AVDL - Earnings call transcript Q2 2019 | Avadel Pharmaceuticals plc

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Operator

Good morning, ladies and gentlemen. Thank you for standing by and welcome to the Avadel Pharmaceuticals Second Quarter 2019 Financial Results Conference Call. At this time, all participants are in a listen-only mode.

I will now turn the call over to Mr. Mike Kanan, Chief Financial Officer of Avadel.

begin. may You

Mike Kanan

release good us and issued everyone thanks release. and second website on Thank www.avadel.com. at our morning conference joining This news results on XXXX we be call. for accessed quarter our you, financial to can This our morning

a we of Private the following Securities Reform Act begin, As presentation of number of a reminder, the constitute that meaning before XXXX. matters forward-looking the includes statements within Litigation

results uncertainties statements materially to are actual subject could Forward-looking such differ and those statements. that in risks contemplated from cause to forward-looking

described may risks achieve meet products These under regarding public are XXXX. and March and that in Form in and XX, ended include: the including requirements; of regulatory objectives on other the market the Act, or development milestones impact stage for which more on filings the XX-K year XX, XXXX, products; product the December not or risks Avadel's acceptance fully filed Exchange uncertainties was scientific competitive stringent pricing. These

Except to by forward-looking this or in update statements future contained no revise presentation undertakes as obligation law new or otherwise. any information, events required reflect to Avadel

Medical and On me Chief Officer; Greg our today Dr. Officer. Chief Jordan Divis, the Executive Dubow, our are with call

call time, Divis. this over will At turn Greg? I the Greg to

Greg Divis

Thank on you, you our thank Mike. us Good morning, for call joining everyone and today.

and number the generated the cash a a plans the in continued number optimization FTXXX, required legacy FTXXX; across complete As operational cost XXXX including: being and the has rapid organizational strategic people the deliver three, ensuring objectives our put we the great progress NDA actions; in we flow our progressed, make and business. that earlier provable focus a viable reduction place of hospital to two, timely, of restructuring we year by one, continued positive commercially and deal number communicated this on a and and substantial to

taken our savings. annualized in reduction restructuring $XX revenue and quarter in on track to while realize portfolio, between our from actions and cost to-date better-than-expected Specifically, helped saw cost million hospital million two, us $XX we

This of alternative investment the second the XXXX, combination cash, FTXXX, continued while by a of company's have Avadel accelerated stabilizing and well we bring this operational cost nominal the In FTXXX. better-than-expected was the positioned of and in our our half to to Through believe patients. we the demonstrated beyond, as balance performance progress to narcolepsy during aggressive in only much-needed health. we is therapeutic advancing this have continue quarter, work XXXX reductions financial that use of revenue and first

second Let's the review for of highlights the some quarter.

Regarding FTXXX, enrollment in continues the to with progress line plans. REST-ON study in our

of we half nearly As of have XXX second target the complete XX% enrollment. enrollment enrollment rate, to of in Based randomized the we subjects, remain or on track on today, our current XXXX.

we advance discuss of Dr. support will Clinical President FTXXX, Jordan in FTXXX recently Seiden, Senior on Chief of our the key appointment moments. and these Medical In as Clinical Dave Wells, medical as and the to and our Vice update Medical strengthen have Jordan Medical Operations; few as Director, the Courtney Development an as well appointments provide Dr. significantly clinical Officer, with a appointment of announced as and efforts team, Dubow, Affairs. program

is team to medical impact and on an clinical new the program. Our FTXXX already beginning make

in their look in comprehensive and contributions to bringing confident a are and expeditious the and forward both to manner. market We FTXXX team's to impact

payers, XXXX once-nightly as well care The ways. the as work Patients, in to some contribution demonstrated in all potential the in of of the itself a of data to patient of to manifest which recently high This importance narcolepsy a treatment. we degree SLEEP value pharmacokinetic, conducted expressed PK, was have the oxybate a space, in highlighted doctors FTXXX or have potential differentiate conference. presented interest sodium continues also many at in and was FTXXX

our gram study data comparison head-to-head once nightly PK immediate-release X.X sodium oxybate. We FTXXX a X.XX to from presented of grams twice of nightly

a three data data demonstrated which increasing or concentrations presented measured compared demonstrated proportionality we FTXXX. dose the oxybate. peak FTXXX's under This across twice-nightly and total of linearity drug from doses study, once overall when area lower to similar by AUC exposure addition, sodium as In plasma nightly curve

and like over call FTXXX, the share further our I'd turning current Before for highlights to on Jordan operational update financial on some to position.

