Turning to the prescription trends. Quarter-over-quarter total prescriptions increased by approximately 36% to 19,823. Over the same period new prescriptions grew by approximately 28% to 9,658. Since these are IMS prescription numbers they do not reflect the 7.9% price increase we took in December of last year.
In addition, we are seeing robust prescription growth early in our third fiscal quarter, which started April 1, 2012. Total prescriptions and new prescriptions for the first three weeks of April are up over 42% versus the same period in January. This strong star to the quarter further strengthens our belief in the long-term potential of NUEDEXTA for the treatment of pseudobulbar affect.
Turning to our strategic investments in the commercial business. One of the areas we are excited about is the opportunity in the institutional setting. Back in the fall of 2011 we initiated a sale pilot in this segment with 32 sales representatives. The results from this pilot were definitive, just six months into this pilot over 50% of NUEDEXTA prescriptions are now coming from the institutional segment with the positive results from this pilot we have further refined our sales force mix between retail and institutional accounts and as a result we are increasing our institutional sales team by approximately 30%. This expansion should be completed in early June.
Turning to other aspects of our business, we continue to make good progress on key financial and research and development objectives. On the financial front, we were very pleased this morning to announce our $30 million debt financing on advantageous terms. With this financing in place we expect that the need for any future significantly diluted financing should be eliminated and any future equity financings would be opportunistic in nature.Turning to R&D, Joao will update you on the progress we continue to make exploring the broader potential of the first dual sigma-1 agonist and NMDA receptor antagonist in the areas of neuropathic pain and Alzheimer’s disease. Read the rest of this transcript for free on seekingalpha.com
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV