Savara Inc. (NASDAQ:SVRA) Q2 2018 Earnings Conference Call - Final Transcript

Aug 09, 2018 • 05:30 pm ET

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Savara Inc. (NASDAQ:SVRA) Q2 2018 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Welcome to the Savara conference call. (Operator Instructions) An audio webcast of this call will be available on the Investors section of Savara's website at savarapharma.com. This call is subject to copyright and is the property of Savara. All recordings, reproduction or transmission of this call without the expressed written consent of Savara is strictly prohibited. As a reminder, today's call is being recorded.

I would now like to turn the call over to Ioana Hone, Head of Investor Relations at Savara.

Executive
Ioana Hone

Thank you, Austin. Good afternoon, and thank you for joining us. A press release reporting our second quarter 2018 financial results was issued earlier today, August 9, 2018, and can be found on the Investors section of our website at savarapharma.com.

(Forward-Looking Cautionary Statements)

As usual, we will field analyst questions at the end of the call. However, we would like to encourage our shareholders on the call to submit questions via e-mail to ir@savarapharma.com. Time permitting, we will attempt to address these questions and others recently received by our IR team.

With that said, I'd like to turn the call over to Rob Neville, CEO of Savara.

Executive
Rob Neville

Thank you, Ioana, and good afternoon, everybody. As usual with me are Taneli Jouhikainen, our President and the COO, who is actually dialing in from Europe; and Dave Lowrance, our CFO, who is sitting here with me in Austin, Texas. It has been an incredibly eventful and productive quarter for us from a clinical, business development and operational fronts. As many of you may have noticed, we rang the NASDAQ bell a few weeks ago and for me, it was a very meaningful day and a fantastic celebration of the determination, hard work and accomplishments achieved by the Savara team, our Board and our supporters. Later in that same week, we announced successful public offering of gross proceeds of about $48.9 million, paid largely by existing shareholders and new institutional healthcare investors. This recent offering was driven by exciting clinical developments with our lead program candidate, Molgradex, the launch of the new NTM study, as well as the launch of our exploratory product pipeline.

I'd like to spend a few minutes discussing each of these three items. First, we've received encouraging and positive investigative feedback on our ongoing pivotal IMPALA study. While the efficacy part is blinded, we're receiving positive feedback from the open-label parts as well as high interest and participation in our IMPALA-X extension study, which is designed to evaluate the long-term use of Molgradex. Driven by this encouraging feedback as well as the possibility of an earlier than anticipated Molgradex Biologic License Application, or BLA filing, we want to expedite our preparation for potential commercial launch by making initial investments in our core commercial leadership team and precommercial launch activities.

Second, as part of our expansion strategy of our Molgradex program, we announced plans to launch a new Phase IIa study of Molgradex in CF-affected individuals with chronic NTM lung infection in the US early next year. This