o | Rule 13d-1(b) | ||
þ | Rule 13d-1(c) | ||
o | Rule 13d-1(d) |
CUSIP No. |
68812R303 |
1 | NAME OF REPORTING PERSONS BB BioVentures L.P. |
||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) |
||||
(a) o | |||||
(b) þ | |||||
3 | SEC USE ONLY | ||||
4 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
Delaware | |||||
5 | SOLE VOTING POWER | ||||
NUMBER OF | 5,974,867* | ||||
SHARES | 6 | SHARED VOTING POWER | |||
BENEFICIALLY | |||||
OWNED BY | 0 | ||||
EACH | 7 | SOLE DISPOSITIVE POWER | |||
REPORTING | |||||
PERSON | 5,974,867* | ||||
WITH: | 8 | SHARED DISPOSITIVE POWER | |||
0 | |||||
9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
5,974,867* | |||||
10 | CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ||||
o | |||||
11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) | ||||
12.9% | |||||
12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) | ||||
PN |
Page 2 of 21
CUSIP No. |
68812R303 |
1 | NAME OF REPORTING PERSONS BAB BioVentures L.P. |
||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) |
||||
(a) o | |||||
(b) þ | |||||
3 | SEC USE ONLY | ||||
4 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
Delaware | |||||
5 | SOLE VOTING POWER | ||||
NUMBER OF | 0 | ||||
SHARES | 6 | SHARED VOTING POWER | |||
BENEFICIALLY | |||||
OWNED BY | 5,974,867* | ||||
EACH | 7 | SOLE DISPOSITIVE POWER | |||
REPORTING | |||||
PERSON | 0 | ||||
WITH: | 8 | SHARED DISPOSITIVE POWER | |||
5,974,867* | |||||
9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
5,974,867* | |||||
10 | CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ||||
o | |||||
11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) | ||||
12.9% | |||||
12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) | ||||
PN |
Page 3 of 21
CUSIP No. |
68812R303 |
1 | NAME OF REPORTING PERSONS BAB BioVentures, N.V. |
||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) |
||||
(a) o | |||||
(b) þ | |||||
3 | SEC USE ONLY | ||||
4 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
Netherlands Antilles | |||||
5 | SOLE VOTING POWER | ||||
NUMBER OF | 0 | ||||
SHARES | 6 | SHARED VOTING POWER | |||
BENEFICIALLY | |||||
OWNED BY | 5,974,867* | ||||
EACH | 7 | SOLE DISPOSITIVE POWER | |||
REPORTING | |||||
PERSON | 0 | ||||
WITH: | 8 | SHARED DISPOSITIVE POWER | |||
5,974,867* | |||||
9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
5,974,867* | |||||
10 | CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ||||
o | |||||
11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) | ||||
12.9% | |||||
12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) | ||||
CO |
Page 4 of 21
CUSIP No. |
68812R303 |
1 | NAME OF REPORTING PERSONS MPM BioVentures Parallel Fund, L.P. |
||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) |
||||
(a) o | |||||
(b) þ | |||||
3 | SEC USE ONLY | ||||
4 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
Delaware | |||||
5 | SOLE VOTING POWER | ||||
NUMBER OF | 728,641* | ||||
SHARES | 6 | SHARED VOTING POWER | |||
BENEFICIALLY | |||||
OWNED BY | 0 | ||||
EACH | 7 | SOLE DISPOSITIVE POWER | |||
REPORTING | |||||
PERSON | 728,641* | ||||
WITH: | 8 | SHARED DISPOSITIVE POWER | |||
0 | |||||
9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
728,641* | |||||
10 | CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ||||
