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    Amendment: SEC Form SC 13G/A filed by 89bio Inc.

    11/14/24 4:30:44 PM ET
    $ETNB
    Biotechnology: Pharmaceutical Preparations
    Health Care
    Get the next $ETNB alert in real time by email
    SC 13G/A 1 sc13ga307422etnb_11142024.htm AMENDMENT NO. 3 TO SCHEDULE 13G

     UNITED STATES

    SECURITIES AND EXCHANGE COMMISSION

    Washington, D.C. 20549

    SCHEDULE 13G

    (Rule 13d-102)

    INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

    TO RULES 13d-1(b), (c), AND (d) AND AMENDMENTS THERETO FILED

    PURSUANT TO RULE 13d-2(b)

    (Amendment No. 3)1

     

    89bio, Inc.

     (Name of Issuer)

    Common Stock, par value $0.001 per share

     (Title of Class of Securities)

    282559103

     (CUSIP Number)

    September 30, 2024

     (Date of Event Which Requires Filing of this Statement)

     

    Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

       ☐  Rule 13d-1(b)

       ☒  Rule 13d-1(c)

       ☐  Rule 13d-1(d)

     

     

     

    1              The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

    The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

     

    CUSIP No. 282559103

     

      1   NAME OF REPORTING PERSON  
             
            Biotechnology Value Fund, L.P.  
      2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
            (b) ☐
               
      3   SEC USE ONLY    
               
                 
      4   CITIZENSHIP OR PLACE OF ORGANIZATION  
             
            Delaware  
    NUMBER OF   5   SOLE VOTING POWER  
    SHARES          
    BENEFICIALLY         0  
    OWNED BY   6   SHARED VOTING POWER  
    EACH          
    REPORTING         3,593,992  
    PERSON WITH   7   SOLE DISPOSITIVE POWER  
             
              0  
        8   SHARED DISPOSITIVE POWER  
               
              3,593,992  
      9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            3,593,992  
      10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES     ☐
           
               
      11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)  
             
            3.4%  
      12   TYPE OF REPORTING PERSON  
             
            PN  

      

    2

    CUSIP No. 282559103

      1   NAME OF REPORTING PERSON  
             
            BVF I GP LLC  
      2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
            (b) ☐
               
      3   SEC USE ONLY    
               
                 
      4   CITIZENSHIP OR PLACE OF ORGANIZATION  
             
            Delaware  
    NUMBER OF   5   SOLE VOTING POWER  
    SHARES          
    BENEFICIALLY         0  
    OWNED BY   6   SHARED VOTING POWER  
    EACH          
    REPORTING         3,593,992  
    PERSON WITH   7   SOLE DISPOSITIVE POWER  
             
              0  
        8   SHARED DISPOSITIVE POWER  
               
              3,593,992  
      9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            3,593,992  
      10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES     ☐
           
               
      11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)  
             
            3.4%  
      12   TYPE OF REPORTING PERSON  
             
            OO  

      

    3

    CUSIP No. 282559103

     

      1   NAME OF REPORTING PERSON  
             
            Biotechnology Value Fund II, L.P.  
      2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
            (b) ☐
               
      3   SEC USE ONLY    
               
                 
      4   CITIZENSHIP OR PLACE OF ORGANIZATION  
             
            Delaware  
    NUMBER OF   5   SOLE VOTING POWER  
    SHARES          
    BENEFICIALLY         0  
    OWNED BY   6   SHARED VOTING POWER  
    EACH          
    REPORTING         2,812,719  
    PERSON WITH   7   SOLE DISPOSITIVE POWER  
             
              0  
        8   SHARED DISPOSITIVE POWER  
               
              2,812,719  
      9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            2,812,719  
      10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES     ☐
           
               
      11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)  
             
            2.7%  
      12   TYPE OF REPORTING PERSON  
             
            PN  

      

    4

    CUSIP No. 282559103

     

      1   NAME OF REPORTING PERSON  
             
            BVF II GP LLC  
      2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
            (b) ☐
               
