Eton Pharmaceuticals (NASDAQ:ETON) Q1 2020 Earnings Conference Call - Final Transcript
May 14, 2020 • 04:30 pm ET
Good afternoon, and welcome to the Eton Pharmaceuticals First Quarter 2020 Financial and Operating Results Conference Call. [Operator Instructions] Following the formal remarks, we will open the call for your questions. [Operator Instructions].
At this time, I'd like to turn the call over to David Krempa, Vice President of Business Development at Eton Pharmaceuticals. Please go proceed.
Thank you, operator. Good afternoon everyone, and welcome to Eton's first quarter 2020 conference call. This afternoon, we issued a press release that outlines the topics we plan to discuss on today's call. The release is available on our website, etonpharma.com. Joining me on our call today is, Sean Brynjelsen, our CEO; Wilson Troutman our CFO and Paul Stickler, our Senior Vice President of Sales and Marketing.
Before we begin, I would like to remind everyone that statements made during this call may contain forward-looking statements and involve risks and uncertainties that could cause actual results to differ materially from those contained in these forward-looking statements. Please see the forward-looking statements disclaimer in our earnings release and the risk factors in our Company's filings with the SEC.
Now, I will turn the call over to our CEO, Sean Brynjelsen.
Thank you, David, and good afternoon everyone. Thank you everyone for joining us today. We are looking forward to providing you with an update on our first quarter results and our expectations for 2020 and beyond. First off, I'd like to start with the Biorphen commercial launch, which unfortunately has been negatively impacted by COVID-19. As many of you know, we launched Biorphen in December 2019 and signed a co-promotion deal arrangement with Xellia in January of 2020. We were just beginning to roll out our full commercial launch activities and gain traction with customers and COVID-19 disrupted the elective surgery market.
This unprecedented decline in surgical procedures at hospitals across the country has resulted in a meaningful decline in demand for injectable phenylephrine in general. Moreover, getting hospitals to change their current operating norms in the midst of a crisis is not optimal for any new product launch.
Secondly, the COVID crisis has interrupted our sales and promotional plans for Biorphen. For example, hospitals across the country have active policies limiting in-person visits by sales reps. This has clearly hindered our ability to get the face-to-face meetings with the key decision-makers that would drive hospitals to switch to Biorphen. We had also planned to introduce Biorphen to pharmacists and doctors at important industry conferences throughout 2020. These conferences have been due to the COVID-19, which has also eliminated one of the most efficient ways for us to drive promotion and awareness of the product.
However, in response to these challenges, we have launched targeted digital promotional campaigns which we expect to drive awareness of the product on investing in a bio format which is also preferred by most caregivers. I would add that we remain very optimistic that the surgical volumes will start to normalize in the near-term and our sales teams will be