o | |||||
11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) | ||||
1.6% | |||||
12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) | ||||
PN |
Page 5 of 21
CUSIP No. |
68812R303 |
1 | NAME OF REPORTING PERSONS MPM BioVentures I L.P. |
||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) |
||||
(a) o | |||||
(b) þ | |||||
3 | SEC USE ONLY | ||||
4 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
Delaware | |||||
5 | SOLE VOTING POWER | ||||
NUMBER OF | 0 | ||||
SHARES | 6 | SHARED VOTING POWER | |||
BENEFICIALLY | |||||
OWNED BY | 728,641* | ||||
EACH | 7 | SOLE DISPOSITIVE POWER | |||
REPORTING | |||||
PERSON | 0 | ||||
WITH: | 8 | SHARED DISPOSITIVE POWER | |||
728,641* | |||||
9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
728,641* | |||||
10 | CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ||||
o | |||||
11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) | ||||
1.6% | |||||
12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) | ||||
PN |
Page 6 of 21
CUSIP No. |
68812R303 |
1 | NAME OF REPORTING PERSONS MPM BioVentures I LLC |
||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) |
||||
(a) o | |||||
(b) þ | |||||
3 | SEC USE ONLY | ||||
4 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
Delaware | |||||
5 | SOLE VOTING POWER | ||||
NUMBER OF | 0 | ||||
SHARES | 6 | SHARED VOTING POWER | |||
BENEFICIALLY | |||||
OWNED BY | 728,641* | ||||
EACH | 7 | SOLE DISPOSITIVE POWER | |||
REPORTING | |||||
PERSON | 0 | ||||
WITH: | 8 | SHARED DISPOSITIVE POWER | |||
728,641* | |||||
9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
728,641* | |||||
10 | CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ||||
o | |||||
11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) | ||||
1.6% | |||||
12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) | ||||
OO |
Page 7 of 21
CUSIP No. |
68812R303 |
1 | NAME OF REPORTING PERSONS MPM Asset Management Investors 1998 LLC |
||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) |
||||
(a) o | |||||
(b) þ | |||||
3 | SEC USE ONLY | ||||
4 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
Delaware | |||||
5 | SOLE VOTING POWER | ||||
NUMBER OF | 77,985* | ||||
SHARES | 6 | SHARED VOTING POWER | |||
BENEFICIALLY | |||||
OWNED BY | 0 | ||||
EACH | 7 | SOLE DISPOSITIVE POWER | |||
REPORTING | |||||
PERSON | 77,985* | ||||
WITH: | 8 | SHARED DISPOSITIVE POWER | |||
0 | |||||
9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
77,985* | |||||
10 | CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ||||
o | |||||
11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) | ||||
0.2% | |||||
12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) | ||||
OO |
Page 8 of 21
CUSIP No. |
68812R303 |
1 | NAME OF REPORTING PERSONS Evnin, Luke |
||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) |
||||
(a) o | |||||
(b) þ | |||||
3 | SEC USE ONLY | ||||
4 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
United States of America | |||||
5 | SOLE VOTING POWER | ||||
NUMBER OF | 0 | ||||
SHARES | 6 | SHARED VOTING POWER | |||
BENEFICIALLY | |||||
OWNED BY | 6,781,493* | ||||
EACH | 7 | SOLE DISPOSITIVE POWER | |||
REPORTING | |||||
PERSON | 0 | ||||
WITH: | 8 | SHARED DISPOSITIVE POWER | |||
6,781,493* | |||||