restructuring we to quarter in one we the yielded achieve. initiated sought has major the results First,

$XX annualized to Our SG&A to continue expenses savings. are in to $XX already realize million we noted, expect cost substantially down million as year-over-year. And

focused flow cash Secondly, products on hospital our and we remain from maximizing business. the opportunity

on existing be in excess had of of Based performance business half revenue ahead to which of is guidance, another expect XXXX the we the For legacy the full million. now to first hospital year, previous quarter. year strong well products, $XX

previously approved expectation and our on maintain It given forward. downward competitors business new this is note of important revenues for to assumed the the that pressure pricing and and we going nature increasing

position manage defend As expenses FTXXX. their we margin have in of to both will we done in respective and the support and the development to that positive ensure markets, flow to of our business each while continue continues cash the past, aggressively generate we carefully

discretion is new from review FDA which had the was the FDA's in provided. NDA additional extend extended data ongoing or during assigned had accepted We its NDA. extension XX an date submitted information requested company we and by for submitted requested This data March action are the the December as their PDUFA date related and to and original was September to on the the the of Furthermore, information when by XX. with to of the shared PDUFA the PDUFA FDA deadline yesterday XX AVXXX, date it

our is strength our in three-month that of contribute NDA our in point the timing planned It provided. It first in is the if XXXX. to to we've changes the approved important begin revenues the commercial quarter out including will that data launch additional we expectation to this have or submitted, no belief of way package extension AVXXX

I Avadel am a is that pleased entering report than was different to company XXXX. what to-date, very it

improved that a financial health, changes development contributed believe significant organizational which of to to which our our series a $X continues position has of had further potential disruptive the billion plus and undergone in FTXXX, have drive all of we focus to us We market.

With that, further Dubow, like FTXXX call over to program. to Chief on Officer Jordan? I'd our to provide turn the Dr. the Medical Jordan commentary

Jordan Dubow

had at good I'm and Avadel Thank assemble end importantly, optimize team are one, three today, immediate objectives: number Avadel at morning you everyone. Greg headed. joined medical remain I development we're a and I about FTXXX of more months and where the my When excited of into and third-party review clinical tenure and four, we now to where REST-ON help several the and the it April, potential narcolepsy the of trial; the development trial number differentiate REST-ON standard number as for clinical enrolling care engage body complete to two, patients current market; in and evidence program; in the sites of of the alternative the more three, further the a FTXXX number with patients. clinical closely FTXXX strengthen supporting the

with of progress of the important to objectives. report Speaking I'm pleased you these towards each all today,

as week, last Vice with as Director. team our we announced Wells, appointments we medical Courtney Senior Seiden of the As David and clinical Medical Dr. President and Clinical Operations; strengthened

with have the complete prepare clinical depth give to help the needed peers Courtney for its Dave, contributions commercial success. with differentiated comprehensive anticipated accomplished us approval will gain to and data a to clinical data us we seasoned development REST-ON study, highly regulatory FTXXX In two position the professionals and package and drive medical product

completed. review of the FTXXX company, third-party I and the the Since joined broader the clinical has trial program been REST-ON development

confident the eventual program opportunities position and the are both have in overall of are identified we REST-ON enhance clinical the as certain the potential market. FTXXX and originally developed, in we status While trial evaluating to

opportunities track We look more are potential to XXXX. details months. in enrollment in we the and half expect remains to completion forward the and coming expeditiously continue sharing evaluating second on all of In meantime, the we

are Since resources we've to actively the need opportunity the enrollment patients. sites. joining effectively meet of most investigators with ensure this that we The enrollment and aim providing to engagement Avadel, output increased of our all efficiency serve is to maximize had to the

last to a evidence FTXXX strengthen progress well. The We've great as made is objectives supporting the body my alternative front standard-of-care. as further current of to this immediate potential the on of clinical

