percentage has improved as compared to prior year periods. The mix of revenue for the period contributed to increase our gross margin ratio from 22% to 24% of revenue. The combined impact of the improved revenue mix as well as growth in revenues led by a 34% increase in gross margin contribution for the year-to-date 2021 as compared to year-to-date 2020 at CAD 1.1 million versus CAD 800,000. Now, sales and marketing expenses. Valeo commercializes branded product that requires sales and marketing support, as well as M-Eslon and Ametop and Osfo injectable products which require limited sales and marketing commitments. Because sales and marketing staff costs represent the bulk of the sales and marketing expenses, those expenses will increase as we expand our sales force to support the launch of Redesca and Enerzair and Atectura and other branded products. During year-to-date 2021 period, Valeo implemented a nationwide sales force of 11 Key Account Managers for Redesca in anticipation of the April 2021 launch. In Q2 2021, following the licensing of Enerzair and Atectura from Novartis, the corporation started hiring sales and marketing staff to support the commercialization of these products. These two factors contributed to increase our sales and marketing expenses, while revenues from these new products have not yet reached their full potential. Sales and marketing expenses for Q2 2021 were CAD 1.1 million or 41% of net revenue as compared to CAD 500,00 or 25% of revenue for Q2 2020. The increase between the two quarters is 109%. The Q2 2021 sales and marketing expenses include non-recurrent hiring charges for the new sales and marketing staff as compared to nil last year. Sales and marketing expenses for year-to-date 2021 were CAD 1.9 million or 42% of net revenues as compared to CAD 1.1 million or 30% of net revenues for year-to-date 2020. The increase between the two year-to-date periods is 78%. The year-to-date 2021 sales and marketing expenses including CAD 200,000 of non-recurrent hiring charges for the new staff as compared to nil last year. The increase in general and administrative expenses for each of the Q2 2021 and year-to-date 2021 period as compared to prior year results from mainly the addition of head office personnel required to support the strong growth anticipated in the current fiscal year and beyond. We expect to see further increase in head office staffing for the coming quarters following the creation of the new structure required to support the growth of our commercial pipeline. The new structure will be completed this year and provide significant leverage thereafter. Consequently, general and admin expenses as a percentage of net revenue should trend downward starting from here. General and admin expenses for Q2 2021 was CAD 1 million as compared to CAD 700,000 for Q2 2020 representing a 40% increase. General and admin expenses for year-to-date 2021 was CAD 2 million as compared to CAD 1.5 million for year-to-date 2020 representing a 36% increase. Our financial expenses increased by 66% and 111% respectively for the quarter and year-to-date period in fiscal year 2021 as compared to prior year period. These increases were due to a series of debenture financing closed over the past year. Valeo secured debenture financings of CAD 2.2 million in Q2 2020 and CAD 1.7 million Q3 2020, as well as CAD 6.6 million non-convertible debenture financing in April 2021. These financings contributed to increase our financing costs from CAD 100,000 in Q2 2020 to CAD 200,00 in Q2 2021, and from CAD 200,000 to CAD 400,000 between the year-to-date 2020 and the year-to-date 2021 periods. Our net results for the last quarter and year-to-date period have been impacted by addition to sales and marketing and general admin staff and expenses required to position Valeo for solid growth in fiscal year 2021 and beyond. The creation of the new structure as well as the expansion of Valeo's commercial team is required to capitalize on the significant market opportunities for Redesca and Enerzair and Atectura, as well as accelerate the growth of our existing pipeline such as Onstryv, YONDELIS, Osfo, and new products to be added over time. We anticipate the strong sequential quarterly growth of our revenues and margins will contribute to lead Valeo towards profitability during the course of fiscal year 2022. We already predict more than 50% increase in revenue in Q3 2021 as compared to Q2 2021 and with similar increases in margins. Our net loss for Q2 2021 increased by 117% compared to Q2 2020 at CAD 1.9 million compared to CAD 900,00. Our net loss for year-to-date 2021 has increased by 82% compared to year-to-date 2020 period at CAD 3.6 million compared to CAD 2 million. The increase in the net loss between the two quarters and year-to-date period was due to respective increases in sales marketing, G&A, share-based comp and financial expenses which were only partly offset by the increase of our gross margin. EBITDA loss for the quarter increased from CAD 600,000 in Q2 2020 to CAD 1.5 million in Q2 2021 representing a 139% increase. EBITDA loss for the year-to-date period increased from CAD 1.6 million to CAD 2.9 million between the two respective year-to-date periods, representing an 86% increase. Our adjusted EBITDA increased by CAD 500,000 between Q2 2020 to Q2 2021 at CAD 1.1 million compared to CAD 600,000, representing an 80% increase. Adjusted EBITDA loss for year-to-date 2021 was CAD 2.2 million as compared to CAD 