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Abeona Therapeutics Inc (ABEO) Q4 2018 Earnings Conference Call Transcript

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ABEO earnings call for the period ending December 31, 2018.

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Abeona Therapeutics Inc  (ABEO -7.89%)
Q4 2018 Earnings Conference Call
March 19, 2019, 10:00 a.m. ET


  • Prepared Remarks
  • Questions and Answers
  • Call Participants

See all our earnings call transcripts.

Prepared Remarks:


Good morning, and welcome to the Abeona Therapeutics Incorporated Fourth Quarter and Full-Year 2018 Earnings and Business Update Conference Call. Today's call is being recorded. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation.

For opening remarks and introductions, I'll turn the call over to Sofia Warner, Senior Director, Investor Relations. Thank you. You may begin.

Sofia Warner -- Senior Director, Investor Relations

Thank you. Good morning and welcome everyone. Today's call will be led by Joao Siffert, our CEO. Following Joao, Tim Miller, our President and CSO will present preclinical highlights; and Christine Silverstein, our CFO will review our financials.

Before I turn the call over to them, I need to remind our listeners that remarks made during the call may contain forward-looking statements that involve risks and uncertainties. Forward looking statements on this call are made pursuant to the safe harbor provisions of the federal securities laws.

Information contained in these statements is based on current expectations and is subject to change, and actual results may differ materially from forward looking statements. Some of the factors that could cause actual results to differ may be found in the Company's annual reports on Form 10-K and quarterly reports on Form 10-Q filed by the Company with the Securities and Exchange Commission. These documents are available on our website

With that said, it is now my pleasure to introduce to you Dr. Joao Siffert, Joao, you have the floor.

Joao Siffert -- Chief Executive Officer, Head of Research & Development and Chief Medical Officer

Thank you, Sofia, and thank you all for joining us today. Since this is my first quarterly update since joining Abeona, let me start by saying how honored I am to assume the role of CEO and thankful for the Board's confidence in me. I'm also excited to partner with Abeona's highly qualified and experienced leadership team who is committed to our mission to deliver transformative cell and gene therapies for people impacted by serious diseases.

After a year of intense foundational work, we're poised to deliver an important near-term milestones for our lead clinical program; for a world-class cell and gene therapy manufacturing facility in Cleveland; and for a next generation AIM vector platform, which Tim will detail for you shortly.

On the management side, we recently strengthened the financial leadership with the internal appointments of Christine Silverstein to Chief Financial Officer and Ed Carr to Chief Accounting Officer. Christine and Ed are working in concert on expert financial management and controls for Abeona.

We continue to carefully prioritize our growing pipeline to further establish pathways to success and bringing treatments to patients in need. At our R&D Day in December, we highlighted our late and early stage assets with the potential to transform the treatment of devastating genetic diseases.

The update included long-term results from our completed Phase 1 trial evaluating EB-101 or gene corrected cell therapy for the treatment of recessive dystrophic epidermolysis bullosa or RDEB. The Phase 1/2 trial demonstrated continuous type VII collagen expression for over two years post EB-101 treatment as well as significant and durable wound healing lasted for -- lasting for several years.

With up to five years of follow up, EB-101 was shown to have a favorable safety profile with no product-related SAEs FCAs. With the establish of the Elisa Linton Center for Rare Disease Therapies in Cleveland, we now have state-of-the-art internal CMC capabilities through a robust process development, assay developments and manufacturing.

In addition, we now have a comprehensive quality system capable of governing all aspects of product lifecycle from preclinical through commercial stage across multiple manufacturing modalities. With GMP-compliant clinical scale manufacturing capabilities for cell therapy and AAV based gene therapies.

By developing and managing these manufacturing technologies internally, we will significantly increase control of our supply chain, improve timelines and reduce costs. In addition, work done at Abeona will continue to enhance the manufacturing knowhow and potentially generate important intellectual property.

Considering the few contract manufacturing organizations, supply availability can be limited to meet the rapidly increasing demand from a growing number of gene therapy companies. We're also poised to expand our cGMP facility, which will allow us to soon be ready to manufacture and distribute commercial product.

Having our facility in Cleveland is cost effective and readily scalable. Once we complete the current expansion, we will have 26,000 square feet of space, featuring state-of-the-art laboratories that support CMC development for process and analytics.

