Immunomedics Inc. (NASDAQ:IMMU) Q2 2020 Earnings Conference Call - Final Transcript

Aug 05, 2020 • 05:00 pm ET


Immunomedics Inc. (NASDAQ:IMMU) Q2 2020 Earnings Conference Call - Final Transcript


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Good afternoon, ladies and gentlemen. Thank you for standing by. As a reminder, this conference call is being recorded today, this Wednesday, August 5, 2020.

At this time, I'd like to turn the conference over to Chau Cheng, Senior Director of Investor Relations of Immunomedics. Sir, please begin.

Chau Cheng

Thank you, Norma. Good afternoon, everyone. Welcome to Immunomedics Second Quarter 2020 Conference Call. Please note that we have supporting slides accompanying today's call. You can access those slides on our website on our IR page.

With us on the call today are Dr. Behzad Aghazadeh, Executive Chairman, who will give a quick overview of the quarter; Brendan Delaney, Chief Commercial Officer, who will provide early commercial uptake commentary and metrics; Dr. Loretta M. Itri, Chief Medical Officer, who will walk us through clinical development priorities and forthcoming updates; and Usama Malik, Chief Financial Officer and Chief Business Officer, who will provide you with an overview of our financial this past quarter before opening the call up for questions.

Before we begin, I'd like to remind everyone that during this call, we will be making forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Such statements may involve significant risks and uncertainties. Therefore, actual results could differ materially from those expressed or implied on this call. Factors that may cause such a difference includes the uncertainty associated with pharmaceutical development and the regulatory approval process as well as difficulty in forecasting sales, revenues and expenses.

More information about the risks and uncertainties faced by Immunomedics is contained under the caption Risk Factors included in the company's periodic reports filed with the Securities and Exchange Commission, including the company's annual report on Form 10-K for the year ended December 31, 2019.

With that, let me turn the call over to Behzad.

Behzad Aghazadeh

Thank you, Chau. Good afternoon, everyone and thank you for joining. Second quarter 2020 was transformative for Immunomedics. In particular, we reached important milestone of receiving our first ever drug approval from the FDA and were able to launch Trodelvy in the US within one week of FDA's accelerated approval. Clinically, we delivered on our promise to report top line results from the confirmatory Phase III ASCENT study in mid 2020, and the results clearly demonstrated the significant benefit Trodelvy is bringing to patients with metastatic triple negative breast cancer. Financially, we successfully bolstered our balance sheet with a very well received offering and are well positioned to fund our solid growth trajectory.

And finally, as the world continues to contend with the challenges presented by the COVID-19 pandemic, I'm [Technical Issues] of our organization for rising up to the challenge and effectively navigating this difficult period, delivering in virtually every aspect of our business and fulfilling our promise to patients and shareholders. While we are still early in our launch, it is clear that Trodelvy has been well received by patients and their treating physicians alike. In only two short months since approval, we achieved $20.1 million in