ChemoCentryx, Inc. (NASDAQ:CCXI) Q2 2018 Earnings Conference Call Transcript
Aug 09, 2018 • 05:00 pm ET
Good afternoon, and welcome to the ChemoCentryx Second Quarter 2018 Financial Results Conference Call. (Operator Instructions) As a reminder, this conference call will be recorded.
I would now like to turn the call over to Steve Klass, Vice President of Burns McClellan. And Mr. Klass, please go ahead.
Thank you, operator. Good afternoon, and welcome to the ChemoCentryx Second Quarter 2018 Financial Results Conference Call. Earlier this afternoon, the company issued a press release providing an overview of its financial results for the second quarter ending June 30, 2018. This press release, along with a few slides that you may find helpful while you listen to this call, are available on the Investor Relations section of the company's website at www.chemocentryx.com.
Joining me on the call today is Dr. Thomas Schall, President and Chief Executive Officer of ChemoCentryx, who will review the company's recent business and clinical progress; following his comments, Susan Kanaya, Executive Vice President and Chief Financial and Administrative Officer of ChemoCentryx, will provide an overview of the company's financial highlights for the second quarter before turning the call back over to Tom for closing remarks. (Forward-Looking Cautionary Statements).
I will now turn the call over to Tom.
Thank you, Steve, and good afternoon to everyone listening, and thank you for joining us on our second quarter 2018 conference call. As those of you following on slide online can see, we have slides for you to follow. On Slide 3, I will start by summarizing, for you, 3 striking advances for the company. One, we have just fully enrolled a landmark or even what might be termed a historic Phase III trial, known as ADVOCATEs of avacopan for the treatment of ANCA-associated vasculitis. While we don't, of course, yet know what the top line data will reveal, we can predict top line readout in the fourth quarter of 2019.
Two, we took in greater than $90 million in cash during the first half of this year, ending Q2 with more than $200 million on our balance sheet. Such cash reserves allow us to pursue multiple late-stage, high-value opportunities simultaneously. Three, this financial strength allows us, for example, to initiate what we aim to be a definitive clinical trial of avacopan in a new area, hidradenitis suppurativa or HS. By the end of the year, we intend to launch a randomized controlled study with over 100 patients per comparator arm in order to achieve a definitive read on the clinical benefit that avacopan could provide to the significantly underserved patient population.
Let me reflect on these points and others as we go through our progress report for the second quarter. A most significant achievement, since I last reported to you, is the completion of enrollment in the landmark ADVOCATE trial of avacopan for the treatment of anti-neutrophil cytoplasmic autoantibody-associated vasculitis or ANCA vasculitis for short.
In July, we achieved our enrollment goal, as shown on Slide 4. Why do I term this a landmark trial? For one, this is the