UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 20, 2017
Eagle Pharmaceuticals, Inc.
(Exact name of registrant as specified in its charter)
Delaware |
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001-36306 |
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20-8179278 |
(State or other jurisdiction |
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(Commission File Number) |
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(IRS Employer Identification No.) |
of incorporation) |
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50 Tice Boulevard, Suite 315 |
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07677 |
(Address of principal executive offices) |
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(Zip Code) |
Registrants telephone number, including area code: (201) 326-5300
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 1.01 Entry into a Material Definitive Agreement
License Agreement
On September 20, 2017, Eagle Pharmaceuticals, Inc. (the Company) entered into a Product Collaboration and License Agreement, effective as of September 19, 2017, (the License Agreement) with SymBio Pharmaceuticals Limited (SymBio) for the rights to develop and commercialize the Companys bendamustine hydrochloride ready-to-dilute (RTD) injection product and rapid infusion (RI) injection product (collectively, the Products) in Japan. Under the License Agreement, SymBio will be responsible for all development of the Products in Japan and for obtaining and maintaining all regulatory approvals of the Products in Japan, with a target for regulatory approval of a Product in Japan in 2020. SymBio will bear all costs of development of the Products in Japan except that, if Japanese regulatory authorities require a certain clinical study to be conducted as a condition for approving one of the Products in Japan, Eagle will share 50% of the out-of-pocket costs of that clinical study up to a specified dollar amount. SymBio will also be responsible, at its sole cost, for all marketing, promotion, distribution and sales of the Products in Japan and is obligated to launch the Products and meet certain minimum detailing, promotion and marketing commitments in connection with commercialization of the Products in Japan.
SymBio currently markets in Japan TREAKISYM®, a lyophilized powder formulation of bendamustine hydrochloride indicated for chronic lymphocytic leukemia (CLL), relapsed or refractory low-grade Hodgkins lymphoma (NHL), mantle cell lymphoma (MCL), and as a first line treatment of low-grade NHL and MCL. Under the License Agreement, SymBio may continue to market TREAKISYM® in Japan and SymBio will be permitted to develop and market certain other bendamustine hydrochloride products in Japan for limited indications.
Pursuant to the terms of the License Agreement, the Company and SymBio will enter into a separate supply agreement, under which the Company will be responsible for manufacturing and supplying the Products to SymBio for development and commercialization in Japan. After a period of time following launch of a Product, SymBio will have the right to assume the responsibility for manufacturing of the Products in and for Japan. Under the License Agreement, the Company will retain the right to control the prosecution, maintenance and enforcement of the Companys patents covering the Products, both inside and outside of Japan.
Under the License Agreement, the Company will receive an upfront cash payment of $12.5 million, and is eligible to receive a milestone payment upon approval of a Product in Japan and a milestone payment upon achievement of certain cumulative net sales of the Products in Japan. After regulatory approval of a Product in Japan, the Company will also receive tiered, low double-digit royalties on net sales of the Products in Japan for so long as there are patents covering the Products in Japan or regulatory exclusivity for the Products in Japan.
Pursuant to the terms of the License Agreement, SymBio will have the right to terminate the License Agreement for any reason (without cause) following certain notice. The Company will have the right to terminate the License Agreement if SymBio fails to conduct material development or commercialization of the Products over a certain time period, or if SymBio challenges any of the Companys patents covering the Products. In addition, the Company and SymBio will each have the right to terminate the License Agreement in the event of the other partys material breach and failure to cure, or, under certain circumstances, in the event of the other partys bankruptcy or violation of anti-corruption laws.
The foregoing description of the material terms of the License Agreement does not purport to be complete and is subject to, and is qualified in its entirety by, reference to the full terms of the License Agreement, which the Company intends to file as an exhibit to the Companys Quarterly Report on Form 10-Q for the quarter ended September 30, 2017. The Company intends to seek confidential treatment for certain portions of the License Agreement pursuant to a confidential treatment request to be submitted to the U.S. Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.
Item 7.01 Regulation FD Disclosure.
