XOMA Management Discusses Q3 2010 Results- Earning Call Transcript
XOMA Ltd. (
)
Q3 2009 Earnings Call
November 04, 2010 4:30 pm ET
Executives
Carol DeGuzman - Investor Relations
Steven Engle - Chairman and CEO
Fred Kurland - CFO
Dr. Alan Solinger - VP of Immunology
Analysts
Christopher James - MLV
Susan Au - Ladenburg Thalmann
Presentation
Operator
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XOMA Ltd. Q3 2009 Earnings Call Transcript
Welcome to XOMA Ltd Third Quarter Financial Results Conference Call. This call is being recorded. At this time for opening remarks and introductions I would like to turn the call over to Carol DeGuzman, XOMA’s Senior Director of Investor Relations. Ms. DeGuzman please go ahead.
Carol DeGuzman
Thank you operator. Good afternoon and welcome to XOMA’s call. A short while ago we issued a news release, which included our financial results for the third quarter ended September 30, 2010 and a general business update. Our quarterly report on Form 10-Q was filed with the Securities and Exchange Commission this afternoon. Each document will be available on the XOMA website www.xoma.com.
Today’s webcast can be also accessed via our website and will be available for replay until the close of business on February 2, 2011.
Joining me on today’s call today is Steve Engle, Chairman and Chief Executive Officer; and Fred Kurland, our Vice President and Chief Financial Officer; and Dr. Allen Solinger; our Vice President of Clinical Immunology.
We wish to remind all listeners that certain statements contained herein concerning conduct or availability of results of clinical trials, entry into a XOMA 052 development partnership or potential licensing and collaboration arrangements or other aspects of product development, or that otherwise relate to future periods are few forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
These statements are based on assumptions that may not prove accurate. Actual results could differ materially from those anticipated due to certain risks inherent in the biotechnology industry and for companies engaged in the development of new products in a regulated market.
Among other things, the conduct or availability of results of clinical trials may be impacted by or delayed or may never occur as a result of unavailability of resources, actions or inaction by our present or future collaboration partners, insufficient enrollment in such trials or unanticipated safety issues; and a XOMA 052 partnership may not be entered in to in the timeframes indicated or at all.
These and other risks, including the generally unstable nature of current economic conditions; the results of discovery and pre-clinical testing; the timing or results of pending and future clinical trials, including the design and progress of clinical trials; safety and efficacy of the products being tested; action, inaction or delay by the FDA, European or other regulators or their advisory bodies; and the analysis or interpretation by, or submission to, these entities or others of scientific data; uncertainties regarding the status of biotechnology patents; uncertainties as to the costs of protecting intellectual property; changes in the status of the existing collaborative relationships; the ability of collaborators, licensees and other third parties to meet their obligations.
Market demands for products; scale-up and marketing capabilities; competition, international operations availability of additional licensing or collaboration opportunities; international operations; share price volatility; XOMA's financing needs and opportunities; and risks associated with XOMA's status as a Bermuda company, are described in more detail in XOMA's most recent annual report on Form 10-K and other SEC filings. Consider such risks carefully and evaluating XOMA's prospects.
I’ll now turn the call over to Steven Engle, XOMA’s Chairman and Chief Executive Officer.
Steven Engle
Thank you, Carol. And thank to all of you for joining us today for the opportunity to review XOMA’s recent progress, including the completion of enrollment in two Phase 2 trials of XOMA 052 in Type 2 diabetes patients, to-date the largest Phase 2 program to evaluate IL-1 inhibition in diabetes, that is expected to report results in the near future
The designation of XOMA 052 as an orphan drug in the US and Europe for Behcet's disease, the first IL-1 targeting agents to achieve that designation and continued success in tapping non-dilutive sources upfront to advance our development programs such as through the $4 million sales to CIMZIA royalty stream among others.
For several reasons, I have the likened the enthusiasms around inhibiting IL-1 beta as a wave that’s building. Recently we have seen the wave grow with positive clinical results using IL-1 inhibition in gout.
Over the next few months, we expect to add to the growing rate by reporting data from two different trials of XOMA 052 our lead product candidate for Type 2 diabetes. As it was reported by the government just a couple of weeks ago, diabetes is a disease that now plagues one out of ten people in the United States. And its expected, and I know this is quite astounding, to affect one in three people by 2050.
Positive results from these studies have the potential to be transformative for our diabetes program for XOMA 052, compelling us forward and furthering towards our goal, of introducing novel therapeutics to address significant unmet medical needs and maintaining a leadership position in advancing IL-1 inhibition as a therapeutic approach to multiple diseases.
We are not the only one to be excited about the concept of using IL-1 inhibition to treat Type 2 diabetes. Earlier this week, I was invited to share the progress we have been making with XOMA 052 during the Annual Cleveland Clinic, Medical Innovation Summit which focused on diabetes, obesity and metabolic diseases. The IL-1 story and the concept to targeting the inflammatory cause for diabetes was capturing the imagination of top leading physicians and the support is growing across the industry for our approach.
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