In addition, today, there are some forward-looking statements and risk factors associated with [ASP Isotopes] . Most all of our risk factors and forward-looking statements are on our website. Please review our SEC filings for a full set of risk factors, disclaimers, and forward-looking statements we may or may not make during this call. I'm going to start off. Most of you will know me. My name is Paul Mann. I'm the Chairman and CEO of ASP Isotopes. I've spent most of my career investing in healthcare and biotech, and it's an honor to be able to work with Bruce and Dr. Kemp here to talk about it. Maybe I'll hand over to Dr. Turner to introduce himself first of all, if that's okay.
That's great, Paul. Thank you very much. My name is Bruce Turner. By training, I am a physician scientist. I'm a radiation oncologist. I did my training at Yale. I practiced for a number of years in Academia. I've spent the last 30 years approximately in drug development at various private companies and large public companies like Roche. For the last five years, I've worked on a number of companies that have focused on targeted oncology agents, the last being a small private company by the name of MorphImmune that then merged into a public shell called Immunome, which is now a public company and focuses on the area of ADCs and RLTs, radioligand therapeutics as well. I have a lot of experience in this area and look forward to the very exciting collaboration we've now established with ASP . That's a little of my background.
What I'll do now is sort of kick off the IsoBio presentation. IsoBio is focused on, and maybe a little history here, on anti-cancer agents. Over the last 30 years, we've made a huge amount of progress as an oncology community in the treatment of cancer patients. We've gone from small molecule cytotoxics, which really revolutionized the treatment of cancer starting in the 1970s. These agents were quite effective at that time, but they were also quite toxic because they not only treated the tumor, but they treated the surrounding tissues. Although they were efficacious, they were toxic, but they led to dramatic improvements in survival rates compared to what we had during the 1950s and the 1960s. As we moved from the 1970s into the 1980s, we really saw the development of antibodies, which are large molecules as opposed to small molecules for the treatment of cancer.
This was revolutionized by a number of companies, including Genentech and Amgen and Immunex. These are now used to treat a large number of different tumor groups. We now have over 200 antibodies that have been approved by the FDA for the treatments of all sorts of cancers. During the 1990s and more recently, sort of the next leg in terms of oncology development has been the area of ADCs or antibody-drug conjugates. This has been led by a number of companies, including one that's based out here in Seattle, where I'm located today, which is called Seagen. As most of you know, Seagen was recently acquired by Pfizer for $44 billion. There are now over 15 different antibody-drug conjugates that have been approved by the FDA for a whole host of tumors.
The field is quite exciting and growing rapidly with a large number of companies globally that are developing these ADCs. I think the next leg from ADCs in terms of new oncology drugs has been the area of RLTs or radioligand therapeutics. This area was led really by the groundbreaking work of Phil Low at Purdue University and then Novartis. Novartis has now two approved drugs for different tumor types using different radioactive isotopes. The leading drug, which we'll talk about in a little while, is PLUVICTO for the treatment of cancer. This drug class is now a multi-billion dollar drug class. Over the next 10 or 20 years, I imagine this class will grow into tens of billions of dollars, which is very similar to the growth that we saw with antibodies and with ADCs over the past 20 years.
What we want to do here at IsoBio, and one of the limiting factors with radiotherapeutic drug development, has been the difficulty and the manufacturing unreliability or the supply chain issues with obtaining isotopes. These two isotopes are generally split between alpha emitters and beta emitters. An example of an alpha emitter is actinium, which is used by a number of drugs in development, and lutetium, which is a beta emitter, again used by a number of drugs, including PLUVICTO, again the drug marketed by Novartis for prostate cancer. The manufacturing supply chain has been a challenge for even large-cap companies. These companies have spent many hundreds of billions of dollars building out the supply chain, and it's really only one, Novartis, that has that supply chain built out. What we've done here with our relationship with ASP is we've negated that uncertainty.
We now have a relationship and plans such that IsoBio will be purchasing and manufacturing isotopes with ASP . Not only are we going to be using lutetium and actinium, but the field is now developing even further, almost like ADCs developed using different payloads for the antibody-drug conjugate. We'll be using some novel isotopes, some which we might mention on the call today, many which we will not mention because we know our competitors are out there and some might be listening to this call today. We'll talk about things at a very high level. We've partnered not only with ASP , but with PET Labs. The plan is to build out isotope manufacturing here in the United States. We expect to be very involved with ASP and Iso in that effort. Next slide, please. That's great. The vision here is we will be focusing on antibody-isotope conjugates.
