Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Q2 2020 Earnings Conference Call - Final Transcript

Aug 04, 2020 • 04:30 pm ET

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Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Executive
Raul R. Rodriguez

announced, our product is now available in Germany and the U.K. by our partner Grifols under the brand name TAVLESSE. Another potential opportunity -- commercial opportunity in hematologic disorders is with warm autoimmune hemolytic anemia or AIHA, which we feel it to be a very large opportunity for Rigel. AIHA is also an autoimmune disease like ITP, where the body produces antibodies against a certain hematologic cell type in this case red blood cells. There is a real unmet need given that there are no approved products for this indication.

Based on the progress we have made to date, Rigel is in a position to potentially be the first approved product in AIHA. In addition, this indication is very synergistic with ITP both indications sharing the same prescribing hemo physicians. That's giving us the ability to leverage the TAVALISSE experience and knowledge currently being built by the Rigel field force. As we shared recently, we are exploring the opportunity for TAVALISSE in the treatment of COVID-19 pneumonia and associated conditions. TAVALISSE and SYK inhibition may provide a unique and effective treatment to address the overreaction of the immune system and the destruction unleashed by the virus. Wolfgang will describe the scientific rationale our compelling preclinical data and our recently announced investigator-sponsored trial in this -- in his section.

Lastly our RIP1 inhibitor and our IRAK1/4 inhibitor programs are both in Phase 1 trials and we are very excited about the potential for both of these assets. IRAK and RIP are very attractive immune targets. And based on the early data, our molecules have demonstrated characteristics and it give us a great deal of optimism for their potential. We continue to make progress in our discussion to secure a co-development co-promotion agreement with these assets and we believe that we will be able to do so by year-end. All of these key value drivers are extraordinarily attractive market opportunities that we are well positioned to advance.

Tarek will now give us a commercial update. Tarek?

Executive
Tarek Sallam

Thank you, Raul. Today, I will provide a review of our commercial efforts. As a reminder, TAVALISSE is indicated for the treatment of thrombocytopenia in adult patients with chronic ITP, who have had an insufficient response to a previous treatment. Additionally, as Raul mentioned our product has been successfully launched by Grifols our European collaborators, under the brand name of TAVLESSE. We are excited to see the initial European markets come online, particularly with a broad indication that positions the product as a competitive alternative to the older standards of care.

So moving on to slide eight. We continue to gain momentum in the U.S. which accounts for over half of the approximately $2 billion global ITP market. We achieved net product sales of approximately $15 million for the quarter which is an increase of 40% -- 7% year-over-year and 18% over the previous quarter. This is our highest quarter of sales to date which is especially encouraging given the challenges that our field teams have