Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Q3 2019 Earnings Conference Call - Final Transcript
Nov 05, 2019 • 04:30 pm ET
Raul R. Rodriguez
and have put in place a series of partnerships in Europe Asia and most recently in Canada and Israel. Again we are making great progress. The next opportunity for TAVALISSE is in warm autoimmune hemolytic anemia. Not only does this have potential to generate substantial revenue but it is very synergistic with our current commercial infrastructure. More importantly this is an opportunity to help patients that currently have no FDA-approved therapy for a disease that can be extremely debilitating. We are excited to have begun enrollment in our Phase III pivotal trial and are on track to be the first approved therapy in this indication. That's exciting. Finally the long-term value of Rigel comes from our pipeline which we have continued to progress with our SYK program as well as our programs with IRAK1/4 and RIP1 inhibition.
All of these efforts are supported by financial stability that comes from several nondilutive sources of capital including increasing TAVALISSE sales in the U.S. new collaborations milestones from current partnerships and importantly the recent debt facility we've put in place earlier this quarter. On slide six I would like to put some perspective around the chronic ITP market and the opportunity for Rigel in this indication. This is a very attractive market at $1.8 billion globally and growing. To this indication we are bringing a unique and valuable product in TAVALISSE. And as I said we are already gaining share in the U.S. In addition in just a few months we have just a few months away from a potential European approval and market entry in 2020. While -- with the remainder of the global market including Asia Canada and other territories to follow.
I will now turn the call over to Eldon for a more in-depth overview of our commercial operations here in the U.S. Eldon?
Eldon C. Mayer
Thanks Raul. Moving on to slide eight. I'm pleased to report in Q3 we generated $11.7 million in net revenue which represents approximately 15% growth in the prior quarter. This growth has been realized by increasing awareness and understanding of the several key product attributes including number one, the mechanism of action for Togolese, which is well differentiated rather it be therapies number two, the total least efficacy profile, which is appealing to ITP treating physicians and number three is safety and tolerability profile that physicians view is suitable for long term usage and treating this chronic and these are customer facing teams continue to educate physicians about these benefits. As a result, there's a growing body of physicians who had clinical experience Togolese, which we continue to leverage through our peer to peer programs. We're also pleased to continually see improvement in the persistence rate at the four month time period, which importantly, surpassed 50% in q3. We believe this as a result of several factors including the continuous movement of Togolese up and the lines of therapy to treat patients with a higher likelihood of staying on therapy, as well as supporting optimal dose