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Nice volume so far but this MM sure can play games!
30k shares just went by at the 'ask' (1.34).
You too, Max.
Hmmm, news and June 1-5 conference. $2.00 looking real good short term.
If this is fluff that we've seen today, I'd love to see the SP in 5 years.
'Yahoo's endgame may be near' as per MSNBC
Sources: A deal of some kind with Microsoft or Google is imminent
Yahoo's endgame may be near
Microsoft CEO: Yahoo buy was never strategic
Microsoft considering another Yahoo deal
Icahn to fight Yahoo over Microsoft bid
Inside Microsoft's war against Google
Google-Yahoo ad plan draws scrutiny
Yahoo may face shareholder munity
Microsoft still has chance to get Yahoo
Forbes: 10 takeaways from busted deal
Readers: Plenty of blame to go around
Microsoft walks away from Yahoo bid
Timeline: Microsoft and Yahoo
BusinessWeek.com
Which Auto Brands Should Go?
Kleiner's Pick for the Killer iPhone App
Big Blue Embraces Social Media
Energy Stocks with Room to Run
Google's White-Space Fixation
By Gene Marcial
updated 2 hours, 54 minutes ago
Yahoo! finally looks ready to do a deal, according to people familiar with the situation. Pressure from large shareholders has persuaded Yahoo to work out a transaction with Microsoft, or alternatively, with Google. "Something will definitely happen soon" says one of the people involved in solving Yahoo's conundrum.
"As it now stands, Microsoft is no longer expected to meet fierce opposition from Yahoo's top decision makers on its initial bid to buy Yahoo, albeit at a price slightly better than its initial offer of $44 billion, or $31 a share, on Jan. 31," says one of the people acquainted with the behind-the-scenes negotiations involving Yahoo, Microsoft, and Google. Microsoft abruptly backed out of talks with Yahoo on May 3, after withdrawing its latest offer of $33 a share, or $47.5 billion.
Sources familiar with the situation say that Microsoft is still very interested in buying Yahoo outright. Spokespersons for Yahoo and Microsoft declined to comment on any negotiations. Several big shareholders are in on the talks. Microsoft said on May 18 that it is talking with Yahoo about a "transaction" that would be short of a full buyout, which sources say involves a purchase of Yahoo's search-ad operation.
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But if Microsoft and Yahoo can't agree on a full buyout, Yahoo is prepared to go ahead with an alternative deal with Google that is also favored by some of the big investors: A nonexclusive outsourcing partnership on Yahoo's search-ad business. As described by one of the people involved in the talks, Yahoo is expected to save close to $1 billion in costs and, at the same time, increase revenues from search ads.
Other sources close to the situation describe a possible Google deal differently. They say the search giant would participate in an open auction for Yahoo's search ads, the proceeds of which could be worth hundreds of millions for Yahoo. But the deal would not involve all of Yahoo's search ads, they say, and Yahoo would retain much of its search and search-ad infrastructure, lessening its savings.
Icahn effect
Among the big shareholders that are said to have applied heavy pressure on Yahoo to work out a deal are Robert Lovelace, chairman of Capital Research Global Investors, which owns a nearly 10% stake; Carl Icahn, who owns a 4.3% stake; hedge fund Paulson & Co., with 3.6%; T. Boone Pickens, who recently purchased 0.73%; and Steven Cohen's S.A.C. Capital Advisors, with 0.6%. "There has been a lot of headway in talks about a deal because of strong pressure from some of the large stakeholders," according to a source familiar with the situation. They declined comment.
More from BusinessWeek
Microsoft: The Difficult Ballmer Years
Yahoo Through the Years
The Real Threat to Google
Since Icahn announced his purchase of Yahoo shares on May 15, at an average price of $25 to $26 a share, the stock has climbed to more than $27. Icahn has threatened to wage a proxy fight to oust board members and formed a slate of 10 nominees of his own to replace them. Yahoo has delayed its annual meeting from July 3 to the end of July.
