Opiant Pharmaceuticals, Inc. (NASDAQ:OPNT) Q3 2019 Earnings Conference Call - Final Transcript
Nov 12, 2019 • 04:30 pm ET
Greetings, and welcome to the Opiant Pharmaceuticals Third Quarter 2019 Earnings Conference Call. [Operator Instructions]
It is now my pleasure to introduce your host, Rahsaan Thompson, General Counsel of Opiant Pharmaceuticals. Thank you Rahsaan, you may begin.
Thank you, operator, and thank you all for joining us this afternoon. On the call today are Opiant CEO, Chief Executive Officer, Dr. Roger Crystal and Chief Financial Officer, David O'Toole. This afternoon, Opiant issued a press release announcing financial results and providing a corporate update for the third quarter ended on September 30, 2019.
Please note that certain information disclosed -- discussed on the call today is covered under the Safe Harbor Provisions 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 risk 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 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 November 12, 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, Rahsaan, and thank you to everyone for joining us this afternoon.
Before I provide you with the operational update, I'd like to begin with a discussion of opioid addiction and overdose in the United States. As I said before, the opioid crisis has evolved into a fentanyl crisis. And provisional CDC data for 2019 indicates a 20% increase in opioid overdose deaths that contain fentanyl when compared to 2017.
Furthermore, there have been multiple news reports over the past several months involving fentanyl. Many states are citing that fentanyl deaths are on the rise in their communities. And there have been many large scale seizures of illegal fentanyl. For example, in October, more than 40 pounds of fentanyl were seized in Ohio. State officials said that this was enough to kill the entire population of Ohio many times over.
In addition, last month in Southern California 18 pounds, enough to create 4 million lethal doses were seized in Orange County. Clearly this is a critical and growing public health crisis in the US. However, Opiant is well positioned to address this challenge. While access to naloxone is critical to save lives, a substantial need exists for stronger longer acting opioid antagonists, due to the rapid increase in fentanyl related overdoses.
We are developing OPNT003 Nasal Nalmefene to help address this issue. At our recent R&D day, we highlighted why we believe Nasal Nalmefene may be better suited to treat fentanyl related overdoses than naloxone. Although naloxone is effective against opioids, according to multiple recently