revolutionize how actinic keratosis (AK) is being treated in the absence of inflammation. AK is a pre-cancerous skin condition resulting from prolonged sun exposure and is one of the the skin diseases most frequently diagnosed by US dermatologists, affecting more than 60 million Americans. In Australia, for instance, AK affects about half the population over age 50. While the overall AK market is estimated at over $2 billion in the US alone, topical therapy is used in only about 25% of patients due to limited activity (complete clearance of lesions in only about half the patients) and often severe side effects of available topical products. In spite of these deficiencies, the AK market for topical products in the US alone exceeded $450 million in 2009 growing at 22% per annum. NVX-207's patent position is strong, development timelines to human proof of concept in AK patients are short and interest in the opportunity at the proof of concept level is clear. A recent transaction demonstrates the interest in new therapies in AK markets - LEO Pharma of Denmark acquired Peplin for $287.5 million in cash to gain access to PEP005, a natural product, without composition of matter patent protection and average to low activity, in late stage development for AK. NVX-207's potential in additional large-market dermatology opportunities including genital warts, a second small molecule NCE program and a full pipeline complement the Novelix product portfolio.