0000000000-19-012865.txt : 20191010
0000000000-19-012865.hdr.sgml : 20191010
20190826164701
ACCESSION NUMBER: 0000000000-19-012865
CONFORMED SUBMISSION TYPE: UPLOAD
PUBLIC DOCUMENT COUNT: 2
FILED AS OF DATE: 20190826
FILED FOR:
COMPANY DATA:
COMPANY CONFORMED NAME: Satsuma Pharmaceuticals, Inc.
CENTRAL INDEX KEY: 0001692830
STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834]
IRS NUMBER: 813039831
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: UPLOAD
BUSINESS ADDRESS:
STREET 1: 400 OYSTER POINT BOULEVARD
STREET 2: SUITE 221
CITY: SOUTH SAN FRANCISCO
STATE: CA
ZIP: 64080
BUSINESS PHONE: 415-505-0809
MAIL ADDRESS:
STREET 1: 400 OYSTER POINT BOULEVARD
STREET 2: SUITE 221
CITY: SOUTH SAN FRANCISCO
STATE: CA
ZIP: 64080
PUBLIC REFERENCE ACCESSION NUMBER: 0001193125-19-223576
LETTER
1
filename1.pdf
begin 644 filename1
M)5!$1BTQ+C4-)>+CS],-"CD@,"!O8FH-/#PO3&EN96%R:7IE9" Q+TP@,S,T
M-#(O3R Q,2]%(#(X,C,X+TX@,B]4(#,S,30U+T@@6R T-34@,30Y73X^#65N
M9&]B:@T@(" @(" @(" @(" @(" @(" @#0HQ-B P(&]B:@T\/"]$96-O9&50
M87)M7!E+UA2968O5ULQ(#(@,5T^/G-T,C17,% PM% P-U&P
ML=%W2BQ.=%#(, @P 8!0VPPT*96YD)S-5\ERVT80O?,KNG2BJR@8^Y*;;$F)G%)$ATQ\\64,
M#,AQ8:%F -+\&WYJNC$ #8*@994OD4HJ8C#SNE\O;YK/DV=P0Q/H-_3 C\#W
M XAS>"ORE06W)7R\C
M';$:7 L"TT!L+S <6.:3M_<66 B43J9OEE\)I+?5\2W:ZWJ#G3?UJE85V/X,
M;-.*VH/CMK7]2WZ]=OV,AQT:]CB/R^Y9#P
MD!<%@R-SR95(>%$!*Q)XOQ8\A;MO/*XKL>7PE*8BYG(<*[0,:X"V8)6J)R!N]O('+-T!Q!H6QYCF<,:^DGBJ<'8YFA
M$2"0[73T[ [H;_[;N5G+L0S?&MW_RJ!V2.:Q<7J65T)5DE6B+&!1L8KGE'E\
MN"]E#HOKD:BV<&YD&>X [EYD/(&VQZS3'AM!"(XQ/4& OTH#',>YMO&?&US(
MB.L[K^N?8;^XGGG6+[><27B41MA
MJPM[*OESS5$F$A!%B@7<("'_AY0,0%)"45;PA6>"8[3(9!NC ]ML<%$=T,7&
ME93%E2++0UM^I(MF&@L9USEZ6<1<02F'Z"@O#;N& I)&"[+<2(&L9K#1@:EX
MED&M8+?>H\>-Y:$]K^V1J0ZBXF.J2.NH8>3>9-2DG3!4F)8,6^
MQ[ +W ]R2-79RPOM'[*U-%>=;=H-'>UC\;09F\&.0\[VNO!9D@C"9%GW7F':
M_RDRKA1MQ,2<58UIZA:>ENB8W F%>=$,4BXY996J 3-6'LL$LR@;3X[/Z"&=
M:24OTHK7%OBE3-EA>&F"N90IDZZ.W03=M@,7(?*)XSGMYVRR0/S=()MVT) [
M7S%A&?K0[HX_"/12-GZ?O4O\AK\ Q?+]]
MO! !K[V@QM:&49C+4FUX7&$S+NH\9W+?Y]=9.SE];9D6K78\>TXZ+KGH^09.
M5_1PP<%NIAA;&SKXM.62.@^U@ZTX6"?N=9;Z9Z]1%7&Q\^YGQU(B:=_657,]-L+7L"HRNH_BK$8-
M?A0KG))16(E;SM4^0[J0B>=:)% PA6_41K+]C#:,F<2F,;7)X^F'1X3_BNU&
M,:6K@;"[4*/X)K 5##9UEJ.D2_)ES3*=@<_3QYNY:9KNYS?& 0?>,8N.W];2
MM D57DG--X7V'M!A:N8!8H!7-I;+AH0]D?7JF#X4\2W/\&9/NUJ@1!T>_AVS
M:-M=!25X_6.K[NDF.]>(C=4!9*D7QE1@O,OF*]QYS\)
M@TY\#0IE;F1S=')E86T-96YD;V)J#3$T(# @;V)J#3P\+T)I='-097)#;VUP
M;VYE;G0@."]#;VQO7!E+TEM86=E+U1Y<&4O
M6$]B:F5C="]7:61T:" Q-#(X/CYS=')E86T-"GB<[<&! ,,@?^K=X 15
M 0
M
M
M
M
M
M
M SP!1E;J9#0IE;F1S=')E86T-
M96YD;V)J#3$U(# @;V)J#3P\+T)I='-097)#;VUP;VYE;G0@."]#;VQO70A2(8E$X=OG3K181$1$1$1&1'TC*%,_/
MSX^/C_?W][\.W!W93GIZ?7U54%#1$1$1$1$1"[F[>WMZ>GI
MX>%AO]\W L6O7[_N[^_CJ\=SB/*_?_]NJHK*D3)>7E[4,41$1$1$1$1DPL?'
M!\85OW__QJP"F6*_W\>6V'X3[P],.(*7EQ>$D3Q6_(U_TR3CAJ6Y^?G[4H%HD3_><['@9>7%[Q1L@'[_?[AX2&V7WY6
M(B(B(B(B(O*/@U<(+B'8/#P\/&RQ>8@"V&9D1(O\'#5\?'SV/?Q\9&O2*B:*D?4,)10&A$#XY OZ2 1$1$1$1$1
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MB(B(B(B(R-\/P3!9^#>J17J+D)P4"8(M[^_O*1=DFKI*&'!PHS3 R_N<:>5[1^&%D41$1$1$1$1'Y&\!T <.)H1M%JA#I&,)*
MO^8'R5B:*2^D_M!H%YDNA$H(G<&_V&_U1#+N.^"JKBAVQE\CC9KJ3
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M2 ?I?U'-#V)?\G&0#:39,;9$R31FX'!1V]/3TS7^%U$M@@9966OE3HIHE[(Y)
M44GD$555#81 FK$%2XGXB^=(%+AYP@XL.O)P-&:_WS\]/65[D%!^'4#9R&:G
MA$+LCLQ+PG8RKI)J)(^(14>0*46V^SYD3(S]?I\1+=(&
M(^I)4X=8\I.N=&@%\0TTAA;1VMB2@LGS\W.T)TX_G5;X*OHD=L$_A1U)94)X
MC3Y>J/*%B(B(B(B(R!<1:VV"5Z0A 5+&? T>*W1V@7MC!,A:&=J%T\'".5!(I6W UD)^4K,G2HB(B(B
M(B)R0S(/2%I;^F,3/S!P?N?Q?CBE%_G[S@VAP-)LXG(V"P<;,E)K:!?(%ZD2J%K$%CYCL
M0ZTO1$1$1$1$1&Y"+,R;&!<9S"'_C75Z+,GC[W!WEO 9 !-/$Y;MUV0,^4[B
M+-(&(^U&V-@$YT2I('HG_Z;924"VULRT@GQ!6(P_=6HB(B(B(B(B_SI]<$Y6
MW-@/U$7]T'\D"M>8&$2JK&XC_Q893;3&Z^ KNH58G1F5-,ZTFE70F;$QMV">
ML3%IBXB(B(B(B(@TH$O$RKIN?'M[R^RE^$U4ZL*\0L0,1(]_>IT>IX\'#>E%
MZO;T :"0:DK&FV08;T7-J*E41$1$1$1$1V0)KZHSG$'_3I@+[@4:RB(V$
ML.AM*O"A^$FQ':)S\ I)DPE,4,@MD@E'4&S0)1 ]D#NBBZKQR>/C(P8;?_",
M1$1$1$1$1/XM8EG]ZT!Z1F U0;93@F 0@9/$IJS?HS#_UJI(&/JOFUOT9-+8
M^%L]9= N8B/_XC]"D,_&P21U'KJW1L80$9'OX:-PLD!?9O[MR4,,O^)EP<<&
MW@^L-6:-/CO8I/#&;IQ KO"7 S',K65"YUPVMK^OX62SSZI_8^=,]JJ[QU=Q
MXO1 S9DN(B(B5Q*C*ME#\/K(4>PE(.&H49$3N_'9K/
MU4,T!=:.'M42&VH+V:1:VYPF1G1S%GWAF ,,PW&?A)A7&12KVFI29VT&;SHN
M:'_NG@6&K=U>?UJ<+L>7"UOV:AQLV3=.<]]YUQ*F.VZ&-1E'1$1$-H)+2$ZQ
MB.00X^_;@=B>U@(X@^P/\S'<*-+> 'D)_F)K$&\S1JS(D.2YH0M76;26H/9
M"\7H(O*NFG9$1.0[27&^7WL"2@)E^N=S79FN/< 958<^E7GT&A.[QDV:T]39
M>W0.R9$:/HZ9T.<'BK,[ZTU$S16>0UZS95^T%U)W;6S_4+O( D,CQNWU1ZMJ
M_1E_>T[F7\N+6'NU/_W=86Z .>OV7A41$9&$=7=.X7 #842.<3]?#,4$)C;&
MS"1G2M4Q)+[]7XW("#6[@W$%IQP]4Y.2?!Q]:O:?+2YJ]RZ'5U2[8J$A(B)?
M32YIK]%]N/W-[/+JI!8R\C#.O/,9IF
MU/J;_LG6,EZO]6J]@DO1D:)A<3BNU+"K^[WRI'I?GOIO:A=T_L9>G;1D.;JB##46
M$1$1.J17JM8B/Z?Q,N$F8X-?G(ZX%J.DNG
MT=4Q7V+:'%U*#PZ\[D+M(N&->UBK;:U2QB'Z9DY:3RL"YVD6TO._5M:/4N5.&MR*J%2XD/SX:F(B(
MR!>140?/U$@--\?4.RU'Y6AHZD
MYXB(R%=S*^TBBB'@YW"9:_SOURYV)3ADLO9F88MVL72N$W-.QO_$_G"R?M^H
M7>2!<@*SW?CD7.UBV*MK2DY--#9DOY*81D1$1":DMTB^/B C6"U3IV1,P-C"
MQ /'U?^YQ46ED2^8&S-+B<\GIRMZCHB(? \WU"Z6SV-EC@+_0^UB*1E"[[H<
MJ77]OB9?;-0NTKBQ)B*?QYI(OE2[6 Y3H]YXM4'Y0D1$Y"P:DXFWM[G*M=
MQ(?MO0K1M^06":B,C7D682:V-9S;^Y4;M8.OGBG]8N
MJO8^\?)HB'G%1!/(,YI(1B>UBZQDWY&=/^F*+]4N8I1OID\53"N'=XZ(B(@,
M08A(D\7X-T9P3"ZKD0 )4G.7*,] 3UCU.JF(>IX/.!8#D]Z<$D>WQ.1GN]2#
M^F'03A&1+R)S/^V.3@$?1WABUV_[W=>TBV5D??$'?48:3X?:VJI=,'PGT3FQ
MI4;=G"_S$Y0' G*25#U[-3ZGK+ND,PT:;27[0OM1K6VQ.KUW4Z)$]+,S/&H8PV,B9
MP+!+YRDV,L)&WV]+B19X\??AX8$7-[']IUI%1B?@
M.Y.F*?%OXS=-ZI:[8TK9ANBH?GI3DXS\/O!-YR,B\K^$L2]&JX=(#PWY:#=I'?KBD M4S?;_6L)XZ9]1)/((=(?U+XR-#G]$"ZD,Q/7T1$1!+>
M%J6)8WV%\3QZ%<+["ZQ5GP\Q'-8B>K&*9V;":(YAY]I[JW^:5'50+99C#_1F
MO73"_?U],[>IKM:[@V$M\9L5LI8/_(&89(4E5QRR!?$K2*U??SE$ 33^(XS_&*B0S IB;/+ODJ+E.'+
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MD$87+,")_X#E %(&!AAYQ'^"ZM^1<;@$'BX[&,8=((_^0VB,B
M(B(B(B)R&;SKSZ08L?2.%3%F%7T4BYKM8K_?1\DMA\"UA$4]03-JDG=6_9DT
M+;;_S?)%G#N.'D09C78BX!#U(AH?W?)R(!.LG*R0DEP"!**HA$2H5+4_T@3P
