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Transcept Pharmaceuticals Management Discusses Q2 2012 Results - Earnings Call Transcript

Our forward-looking statements do not reflect the potential impact of any in-licensing agreements, acquisitions, mergers, dispositions, joint ventures or investments that we may enter into or terminate. Actual results or events could differ materially, and we assume no obligation to update these statements as circumstances change, except as required by law.

For additional information concerning the factors that could cause actual results to differ materially, please see the Forward-looking Statements section in today's press release and the Risk Factors section of our quarterly report on Form 10-Q for the quarter ended March 31, 2012, which was filed with the SEC this afternoon.

And with that, I will now turn the call over to Glenn Oclassen.

Glenn A. Oclassen

Thanks, Tom, and good afternoon, everyone, and thank you for joining the call today. Intermezzo, our lead product, was launched on April 4, 2012, by our marketing partner, Purdue Pharma.

As we've discussed in the past, Purdue is investing as much as $100 million in the first 12 months of the Intermezzo launch, and has created a new sales force of 275 representatives devoted exclusively to the promotion of Intermezzo. Intermezzo was approved by the FDA in November of 2011 as the first and only prescription sleep aid indicated for use as needed for the treatment of insomnia at the time that a middle-of-the-night awakening is followed by difficulty returning to sleep. We are still in the early stages of the Intermezzo launch. Both we and Purdue continue to receive positive feedback regarding patient experience with the product.

Prescriptions are growing at a compounded rate of approximately 4% each week since the beginning of May. But at a weekly total of approximately 1,000 prescriptions, it is clear that significant work remains to establish Intermezzo as an important insomnia product. The job that still remains for us and for Purdue is reflected in the royalty revenue numbers we'll discuss shortly.

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