Conference, once-nightly formulation In investigational presented between two the standard-of-care of and on we June, posters SLEEP XXXX a FTXXX our sodium the pharmacokinetic comparison at oxybate formulation. head-to-head including a twice-nightly

lower at sodium sodium overall at administrations. X.X In Cmax in PK to a and to twice-nightly gram the immediate-release mean the were similar initial comparable absorption, dose across concentrations twice-nightly rapid in overall head-to-head oxybate tolerability hours oxybate, blood safety sodium eight that twice-nightly exposure with exhibited Similar oxybate. similar study FTXXX level,

the across of dosage results FTXXX oxybate. study dosing proportionality we for known The exhibited regimen. those with the three profile administered was sodium once-nightly what that the and each proportionality consistent PK profile presented needed maintained was at doses demonstrated safety for consistent for with is Cmax the a Dose dose range of

supports response these FTXXX. was who enthusiasm The and attended data our of encouraging the from extremely towards conference those

sharing another has We Sleep forward recently building are in the as been World weeks with data for at oral as September. study Vancouver coming to an in that well. excitement We Congress upon look this from accepted in you data presentation the

the We of has highly FTXXX right have and bring are and believe to impact that manner. is expeditious to we complete with to summary, team the study. making type our new REST-ON by we been progress most the FTXXX In the built market make encouraged team the in that the required

to Kanan the With the to that our CFO I review to would like call over Mike financials. Mike? turn

Mike Kanan

Thanks Jordan.

some I Before want quarter, to financials important the summarize detailing the financial for highlights.

back from when when the heard First, in full guidance Greg we you as revenue year than were year anticipated our May. hospital updated our we began and better say, business we revenues

million Revenues first were $X.X of higher is the quarter second quarter and $XX.X this than in million XXXX. the

this business performance are to hospital We flow. positive continues generate pleased our with cash as legacy quarter's

Second, hold. taking our are actions cost reduction

this meet as about These through six $XX the months U.S. cost have reductions are business. XXXX. first $XX million to the the were Ireland, cut cost And million align cost $XX million company's targeted needed we you to goal earlier France, on of reduction with We by Greg including our heard cost year. the structure actions and track to say, we the realities of in

all noting eliminated. It's Noctiva associated Specialty and virtually cost with have Pharmaceutical LLC been Avadel that worth

France. in complete Our underway are well and restructuring in actions Ireland

restructuring pleased to these that to implement lower projected. we say we the than are trending originally I'm actions cost

of costs. Through total. As now between million $X restructuring about of incurred million to cost you $XX $XX expect in million expect we to we've XXth, be and $X restructuring cost recall $X restructuring may could million June million cash

than Better flow or cash of end million REST-ON cost components June Cash in the investment revenue to And our study burn FTXXX, mentioned, longer-term was say minimal and working on our anticipated these current fund was cash resulting the and plan, key use. use at including of and our end XXXX be million aggressive of at results. sufficient and finally, our the March. hospital QX. portfolio from factoring of actions capital, in our cost expected to quarterly cash our this and Based and our completion cash trends is cash into our continued $XX.X on been includes projection for to cash to reductions forecasted $XX.X the that I'm topline of hand restructuring disclosure pleased compared flow as operations reductions in improvements in have mitigating of

for like the financial Now, of rest highlights touch I to on the the quarter. would

the quarter, the in down result As products, and selling price to compression. quarter mentioned, prices our competition from market last second all $XX.X hospital year, of $XX.X revenues second across of million were a as net increased due for lower million

higher competitive that XXXX actions pricing QX, launches during quarter. revenues were stated, occur and/or previously the did to than due we primarily As not anticipated

to annual in project above expect we excess be We million. to the from increased to revenues be million date, still strength or said revenues our expected products do seen This for an be however, in to launched total represents which XXXX. That call of competition $XX to guidance from due increase $XX launched XXXX. for now prior

at in million R&D million of of expense $XX.X cost France and lower the year. result R&D compared quarter with $XX.X Lyons center. last the second associated second primarily NOCTIVA taken XXXX, This quarter exit the the of was decline we've the was in to reduction our spending actions

development the continue however of expenses We R&D a to of amount FTXXX. our clinical invest towards substantial

of were early to cost Restructuring $X.X in resulting in which mostly XXXX. quarter $X.X XXXX, we million G&A charges second million the restructuring XXXX. NOCTIVA reduction expenses of actions actions France reduction the million of about we as This in to with cash. $XX.X in primarily to second from exit the compared was was quarter, initiated reduction that SG&A implemented quarter the part due our the significant related cost million was second in and $XX commitment preserve from lower associated to