For cell therapy, we now have three dedicated cGMP suites operated by an experienced, trained staff who are dedicated to the manufacture of EB-101, positioning us well to produce clinical products for upcoming Phase 3 trial. Our facility has scalable capacity in the existing suites to support the commercial launch of EB-101 enabling treatment of up to 120 patients per year from the outset.

We continue working toward receiving FDA GMP validation of our facility to produce commercial supply of this novel therapy. Internal manufacturing and quality knowledge stand to facilitate a more expeditious transition toward BLA filing in readiness for commercial launch in the near future.

The VITAL study will be a multi-center, randomized Phase 3 trial assessing 10 to 15 RDEB patients treated with EB-101. The primary outcome measure of the study will be the proportion of patient's wounds with greater than 50% healing at three months with additional endpoints of investigator global assessment of wounds and change from baseline in pain and itch.

Regarding our AAV AIM gene therapies, we are currently pursuing, in parallel, via SELLAS (ph) adherent technology, HEK293 suspension technology, and baculovirus suspension technology to provide Abeona with the versatility and flexibility to meet a growing pipeline of products and identify the most cost effective technology for each product. With yields capable of supporting clinical programs, our team is working hard to continue to improve our scale and commence cGMP AAV clinical manufacturing by the second half of 2019.

Our clinical trials also continue to make progress. We continue to follow patients treated with ABO102 for MPS IIIA or Sanfilippo A with follow up now beyond two years of -- since the original dose cohort. As presented at WORLDSymposium, the product has been well tolerated to date with no serious drug-related adverse events.

We have observed a substantial and durable improvement in biomarkers, including dose-related reductions in cerebrospinal fluid heparan sulfate levels and a reduction in liver volume in all treated patients. These biochemical and biophysical improvements were observed within four weeks post dosing and have persisted to-date with two years of follow-up.

Looking ahead, and with an amendment study protocol focusing on enrolling younger, higher functioning patients, we believe we were in the right track to assess the benefits of ABO102 with an updated protocol currently in effect in the US, Australia and the EU. We have also made progress on our Phase 1/2 trial with ABO101 for patients suffering from MPS IIIB or Sanfilippo B. New clinical sites are being activated in the UK, France and Germany to expand the geographical reach abroad and complement the ongoing enrollment efforts at our US site.

Lastly, and in an effort to increase efficiency in our clinical operations, we have begun implementing patient recruitment initiatives designed to accelerate enrollment across the lysosomal storage disease programs globally. This multi-prong concerted effort to patient recruitment consist of online and offline efforts, including advertising to engage the broad network of healthcare professionals and communities involved in the care and support of children with lysosomal storage disease. We look forward to providing additional updates on the trial data and enrollment in the second half of 2019 for all programs.

Our CSO, Tim Miller and his team, along with the clinical, manufacturing, regulatory and quality teams, have also worked diligently toward expanding our clinical stage pipeline later this year. We remain within our guidance of a first quarter IND submission for ABO-202 for CLN1 or infantile Batten disease.

IND enabling data shared at R&D Day showed a favorable safety profile for ABO-202 with no significant toxicities seen after a combination of preclinical, dose escalation studies. Other IND-enabling studies also demonstrated normalized survival and improvement of motor and cognitive function in affected mice treated with ABO-202.

Data collected to-date also suggests that combining dosing with intravenous and intrathecal administration may enhance the therapeutic potential of ABO-202. In addition, preclinical development of our CLN3 asset ABO-201 continues to advance and we will provide an update on the program later this year.

With that, let's hear from Tim about the latest update on multiple capsids from the AIM AAV vector platform currently under evaluation. Tim?

Timothy J. Miller -- President & Chief Scientific Officer

Thank you, Joao. In the fourth quarter, we unveiled new data from the novel AIM AAV Vector Platform at our R&D Day, where we demonstrated the capability to target multiple tissues with enhanced tropisms, including the eye, muscle, lung and CNS. As examples, we showed data for two new programs that hold significant therapeutic potential as gene therapies for cystic fibrosis and a host of retinal diseases.

Before I review the highlights from R&D Day, I first wanted to provide context for additional data from the AIM platform that we presented at the Annual WORLDSymposium in February. There, we disclosed new data demonstrating that our novel AIM capsids showed efficacy in animal models of Pompe in Fabry diseases.