      3   SEC USE ONLY    
               
                 
      4   CITIZENSHIP OR PLACE OF ORGANIZATION  
             
            Delaware  
    NUMBER OF   5   SOLE VOTING POWER  
    SHARES          
    BENEFICIALLY         0  
    OWNED BY   6   SHARED VOTING POWER  
    EACH          
    REPORTING         2,812,719  
    PERSON WITH   7   SOLE DISPOSITIVE POWER  
             
              0  
        8   SHARED DISPOSITIVE POWER  
               
              2,812,719  
      9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            2,812,719  
      10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES     ☐
           
               
      11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)  
             
            2.7%  
      12   TYPE OF REPORTING PERSON  
             
            OO  

      

    5

    CUSIP No. 282559103

     

      1   NAME OF REPORTING PERSON  
             
            Biotechnology Value Trading Fund OS LP  
      2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
            (b) ☐
               
      3   SEC USE ONLY    
               
                 
      4   CITIZENSHIP OR PLACE OF ORGANIZATION  
             
            Cayman Islands  
    NUMBER OF   5   SOLE VOTING POWER  
    SHARES          
    BENEFICIALLY         0  
    OWNED BY   6   SHARED VOTING POWER  
    EACH          
    REPORTING         296,554  
    PERSON WITH   7   SOLE DISPOSITIVE POWER  
             
              0  
        8   SHARED DISPOSITIVE POWER  
               
              296,554  
      9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            296,554  
      10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES     ☐
           
               
      11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)  
             
            Less than 1%  
      12   TYPE OF REPORTING PERSON  
             
            PN  

      

    6

    CUSIP No. 282559103

     

      1   NAME OF REPORTING PERSON  
             
            BVF Partners OS Ltd.  
      2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
            (b) ☐
               
      3   SEC USE ONLY    
               
                 
      4   CITIZENSHIP OR PLACE OF ORGANIZATION  
             
            Cayman Islands  
    NUMBER OF   5   SOLE VOTING POWER  
    SHARES          
    BENEFICIALLY         0  
    OWNED BY   6   SHARED VOTING POWER  
    EACH          
    REPORTING         296,554  
    PERSON WITH   7   SOLE DISPOSITIVE POWER  
             
              0  
        8   SHARED DISPOSITIVE POWER  
               
              296,554  
      9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            296,554  
      10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES     ☐
           
               
      11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)  
             
            Less than 1%  
      12   TYPE OF REPORTING PERSON  
             
            CO  

      

    7

    CUSIP No. 282559103

     

      1   NAME OF REPORTING PERSON  
             
            BVF GP Holdings LLC  
      2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
            (b) ☐
               
      3   SEC USE ONLY    
               
                 
      4   CITIZENSHIP OR PLACE OF ORGANIZATION  
             
            Delaware  
    NUMBER OF   5   SOLE VOTING POWER  
    SHARES          
    BENEFICIALLY         0  
    OWNED BY   6   SHARED VOTING POWER  
    EACH          
    REPORTING         6,406,711  
    PERSON WITH   7   SOLE DISPOSITIVE POWER  
             
              0  
        8   SHARED DISPOSITIVE POWER  
               
              6,406,711  
      9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            6,406,711  
      10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES     ☐
           
               
      11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)  
             
            6.0%  
      12   TYPE OF REPORTING PERSON  
             
            OO  

      

    8

    CUSIP No. 282559103

     

      1   NAME OF REPORTING PERSON  
             
            BVF Partners L.P.  
      2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
            (b) ☐
               
      3   SEC USE ONLY    
               
                 
      4   CITIZENSHIP OR PLACE OF ORGANIZATION  
             
            Delaware  
    NUMBER OF   5   SOLE VOTING POWER  
    SHARES          
    BENEFICIALLY         0  
    OWNED BY   6   SHARED VOTING POWER  
    EACH          
    REPORTING         6,811,631  
    PERSON WITH   7   SOLE DISPOSITIVE POWER  
             
