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Exelixis' CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: EXEL

As a reminder, during the course of this presentation, we will be making forward-looking statements regarding future events or future performance of the company. Including statements about possible future developments regarding clinical regulatory, commercial, financial and strategic matters, actual events or results of course could differ materially.

We refer you to the documents that Exelixis files from time-to-time with the Securities and Exchange Commission. Specifically, the company’s most recent Form 10-Q filed today August 2, 2012. These documents contain and identify under the heading Risk Factors, important factors that could cause actual results to differ materially from those contained in any forward-looking statements, including risk related to the potential failure of cabozantinib that demonstrate safety and efficacy in clinical testing, Exelixis’ ability to conduct clinical trials of cabozantinib sufficient to achieve a positive completion; the sufficiency of Exelixis’ capital and other resources, and the uncertainty of the FDA review and approval process.

With that, I will turn the call over to Mike.

Mike Morrissey

Okay. Thank you, Charles, and thank you all for joining us on the call today. We had a very busy second quarter, and I’d like to briefly highlight our key achievements for Q2 and our goals for the second half of 2012. First, we reached the critical milestone of completing our first NDA submission for cabozantinib for the treatment of progressive Medullary Thyroid Cancer or MTC. This is an important achievement for our company and for the cabozantinib franchise, which we believe has substantial clinical and commercial potential, we also advanced other aspects of the cabozantinib development program including the presentation of nine abstracts at the 2012 ASCO Annual Meeting in June and the expansion of our CRADA with the MCI.

As you would expect, we won’t be able to say a lot today about the cabozantinib MTC NDA submission. We’re pleased to have received priority review for the application and we’re working diligently with the agency to facilitate the review process. We had a prominent role at ASCO this year, where we presented the latest data for cabo in eight different tumor indications.

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