MO#_PU_:5B(B(B(B(R$V(%7':!L3RN68_B%+487RW%Y'DM[Y(NH
MF33KA+G MR(SJ.)G$=O_POPC^+FD_TMT%\(";<:PA @A%*N>.!,PO#:00V#]%@C"XR< ?GE1$PXG30&;9K.TW"
MD>5P+=( AM"F^54<@@NQ'+QX\K.(B(B(B(C(SX,0"OEO76N_O[\_/3WE\AQ0
M$EAH7W XPDOB*E)#7J!:X&H1!\VXG7^#?$'84LPJL'D@!@5F%6D:@7R!JI#1
M,+8?!3DH:N,2X+R#$M(((/$O+>%?K$'^0O\:$1$1$1$1D>LAP\A<&8B5(BVBV$1$1$1$1$?FIX,21,25B%8SE0TW'2080
M["7P:$!\.)D^8PT,#&(-'O5@M( R@%A!AM9JS) ?MB_/R57Z6KC,+"$M+HC&
M>7]__W X0)7CHP0$O^20F5[F(N&# FR'.TN,+K@7&JW-(I3[&*V$1$1$1$1
M$?F1L.;E,Z_O:PP*ML>*^->!6$>C ."P-2$OBBVBIDR(AT)R&D9\H7
M6P23:"?6&M75Y3++!&)<4!M-PKX"5Q%D%C9&23H'DXS+G%RR9^A;=*3^7(BY
ML10'G_AW8T(3$1$1$1$1D7\(+ 0R;TAUY8!8[,>WL4+'M*#: ^1>%X#=!3E
M\UC[(U$S:_;\"H$E)8BU%7ILC[9E4^,#7A[8C:3?Q_9VDL(5^XI,^8'>PB%(
MDI)J!IH)92X6=A!J4IK@6)6H/(41\K\L1]^?BRUA1$1$1$1$1/Y.L!!(AQ%T
M ]P3^DRIK)J7H\1QS2M^ CN@+<2'ZC:"&0/*0YI;Q(>,!;$FFU!5*A[5Y23-
M+8AIN3'I*JECD5,R"@=B17Y(NQ%(0>,:[:*ZC2S'8"//1\A4&R K[8ZI7HA
M8J94$1$1$1$1^6&0'97/Y/3$2F$I.2^J&L K?OQ'KCEN.J<@"]1\J4WRD?R
MNTHJ$HUR0B (+!^JVPM6$ZE=((!L$19PDZ%P5)NN'+MC,A%L+6@VP@7G@IYP
M<113.H<*T5BPY4"^P%*E\1_)8Z'V&/)"1$1$1$1$?A)8"/ Y'490#_CJ[0BQ
M.I?#HI[8#M<R.@3AP;\D/:95QL880.W*XFFUD=\QCTNLS]0H:\D)$1$1$
M1$1^&+E 7HY!*1MB$4W(B%C%HU>@'EP6B#+!C"$JQ#DEW480); TJ"8?:?6!
M3<+N[%+27:&?4CWQ4+TT30>MQ%*7FG\@&/.[I@I
M-5.283DIP[]4&'V%T'&EW<7R.5-J>M9
MFL>DC4I*);3$F8S\0>+WDG%E@8Q"<9=.[+5X%+QL!GUU2S.0%M,RBA_IVF\D
MFE&/,A$AFY)]]J+8?+R6?)M"O0-..NB!,BJ:U>$
M O6*T*0;1NEINGV+C-R^_5?67,V3.<+Z2SDOW_\$)H>HC9G<)/4<^YZ9/W_Z4]YR<5^N
MF&]D.^L<8\L3.R$'?5,#3]KY]6+'YGI->F;+;=GWWJ0-_>^H+]S<(9,[BM-A
M9EC[@9[<,BOKA\Z-3\C:,R>/-1P9\>">'Z7OVTGYIDDGSUU$9 OD(>4S7A*,
M6?FPS>=2/.@H>:N%>5:5?A:L1+"I(!DH1@Y5TV"IPK)][K4=7PK"<]V?R()KN\''+*4RQNUXG
MM:5G$)3Z6Z@>90L7^ZARH>?/D+4K6%L[J8'HXFL3$M37YG"3V4OS.QT6[GMO
M_@QOHJ_WMV(J$\G/#CR4KR"JS(-I;(0SQ3B$
M^?"^R[U2+Q.C%6/Q]^\KJ;?$_#5$]N=^0W+S9K#>LJC?KEP1%9QB:TN\2<_T%V7X&.SEE#F7
M:1=#K7CM"NY&,Z[)[[JI8?*#:K2FR1NEY?,],VS2L/>V:Q=K;\3R(;G6U?U%
MG_P6>HO?X4BQ=B&&G5D%V[6Y\?8[$GC[=2!\^'/\ODFV@71-K"?3-.R-#8@U4A5,YC3YK/WI+GFKINW8*F+BL[\
M=A*X@T$MVH-5=GJ+[(YO(E))0*_ QI*SN#ND<[VR?]!/&$PG;]D0\_-D.7$M
M].3[J1-+7M]@'L\/O'G=,YSSU$5$9@Y:8[@@:A:A=X=D1AA7T!)B^6:!X?+S
MB[2+^Q'-[[I_(IW4+IJ.:MZ+]9UVC7;15]A 8YJG7WT!QU7CQN"*-&^HKW=Y
M:VP&MBQX^W>U^T-^\&'A[=H%M]_39YJ0RVN_A9/46^N"'POC[_#2URL^/,=&
M^F"@?#FZP_ KJZWYLU;)_K,+
M[S-A-4_<'=QOL)V\2+3-G05PC
MAHS]T1&U7QUP!8>BC6/[SJ!D>
MY2NTBRBP5DFSWFF..-_G)>]
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M&0.=$.CBQHKZ>0"<"W"P-#ZXB;:Q?)9OICWS)"SM(LACI78C(3>!95S_O#E-3XF1B
M94U0(.88F)8-[;0OAL<@T4'K<,, P;L)WM+NCF\'>,A/!@CVNCO$V.PA*@4%
MD,$GNV OK&&;9SB:!FK,35PV_# K=>.5(5[6+
MO!EZMB_D\TZC82=C%"1Y07\=PH#7J]]($!/MHG$L+C9SVJY4
M+YTE3W,Z^2/%IC0O1&-@EG<=T[;)H6OOU8C-O<]4'K?> %=J%]47HQ_[AI>R
M>4+B?G7N$W)R13.[!7_&
MS,S"$4D3@$7'K=)\]'E:L%^RL&UEYD6=,'RC
M/?%AGZQ#SZ)J%Y-X'?6I,K^(>2FSG\(]8+&56B>8]6":Z)=U BQ5_K5
MUM4W;XOZB\M/YLK*+S;JF-B)]'IS&?,5YMY@D5GDA,M"[PS(WA9CA*\I D@ .KDBJ8-ZLAG";X/!RU>:[V
M!^K?8S([Q4N%DQI.U:J91XZP!+M(W0.?$0PSZ-(+^F<-YE0,'WVNDU26<@O#
M+JXW5[[!%#F7)D;B&BB'PQJVY!E9TRZVOV0_R5=H%VBDY$ZJ-+/6N8OQ']V9CGI'+
MM(OM'@H3ZA-RRWE5@[KF0E3M(EUQ=^6W4Y?V&"1LURY01'O3BSPH,Z4KM8ME
M'/FLKODLMI./.QY?47E]D9%I1E-DSE4YFD!F**CY/H9## N!