              0  
        8   SHARED DISPOSITIVE POWER  
               
              6,811,631  
      9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            6,811,631  
      10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES     ☐
           
               
      11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)  
             
            6.4%  
      12   TYPE OF REPORTING PERSON  
             
            PN, IA  

      

    9

    CUSIP No. 282559103

     

      1   NAME OF REPORTING PERSON  
             
            BVF Inc.  
      2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
            (b) ☐
               
      3   SEC USE ONLY    
               
                 
      4   CITIZENSHIP OR PLACE OF ORGANIZATION  
             
            Delaware  
    NUMBER OF   5   SOLE VOTING POWER  
    SHARES          
    BENEFICIALLY         0  
    OWNED BY   6   SHARED VOTING POWER  
    EACH          
    REPORTING         6,811,631  
    PERSON WITH   7   SOLE DISPOSITIVE POWER  
             
              0  
        8   SHARED DISPOSITIVE POWER  
               
              6,811,631  
      9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            6,811,631  
      10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES     ☐
           
               
      11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)  
             
            6.4%  
      12   TYPE OF REPORTING PERSON  
             
            CO  

      

    10

    CUSIP No. 282559103

     

      1   NAME OF REPORTING PERSON  
             
            Mark N. Lampert  
      2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
            (b) ☐
               
      3   SEC USE ONLY    
               
                 
      4   CITIZENSHIP OR PLACE OF ORGANIZATION  
             
            United States  
    NUMBER OF   5   SOLE VOTING POWER  
    SHARES          
    BENEFICIALLY         0  
    OWNED BY   6   SHARED VOTING POWER  
    EACH          
    REPORTING         6,811,631  
    PERSON WITH   7   SOLE DISPOSITIVE POWER  
             
              0  
        8   SHARED DISPOSITIVE POWER  
               
              6,811,631  
      9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            6,811,631  
      10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES     ☐
           
               
      11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)  
             
            6.4%  
      12   TYPE OF REPORTING PERSON  
             
            IN  

      

    11

    CUSIP No. 282559103

    Item 1(a).Name of Issuer:

     

    89bio, Inc., a Delaware corporation (the “Issuer”).

     

    Item 1(b).Address of Issuer’s Principal Executive Offices:

     

    142 Sansome Street, Second Floor

    San Francisco, California 94104

     

    Item 2(a).Name of Person Filing
    Item 2(b).Address of Principal Business Office or, if None, Residence
    Item 2(c).Citizenship

     

    Biotechnology Value Fund, L.P. (“BVF”)

    44 Montgomery St., 40th Floor

    San Francisco, California 94104

    Citizenship: Delaware

     

    BVF I GP LLC (“BVF GP”)

    44 Montgomery St., 40th Floor

    San Francisco, California 94104

    Citizenship: Delaware

     

    Biotechnology Value Fund II, L.P. (“BVF2”)

    44 Montgomery St., 40th Floor

    San Francisco, California 94104

    Citizenship: Delaware

     

    BVF II GP LLC (“BVF2 GP”)

    44 Montgomery St., 40th Floor

    San Francisco, California 94104

    Citizenship: Delaware

     

    Biotechnology Value Trading Fund OS LP (“Trading Fund OS”)

    PO Box 309 Ugland House

    Grand Cayman, KY1-1104

    Cayman Islands

    Citizenship: Cayman Islands

     

    BVF Partners OS Ltd. (“Partners OS”)

    PO Box 309 Ugland House

    Grand Cayman, KY1-1104

    Cayman Islands

    Citizenship: Cayman Islands

     

    BVF GP Holdings LLC (“BVF GPH”)

    44 Montgomery St., 40th Floor

    San Francisco, California 94104

    Citizenship: Delaware

     

    12

    CUSIP No. 282559103

    BVF Partners L.P. (“Partners”)

    44 Montgomery St., 40th Floor

    San Francisco, California 94104

    Citizenship: Delaware

     

    BVF Inc.