The Company will present the attached presentation of the Companys business model, products and product candidates to various investors from time to time.
A copy of the above referenced presentation is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The information furnished pursuant to Item 7.01 of this current report, including Exhibit 99.1, shall not be deemed to be filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended. As such, this information shall not be incorporated by reference into any of the Companys reports or other filings made with the Securities and Exchange Commission. The furnishing of the information in this current report is not intended to, and does not, constitute a determination or admission by the Company that the information in this current report is material or complete, or that investors should consider this information before making an investment decision with respect to any security of the Company.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. |
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Description |
99.1 |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Eagle Pharmaceuticals, Inc. | |
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Dated: September 26, 2017 |
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By: |
/s/ Scott Tarriff |
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Scott Tarriff |
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Chief Executive Officer |
Forward Looking Statements This presentation contains forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, and other securities laws. Forward-looking statements are statements that are not historical facts. Words such as will, underway, allow, expect(ed), pursuing, may, would, addressing, creating, intends, anticipate(s), plan, partner, could, enables, potential(ly), and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements regarding future events such as: the continued commercial performance of our marketed products, including but not limited to BENDEKA, which is marketed by our partner Teva, Argatroban, which is marketed by Chiesi USA and Sandoz pursuant to separate agreements and Ryanodex, which we market ourselves, as well as our ability to replicate our marketing successes for our other product candidates such as Ryanodex for EHS or other additional indications, our pemetrexed product candidate, or our fulvestrant product candidate, either through joint or direct marketing efforts; the potential lack of a need for human safety and efficacy data for the submission of an NDA for Ryanodex and the adequacy of the regulatory pathway to complete an NDA submission; the Companys share repurchase authorization and timing and ability to continue to repurchase shares of the Companys common stock under a share repurchase program; the business path forward for the Company between now and beyond 2026; the label expansions of Ryanodex for EHS patients and for the treatment of ecstasy and methamphetamine intoxication and for the treatment of neurological impact and nerve agent exposure; the strength of the Companys cash position and the ability to optimize the deployment of capital and take advantage of market opportunities; the potential of the Companys pipeline to drive value between now and beyond 2026; the contribution of the Ryanodex portfolio to the Companys growth; the timing of Ryanodex for EHS obtaining FDA approval, if ever, and, entering the market; and the advancement of any of the Companys other product candidates including but not limited to fulvestrant and pemetrexed, through the development process including FDA approval and the ability of any such products to have commercial success and to access significant new markets; and our ability to use the acquisition of Arsia Therapeutics (now Eagle Biologics) to enter into the biologics market and to effectively carry out our strategy in this new market. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond Eagles control, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Such risks include, but are not limited to: whether our animal studies will support the safety and efficacy of Ryanodex for the treatment of EHS, ecstasy and methamphetamine intoxication, and neurological impact of nerve gas exposure; whether the FDA will ultimately approve Ryanodex for these indications; whether the FDA will approve our application for pemetrexed, and, if filed, fulvestrant; fluctuations in the trading volume and market price of shares of the Company's common stock, general business and market conditions and management's determination of alternative needs and uses of the Company's cash resources which may affect the Company's share repurchase program; the success of our commercial relationship with Teva and our other marketing partners and the parties ability to work effectively together; whether Eagle and Teva and our other marketing partners will successfully perform their respective obligations under their agreements with us; difficulties or delays in manufacturing; the availability and pricing of third party sourced products and materials; the outcome of litigation involving any of our products or product candidates or that may have an impact on any of our products or product candidates, successful compliance with FDA and other governmental regulations applicable to product approvals, manufacturing facilities, products and/or businesses; general economic conditions; the strength and enforceability of our intellectual property rights or the rights of third parties; competition from other pharmaceutical and biotechnology companies; the timing of product launches; the successful marketing of our products; the risks inherent in the early stages of drug development and in conducting clinical trials; and other factors that are discussed in Eagles Annual Report on Form 10-K for the year ended December 31, 2016, its Quarterly Reports on Form 10-Q for each of the quarters ended March 31, 2017 and June 30, 2017 and its other filings with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events. 2
Eagle 2017 At A Glance 3 Driving long term value Launched Bendeka: 97% market conversion Bendamustine Unique J-Code effective January 1, 2017 13 Orange Book Listed patents for Bendeka Sued three ANDA filers for patent infringement Promoted by Eagle salesforce; pursuing addl indications Ryanodex R&D for additional indications and administration routes Received CRL on EHS from the FDA on July 26, 2017 Phase II clinical trial for MDMA/meth intoxication underway Potential next indication: treatment of neurological impact of exposure to nerve agents NDA accepted for filing; October 30, 2017 PDUFA date Pemetrexed Began patent litigation Innovative formulation offers opportunity similar to Bendeka Fulvestrant Positive regulatory feedback Pivotal trial dosing expected to begin Q4 2017 Acquisition provides entry into fastest growing pharma sector Eagle Biologics Biobetter product potential Orphan Drug Designation In litigation for ODE Licensed to SymBio in Japan
Bendeka: Long Life Cycle 4 2016 97% market share Unique J-code Royalty increase from 20% to 25% 8 newly listed patents through 2033 $89mm in royalties earned in 2016 $89mm in milestones earned 2015/2016 Now - 2019 $70mm in royalties earned in 1H2017 Royalty of 25% of US net sales $25mm milestone earned in 2017 US and expansion to OUS markets (20% royalty) 2020 2026 6 years of royalty of 25% net sales Assuming large market share held post generic Treanda® entry Improved product profile and J-code
Thirteen Orange Book Patents Running from 2026-2033 5 U.S. Patent No. Patent Expiration 8,609,707 1/28/2031 8,791,270*PED (owned by Teva Pharmaceutical Industries Ltd.) 7/12/2026 9,000,021 3/15/2033 9,034,908 3/15/2033 9,144,568 3/15/2033 9,265,831 1/28/2031 9,572,796 1/28/2031 9,572,797 1/28/2031 9,572,887 3/15/2033 9,579,384 3/15/2033 9,579,397 3/15/2033 9,579,398 3/15/2033 9,579,399 3/15/2033 Protecting the longevity of the bendamustine franchise Eagle/Teva asserting all patents challenged by ANDA filers
Develop, market and sell Eagles bendamustine hydrochloride ready-to-dilute (RTD) and rapid infusion injection (RI) products Begins process to maximize value of Eagles product portfolio worldwide $12.5 million upfront payment plus future potential milestones and royalty payments SymBio will be responsible for securing regulatory approval of the RTD and RI injection in Japan Target for approval of a product in 2020 SymBio markets TREAKISYM® in Japan, a lyophilized powder formulation of bendamustine HCl for chronic lymphocytic leukemia (CLL); relapsed or refractory low-grade Hodgkins lymphoma (NHL); mantle cell lymphoma (MCL); and as a first line treatment of low-grade NHL and MCL 12-month sales ended June 30, 2017 for TREAKISYM in Japan were $52 million SymBio has estimated that sales of TREAKISYM will grow to $90 million in 2018 Symbio is conducting a Ph 3 clinical trial for relapsed/refractory diffuse large B-cell lymphoma Licensed Japanese Rights for Bendamustine Hydrochloride Products to SymBio Pharmaceuticals Limited 6