Our moniker for that is AICs, and it's a new class of radiotherapeutics. We're going to do this using, as I mentioned, isotopes that are manufactured by ASP and PET . We will be using validated antibodies. We are going to go after targets that have been validated not only in clinical trials with thousands of oncology patients, but have been used to treat millions of cancer patients and have been FDA approved. One of the risks in drug development is, you know, is your target active? We are going to eliminate that risk by only focusing at the very beginning on targets that have been validated by clinical development, commercial success, and FDA approvals. That one risk is going to be removed.
The reason we're using antibodies is because in terms of targeting a tumor, the most effective way today to target a cancer, to target a tumor, is using an antibody. We want to minimize off-target toxicities, and we can do that by using something very specific to each individual tumor, and that's an antibody. Next slide, please. As I mentioned, this is a burgeoning class. Yet for the past three or four years, there have been some manufacturing challenges. Some of our competitors have overcome those challenges, and there are now commercial products in the market that represent multi-billion dollar opportunities. They are highly effective in the treatment of certain tumors. You probably read recently that PLUVICTO's use was expanded, and it is now used by many patients with both castration-sensitive and castration-resistant metastatic prostate cancer. There is a growing pipeline of radiotherapeutics that are in development.
There are more than 50 radiotherapeutics that are currently in clinical trials for many different tumor types with many different targets. It has been widely reported that the limiting factor remains supply chain. Much of clinical development for both biotech and large-cap pharma companies has been slowed down because of the limits within manufacturing. We believe that with our relationship with PET and ASP , that will no longer be a limiting factor. We not only plan to go after de-risk targets, but in the future, we also plan on going after new targets as well. Next slide, please. Paul?
Yeah, I think I was going to present this slide here just as a kind of a beginner's background to how [ASPI] fits into this and how PET Labs fits into this. ASP Isotopes has spent a lot of time building the capability to make stable isotopes using various proprietary technologies. In a radiopharmacy, these stable isotopes are converted into radioisotopes. The idea of a radioisotope is a short half-life. This allows it to have activity, but it also makes the supply chain extremely challenging, as Dr. Turner suggested. Typically, one would take a stable isotope, and you would use either a neutron, a proton, or an electron to convert it into a radioisotope. For example, you can take Ytterbium-176, accelerate a neutron in a nuclear reactor, and hit Ytterbium-176 with a neutron and convert it into lutetium-177.
That has a six and a half day half-life, and that's what's used to treat a number of patients. Nickel-64, you can accelerate a proton in a cyclotron, hit the Nickel-64 with a proton, and then convert it into Copper-64. That's also used as a therapeutic agent. That has a half-life of 12.5 hours as well. Zinc-68, you can hit it with an electron in a linear accelerator, so an electron accelerator, and convert it into Copper-67. These processes are typically done in a radiopharmacy. With me here today, we have Dr. Kemp, who's the CEO of PET Labs. Dr. Kemp, maybe you can introduce yourself quickly and then just talk about PET Labs and the capabilities you've built over the last several years.
Thank you, Paul. Yes, my name is Heather Kemp. I started PET Labs in 2005. I'm a trained radiochemist, more than 20 years experience in this field. We installed the first privately owned cyclotron to produce medical isotopes in South Africa. In 2022, ASP invested heavily into PET Labs. I'm glad they saw what we do and they liked it. Now they hold a majority stake in PET Labs. We not only produce for the commercial nuclear medicine market, we also do some research molecules for several CROs in all the areas that we're involved. PET Labs, as I said, we own multiple cyclotrons in various locations. We've got access to nuclear reactor for irradiation with neutrons. As Paul also indicated in the previous slide, the ability to use electrons for what we envisage in the future is not far away. It's actually close.
Currently, in South Africa, we supply about 85% of the PET radioisotopes, not only in South Africa but also in Sub-Saharan Africa because we do export or distribute outside the borders of South Africa. As you can see on the slide, currently we produce a wide variety of radiolabeled pharmaceuticals, as obviously dictated by the markets we sit in. We're ever expanding this service. Even now with this call, I think you can see it's going to become big, the whole theranostic area. In Q4 of this year, we will start with lutetium-177 and Gallium-68 labeling to a variety of these therapeutic directing agents. Something else that we're very proud of is we host in one location a fully GMP qualified chemical synthesis, chemical analysis, and a microbiological facility that is fully qualified by our regulator in South Africa.
