For a good part of the 1990s, PharmaVentures did a lot of business in Japan with a broad range of companies. Many were seeking opportunities outside Japan, and that is why they came to us for assistance. Towards the end of the 1990s, the Japanese pharmaceutical market had become competitive and tougher as a result of two factors: the declining prices for reimbursed drugs; and the growth of the larger non-Japanese pharmaceutical companies #8211; such as Pfizer and GlaxoSmithKline. Today, the Japanese pharmaceutical industry is seen to have changed considerably as has senior management in Japanese firms. We have been fortunate to see these changes, and are now actively participating in the re-emergence of a stronger industry. We are excited about its future.