Aerpio Pharmaceuticals, Inc. (NASDAQ:ARPO) Q4 2019 Earnings Conference Call - Final Transcript
Mar 16, 2020 • 08:30 am ET
Greetings. Welcome to Aerpio Fourth Quarter and Full Year 2019 Financial Results Conference Call. [Operator Instructions] Please note, this conference is being recorded.
I would now like to turn the conference over to Gina Marek, Vice President of Finance for Aerpio. Thank you. You may begin.
Good morning, and thank you for joining us for Aerpio's Fourth Quarter and Full Year 2019 Earnings Call. Joining me on the call today from Aerpio is Joseph Gardner, President and Founder. This morning, Aerpio released financial results for the fourth quarter and full year ended, December 31, 2019. If you have not received the news release or if you would like to be added to the company's distribution list, you can do so on the Investor Relations page of our website at aerpio.com.
I'd also like to remind you the remarks made on the call today include forward-looking statements about Aerpio. Such statements may include, but are not limited to, those related to Aerpio and its business and its product candidates, including AKB-9778, ARP-1536 and the bispecific antibody asset; the clinical development plan therefore and therapeutic potential thereof; and the intended benefits from Aerpio's collaboration with Gossamer Bio Inc. for GB004. Each forward-looking statement is subject to risks and uncertainties that could cause actual results and events to differ materially from those projected in that statement. A more complete description of these and other material risks can be found in Aerpio's reports filed from time to time with the SEC. Aerpio does not undertake any obligation to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise.
I will now turn the call over to our President and Founder, Joseph Gardner. Joseph?
Thank you, Gina, and good morning. This is Joseph Gardner, President of Aerpio Pharmaceuticals. Welcome to today's conference call on Aerpio's 2019 year-end financial results. I am very excited to share with you our 2020 plan for Aerpio.
As the company announced in October, we are exploring various strategic alternatives to maximize shareholder value. We plan to continue these efforts. However, in light of the strong feedback we have received from key opinion leaders, investigators and prescribers, we have also decided to conduct a Phase II trial of a topical ocular formulation of AKB-9778 in glaucoma, which we expect to readout data in the first quarter of 2021. Fortunately, Aerpio is in a very strong financial position to support this program with cash and cash equivalents of $38.5 million as of December 31, 2019.
Please recall that we announced top line data from a Phase Ib trial of AKB-9778 in glaucoma in January, but I will recap it briefly here. In a cohort of 43 glaucoma patients with a baseline intraocular pressure, or IOP, ranging from 17 to 27 millimeters of mercury, we saw a 1.58 millimeter of mercury incremental reduction in diurnal IOP on day 7 when AKB-9778 was added once daily on top of existing standard-of-care prostaglandin treatment. In fact, we saw a statistically