Adamas Pharmaceuticals, Inc. (NASDAQ:ADMS) Q4 2018 Earnings Conference Call Transcript
Mar 04, 2019 • 04:30 pm ET
Good day, ladies and gentlemen, and thank you for standing by. Welcome to Adamas Fourth Quarter 2018 Financial Results Conference.
At this time, all participants are in a listen-only mode. (Operator Instructions) And now it's my pleasure to turn the call to Mike Bigham of Investor Relations.
Thank you, operator, and good afternoon, everyone. Before we begin, I would like to remind everyone that this call will contain forward-looking statements, which are subject to risks and uncertainties. Any statements regarding future events, results or expectations are forward-looking statements. Please note that these forward-looking statements reflect our opinions only as of the date of this call. We undertake no obligation to revise or update these forward-looking statements in light of new information or future events. Information concerning factors that could cause actual results to differ materially from those contained in or implied by such forward-looking statements are discussed in greater detail in our Form 10-K filed with the SEC today.
I'll now turn like to turn the call over to Dr. Greg Went our Chairman and Chief Executive Officer.
Gregory T. Went
Thank you, Mike, and good afternoon, everyone. Thank you for joining us today. I'm here with Alf Merriweather, our Chief Financial Officer and Dr. Rajiv Patni, our Chief Medical Officer.
As we reflect on our first year commercialization of GOCOVRI, we are pleased to have closed out the year with $34 million in sales and approximately 15,500 total prescriptions. More importantly, we brought the significant benefits of GOCOVRI to Parkinson's patients to reduce both dyskinesia and OFF time.
As we look forward to 2019 with a strong year-end cash position, we are focused on the two most immediate drivers of value to patients and shareholders alike. First, we are focused on advancing the commercialization of GOCOVRI and second, we continue to advance a potential additional indication for GOCOVRI for the treatment of walking impairment in patients with multiple sclerosis.
As we disclosed earlier in the year, we expect to have top line data in the second half of this year from our ongoing Phase III study in this population. Rajiv will provide more information on this opportunity later in the call.
In 2018 we had a strong start to GOCOVRI commercialization. We are energized about both GOCOVRI's ability to positively benefit patients and its robust market opportunity. In 2018, we met our overall goals, introducing GOCOVRI as the first and only FDA-approved medicine for the treatment of dyskinesia in patients with Parkinson's disease. In 2019 we expect to continue to expand the use of GOCOVRI by broadening prescriber adoption and increasing positive prescriber and patient experience.
Our confidence comes from the large effect on reducing both dyskinesia and OFF time, resulting in a 45% increase in functional time, the rapid penetration of GOCOVRI in certain areas in which prescribers who understand GOCOVRI science, are treating a broad spectrum of patients and seeing firsthand GOCOVRI's impact on those patients. And once patients experience the benefit of GOCOVRI, they generally remain on the medicine.