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Alnylam Pharmaceuticals, Inc. Q2 2010 Earnings Call Transcript

Alnylam Pharmaceuticals, Inc. Q2 2010 Earnings Call Transcript

Alnylam Pharmaceuticals, Inc. (ALNY)

Q2 2010 Earnings Call Transcript

August 4, 2010 4:30 pm ET


Cynthia Clayton – Senior Director, IR and Corporate Communications

John Maraganore – CEO

Akshay Vaishnaw – SVP, Clinical Research

Patty Allen – VP, Finance and Treasurer

Barry Greene – President and COO

Stuart Pollard – VP, Scientific and Business Strategy

George [ph]


Simos Simeonidis – Rodman & Renshaw

Josh Schimmer – Leerink Swann

Andrew Vaino – Roth Capital Partners

Steven Willey – Stifel Nicolaus

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Pamela Bassett – Cantor Fitzgerald

Kay McKay [ph] – Charter Capital



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Ladies and gentlemen, thank you for standing by. Welcome to the Alnylam Pharmaceuticals conference call to discuss the second quarter 2010 activities and financial results. There will be a question-and-answer session to follow. Please be advised that this call is being taped at the company's request. I would now like to turn the call over to Alnylam.

Cynthia Clayton

Good afternoon. 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, 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 will be available for Q&A.

So those of you participating in today's call, the slides we have made available for the webcast can also be accessed by going to the investor’s page of our website, During today's call as outlined in slide two, John will provide some introductory remarks and provide general context. Akshay will provide a 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 provision 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 quarterly 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 such statement. I will now turn the call over to John.

John Maraganore

Thanks, Cynthia. Welcome and thanks to everyone for joining us this afternoon. I will refer you to slides four and five during my introductory comments. These are indeed exciting times for RNAi therapeutics as an increasingly robust pipeline of RNAi therapeutic products of entering and emerging from our efforts.

And the field stands at the frontier of generating key human proof of concept data across the number of programs. Of course, Alnylam leads this effort. The data that we aim to obtain as they emerge will provide further and continued validation of RNAi therapeutics as a whole new class of innovative medicines, which is very important objective in (inaudible).

Our development programs are steadily progressing through human clinical trials and during the second quarter we made a number of significant advancements which Akshay will detail for you shortly. At a high level, these milestones included the presentation of preliminary data from our Phase I ALN-VSP study for liver cancer at the ASCO annual meeting in June.

Initiation of our Phase I Study for ALN-TTR01 in patients with transthyretin-mediated amyloidosis or ATTR and continued enrollment of patients in our ALN-RSV01 Phase IIb study in RSV-infected adult lung transplant patients.

It's very exciting to be sitting to be sitting throughout the (inaudible) with a pipeline that now includes three promising RNAi therapeutic programs in clinical development. The important progress that we have made in the past several months reflects our evolution into an even more robust and more advanced clinical stage company.

We are extremely proud of the growth that we have achieved on this front and, of course, this growth in advancement will only continue. Now, in parallel with our clinical progress, this past quarter and recent period is also notable for our continued advances in delivery of RNAi therapeutics.

We believe that our continued advances in delivery define Alnylam's overall scientific leadership in the RNAi therapeutics field, which in turn translates to leadership in clinical development and leadership in partnerships. We also continue to make very strong scientific progress on our Alnylam biotherapeutics efforts, having known shown that this technology is broadly impactful and also that it is scalable.

Turning to the business front, the notable achievement during the period was the new microRNAi therapeutics partnership between Regulus and Sanofi-Aventis. We are very proud of this alliance, the second partnership that we have done this year. Barry will discuss this in more detail momentarily but I think it’s noteworthy that Alnylam can now count major alliances with most of the world's top pharmaceutical companies including Novartis, Roche, Takeda, Medtronic and through Regulus, GSK and Sanofi-Aventis.

We have great relationships with all of these companies and in fact many others where we have ongoing business discussions. I think it is fair to say that these existing and future relationships will continue to drive success in Alnylam's business execution, both in terms of access to key capabilities from our dedicated partners and also for continued access to funding.

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