MM-/[.'@7,I#%H7FB\I8P3Y]E/B)Y\W2M0QZO.?(Y3#MI9 ;J3"7AY%.:N?&6
MKDO3CN4XY7@^Q*^&)G%#CO5(0&H7\OW,,]17AJNJ'ZQ=G.2NRP#25_*/:A=+
M"<5YLA\N7D]5>3DWSNW5:_.:D:67+_*][<_3+IK5^B0&PE^K7>1M7".';/PM
M]!>TSR;)I.5B[8+;B0E53[.>_3]K%U6#XNY-^9'?;UU9;[&[6,J]P2$:<:,6
MN%B[2)O;DU=M[3E_Y1/RAMI%9EVD6-3')%I<,Y >!(2J!QSB.=#VI%\#B,LY%.1KW*2V5L5(LOS
M;&>X82C$3X20I!P=H8,AC&=O?4JG1\GN: %"21Q&,OL;EAO$7T)IV9W2+FA/
MM=R;3![H.J;B] \O)H8VV-D;:A?R!_DX1.EI;5&Z)
MI#=4Q=>L+VZH753![5QGS),^(\/ @#T?GR-VYID."]]DY0OUH$.WB+R[3CK^
MI$+5+"V;V YKIA?#"]I+=M')S1N-M9[I>V^8_B8+-R>UT6?DLI]);;]2F5?5F6VM\,E'AAMK%,C*Y9"J^=M%%1"ZC:A=UL*C6MOO/J<-9XV]\
M"C%>/!]2;[":3HN%.ECSA">TT?,A]7D&N& [(==X_M.V=-G8'9.//)?@%>EI
MF(]-9B]WA5\E)%?]3/T956-W?-N2_;,_)D+-2!2T.?[E'$_&<*;:= ,ALM-:
M^4:[:)2!FC1-[2^R"W7:Q=U#7AQO(L+?BR5>@/4OCJY,#QI;)-MF/_*=E?G&6GR=:Y=
M_;6%VYH8U5M?9-:SW2B,89UU-&=$OZ6G:C.':=JS,23%94/\Q_G15OLK^+PA
M*VC2J"63>!=\]?$Y9VC32Q=H%TNY0W)J5\_]5MI%WVD\W] TZKVTI9+)$[*_
M9^9!*L[ZS=8'0C,[7=,NEI'UQ959PT1$>A@]^9R!+/H!%XDC]?"SGD(Y3/"N
M+57H.GXUKQC2O"$#1..7D8,.M@>\BVG>7::S27YHJ 5V*Z0+R=W1^;I&+V?6
M4>-R5.:=PT0H19CT^)B,8E6[6([N-G6"--Q7[4+^%"WB)">OYLG.G'"6;\[P'"?>
MB+U\<;)[-VH7=4VWT?:^CWZ:#;?2+C9Z6,#P
M/IP8TDP&VNZID"O
M72R?[['=9YWA,NVBMWNIC[+KM8LMCL!S(ZMSGY#-MW.SP]J?\V=XU>MZH6.B
M72SK :_4+D3D5K ,7XYYY=;L#YDYI./AN=I%.F7D>I^!K#[GF2\1C#;NRN95=/\
M8]*?C=T%1B9I6)@I67'&J>.^VH5\/WCLSI\/=7K33W[.U2Z:F[Q9:$P"/^)[
MQ6^PGW/61DXLJ4XNXN;:15/#VNO+?TZ[6%M=SN/DUZ.I=K&LRQ?7:!=-G1>(0N=J%WU+AE>VWOS#GV%=/++CVM%YWNT"/Y'YSW!B9(6T,D_"-9?]Y]I%(]VL
MW9E-DIV^GKEVL1PG\\TO1>U"1&Y%U2YVZU$:F#GP$+M NV#@PYF"IR+/V%Z[
MP'^3(:"Q/?MU\(S(/"-,4)?# SD:P[#R:SW)VG9VQV3?-*_:=>^.%B!I+X%M
M!J?&V4U6"OWLETKF[H>-=I$]V=N=[LKB2.U"_@C\/'\=PLOT1ESQ:ZIFI<,G
M2=4NG@^A;R:@<#8U-"_LT!51_'CUB1#:3.2:2IK0A42\J3\H'CN-3M)WR$GM
MXN-S=KSA_/^OTBZB)?.+PE5N&LFJ 97UJ)E!=27[<,W8YN-S2(=^U3G7
M+I85^6*+=E$=A?(FQ!^S/KJOM#+"NWP"[P76SFC_.7WD2?^=Y@4K;SH[]2'<3[6)MH;I69N@E<3* R3 -Q/!P?<\T3\*/8SB@7^MN%(UC#AZU
M\XM[012RQI>JOX+-7=IT?B,OY!2.UO)ZI;&'65OM#ONA>GG47\?%VD5=OS?/
M_"NUB[Q%&?OZ=,]-9/5^+*A/R!RP:LOK$W+XJO%DN*?GSPE!\HIS"U5+X$E7
MG-0NEI'UA=J%B-R*ZC."HP3C3G6RR\ .#/[:,VKV[!3RW.;NWHR0"T1@"*-7)WJ_/OB>3%Z_T:FH=
M]:"-96E#KUW,V\\ H78AWT]O7%W=N)H?RYJAU[F_Y>&/KE$5LB70;&>NV$_2
M&@UD5[(2]_6LV5V?U"Z6SSK)R>GB']=[K[]S=N=XT#>[VW2AOYEE>,'!N
MH-=E19!9NX(L=>?W2:VDW[+676O:15[W/O+D9=K%4B94S8EL5[
M&Y6;/"&WA*IN0E),0*/N:]BB72S=PT'M0D1N1?5QR.<>BVOXU?G6G9MG!"$W
M0U_>'7)A4#EZ15:%[0=&=TC!C5$!^S8F;?F0WXVFB!? V?6&'W='^XKT3V$+
M60]0?H:2#F,H[R!R1*/:M"&9:$%T>&H7?:L:4KOHYW@B7\KP1=N0_<%]8%C)
M3;2+N/.;]_A#XF<[\6+ 37O+3&^_[B;S<2J8)S2^)\WD^6_3+DYRUVD7P]1(
MPQTG;CY#:N>35C)Y-GV=+YK=0L]B?N-D.A9T>G%SZ
MI\?W:!?+X:=]\B[J34>:IO9:<5_#R:!>NY']"6'->ON]/-S0TVJB7?#5)$;T
MF@747+OH;?G6&/[>,<3J(['W<,,,?TU5NY@XH)W\S=X=[&FQW9J
M%R)R.YKX#&MA=NI<^ESM@DDOJ49VQZDILC-/MGQ7PM0"?XU\@/,495C!RN+N
M8+E!F29"16Q\7 >_5QQ2J*'ZPS*UON_RQ.V/(>6QN+@[9C^AG74(Z >+.JFN
M:5#Z0TRF;9P[VA$58D_8[\*D6NU"_BR8Q&GB5SP=DQAO)&YEQ8K
M"(+2_#K&Z>47',36UK
MK\\2HC%G^>&DMVG>ENO2'Q1#/OS^]MV-@97=!0$G,P3TR9,E/M+P76:1LZC#3 )&5ZXYK$SN86:ELQM)KG;:]ZTW?'E
M!3.0QB]@TMHM%_PY8&_'.U_^HN;W_;/3,QQ
M^^N8U-[K[XH:&2P;/[\5\:XZ>=WI2>:*^\^/N"V=F=YD%SPAS_HM]+_9;.3)
MD;'^!.9'J9=I/]*+1$0N +6\;F$ZD4^S_=%*,)^W3\=T)!L/P<"48S+0TPYB':T"YRSCF?G.=7:A?RQTG7?GR?)Q/U
MNLO[.>#HO:7.= PG^, %YU(KV5Y/=[_:C--0?2__MR=,\V2WUFIXLW+=_
M^X5;NVK#LYATUP57?_X[7=N%!R#SF2]Z$A+>_&1C-C:5BWC],:-M+.AT5D9N Y4.__>.83GI?