9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
6,781,493* | |||||
10 | CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ||||
o | |||||
11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) | ||||
14.7% | |||||
12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) | ||||
IN |
Page 9 of 21
CUSIP No. |
68812R303 |
1 | NAME OF REPORTING PERSONS Gadicke, Ansbert |
||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) |
||||
(a) o | |||||
(b) þ | |||||
3 | SEC USE ONLY | ||||
4 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
United States of America | |||||
5 | SOLE VOTING POWER | ||||
NUMBER OF | 0 | ||||
SHARES | 6 | SHARED VOTING POWER | |||
BENEFICIALLY | |||||
OWNED BY | 6,781,493* | ||||
EACH | 7 | SOLE DISPOSITIVE POWER | |||
REPORTING | |||||
PERSON | 0 | ||||
WITH: | 8 | SHARED DISPOSITIVE POWER | |||
6,781,493* | |||||
9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
6,781,493* | |||||
10 | CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ||||
o | |||||
11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) | ||||
14.7% | |||||
12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) | ||||
IN |
Page 10 of 21
CUSIP No. |
68812R303 |
1 | NAME OF REPORTING PERSONS Steinmetz, Michael |
||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) |
||||
(a) o | |||||
(b) þ | |||||
3 | SEC USE ONLY | ||||
4 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
United States of America | |||||
5 | SOLE VOTING POWER | ||||
NUMBER OF | 0 | ||||
SHARES | 6 | SHARED VOTING POWER | |||
BENEFICIALLY | |||||
OWNED BY | 6,781,493* | ||||
EACH | 7 | SOLE DISPOSITIVE POWER | |||
REPORTING | |||||
PERSON | 0 | ||||
WITH: | 8 | SHARED DISPOSITIVE POWER | |||
6,781,493* | |||||
9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
6,781,493* | |||||
10 | CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ||||
o | |||||
11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) | ||||
14.7% | |||||
12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) | ||||
IN |
Page 11 of 21
Item 1. |
(a) | Name of Issuer |
(b) | Address of Issuers Principal Executive Offices |
Item 2. |
(a) | Name of Person Filing |
(b) | Address of Principal Business Office or, if none, Residence |
(c) | Citizenship |
(d) | Title of Class of Securities |
(e) | CUSIP Number |
Item 3. | If this statement is filed pursuant to §§240.13d-1(b), or 240.13d-2(b) or (c), check whether the person filing is a: |
Page 12 of 21
Item 4. | Ownership |
(a) | Amount Beneficially Owned: |
BB BioVentures L.P. |
5,974,867 | (1) | ||
BAB BioVentures L.P. |
5,974,867 | (2) | ||
BAB BioVentures, N.V. |
5,974,867 | (3) | ||
MPM BioVentures Parallel Fund, L.P. |
728,641 | (4) | ||
MPM BioVentures I L.P. |
728,641 | (5) | ||
MPM BioVentures I LLC |
728,641 | (6) | ||
MPM Asset Management Investors 1998 LLC |
77,985 | (7) | ||
Evnin, Luke |
6,781,493 | (8) | ||
Gadicke, Ansbert |
6,781,493 | (8) | ||
Steinmetz, Michael |
6,781,493 | (8) |
BB BioVentures L.P. |
12.9 | % | ||
BAB BioVentures L.P. |
12.9 | % | ||
BAB BioVentures, N.V. |
12.9 | % | ||
MPM BioVentures Parallel Fund, L.P. |
1.6 | % | ||
MPM BioVentures I L.P. |
1.6 | % | ||
MPM BioVentures I LLC |
0.2 | % | ||
MPM Asset Management Investors 1998 LLC |
0.2 | % | ||
Evnin, Luke |
14.7 | % | ||
