Our strategy is to develop and commercialize medicines to treat liver disease and associated fibrotic and cirrhotic indications in areas of high unmet medical need. In December 2016, Conatus announced an exclusive option, collaboration and license agreement with Novartis for the global development and commercialization of emricasan. In May 2017, Conatus announced that Novartis had exercised its license option following initiation of the Phase 2b ENCORE-LF clinical trial.