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Array Biopharma (ARRY)
Q3 2012 Earnings Call
November 5, 2012 04:30 AM ET
Tricia Haugeto - IR
Ron Squarer - CEO
Kevin Koch - President & CSO
Eun Yang - Jefferies
Howard Liang - Leerink Swann
Stephen Willey - Stifel Nicolaus
Matt Lowe - JP Morgan
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I will now turn the call over to Ms. Tricia Haugeto. Ms. Haugeto, you may begin. Tricia Haugeto.
Thank you Kim. Good morning and welcome once again to Array Biopharma’s Conference Call to discuss the Abstracts on ARRY-520 and ARRY-614 accepted for presentation of this 2012 ASH Annual Meeting. You can listen to this conference call on Array’s website at www.arraybiopharma.com. Also we are using slides today to accompany our remarks. The slides can be downloaded on the Investor Relations homepage of our website. In addition the replay of the conference call will be available as a webcast from our website. I would like to introduce Array’s Chief Executive Officer Ron Squarer, I would also like to introduce Kevin Koch, our President and Chief Scientific Officer. Mike Carruthers our Chief Financial Officer and Karsten Witt, our Vice President of Clinical Sciences who will be available to answer your questions as needed.
But before I hand over the call to Ron, I’d like to read the following Safe Harbor statement. The matters we are discussing today include projections or other forward-looking statements about the future results, research and development goals of Array and its collaborators and future financial performance of Array. These statements are estimates based on management’s current expectations and involve risks and uncertainties that could cause them to differ materially from the actual results. We refer you to risk factors discussed in our filings with the SEC including our Annual Report filed on Form 10-K for the year ended June 30, 2011 and in other filings Array makes to the SEC. These filings identify important risk factors that could cause actual results to differ materially from those in our projections or forward-looking statements.
Now I’d like to turn it over to Array’s CEO, Ron Squarer.
Good afternoon everyone. And for those who live and work in the New York areas. We continue to track the aftermath of the devastating storm that they came through the area and your loved ones and friends and family rapid recovery. This call was originally scheduled to describe the abstracts on ARRY-520 and ARRY-614 which have as of this morning been posted to the ASH website. In addition to the ASH abstract there is a great deal of progress emerging across our broad portfolio. At this point Array is evolving into a late stage development company with full five programs having the potential for pivotal trial decisions by the end of calendar year 2013.
And as of this morning, we actually had a one more product to our Phase II line up with VentiRx having dosed the first patient with our toll-like receptor 8, VTX - 2337 in a Phase II study in ovarian and related cancer. So this brings the total number of Array products currently in Phase II to a remarkable 11.
I’m on slide three now and on this slide we summarize our value drivers, the components of our value can be separated into three clear buckets and while these buckets are roughly similar in value from a risk adjusted point of view. We sense that many in the investment community, value Array mostly on our MEK inhibitors alone and that’s in the middle bucket on the slide which includes the MEK programs which we have already, which have already demonstrated impressive multi-tumor activities. These, of course, include Selumetinib, partnered with AstraZeneca, and MEK162, partnered with Novartis, both of which we believe to be progressing towards pivotal trial.
You may recall we stayed on our quarter call just last week that Novartis has scheduled an R&D Investor Day for this Thursday, November 8, at 8 a.m. Eastern Time and we expect to providing an update on forward plans for MEK162. We encourage our investors to listen in to their presentation this Thursday this morning. Next to the MEK bucket on this slide, we listed the all presentation topics from ASCO 2012 all of which could represent forward registration pathways for these products. Although MEK in general has shown even broader tumor activity than listed here. OK.
In the lower left bucket on the slide, this includes our existing partnerships beyond MEK as well as ARRY-797 our pain program and ARRY-502 asthma program, which we plan to partner given internal focus on hem/onc. So we are planning to partner with both of those. We were actually very pleased to hear earlier today and again exciting times at Array that the late breaking 797 abstract which we submitted to ACR it was accepted for presentation on Tuesday November 13.
The late breaking abstract was posted on the ACR website this morning and refers to our randomized placebo control Phase II study of ARRY-797. In which patients with osteoarthritis pain, which was refractory to NSAID treatment, showed statistically significant improvements in the WOMAC pain scale. What is really important and new in this abstract is our data regarding biomarkers of cartilage, COMP, and bone CTX1 degradation, which also were accessed and in fact with 797 treatment that they both were reduced statistically with comp and CTX-1 at week four down 10% and 38% respectively.