Melinta Therapeutics, Inc. (NASDAQ:MLNT) Q1 2019 Earnings Conference Call Transcript
May 09, 2019 • 04:30 pm ET
Good afternoon, ladies and gentlemen, and welcome to the Melinta Therapeutics First Quarter 2019 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded.
I would now like to turn the call over to your host Ms. Susan Blum, Vice President of Finance and Chief Accounting Officer.
Susan Blum Melinta
Thank you, Latasha. Earlier this afternoon, we issued a press release reporting Melinta's earnings for the first quarter of 2019. The earnings release is available on our corporate website at melinta.com. We are conducting a live webcast of this call and a replay of the call will be available on our website after its conclusion.
We would like to remind you that during the course of this call, management will make projections or other forward-looking remarks regarding future events or the future financial performance of the company. It's important to note that such statements and events are forward-looking statements and reflect our current perspective of the business trends and information as of today's date. Actual results may differ materially from current expectations and projections depending on a number of factors affecting the Melinta business. These factors are detailed in our periodic public filings with the Security and Exchange Commission. Melinta disclaims any intent or obligation to update these forward-looking statements except as expressly required by law.
During the call, we will refer to non-GAAP figures. Our GAAP financial metrics and reconciliation from GAAP to non-GAAP metrics can be found in our earnings release issued this afternoon and posted on our website.
Joining me from Melinta this afternoon are John Johnson, Chief Executive Officer; Tim Simon, Chief Commercial Officer; and Peter Milligan, Chief Financial Officer.
With that, I will now turn the call over to John Johnson.
John H. Johnson
Thank you, Susan. Good afternoon, everyone, and thanks for joining us. The development and commercialization of new antibiotics continues to be challenging for our industry despite the growing threat of antimicrobial resistance and a need for new therapeutic options to address this global public health crisis.
Significant investment is required to discover novel antibiotics, coupled with the capital required to commercialize products over a period of slow market acceptance, the cost to successfully develop and bring a drug to market is substantial in an era of great need.
So while the challenges in the antibiotic space are well understood, it by no means administers a critical growing need for safe and effective antibiotic options. As I had stated last quarter, the roadblocks to market acceptance include reimbursement and the complexity of the hospital environment. And while I, along with many other stakeholders, have begun to educate and ask a reimbursement change to address this growing crisis, we are prepared for a potentially long process to structure much needed incentives for antibiotic companies.
We were pleased to see a positive step in this direction with the proposed HIPPS rule coming out of CMS, proposing to increase the NTAP reimbursement from 50% to 65% for Vabomere which would further help defray cost for hospitals to use