Amicus Therapeutics CEO Discusses Q3 2010 Results - Earnings Call Transcript

Amicus Therapeutics Inc. ( FOLD)

Q3 2010 Earnings Call

November 08, 2010 05:00 pm ET


Jenene Thomas - Director, IR

John Crowley - Chairman & CEO

Matt Patterson - COO

Daphne Quimi - Corporate Controller


Ritu Baral - Canaccord



Good afternoon and welcome to the Amicus third quarter earnings conference call. My name is Sean and I will be your facilitator today. All lines have been placed on mute to prevent any background noise. After Amicus remarks, there will be a question-and-answer period. (Operator instructions). I will now turn the call over to Jenene Thomas, Director, Investor Relations. Please begin.

Jenene Thomas

Good afternoon and thank you for joining our third quarter 2010 financial results conference call. I am joined on the call by a number of our executive team including John Crowley, our Chairman and CEO; Matt Patterson, our Chief Operating Officer; David Lockhart, our Chief Scientific Officer and Daphne Quimi, our Corporate Controller.

Before I turn the call over to John I have to remind you of the following. This conference call contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 relating to the business operations and financial condition of Amicus including, but not limited to preclinical and clinical development of Amicus’ candidate drug products, the timing and reporting of both, from preclinical studies and clinical trials evaluating Amicus’ candidate drug product, the projected cash position for the company including achievement of development and commercialization milestone payments and sales royalties under our collaboration with GlaxoSmithKline of business development and other transactional activities. Word such as, but not limited to look forward to, believe, expect, anticipate, estimate and plan like we should incurred and some [work expressions] words identifying forward-looking statement.

Although Amicus believes we have [13 shares] reflected in such forward-looking statements are based upon reasonable assumptions, there can be no assurance that this expectations will be available at.

Actual results could differ materially from those projected in Amicus’s forward looking statement due to numeric known and unknown risks and uncertainties including the risk factors that thrive in our annual report on Form-10k for the year ended December 31, 2009. Amicus does not undertake any obligation to public update any forward looking statement to reflect events or circumstances after the date on which any such statement is made, or to reflect the occurrence of unanticipated investment.

At this time it is my pleasure to turn the call over to John Crowley, Chairman and CEO of Amicus Therapeutics.

John Crowley

Great thanks Janine, and good evening to all. I’ll start today’s call with just a few opening remarks and then had it over to Matt for a review of our development program as well as the third quarter financial. Third quarter was very strong for Amicus and we continued our significant momentum really in four key areas: First, we finalized a worldwide exclusive license and collaboration agreement which as you all know we announced about 10 days ago. Relating to Amigal for separating these with our partner Choice and GSK rare diseases. The second we saw continued strong execution of our ongoing Phase III clinical study for Amigal, the study we refer to for US approval study of 1 to 1. Thirdly also continue to prepare for the commencement of study 012 the EMEA study for Amigal, as well as the fourth I think significant piece of momentum in the quarter which was the preparation for the commencement of our Phase II study with Amigal co-administered with enzyme replacement therapy.

Let me just comment briefly to our products that GSK is a terrific partner for Amicus and the deal that we announced the end of the week before last years transformational for Amicus in a number of ways I think it strongly supports our strategic focus for the company by number 1 adding significant support to our global Amigal Phase III program and indicates confidence more broadly we hope in our chaperone technology. And secondly to with our partnership with GSK we think that the collaboration will firmly position us for the leader in research and development of technologies and products for the rare diseases.

We also believe that the partnership with GSK will enable us to very judiciously drive our pipeline and to opportunistically seeks products that we think will be complimentary in development to our focus and the rare diseases. And finally the deal what we have with GSK we see strong financial component that will continue to provided added financial strength to the company, while also giving us the research just to fund our operation and capital investment, through the anticipated US commercial launch of Amigal.

So in summary upfront Amigal remains our number one priority and we will work closely with pour partners at GSK where diseases to aggressively advance this program, we will judiciously advance our earlier stage programs specifically Pompe and Gaucher programs co-administered with ERT in those disease areas.

As well as our neurodegenerative genetic disease programs for Parkinson’s and Alzheimer’s disease. We remain committed to being the leader in the research and development of drugs for these rare diseases and as I stated briefly before, we will certainly evaluate and pursue new rare disease opportunities where we see a strategic fit with the Amicus business plan, and we believe that we will significant strategic flexibility to continue developing new treatment for rare diseases. So, let me turn it over to Matt.

Matt Patterson

Great. Thanks John and good evening. Well, first I’ll start by just spending a minute for viewing terms of the GSK deal we spoke to these and when we now set deals, John’s mentioned about 10 days ago. First, I’ll just go back through it for everyone.

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