"We believe the push-back of the meeting will allow Yahoo to continue negotiations related to potential corporate transactions, and possibly preempt or minimize unpleasant developments that could come to a head at the meeting," says Scott Kessler of Standard & Poor's. Kessler has a price target of $33, which he explains is "equal to the last proposed offer Microsoft made to acquire the company, and the amount on which Carl Icahn indicated he is focused on." He believes Microsoft continues to be interested in acquiring Yahoo and that Icahn will ultimately be successful in bringing the parties together and helping consummate a deal.
Second time is the charm
Mark May of investment firm Needham upgraded Yahoo to buy from hold, based on his belief that "significant positive change is more likely to happen at Yahoo" because of actions and statements by Icahn, Microsoft, Yahoo, and others over the past few days. "We believe a Microsoft acquisition is the most likely outcome, with an assumed 50% probability of an acquisition, either at $33, $35, or $37 per share," says May. In Needham's analysis, "we give greater weight to a compromise price," he adds.
The second most likely outcome, according to May, is a search-outsourcing agreement with Google, Microsoft, or both. But he believes that an outsourcing-search agreement would be the "wrong long-term strategic move for Yahoo."
From how it looks right now, Icahn may not get the chance to wage a proxy fight. Although a deal is never a deal unless it is formally approved and signed by all the parties concerned, it appears that Microsoft is closer to buying Yahoo than at any time since it first made its unsolicited buyout bid in January. Meanwhile, Google is anxiously waiting in the wings, still hoping it can get a slice of Yahoo's search-ad business.
Well, is there some other reason the SP is up to $1.12 now.
EKC = CITIGROUP FDG INC
Same old battle as what happened on North Slope, offshore Florida, East Coast, etc. Its whomever has the most 'stroke' in that area - conservationists or drillers. If they would be allowed to drill in Yellowstone, it would probably a couple of years before we'd see any oil from it.
You're welcome, Soy. This came out earlier this afternoon but no one mentioned it.
Form 10-Q for NANOVIRICIDES, INC.
20-May-2008
Quarterly Report
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION
The following discussion and analysis should be read in conjunction with our unaudited financial statements and related notes included in this report. This report contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The statements contained in this report that are not historic in nature, particularly those that utilize terminology such as "may," "will," "should," "expects," "anticipates," "estimates," "believes," or "plans" or comparable terminology are forward-looking statements based on current expectations and assumptions.
Various risks and uncertainties could cause actual results to differ materially from those expressed in forward-looking statements. All forward-looking statements in this document are based on information currently available to us as of the date of this report, and we assume no obligation to update any forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from any future results, performance, or achievements expressed or implied by such forward-looking statements.
OUR CORPORATE HISTORY
NanoViricides, Inc. was incorporated under the laws of the State of Colorado on July 25, 2000 as Edot-com.com, Inc. and was organized for the purpose of conducting internet retail sales. On April 1, 2005, Edot-com.com, Inc. was incorporated under the laws of the State of Nevada for the purpose of re-domiciling the Company as a Nevada corporation, Edot-com.com (Nevada). On April 15, 2005, the Company and Edot-com.com (Nevada) were merged and Edot-com.com, Inc., a Nevada corporation, became the surviving entity.
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On June 1, 2005, the Company acquired NanoViricides, Inc., a privately owned Florida corporation ("NVI"), pursuant to an Agreement and Plan of Share Exchange (the "Exchange"). NVI was incorporated under the laws of the State of Florida on May 12, 2005 and its sole asset was comprised of a licensing agreement with TheraCour Pharma, Inc. (an approximately 31% shareholder of the Company) for rights to develop and commercialize novel and specifically targeted drugs based on TheraCour's targeting technologies, against a number of human viral diseases. Upon consummation of the Exchange, the Company adopted the business plan of NVI.
Pursuant to the terms of the Exchange, ECMM acquired NVI in exchange for an aggregate of 80,000,000 newly issued shares of ECMM common stock, resulting in an aggregate of 100,000,000 shares of ECMM common stock issued and outstanding. As a result of the Exchange, NVI became a wholly-owned subsidiary of ECMM. The ECMM shares were issued to the NVI Shareholders on a pro rata basis, on the basis of 4,000 shares of the Company's Common Stock for each share of NVI common stock held by such NVI Shareholder at the time of the Exchange.
