Good day ladies and gentleman and welcome to the Third Quarter StemCells, Incorporated Earnings Conference Call. My name is Brittany, and I will be the operator for today. At this time, all participants are in listen-only mode. Later we will conduct the question-and-answer session. (Operator Instructions) At this time, I would now like to turn the presentation over to key host for today, Mr. Martin McGlynn. Please proceed sir.

Thank you Brittany. Welcome everybody, thank you for joining us today. Apologies, we had technical glitch, but I am glad that we were able to resolve it. So, with me today on our call is Rodney Young, our chief financial officer as Rodney is feeling little bit under the weather struggling with the heavy cold today, I will deliver the prepared remarks before opening up the call for Q&A. Before proceeding, I would like to remind everyone that during today’s call, we will be making some forward looking statements which reflect or current views and are based up certain assumptions that may or may not ultimately prove value. We assume no obligation to update these forward looking statements anytime in the future and our actual results may differ materially from anything projected during today’s call, due to risk and uncertainties to which we are subject. These risks and uncertainties are described in our public bindings with the Securities & Exchange Commission and at the end of our earning release, which were encouraged to consult. Okay, so for the financial results which were just released a little while ago. We will start with the top line total revenue in Q3 2103 was $325,000, compared to $264,000 in Q3 of last year. SC proven sales total $272,000, which is a 34% increase compared to 203,000 last year. Q3 was the strong quarter and 2013 is looking like another strong year for SC proven business. If you extract the eight to nine month sales as to of full year 2013 is tracking to grow around 25% over last year, which would be the third straight year of 20% plus growth. Turning to the expense side, third quarter operating expenses increased by $1.6 million or 31% to $6.9 million compared to $5.3 million in…

(Operator Instructions) First question comes from the line of [indiscernible]. Please proceed.

Yes, thank you. For Martin or Rodney, how should we think about quarterly operating expense going forward for next couple of quarters?

Thanks for the question. I will have Rodney to address that.

I think it is little early for us to talk about that for next year. As Martin described we already have plans for multiple larger phase II trials to be initiated next year. So from a planning perspective, we actually have a lot of moving pieces. So, at this point it is too early for us to really give you any good guidance for next year.

At least for maybe Q4, Q1 something similar to what to you just posted in Q3 as reasonable?

Yes, I think we are looking for 2013 as a whole, we will probably come in at about 24 million, also on average about 2 million, 2.1 million, 2.2 million per month. That is a good estimate for Q4 and probably you know, as you correctly point out thing will pick up until you know the latter part of 2014, so that early part of 2014 is probably is similar to Q4.

Thanks for that. And then Martin, I just start to think about what a phase II spinal cord study could look like, if you had a control arm, give us a sense of what that trial design might look like. I know you are just finalizing that, but just conceptually.

Well, are we talking about the spinal cord injury study?

Yeah, phase II spinal cord proof of concept today.

Right, right, so, obviously the numbers will be greater. We are still working out the details. The control arm, you know there are reference points that we can go to in other trials involving spinal cord injury. Now Sham surgery is out of the question, but we are in the process of putting the finishing touches to the control arm in the course. All of these, in term, will have to be reviewed and agreed through by the agencies.

Right, I guess that’s really what I am looking for you know, some more clarity or creativity absolutely a better word in terms of you know what you think would be inappropriate control arm for study that you would not have a lot of difficulty involving and then in terms of the efficacy you know, what kind of thing do you think you might need to show especially in terms of motor improvement?

All in the planning stages, great questions, you can appreciate at this stage you know I will be very reluctant to slow and you could details. This is a rapidly moving project. It is also a competitive field and we first and foremost want to make sure that we have the study design that accomplishes what we need to do and one that the FDA agrees with.

Okay, we will defer on that that until we will go further down the road then, thanks.

I appreciate your call thank you Kay.

There are no further questions in the queue at this time sir.

Okay, if there are no further questions, thank you everybody for joining us today and we will look forward to stay with you early next year when we will review the results for the year and for the fourth quarter. Thank you all.

Ladies and gentlemen that includes the presentation for today’s conference you may now all disconnect and have a wonderful day.