U.S. the as finally, tax process made return you of part Avadel LLC. Specialty U.S. Federal several IRS claims $XX And Pharma all member files in was in consolidated bankruptcy Pharma consolidated of against as be company's aware, the a as Specialty Specialty claim tax group. IRS as some the group. may Specialty for the million Pharma tax proceedings liability U.S. its the a members against bankruptcy joined Pharmaceuticals filed of of has claim The

positions working the the disagree four legal tax adviser vigorously. claim Specialty Pharma we matter. big the our Both advisers of IRS on are closely to merits and with our We a and this defend and intend company with

through performance year. are beginning initiatives in we half positioned our overall our to reflected well and with results our the and be benefits moving pleased undertaken are The first cost of quarter over reduction the the last of forward. we've We are financial

Now, back over Greg. I'd the to turn like to call

Greg Divis

undertaken necessary Thanks, flexibility once-nightly needs therapy at substantive investigational Mike. have of the XXXX, aimed Avadel ensure, the reshaping to and product in to FTXXX. the community. success novel to have narcolepsy far for we financial actions potential Thus to this our in on itself unmet major number optimally address medical continues FTXXX maximizing of we the to position a focus progress in make

with our Avadel appointments. last We've bankruptcy Over plan LLC NOCTIVA sale preserved medical early team advancing the by the stem burn. strengthened the have We've we and in cash several restructuring of Pharmaceuticals cost of of rapid key clinical completed subsidiary's exit savings the February. months, untenable assets the via announced to cash Specialty that

review FTXXX further of created according We've value with progress new including data the to our compelling potential proposition investors, highlighting We've REST-ON presented SLEEP plan. transparency the continued level XXXX at of on has to enrollment conference. a quarter which We've was as NDA accepted obtained intellectual quarter, third priority previously fourth protecting our has AVXXX through which to extended date, for PDUFA been XXXX FTXXX, described. property mid-XXXX. subsequently And the with the

result progress targeting of X a the FTXXX, that specifically are we milestones, we're $X.X market organizationally a As and Phase in a with these asset making exceeds confident billion.

clinical pursuing REST-ON program, FTXXX is proceeding enhance track plan, medical and year, study opportunities strength team to and to on registration are Our according while next complete we are to enrollment well simultaneously potential our the trial. our in including

the enhancements are We're look Although, update competitive continue at necessary we duly not to aspects lie bringing disclosing of appropriate our as these and progress the that keep as investors dynamics opportunities all to of we ensure work once-nightly to-date we given made shareholders informed material developments objective have ahead. to therapy of our the any these important we novel therapeutic patients. this stage, program, of the quarterly possible of this our to we and proud toward of of area, the on both this certainly will progress most as FTXXX forward

Q&A. With operator, ready we're line the some for to believe that, open I

Operator

first the Kaplan Ladenburg line Matt from from question is Thalmann. [Operator Instructions] of Our

I'm Your open. line sorry. is

the Our from Brisebois first question line is of Laidlaw. from François

François Brisebois

the the All for right. Thanks progress. Thank you. questions here. on Congrats taking

due there throughout I you've But whatnot? been it Or guess enrollment process? second now. it'd is So expect like – to see late of in fine quarter. reasons so a seems that – on right lumpiness sorry, now from XX% or at to to with fair terms certain seems is doing the percentage be just XX% enrollment this couple, like XXXX to there half – last any in now so I'm it the seasonality looking reasons lumpiness expect it the the Are enrolled it's maybe are ramp

Greg Divis

Jordan?

Jordan Dubow

Thanks question. for the Yeah.

all enrollment. and think there's clinical trials, in I downs, with ups

they trial. Some we're international is based of seasonality and it how are given, in an

and we continue next now to it's this year. we enrollment is plan two continuing going – way through that quarters. that However, And to the believe continue last been expect when with continue

François Brisebois

you've just are SLEEP -- be just of twice? this? terms nightly of PK importance the Can the that in to at it Or about then two to is – you instead you trying the have lower difference and the there much times the of equivalent results discuss And pretty Great. potentially Okay. conference talked the onetime Cmax?

Jordan Dubow

that reference highest our basically dose. our total showed exposure that level the and have was our So The that oxybate. at product presented the Cmax than twice-nightly dose data we comparable we was the Cmax identical gram of at Cmax overall X.X to sodium their lower that

that. can't In really means on terms comment of that what

just move with Phase comfortable X we're we're and us to trial. the needed think our it the we I confidence PK into – gave

François Brisebois

Understood.

enrollment the XXXX us From seeing half just Okay. remind the in potential complete that just the on the of it? from And data FTXXX. then steps terms respect following second you in can of in

Greg Divis

Yeah.