While current enzyme replacement therapy significantly reduces the mortality of infantile Pompe patients, it fails to completely ameliorate all symptoms, primarily due to the inability to efficiently enter the CNS and due to the immune responses and the actual GAA protein.

Notably in the Pompe study, we also identified multiple viable transgene cassettes that produced significant levels of active GAA protein in animals. In multiple disease models in animal species, our novel AIM AAV capsids have demonstrated broad tissue tropisms when compared to existing natural AAV capsids. The AIM capsid also performed as well as existing natural serotypes at targeting CNS disorders and transducing the brain in rodents and primates.

Taken together, these data levers strongly encourage about the therapeutic potential of the AIM AAV Vector Platform in Pompe and Fabry diseases, they also set the stage for proof-of-concept studies to determine therapeutic efficacy and preliminary toxicology.

In December 2018, we also demonstrated how our novel AIM capsids can be used to target multiple eye disorders. 80% of eye diseases affect the photoreceptors in the retina, highlighting the importance of cellular targeting and how AVV can be an efficient tool in gene delivery. An important consideration is route of administration and we've shown data in rodents and non-human primates that we can utilize different AIM capsid to target the photoreceptors and retinal pigmented epithelium using either subretinal or intravitreal injection.

The AIM capsids increased Abeona's potential for targeting eye diseases through delivery of therapeutic genes or employing the machinery to enable gene editing. We look forward to announcing more programs in the future. The therapeutic potential of the AIM platform is further highlighted by the ability to selectively reach lung tissue, opening a promising avenue to develop a gene therapy product for patients with cystic fibrosis.

The underlying cause of CF is a mutation in the CFTR transgene, which is responsible for the function of chloride channels in the body and regulating the flow of chloride ions and water across cell membranes. Some key highlights from the data showed that our novel AIM AAV vector with the CFTR minigene can address all CF mutations and that efficiently targets lung cells. We demonstrated that ABO-401 can correct the underlying CF chloride channel deficit, regardless of underlying mutations of the CF trans-membrane conductance regulators in CF mice and inhuman CF patient cells.

Importantly, ABO-401 can correct the defect of the most common CF mutation delta-508, which accounts for greater than 60% of the CF population. This is an important differentiator, as this could enable treatment for CF patients that may be non-responsive to current CF modulating drugs or those that have mutations that are refractory to currently available CF drugs. We believe that the utility of AIM and those vectors could change the landscape for the treatment of CF and alter the course of this progressive genetic disease by enabling a one-time treatment.

Lastly, we have now demonstrated in vitro that select AIM capsids can evade neutralizing antibodies against -- that are present, against naturally occurring AAV capsids. This finding is significant as it may allow AAV-based gene therapy for patients that may have previously been excluded owing to existing anti AAV antibodies. It also may enable retreatment of patients who previously received AAV gene therapy with others serotypes. We look forward to discussing additional AIM programs in the future.

And I'll now turn the call back to Christine who will review our financials. Christine?

Christine Silverstein -- Chief Financial Officer

Thank you, Tim. I'd like to remind everyone that we have recently filed a Form 10-K where you can get all the specific details to our financial results. But in summary, our cash, cash equivalents and marketable securities as of December 31st, 2018 were $85 million compared to $112.2 million as of September 30, 2018. The decrease in cash of $27.2 million was driven primarily by the net cash used for operating activities of $17 million and cash used for the acquisition of the REGENX license of $10 million.

Net cash used in operating activities in the 12 months ended December 31st, 2018 was $39.1 million as compared to $22.7 million in the same period in 2017, an increase in cash outflows of $16.4 million. From a revenue perspective, revenues were $0.5 million for the fourth quarter of 2018 compared to $0.2 million for the fourth quarter of 2017. The increased quarterly revenues resulted from the recognition of foundation grants that were announced during the fourth quarter of 2017.

Net loss was $0.36 per share for the fourth quarter of 2018 compared to $0.19 per share in the comparable period of 2017. For the 12 months ended December 31st, 2018, net loss was $1.19 per share compared to $0.66 per share in the same period of 2017. That's the summary financials.

