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

Aug 13, 2019 • 04:30 pm ET


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


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Good afternoon, and welcome to the Cyclacel Pharmaceuticals Second Quarter 2019 Results Conference Call and Webcast. At this time, all participants are in a listen-only mode. After today's call, members of the financial community will have an opportunity to ask questions. [Operator Instructions] The company will also be accepting a limited number of questions submitted via e-mail to the address, [Operator Instructions]

Thank you. Alex, you begin your conference.

Alexander Fudukidis

Good afternoon everyone and thank you for joining today's conference call to discuss Cyclacel's financial results and business highlights for the second quarter of 2019.

Before turning the call over to management, I would like to remind everyone that during this conference call forward-looking statements made by management are intended to fall within the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934 as amended. As set forth in our press release, forward-looking statements involve risks and uncertainties that may affect the company's business and prospects, including those discussed in our filings with the SEC, which include, among other things, our Forms 10-Q and 10-K. These filings are available from the SEC or our website. All of our projections and other forward-looking statements represent our judgment as of today, and Cyclacel does not take any responsibility to update such information.

With us today are Spiro Rombotis, President and Chief Executive Officer; Paul McBarron, Executive Vice President, Finance and Chief Operating Officer; and Dr. Judy Chiao, Vice President of Clinical Development and Regulatory Affairs. Spiro will begin with an overview of our business strategy and accomplishments on Cyclacel's multiple clinical programs, and Paul will provide financial highlights for the second quarter of 2019, which will be followed by a Q&A session.

At this time, I would like to turn the call over to Spiro. Spiro?

Spiro G. Rombotis

Thank you, Alex and thank you everyone for joining us today for our second quarter business update call.

Let us start by explaining our scientific and business strategy, which is to overcome cancer resistance to treatments. Cancer resistance proteins are central to the ability of cancer cells to evade the cancer therapies, which eventually lose their effectiveness. They are often referred to as pro-survival proteins as they help cancer cells survive on to cancer therapy and gain an advantage over normal cells. Suppressing pro-survival proteins, such as members of the Bcl-2 family, including Bcl-2 itself and Mcl-1 is therefore a promising strategy to create more effective therapies. Our business strategy is to combine our candidates with approved drugs in order to restore and enhance their effectiveness. For example, venetoclax, the first approved Bcl-2 inhibitor is an important therapeutic advance. It is indicated for first or second-line CLL and first-line AML, in combination with a hypomethylating agent or a nucleoside analog. Venetoclax treated patients eventually stop responding and this is often correlated with elevated Mcl-1 levels or amplification. These findings have attracted a lot of attention in the scientific community and a competitive race is