M^'Y%;I*,%&/ TW:A>H'S6]:8:)
MJ&DR&O$V$W+MCGXB&'YG#;MCG$P^I""0%A?5^J*:80P_UP]WQ\RGG&^CF7 L
M@DC76!S5%@ZCP: 1+NY*B$XL /,$>=.Q9H*X/X8J78Y95FN=:2Z2MG^87N!H
M<^%M(2(B(B(B(O+7@!$%GS-7H7BHB(B(B(R,\
M;0'% .V"^%%8( R!>MT1 9>]&]QV,3E@?5^HS;@A0$X.S31FZM&@0L)X:1V
M1V>-W='K9%<2'5(YR4QW1ZN&7->GEE(+YX=?APBBM9'I&X)^@I92XXXVP9-K
MI/I>6,"@I4;LS&)K\4,RGC:NK 0^Y>PX]PP)E>>(O\]VVQ@1$1$1$1&1OQF6
MQNF/0(3,FC.+D&NXD\2_K--9N9_4+G)QC9A G&2\&W9'CPR.GDXB=;E--&.B
M1A#D*L-=ID1 G,ST%LD4482#F&@79.O@>8ZF5-C7) *9*XPY%GS;S:5:X$M"AU2C3?H^7F2;A$1
M$1$1$9%_!5)L\#FS@52PFDAWC^48,3*- 2;$PI^5-4+$,'LI$3BK[02N&43)
M2.N.3'JR.R9:11CY^/C 06.B7:3)1_49F=A=H$+$CK2!-*FT:BV(1#2#(^8Y
M5IFB9Z-#!VXRZ!)$X S2?R2/51/!+ ?SC#Y[BXB(B(B(B,@_"@8/K'.KB0+A
M(T@R$K VS]RIJ6.R.V4!.=ATA-WB!B8,[1RQ%5NX@/O7:!L\::=H'X0+(5 G)ND1J:G*?#
MDX6-V4NS8?EOIG?!.F5W# E"@?03:5Q(1$1$1$1$1/YI8BV\*W$=4YU@C9P"
M0MI.4("@D2=-$4A^6GU&UA;U&1H4T0"O!Q0)P :CJ9P$)1/M CGB NV"2!K;
MPUWBT#'1+O+!><5*[R%B=:X8?V-+A2F&5!4B\XQD
M;7%<0H7LCE(2+3%!JHB(B(B(B/PD<+[@,ZMCM((,?Y&F L@(+.=9F\]KQAZ@
MIDE=2Q6:X.] / UL-HC)V=2,*D+;TIZAC]6)-($(<);=16W/W/KBXT"C*C1D
MP-+MAAP9BA,5 DV)E"ND:T%7X=K5D@08,5"GB(B(B(B(_"18[?*9)7/&Y&RT
M"Q;@U9WDY&(<3X>4+#)E25W7\V\:4:!+9)G>A"!SD:2\T,?JK-I%GV\//!M04Q8$RY0/S!6.>NB[$HX"QK&63\:0)M))A$-7
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MJ5T0&W.C=I'J!P$WF>DTX]))S-!A/N(^-Y
M8@IREG.*B(B(B(B(R#\!02%RS1OK>M;CL3:?+(0W9AMI=DG?DUSF(U-4$0/Q
M@9*9!C3V[<-*9#*.&@'CI'81!QUJ%]2 (4^I.Y),UV(6(B(B(B(C\/(B3L-'7( JGGP@V"1M?]*.0
M9'!+/MP?P!(CU0 6[QGDD\7[KB-SL/;;,T!$#6&1G_&+X7.*&*D)[(YI4FM6
ME)K=%2>7QH!D=XS=P3E>G.FC)D#)?ML=K$'JX=+<)6UF\"6I.55%1$1$1$1$
M?A+W]_=;+"AB95W3?;+PWQ(-=_TLP :P0L*!X?
