Opiant Pharmaceuticals, Inc. (NASDAQ:OPNT) Q2 2019 Earnings Conference Call Transcript
Aug 08, 2019 • 04:30 pm ET
Greetings, and welcome to the Opiant Pharmaceuticals Second Quarter 2019 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Lisa Sher, Senior Director of Investor Relations and Communications. Please go ahead.
Thank you, operator, and thank you all for joining us this afternoon. I'm excited to have recently joined Opiant Pharmaceuticals to lead Investor Relations and Communications along with Opiant's Chief Executive Officer, Dr. Roger Crystal and Chief Financial Officer, David O'Toole, who are on the call with me today.
This afternoon, Opiant issued a press release announcing financial results and providing a corporate update for the second quarter ended June 30, 2019. Please note that certain information discussed on the call today is covered under the safe harbor provision of the Private Securities Litigation Reform Act. We caution listeners that during this call, Opiant management will be making forward-looking statements. Actual results could differ materially from those stated or implied by these forward-looking statements due to risks and uncertainties associated with the Company's business.
These forward-looking statements are qualified by the cautionary statements contained in Opiant's news releases and SEC filings, including in our annual report on Form 10-K for the year ended December 31, 2018, and subsequent filings. This conference call also contains time-sensitive information that is accurate only as of the date of this live broadcast, August 8, 2019. Opiant undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this conference call.
Now I'd like to turn the call over to Roger.
Thank you, Lisa. We are thrilled to have you join Opiant, as we expand interactions with existing shareholders and our outreach to new potential investors and analysts. To everyone on the call with us, thank you for joining.
I'd like to begin with a brief overview of Opiant for those of you who may be new to the story. Our mission is to develop best-in-class medicines to treat addictions and drug overdose. Our programs are well funded from a revenue stream by royalties from the sales of NARCAN Nasal Spray and government brands from the NIH, in particular, NIDA, and BARDA.
We developed NARCAN Nasal Spray to reverse opioid overdose and licensed it to Adapt Pharma in 2014. Emergent BioSolutions, or EBS, acquired Adapt for $735 million in 2018, highlighting the value of NARCAN Nasal Spray. Recently, it has been reported that deaths from opioid overdose may have started to decline, which we here at Opiant, welcome. It is believed that this initial decline is largely due to the widespread use of NARCAN. And here at Opiant, we are very proud to have led its development. Nevertheless, the opioid crisis continues to ravage America, and our work here is not done.
The proportion of opioid overdose deaths from fentanyl and other synthetic opioids continues to rise. And there are over 2 million people in the US suffering from opioid addiction. Therefore, opioid overdose