Phagen statt Antibiotika: Die Zukunft der Bekämpfung resistenter Bakterien hat mit Cytophage begonnen

Julius Kalcevich, CFO von Cytophage, gibt Einblick in das bahnbrechende Potenzial von Bakteriophagen als Alternative zu Antibiotika gegen antimikrobielle Resistenz. Die 2016 gegründete kanadische Biotechnologiefirma entwickelt innovative Lösungen für eines der drängendsten Gesundheitsprobleme unserer Zeit.

• Antimikrobielle Resistenz (AMR) könnte bis 2050 zur führenden Todesursache weltweit werden
• Bakteriophagen sind Viren, die spezifisch Bakterien abtöten, ohne wie Antibiotika das gesamte Bakteriensystem zu stören
• Cytophage kann Phagen in besonders hohen Konzentrationen herstellen und natürliche Phagen modifizieren für bessere Wirksamkeit
• Das Unternehmen konzentriert sich zunächst auf Tiergesundheitsprodukte wie Aviphage für Masthühner und Ovaphage für Eier
• Ein klinischer Durchbruch wurde mit einer Patientin erzielt, deren antibiotikaresistente Infektion erfolgreich mit personalisierter Phagentherapie behandelt wurde
• Die innovative lyophilisierte (gefriergetrocknete) Tablettenform macht die Produkte besonders benutzerfreundlich und lagerstabil
• Cytophage arbeitet eng mit großen Agrarbetrieben zusammen, um maßgeschneiderte Lösungen zu entwickeln
• Das Unternehmen erwartet erste Umsätze Ende dieses Jahres und strebt Profitabilität im nächsten Jahr an

Chapters

• 0:00 Vorstellung von Julius Kalcewitsch
• 4:23 Was ist Cytophage und seine Entstehung
• 10:06 Das Problem der Antibiotikaresistenz
• 16:39 Wie Bakteriophagen-Technologie funktioniert
• 24:35 Cytophages Produktlinie und Anwendungen
• 32:09 Marktstrategien in Asien und weltweit
• 37:13 Klinische Erfolge und zukünftige Forschung

Transcript

Unknown: 0:00

Hello and welcome to a new episode of AktienTalk. My guest today is Julius Kalcevich from the company Cytophage. It's great to have you here on the show. Thank you very much for for being here.

Julius Kalcevich: 0:15

Hello, Marcus, thank you for having me, thank you as well for allowing me to present Cytophage.

AktienTalk: 0:23

I would suggest we start that you please introduce yourself a little bit to the audience.

Julius Kalcevich: 0:28

Perfect. Yep, no problem. I so I joined Cytophage about almost exactly two years ago. I'm the Chief Financial Officer of the company. Just a little bit about my background. I have a 20 year background in finance, whether it was in investment banking or as a chief financial officer. I'd worked for many years at one of Canada's largest investment banks, CIBC, both in Canada and the US. Then I've also worked as a CFO for a significant period of time, and just a little bit my attraction to cytophage, it was very much for two reasons. I'd known some people at the company, some of the directors, but two reasons I was really attracted. The first one was the amazing science and the amazing commercialization prospects that the company has, and the second was, as a CFO, you would expect me always to put a little bit of a financial angle. But the second result was attracted. Was just the tremendous financial opportunity that, whether an investor or any sort of stakeholder could potentially have in this company. The upside is it really is tremendous. And I think, given where our share price is right now, maybe we'll talk about that a little bit more. I think that that opportunity is even greater than ever.

AktienTalk: 1:51

Before we start just tell us a little bit about the company itself.

