Welcome to the Kamada 2015 Fourth Quarter and Full Year Financial Results Conference call. At this time, all participants are in a listen-only mode. Following management’s prepared remarks, we'll hold a Q&A session. [Operator Instructions] As a reminder, this conference is being recorded February 2nd, 2016. I would now like to turn the conference over to Ann Marie Fields. Please go ahead madam.

Thank you, Regina. Good morning. This is Anne Marie Fields with LHA. Thank you all for participating in today's call. Joining me from Kamada are Amir London, Chief Executive Officer and Gil Efron, Deputy CEO and Chief Financial Officer. Earlier this morning, Kamada announced financial results for the 2015 fourth quarter and full year. If you have not received this news release or if you would like to be added to the company's distribution list please call LHA in New York at 212-838-3777 and speak with Carolyn Curran. Before we begin, I would like to caution that comments made during this conference call by management will contain forward-looking statements that involve risks and uncertainties regarding the operations and future results of Kamada. I encourage you to review the company's filings with the Securities and Exchange Commission including without limitation the company's Forms 20-F and 6K which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements. Furthermore the content of this conference call contains time sensitive information that is accurate only as of the date of the live broadcast, February 2nd, 2016. Kamada undertakes no obligation to revise or update any statements to reflect events or circumstances after the date of this conference call. With that said, I would now like to turn the call over to Amir London. Amir?

Thank you, Ann Marie. And my thanks to our listeners for your interest in Kamada and for participating in todays call. 2016 has gotten off to a strong start supported by our many accomplishments last year. Specifically, during the fourth quarter we achieved a number of commercial and clinical milestones that position us for continued progress in the year ahead. One of those key milestones was execution of the third extension to our US distribution agreement with Baxalta. This extends our manufacturing supply of Glassia through 2018 and increases Baxalta's minimum revenue commitment by approximately $50 million to a total of $240 million for the period 2010 through 2018. This extension reflects a growing patient base for Glassia in gives us even greater confidence in our ability to achieve our 2017 revenue goal of $100 million. We also made important progress with a number of clinical programs, which I will review in greater detail in a moment. But first, let me turn the call over to Gil Efron, for a review of our financial performance for the fourth quarter and full year 2015. Gil?

Thank you, Amir and good day everyone. We are very pleased with our financial performance for 2015 fourth quarter and year, as reported record quarterly revenue and achieved our annual revenue guidance. Now let's take a closer look at our financial results. Total revenues for the fourth quarter of 2015 of $25.9 million compared with $24.9 million for the fourth quarter of 2014. Total revenue for the 12 months ended December 31, 2015 of $70.1 million compared with $71.1 million for 2014. Revenues from the Proprietary Product segment for Q4 was $17.7 million compared with $19.1 million in the year ago fourth quarter. Revenue in the Proprietary Products Segment for the year was $43.2 million compared with $44.4 million for the same period in 2014. The fluctuations are primarily due to ordering factor from Baxalta throughout the year and do not accurately reflect the growing patient base for Glassia that Amir mentioned. As a result of executing the third extension to our agreement with Baxalta in October this year, we added approximately $50 million of Glassia product sale to their minimum revenue commitment. This raised the minimum commitment to $240 million more than doubled the $110 million in the original 2010 agreement, and up from $191 million in the September 2014 extension of that agreement. At year end 2015, the cumulative remaining commitment from Baxalta is approximately $97 million for the year 2016 through 2018, leaving a meaningful minimum purchase obligation in revenue stream for the coming years. In addition to the increased minimum revenue, the revised agreement extends our manufacturing supply through 2018, which offer significant benefit as our recently approved enhanced manufacturing process provide greater capacity, improved efficiencies and higher gross margin. Turning to revenue from Distributed Product segment, for the fourth quarter of 2015 revenue was $8.1…

Thank you, Gil for that financial overview. Let me begin my review with our strategic partnership with Baxalta. As we discussed, there are number of reasons we are very pleased with the third extension to our agreement with Baxalta. The additional $50 million Glassia product purchase commitment, gives us greater visibility into our revenues for the coming three years, validate the increasing number of AATD patients being treated with Glassia in the US and underscores the importance of Glassia to Baxalta's AATD franchise. In addition, it further solidifies our partnership with Baxalta. As we are only ready infuse AAT product, Glassia offers competitive advantages for both patients and clinicians that we believe would continue to support a growing market share. We are not reflected in our 2015 revenues, largely due to Baxalta's ordering pattern, the number of patients being treated with Glassia increased by more than 25% in 2015. The extension of our agreement validates this growth and gives us assurance that the increasing growing number of patients treated with Glassia will be reflected in our 2016, 2017 and 2018 revenues. The AAT augmentation market is over $0.5 billion in the US annually, and is growing by approximately 10% a year, as a result of better diagnostics and disease state awareness program underway by all three major players to better identify patients with this genetic disease. Baxalta is doing a superb job leveraging Glassia's competitive advantages, commercializing the product in the US and growing its market share and we are very happy with the collaboration between our companies. In addition to AAT deficiency, we are working in partnership with Baxalta with a number of important clinical programs where our AAT mechanism of actions is so to have potential in a number of unmet orphan diseases, such as Graft Versus Host…

[Operator Instructions]

While we are waiting for the first question, I would like to note that we will be participating in the upcoming BIO CEO Conference taking place February 8, and 9 and the Source Capital 2016 Disruptive Growth & Healthcare Conference taking place on February 10 and 11 both of which are in New York City. For those attending the conferences who would like to meet with us please contact Ann Marie Fields at LHA at 212-838-3777.

[Operator Instructions] And at this time there are no questions. I would turn the conference over to Mr. London for any closing remarks.

Thank you for your continued interest in Kamada. We look forward to updating you again when we report our first quarter 2016 financial results. Thank you and have a good day.

Ladies and gentlemen that concludes your conference call for today. We thank you for your participation and ask that you please disconnect your lines.