Gadicke, Ansbert |
14.7 | % | ||
Steinmetz, Michael |
14.7 | % |
Page 13 of 21
(b) | Number of shares as to which the person has: |
(i) | Sole power to vote or to direct the vote |
BB BioVentures L.P. |
5,974,867 | (1) | ||
BAB BioVentures L.P. |
0 | |||
BAB BioVentures, N.V. |
0 | |||
MPM BioVentures Parallel Fund, L.P. |
728,641 | (4) | ||
MPM BioVentures I L.P. |
0 | |||
MPM BioVentures I LLC |
0 | |||
MPM Asset Management Investors 1998 LLC |
77,985 | (7) | ||
Evnin, Luke |
0 | |||
Gadicke, Ansbert |
0 | |||
Steinmetz, Michael |
0 |
(ii) | Shared power to vote or to direct the vote |
BB BioVentures L.P. |
0 | |||
BAB BioVentures L.P. |
5,974,867 | (2) | ||
BAB BioVentures, N.V. |
5,974,867 | (3) | ||
MPM BioVentures Parallel Fund, L.P. |
0 | |||
MPM BioVentures I L.P. |
728,641 | (5) | ||
MPM BioVentures I LLC |
728,641 | (6) | ||
MPM Asset Management Investors 1998 LLC |
0 | |||
Evnin, Luke |
6,781,493 | (8) | ||
Gadicke, Ansbert |
6,781,493 | (8) | ||
Steinmetz, Michael |
6,781,493 | (8) |
Page 14 of 21
(iii) | Sole power to dispose or to direct the disposition of |
BB BioVentures L.P. |
5,974,867 | (1) | ||
BAB BioVentures L.P. |
0 | |||
BAB BioVentures, N.V. |
0 | |||
MPM BioVentures Parallel Fund, L.P. |
728,641 | (4) | ||
MPM BioVentures I L.P. |
0 | |||
MPM BioVentures I LLC |
0 | |||
MPM Asset Management Investors 1998 LLC |
77,985 | (7) | ||
Evnin, Luke |
0 | |||
Gadicke, Ansbert |
0 | |||
Steinmetz, Michael |
0 |
(iv) | Shared power to dispose or to direct the disposition of |
BB BioVentures L.P. |
0 | |||
BAB BioVentures L.P. |
5,974,867 | (2) | ||
BAB BioVentures, N.V. |
5,974,867 | (3) | ||
MPM BioVentures Parallel Fund, L.P. |
0 | |||
MPM BioVentures I L.P. |
728,641 | (5) | ||
MPM BioVentures I LLC |
728,641 | (6) | ||
MPM Asset Management Investors 1998 LLC |
0 | |||
Evnin, Luke |
6,781,493 | (8) | ||
Gadicke, Ansbert |
6,781,493 | (8) | ||
Steinmetz, Michael |
6,781,493 | (8) |
(1) | Includes 5,973,636 shares issuable upon conversion of 12.50% Convertible Guaranteed Senior Promissory Note hold by BB BioVentures L.P. | |
(2) | These shares are beneficially owned directly by BB BioVentures L.P. BAB BioVentures L.P. is the direct general partner of BB BioVentures L.P. | |
(3) | These shares are beneficially owned directly by BB BioVentures L.P. BAB BioVentures, N.V. is the indirect general partner of BB BioVentures L.P. | |
(4) | Includes 727,272 shares issuable upon conversion of 12.50% Convertible Guaranteed Senior Promissory Note hold by MPM BioVentures Parallel Fund, L.P. | |
(5) | These shares are beneficially owned directly by MPM BioVentures Parallel Fund, L.P. MPM BioVentures I L.P. is the direct general partner of MPM BioVentures Parallel Fund, L.P. | |
(6) | These shares are beneficially owned directly by MPM BioVentures Parallel Fund, L.P. MPM BioVentures I LLC is the indirect general partner of MPM BioVentures Parallel Fund, L.P. | |
(7) | Includes 76,363 shares issuable upon conversion of 12.50% Convertible Guaranteed Senior Promissory Note hold by MPM Asset Management Investors 1998 LLC. | |