Julius Kalcevich: 1:55

Okay, perfect. The company is based in Canada. So Cytophage was founded 2016. It was founded by a very renowned scientist Dr. Steven Terry. Oh, there's a lot of information about the company and around Stevens background on the website, so I probably want to do it justice, but he's been a long time visionary around bacteria, phages and phage therapy. He's a synthetic biologist by nature, and has a tremendous background, but he was a very early mover around R and D and the science of phage therapy, which kind of blends in nicely to, I think, our Head Start. But once again, we're a company based in Canada Republic, were traded on the Toronto Stock Venture Exchange under the ticker Cyto, went public a little over a year ago. The company is based out in Winnipeg, and Winnipeg is one of the kind of leading spots in North America for biology. The National microbiology lab in Canada is based out there. So there is a real a real group, real diverse group, of very renowned microbiologists in that area. So that helps with our talent pool. And it's a group of about 20 people. I'm one of the only non scientists at the company. So as the CFO, I leave the science to other people, but work very well, kind of broadly with the team. So once again, it was founded 2016 I would say the first almost 778, years of the company. We're very much focused on research and development and developing the science really pushing phage therapy forward, and where we are right now. We developed some really amazing products, and we're right at the point of starting to commercialize these products, and that's where I think the really exciting kind of tipping point is for the company?

AktienTalk: 4:02

What exactly is the problem Cytophage is trying to solve?

Julius Kalcevich: 4:07

Sure, it's a great question, and I think that it's what attracts it hooks a lot of people into what we're trying to do. And I think everyone who's going to be listening to this is somewhat familiar. The world is facing such a tremendous problem right now, and it's kind of called anti microbial resistant infections, or antibiotic resistant infections. So very simply put, bacteria that is resistant or can't be easily cured by antibiotics. And why should we care about this as kind of human beings or investors or general citizens? The reason we should care is because, according to the World Health Organization, by the year 2050 which sadly gets seemingly closer and closer AMR or antimicrobial resistance, it's going to be the leading. The cause of death. So it's going to be more than heart disease, more than cancer, more than any of these things that the world has been very concerned about. It is going to be humans will be at risk because of bacteria that antibiotics can no longer cure, that we are going to be extremely susceptible to them and this anti microbial resistance. This is what we see in the headlines, way too often, when there's recalls from grocery stores, or when someone sadly dying in a hospital or so sick with multiple infections that can't be seemingly cured anymore by antibiotics, that is the problem that side of age is very much trying to solve antibiotics. Can't solve it in the same way, and what we're trying to solve it with is phage therapy. And

Unknown: 5:49

Can you explain a little bit how your phage technology works and its advantages over conventional antibiotics?

Julius Kalcevich: 5:57

Sure. Bacteriophages are kind of one of the most effective treatment in dealing with antimicrobial resistance or Amr, but it's kind of its most simple level, and probably makes sense to explain what is a bacteriophage. As a non scientist, I look at it as perhaps one of the most brilliant inventions by mother nature. Bacteriophages are phages. What they are, they're viruses that infect and kill bacteria. They're actually their only purpose is to infect and kill bacteria. And a bacteriophage, there's some real advantages to them. They're natural. They're actually the most abundant form of life on Earth right now, on your skin, Marcus, my skin kind of everywhere. There are bacteriophages everywhere, absolutely. Um, so there's they're safe to humans. They're non toxic. They're easy to source because they're everywhere. They also work very well with and they work very well in conjunction with antibiotics, and kind of in comparison to antibiotics versus a bacteriophage, if you think of an antibiotic, which in some ways has been a wonderful, wonderful invention, but when they almost act like a nuclear bomb that kill all the bacteria in an area. Meanwhile, a bacteriophage targets the specific bacteria that may be causing a disease, so an antibiotic will kill all the bacteria that is present at that point, and a bacteriophage will only kill E coli bacteria or salmonella bacteria can be very, very targeted, and because that, you can target it, you're not harming or you're not kind of disrupting the entire system. I think anyone who's taken an antibiotic sometimes knows that for that two week period, it can be tough, because their entire system is sort of being flushed out so, so that is what a bacteriophage is. It is a kind of at a big picture. And then I'll just speak for another minute about specifically what, why what we're doing is slightly different, or why we think that we have a real competitive advantage. Because everything I just said about bacteriophages, I think it sounds wonderful, right? They're natural, they're safe to humans, but there's been some inherent limitations which have made them difficult to commercialize, that you don't necessarily see bacteria phase or kind of phage therapy all that often, but that's where site of ages technology has come into play. What do we do differently? Well, we've developed methods where we can grow our bacteriophages to incredibly high concentrations, and when you're at a much higher concentration, we're able that that is much more financially viable, because we can grow it at such a high, high level, at a better gross margin. We also have 1000s of different phages in our library. We've also developed the ability to take natural phages. So as I had said, phages are all over the place, right? We were able to take natural phages and make some environmental modifications, so very slight modifications to the environment that makes them more effective to remove bacterias, kind of natural defenses so that we kind of can kill bacteria all that much faster. So I would say these are some of the very revolutionary things that cytophag has done to phage therapy, and I think that's what positions us extremely well in some of these commercial applications.

