Adamas Pharmaceuticals, Inc. (NASDAQ:ADMS) Q2 2019 Earnings Conference Call - Final Transcript

Aug 08, 2019 • 04:30 pm ET


Adamas Pharmaceuticals, Inc. (NASDAQ:ADMS) Q2 2019 Earnings Conference Call - Final Transcript


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Good day, ladies and gentlemen, and welcome to the Adamas Pharmaceuticals Second Quarter 2019 Financial Results and Corporate Update Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions for how to participate will follow at that time. [Operator Instructions].

I would now like to turn the call over to Peter Vozzo from Westwicke Partners of Investor Relations for our Adamas Pharmaceuticals. Please go ahead.

Peter Vozzo

Thank you, Jimmy, 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 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-Q filed today with the SEC.

I will now turn the call over to Greg Went, Chief Executive Officer.

Gregory Went

Thank you, Peter, and good afternoon, everyone. Thank you for joining us today. I'm here with Vijay Shreedhar, our new Chief Commercial Officer, Dr. Rajiv Patni, our Chief Medical Officer and Alf Merriweather, our Chief Financial Officer.

Our two priorities for Adamas in 2019 are driving towards commercial success by broadening and deepening GOCOVRI's use in patients with Parkinson's disease with dyskinesia and delivering top-line Phase 3 data for an additional indication for GOCOVRI in multiple sclerosis patients with walking impairment.

Turning to our second quarter total GOCOVRI paid prescriptions, which excludes patients from the free trial program rose to 6,160, up about 6% from Q 1, 2019. This growth continues to be driven by patients refilling GOCOVRI. New patient starts were up about 2%, to 740, primarily from patients using the new free trial program. While it's early days for this program, the initial conversion to paid prescriptions is running at 40% to 50%. We look to improve utilization with better promotion of the program with our physicians and increase conversion by improving operational efficiencies with the process.

Patients refilling their prescriptions remains a key driver of GOCOVRI's growth and provides a strong foundation for our future commercial initiatives. Persistence remains very solid, with 55% to 60% of patients remaining on GOCOVRI at 6 months and 45% to 50% at 12 months. Maintaining this level of persistence from 6 to 12 months is a strong indicator of the value that GOCOVRI is bringing to patients and these numbers are compelling.

For context, Rasagiline, a commonly used and widely considered, well tolerated adjunctive treatment for Parkinson's disease, showed persistence rates of 49% and 37%, at 6 and 12 months respectively, in our recently presented poster.

Turning now to our development programs, our INROADS Phase 3 trial completed enrollment this