BAX
#Sure.
First of all, AMIA is a very new product from our standpoint so this is a completely new innovative product that we've put on the marketplace and because of not only the user interface, which has a high level of simplicity, but also because of the Sharesource technology that <UNK> referenced, there's a lot of excitement amongst treaters, patients around this, the AMIA cycler.
So the receptivity for this has been great.
Our PD US has been doing a great job promoting and moving this product forward.
What's happening as a result of the increased value that we're providing is there is a margin opportunity for us on this product, but what I would say is over time, we will expect to significantly migrate towards AMIA.
It's ---+ we're focused on new patient starts as opposed to flipping existing patients.
That would be too disruptive.
But over time, this will be a larger part of our US business.
Frankly, in the short term, it's not going to be a ---+ in 2016, it will not be a huge impact on our overall sales, but over the course of this long-range plan, I do expect this to feature very prominently for our Company.
Yes.
We are very pleased with the progress on the retained stake.
This has gone, I would say, according to our plan.
I think, frankly, our treasury, tax and legal teams have done just a fabulous job managing and organizing what is a highly complex process in a condensed timeframe.
We've completed two major transactions.
I referenced them, the equity for bank line and the equity for debt, really getting the balance sheet to the position that we needed to get to.
There are two remaining transactions that need to take place.
One is a pension contribution and one is an equity-for-equity exchange and we expect to be able to do both of these.
There is Department of Labor approval that is required as part of this, or I should say, a Department of Labor posting that is required as part of this and there's a final approval of an S-4 related to the equity-for-equity exchange and it's safe to say we're working closely with both the SEC and the Department of Labor to ensure all of these transactions can be done in a timely manner in advance of the close.
The second half of the year.
Second ---+ I just want to underscore, again, that our core biosurgery business sis doing very well.
We have to adjust ---+ you know, the second half who have those products anniversarying.
Those are laggard products.
They are not part of our core business but they were added to the portfolio a few years ago.
We just need to find a disposition for this ---+ the small products and they are probably detracting our sales force from an even further accelerating.
On the development side, we have HEMOPATCH.
We have other things that are going on.
Launches, we're going to increase our penetration outside the US by creating more indications.
We have a healthy pipeline.
We have a new oxidized cellulose product that is now being launched in several parts of the world including Europe.
So it's a very exciting franchise that momentarily is having these issues with those two products, but as I said second half, we will be anniversary those numbers.
We have a first phase which is about eight molecules but altogether, we have more ---+ much more than a dozen molecules that will come in the next three to four years, probably close to 2017, 2018.
We have all: singles, doubles, triples.
We have a third one coming up.
I would say it's probably between a single and a double.
We have a large one in about a year-and-a-half coming down the pike, so we are working very hard to offset, clearly, the cyclo effect.
But I want to make sure that you understand that those are the organic products of the Company.
We also will be very diligently looking for partnerships and acquisitions to supplement that business because we think there's a great deal of opportunity for the Company dialysis synergies.
We are ---+ we know as much as you do.
The Company, we put very limited resources in trying to understand every single detail about our competitors.
Now it can be regulatory issues; it can be all kinds of different things, the ability to manufacture.
So at this moment in time, we take advantage of no competitors in the markets.
It's a good cash generator for the Company.
We understand and we have forecasted the decline of this business, as we have communicated to you.
If we don't see any major activity in the future, we will be very ---+ the first ones to tell you that the numbers are not changed or changing by how much.
We're going to be very transparent with cyclophosphamide.
It's not a strategic [partner] for the Company.
What it is, is a good cash generator and we're going to use that cash to put that to good use, as I said, in getting into the injectables and double down, triple down in that business.
But anything we know, we're going to make it very clear to you what it is, how much it affects us so there's full transparency in our earnings about this product.