On June 28, 2005, NVI was merged into its parent ECMM and the separate corporate existence of NVI ceased. Effective on the same date, Edot-com.com, Inc. changed its name to NanoViricides, Inc. and its stock symbol on the Pink Sheets to "NNVC", respectively.
For financial accounting purposes, this acquisition was a reverse acquisition of the Company by NanoViricides (NVI), under the purchase method of accounting, and was treated as a recapitalization with NanoViricides as the acquirer. Accordingly, our historical financial statements have been prepared to give retroactive effect to May 12, 2005 (date of inception), of the reverse acquisition completed on June 1, 2005, and represent the operations of NanoViricides. With the acquisition of NanoViricides, we no longer remained an inactive entity and entered the pharmaceuticals business.
The Company is considered a development stage company at this time.
Management's Plan of Operation
The Company's drug development business model was formed in May, 2005 with a license to the patents and intellectual property held by TheraCour Pharma, Inc., that enabled creation of drugs engineered specifically to combat viral diseases in humans. This exclusive license from TheraCour Pharma serves as a foundation for our intellectual property. The Company was granted a worldwide exclusive perpetual license to this technology for several drugs with specific targeting mechanisms in perpetuity for the treatment of the following human viral diseases: Human Immunodeficiency Virus (HIV/AIDS), Hepatitis B Virus (HBV), Hepatitis C Virus (HCV), Rabies, Herpes Simplex Virus (HSV), Human Influenza, Avian Influenza (Asian Bird Flu Virus including H5N1).
TheraCour has granted us the right to include Dengue Hemorrhagic Fever (DHF) Viruses, and the Dengue Fever Viruses, Ebola/Marburg Viruses, and certain other hemorrhagic viruses, as well as Epidemic Keratoconjuntivitis causing Adenoviruses (EKC), among the viruses that NanoViricides will be developing drugs to treat. The Company and TheraCour are negotiating an amendment to the existing Licensing Agreement to include these additional virus types among the virus types the Company is permitted to manufacture, use, and offer for sale. However, no written agreement has been entered into with TheraCour and no assurance can be given that a written amendment to the licensing agreement with TheraCour will ever be reached or that, if reached, will be on terms favorable to the Company.
To date, we have engaged in organizational activities; sourcing compounds and materials; and experimentation with studies on cell cultures and animals. We have generated funding through the issuances of debt and private placement of common stock. We have not generated any revenues and we do not expect to generate revenues in the near future. We may not be successful in developing our drugs or commence selling our products when planned, nor are we certain that we will become profitable in the future. We have incurred net losses in each fiscal period since inception of our operations.
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In December, 2005, the Company signed a Memorandum of Understanding with the National Institute of Hygiene and Epidemiology in Hanoi (NIHE), a unit of the Vietnamese Government's Ministry of Health. This Memorandum of Understanding calls for cooperation in the development and testing of certain NanoViricides. The parties agreed that the initial target would be the development of drugs against H5N1 (avian influenza). NIHE thereafter requested that we develop a drug for rabies, a request to which we agreed. The initial phase of this agreement called first for laboratory testing, followed by animal testing of several drug candidates developed by the Company. Preliminary laboratory testing of FluCide™-I, AviFluCide-I™ and AviFluCide-HP™ were successfully performed at the laboratories of the National Institute of Hygiene and Epidemiology in Hanoi (NIHE). The second phase of the project, animal and/or additional cell culture testing of the Influenza H1N1 and H5N1 candidates, as well as that of RabiCide-I™, the company's rabies drug, were completed during the first calendar quarter of 2007. Whereas the rabies and H1N1 experimental data have not been completely analyzed.