We have had on one or two of these different labs also FDA inspections, which we have passed. We have currently more than 30 employees working with us. Probably approximately 15% of them are PhDs and the rest advanced degrees in chemistry, biochemistry, and microbiology. We're increasing these numbers currently with our expansions with the help of ASP going into the U.S. and into the U.K.. On the next slide.
I think before the next slide, I'll just add, Gerdus, that I think it's fair to say that you have the most advanced analytical testing lab in Africa, probably in the Southern Hemisphere, and one of the most advanced labs in the world with some of the most up-to-date equipment, making it possible to make these measurements that really aren't possible, or analytical measurements really aren't possible in the world. Those that have been to our facilities have had a chance to witness those, and it's great to come and have a look around.
Yes, everyone's more than welcome to come by us and visit. I must say, I don't think I've met one that walked through here that didn't like it. The call is very spicy. It's very nice to hear that if you put this amount of work into a facility. We're very proud of it. Next slide. Just to give you an indication of my market growth over the last 20 years, we know that this will increase with the radiation of personalized therapeutic agents like these labeled antibodies. This is just a quick glimpse of South Africa. We form such a small part of the world. As I said, with our expansion into the U.S. and the U.K. for now, we envisage taking this everywhere. Nuclear medicine is very, and radiotherapy is very, it's very specific, it's very personalized.
I think we've reached the point with labeled antibodies that we can basically crown it and claim it at this stage.
I think I've been talking about this slide here. You know, when we set up ASP Isotopes four years ago, we always had the vision of being involved in nuclear medicine, but being a fully integrated supply chain to be able to produce the stable isotopes as well as the radioisotopes. One of the challenges in the supply chain is just the lack of suppliers of stable isotopes and then the short-lived nature of radioisotopes. We can't obviously get over the short-lived nature of radioisotopes. PET Labs will likely be the only radiopharmacy globally that's back integrated into it or vertically integrated into its stable isotope supply, which is required to make radiotherapies. ASP Isotopes has developed two, what we've announced two, or made public two isotope production capabilities. We may announce some more later on this year. These come from South Africa's enrichment programs back in the 1980s.
As I said, the supply chain is exceptionally challenging. We've kind of built three plants in South Africa which can enrich isotopes. The first process we have is the ASP process, the Aerodynamic Separation Process. This is very good for gaseous molecules. Right now we've built two plants, one for carbon-12 and carbon-14, and one for silicon-28, neither really used in radiotherapeutics, but we have the capability of making isotopes used in radiotherapeutics, such as zinc. You'll see a picture there of our carbon plant. The second process we have is the Quantum Enrichment Process, which takes a laser and we vaporize a metal, and we pass that metal through a very finely tuned laser. That laser is able to isolate and excite one particular isotope. The laser beams finely tune for that isotope.
Then we're able to selectively pick out that isotope and put it onto a charge collector plate. You see a picture there of our quantum enrichment plant. We built a quantum enrichment plant for Ytterbium-176, and that's in the process of producing commercial samples for customers. We have plans to build a quantum enrichment plant for Nickel-64 as well as Gadolinium-160 in the coming months to enable further different types of radioisotopes. I'll pass back over now to Dr. Turner to talk about
ASP Isotopes
and IsoBio and how important this is for IsoBio.
That's great. This is a slide really talking about the relationship and the benefit to both IsoBio and ASP on this strategic relationship. Clearly, one of the benefits for IsoBio is that we have access now to ASP 's technology. It's going to be very cost-effective for IsoBio in terms of manufacturing and obtaining these radioisotopes. That's important for ASP as well because now, as part of this transaction, ASP shareholders are substantial owners of IsoBio. I think it's beneficial for both IsoBio and ASP on this relationship, which provides us access, deep access, wide access to a whole host of radioisotopes. As Paul and Gerd just mentioned, the manufacturing process is scalable. Expansion is possible. ASP is demonstrating that now by growing the manufacturing outside of South Africa into other areas of the world.