M'S$5H)ZH,.-F]($]697'^CUJ( S%6L#/U! :?:/*(+W*D5) [H*?R"3G:14K
MZK]H"!QB8PR0GB9*)P%1^1QU8GJ!1TQV174M:8)RB(B(B(B(B/PD4"&:V)@]
MF$_4]_LH#_,=B581I'$%KB*Q;U;8"!>( [%4CW5ZM9W(-?O=,8UI$,6H/VT5
ML'](FPUV'$H?N=Z/W:,]%&LB7; %$Q%B:]2F$@[<0TZ,T +RJ@=
MC3L/_4EK.1891BX^KHB(B(B(B,@_P3N.'#./)JCF#26Z!F)98;A#[
M G,.C J&EA64847_^OJ*XT8L[==:F_8AN\\.( UW7?+3!)>6 -V #"E1N.8G
M3:K#2S3ULF 71!W9%1^<>BP4DK5]Z3<=1D3D>\"=+9E_VSRHK]EWK3%$4>:A
M'8_*>%:O[5CKOZ#,?/]WX=S?-X#"/SD6O]]&=)'@,92@@F!*S9L5Z(EF3"
M#C*$;HPC"M6E(DF#BF;C%JD!9: Q^>A!S[EXGI8!2[D$&2&D:7#.9SX.L"]1
M3R\[KHC(N<0S&?LT;-N:YU[Z"?(0:X85XB;Q4(V'?R\.U/Q3=
M]GZPF;S;1K-^C$JP;.R/1?.&@V,]XK 3*),6CV<-W^<2IU#[O(&0X%M$@"'1
M\AJFN[\0!+^Z_BRB>/,ROSVB)T].8.*4Z]4?*A*Q
ML>\W?LXJ&"(BY$!)U>A
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M2$3DAJ0(L/NL#\3V3!L]7$;EM_TCO3>EF*2/Z._4+G:CM?^:
M=H&CS?R,HJJA4%#_S87M9&6=@\[:BKXN0OL7![VE1S,&_1'M8BAS51%@8RJN
MVCEKTAD7XB:GQOW0#^)IP- 8\%1+F_X^J7=1\WJ(^][:4V[2 UA+3Q%-43)C?G+PAP"NY3G WU,F&$+LT]2
MU^JUB]JV224W>>DC(B*R'*=5C.\(]69VO=T>C"R)=Q%=1<_S+@9AHY=R2(7AH<9%<>;XYS:"?F=BG
M-0LN+;4Q2PF%P93,5Q@B\D?(56'5 6K8X5RM5'.^?N6>\+CC49^KK;6H"XV1
M ^Z-B-7QJ!RN!Y?/*@'6=ST3<_TMV@6C3PUB4.L9:A?Y,GVBJ&SDI'8QO&I#
MJO]FW=Y,!G)@3?7@K](NEF*B!4Z_N!+@6KWTMR$)\\E)SS#NZYF@:^_
MG6&$3\A?(O.K:EBU9E/4^[%64<@7+B(BKZ;@T>['6O6NU)+K:[X%UV(U_0DJ%VP9-_MQ+:=)C1HY!T[#$3Y#1#;JBI"37B3O'O7WIND
M:5-S?3/BQ.X8\JNQ*1T:;<$1$1&X%;U)J
M#HLU2#>-;IX]D-6=7&0S/KRJS&H[GV0R>O73'XUVL93G=JWM7.T"Q\:&
M87:/+$]5WZ-=+)]C+#!,JUU< #=SDW.D#^AZL7:Q'&=WN.5FA,\TGND/EZ%$
MJ^W31+M82E?7WU?SD_R&NT)$1/X_-#E$8O#"+&$88+,?1MERVS18C(;H#,U7
M;(P"-( 7%FE]P22J#QQ!1GCF"=A@8+:1R>XQQMB= F>3R\BI';-6)W4U7SNW[JFK,'K6JAY$R9C"DLPH?>?WOCQ5ON!:_U7:Q?8HD6<%Q[@51.AJ\H@-8X%NB54RB=;"M_W&H;93
M?Y*-J6W5+H:F&HUI$^]9\N=LO L1$;DM3'ZV3#FP0JQS&-[I])8#UU"#5_?;
M20Q'W.]TN_TS82D:3#Q1NA;)K=&
MNA"1OXJZTF=M4E= ^2([K2.&1A2-=5S/,.K%9 64U@6[+JGH-\3J;%(\-"_3
MA\-']D CB9,F.Z',-=I%$X[R9)2#7B0?QB%I1LR48OZX=K%1JX':.6O!,+/:
MFX@;36X=5(M)S37?Q_#^7XLU.FEPE2FR5:D_(+A5\D+S8JNI#4&#<* !_E.]
MZ_%YW20B(K(.8_W&\86W0A@_4!ZSX1C=;C@\,3]I1DG$"@9')B<48"[-P$W#
MTBQF)FW?&!?3-":74>Z;GL!.O$F"W90@Q%^F@;""SYMH+)@V\N
M1.2/4Y,V]BO$CR[M:?^^.&O@X=RP9M!.S6O+L;6@B]^O72R=? &3'*ED<^@;
M1O2G?EE:.3='ZM"B,IT%AO4,M8NEDR]VZYEPH_Y;30_FVL5'2<%[2<9^LEAO?[$BSA3IGQWQPQ]>:!FXIWSWF;(WLC0#A-KZE2!>&'1
MS!SRY5?F5;FN1T5$;D/UL.L7=#5STVX47CB7V\.%57[;V-U1[=TAZ55\KC$M
MJ]5Z,PS]$>UB&*8.ZX70Z$)$1+X"5/=A-'C(,3='50;'##,^M)2X>0L9
M#7$;(;TIK6)&@6](,TG#%1=;1R9:L13J%C[([^F!GH+*TL^(PR@'S!
MG&K26A0,S)@;?6,+.>)/YLQ ',XO<@$;>-A2JB,@U\$1E0334+O+;9D&=
MKZHGMF3Q&$31O3O$5LKG8;YK[O.,L&AJPAWG7KQM[YU0$C1P#M=[&>0RMG^,
M8U&PI>;AV HDE*PJ1YY1OLX>[@C9GUM&7H)4]\>J3J ->37[O&-]/T3)B?O,
M]2&;D+#NUF$D'0ZXJ;&LF4GDA>C7XW%KK65LWYT3Y2-O[#E#F2A#BV^_QFG2L.8T,4WI?Y+SAHF(B-R$G!7D\,1*'T6BL1>M%@4Y/*5IQ-=9
M7V065X;(&!R)MYEV(\Q[$1S0,9C^88!!4*R:^70RF^*- Y_/]6E=#I$W:&1.
M:Z.2WKD[Q9;=,24*R0>7HP?W#3UQ1$2N!QDAZ=?[]=O^*PSC)SD?:^:19KG$
M8QFO"N1HTDZM+?!K;9/0A5FFJ0=5?+@[EG(T48-J$_HRU/?BH?
M7HB-QVK<,QMJ!ZX5XW)09KC&QT_A>KN+[/,AF0ET;?IFA"8=P6C"%1).X.WIJ\#$II E$%9V'L&1A,,:*([?&9=RMX=WY%4/3Z
M.N;ELS=*\\)K2,HIC90D(B+RS\%([7I61$1$;DLL[=,"-NTHUC*C#>,PY%Y?
MFM,S918D" QZTQ.$V-D-B I=-A(LT%N5$
M#-$I(B+_+N0%6W.9$1$1$;F8QG.$M3:KZ3XN^N0U"O+%E_H[9*(0CH51+AO1
M+K /B380_1*M8^Z>?"4O)>CZFD7TH#NHN4&Z!81D7\7(F-O
M]ZH0$1$1.8M<\N?"F82>-6SU6C[Z)*TO;I49;7@($IEE+*D:#1N["Y2*=&_!