Results of the in vitro H5N1 work in Vietnam were reported in a press release on May 7, 2007. The information was as follows: The BSL3 studies against Clade 2 H5N1, a Dec. 2006 isolate in Vietnam, showed that the nanoviricide developed against Highly Pathogenic Influenzas, FluCide-HP ™, was highly effective in suppressing cytopathic effects (CPE), whereas the broad-spectrum nanoviricide against all influenzas, FluCide™, was slightly less effective than AviFluCide-HP. Both of these candidates were significantly more effective than oseltamivir (Tamiflu®) in this blind study performed by the National Institute of Hygiene and Epidemiology (NIHE) scientists in Vietnam. In addition, the antibody-fragment-based H5N1 specific (Clade 1, Vietnam, 2004-2005 strains) AviFluCide™ drug candidate was demonstrated conclusively by Vietnam scientists to significantly suppress CPE against the rgH5N1 strain (Clade 1), confirming previous results. The Highly Pathogenic H5N1 subtype of influenza continues to rapidly evolve and is now found in two distinct subgroups, Clade 1 and Clade 2. According to CDC scientists, the Vietnam 2004/2005 strains belong to Clade 1, whereas the Indonesia 2006 (2007), Egypt 2006, and Vietnam 2006 (2007) strains are different and form the Clade 2 subgroup. The various Clade 2 strains are antigenically distinct from each other, but closer to each other than to Clade 1 strains. Highly Pathogenic Influenza strains of all clades possess the polybasic cleavage site. Thus FluCide-HP, designed against this site, is expected to be effective against all Highly Pathogenic influenza strains. It is felt that it makes no difference to which type, subtype, or clade, they belong.
Results of the Rabies animal studies in Vietnam have also been reported in press releases and in scientific conferences. We have found 20% to 30% survival of lethally infected mice upon treatment with three different nanoviricides. In contrast, the standard of care, anti-rabies antibodies, produced 0% (zero) survival rates. Repeated studies confirmed the results. Currently there is no treatment for Rabies after infection takes hold.
We have conducted animal studies for the efficacy of certain nanoviricides against common influenza and reported the results at scientific conferences and also in press releases. In these studies, we used Oseltamivir as the positive control. We found the nanoviricides to be as much as eight to ten times more effective than Oseltamivir in a super-lethally infected mice model with extension of the life of the animal as the end point. In contrast, we have demonstrated that the nanoviricide remained effective against an Oseltamavir resistant strain of the H5N1 bird flu virus.
On April 9, 2007, the Company signed a Cooperative Research and Development Agreement with the Walter Reed Army Institute of Research (WRAIR). The joint R&D effort will focus on creating new treatments for dengue fever using NanoViricides' virus-killing nanomedicine technology. The company is currently developing the necessary protocols of study in cooperation with the WRAIR scientists. We expect to begin the laboratory studies as soon as the prerequisites are completed. The Company included this project in the following section in "Requirement for Additional Capital".
On October 4, 2007 the Corporation signed a Cooperative Research and Development Agreement with the United States Army Medical Research Institute of Infectious Disease (USAMRIID). The joint R&D effort will focus on testing the Nanoviricides virus killing nanomedicine against the Filoviruses (Ebola and Marburg viruses). On October 15, 2007, the Company signed a Cooperative Research and Development Agreement (CRADA) with the U.S. Army Medical Research Institute of Infectious Diseases (USAMRIID) to create new treatments for Filovirus using the Company's nanomedicine technology. Each party is individually responsible for funding its own respective researchers throughout this agreement, including laboratory facilities, salaries, overhead and indirect costs, etc.
Index
On February 19, 2008, the Company issued a press release regarding the results of the cell culture studies against Ebola Virus conducted by the USAMRIID scientists. The nanoviricides tested showed very high efficacy as measured by significant reduction in production of virus in the Ebola infected cells. Following upon this success, USAMRIID scientist have undertaken preliminary animal studies.
The Company said that the same nanoviricide that was highly effective against highly pathogenic Avian Influenza (HPAI, H5N1, Bird Flu), and Rabies was also highly effective against Ebola Virus in cell culture studies. The Company believes that it has developed a broad-spectrum nanoviricide that may have efficacy against a broad range of distinctly different viruses. To date, the Company is not aware of any other effective, non-toxic, broad-spectrum anti-viral agents.
The Ebola virus produces significant quantities of a decoy called soluble glycoprotein in infected animals. The Company anticipates that significant optimization efforts may be needed to overcome these technical challenges in animal studies.
The Company intends to pursue such defense and biosecurity related projects to the extent that government funding becomes available to the Company.
On March 27, 2008, the Company announced that it will begin its very first animal studies against HIV in a mouse model. On April 7, 2008, the Company reported that these studies have started.