One of the areas that IsoBio will be working with PET and ASP on is bringing manufacturing to the United States. We are working on those plans now. Hopefully shortly, we'll be able to detail a little more about our thoughts in those areas. As has been mentioned, the enrichment process is environmentally friendly. There is low or zero waste in any form. The broad reach of ASP in manufacturing really puts us, us being ASP , PET Labs, and now IsoBio, in a league with other very large manufacturers and large-cap pharmaceutical companies in terms of being able to do clinical trials, not only in Africa and Europe, but eventually here within the United States. It's my focus as the CEO of IsoBio in getting these radioisotopes. You're going to see the portfolio very shortly into the clinic as quickly as we can. Next slide, please.
This is just showing you the three types of isotopes that generate a radiotherapeutic effect. As I mentioned, there are both beta particles, which are low LET. LET stands for linear energy transfer. We have low LETs, the beta particles, which are used in drugs that are approved like PLUVICTO. We have alpha particles, which are high LET particles. An example of those that are in development are actinium-based radiotherapeutics. The other form of energy that's very effective is being able to generate Auger electrons. As you can see, Auger electrons also have very high LET. We are going to use radioisotopes that generate not only alpha and beta, but also generate Auger electrons.
I think when you're thinking about radiation therapy, from a very big picture perspective, you can think about it as, you know, many of us are familiar with radiation therapy for prostate and breast cancer, where we use another form of high energy particles called photons. Photons, through these radiation therapy machines, are used to treat a very large field. We treat a breast or maybe half or three quarters of the breast field. When we treat using radiation therapy machines, we treat for prostate cancer, we treat the entire prostate, we treat the surrounding tissues, and often we treat the pelvic lymph nodes adjacent to where the prostate sits in patients that are getting primary radiation therapy for either prostate cancer or the whole breast and the axillary lymph nodes in women that are getting treated for breast cancer.
These are very wide fields, and it's very effective in treating these tumors. One of the issues with radiation therapy machines is that because you're treating such large fields, there's associated toxicities. With radiotherapeutics, it's almost like where small molecules for early cancer treatments evolved into antibodies, which evolved into ADCs, and now we're evolving into this area of RLTs. We're able to hone down that field from the entire breast or the entire prostate field to the individual cells that are not only the breast epithelial cells or the prostate epithelial cells, but by targeting the tumor antigen using the antibody, which is going to get linked to an isotope, we're able to effectively target the cancer cells within these individual tumors.
We believe by delivering a very large and potent isotope, which is going to cause either single-stranded or double-stranded, that SSB or DSB, these DNA damage breaks, that we're going to be able to deliver agents that have high efficacy. Again, we're leaving the surrounding tissues alone, and we'll be able to deliver them with a relatively low toxicity side effect profile. Next slide, please. This shows you the pipeline. We are working on six different antibodies. As you see, we are not disclosing today the antibody or the targets. As I've said before, we know we have a lot of competitors out there. Radiotherapeutics is a very competitive field. There have been a number of M&As and raises. The M&As are not measured in the hundreds of billions of dollars, but in the billions of dollars.
Some of the raises recently have also been in the hundreds of billions of dollars. We realize this is a very competitive area. Our distinct advantage here is the strategic relationship with ASP , where we have eliminated the risk of the manufacturing issues. We have access not only to typical alpha and beta emitters, but to some very novel ones. We're pursuing the ability to do some really interesting combination work here that we'll get into at a later time. We are going after indications that are big indications. We are looking at mostly solid tumors. These are solid tumors with markets that are, again, measured on the order of billions of dollars. A number of antibodies in development and a number of very large indications. Next slide, please. What are some of our advantages here?
We are going to be using antibodies that are very specific, that have very short half-lives, that are internalized very quickly into tumor cells. We are going to be able to minimize the dose to surrounding organs like the bone marrow, the kidneys, and liver. We are going to minimize the uptake to surrounding tissues, maximize the uptake to tumor tissues, again, with radioisotopes that are radio stable, that have high specificity. We are going to be using linker payload systems where the plasma stability is great. That is a very important measure in terms of minimizing side effects from the isotopes. We have a number of partners in terms of both clinical and commercial manufacturing that I've worked with in the past that will continue to do manufacturing as we move into clinical and commercial development. Next slide, please.
This really just captures some of the acquisitions that have been done and some of the raises that have been done over the past couple of years. I think most importantly, going to the third bullet point here is important. You know this is already a market that approaches $7 billion and that the estimates are that by 2033, there are going to be more than a dozen approved drugs, more than a dozen approved RLTs with a market that's going to exceed $13 billion. We want to be players in this field. For that reason, we've established the relationship with ASP and PET and very much look forward to becoming major players in the area of RLT commercial therapeutics with ASP . Next slide, please. This is really just showing you the difference.
