Tetraphase Pharmaceuticals, Inc. (NASDAQ:TTPH) Q2 2019 Earnings Conference Call - Final Transcript
Aug 08, 2019 • 04:30 pm ET
Good afternoon, ladies and gentlemen, and welcome to the Tetraphase Pharmaceuticals Second Quarter 2019 Financial Results Conference Call. [Operator Instructions]
I will now turn the call over to Maria Stahl, Chief Business Officer.
Thank you. Good afternoon, and thank you for joining us today. With me on the call are Larry Edwards, President and CEO; and Chris Watt, Senior Vice President of Finance. On today's call, Larry will discuss recent developments and will provide an update on the XERAVA launch. Chris will provide an overview on our second quarter 2019 financial results. And Larry will conclude and open the call to questions.
Before we begin our formal comments, let me remind you that during today's conference call, we will be making forward-looking statements that represent the Company's intentions, expectations or beliefs concerning future events. These forward-looking statements are qualified by important factors set forth in today's press release and the Company's filings with the SEC, which could cause actual results to differ materially from those in such forward-looking statements. Information discussed on today's call is accurate as of today, and we do not necessarily intend to update this information in the future.
I would now like to turn the call over to Larry Edwards.
Thank you, Maria, and good afternoon, everyone. Thank you for joining us on our call today. It's an honor to be leading Tetraphase at such a critical time, and to be addressing our shareholders publicly for the first time as a Company's newly appointed CEO. With our new streamlined commercial focus, the Board of Directors and my predecessor Guy Macdonald, recently made the decision to appoint me to President and CEO, effective August 1. It's a privilege to be leading the Company and working with such a driven team, and I'm committed to delivering on our mission to make XERAVA accessible to patients on a global level.
As you know, the second quarter was an important one for Tetraphase, as we made critical decision to undertake a corporate reorganization aimed to maximize the commercial opportunity of XERAVA. XERAVA is a well differentiated antibiotic that has a broad spectrum of coverage, and has a very reasonable and appropriate price point. As antibiotic resistance rate continued to increase and inappropriate initial empiric therapy continued to be a problem, we expect XERAVA to become an increasingly important component of the antibiotic treatment arsenal for complicated intra-abdominal infection. With our newly focused organization, we believe we can continue to execute a successful launch, which remains our number one priority.
Before we dive into an update on XERAVA launch, I'd like to briefly reiterate some of the details of our recent reorganization, which we implemented back in June. The goal was to enable the Company to focus all of its resources on the commercial success of XERAVA, and it was comprised of the elimination of our internal resource functions, as well as 20% reduction in the workforce and several management changes.
Once again, we would like to recognize that Tetraphase owes many