M]_.+O##2(F6+-I*!.X:3.DY';Q$1$?EWV1BU0T1$1.1B6(:GPT*3E6RCT4)F
MM1M&:+\MA+R(PQ'.(M;^!+W$-X1X%U_:@)I_;>/)IO\($3RRA5AEF%M$1$1$
M1$1$9$Y=0=<$WV>I$.EF\@V+\7RYDR$QFQ"C7T0-87%!\,\4/=@1WQ;#7(B(
MB(B(B(B<)%;]1(= K" V9J;O/(MTIH@U_O=$&B>3VC<%%E$R#@5A]]P)%?)6+_6\S
MP/@BJKE%?!BJ#>G]@5?(R8RQ6+DH7(B(B(B(B(B<"QX?)^4+_!WV^WTLTB<1
M&W+53YE_3L' %B4CE\8IK'5+;$]](\-9K)5$N/@9%BDB(B(B(B(BW\_3TU.L
MK$^&OLQLI/%A(DI4;XM8W<>"_9\([X#=2)[C?K^?A]1HM(O[^_LU^8+>Z+U.
M1$1$1$1$1&0[L;*>A*/,:'>,LHF3T /I,=-KK@:;KL+CXGERN(B(B(B(B
M(O\'YM87I/LD4\;S@6$EE*FN(D@$J7O\_OT[OOU3H3"B52@/59")SS6"!V4R
M7D96J&DQ<4\=8N(B(B(B(B(G$NLM==B7[R_OP^-$!H00 AT6;>_
MO;U5(P?,,'I;A:\#R86PF:E:1#->7EZJD$*9. N2QD:!NP9GT1_VZ)VU"=1/IO<<2(]7ZU>8AC/3\_O[V]W7:E'[6]O[^_
MO+P\/#S4(]*VV-@XL*!:4"!;$EO.,A$AJT@OW8B(B(B(B(C(#2'SR/W]_;F>
M':^OKS7U1FZL<226HU,&5@TUW$3\BX[Q\O(2!89Q,M?X.!#'BGWC< \/#[7R
ME"RB_BC3-":VT)@LF/C
M(\JG H"11BS\V<**OM'W[]_W!Q[6B6]_'^AS?Z2*$H?H)8AH
M3-I:Q-\HD,U(_2'.:&.6D/?W=QQ23KK5B(B(B(B(B,A-($O()*5(0ZSQ23#*
M\C_V2N$BW4/B6PPD^MUQ\8B%__Y ;S6Q!8PW8G=B5KP?Z \4#6MB7Z3@$,W.
MC3B;Q-^3YQY[T6:%"Q$1$1$1$9'OA'0;) \]69ABF9XCEO-5N'AX>'A_?R?8
M!=84"N! I033?
M8KU YHXH60TM,GP$ZD3CG4&@"4)JI%!0[1\NYOW]G1@:-2LK;BSQ+:87J52D
MZ45C6_+Z^IK[#L-UQE$P2AG&\1 1$1$1$1&1;^;M[0W]H;$Q>'Y^1GG <(+%
M?BSG\S.*1]ICU!UWQXP>:?R0!5)2P#PCHU@0R()\(DE:5B!!I%<((2]J@E2"
M>-00%E& '7O?D+2^Z!6;:#9^(MNSD(B(B(B(B(C(5Q-+^URSU^7\V]L;1@X8
M6F" D8I!-;JHR4-CKW3'J-81'*A:8L2Q8L=J/I$A*8@.FH7C P$_JQU%;B9)516DB=O;!*XCXD=$M-+<0$1$1$1$1^2? < +9
MH2H8K/01"M NT")BR[">Q\?'_7Z?BD<4B_+L'C57)2 S].W 56?N6!F>!
MJ+EF#ZF6'DT[7UY>4#:BA4:W$!$1$1$1$?GG(/[#FH*!=H'F4#6!U]?73+H:
MN\?GJAZD1E&#:G(LC"OB[]#X(#!QQ,V(Z/!O("7\4NJ5<@% P#
M4RPE;$4-^YDT DCS;1PE=H^C5Z\6?$^B<&US)BN)O\_/SZH6(B(B(B(B(C\
MHFZF#0;I.=(Z(CZS'1'C]^_?41C;#'2&U"NPUAB&K8CM&=2BCYY!0(P:U*+*
M$8@D')=&HIG40\17CX^/M%!;"Q$1$1$1$9$?22SV7U]?R?2!PI!F&"@#F%@@
M.Z291-I:Q(?E&.VS%Q]BR_/S'AX
M&";L(&SFT]-3*AZ_?OVBAA0K\/*HGB,O+R]1H-:/:PFY2^+0??"-V(C;2%J&
M:&@A(B(B(B(B\C^':!CH$M6RXO'Q$?&A-WB(+4@_WR.A*%F(B(B(B(B(2"5%C(>'AYJN%(\/DJ5>:06!6(&X
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M$1$1$3F;]Q$?'Q]-L=C2?)6%URI7F)SWV!26->7U_9-S[T
M;9@T+ZL]W36'2J)M'*AO8:VM9UA>1$1$1$1$1,XBEMC[_?Y7Q^_?OV/-7I?>
MKZ^O?!7;ZX[W]_>U6'Q^>'B([?$M^D"49\>HH1XW=KPK4-7S\W.J"K'VKT=,
MHDQ4WNS[]/14FQ&5L&\V(XF2'.MDSW B]2C1+?4LLK8UU"Y$1$1$1$1$KB06
MU[&ZW^UVL2I_?'Q\.!"?8ZD>&^-SED0-B.UO;V]L>7Y^CC*QL8H#46'L'MOC
M6[9$>1;^U1*#,O?W]R\'HG SD"!:R_E6+87:8N/#"+4+$1$1$1$1D2M)[:*NQ_'(
M0$G([;&-\E&F6COTVD5\0'^H,L5R,.UX?'RL6YIBM"IH
M+#&B "U)P:1J%XU\@>0RURZ0*>)O(\N@G-1S0;OX_?OWI#81$1$1$1$1N9BA
M=@&/CX]UC=]K%\M1!X@:4AEHC"Z6=>TBC3V>GIZ&\2Z63KN(QJS)#J@*Z<""
M=A'[TIXJ7YS4+J)8;P&RUEVI7321+M8J%Q$1$1$1$9&SF&@7K/%C5)+UVL1Q4"/2!"F$K:AL:[6*MJ?VA:5@0^R+"I+)Q4KN@P<'0
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M%;4+$1$1$1$1D2^EYD@EK6GI[H[DDC0'#&V
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MUHZ[MGWY?)ENZQ$1$1$1$3D_T8L"1\>'G[]^G57^/W[=VRL
MJ\7X?']_7XO%Y\?'Q[K\C)4I537L]_O8M]86Z];8."P6J]K:O*@_CM(<-XI%
M#;78\_/SL,(XD:9"B(W[ _7;:#_GN$8>E-.,AM4Z8_=A4YM%=Y2AJ4W#HMCO
M _-%^K"'(8Z%7$#W!E7-8,?8V'1=E(GM<=S^6%G/L \YV?@V.K^ID)YOI FN
M4;W-..[3TU.J'-0Y/SL1$1$1$1'Y7\&Z=;?;L82,)6K\C44B2\M<>\8:-HO%
M"I1BL0Z-+?&W+E%C@-^F-C'"N+1>4<-U?*L5:-C508J]K8
M'D>/76)+%*MK\-C.QJ9"-O9+[ZAM=R!.I-G.OG0"IYQ;4@K@-*MVT3>5GNR;
MFH>NVL)R4&E8I ^-'!+J;'H8HF96]W1O4Q4[61Y6@;4"MD)=LLC3%O:+:SRFY6Y5EA+-N;
M]F =T2@J[-*V"HZ=\<99VT?1PT_BY=M&T6&_&
MJG-8C*_J&GFH7<2JY=N[5@[["H7:1[:GJ2A#-HY&H$XW+0QYB
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MGO5RL]Q.#PZDDK6H%\N9VL5D>8X"4WN@:A?+027@7#*RQ,7Q+NI!Y]K%A8B(B(B(B/P/(24H[\KK
MFC2VDT:$C;58769FCI*ZCN[C7>2;]"I-#.-=]*!(_"K)29>#_I#MR=W[>!>Q
M"^OH>FHLV#-U"+#6;E[NGQNK$TN&OJE44JU6&NUB*:O^H8K2<"OM8BG6%XUV
MD8%0:B]QK?OPI+7?TOJBT2[R]-K%
M4G287Y]SI-;@'ES'O(6J=)8Y4N\[". Y.6L1$1$1$1'YJ<1ZD(P;N :P;(PM