Unknown: 9:44

According to your website, you have different products in your pipeline, like farmage, Avi phage and oviphage, just to name some of them. How do they differ in terms of their target markets and applications?

Julius Kalcevich: 9:57

Sure, Call it our umbrella line of all bacteriophage based products, and they're targeted at animal health. So this is within the food chain. Animals out there are going to be talking a lot about poultry and chicken, but that so farm phages are broad based line of bacteriophage products. And the reason that we're targeting most animals right now, 70% of all antibiotics are used for Animal Health, and with antibiotics being increasingly restricted for use, that was the reason that we created these farm phage products, our first product, Avi phage. It's a treatment for the control of bacteria and broiler chickens. Broiler chickens are those chickens that any anyone like you or I would be going to the grocery store, the ones that cost. Call it, excuse me, way about, say, two kilos, two and a half kilos or so, for rotisserie chickens that typically what most people will eat so Avi, just for the treatment of bacteria in broiler chickens. So our product reduces the bacterial load in poultry. And why do we care about reducing the bacterial load? So reducing the E coli or salmonella? Well, if we can reduce the bacterial load through our product, so we'll have healthier birds, or farmers will have healthier birds. Farmers can get their poultry to market faster. The poultry will be bigger, and the reason is because poultry, or these broiler chickens, aren't fighting infection. So that's the real benefit, and the that just for Ava page, this is a huge market. There's 100 billion, 100 billion broiler chickens consumed globally. So just kind of the value for our type of product, for broiler chickens, it's almost $2 billion on an annual basis. I was talking about a phase. That's our broiler chicken application. Ova phage, that's more for hatching eggs. So this would be something a phage therapy for the outside of an egg. This is where we can reduce salmonella or E coli on the egg, and if you can kill or target a lot of that bacteria, it's going to allow a higher hatch rate. So that's valuable for the farmers. More of the eggs that they have will hatch. That's obviously a huge financial benefit. And then lastly, phage fend is another product that we have, and this is for more the bacteria on the surface of poultry meat in different facilities. So those are kind of the big poultry kind of products that we have out there. I've named them all. There's more information on our website. But what's really exciting about all of this is that we're right at a tipping point where we're about to be commercializing some of these products, and I think that that's going to be very, very interesting. We're in some very active conversations right now in Europe and Asia, about people who are trialing and testing and want to get involved with some of these products.

AktienTalk: 13:08

Yeah, you named Asia because your focus is especially on the commercialization of phage products for animal health, especially in Asia. So what about market conditions make this regions particularly attractive for you.

