Back from the AGM...I will hold my shares to at least 2017..... 4050 is in healthy volunteers right now, no news, so no bad news. After phase Ib/II in 2015, a decision will have to be made regarding the application targeted. IPF can be granted as a fast track designation. However, the physical conditons of those patients can drasticly change within a few days, and a person can die anytime. This represent a risk in a clinical trial. The patient with CKD have a more stable and previsible health condition, which is better for monitoring the risk in a clinical trial.