Alnylam Pharmaceuticals, Inc. ( ALNY)

Q3 2010 Results Conference Call

November 3, 2010 4:30 PM ET


Cynthia Clayton – Senior Director of IR and Corporate Communications

John Maraganore – CEO

Akshay Vaishnaw – SVP, Clinical Research

Patty Allen – VP of Finance and Treasurer

Barry Greene – President and COO


Marko Kozul – ThinkEquity

Ted Tenthoff – Piper Jaffray

Keay Nakae – Chardan Capital

Alan Carr – Needham & Company

Steven Willey – Stifel Nicolaus



Ladies and gentlemen, thank you for standing by. Welcome to the Alnylam Pharmaceuticals conference call to discuss the third 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’d now like to hand 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, Laurence Reid, our Chief Business Officer is also on the call and available for Q&A.

For those of you participating via conference call, the slides we have made available via webcast can also be accessed by going to the Investors page of our website,

During today’s call, as outlined on Slide 2, John will provide some introductory remarks and general context, Akshay will summarize our clinical and preclinical R&D 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, as you can see on Slide 3, 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 statement represents 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 statements.

I will now turn the call over to John.

John Maraganore

Thanks, Cynthia. Welcome everyone and thanks for joining us this afternoon. I’ll be referring to slides 4 and 5 during my introductory comments.

As you know, we made some difficult decisions this period related to the transitions in our Novartis partnership after completion of our fifth and final year of this collaborative effort. These decisions were important steps in building our company for the long term which Barry will discuss in more detail momentarily.

But to provide some perspective at the beginning, the corporate restructuring that we effected allows us to transition certain historical service-based resource allocation activities toward a more product-focused and higher-value commitment of effort. And while difficult decisions were made at a personal level, we feel that they will enable us to optimally position our company for continued growth, success and value-creation for the future.

In the meanwhile, we continue to lead the translation of RNAi therapeutics to patients as a whole new class of innovative medicines and we are very confident about the progress we are making across multiple dimensions. In this regard, Alnylam had a very productive third quarter, one in which we continue to make significant progress in advancing RNAi therapeutics through human clinical trials as Akshay will detail for you shortly.

I think it’s very important to keep in mind that progress on our clinical pipeline remains the critical determinant in our company’s value-creation strategy. Rest assured that we are very focused on this activity accordingly.

Importantly, with three RNAi therapeutic programs in clinical development, we continue to be at the forefront of RNAi R&D, indeed we are positioned today more than ever to deliver on this technology’s enormous promise with important human data emerging in the months to come. Notable during the quarter was the initiation of our Phase I study of ALN-TTR01 for the treatment of Transthyretin -mediated amyloidosis or ATTR, our company’s third clinical program.

In addition, we continue to enroll patients in our Phase I study for ALN-VSP for liver cancer and our Phase IIb study for ALN-RSV01 in RSV-infected lung transplantations. We also have a product opt-in right on Tekmira’s PLK-1 program which is in Phase I clinical development in cancer, so we eagerly await progress and success in their efforts. Moreover, we expect to have two or more additional programs in clinical development in the next year which includes our PCSK9 program, our second-generation TTR program, and our anti-miR-122 program for the treatment of HCV infection being advanced with Regulus in collaboration with GlaxoSmithKline.

In short, it’s all about the pipeline and human data. We’re very focused on this overall clinical objective with appropriate urgency and enormous passion.

I’d like to close my introductory remarks on the organization front. In this regard we were very excited to strengthen our management team this past quarter with the promotion of Ken Koblan to Chief Scientific Officer and the appointments of Steve Bossone as Vice President of Intellectual Property and Garvin Warner as Vice President of Preclinical Development. Ken Koblan is an outstanding choice as the company’s CSO. As a reminder, he joined our research group earlier this year from Merck where he played a major leadership role in their drug discovery efforts over an 18-year tenure. Steve Bossone joins Alnylam from Shire and Garvin Warner joins Alnylam from Pfizer. In addition, we also expanded our board of directors with the election of Steve Paul who is the former President of Lilly Research Laboratories of Eli Lilly & Company.

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