Julius Kalcevich: 13:22

So, for instance, any so when we look at a geography, and let's look in the case of Asia, but a geography is attractive for us for two reasons, and they're kind of related. Number one is, Are there restrictions on the use of antibiotics. And that has been something in Asia that a lot of governments have seen, that they've started to restrict antibiotics in the use of in the use of poultry there, and that's happening across the globe, but they've been kind of an early mover around that. And the other one that's related is our phage treatments, are they either being accepted or evaluated by governments or regulators? So in the case of Asia, both of those conditions were starting to be fulfilled that that there's that there was restrictions on antibiotics. So people are looking for alternatives, right? Phages are a great alternative. And then regulators are saying, trying to say, Okay, we are going to regulate phages, or we will allow these to enter our market, because we see them as safe and non toxic. And this is something that's so so Asia was kind of an early one, but it's also starting to happen a little bit in Europe right now. There's going to be some announcements coming from us. There's also going to be Brazil. There's been some exciting movement around what's happening in Brazil, even in North America. So it's an interesting balance for a company our size. We only have 20 people. We can't spread ourselves too thin, but Asia has been one of the places that we've kind of focused the most.

Unknown: 15:01

Cytophage has developed a method for lyophilizing phages to improve their shelf life and application. This is a huge problem, right? How does this innovation affect your position in the market right now?

Julius Kalcevich: 15:13

So lyophilize is, is always a great word, especially if you have to type it out or spell it, but for your for anyone who's listening, it basically means something that's freeze, dried or stabilized. But ly awful eyes are ly awful izing phages. I think it really highlights how cytophag As a company, has always led with its science and scientific innovation has always been critical, and R D has been critical. So most phage products were always created, and even ours were originally developed. It's as a liquid solution. Think of, for instance, our Avi phage product, the one I was talking about for broiler chickens. It's a highly concentrated solution that we manufacture, and then we sell it to our sell it to our end customer. So a large industrial farmer, poultry farmer, we're selling them a highly concentrated solution that they'll then dilute add to the water supply. But what we what we saw with some customers who did not want to deal with that dilution step. They just wanted to pop a tablet in the water supply, and that's where we came up with these ly off, a lyophilized version of our product, and it's a huge techno technological breakthrough. I don't know anyone else in the market who has this or can offer it, and it's great because it's ready to use. It dissolves easily in water. It's controlled in a dosage. It's temperature stable that so it doesn't require refrigeration. And you can imagine, if we're selling in places like Asia or South Asia, high temperatures. These are all these all give a huge competitive advantage, and it's just that much easier to use. You can imagine, rather than taking that little solution and how much do you dilute it, and how much do you add this year, literally just popping a tablet and putting it into the water supply.

Unknown: 17:11

Cytophage was recently recognized by the Manitoba bioscience Association as bioscience Company of the Year. What does this recognition mean for the company and for your future goals.

Julius Kalcevich: 17:27

It has been fantastic. And Manitoba is where the company is, is based. Manitoba is kind of in the center of Canada, and it's always great to have that type of recognition of the work we're doing. It's it increases our profile, whether in the community, with politicians, with government officials, investors. So that was that was always great, and it's great when it happens in your hometown or in your natural area. And I always like to tell a little bit of the story. So this was the most recent one that we had won with this bioscience Company of the Year, but we as a company, we've had a long history of competitive wins are being recognized. And one of the ones I always like to mention, because I think it shows the company so well how long there's been a history of competitive wins. One of the first ones that the company had, it's back in 2018 and I know that feels like a long time ago, but nutraco, which is a very large animal feed company, it's actually based in Europe, in the Netherlands, they had a challenge, and it was around innovation and innovation in animal nutrition. So this back in 2018 I think was about 50 people from around the world had submitted their application. 10 applicants were selected to participate in a two day competition at their headquarters. Of those 10, three finalists were chosen, and the audience ultimately chose the ultimately chose the winner, and that was site of age. So I kind of speak about that. That was 2018 the recent award, the one you mentioned, bioscience Company of the Year. There's been a long history of us being recognized as a company for our R and D and our scientific innovation. And where we are right now is all that R and D is ready to be brought to the market in commercial products. And I think that that's where it gets really exciting for potential investors to look at stuff, kind of look at the company,

Unknown: 19:26

How do you plan to keep the costs for your phage products competitive while driving innovation?

