Thank you for the note. Our team reviewed the Dow legal milestones specifically as they relate to BOI and IEAT approval for Project Moon. Dow legal is cooperating and completing our agreed upon actions to achieve completion on all regulatory items. We feel confident that BOI and IEAT approval will be received as expected in November and will not impede the December 1, 2016 target date for completion.
I would like to reinforce that regulatory approval and operational milestones are not sequential. The pending regulatory items should not delay the manufacturing implementation milestones that HFPV must complete in order for us to reach Phase II by December 1. The critical manufacturing actions for HFPV include: the establishment of an ERP system and a PeakPAC system as well as obtaining the necessary licenses and support for process automation, IP.21 and quality. Similar to regulatory approvals, completion of these actions is extremely critical to the Phase I to Phase II timeline.
Together, we will continue to monitor our progress on the project during our weekly meetings. The primary purpose of those meetings is to ensure there is confidence that both Dow and HFPV are working diligently and taking the necessary actions to ensure completion is achieved by December 1, 2016.