1.5 million for the year-to-date period. The 45% increase can be attributed again to respective increases in sales, marketing, and G&A expenses, which were required to position the company for growth. Finally, our adjusted EBITDA loss for Q2 was the same level as Q1 2021 at CAD 1.1 million, and indicative that the growth in sales, marketing, and G&A expenses were covered by the increase in our gross margin. Now let me comment on our financial resources. Our cash balance at the end of Q2 stood at CAD 3.7 million as compared to CAD 2.8 million at year-end, representing a 29% increase. Our cash reserves have increased as a result of our successful CAD 6.6 million private placement secured in April and helped Valeo cover cash flow from operation, but more importantly, fund working capital requirements required to support the respective launch of Redesca and Enerzair and Atectura, as well as the payment of the licensing fee to acquire the products from Novartis. Cash used in operation was CAD 4.3 million in year-to-date 2021 compared to CAD 2.5 million in year-to-date 2020. The CAD 1.7 million increase came from CAD 1.6 million increase in net loss and CAD 700,000 increase in non-cash working capital, which were partly offset by the large increase in items net affecting cash of CAD 600,000. items not affecting cash increase were due to the increased depreciation amortization on intangible assets, as well as the share-based compensation and non-cash effective interest expense on the ventures. The increase in non-cash working capital requirements resulted mainly from the respective CAD 600,000 and CAD 4.6 million increases in trade receivable and inventory, which were only partially offset by the CAD 3.3 million increase in trade payables. Redesca inventory alone represented CAD 3.5 million as at the end of the second quarter. Cash used in by investing activities was CAD 2.2 million in year-to-date 2021, as compared to CAD 400,000 for the prior year. The CAD 1.8 million variance was mainly due to license fee paid to Novartis on signing of the Enerzair Atectura license. During year-to-date 2021, financing activities provided cash of CAD 7.4 million compared to CAD 2.6 million for the year-to-date 2020 period. During the year-to-date 2021 period, Valeo secured CAD 6.6 million from issuance of non-convertible debenture, but also CAD 1 million from the exercise of warrants and options. During the corresponding year-to-date 2020 period, Valeo secured CAD 1.1 million net cash from commitments into the Q2 2020 debenture financing, as well as a CAD 1.5 million increase in its operating line of credit. Following a series of successful financing in fiscal year 2020 and year-to-date 2021, but also taking into account the closing of the successful CAD 11.5 million bond deal financing announced yesterday, we have secured significant capital to strengthen our balance sheet and have required facilities to support the launch of our new respiratory franchise and to continue supporting the rest of our commercial pipeline. Our working capital efficiency of CAD 2.3 million at the end of the second quarter included the short-term maturity of our CAD 6.6 million bridge financing closed in April and has been addressed by the net proceeds of the CAD 11.5 million financing announced yesterday. After considering yesterday's financing, Valeo now has warrants outstanding representing CAD 29 million of potential funding. In addition to our existing cash reserves and the possible cash injections to be derived from the exercise of warrants, the company continues to enjoy a CAD 2.5 million unused line of credit at the end of Q2, which was increased from CAD 2 million during the quarter. Due to the strong growth in our receivable since Q2, receivable and inventory, sorry, we are now currently in negotiation for a further meaningful increase in our line of credit with our bank. We believe we have now a strong balance sheet and access to the required capital to support our commercial efforts and meet our growth objective going forward. This concludes the financial review part of our call, and I will now turn back the call over to Steve. Thank you, Luc and Fred. We are now ready to open the call up for questions. Although this portion of the call is reserved for questions from financial analysts, we invite any of our shareholders or any other interested parties to contact us directly with any questions, and we will get back to you as quickly as we can. Operator, you may now proceed to the questions part of this call. Thank you, sir. Ladies and gentlemen, if you do have a question at this time, please press star followed by one on your touchtone phone. You will then hear a three-tone prompt acknowledging your request. If you should wish to withdraw your question, please press star two on your telephone keypad. If you're using a speakerphone, we do ask that you put your hand up before pressing any keys. Please go ahead and press star one now if you have any questions. Your first question will be from Scott McAuley at Paradigm Capital. Please go ahead. Morning, gentlemen. Morning. Thanks for taking the questions and congrats on. Obviously, I think a pretty milestone quarter. Great to see the sales growth, obviously kind of the new product launches. I just wanted to check in on the kind of 2021 revenue estimates. You guys have in the deck about CAD 17 million-CAD 20 million for the year. Do you remain confident in these numbers? Especially with the initial