RYANODEX®: Multiple Label Expansion Opportunities Creating additional value by addressing life-threatening, unmet needs Breakthrough formulation of dantrolene sodium Approved in July 2014; launched in August 2014 Potential to be the first drug to market for EHS Type A meeting scheduled with FDA Vigorously pursuing approval Total U.S. Estimated EHS Incidence ~75K Orphan Drug Designation Preclinical studies by NIDA/NIH completed Phase II clinical trial for MDMA & meth intoxication underway Broadened endpoint to include severe organ dysfunction and damage 125K U.S. ED visits in 2011 due to MDMA & meth intoxication New patent allowed Marketed Potential Label Expansion Malignant Hyperthermia Exertional Heat Stroke MDMA & Methamphetamine Intoxication 7 Nerve Agent Treatment of neurological impact of nerve agent exposure as potential next indication Positive results of an initial study to evaluate the neuroprotective effects of RYANODEX® in an established rodent model Plan to meet with FDA to discuss next steps
Eagle Research: EHS Under-Reported 8 Total U.S. Estimated EHS Incidence ~75K EHS incidence consistent across regions All respondents reported seeing multiple patients with EHS in 2016 56% ED physicians would use RYANODEX to treat EHS patients Significantly higher incidence than previously documented
Received a CRL from the FDA on July 26, 2017 Type A meeting with FDA in September Label expansion for an already approved drug No safety or CMC issues Priority review and Fast Track designation We believe the results of our human and animal studies are consistent with what the FDA requested and previous animal pilot work performed Our independent consultants agree with our conclusion that we have met all of our commitments and that the data is quite strong and supports approval Availing ourselves of mechanisms available to us: dispute process possible Believe strongly in RYANODEX given that there is no pharmacological option available for patients in need for this life-threatening condition RYANODEX® for Exertional Heat Stroke 9
References: 1. Center for Behavioral Health Statistics and Quality, SAMHSA, Drug Abuse Warning Network, National Estimates of Drug-Related Emergency Department Visits, 2011. 2. E Musselman M, Saely S. Diagnosis and treatment of drug-induced hyperthermia. Am J Health-Syst Pharm. 2013 Vol 70. Use of illegal stimulants constitutes a growing public health problem in the US and EU1 Over 125,000 ED visits related to MDMA (ecstasy) and methamphetamine use in the US alone (2011)1 ED visits involving MDMA among patients 21 years and younger grew over 128% between 2005-20111 In 2011, 42% of ED visits among people 18-29 years old involved illicit stimulant drugs1 Associated with body and brain hyperthermia, high incidence of severe cardiovascular and neurologic complications, and lifetime neurologic sequelae2 Can be fatal or lead to permanent damage if not treated promptly2 MDMA (Ecstasy) and Methamphetamine Intoxication 10
MDMA (Ecstasy) & Methamphetamine Intoxication: Positive pre-IND Meeting with FDA FDA suggested and we are broadening the indication to evaluate organ damage and/or severe dysfunction in patients with MDMA and Methamphetamine intoxication No additional preclinical work required to support the efficacy of RYANODEX for this indication A single robust, controlled and well powered clinical trial may be sufficient for filing the NDA Phase II clinical trial for MDMA & Methamphetamine intoxication underway; anticipate pivotal study to begin Q4 2017, if needed Patent directed to this indication allowed in August 2017 11
Pemetrexed Opportunity At this time, Lillys Alimta patent infringement lawsuit prevents current ANDA filers from launching until May 24, 2022 Eagles Pemetrexed RTD NDA was filed December 2016 NDA accepted with PDUFA date of October 30, 2017 Lilly sued Eagle on August 14, 2017 There are three 505(b)(2) filers (DRL, Hospira, Actavis/Teva) with a similar approach to Eagles (ours is a differentiated product) DRL and Hospira both filed Motions for Summary Judgment of Noninfringement in late July 2017 (Lillys opposition to DRLs motion due on or before 9/25/17) Eagle continues evaluating all litigations and outcomes $1.1B market opportunity1 12 1 Alimta® (pemetrexed) (Eli Lilly & Co.). Source: Eli Lilly & Co. Q2 2016 earnings for MAT 12 mos. ending 6/30/16: (U.S. sales)