Again, talking about the traditional radiation therapy or the radiation therapy machines we talked about that generate photons or some of the more advanced machines today use protons. These use relatively big fields. There have been improvements clearly in radiation therapy, and the fields have narrowed, but you still need to cover for breast most of the breast. For prostate, you need to cover the entire prostate and the surrounding tissues. The examples of some of those surrounding tissues in the prostate are the vessels and the nerves that control urination and potency. By being able to deliver a radiopharmaceutical where we can directly target, in the example of prostate cancer, prostate cancer cells, we're going to be able to treat the tumor and leave alone those surrounding vessels and nerves. The data today suggests that the toxicity should be less than what's seen with traditional radiation therapy.
Next slide, please. A little bit about the partnership here is that ASP does have a stake in IsoBio. ASP will have the ability to generate revenues from IsoBio as we purchase and use both common isotopes and novel isotopes from ASP and PET . We believe that this is going to allow IsoBio to generate pharmaceutical products and generate high-quality clinical data using these products. These products are very high margin. They're in great demand. You saw the size of the market. The market is going to, as I mentioned, exceed $10 billion, $12 billion, $13 billion in a period of less than a decade. We believe that we'll be able to use a number of different isotopes, both in preclinical and clinical development. We hope to be in clinical development quickly.
When I'm talking quickly, I'm not talking about months, but we hope within the next one to two years that we will be in clinical development. We hope we're going to be able to take advantage of not only the expertise of the team that I put together and the SAB that I put together, which includes leaders in the areas of radiation oncology, medical oncology, nuclear medicine, and manufacturing, but also take advantage of the deep experience that Paul and his team have put together at ASP . The relationship with ASP and PET is going to be very close, and it's going to include manufacturing here in the United States. Next slide, please. I think I'll turn it back to you, Paul.
Thank you. I'm going to conclude the prepared remarks for today's presentation. If you have any questions, please insert them into the chat box at the top of the screen or email myself or [Ben Feingard] with the questions. We've got a couple of questions here already, Dr. Turner. The first one is, where do you see radiotherapeutics in the next 10 years? We fast forward 10 years. What's the world going to look like in terms of diseases we're treating and the market and what have you?
I think it's almost going to be where antibodies are today and ADCs are coming into play. When you go to these meetings, and I was recently at the ASCO meeting and the ESMO meeting, the European equivalent, the general feeling among experts is that we're going to have three classes of so-called new therapeutics. Antibodies are now, I don't know, 30 years, 40 years, 35 years. They've been around for 35 years. The three new classes are going to be antibodies, ADCs, and RLTs. I imagine each of these classes in the next 15 years are each going to exceed 15 billion. Radiotherapeutics is going from now a couple billion, two, three billion. It's going to be moving to 15 billion over the next decade.
There are going to be literally, I don't know, 50 to 100 RLTs that are going to be in clinical development and mid and late-stage development over the next couple of years. You could just see by the number of companies and the enthusiasm and the amount of money that's been raised here that there's going to be a lot of future progress. We've done now a small raise. We've established this relationship. One of the reasons we did this raise with ASP is we want access to manufacturing. I wouldn't be surprised, just given the demand that IsoBio has had since the announcement, that we do another raise here and raise more money in the shorter term.
Great. Thanks for that, Dr. Turner. I guess the next question is one for Dr. Kemp. How long does it take you to build a new radiopharmacy? Can you disclose the locations you're going to build in the future? Maybe the second part, Dr. Kemp, we won't talk about that because that hasn't been disclosed to the public. Let's talk about the challenges of putting together a new radiopharmacy and how long it takes you. Yeah, that's a pretty good one to answer.
I think from the date of where you start ordering the equipment, the equipment is not only a cyclotron. There's a whole GMP quality management system that you need to keep in place. It's probably about a year, and you can add another year for regulatory compliance. It's basically a two-year project from start to finish, and it can go longer depending on your relationships and how good you mingle with your regulator. South Africa, it's about two and a half years. The U.S., I think, must be about in the same order. The U.K. also.
Great. OK, fantastic. I'll add there, you know, given the growth in this market over the next several years, it's likely the world is going to need a lot of new radiopharmacies to, I don't know, double, triple, quadruple the amount of radioligands being produced. It's a great time to be involved in this industry from a manufacturing standpoint. Is that fair, Dr. Kemp?
