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Jaguar Animal Health, Inc. (JAGX)
Company Updates Conference Call
May 21, 2018, 16:30 ET
Lisa Conte - Founder & Chief Executive Officer
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Unidentified Company Representative
Thank you, Operator. Before I turn the call over to management, I'd like to remind you that management may make forward-looking statements relating to such matters as continued growth prospects for the company, industry trends and product and technology initiatives. These statements are based on currently available information and management's current assumptions, expectations and projections about future events. While management believes that assumptions, expectations and projections are reasonable in view of currently available information, you are cautioned not to place undue reliance on these forward-looking statements. The company's actual results may differ materially from those discussed in this call for a variety of reasons including those described in the forward-looking statements and Risk Factors sections of the company's Form 10-K and its other filings with the SEC which are available on the Investor relations section of Jaguar's website.
At this time, it's my pleasure to turn the call over to Lisa Conte, President and Chief Executive Officer of Jaguar Health. Lisa, the floor is yours.
Okay. Thanks a lot Scott and thank you all for joining us. I appreciate this opportunity to update the Jaguar Health and Napo community today following the company's 2018 annual meeting of the stockholders which we just held this past Friday, May 19th. The release of our first quarter 10-Q last week as well as and most importantly our recent equity financing which we announced on March 26, a critical cash infusion to expand the commercialization efforts directed towards Mytesi the prescription drug Jaguar acquired with the acquisition of Napo Pharmaceutical last year. Napo is Jaguar's wholly owned human health subsidary. Mytesi is approved by the USFDA for the label of symptomatic release of non-infectious diarrhoea in adults with HIV, AIDS on anti-retroviral therapy. Diarrhoea doesn't have to be because of the anti-retroviral therapy but the patients need to be on antiretroviral therapy therefore in care. This is the first of what we hope will eventually be multiple commercial indications for Mytesi and to clarify as I go through this presentation I may use the terms Jaguar, Napo and the company interchangeably during my comments.
With respect to the recently closed financing which was critical to our futre Jaguar spent several months in the latter half of 2017 and in early 2018 working through due diligence with targeted long term focused investors. Our goal was to try to break-out of the typical structured financing of the micro-cap world in which we found ourselves and instead found a financial partner, a partner with which we could set a financial foundation to grow and sustain the exciting commercial prospects of the company which are rooted in a novel way to treat [indiscernible] diarrhoea currently in people living with HIV AIDS and that we did fine with the leadership of Sagard, Avis Canada and other long term [indiscernible] institutional investors we completed a financing of approximately $14.2 million in gross proceeds and an anticipated 2.1 million to 2.5 million of additional investments on or before June 30 of this year 2018 in the concept of a banking green shoe although this financing was completed by ourselves with no banks or transaction fees involved.
Sagard invested at an effective conversion price of $0.185 per share premium to where we closed today with a one-time liquidation preference and participation right upon a change of control, liquidation or winding up of the company. No warrants, no resets, no anti-dilution. What brought in this remarkable financing partner is the remarkable asset we have in hand. Global unencumbered rights to our first in class anti-secretory agent Mytesi for the first indication in age related diarrhoea which is a chronic indication for which we have chronic safety data in hand and commercial manufacturing in place and multiple Mytesi follow-on indications are in development with proof of concept human clinical studies having been completed for most of these potential follow-on indications. We were able to support a soft launch of Mytesi the end of last year globally percolating out resources to commercialise Mytesi's post-merger which was completed in July 2017.
With the financing we closed in late March of 2018 we were able to start the second quarter of this year just last month by engaging in a broad range of commercialization efforts for Mytesi and we believe that spending we're conducting in support of these efforts is commensurate with the requirements for commercial launch of the specialty pharmaceutical product like Mytesi. The expansion of Napo's team of highly experienced sales reps is a critical component of our commercialization efforts, doctors need to know about Mytesi and be aware that there is now a safe anti-diarrheal the only one specifically tested in people living with HIV AIDS that's non-constipating and normalizing mechanism of action. They need to know about it as they are going to prescribe it.
I'm pleased to report that the company now has a team dedicated highly experienced Mytesi sales rep working directly for us, this team [indiscernible] highly experienced in the HIV community itself and in addition we have a National Sales Director , a Regional Business Director and a dedicated telesales rep. We issued a release on Friday and stated that we have 17 reps and I'm thrilled to report that an additional rep has now signed on with us. In sales, of course the signing, identifying, targeting the correct audience is paramount, Napo sales force is focused on targeting the right doctors. HIV specialists who are high prescribers of anti-retroviral drug as well as gastroenterologist who see large populations of people living with HIV AIDS and our force is strategically positioned to cover the U.S. Urban and Non-Urban Geographies that you would suspect for an indication in the HIV population. San Francisco, Los Angeles and Palm Springs, Miami and Southern Florida, Northern Florida, New York, New Jersey, Pennsylvania, Delaware, Maryland, D.C., Houston, North Texas, Chicago, St. Louis, Indianapolis, Kansas City, Alabama, Mississippi, Louisiana, North Carolina, South Carolina and Atlanta are now all covered with a rep.