Julius Kalcevich: 19:38

So, as I mentioned a little bit earlier in this discussion. One of the core elements of our technology is that we're able to create phages at incredibly high concentrations. Not that I have access to all of our competitors. You've seen what other people can do, but this has been something that has cons consistently, um. Um, been a huge competitive advantage to us. So if we're able to grow something to a much higher concentration, we believe that that gives us some financial advantage, um, as around our selling price, around our margins, and that's going to be something that's incredibly competitive for us to drive innovation. So when you we're able to kind of work with high margins. This is something that will allow us to continue to drive innovation. So that's one part of it, and then the other part that I would say, what keeps us competitive is we work so closely with our potential customers, we're just not creating a product that is going to be the same for every single large farmer across the globe, what we do is we visit their farms, we hear about what they're trying to solve for, for some salmon ill as an issue, some equalizing issue, and then we'll innovate around the solution that they need. Because we're dealing with very, very large customers, one potential customer and people, someone that we hope to trial our product with is one of the largest agro food companies in the globe. They deal with over 500 million broiler chickens in a year. That's bigger than a lot of countries would deal with. This just one potential customer. So how do we stay competitive? We visit their facility. We make something tailor made for them. Our scientific staff is going to work directly with them, and we're going to create a product that and really fine tune it so it's exactly what we're looking for. That's not something you can necessarily, that a lot of companies can do, but we have the scientific staff that can really work with their scientific staff so that we can make something that's exactly what they want. And it's worth it, because the scale of one of these contracts, your customers can be so large, we're willing to invest invest that kind of time up front.

Unknown: 21:58

Recently you achieved a big, big milestone, in my opinion, by achieving clinical success with a patient with antibiotic resistant infection, right? What did these look like? And what other research projects are you currently focusing on?

Julius Kalcevich: 22:15

Sure, I know, and this is something that the company really is exceptionally proud of, even though, for the past 20 minutes or so, we've been talking a lot about chickens, but in a lot of cases, nothing can be as rewarding as seeing the input that you can have with a human being and Right? And so this kind of, this case, this patient that I'm going to kind of mention, it was already well covered by the press here in Canada, but, and it sounds almost like a little bit of a movie, but bear with me for a second. In 2016 so eight, nine years ago, there was a retiree living near Ottawa, which is the capital of Canada, she slipped on the ice, shattered her hip and pelvis. Since that point, she had had 15 different surgeries, hip replacements, and some widespread infection. At the end of 2023 she was starting to suffer from early signs of sepsis. Doctors were actually recommending the amputation of her leg. Her case was incredibly complicated, because the infection had become resistant to most antibiotics, and she had developed a severe toxicity to the only antibiotic that was still working, and she had severe allergies to two other major drug classes. So that sounds like a obviously the very, very dire circumstance. So cytophag worked with the patient's doctor, who is a who runs a very large prosthetic joint infection clinic in Canada. So work with the patient's doctor to create a personalized bacteria phage therapy. This is the first time that phage therapy had ever been used for a hip replacement or prosthetic joint infection in Canada. So if that all happened at the beginning of 2024, that I'm talking about, all of this 10 months later that had followed the treatment, there was significant recovery from the patient, fully healed wounds, reduced inflammatory markers, real clinical success. So Right? And I think that this is, I don't think I can tell a better story that demonstrates the power of what we were able to do, and not just phage therapy, but specifically what we were able to do so people suffering with antibiotic resistant infections. Unfortunately, it's going to be happening more and more. It's a difficult path to fall and so this is something that we are going to be work, that we are planning to continue to work on, even though we're leading with our kind of animal health products and our commercialization, we think that that's closer to revenue, that's closer to profitability, but we're. You are going to be also be focused on some of the human elements, because you can imagine, for a small company like us, this adds huge kind of potential. Can provide some real news worthy stories for us as a company Cytophage recently announced also the construction of a new research and manufacturing center coin peg with over 20,000 square meters, right? Yeah. So how will this investment affect product development and the scaling for the future? Yes. So this was one of the reasons that we had completed our IPO on the Venture Exchange. We wanted to take in some additional capital in order to build out a much larger Lab, which we've now completed. We also have a manufacturing facility that's in the process of being GMP certified, so we now have the internal capability in our own facility that we can take our product from the bench to the shelf to create something that's going to be taken right to the farm. We also the way that our manufacturing has been put together at the facility. It's on a modular basis, so that if we need to expand the capacity or our manufacturing capacity we do have that, we have that ability so we can add on more modular units, so that our capacity can grow with customer demand that's out there.

