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Amicus Therapeutics, Inc. (FOLD)

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Amicus Therapeutics, Inc. (FOLD)

Q4 2008 Earnings Call Transcript

February 5, 2009 5:00 pm ET

Executives

John Crowley – President and CEO

Matt Patterson – COO

Jim Dentzer – CFO

Analysts

Geoff Meacham – JP Morgan

Greg Wade – Pacific Growth

Matt Osborne – Lazard Capital

Presentation

Operator

Good afternoon. My name is Gwen and I will be your conference facilitator today. At this time, I would like to welcome everyone to the Amicus Therapeutics conference call. All lines have been placed on mute to prevent any background noise. After Amicus' remarks, there will be a question-and-answer period. (Operator instructions)

During this call, Amicus may make various remarks about the company’s future expectations, plans and prospects that constitute forward-looking statements for purposes of the Safe Harbor Provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors including those discussed in the company’s most recent Annual Report on Form 10-K and our periodic reports on Form 10-Q. These documents are available from the SEC, the Amicus website, or from our Investor Relations representatives.

In addition, any forward-looking statements represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date. While we may look to update forward-looking statements at some point in the future, we specifically disclaim any obligations to do so even if our estimates change.

Before we begin, we would ask everyone to go to the Investor Relations section of the company’s website, amicustherapeutics.com, and print out the press release and related financial tables. These will be particularly useful when the company reviews the financial results and reconciliation to non-GAAP financial measures discussed today.

Now, I’m happy to turn the call over to John F. Crowley, President and CEO. Please go ahead sir.

John Crowley

Thank you and good afternoon everyone, and welcome to our fourth quarter full-year 2008 conference call. I am joined on this call by other members of our management team including Matt Patterson, Chief Operating Officer. Matt will provide an update on our lead lysosomal disease program. I’m also joined by Jim Dentzer, Chief Financial Officer, and Jim will be providing an overview of the financial results for the quarter and for the full-year 2008. David Lockhart is also here, our Chief Scientific Officer. And David, as always, will be available to participate in the Q&A portion of the call that will follow our remarks.

Let me begin by saying we’re very pleased with 2008. We think it was an excellent year for Amicus. We achieved our planned development milestones. And by doing so, we made significant regulatory and clinical progress in each of our three lead programs in the lysosomal storage diseases, and this is consistent with our guidance. In addition, we also continued to invest in the pharmacological chaperone platform more broadly. In particular, we generated very encouraging preclinical data, demonstrating the potential breadth and versatility of our science, and we’ll talk more about that in a short while as Matt goes through his section. And finally, we maintained a strong financial profile, ending the year with $121 million in cash and marketable securities.

So in 2008, we continued to build a strong foundation through solid execution on multiple fronts. We expect 2009 to be a very transformational year for Amicus. This year, we expect to achieve several key development milestones in our lead programs and to transition to a late-stage biopharmaceutical company as we move to initiate our first Phase 3 clinical study. I will highlight our 2008 advancements with respect to our three lead programs, and then I’ll turn this call over to Matt to go into greater detail on each of these programs.

In 2008, we made significant progress toward the finalization of a thorough and well-designed global Phase 3 program for our product candidate Amigal, our chaperone for Fabry disease. Through multiple interactions with regulatory authorities in both the United States and in Europe, we were able to secure some very important agreements and helpful guidance. In the United States, in particular, the FDA has agreed that Amigal for Fabry can pursue an accelerated approval pathway based on a Phase 3 clinical trial comparing Amigal to placebo using a surrogate primary endpoint of kidney GL-3 level. We have been and continue to be very encouraged by the interactions to date, and look forward to our final discussions with the Agency in the coming months and to initiating our Phase 3 program in the second quarter.

Turning briefly to Gaucher, we are very pleased also with the progress in that program. We expect to have surpassed our target enrolment in our ongoing Phase 2 clinical study. A six-month clinical trial in patients naive to enzyme replacement therapy. And we now expect to report these results in the third quarter of this year for that study. It is our goal to complete this study and to, in parallel, work with our partners at Shire to advance this program into Phase 3 as rapidly as possible.

I’ll comment here, finally, in the introductory remarks about our Pompe program and also note continuing excellent progress on that front. Our Phase 2 trial of AT2220 is ongoing and we expect to report results in the second half of this year. In addition, we have recently reported on some interesting preclinical data, evaluating the potential for the combination of our chaperone AT2220 and an enzyme replacement therapy to be a potential new treatment option for people living with Pompe disease. And we continue this preclinical work, and we will additional data over the course of 2009 to discuss with all of you.

Read the rest of this transcript for free on seekingalpha.com