(8) | These shares are beneficially owned directly as follows: 5,974,867 by BB BioVentures L.P.; 728,641 by MPM BioVentures Parallel Fund. L.P.; and 77,985 by MPM Asset Management Investors 1998 LLC. BAB BioVentures L.P. and BAB BioVentures, N.V. are the direct and indirect general partners of BB BioVentures L.P. MPM BioVentures I L.P. and MPM BioVentures I LLC are the direct and indirect general partners of MPM BioVentures Parallel Fund, L.P. Messrs. Evnin, Gadicke and Steinmetz are managers of BAB BioVentures, N.V., MPM BioVentures I LLC and MPM Asset Management Investors 1998 LLC. Each of these reporting persons disclaims beneficial ownership of all such shares except to the extent of his proportionate pecuniary interests therein. |
Item 5. | Ownership of Five Percent or Less of a Class |
Item 6. | Ownership of More than Five Percent on Behalf of Another Person |
Item 7. | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person. |
Page 15 of 21
Item 8. | Identification and Classification of Members of the Group |
Item 9. | Notice of Dissolution of a Group |
Item 10. | Certification |
Page 16 of 21
BB BioVentures L.P. | BAB BioVentures L.P. | |||||||
By:
|
BAB BioVentures, L.P., | By: | BAB BioVentures, N.V., | |||||
its General Partner | its General Partner | |||||||
By:
|
BAB BioVentures N.V., | |||||||
its General Partner | ||||||||
By:
|
/s/ Luke Evnin | By: | /s/ Luke Evnin | |||||
Title: Manager | Title: Manager | |||||||
BAB BioVentures, N.V. | MPM BioVentures Parallel Fund L.P. | |||||||
By:
|
/s/ Luke Evnin | By: | MPM BioVentures I L.P., | |||||
its General Partner | ||||||||
Title: Manager | ||||||||
By: | MPM BioVentures I LLC, | |||||||
its General Partner | ||||||||
By: | /s/ Luke Evnin | |||||||
Name: Luke Evnin | ||||||||
Title: Manager | ||||||||
MPM BioVentures I L.P. | MPM BioVentures I LLC | |||||||
By:
|
MPM BioVentures I LLC, | |||||||
its General Partner | By: | /s/ Luke Evnin | ||||||
By:
|
/s/ Luke Evnin | Title: Manager | ||||||
Title: Manager |
Page 17 of 21
MPM Asset Management Investors 1998 LLC |
||||
By: | /s/ Luke Evnin | |||
Name: | Luke Evnin | |||
Title: | Manager | |||
/s/ Luke Evnin | ||||
Luke Evnin | ||||
/s/ Ansbert Gadicke | ||||
Ansbert Gadicke | ||||
/s/ Michael Steinmetz | ||||
Michael Steinmetz | ||||
Page 18 of 21
A: | Joint Filing Agreement |
Page 19 of 21
BB BioVentures L.P. | BAB BioVentures L.P. | |||||||
By:
|
BAB BioVentures, L.P., | By: | BAB BioVentures, N.V., | |||||
its General Partner | its General Partner | |||||||
By:
|
BAB BioVentures N.V., | |||||||
its General Partner | ||||||||
By:
|
/s/ Luke Evnin
|
By: | /s/ Luke Evnin
|
|||||
Title: Manager | Title: Manager | |||||||
BAB BioVentures, N.V. | MPM BioVentures Parallel Fund L.P. | |||||||
By:
|
/s/ Luke Evnin | By: | MPM BioVentures I L.P., | |||||
its General Partner | ||||||||
Title: Manager | ||||||||
By: | MPM BioVentures I LLC, its General Partner |
|||||||
By: | /s/ Luke Evnin
|
|||||||
Title: Manager | ||||||||
MPM BioVentures I L.P. | MPM BioVentures I LLC | |||||||
By:
|
MPM BioVentures I LLC, | |||||||
its General Partner | ||||||||
By: | /s/ Luke Evnin | |||||||
Title: Manager | ||||||||
By:
|
/s/ Luke Evnin
|
|||||||
Title: Manager |
Page 20 of 21
MPM Asset Management Investors 1998 LLC |
||||
By: | /s/ Luke Evnin | |||
Name: | Luke Evnin | |||
Title: | Manager | |||
/s/ Luke Evnin | ||||
Luke Evnin | ||||
/s/ Ansbert Gadicke | ||||
Ansbert Gadicke | ||||
/s/ Michael Steinmetz | ||||
Michael Steinmetz | ||||
Page 21 of 21