Urovant Sciences Ltd (NASDAQ:UROV) Q2 2019 Earnings Conference Call Transcript
Nov 05, 2019 • 04:30 pm ET
Ladies and gentlemen, thank you for standing by and welcome to the Urovant Sciences Fiscal 2019 Second Quarter Financial Results Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] As a reminder, today's conference is being recorded.
I like to turn the conference over to Ryan Kubota, Executive Director of Investor Relations. Please go ahead, Mr. Kubota.
Thank you, operator. Good afternoon and thank you all for joining Urovant's Fiscal 2019 second quarter financial results conference call. With me today are four members of our leadership team; Keith Katkin, Chief Executive Officer; Christine Ocampo, Chief Accounting Officer; Dr. Cornelia Haag-Molkenteller, Chief Medical Officer; and Ajay Bansal, our new Chief Financial Officer and Senior Vice President of Business Development.
Today after market close, we issued a press release containing detailed information on our quarterly results. You may access the release on our company website, urovant.com.
During our call, we will be making forward-looking statements, including statements regarding our plans, strategies for the clinical development of vibegron and other treatments for urologic diseases. Listeners are cautioned that all of our forward-looking statements are based on our current expectations and assumptions, which are subject to numerous risk factors that could cause our actual results to differ materially. Accordingly, we advise listeners to review the forward-looking statements disclosure in today's press release and the Risk Factors section of our Form 10-K as well as our Form 10-Q which we filed later this week.
With that said, I will now turn the call over to our CEO, Keith Katkin. Keith?
Thank you, Ryan, and my thanks to all of you for joining us today. First, I would like to welcome Ryan Kubota, our new Head of Investor Relations. Ryan joins us from Molina Healthcare and he looks forward to speaking with all of you in the upcoming weeks.
This has been an exciting quarter for Urovant. We achieved key clinical milestones for our OAB development program for vibegron and now with the substantial financial commitment and enhanced commercial support from Sumitomo Dainippon Pharma, we are in an optimal position for developing Urovant into a leading specialty urology company.
Last week Roivant Pharma and Sumitomo entered into a definitive agreement for the creation of a broad Sumitomo Roivant strategic alliance, which upon close will result in Sumitomo becoming the new majority shareholder of Urovant Sciences. In conjunction with the definitive agreement with Roivant, Urovant also entered into an agreement with Sumitomo, whereby Sumitomo has committed to provide Urovant with the following things. First, a $200 million low interest, interest only five-year term loan facility. Second, certain minority shareholder protections. Third, access to enhance commercial support from the Sumitomo U.S. franchise Sunovion. And finally, expected financial support through profitability.
As you know, BSP is a well-known top 10 Japanese listed multinational pharmaceutical company with an extensive history of innovation in drug development and commercialization. The company generated over $4 billion in revenue last year through the commercialization of several large pharmaceutical drugs in