Management believes that it has achieved significant milestones in the development of several antiviral nanoviricide drug candidates within a very short timeframe. We now have effective drug candidates validated in animal studies against Human Influenza, Rabies, and HIV (post dated event). In addition we have effective drug candidates validated in cell culture studies against Avian Flu (H5N1) and Ebola. Further, we have additional contracts with several renowned agencies to test our drug candidates against additional disease targets including Dengue Virus, H5N1 (Avian Flu), and EKC.
Management believes that it now has validated at least two broad-spectrum antiviral drug conditions in several disease models. Management believe that in addition to developing broad-spectrum antivirals, the Company has also established and validated its platform technologies for development of highly effective, specific, antiviral agents against particular viral diseases.
Liquidity and Capital Resources
Requirement for Additional Capital
Based on our current operating expenses, we currently have sufficient cash reserves to meet all of our anticipated obligations through August 31, 2008. As of March 31, 2008 we have a cash balance of $1,210,836, which can support operations through August 31, 2008. However, we expect we will require in excess of $5,000,000 to execute the first part of our business plan which covers twelve months of operations. Assuming that we are successful in raising additional financing, we anticipate that we will incur the following expenses over the next twelve months:
1 Research and Development costs of $1,500,000: Includes planned costs of $1,200,000 for multiple drug variations and in-vivo and in-vitro studies for FluCide™, AviFluCide™, FluCide HP™, and Rabies planned for year ended June 30, 2008. The Company has allocated the planned costs of $1,200,000 approximately as follows: FluCide™ $400,000, AviFluCide™ $300,000, FluCide HP™ $400,000 , and Rabies $100,000. Depending on the results of these clinical trials, we expect to commence with early stage development of a drug for HIV for which we have budgeted $300,000.
Index
2 Corporate overhead of $750,000: This amount includes budgeted office salaries, legal, accounting and other costs expected to be incurred by being a public reporting company.
3 Capital costs of $1,250,000: This is the estimated cost for equipment and laboratory improvements. The Company plans to incur these costs after completion of certain animal studies, some of which commenced in the third calendar quarter of 2007.
4 Staffing costs of $1,500,000: This is the estimated cost of hiring additional scientific staff and consulting firms to assist with, material characterization, pharmaco-kinetic, pharmaco-dynamic and toxicology studies, as required for development of necessary data for a future filing of an Investigational New Drug Application (IND) with the United States Food and Drug Administration.
The Company will be unable to proceed with its planned drug development, meet its administrative expense requirements, capital costs, or staffing costs without obtaining additional financing of approximately $2,500,000 to meet its budget. The Company does not have any arrangements at this time for equity or other financings. If we are unable to obtain additional financing, our business plan will be significantly delayed.
The Company has limited experience with pharmaceutical drug development. Thus, our budget estimates are not based on experience, but rather based on advice given by our associates and consultants. As such these budget estimates may not be accurate. In addition, the actual work to be performed is not known at this time, other than a broad outline, as is normal with any scientific work. As further work is performed, additional work may become necessary or change in plans or workload may occur. Such changes may have an adverse impact on our estimated budget. Such changes may also have an adverse impact on our projected timeline of drug development.
On February 27, 2007 the Company leased an R&D facility to occupy 5,000 square feet of space in Woodbridge, Connecticut, originally built for the Bayer Pharmaceutical Corporation. The term of the occupancy is until January 30, 2009 at a monthly rent of $11,667, plus an additional $500 per month for utilities. The Company believes that an adjacent space may become available and would be suitable for small scale manufacturing. The facility will need to be certified by the FDA in order for the Company to produce experimental materials that can be sent to outside scientists for pharmaco-kinetic, pharmaco-dynamic and toxicology studies. These three sets of studies must be completed prior to the Company filing an Investigational New Drug (IND) Application with the FDA to begin the human safety and efficacy trials (Phase I , II and III).
We believe that this coming year's work-plan will lead us to obtain certain information about the safety and efficacy of some of the drugs under development in animal models. If our studies are not successful, we will have to develop additional drug candidates and perform further studies. If our studies are successful, then we expect to be able to undertake further studies in animal models to obtain necessary data regarding the pharmaco-kinetic and pharmaco-dynamic profiles of our drug candidates. We believe these data will then enable us to file an Investigational New Drug (IND) application, towards the goal of obtaining FDA approval for testing the drugs in human patients.
