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Exelixis' CEO Presents At Morgan Stanley Healthcare Conference (Transcript)

I think the company is still focused exclusively around the development and potential commercialization of our lead compound called Cabozantinib or cabo for short. It’s a very interesting dual inhibitor of the MET and VEGF pathways. We have seen profound anti- tumor activity, pre-clinically and clinically. I think the activity of cabo represents somewhat of an old school compound in today being the age of single compounds targeting either single populations or sub-populations within a given tumor type.

Cabo has shown very broad anti-tumor activity across a variety of different tumor indications and also showing activity in the key compartments where primary tumors either start of metastases too. So, a very broadly active compound. One that we are very excited about.

Our first real active indication is now under review at the FDA regarding the MTC NDA filing. So that’s obviously moving forward and we have a broad program in prostrate cancer with two pivotal trials COMET-1 and COMET-2 ongoing and part of the fund raising in the summer about a month ago. We have talked about now expanding the pivotal trial program to include other indications as well based upon some of the data we had at ASCO in June.

Question-and-Answer Session

Marshall Urist - Morgan Stanley

Okay, perfect. So, maybe you can start off by talking about the fundraising. You guys took a little bit of a different strategy than doing things piecemeal. So can you talk about how you thought through that and how you think this sets up the company now around cabo?

Michael Morrissey

So we have raised $415 million in the August time frame. That, coupled with the $295 million that we ended Q2 with, we are in a very solid position right now. We have enough money in the bank to be able to complete the COMET trials comfortably as well as initiate additional pivotal trials. So, really, it’s the momentum that we had hoped to gain by having a broadly active compound across multiple indications.

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