Frank, Greg. So, this is

patient, last I think visit, would about that last treatment data patients we would patient data XX as last likely would last within line it's approximately have days log. visit trial results And patient have of what we last then last we XX in you expectation follows of completing top into that, is our the log. think weeks would first be that then that the and visit

François Brisebois

But this digest of have be top kind Or quickly at line to result to look the something showed and that do Street? then, is it? could that you

Greg Divis

Yes.

think that when about I time the would that data be approximate frame today XX it be disclosed. days as think of would we

François Brisebois

jump? line, I on on the Okay, had platform. going in -- And or on anything that's come necessarily? that specific not quite the the products competitor great. a this hospital been did guys beat you in the a specific versus top to that any product it's with guess then on that explain trend Anything Or

Greg Divis

we really what characterize of favorability of timing the competitive business think of approved this business our market this Earlier strength the has the haven't. year, the drivers out really, initial really would tied guidance, by launches. we as time. recently of the been to there would Frank, assumed come to date the have number been, competitors of I Yes, frankly that when came to primary has the with they quite had we a And

for So the performance they can't come a business, that's will they And us. will or if when positive been of come. the to we speak

but come the are primary that will that's -- assumptions and driver. they Our been

François Brisebois

the this? lastly about hit No for you kind Great. that terms helpful. in look then IRS. de you numbers -- guys this that just all is related the big have? cost very to potentially? is Or Okay. had comment a you maybe just last something And of the if of that's Can Mike Is the at the this talk you minimis

Mike Kanan

Frank, and it's XXXX We're surprise is. merit. audit the so have complete close going for been far come do And to have this. IRS starting It's was Mike. and No, XXXX issues even none claim to Administratively, defending around what XXXX. without of audit audit the defend us. this ourselves ourselves. to that's vigorously they're to that claim really open this we're a We an have raised in

cost will in lawyers be but and for nature. and help advisers through tax significant some accountants We us to this, won't it incur

exposures. and you've our each XX-K we've we vigorously charges got we that any as going take point. -- ourselves may And around done this have any prepare and tax at to know, part IRS. process. of of our we're any may So provisions XX-Q. further to our audited tax merit not or for matter it's financial you all going we're to When not as we we preparation of And all statements from we liabilities But through positions are tax the and these this take record look at this without honestly, year things seriously the defend

François Brisebois

when resolution? this and And kind would you Great. guess -- came just remind just expect can you the when I Okay. about of me

Mike Kanan

I resolution want we but become about got fast July. That's process how around exit completed. to part all Well through in aware to, bankruptcy. the aware take get it June, a get very can't to this we this it. bankruptcy. for will came a or of but process And it and through plan urgency that late we to of because became urgency is have get how it complete predict bankruptcy sense of didn't the sense we when this long early until of bankruptcy of we've But And it, to of

François Brisebois

it progress. Okay. Well you. congrats me and the for All right. thank on That's

Mike Kanan

Thanks, Frank.

Operator

question from from next Kaplan Our is Matt of Ladenburg line the Thalmann.

Your open. line is

Yinglu Zhang

Matt. Hi. This is Yinglu again for

couple have I think I questions. of a

also you for any advantages considering REST-ON into conference, based FTXXX the enrolling presented you the PK to or FTXXX the SLEEP there adding you we versus at more seeing are the the which study for safety potential recent progress made study, continue in REST-ON the of acceleration First be given study? size And patients Xyrem profile efficacy could on are enrollment?

Jordan Dubow

Yes.

the for questions. thanks So

actively So sites in Everything being is that focused we're resources, enrolling are on now our size on terms right those of active. sites focused efforts.

sites sites, In going constantly ways may or I'm terms on improve comment of to adding study, we add. the enrollment to additional but not that on we're not evaluating specifically may

in exposure the twice-nightly were clinical oxybate to needed our to patients. I profile is very we is to obviously, lower. Phase forward We -- us data it's same, the in terms that our excited feel benefit that formulation In the give said, a We're, SLEEP of profile, good gave our what's these move feel us provide the confident once-nightly is X. Cmax PK presented sodium we and about that pharmacokinetic at confidence as

oxybate of comment specifics twice-nightly or that. on I sodium terms versus efficacy can't In safety

Yinglu Zhang

Thanks. And All provide the perspective, what the requested? details any safety potential from right. product? which you AVXXX, potential this there differentiate Thank that this some as are And also are product you a the also us on the data for of could FDA the nature can from seeing product you. for market? And the current advantages market around