Unknown: 26:25

You have a partnership with the orthopedic Innovation Center. So could you tell us a little bit more about this partnership and what progress has been made in the fight against joint prosthesis infections?

Julius Kalcevich: 26:39

So this partnership. It was one of the, kind of the one of the first ones that we've signed, and this is on the human health side. So we're, we're proud to sign, sign an agreement with in our hometown of Winnipeg, they're one of the leading prosthetic joint infection treatment centers serving, kind of, all of Western Canada. And so we're working to identify so it is very helpful that they can work with us around identifying patients that will be, that will be, that will be potential great patients for phage therapy. And I would say this is kind of the first of what we believe is going to be many. We haven't announced other ones, but there's some very, very interesting preliminary conversations that are happening with specialty healthcare providers, like some of the leading names in specialty healthcare that run extremely large clinics, whether in the US, whether in Canada, that they want, that they have doctors there and clinicians there who are very, very interested and would love to be part of a broader study around phage therapy and prosthetic joints. And I think that that those types of potential announcements in the future is what's really going to show, going to highlight the huge potential that we have, because people at some of the most prestigious organizations in the world would want to work with us, just for instance. And I'll say one other little, just quick thing around this, at a recent conference here in Toronto, our founder and CEO, Dr Steven Terrio, was on a panel with someone who is running, running the phage Center at Stanford University, and I think for so Stanford one of the most prestigious universities in North America, if not the globe, right? This is someone who was speaking directly with their CEO. We're just going to see more and more of this over time, which I think really credentializes Our position out there in the market?

AktienTalk: 28:41

Yeah, I think so yeah. Are there any plans to expand your phage technology to other areas of application, outside of animal and human health?

Julius Kalcevich: 28:50

So it's a great question, and there's, we always get inbound requests and calls, and is, hopefully your listeners can appreciate from hearing all of this is that a bacteriophage has the potential to manage bacteria absolutely anywhere. What the challenge is for us as a company of only 20 people is not to spread ourselves too thin, but regardless, we've been approached. And this, I think, shows the potential of our technology can be used in so many different places. We've been approached to address bacterial challenges in all of in all of trees in orange groves. We've also done some things on research and development on the cassava plant, which is across Africa. So there, there are a huge amount of applications we are trying to keep focused on some of the kind of most near term commercialization items. But I think that this shows that how big this technology and how big the company, the range of things that we can be focused on.

AktienTalk: 29:56

Are there any plans, when does Cytophage plan to be profitable. What needs to happen in terms of technology to achieve this?

Julius Kalcevich: 30:05

So that's a great point. So in terms of technology, I would say, or technology right now, it's solid. It's proven. It has been fine tuned over the past seven years. So it is at a point where it is ready to be commercialized. And we are in, I think any listener, or anyone, any investor, they're going to start seeing some announcements of large companies or large farmers, or large farms, agro food companies that are going to be trialing our products, starting to move into commercialization. So I would say that the technology is ready. We're moving into commercialization as we speak. Like I said, there's going to be some exciting announcements around that. And then I would say we're going to start hitting some the regulatory timeline sometimes take, takes a little bit of time in this industry, but all up by the end of this year, q4 is when we are targeting. We will be targeting revenue, and then at some point next year, after we get some of our first revenue, because some of the customers we are dealing with are quite large, just to contract with one or two of these large customers could suddenly put us at a point where we are profitable. So I would say revenue towards the end of this year. See some big announcements, even throughout the year, revenue towards the end of the year, then starting to look at profitability next year. We've always run the company quite on a lean basis. 20 people is not, is not a huge group, and especially compared to a lot of our peers that are out there, have much larger staff, much larger burn rates, um, much, much different than how we've kind of run ourselves as a company. So I think that that's going to put us closer to profitability a lot sooner than our some competitors.