    44 Montgomery St., 40th Floor

    San Francisco, California 94104

    Citizenship: Delaware

     

    Mark N. Lampert (“Mr. Lampert”)

    44 Montgomery St., 40th Floor

    San Francisco, California 94104

    Citizenship: United States

     

    Each of the foregoing is referred to as a “Reporting Person” and collectively as the “Reporting Persons.”

     

    Item 2(d).Title of Class of Securities:

     

    Common Stock, par value $0.001 per share (the “Shares”).

     

    Item 2(e).CUSIP Number:

     

    282559103

     

    Item 3.If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b) or (c), Check Whether the Person Filing is a:

     

        /x/ Not applicable.
           
      (a) / / Broker or dealer registered under Section 15 of the Exchange Act.
           
      (b) / / Bank as defined in Section 3(a)(6) of the Exchange Act.
           
      (c) / / Insurance company as defined in Section 3(a)(19) of the Exchange Act.
           
      (d) / / Investment company registered under Section 8 of the Investment Company Act.
           
      (e) / / An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E).
           
      (f) / / An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F).
           
      (g) / / A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G).
           
      (h) / / A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act.
           
      (i) / / A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act.
           
      (j) / / A non-U.S. institution, in accordance with Rule 13d-1(b)(1)(ii)(J).
           
      (k) / / Group, in accordance with Rule 13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J), please specify the type of institution: ____

     

    13

    CUSIP No. 282559103

    Item 4.Ownership

     

    (a)Amount beneficially owned:

     

    As of the close of business on September 30, 2024, (i) BVF beneficially owned 3,593,992 Shares; (ii) BVF2 beneficially owned 2,812,719 Shares; and (iii) Trading Fund OS beneficially owned 296,554 Shares.

     

    BVF GP, as the general partner of BVF, may be deemed to beneficially own the 3,593,992 Shares beneficially owned by BVF.

     

    BVF2 GP, as the general partner of BVF2, may be deemed to beneficially own the 2,812,719 Shares beneficially owned by BVF2.

     

    Partners OS, as the general partner of Trading Fund OS, may be deemed to beneficially own the 296,554 Shares beneficially owned by Trading Fund OS.

     

    BVF GPH, as the sole member of each of BVF GP and BVF2 GP, may be deemed to beneficially own the 6,406,711 Shares beneficially owned in the aggregate by BVF and BVF2.

     

    Partners, as the investment manager of BVF, BVF2 and Trading Fund OS, and the sole member of Partners OS, may be deemed to beneficially own the 6,811,631 Shares beneficially owned in the aggregate by BVF, BVF2 and Trading Fund OS and held in a certain Partners managed account (the “Partners Managed Account”), including 108,366 Shares held in the Partners Managed Account.

     

    BVF Inc., as the general partner of Partners, may be deemed to beneficially own the 6,811,631 Shares beneficially owned by Partners.

     

    Mr. Lampert, as a director and officer of BVF Inc., may be deemed to beneficially own the 6,811,631 Shares beneficially owned by BVF Inc.

     

    The foregoing should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of any Shares owned by another Reporting Person. BVF GP disclaims beneficial ownership of the Shares beneficially owned by BVF. BVF2 GP disclaims beneficial ownership of the Shares beneficially owned by BVF2. Partners OS disclaims beneficial ownership of the Shares beneficially owned by Trading Fund OS. BVF GPH disclaims beneficial ownership of the Shares beneficially owned by BVF and BVF2. Each of Partners, BVF Inc. and Mr. Lampert disclaims beneficial ownership of the Shares beneficially owned by BVF, BVF2 and Trading Fund OS and held in the Partners Managed Account, and the filing of this statement shall not be construed as an admission that any such person or entity is the beneficial owner of any such securities.

     

    14

    CUSIP No. 282559103

    (b)Percent of class:

     

    The following percentages are based on 105,909,991 Shares outstanding as of July 29, 2024, as disclosed in the Issuer’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 5, 2024.

