liquidia technologies inc (NASDAQ:LQDA) Q1 2019 Earnings Conference Call Transcript

May 02, 2019 • 08:00 am ET


liquidia technologies inc (NASDAQ:LQDA) Q1 2019 Earnings Conference Call Transcript


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Good day, ladies and gentlemen and welcome to the Liquidia First Quarter 2019 Financial Results and Corporate Update Conference Call. At this time, all participants are in a listen-only mode. Later, we'll conduct a question-and-answer session and instructions will follow at that time.

(Operator Instructions)

I would now like to introduce your host (ph) for today's conference, Ms. Jenny Kobin. You may begin.

Jenny Kobin

Thank you, and good morning. Welcome to Liquidia Technologies first quarter 2019 financial results and corporate update. Today's call will include forward-looking statements pursuant to the Private Securities Litigation Reform Act of 1995 based on current expectations. Such statements represent management's judgment as of today and may involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Please refer to Liquidia's filings with the SEC, which are available from the SEC at or from Liquidia's website at, for information concerning risk factors that could cause such differences and otherwise affect the Company.

I would now like to turn the call over to Neal Fowler, CEO of Liquidia.

Neal Fowler

Good morning everyone and thank you for joining us. On the call with me today are Tim Albury, Interim CFO; and Dr. Rob Roscigno, Senior Vice President of Product Development and program lead for LIQ861. This morning, I will summarize our recent accomplishments and provide an update on our two pipeline programs, LIQ861 and LIQ865. Tim will provide a summary of our financial results for the first quarter of 2019, and then, I will wrap up with an update on our upcoming key milestones. After our prepared remarks, we will open the call for your questions.

We've had a productive quarter and continued to execute as planned. I'd like to summarize the accomplishments, since our last earnings call. We completed enrollment of the INSPIRE study, our single pivotal Phase 3 trial, evaluating LIQ861 in patients diagnosed with pulmonary arterial hypertension or PAH. We met the primary endpoint of the INSPIRE study by demonstrating safety and tolerability of 861 at the two-month time point. We presented top line data in April from the INSPIRE study at the 39th International Society for Heart and Lung Transplantation meeting, including preliminary data on exploratory endpoints supporting functional and patient outcomes.

We initiated Phase 2 enabling toxicology studies for LIQ861, an injectable, non-opioid, sustained-release formulation of bupivacaine for the management of local post-operative pain. And we strengthened our capital resources, adding $34.5 million in gross funding. The rapid succession of these accomplishments is an excellent indicator of our team's ability to focus and execute.

And with those highlights in mind, I'd like to provide some additional details on our two current pipeline programs starting with LIQ861. As a reminder, 861 is an inhaled dry-powder formulation of treprostinil, a prostacyclin analog used to treat PAH by targeting the pulmonary arteries. Like approved nebulized products, 861 combines the demonstrated benefits of prostacyclin therapy, with fewer systemic toxicities than oral or infused options. By applying our PRINT technology, we believe that