Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Q3 2019 Earnings Conference Call Transcript

Nov 05, 2019 • 04:30 pm ET

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Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Q3 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Greetings and welcome to Rigel Pharmaceuticals' Financial Conference Call for the Third Quarter 2019. [Operator Instructions]It is now my pleasure to introduce our first speaker Dolly Vance who is Rigel's Executive Vice President Corporate Affairs and General Counsel.

Thank you Ms. Vance. You may begin.

Executive
Dolly A. Vance

Welcome to our financial results and business update conference call. The financial press release for the third quarter of 2019 was issued a short while ago and can be viewed along with the accompanying slides for this presentation in the News and Events section of our Investor Relations page on our website www.rigel.com. As a reminder during today's call we may make forward-looking statements regarding our financial outlook and our plans and timing for regulatory and product development. These statements are subject to risks and uncertainties that may cause actual results to differ from those forecasted. A description of these risks can be found in our most recent quarterly report on Form 10-Q on file with the SEC. Any forward-looking statements are made only as of today's date and we undertake no obligation to update these forward-looking statements to reflect subsequent events or circumstances.

At this time I would like to turn the call over to our CEO Raul Rodriguez.

Executive
Raul R. Rodriguez

Thank you Dolly and thank you for joining us in our third quarter 2019 financial call. Also joining me today are Elvin mayor, our chief Commercial Officer and being sure now our chief financial officer. Today, we're going Review the achievements of our commercial team and recap some of the exciting pipeline opportunities. We discussed that our recent investor call if you hadn't had a chance to listen to our recent call, I would encourage you to do so. We discussed some exciting developments in our clinical pipeline, including the introduction of our newest program focuses on one inhibition, which has no interest of phase one clinical trial. We also have the pleasure of being joined by Dr. IV Ultra Mr. of Duke University, who is a KOL industry mythology oncology space and who provided some valuable insights on the ICP treatment landscape. I would like to begin on slide five. We have 4 key value drivers which underlie our business strategy at Rigel. We'll take you through each of these today and show you how we're executing across all of them. As this slide shows these value drivers are built upon strong financial position which we had further solidified this quarter. The first value driver is our TAVALISSE commercial business in the U.S. which Eldon will discuss in greater detail in a few moments.

We continue to grow the U.S. sales of TAVALISSE in patients with ITP and we have exceeded a 4% market share on an annualized basis on -- in this $1 billion category. An excellent achievement in just the fifth quarter on the market and we're excited about the substantial opportunity to grow this share further. Outside of the U.S. we are continuing our efforts to provide fostamatinib to ITP patients worldwide