Greg Divis

the NDAs would I that for we you would purposes I requested that data Remember additional question. prior. to describe requested. we've company, more a analytical they as say With was these regards would -- Thank much of reference data three the AVXXX, for Yeah. was done

experience to lot to on success. the plan team based track experience move approved. extensive have these And unapproved and executed We of of a record a understanding that how and

I more the provide. some we -- -- it's with would clinical studies as the product can analytical additional That's any characterize data share to relates it. do requested FDA What as we all wound analytical our much and data so products, that's really don't data. was I There's we about it it these

it potential what you as With historically the we've as has the safety market around will, and product history, see in today. if said the larger $XX but market some there's we benefit been in of again. get have which potential been market shortages past the experiences was see we regards that's It believe a to in we at potential value this its to category the million and in the stronger has market

that our our submitted have what represents And potential process product, that's we of have have for what for our was approval. unapproved the market and product with application were that some corrected and that identified during issues product our is development uncovering and on part the in developed we safety and the with program this now

Yinglu Zhang

on really which helpful. seeing is asked last if was before can question products? hospital competitive you some was you. but That franchise, wondering landscape details you. additional about the Thank was these product you're My Thank for the on three provide I

Greg Divis

products been vascular beginning We probably saw those on. reason. have category would forecasting whatever potential year I phenylephrine, that say of new largest continued delayed That's product. change be most -- our that we're for to in come or in it the of approvals across of this that number the that enter been in particular as some we it's that early launches the XXXX. projecting was had our we Yeah, a since And

we a leader there. XX number market the or marketplace I In There's nine terms neostigmine this it's fairly marketplace stable of point. competitors. of is in category, a the and believe now at remain There

terms the of Vazculep or and ephedrine phenylephrine Akovaz, there's there. in to we remain regards there's the And four. marketplace In five leader market with

that's that a pricing. volume and balance for XXXX two both stable and nearly now fairly in of new the during coming upon up We been of approval seen haven't in terms years category

Yinglu Zhang

the much quarter. and you on Great. so Thank congrats

Greg Divis

you. Thank

Mike Kanan

Thank you.

Operator

the from from is question Sesser Michael line next Our of DWS.

Your open. line is

Michael Sesser

guys. Hi,

from legal Serenity more one with Specialty Just you to legal pursuing company? Is question the action bankruptcy the liability quick respect any do any of respect? And against have Pharmaceuticals. that

Greg Divis

Frank proceedings They -- that mean had describe have would within Serenity. -- sorry, Mike I that as -- with no the filed entity litigation this the bankruptcy there's claim active been to that point. are suit have claims between regards within to with the bankruptcy us regards unsecured of a the at -- any a the I or the creditor as bankruptcy proceeding as that only claim filed in the within -- a they creditor filed but They the -- has bankruptcy as an an proceeding. sorry creditor claim proceeding, within and is have a

Michael Sesser

could claim we from what know like And creditor? to can their -- be you do So there elaborate a liability on what ultimately as Avadel that claim?

Greg Divis

that pool dollars $XXX,XXX be number pro confirmation planned disputed the we available rata speak creditors distributed I'll not claims we've upon Well -- of pool that and have to those Yes. had of is that the to unsecured that accepted and are kind We within proceeds received. overall. of assuming a are of

that NDA $XXX,XXX the of marketing and a the So are of inventory and we materials proceeds distributed Noctiva aside it. to the party proceeds set result claims confirmed. the plan of Noctiva within the bankruptcy acquired across as gets what proceeding are the of have of sale to as Those be

Michael Sesser

million the come on $XX-odd there's cash sheet. that's no of way to could this back balance So that Avadel's

Greg Divis

and Yes. that Specialty its is We Avadel own entity. Noctiva believe

with entity within and contractual therefore through the stakeholders only the are those proceeding proceeding. this and are that with with bankruptcy partners and -- and Our bankruptcy adjudicated vendors agreements being contracts

Michael Sesser

Okay. Thank you.

Greg Divis

Thanks, Mike.

Operator

Divis, go At ahead, this sir. to time, I would Mr. now CEO. Greg like the to Please back conference turn

Greg Divis

for and joining and and say you. forward great you. you to just care all we with And Take a Thank following thank we up as look this interest to weekend. appreciate have wrap-up want we of your morning us

Operator

conference. a concludes wonderful day. have participation Thank this gentlemen, your and and Ladies today's for you

may You disconnect. all

Avadel Pharmaceuticals (AVDL) 9 Aug 192019 Q2 Earnings call transcript