Unknown: 32:01

What financing strategies are you pursuing, particularly with regard to non diluted financing opportunities, to avoid that pressure is going on the stock?

Julius Kalcevich: 32:12

Yes. So I think one of the things is we will always look at kind of financing opportunities that are out there. We have some of our staff. It's almost feels like a part time job for some of our staff is applying for some of the non dilutive funding that is out there around whether it's government or foundation grants. But what's what's interesting around this is we're seeing more and more opportunities and grants and calls for calls for grants around antimicrobial resistance, like AMR or phage technology, we're seeing more of this right now than we've ever seen five six years ago, the world wasn't as focused on some of these topics that they are right now. So we're what we're seeing is more and more opportunities, and this is going to be something that I think is very beneficial to investors, is that we're able to get company in the money in the company, or capital in the company, and be less reliant on external capital needs funding. So I would say non dilutive is one, and then another thing that we are always wanting to be focused on is, and I think this is something investors will want to see, is that, as we are working with some of these large customers, we want to try to make some of those customers, investors in us as well, so that all of our future and sort of our that that our prospects are tied to each other. So we will work very hard for these potential customers, but if they are interested in taking a small position or investing in the company as well, I think it just shows how valuable that they see us to their kind of future. So that's another thing, kind of around the financing strategy that we'll have.

Unknown: 33:58

Julius at the end of the show, I'm always asking my guest about the three main reasons why people should have you on the watch list, in this case, side of age. So I would like to ask you the same

Julius Kalcevich: 34:12

Sure. So I would say there's the number one kind of item that is out there, why we should be on the watch list is what we are, and this has been the basis of what we've been talking about, is we are right in the middle of a huge problem that the world is dealing with. It is incredibly topical, phage therapy and anti microbial resistance. That's, I would say the first thing. And there's very, very few companies that have solutions for that are have been created just to deal with this. So I would say that's the number one item. Number two is, anyone who will follow our ticker and see what Ito will see that. That there has been pressure on the stock since we have gone public, and that puts whether it's myself or other directors or officers or board members at the company who've all taken positions in the company, the ability to take a position at this price is quite incredible our evaluation, especially when you start converting some of it into Euros or US dollars. We are an incredibly, incredibly inexpensive opportunity, investment opportunity that someone would look at, especially compared to to the huge potential that we have. So I would say those are the two first ones. And I think the third one is the most important. And I know Marcus you cover, for instance, small interesting, small cap companies, a news flow. And what's going to be happening is very important so that people want to watch for it. What I think is going to be happening over the next couple of weeks, months, remainder of 2025 there is going to be so much happening from us in terms of tests, trials, how we're building the company, moving into different areas, and seeing us working in different jurisdictions, hopefully the EU very shortly, other things in Asia, more things happening in Canada. And I think that as some of these very large company, start working with a small Canadian company like us. It's just going to create put that spotlight on us, and I think that those are the key things. Number So, once again, we're targeting a huge opportunity that's out there right now. Number two, we are, from a valuation perspective, we are in incredibly cheap. And then number three, there is going to be a lot of news flow, and I think those are three things that anyone it's worthwhile to put us on their watch list.

Unknown: 36:48

Absolutely. Julius, many, many, thanks for being my guest today. It was really, really interesting, and I hope that we will catch up in the next months to see what cytofrat has achieved. Fantastic.

Julius Kalcevich: 37:01

Marcus, thank you so much for allowing me to speak to your listeners. And just for anyone who is listening, feel free always to reach out to whether myself or anyone at the company or info box. Check out our website. We're always happy to speak more to anyone you.