Fulvestrant Opportunity INDICATIONS for FASLODEX ® Monotherapy FASLODEX is indicated for the treatment of hormone receptor (HR)-positive, human epidermal growth factor receptor 2 (HER2)-negative advanced breast cancer in postmenopausal women not previously treated with endocrine therapy, or HR-positive advanced breast cancer in postmenopausal women with disease progression following endocrine therapy Combination Therapy FASLODEX in combination with palbociclib is indicated for the treatment of HR-positive, human epidermal growth factor receptor 2 (HER2)-negative advanced or metastatic breast cancer in women with disease progression after endocrine therapy. Currently marketed by AstraZeneca Administered monthly in a doctors office as 2 separate intramuscular injections, one in each buttock FDA has recently required revising the FASLODEX label 13 Faslodex ® is a registered trademark of AstraZeneca. Label expanded in the US to first line breast cancer in August 2017
The Problem 2 deep intramuscular injections of high viscosity product per dose of treatment (5 ml each) Administered over 1-2 minutes into each buttock Painful procedure FASLODEX injection reactions have been associated with peripheral nerve adverse reactions, including risk of damaging the sciatic nerve 14
Positive Regulatory Feedback from FDA regarding Fulvestrant Clinical Protocol Pre-IND meeting responses are aligned with Eagles development plan A single PK and safety study in healthy female volunteers may be sufficient for filing Expect study to recruit and complete within 12 months FDA has agreed to consider not including Injection Site Reaction (Warning & Precautions) language in Eagles label, provided that our clinical data demonstrates a significant safety improvement 15
Eagles Solution Innovative formulation administered in far less time (seconds) vs. 1-2 minutes per injection Eagle formulation may allow warning on insert to be eliminated Eagle formulation does not contain castor oil 1X Low viscosity 5mL dose 2X High viscosity 5mL doses vs. 16
FASLODEX Market Opportunity $400mm+ O.U.S. Source: AstraZeneca Financial Summary Full Year and Q4 2016 & AstraZeneca H1 2017 Results Results)www.londonstockexchange.com/exchange/news/market-news/market-news 17 12 months ended June 30th 2017 total sales of the branded form of fulvestrant, FASLODEX, were up 15% to $891 million worldwide 16% growth in US sales to $468mm 13% growth in EU sales to $248mm 22% growth in Established ROW sales to $72mm 12% growth in Emerging Markets sales to $103mm
Eagle Biologics (Arsia Acquisition) Marks Eagles entry into Biologics Fastest growing pharmaceutical sector Enhances Eagles formulation capabilities and expands product development opportunities Secures a patent portfolio of viscosity-reducing technology Provides access to leading minds in the field who will work on additional Eagle formulations Extends Eagles strategy: plan to partner with key Biosimilar or Bioinnovator companies to alter their existing pipeline into Biobetters $78 million investment: largely dependent upon achievement of milestones 18
Biologics Market Opportunity The global biologics market could exceed $390 billion in value over the next five years1 Growing at nearly 2X the rate of pharma1 By the end of 2020, biologics could account for 28% of the global pharmaceuticals market1 The global biosimilar market may reach $20 - $26 billion by 20202 19 References: 1. PRA Health Sciences Whitepaper. The Value of Biobetters. December 2015. 2. IMS Medicines Use and Spending in the U.S. A Review of 2015 and Outlook to 2020. April 2015.
Financial Highlights LTM 6/30/17 EBITDA: $96mm 6/30/17: $55.4mm cash; $53.2mm A/R; no debt Share Repurchase Plan $75.8mm repurchased (1.1mm shares at $65.91) since August 2016 $100mm additional authorization approved by the Board August 2017 14.9mm basic shares outstanding as of 9/05/17 $150mm credit facility August 2017 $100mm term loan (of which $50mm was drawn 8/8/17) $50mm revolver 20
Poised for Continued Growth Beyond 2020 Ongoing Reinvestment of Cash Including Additional $100 Million Share Repurchase 21 Potential for multiple in-market products over the long-term 2017 - 2019 2020 - 2026 2016 2026+ Multiple in-market products Use of Capital R&D success Bendeka US & WW Ryanodex for MH, EHS, MDMA & Methamphetamine Intoxication and Nerve Agent Argatroban Diclofenac misoprostol Docetaxel Pemetrexed Fulvestrant Biobetters Bendeka US & WW Ryanodex for MH Ryanodex for EHS Ryanodex for MDMA & Methamphetamine Intoxication Argatroban Diclofenac misoprostol Docetaxel Fulvestrant Bendeka US Ryanodex MH Argatroban Dicloflenac misoprostol Docetaxel
Thank You September 2017 22
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