MO0]%7RP6I$VBD-@8WS:+^EC>-D$7,R3"EM5H' 7)@N-&&_KFQ1:^:BQ#6(;'
M[IPF9?J$L#2FYNM$U:D"3CU-K#4:W69C4[%A:+HHNZXF&QTR[.&&[-ZLBOK[
MTT&BX;B<.Q>KL9-9BO-+:E!T0I]39NU$L++(O*O8=32W$'4..9D01T1$1$1$
M1'XVA!W8DH]R7FSX;59>E]+#Y)Y;CCO1Q)R(1L[8:VI).,X:Z^-
MA\[&OQVH5:WMV!RWN5*USN:K>85K%S?KF5_'GKFD(R(B(B(B(B(B(B(B(B(B
M(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B-^<_
MYA"2G T*96YD)RM5-MRTS 0
M??=7[!,39AIA2[%L\T8++8062IL9AD?A*+&H+3>RW$[^II_*^M;:3M,+@S.9
MT4IGSYX]NFP<#ZK?Q8GCDA!N'1Z!/_,)A/"R6-PGPW@=?@
MOWTLA09U"G,IH5WX1 7F#^#,?[Z"&]4I7ABTXR?HO> !ZP7[N7V&7Y,SBT(,
MJR06$U<;_:#V?C'"XJ<.!36"QQ8>J%,Y3:C:O!NV.D
MQ^556\BLG0D<*U/8;R*3<"J:P3Q/-'S-TU3IXNWB#^:O^PG=E ON@+T'.&,D:#Q.Y6BD'==8U^,U!(/I[KJ:^;XU-5-
MY1+.XB.A]6"5<@JWRB90W9\<=9EQ.2]J]F=RWQ1Y[1:[_LX.M11CJ!_-FN9&
MT"$H=%M)+Q?"N%=EY$97Q^&941T;N>M=R44;XB.K[:J5B61%]EB*U22R,A#=XUXO2]+CV
MZ?U?\\,KZ[NG)E4WI.5&-Z:V,Y9"(_
M/@H\>#IX;7!M971A('AM;&YS.G@](F%D;V)E.FYS.FUE=&$O(B!X.GAM<'1K
M/2)!9&]B92!835 @0V]R92 U+C8M8S Q-B Y,2XQ-C,V,38L(#(P,3@O,3 O
M,CDM,38Z-3@Z-#D@(" @(" @("(^"B @(#QR9&8Z4D1&('AM;&YS.G)D9CTB
M:'1T<#HO+W=W=RYW,RYO&UL.FQA;F<](G@M9&5F875L="(^4V%T&UP.D-R96%T;W)4;V]L/FUC
M8V%N;FH\+WAM<#I#&UP.DUE=&%D871A1&%T93XR,#$Y+3 X+3(V5#$V.C0V
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M#IX;7!M971A/@H@(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @
M(" @(" @(" @"CP_>'!A8VME="!E;F0](G7!E+T]B:E-T;3X^974=(':]8B& 7(BB2DFC1YG",1<1T?[_X(\
M(8[MM.-SHT6EE*SKBV%/-4DNFWHFF<1L[*(SPL@-'2\(_=!$?X X^%2_;-T4
M_Z+OW> K,MT4G2(MRIP>_(+ \JT GBXBFCWQP,F]0PZ3_22%HT@7VEDM=V",M:63#=;+?S708K8B9MW8J3D21O
M 08 +@E$OPT*96YD
TEXT-EXTRACT
2
filename2.txt
August 26, 2019
John Kollins
President and Chief Executive Officer
Satsuma Pharmaceuticals, Inc.
400 Oyster Point Boulevard, Suite 221
South San Francisco, CA 94080
Re: Satsuma Pharmaceuticals, Inc.
Registration Statement on Form S-1
Filed August 16, 2019
File No. 333-233347
Dear Mr. Kollins:
We have reviewed your registration statement and have the following
comment.
Please respond to this letter by amending your registration statement
and providing the
requested information. If you do not believe our comment applies to your facts
and
circumstances or do not believe an amendment is appropriate, please tell us why
in your
response.
After reviewing any amendment to your registration statement and the
information you
provide in response to this comment, we may have additional comments. Unless we
note
otherwise, our references to prior comments are to comments in our August 9,
2019 letter.
Registration Statement on Form S-1 filed August 16, 2019
Prospectus Summary
Overview, page 1
1. We note your revised disclosure in response to our prior comment 1 that
DHE exposure
following STS101 administration was "similar to or greater than DHE
exposures reported
with other dosage forms." Please further revise this sentence to clarify
that the "other
dosage forms" you refer to only include Migranal DHE mesylate liquid
nasal spray, DHE
mesylate IM injection and DHE administered via pulmonary inhalation
(MAP0004). In
this regard, we note that you did not compare drug exposure levels of
STS101 with IV
delivery of DHE.
John Kollins
Satsuma Pharmaceuticals, Inc.
August 26, 2019
Page 2
You may contact Mark Brunhofer at 202-551-3638 or Jim Rosenberg at
202-551-3679
if you have questions regarding comments on the financial statements and
related matters.
Please contact Irene Paik at 202-551-6553 or Joe McCann at 202-551-6262 with
any other
questions.
Sincerely,
FirstName LastNameJohn Kollins
Division of Corporation
Finance
Comapany NameSatsuma Pharmaceuticals, Inc.
Office of Healthcare &
Insurance
August 26, 2019 Page 2
cc: Brian J. Cuneo - Latham & Watkins LLP
FirstName LastName