With respect to the upcoming IR and scientific conferences, I'd like to highlight, we'd be participating in the following events. On April 2nd, we will be at the Guggenheim First Annual Rare Disease and Genomics Medicines Day and later in the month, on April 28th, AVRO; The Association for Research in Vision and Ophthalmology. Concurrently that week, we would be participating at ASGCT, The American Society of Gene and Cell Therapy Annual Meeting. Additionally, we will be at Society of Investigative Dermatology on May 8th through the 11th. We will update you on those planned presentations as we get closer.

And with that, I'd like to turn it over back to Joao.

Joao Siffert -- Chief Executive Officer, Head of Research & Development and Chief Medical Officer

Thank you, Christine. In summary, we achieved interim milestones in the fourth quarter that have Abeona well-positioned to bring long-term value to our shareholders and turned hope into reality for our patients.

Thank you. I will now turn over to the operator to open up for questions. Operator?

Questions and Answers:


Thank you. The floor is now open for questions. (Operator Instructions) Thank you. And our first question will go from Kennen MacKay with RBC Capital Markets.

Kennen MacKay -- RBC Capital Markets -- Analyst

Clarity on the manufacturing milestones and the disclosures around this in the 0-K, that's super helpful. Joao you'd mentioned potential for treatment of around a 120 patients per year with the current Cleveland manufacturing for EB-101, just wondering if you could maybe elaborate a little bit on the sustainability of this and capacity from, I guess, the current number of suite, how many suits or hood (ph) that is, and how high you could potentially go there? Thank you.

Joao Siffert -- Chief Executive Officer, Head of Research & Development and Chief Medical Officer

So, hi, Ken. Thank you for your questions. Yes, we're pretty excited about the ability to scale up the EB-101 manufacturing. because you know, we have three GMP suites currently operational in Cleveland and we have room to expand this up to what, nine, ten suites in the coming years. In addition to that, what's important in terms of the scale up is the -- there is not a linear one-to-one correlation, because we can -- in the new design suites, we'll be able to put multiple incubators in each suite and that allows us to produce more material with the same existing footprint. So that's what allows us to have an efficient scale up both at launch and ultimately post-launch.

Kennen MacKay -- RBC Capital Markets -- Analyst

Thank you. And maybe just to follow up on MPS III, I was wondering if you could just remind us sort of where we are with kind of discussions with the FDA around a potential path to market that agent and maybe when GMP commercial grade material could be used to dose some of these additional younger, more functional patients. Thank you very much.

Joao Siffert -- Chief Executive Officer, Head of Research & Development and Chief Medical Officer

Sure, so two separate questions. So the first one in terms of the regulatory discussions, these are of course, we have an open line of communication with the agency given our certifications. We will approach the FDA once we have sufficient data from the existing patients. We have several young high functioning patients currently being followed in the 01 study. And as soon as we have sufficient data to be able to make a case to the agency, we'll engage them again.

So this is an open dialogue and will be data driven ultimately we expect to have obviously more data throughout this year and provide an update later this year. With regard to the manufacturing of AAV material, we have currently ability to scale up in Cleveland for AAV manufacturing for clinical supplies and we're working on the baculovirus material technology transfer. So we should be able to provide an update later in the year and that's what the material that will be used for the MPS III program.

Kennen MacKay -- RBC Capital Markets -- Analyst

That's good. Thanks so much for taking the questions and looking forward to seeing the team at some of these conferences that are coming up. Thank you.

Joao Siffert -- Chief Executive Officer, Head of Research & Development and Chief Medical Officer



Thank you. Our next question comes from Elemer Piros with Cantor Fitzgerald.

Elemer Piros -- Cantor Fitzgerald -- Analyst

Yes, good morning, Christine, and gentlemen. What I'd like to understand a little bit better is what would be the downstream clinical impact of liver enlargement in Sanfilippo patients? And conversely, what would the measurable benefit be with the significant reduction of those enlargements by gene therapy?

Joao Siffert -- Chief Executive Officer, Head of Research & Development and Chief Medical Officer

So, an interesting question Elemer, thanks. So, liver enlargement usually doesn't cause a lot of liver dysfunction. That is mostly something we can measure and in fact measure this prospectively in the clinical trials using MRI for a measurement of liver volume. So the treatment that we are providing to these patients provide a very clear reduction in liver volume, which ultimately is something that I can imagine will be good for these patients in long term, but acutely they're not -- the liver dysfunction is not a main feature of the pathology of MPS IIIA, at least not in the age group where we're treating. I suppose that on the long run, if they live longer following our treatment, obviously all organs, including the heart for that matter, could benefit from systemic delivery of the vector, ultimately improving their or precluding further accumulation of heparin sulfate and lysosomal dysfunction in these organs.

