Cyclacel Pharmaceuticals, Inc. (NASDAQ:CYCC) Q1 2020 Earnings Conference Call - Final Transcript

May 12, 2020 • 04:30 pm ET


Cyclacel Pharmaceuticals, Inc. (NASDAQ:CYCC) Q1 2020 Earnings Conference Call - Final Transcript


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Good afternoon, and welcome to the Cyclacel Pharmaceuticals First Quarter 2020 Results Conference Call and Webcast. [Operator Instructions] The Company will also be accepting a limited number of questions submitted via e-mail to the address [Operator Instructions] Please note, today's call is being recorded.

I would now like to turn the conference over to Jan Medina, Investor Relations for Cyclacel Pharmaceuticals. Sir?

Jan Medina

Good afternoon, everyone, and thank you for joining today's conference call to discuss Cyclacel's financial results and business highlights for the first quarter ending March 31, 2020.

Before turning the call over to management, I would like to remind everyone that during this conference call, forward-looking statements made by management are intended to fall within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended. As set forth in our press release, forward-looking statements involve risks and uncertainties that may affect the Company's business and prospects, including those discussed in our filings with the SEC, which include, among other things, our forms 10-Q and 10-K. These filings are available from the SEC or our website. All of our projections and other forward-looking statements represent our judgment as of today, and Cyclacel does not take any responsibility to update such information.

With us today are Spiro Rombotis, President and Chief Executive Officer; Paul McBarron, Executive Vice President, Finance and Chief Operating Officer; and Dr. Judy Chiao, Vice President of Clinical Development and Regulatory Affairs. Spiro will begin with an overview of our business strategy and accomplishments on Cyclacel's multiple clinical programs, and Paul will provide financial highlights for the first quarter of 2020, which will be followed by a Q&A session.

At this time, I would like to turn the call over to Spiro.

Spiro Rombotis

Thank you, Jan, and thank you, everyone, for joining us today for our first quarter 2020 business update call. First and foremost, we hope that all of you listening to our webcast are safe and well. The global pandemic caused by COVID-19 disease continues to affect nearly all human activity and creates uncertainty in every business sector. The events over the last few months have made it clear that we need novel science-based solutions to emerge from the crisis.

At Cyclacel, we take our social responsibility very seriously, in particular, protecting the health and safety of our employees, the patients we serve and the communities in which we live and work. As indicated in today's press release, we have taken relevant protective measures and are following government orders, with our employees mostly working from home. We're working closely with clinical trial sites to ensure adequacy of clinical supplies and that our trials are following specific FDA guidance during the pandemic.

We have been advised by clinical investigators that they continue to screen and register patients in our studies and remain on track with enrollment. At the same time, we cannot assume that circumstances, such as a second surge, will not