Most pharmaceutical companies expect 4 to 10 years of study to be required before a drug candidate reaches the IND stage. We believe that because we are working in the infectious agents area, our studies will have objective response end points, and will be of relatively short durations. Our business plan is based on these assumptions. If we find that we have underestimated the time duration of our studies, or we have to undertake additional studies, due to various reasons within or outside of our control, this will grossly and adversely impact both our timelines and our financing requirements.
Management intends to use capital and debt financing, as required, to fund the Company's operations. There can be no assurance that the Company will be able to obtain the additional capital resources necessary to fund its anticipated obligations for the next twelve months.
The Company is considered to be a development stage company and will continue in the development stage until it generates revenues from the sales of its products or services.
Sorry, it won't happen again. :)
'Microsoft says it's talking to Yahoo about an alternative transaction that doesn't involve a full buyout.' as per Yahoo news. Now who was it that said MSFT-YHOO wasn't over a week ago. Why I believe it was our Lear jet jockey (Max). :)
Hadn't really looked into it since I'm in for the long haul. I figured if AGIX was optionable which it is, NNVC would be too. Statement was for whole stock market in general though.
Could be daytraders exiting for weekend & options expiration also.
Are you trying to wake this rest of us up?
THX.
I wonder if we'll get an idea of what happened in those private meetings too.
'Intercontinental Exchange trading platform is down, ICE exec confirms' as per Marketwatch. This may affect trading some.
Hmm, let's a nickel a day = 12.50 in a year plus 1.25 = almost 14.00 PPS in a year. Not too shabby!
FYI Folks, prior to first post this am about Scottrade reinstating NNVC internet orders there were ~ 17866 trades @ Bid (Buys) compared to 36500 @ Ask (Sells). Now 109095 Buys vs. 95999 Sells and 8100 in the middle of Bid/Ask.
I added to my position late yesterday am on Ameritrade - no problems. Haven't tried them since.
Any idea why?
Anybody know of any other brokers besides Scottrade that imposed restrictions?
Processing through CDC may be accelerating due to problems in Burma & China now.
Yes Sir. EOD PPS only and constricts which positions it allows. :(
Did it last year - too distracting.
As long as I don't have to pay his fuel bill.
Okay folks, since I don't have any pom poms, the first round tonight at Applebee's is on me. Max; expecting to see you there in that new Lear jet.
Its war out here folks. We need to take the good with the bad. If we won all the time we'd become too complacent and really loose out on the big one probably.
YHOO @ 7:10 AM Premarket 22.32 Bid / 22.35 Ask. MSFT @ 30.90
Sorry, I was looking at wrong chart.
Pre MSFT offer, YHOO WAS 28-30.
From Trading Markets.com:
Rex Energy Corporation (NASDAQ: REXX), an independent oil and gas company, declared on 30 April that the company has priced 8.5m shares of common stock at a public offering price of USD20.75 per share.
Thank you, Sir. I feel for a lot of these poor folks in this state. Wages are extremely low. That with high fuel, food, etc costs and all the flooding, tornadoes and other bad weather really takes a lot out of them. They just keep right on going though. I did get to help some out yesterday evening. I've tried to talk to some here over the years about those oilpatch jobs but they didn't apply for them. Oh well; I tried.
Sorry Guys, Everything's fine where I'm at. The worst thing that happened to me was no satellite modem service for most of the morning. Tornadoes about 40 miles away. But they mostly hit the flat land areas. I'm in AR's version of mountains. Yes, I can say that because I've been up to the Rockies. I've been trying to set up my ADVFN real time chart system for good entry & exit points on our trigger calls, etc. So far, I've got it narrowed down to 1 momomentum, 1 trend & 1 volume indicators. This system offers a bunch of them so its a work in progress. When I was able to get back online yesterday, I was watching Max's calls and Big E's triggers with this setup. Some of them looked good.
MC, max, question from a "newbie" on this board. I've been following it for a few weeks but haven't been able to figure out when y'all are initiating plays. I've seen where y'all are calling out % up, HOD's, etc but where/how are y'all getting into them. I've seen the chart board also. Thx.
Thanks Rover
What does "HOD" mean?