Elemer Piros -- Cantor Fitzgerald -- Analyst

Thank you very much. Thank you Joao


Thank you. Our next question comes from Maury Raycroft with Jefferies.

Maurice Raycroft -- Jefferies LLC -- Analyst

Hi, good morning, everyone, and welcome Joao as CEO and welcome Christine as CFO. Thanks for taking my questions. So to start, I was wondering about EB-101 in RDEB; so when considering the different types of RDEB wounds that EB-101 would address in the commercial setting, can you provide any comments on competitive disadvantages or advantages for addressing particular wound types?

Joao Siffert -- Chief Executive Officer, Head of Research & Development and Chief Medical Officer

Sure. Hi, Maurice; thanks for your question. So for purposes of the clinical trial and as we've announced, we are targeting chronic wounds. So these are wounds that have been open for at least six months. And in reality, many of these wounds are open for several years, as it turns out. And we're restricting the minimum size to 20 square centimeter per wound site.

This gives us a good ability to one; assess the healing of these wounds, but also the understanding that the control wounds that are this large, at least 20 centimeter squared and are chronic are unlikely to heal within the observation period of the clinical trial of just three months plus three months of safety. So this will be a very clear, if in fact any of these wounds heal, which is the expectation for -- with the treatment of EB-101, this will be a very drastic deviation from the natural history of these wounds in RDEB patients, because they essentially won't heal spontaneously. So this is important in terms of the mechanics of the clinical trial to be able to show a difference between treated versus untreated control wounds.

Now, if you were to fast forward to the commercial utility, there's no reason why the EB-101 couldn't be used in smaller wounds. Certainly, smaller wounds are also disabling, obviously, incurring same risks of infection, and of course, the process of wound healing, which is sort of an endless process because the wound can't heal and even in recurring wounds that tend to heal but reopen within a few weeks. So ultimately, all these wounds could still be amenable to treating with EB-101. So we anticipate that ultimately utility of this, this product would be beyond the circumscribed constraints that we're using for the Phase 3 program specifically.

Maurice Raycroft -- Jefferies LLC -- Analyst

Got it. That's great, very helpful. And the other question was just for ABO-102 and 101, I may have missed this in the prepared remarks, but do you anticipate opening new sites for those trials? And if so, what are those plans? And then, now with CLN1 and CLN3 heading into the clinic, do you anticipate synergies with screening that could expedite enrollment rates for all of these trials?

Timothy J. Miller -- President & Chief Scientific Officer

Yes, so, it's a good question, and yes, perhaps we could have been a bit more clear in the prepared remarks. So we are taking a very broad approach to patient recruitment and ultimately enrollment. And there are commonalities across sites who are very qualified for both running gene therapy programs, and these sites are already under way with the programs, but also on expertise in lysosomal storage diseases. So we will -- we are -- to the extent that it's possible, we are harmonizing the sites where they will open for both MPS programs and also looking ahead for the CLN1 program, try to use these sites as much as possible the same ones.

As you know, we have sites open in Australia, US and Spain, and we're close to having sites in UK, France and potentially another country opened in the near future. So, yes, so we're trying to rationalize both the sort of footprint, taking advantage of the fact that these sites already hit -- first of all, they're very -- they're highly selective sites, these are highly qualified sites, but also have the capabilities to run more than one of the clinical trials at a time.

Maurice Raycroft -- Jefferies LLC -- Analyst

Got it. That's great. And then last question is a quick one just on the AIM capsid. I'm just wondering, if you're talking about potential next steps with strategy with those capsid and if you're trying to identify one that you're going to move into the clinic on your own, or are you primarily aiming to partner?

Timothy J. Miller -- President & Chief Scientific Officer

So we're keeping options open. Of course, and it will depend -- of course, but we consider partnerships that are advantageous for -- ultimately for Abeona and for the programs, both in terms of resources and expediency of the development, and obviously ultimately success bringing this to the clinic. We do have the ability to move forward with some of these AIM capsids in some of the programs internally and we have initiated these programs already as we've announced late last year, both for CF and also for retinal disorders, which we have not yet disclosed publicly, the actual indication within retina disorder.