trends that you're seeing in Redesca, Enerzair, and Atectura? Right. Luc, maybe you should answer that. Thanks, Scott, and for your question and attending the call. Right now we feel comfortable with that range. As you know, we're just starting to see commercial information or data for the launch of the Enerzair Atectura, and we have a portion of those revenue that are part of our estimates. Based on the current tracking of Redesca, the PLAs, the provincial listing agreements that are being signed, we feel comfortable, but at this point in time, we're not going to move that estimate. Scott, I would just add that based on the third quarter, our run rate is at or above that number, and we expect that the run rate for the fourth quarter will be above that number. Yeah. No. On a quarterly basis. Yeah. For the gross margin expansion, obviously, again, great to see those numbers pick up as a gross margin percentage basis as that product mix switches to the new higher margin products. I just wanted to confirm, I thought you had said you're expecting these margins to also increase by about 50% over the next quarter. I've seen the note on the expected at least 50% revenue growth. Luc, I thought I heard you say that on the margin as well, and just want to confirm that is on a dollar basis and not margin percentage basis, or just any additional color you can provide there. Well, good catch, Scott. I guess you were listening well. Yes. Clearly, the growth of our revenue is coming from a more profitable product, and so the revenue mix over time is going to increase. As you know, we're projecting that in a few years from now, we'll move from the current 27% gross margin ratio to something close to 50%. The growth is coming from those 50%+ or 50-ish% products. Of course, it dilutes the products such as M-Eslon, which is providing a lower contribution. As we go from the current sales level, and if we pick up 50%, you can assume the 50% comes with that 50%-ish plus gross margin, and you can easily predict that 50% estimate and gross margin increase is fairly reasonable. I hope that covers your question. Yeah, no, definitely. Just lastly, before I jump back in the queue, just on the Hesperco. Obviously great to hear that the trial's fully enrolled, and you're kind of expecting results in the next four weeks or so. Do you have a sense in terms of what would be considered a success from a clinical basis and really allow you to add those additional claims to the product label moving forward? Or are you waiting to just hear what the Montreal Heart Institute says? Frederic, maybe you can answer that? Yeah. Thank you, Steve, and thank you, Scott. Two things here. We are already filing for additional claims. That is based on the scientific data already available. What could be looking like a success, of course, this is a comparative trial versus placebo, is having a clinical and significant and meaningful impact versus placebo in reducing symptoms related to COVID. Okay? That would lead us, of course, to a subsequent submission as a product able to reduce symptoms of COVID-19 virus that is going more specifically towards COVID-19 patients. It's not preventing us to file already for other additional claims, but certainly the results of the trial will drive another subsequent submission with a very important claim, of course. That's great. Just quickly follow up on that. Is the Montreal Heart Institute going to be press-releasing those results themselves? Are they passing those results to you to directly press release in terms of just where we should be looking for those results to come out from? That's a good point, Scott. The point here is, don't forget, this is a trial that is sponsored by the Montreal Heart Institute. Yeah. They will probably press release themselves, and of course, we're going to be exposed very early to the results so that we can also press release on our side. They will press release by themselves. That's for sure. Yeah. No, that's great. Thank you, guys. I'll hop back in the queue in case there's other questions. Thank you. Your next question will be from Paul Stewardson at iA Capital. Please go ahead. Good morning. Thanks for taking my questions. Calling in for Chelsea. Just wondering about in terms of now that you have the CAD 11.5 million, you're talking about the larger line of credit potentially. Can you talk about sort of cash runway? How far into the launch does this take you for Enerzair and Atectura into next year? Luc, might be answer the question for you. Yeah, no problem. Hi, Paul, thanks for joining. Right now we have the bridge financing to address. We've already secured commitments from some of the venture holders participating in that bridge to not request a repayment, as expected, following the close of the financing. Meaning that the CAD 6.6 million, some of that's going to be only repaid in early 2022. With the extended line of credit, what we see in our balance sheet is that putting the bridge aside, we only have CAD 4 million of debt, more than half of which is convertible and will be convertible within a year from now. Very little leverage. We feel that we have leverage on the balance sheet due to the very strong pickup in our cash flow and the progress of our commercial performance to secure additional non-dilutive debt. We hope to have news on that over the next couple of quarters. With that, we estimate that we're in very good shape to cover any operational cash flow requirements to support