     

    As of the close of business on September 30, 2024, (i) BVF beneficially owned approximately 3.4% of the outstanding Shares, (ii) BVF2 beneficially owned approximately 2.7% of the outstanding Shares, (iii) Trading Fund OS beneficially owned less than 1% of the outstanding Shares, (iv) BVF GP may be deemed to beneficially own approximately 3.4% of the outstanding Shares, (v) BVF2 GP may be deemed to beneficially own approximately 2.7% of the outstanding Shares, (vi) Partners OS may be deemed to beneficially own less than 1% of the outstanding Shares, (vii) BVF GPH may be deemed to beneficially own approximately 6.0% of the outstanding Shares, and (viii) each of Partners, BVF Inc. and Mr. Lampert may be deemed to beneficially own approximately 6.4% of the outstanding Shares (less than 1% of the outstanding Shares are held in the Partners Managed Account).

     

    (c)Number of shares as to which such person has:

     

    (i)Sole power to vote or to direct the vote

     

    See Cover Pages Items 5-9.

     

    (ii)Shared power to vote or to direct the vote

     

    See Cover Pages Items 5-9.

     

    (iii)Sole power to dispose or to direct the disposition of

     

    See Cover Pages Items 5-9.

     

    (iv)Shared power to dispose or to direct the disposition of

     

    See Cover Pages Items 5-9.

     

    Item 5.Ownership of Five Percent or Less of a Class.

     

    Not Applicable.

     

    Item 6.Ownership of More than Five Percent on Behalf of Another Person.

     

    BVF GPH, Partners, BVF Inc. and Mr. Lampert share voting and dispositive power over the Shares beneficially owned by BVF and BVF2. Partners, BVF Inc. and Mr. Lampert share voting and dispositive power over the Shares beneficially owned by Trading Fund OS and held in the Partners Managed Account.

     

    15

    CUSIP No. 282559103

    Item 7.Identification and Classification of the Subsidiary That Acquired the Security Being Reported on by the Parent Holding Company or Control Person.

     

    Not Applicable.

     

    Item 8.Identification and Classification of Members of the Group.

     

    See Exhibit 99.1 to the Schedule 13G filed by the Reporting Persons with the Securities and Exchange Commission on July 11, 2022.

     

    Item 9.Notice of Dissolution of Group.

     

    Not Applicable.

     

    Item 10.Certifications.

     

    By signing below each of the undersigned certifies that, to the best of its knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

    16

    CUSIP No. 282559103

    SIGNATURE

     

    After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

    Dated: November 14, 2024

     

    BIOTECHNOLOGY VALUE FUND, L.P.   BIOTECHNOLOGY VALUE TRADING FUND OS LP
           
    By: BVF I GP LLC, its general partner   By: BVF Partners L.P., its investment manager
          By: BVF Inc., its general partner
    By:

    /s/ Mark N. Lampert

         
      Mark N. Lampert   By: /s/ Mark N. Lampert
      Chief Executive Officer     Mark N. Lampert
            President
             
    BVF I GP LLC      
          BVF GP HOLDINGS LLC
    By: /s/ Mark N. Lampert    
      Mark N. Lampert   By: /s/ Mark N. Lampert
      Chief Executive Officer     Mark N. Lampert
            Chief Executive Officer
             
    BIOTECHNOLOGY VALUE FUND II, L.P.    
          BVF PARTNERS L.P.
    By: BVF II GP LLC, its general partner    
          By: BVF Inc., its general partner
    By:

    /s/ Mark N. Lampert

         
      Mark N. Lampert   By: /s/ Mark N. Lampert
      Chief Executive Officer     Mark N. Lampert
            President
             
    BVF II GP LLC      
          BVF INC.
    By: /s/ Mark N. Lampert    
      Mark N. Lampert   By: /s/ Mark N. Lampert
      Chief Executive Officer     Mark N. Lampert
            President
             
    BVF PARTNERS OS LTD.      
          /s/ Mark N. Lampert
    By: BVF Partners L.P., its sole member   MARK N. LAMPERT
    By: BVF Inc., its general partner    
             
    By:

    /s/ Mark N. Lampert

       
      Mark N. Lampert    
      President      

     

     

    17

     

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