Galmed Pharmaceuticals Ltd. (NASDAQ:GLMD) Q1 2020 Earnings Conference Call - Final Transcript

May 14, 2020 • 08:30 am ET


Galmed Pharmaceuticals Ltd. (NASDAQ:GLMD) Q1 2020 Earnings Conference Call - Final Transcript


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Good day. Welcome to the Galmed Conference Call to discuss Financial Results for the First Quarter of 2020. [Operator Instructions]

Before we begin, please note that we will be making certain forward-looking statements on today's call, including those regarding financial results, statements and forecasts regarding anticipated time lines and expectations with respect to our regulatory and clinical development programs as well as other statements that relate to future events.

These statements are based on beliefs and expectations of management as of today and actual results, trends, time lines and projections relating to our financial position and projected development programs and pipeline could differ materially. In particular, there is significant uncertainty about the duration and severity of the COVID-19 pandemic, its impact on Galmed's business and operations.

We urge all investors to read carefully the risks and uncertainties disclosed in our filings with the SEC including, without limitation, the risks under the heading Risk Factors described in our annual report on Form 20-F filed with the SEC and the risks and uncertainties included in the Form 6-K filed with the SEC earlier today. Galmed assumes no obligation to update any forward-looking statements or information, which speak as of their respective date only.

I would now like to turn the call over to Allen Baharaff, President and Chief Executive Officer. Allen, please go ahead.

Allen Baharaff

Thank you, Sherri. Good morning, and thank you for joining us on today's conference call.

I'm pleased to be here today with our Chief Scientific Officer, Dr. Liat Hayardeny; our Chief Medical Officer, Dr. Tali Gorfine; and our Chief Financial Officer, Yohai Stenzler, to provide you with an update on our clinical development programs as well as report to you on our financial results for the first quarter of 2020. As always, we'll be happy to take any questions you may have at the conclusion of our prepared remarks.

I'd also like to say, I hope you and your family are safe and well, and we work to overcome the COVID-19 outbreak. I know this issue is very much on your mind, and shortly, I will provide an update on its impact on our operations.

I'm delighted to share with you today new preclinical PK data comparing Aramchol free acid, the drug substance that is currently being evaluated in our ARMOR NASH Phase III study with our new form of Aramchol, Aramchol meglumine. Over the last few years, Galmed has been in the process of developing a new product, Aramchol meglumine, which is the sole form of Aramchol free acid. It is important to note that Aramchol meglumine and Aramchol acid circulate as Aramchol regardless of which drug product is administrated.

Our research found that meglumine salt of Aramchol increases solubility of Aramchol by five orders of magnitude, which was very surprising result for anyone given the art of pharmaceutical chemistry. Based on this data, we submitted in December 2014 a new composition of matter patents protecting Aramchol meglumine as well as wide range of other salts worldwide.