SuperGen (SUPG) Q1 2011 Earnings Call April 27, 2011 4:30 pm ET Executives Mohammad Azab - Chief Medical Officer Michael Molkentin - Chief Financial Officer, Principal Accounting Officer and Corporate Secretary Timothy Enns - Senior Vice President of Corporate Communications & Business Development Michael McCullar - Head of Discovery Operations James Manuso - Chairman, Chief Executive Officer and President Analysts George Zavoico - McNicoll, Lewis & Vlak LLC Robin Davison - Edison Investment Research Limited Presentation Operator
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During this call, we'll make projections and forward-looking statements that are based on management's current expectations. Actual results may differ materially from these forecasts and projections due to various factors. There are significant risks and uncertainty in biotechnology research and development. There can be no guarantee that our projects, products or product candidates will progress preclinically or clinically as we expect, or that we will ultimately obtain approvals for the indications that we seek. Moreover, even if our products or product candidates are approved in the future, we cannot guarantee they will be commercially successful.The company's results may also be affected by a variety of factors, such as competitive developments, launches of new products, the timing of anticipated regulatory approvals or other regulatory action, the actions of our strategic partners and collaborators with respect to the products we license or co-develop and patent disputes and litigation. On April 6, 2011, SuperGen entered into a definitive merger agreement to acquire Astex Therapeutics Ltd., a U.K.-based biotechnology company. During today's conference call, SuperGen's management may make statements about the benefits of the transaction with Astex Therapeutics Ltd. which may contain additional forward-looking statements. With respect to SuperGen's ability to consummate the transaction with Astex and realize the benefits of such a transaction. On April 22, 2011, SuperGen filed a preliminary proxy statement with the SEC, which has not been declared effective by the SEC. SuperGen plans to furnish the definitive proxy statement, with and if it is available, to its stockholders in connection with the proposed transaction. Pursuant to which, SuperGen would acquire Astex Therapeutics Ltd. Our filings with the SEC contain or will contain important information about the proposed transaction and related matters. Investors and stockholders are urged to read the preliminary proxy statement, which has not been declared effective by the SEC and the definitive proxy, when and if it is available, carefully.
More information on the proposed transaction can be found on the website www.astex-supergen.com. For additional information and discussion concerning the risk factors that affect the company's business please refer to the company's filings with the Securities and Exchange Commission. The company undertakes no duty to update forward-looking statements.In the coming months, SuperGen will be presenting at various investor conferences, including the Noble Financial Capital Markets' Seventh Annual Equity Conference on May 17. Live and archived webcast of this presentation will be available through our Investor Relations section of our corporate website. Additionally, SuperGen will be hosting our annual shareholders' meeting in June. I will now turn the call over to Dr. James Manuso, who will provide highlights of our accomplishments during the 2011 first quarter. Jim? James Manuso Thank you, Tim. Good afternoon, and thank you for joining us today for SuperGen's 2011 First Quarter Conference Call. SuperGen started the year by continuing to enhance an already strong financial position. In the first quarter of 2011, SuperGen earned net income of $5.5 million. This financial performance was driven primarily by an increase in royalty revenue from Dacogen, increasing approximately 19% compared to the same prior year quarter. We closed the first quarter with nearly $130 million in cash, cash equivalents and current and non-current marketable securities. During the first quarter, we launched our first in human Phase I/II trial of SGI-110. Within the present quarter, amuvatinib will be the subject of a Phase II clinical proof of concept trial in small cell lung cancer. This trial has been designated the ESCAPE trial. And we announced the proposed acquisition of Astex Therapeutics Ltd., a leading U.K.-based biotechnology company. Our committed partners, Eisai and Johnson & Johnson, continue to support the Dacogen franchise. They have reiterated their plans to file marketing applications this year in the elderly acute myeloid leukemia or AML indication in the United States and the European Union. the Dacogen Phase III data from the elderly AML trial will be presented at an upcoming medical conference. Read the rest of this transcript for free on seekingalpha.com