So, we have the ability to move those into preclinical. It would be helpful for Abeona, of course, to have greater reach and resource to support these indications which can be quite large, including CF. We'd also -- I think in addition to the fact that those data we've already shown in terms of the AIM ability to target different organs and we find it very exciting, both CNS, we've shown data targeting the lung and also the retina. We continue to assess the ability of these novel capsids to evade existing immunity to AAV, which we feel is also an important differentiating aspect to this whole portfolio. So we continue to accumulate data and so far this has been confirmed in preclinical and in vitro assays.

Maurice Raycroft -- Jefferies LLC -- Analyst

Got it. Thank you very much.

Joao Siffert -- Chief Executive Officer, Head of Research & Development and Chief Medical Officer

Okay. Thank you.


Our next question comes from Edward Nash with SunTrust.

Frank -- SunTrust -- Analyst

Hey, this is Frank on for Edward. And first question, want to talk about EB-101 programs. Can you talk about the differences of targeting keratinocytes versus fibroblasts? We see some reports saying that fibroblasts, and the turnover of fibroblasts is -- it's longer than keratinocytes and maybe have some impact on the durability of the graft. But we know that Abeona has the longest durability to data so far. So can you just comment mechanistically the differences between (inaudible) different cell type?

Timothy J. Miller -- President & Chief Scientific Officer

Yes. So as you know, we target keratinocytes in our product. I think others who are doing fibroblasts can comment on their programs, but we'll comment on ours. So, two things; so, starting back from the clinic, which ultimately is the goal. So I think from the patient perspective, we have patients now who are five years out from the original treatment in the Phase 1/2 trials who have wounds that are healed. So this is -- for me, we could stop the conversation right here because that's the reality -- well ultimately, that's the goal. But we did, of course, go further and the team at Stanford has continued to investigate what happens to these wounds over time, and we have been able to demonstrate that there is collagen VIII expression past two years after grafting.

So we know that there is a persistence of collagen VII expression, even though as you mentioned, keratinocytes tend to recycle and ultimately shed off. But there are cells that have been corrected, that probably remain in the epidermis that are still producing collagen VII sufficient -- sufficiently to maintain wound healing.

Frank -- SunTrust -- Analyst

Got it, that's very helpful. And second question, I may have missed, you probably have mentioned before, Are you planning to file the IND for -- what's the time you're going to file the IND for ABO-202?

Timothy J. Miller -- President & Chief Scientific Officer

For CLN -- so for CLN1, for infantile Battens, we're on track and we're on track to hopefully start the clinical trials later this year.

Frank -- SunTrust -- Analyst

Got it. Thank you. Thank you very much.


Thank you. Our next question will come from Liav Abraham with Citi.

Liav Abraham -- Citi -- Analyst

Good morning. Just a follow-up question on ABO-102, can you just update us on patient enrollment in the trial? I'm not sure if I missed this in your remarks, but have any additional patients being enrolled over the past few months since December? And what data can we expect to see at ASGCT that's coming up pretty soon? Thank you.

Joao Siffert -- Chief Executive Officer, Head of Research & Development and Chief Medical Officer

So, as I mentioned, we are actually going -- putting extra emphasis, an enhanced emphasis in clinical trial screening and enrollment. We have no updates on enrollment in the IIIA program. We did enroll an additional patient in the BBB program recently, but we do have a fair amount of interest in going -- actually processing a lot of patients who come in for screening, so both US and abroad. So, I guess we'll have to stay tuned in terms of the enrollment and we'll provide updates as patients actually enroll and get treated. But there are several patients at different stages of screening across the clinical trials. So we're excited that there's more momentum going in.


Thank you. This concludes our question-and-answer session and conference. Thank you for your participation. You may now disconnect. Thank you and have a great day.

Duration: 33 minutes

Call participants:

Sofia Warner -- Senior Director, Investor Relations

Joao Siffert -- Chief Executive Officer, Head of Research & Development and Chief Medical Officer

Timothy J. Miller -- President & Chief Scientific Officer

Christine Silverstein -- Chief Financial Officer

Kennen MacKay -- RBC Capital Markets -- Analyst

Elemer Piros -- Cantor Fitzgerald -- Analyst

Maurice Raycroft -- Jefferies LLC -- Analyst

Frank -- SunTrust -- Analyst

Liav Abraham -- Citi -- Analyst

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