Galmed Pharmaceuticals Ltd. (NASDAQ:GLMD) Q2 2020 Earnings Conference Call - Final Transcript

Aug 06, 2020 • 08:30 am ET


Galmed Pharmaceuticals Ltd. (NASDAQ:GLMD) Q2 2020 Earnings Conference Call - Final Transcript


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Good day, and welcome to the Galmed conference call to discuss Financial Results for the Second Quarter of 2020. Today's conference is being recorded.

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 a significant uncertainty about the duration and severity of the COVID-19 pandemic and its impact on Galmed's business operations. We urge all investors to read carefully the risks and uncertainties disclosed in our filings with the SEC, including, without limitations, 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 obligations to update any forward-looking statements or information, which speaks as of their respective dates 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, Mary. Good morning, and thank you for joining us on today's conference call. I'm pleased to be here today with our CMO, Dr. Tali Gorfine; Our CFO, Yohai Stenzler; and joining us from Germany, our CSO, Dr. Liat Hayardeny, to provide you with an update on our clinical development programs as well as report to you our financial results for the second quarter of 2020. As always, we will be happy to take any questions you may have at the conclusion of our prepared remarks.

I'd also like to say that I hope that you and your family are safe and well as we work to overcome the COVID-19 outbreak.

My report today will include progress on our three ongoing programs: ARMOR, our Phase III for Aramchol for NASH and fibrosis; Aramchol meglumine, a new improved version of Aramchol; and Amilo-5MER, a new clinical program in Galmed's pipeline.

Let me start with updates on our ARMOR Phase III NASH study as well as an assessment of the evolving impact of COVID-19 for the second half of 2020. During the last quarter, the Data Monitoring Committee of the ARMOR study held a scheduled meeting and recommended that we could continue the ARMOR Phase III trial with no changes to the protocol. NASH is a chronic condition, which means that safety is crucial for any molecule aiming to address the unmet clinical need related to this disease.

Our second quarter report took place amid the eruption of the COVID-19 pandemic, which forced us to suspend screening and recruitment of patients to our study. As you may recall, our estimation at the time was that