manufacturing, development and interaction with regulatory authorities. This category includes expertise in CMC, preclinical development, regulatory affairs, clinical development, quality control and project management. EnCare management has a strong network of experts in all of these fields, who represent an impressive combined track record in the manufacturing and development of biological and antibodies in particular. Lastly, a third category is business development and finance. The EnCare management team has been heavily involved in business development activities of all flavors and has executed multiple transactions with different partners over the years. In addition, they have well-established connections with the best consultants in the industry in the field of Intellectual Property, transactional law, corporate law, finance and auditing etc. and will leverage these connections to support EnCare. Operationally EnCare is following a very lean model with the controlling functions in-house and the operational activities contracted out with gold-standard external providers.