the company until we get breakeven cash flow-wise mid-next year. I hope that answers your question. Yep, definitely. Thank you. Then just in terms of the Enerzair and Atectura launches. For public coverage, do you have a timeline on that of what you're expecting? In terms of the time between now and then, is there a way to sort of bridge patients into the time when they can get public reimbursement, or how are you working on that? Yeah, I can take this one, Paul, thank you for the question. Expectation of Enerzair and Atectura becoming covered publicly on provincial listings is expected by beginning of 2022, first quarter 2022. One point specific to this market, one feature specific to this market is that 60% of the market is privately covered. You may consider bridging with some patient support program once you're relying much more on public coverage. In this specific case, actually, half of the elderly patients are privately covered, and we actually are covered by more than 80% of the private payer plans. Basically, it means that in terms of operations, for the first market we're entering to is definitely the private market from now to time of public coverage, where we're going to have another inflection point for the sales at the time the provinces are listing the product on their provincial listing. There is very large space on the private market for us to operate, and that's clearly our focus for today. Thanks, Fred. Just a quick follow-up on that. In terms of when the public reimbursement does come through in Q2 itself, is that a point when promotional activities will increase in terms of expense-wise, or is that you're already going to be pushing as hard as you can just based on the private side of things, and so it'll just be more of the same? I think we are already full-fledged, Paul, in a sense that we started to operate, as we have mentioned before, some days ago, actually last week. I think we want to raise the awareness of those two brands in Canada, which was kind of starting from scratch. I don't think that we're going to really increase, but this is due to the fact that as of next fiscal, we're going to be full-fledged already. We need to prepare the field and the more we can do in terms of raising the awareness of the clinical data, the population of patients eligible to those products, we will really take advantage of the public coverage at time of coverage. From the promotional support, we are not waiting. Again, remember, the maintenance market is worth CAD 700 million approximately. We have space to operate. If we consider only the private part of it's still a market of CAD 350 million. I don't think we're going to wait up until we have a public coverage, but we want to go full-fledged some months before. Don't forget, again, we are working also to anticipate this time of public coverage. All in all, again, next fiscal, we will already be full-fledged in terms of promotional support. Perfect. That's very helpful. One last one from me, then I'll jump back in the queue. Just in terms of the Hesperco trial, obviously, exciting time coming up for the results. If they do come out the way that you're hoping they do, what's that going to look like in the next couple of quarters in terms of how do you capitalize on that? Is this something where you really push in the U.S. or how are you thinking about it? Yeah, Paul. I think U.S. is part of the story of Hesperco since the beginning. I don't think U.S. will be modified upon the results. Certainly you understand that if the results are positive, this is a different story starting. If they are not, actually, we will continue to rely on the current claims, which are still supporting the immune system, which is worth considering in different settings and different population of patients. U.S. will continue to be part of how we are looking at developing sales for Hesperco. The product is approved in the U.S., we actually have inventory ready to ship to go to the U.S. We're ready for the results. Okay, fantastic. Thanks so much, guys. Thank you, Paul. Thank you. As a reminder, ladies and gentlemen, if you do have any questions, please press star one on your telephone keypad at this time. Currently, gentlemen, we have no further questions. Please proceed. Well, thank you, operator. Just in finalizing, I would like to thank everyone for being on this call and for following the company. We've launched some major products in the last several months. In case of Enerzair and Atectura, clearly world-class products that will change the treatment paradigm for many asthma sufferers. We're expecting our revenues to grow in excess of 50% in Q3 compared to Q2. We've built a team. It's almost done. The important part is it's a lean team. You need the team in the field, the commercial team, to be able to support the magnitude of these products. There's certainly a lot of consciousness about cost and trying to operate with the view of break even and positive cash flow as quickly as possible. This team does position us to be one of the leading independent Canadian pharma companies. We're well-capitalized to support this growth. I think we have all of the elements right now to really have a good end of 2021 and a really strong fiscal 2022. Again, thank you for your continued interest and support, and look forward to interacting with you in the weeks to come. Thank you. Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. At this time, we do ask that you please disconnect.