Alnylam Pharmaceuticals, Inc. Q1 2010 Earnings Call Transcript

Alnylam Pharmaceuticals, Inc. Q1 2010 Earnings Call Transcript
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Alnylam Pharmaceuticals, Inc. (ALNY)

Q1 2010 Earnings Call

May 05, 2010 4:30 pm ET

Executives

Cynthia Clayton - Senior Director of IR

John Maraganore - CEO

Barry Greene - President and COO

Akshay Vaishnaw - SVP of Clinical Research

Patty Allen - VP of Finance and Treasurer

Stuart Pollard - VP, Scientific and Business Strategy

Analyst

Pamela Bassett - Cantor Fitzgerald

Simos Simeonidis - Rodman & Renshaw

Steven Willey - Thomas Weisel

Presentation

Operator

Welcome to Alnylam Pharmaceuticals conference call to discuss the first quarter 2010 activities and financial results. (Operator Instructions)

I would now like to turn the call over to Alnylam.

Cynthia Clayton

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I'm Cynthia Clayton, Senior Director of Investor Relations and Corporate Communications at Alnylam. With me today are John Maraganore, our Chief Executive Officer; Barry Greene, our President and Chief Operating Officer; Akshay Vaishnaw, Senior Vice President of Clinical Research; and Patty Allen, Vice President of Finance and Treasurer. In addition, Stuart Pollard, Vice President, Scientific and Business Strategy, is also on the call and available for Q&A.

During today's call, John will provide some introductory remarks and provide general context. Akshay will provide summary of our clinical and preclinical research and development activities. Patty will review our financials and guidance. And Barry will summarize our business highlights and goals. We will then open the call for your questions.

Before we begin, I would like to remind you that this call will contain remarks concerning Alnylam's future expectations, plans and prospects, which constitute forward-looking statements for the purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in our most recent annual report on file with the SEC. In addition, any forward-looking statements represent our views only as of the date of this recording and should not be relied upon as representing our views as of any subsequent date. We specifically disclaim any obligations to update any such statements.

I will now turn the call over to John.

John Maraganore

Welcome and thanks to everyone for joining us this afternoon. We had an extremely productive first quarter and a recent period of 2010 and are pleased to share with you today more details on the progress we have made as we continue to execute on our mission of building a top-tier biopharmaceutical company founded on RNAi. Specifically, we have remained very focused on the key value drivers of our business: scientific leadership, product pipeline, intellectual property and partnerships.

Our clinical pipeline continues to advance with the initiation of our Phase IIb trial with ALN-RSV01 in adults' lung transplantations, our Phase I trial with ALN-VSP in liver cancer and shortly our Phase I study with ALN-TTR in transthyretin-mediated amyloidosis. Indeed, together with our additional development stage programs and our advance in Regulus on microRNA therapeutics, this marks an extremely important time for the advancement of RNAi therapeutics.

We believe key clinical data will emerge over the next 12 to 24 months that will demonstrate and validate the opportunity for RNAi therapeutics as a whole new class of innovative medicines with broad potential to treat human disease.

This important progress in clinical translation is driven by the very significant advances we have made and that we recently reported on related to the delivery of RNAi therapeutics. As documented by recent papers and presentations, our advances in delivery are groundbreaking for the field and will have critical impact in our advancement of RNAi therapeutics to patients.

Overall, we continue to lead the field in the translation of RNAi into clinical studies and ultimately believe that we will beat the translation of these new medicines to the marketplace.

While our core focus remains on the advancement of RNA therapeutic products, we have also made important progress in our efforts with Alnylam Biotherapeutics, a new division of Alnylam focused on the application of RNAi technologies to transform manufacturing processes for biotherapeutic drugs by recombinant proteins and monoclonal antibodies, which together has defined about $100 billion market worldwide.

With Alnylam Biotherapeutics, we have an opportunity to expand and actually accelerate the applications of RNAi in medicine. And we're very excited about the impact that we expect this effort could have on Alnylam's overall business profile sooner rather than later. Akshay will expand on all of this progress in a moment, along with other notable achievements in our scientific leadership efforts.

Now on the business side, we demonstrated the continuous strength of our existing partnerships, having completed key technology transfer objectives with Takeda, resulting in a $20 million payment to Alnylam, announcing the receipt of a milestone payment from Roche related to their initiation of pre-IND studies for their most advanced RNAi therapeutic program, and Novartis' decision to exercise its right to purchase additional shares of Alnylam.

These are all very clear signs of extremely health relationships with great futures in front of them.

We're also pleased with the formation of a new collaboration between Regulus and GSK to develop and commercialize microRNA therapeutics targeting miR-122 for the treatment of HCV infection, an area of major unmet medical need. In the meanwhile, there remains significant interest across the industry for new alliances in RNAi therapeutics and also across our efforts at Regulus and Alnylam Biotherapeutics.

We are optimistic about forming new alliances in 2010. Of course, a critical component of all of this is the dominance of our intellectual property position that we continue to strengthen in 2010.

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