TTNP - Earnings call transcript Q2 2020 | Titan Pharmaceuticals, Inc.

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Operator

Thank you for holding and welcome to the Titan Pharmaceuticals Second Quarter 2020 Financial Results Conference Call. At this time, all participants are in a listen-only mode. There will be a question-and-answer session following today's remarks. Please be advised that this call is being recorded taped at the Company’s request and will be archived on the Company’s Web site, starting later today. At this time, I would like to turn the call over to Sunil Bhonsle, President and CEO of Titan Pharmaceuticals. ahead. go Please

Sunil Bhonsle

XXXX, and to Sarah, and all joining June for results on an Thank business. our Titan thank Pharmaceuticals’ Welcome XX, ended quarter the the financial we call us. provide for update you, second you and to operational review

be we wanted provides press the can you site results release earlier today to Before summary Web that our of filed and and have begin, the on on report SEC, I a at the quarterly Form inform our we found XX-Q with issued titanpharm.com.

today Operations; Director, on more and the our Titan me National and Chief Rubin, Mike Schrei, Vice Joining Marc President Finance. Joe Probuphine on our have Fritz, who provide a joining Vice Chairman; call Commercial Scientific DeVarney, Sales us from detailed to update Kate programs. of are Crowley, Brian sales we our our President Dr. Dr. Officer; Executive marketing and of Executive And are Executive our Director

Before of the we the an cautions company, the Jennifer review Jennifer? get on regarding provides and required will into update looking financial statements. Kiernan, results the forward details

Jennifer Kiernan

release cause business, of Thank from to than Such statements statements commercialization risks Sunil. operating and Act marketing uncertainties to the information, undertaking management’s today, expressly our relationships. results that discussed Titan’s of property will We process, and obligation and contain intellectual I product, not herein, to XXXX. but other and and of Section production in of XXXX, statement the relating call certain patent of any any Securities conditions materially which remind law. except disclaim the and of programs candidates, access could development, ability the any capital, want to any Act as Such limited publicly be statements or to changes Marc. our current any any not statements that that differ you, circumstances drug forward-looking the risks that or change you, price. statements I'll include Factors events, everyone commercialization any condition that required forward-looking is financial Section meaning Exchange within now matters in negatively to and and Securities or such other the involve to updates may our are could XXA historical those to contained regulatory the testing, are on expectations matters stock over relating revisions reflect agreements and and development of based, expectations to to, XXE by include Probuphine, approval actual historical results, facts. turn strategic uncertainties our or affect any statements

Marc Rubin

thank on for these and staying [implementation] Thank our [Indegene]. in program to made challenging progress our marketing recently We'd joining during in co-promotion you, like with you're the commercial of and Jennifer, times. you implementing and we've substantial healthy sales always, Probuphine made us, hope safe all importantly, the Difficulty] I established progress [Technical and and today's focus call and everybody, as very

the that by expected revenue saying by growth start to originally impacted be me Let COVID-XX. we continues

of impeded travel commercial the a the attempt commercial undertaken our Puerto have expanded in medical In operate to and response, new providers operations team their for care virtual to impacted provide has and with order awareness patients including to providers order ability all relationships XX business, patients with for with the health increase now the establishing substantially impact effectiveness. have their healthcare to REMS additions of presence to use media continue existing potential communication we in care COVID-XX to social of teams, COVID-XX providers states of liaison Although, and importantly, business. on and to our providing to our which Probuphine sales Rico. a key and coverage providing our maximum to new healthcare fully training related in restrictions between both social provider benefits staff, with interactions virtual in and their mitigate person establishing distancing activities grow commercial health have certification Probuphine, and digitally, number tools to we highlight and of

Indegene's Our fully of Medical platform, the patients digital new partnership our first patients. week, embracing we launched last with select approach. Indegene about us for the goal option a value to treatment maintenance campaign expanding capabilities to as a achieve current digital co-promotion and Probuphine's healthcare by to will our help community communications rapidly outreach Using educate providers communication

program are working. with teams In patients trained digitally REMS with patients order the the over are [Technical a followups. There [Technical and providers certified are to that past commercial providers for our in few caregivers their addition, staff and in patients the we connecting healthcare Difficulty] Difficulty]with potential OUD implementing efforts that on focuses months of healthcare assist

March need the for the shares Meeting order enrollments began voted. any in Currently, which scheduled than only in to continued. commercial make continuing just in meeting a into at want approve increase Clinics in yet have in progress to XXXX. approve to the eligible fairly eligible began X.X% if before the proposal authorized Joe our I More one-third increase June, XX, stockholders dropping-off a regions vote an August sustained we shares to And shares been only Special patient the let and vote at increase. will do, of favor Mike activities I can of emphasize we certain Stockholder the be see and treatment all for in on to Probuphine to rapidly minute. Our in that has But I enrollments May. elaborate not

all this stockholders to proposal. vote favor encourage of our of I in So,

successor ongoing for contingent challenging next ability prepare your will this our want discuss importantly, capital, you To lastly to of to raise now support of our we look are if transition end for We and stage experience and And his very plan to safe has Titan expressed and Indegene I to our these And additional most to as development. that we'll call a transition, desire course, retire we commercial company. healthy. the through you pass I broad all by its year, close. please support who and and importantly, let know co-promotion Joe phase stay Sunil the the with possible. partnership Joe? to commercial And during of a for continue with to be Thank times strategy. our on

