Adaptimmune Therapeutics plc (NASDAQ:ADAP) Q2 2020 Earnings Conference Call - Final Transcript
Aug 06, 2020 • 08:00 am ET
Hello, and welcome to Adaptimmune Q2 Financial and Business Update. With me on today's call is Juli Miller.
Juli, you may begin.
Juli P. Miller
Good morning, and welcome to Adaptimmune's conference call to discuss our second quarter 2020 financial results. I would ask you to please review the full text of our forward-looking statements from this morning's press release. We anticipate making projections during this call and actual results could differ materially due to a number of factors, including those outlined in our latest filings with the SEC. Adrian Rawcliffe, our Chief Executive Officer, is with me for the prepared portion of this call, and other members of our management team will be available for Q&A.
With that, I'll turn the call over to Adrian Rawcliffe. Ad?
Thank you, Juli, and thank you, everyone, for joining us. After a strong start to the year, the second quarter of 2020 has continued to be very productive as we make progress to bring the promise of SPEAR T-cell therapy to people with cancer. At ASCO, we reported new responses in gastroesophageal, lung and head and neck cancers. We've now seen responses in a total of six different solid tumor types, including a complete response in a patient with liver cancer. We initiated a Phase II trial, combining ADP-A2M4 with pembrolizumab in head and neck cancer and announced that we would shortly initiate a new Phase II trial in gastroesophageal cancers. We demonstrated continued efficacy and promising durability with ADP-A2M4 in patients with synovial sarcoma and announced that we have screened more than half the patients likely to be required to complete our SPEARHEAD-1 pivotal trial, working with 20 centers in Canada, France, Spain, the U.S. and now also in the U.K., and we remain on track for the U.S. launch of ADP-A2M4 in 2022. In addition, further validating the potential of this product to meet the significant unmet medical need for patients with synovial sarcoma, the European Medicines Agency recently granted us access to PRIME regulatory support. Finally, we raised approximately $244 million and finished the quarter with a total liquidity of $419 million, funding us into 2022 and so enabling us to focus on developing the signals we've seen in our trials and bringing ADP-A2M4 to market for patients with sarcoma.
For the remainder of 2020, we plan to provide clinical updates at major medical conferences, including an oral presentation by Dr. Bruno Sangro from Navarra University Clinic in Spain, who will present data from the third dose cohort of our ADP-A2AFP trial at the International Liver Congress later this month. We also plan to present updates from our SURPASS trial and additional durability and translational data from patients with synovial sarcoma, our Phase I ADP-A2M4 trial in Q4. We will update data from the radiation sub-study of this trial in 2021 as we have not yet recruited sufficient patients to be meaningful, partially due to the impact of COVID-19, the next topic I want to cover. Like most pharma and biotech companies, and