Yeah, definitely. The more radioligands we get that are very specific in targeting specific diseases, the better we can diagnose, and obviously, the better we can treat with what we're busy with. It's really great.
Fantastic. Maybe another one here for Dr. Turner. Perhaps you can talk about the greatest risks in the development of a new drug and the development timeline of a new drug, please.
I think the greatest risk here, specifically in RLTs, has been around the access to the isotope itself. That was the reason why we were so keen on establishing this relationship with ASP . I think one of the hurdles is access to isotope. I think some of the others are the establishment of novel linker payload systems, having a linker that's going to link the antibody and the isotope, which is an area that's going to be a keen focus of IsoBio in terms of the chemistry on having these linker systems. I think the execution of the clinical trial is also a hurdle. It is a longer process and setup than an ADC. I would say the clinical trials take another six to nine months longer just because of all the complexities around the radioisotope and stuff that needs to be discussed among the PIs and the institutions.
There is risk and just a longer timeline on getting those clinical trials up and going. I think the excitement among physicians and patients in terms of participating in these trials is extremely high. I do know that the PLUVICTO trials, for instance, the ones that recently reported out on the metastatic castrate-sensitive prostate cancer patients, those were all enrolled in record times. There is a lot of enthusiasm on the part of patients and physicians. There are risks, and there are timing issues. There are more complexities here. One of the key areas of risk is around the manufacturing, and the access to those products is something that we've reduced by establishing this strategic partnership.
Great. Thank you. I think this is probably a question for myself now. Where does this fit into the ASP Isotopes business model? Are you still planning on the spin-out of [Quantum] in the second half of the year? Is it possible we spin out PET Labs at some point in the future? When we set the company up, we always envisaged three verticals in the company: nuclear medicine, industrial isotopes, and nuclear isotopes from next-generation nuclear fuels. We always assumed it's quite possible that all three would not be in the same company when we finish or in the long run, given they're very separate industries and very different industries. We're still aiming to spin out Quantum Leap Energy in the second half of the year. I think we're targeting during the middle of the second half of the year.
We're on track for that at the moment. Discussions with regulators and what have you is going as planned. What we're going to be left with after that is what I think is going to be the most advanced electronic gases company on planet Earth. It'll be the only electronics gas company that produces its own helium, can also produce isotopically enriched gases to enable fast, well, potentially enable faster semiconductors and quantum computing, as well as a host of other materials that allow you to produce semiconductors, particularly faster semiconductors. That's a very unique vertical in its own right. We'll have the only, we believe we'll be the only vertically integrated radiomedicine company with both stable isotope production, the ability to convert it into radioisotopes, and relationships with companies like IsoBio and potentially other companies to make sure we have a market to sell them into.
They have a consistent supply of radioisotopes to make sure they can run clinical trials and service patients on time. It's a pretty unique offering that I think we have. There's certainly no need to keep all three in the same company as we progress in years to come. I think that's my answer to that question. I think one final question here, probably for Dr. Turner or myself, is how can we track the progress of IsoBio and updates? Maybe please you can talk about how you plan to keep everyone updated on progress and as you develop these products.
Yeah, I think as we generate, you know, initially preclinical or animal data, at the appropriate time, particularly around presentations, we will be issuing press releases and updating the public on our progress. I think part of our strategy here at Isotopes is also going to be M&A. We will be going after companies that have interesting things for us to bring into IsoBio. As we do M&A, we will be updating the public on the M&A that IsoBio is doing. I have a track record in M&A, and that will be part of the plans for the future as well.
Fantastic. Obviously, we will ensure that if there's any 8-Ks or SEC filing requirements, we'll make sure that ASP Isotopes also issues relevant press releases and what have you as well to make sure that all that's taken care of. That concludes the Q&A session of today. I'd like to take this opportunity to thank Dr. Turner and Dr. Kemp for joining me on this call. It's great just to, first of all, show investors what PET Labs is. We haven't spoken much about PET Labs over the last couple of years, but it's been accelerating under the hood of [ASPI] . We'll probably hear a lot more about it over the next several years. It's fantastic to form a partnership with IsoBio and Dr. Turner and his team of scientists to help bring new medicines to the world that will improve patient outcomes in difficult-to-treat diseases.
With that, I'll thank the panelists, and I'll thank the viewers and the listeners for their time. This concludes today's call. Thank you very much.
Thank you. Thank you.
Thank you.