Joe Schrei

Thank everybody. you, and hello Marc,

months, increase comprehensive driven program and product realized promotion Probuphine activities digitally caused having have we pandemic, the have Over our value the of for adjusting activities. a the past several and to uptake by recognizing limitations plans COVID-XX been the

providing commercial know, entered As digital is support unique companies agreement co-promotion leveraging its strength you brand into by additional partnering we with life’s recently a Indegene's with their platform. life cycle, throughout Indegene.

patients are professionals abuse confident partnership help awareness with disorder. We this will and dealing among Probuphine opioid raise healthcare of

built I of strides out to patients, targeted and say of we significant Probuphine made in path into Soon plans a laying of on determine for select June, have strong confidently utilizing the the a use entering core team next to forward Indegene’s exchange Indegene agreement the evaluate can on and and Probuphine them after for capabilities, collaboration late the several OUD in established treatment and the Titan merits the in the clinics. of to to that HCPs commence product quickest we information have staff encourage months. maintenance educate

with with to strategic guide important certification patient. discussion four and through care solution. They REM frequency. where have and Three, the at right so accelerate drive with and the And as use this finally, desire identify well rapid training We we partnering expressed becomes of to one, existing state the focus and strong Probuphine importantly, and right of HCP are, initiatives, conversions newly of capitalize on desire part established imperatives business, and established to drive Two, more HCPs, prescription. have Probuphine and process. us a co-promotion part reach point as Probuphine the areas, with increasing discussion the who the identified hotspots

and target have buprenorphine allocating of need. this prescriptions. With for XX% HCPs written COVID-XX, are in resources states of identified of XX,XXX who for of the more XX-months. opioid crisis products About last account XX% the pool prescriptions a these to challenges the unmet We've the growing

of will allocate our bulk important to this So group. resources the we

we For million HCP X same we time audience. Probuphine the partnership, content, or XX-months with are the an patient and impressions targeting or every use of anticipate this first XX,XXX engagements

communication platform the with HCPs. with kickoff digital sent audience week to raise XX% Indegene this first from target designed was tactic. of awareness last reached of our out The We Probuphine the successfully

towards launching additional the be will tactics drive geared and will we new discussion at months, a patients several Probuphine care. point that HCPs of next the Over

we program This would drive will and two be another program reach this of with of month at to and is Probuphine. activation tell about exciting you initiative. representatives Indegene patients deploying end REMS patient four month ago, providers our weeks optimize to to I certified treatment to virtual the designed like now frequency. Additionally, the OUD three motivated trained started

This We using a an areas program treated And qualifies in trained, speaking a the If scheduled patients involves nurse education is whether appointment about and learning Probuphine to HCP. trained patient treatment. treatment provider If by can right several right Probuphine media, desired REMS can option. not patient HCP an have HCPs. the a key nurse the to Probuphine for is designed with as interested being social already be prefers, to geographic REMS the with Engagement assess who treatment. individual the with REMS patient who's identified for identify coordinator HCP patient OUD qualify we provide with the trained. is their coordinator an the does new interested match can

have our operations, processes been our that Lastly, specialty activities. greater support crucial with like Mike to to the taking have turn to reimbursement efficiencies work sales toward over evaluating we will patient challenges an fulfillment we and on the into reimbursement pharmacy commercial ample strengthen to consideration who providers. Mike? we optimal call update I'd throughput, ensure experienced. our overcoming we is team's hub in This now as have provide

Mike Fritz

implementing efforts. that Thanks, the challenges driving Joe. providers. execution to pre-COVID-XX to our maximize that new manner on the team. enrollments with the Probuphine from currently and ability major of patients the is I'm account two partnership for has team and like OUD sales effective Indegene proud and activation critical new success presented a partnership by deployed people programs and initiative we've many patient depends initiatives levels, of the Much have that patients highly effective in right comes these our COVID-XX potential demonstrating

HCPs keeping health a OUD account shutdown, implemented to first change provider issues. Let that continue has fear was are and the treatment the including has to to of of pandemic, mental the we the the enrollments OUD platform remain provide under-reported pandemic, result like educational tactics On factors most was patient the patient video customers. a clinics that increase the calls Probuphine healthcare rooted then treatment The XX% past growing months. of growing social anxiety, meetings. seeking level the six that phone healthcare overall March it broadly from since be stability uses calls option in the presents a its in presenting increase speak training of The The as patient months increase and evolved significant, onset the and distancing population, virus address from in educating the facilities need increased providers account started and of of allow of us challenge grow we me an who team value during a for has efficacy a provider of the the the to and It’s productive to on virtual and platform are problem to seen and designed XXth, to which peril to crisis. strength, as for overdoses financial and These of to for to built it. much suite few for allowed many need exposure frequent work an and patients issues. informing, mitigates access the its To had when and platform Probuphine. treatment have in with, providers Probuphine resource allows to base has virtual to our team from opportunity tools, nation in to

and important put XX covering medical It's recently the programs, in only In might achievement we fact, activation was made enrollments. all place. Without initiative of implementing and the account managers it with note in level four this are Indegene July, we reached Puerto states now liaisons, patient pre-COVID-XX in Rico. marching eight with to we've

immediate surges the As and largely we account declines of mirrored requests The and the to most in-person continuous move August, at ebb and in-person highlight managers focus month impact going has increase in The an experienced have requests value be team healthcare nation, July through medical the six willing of and been into of access. sales visits. great as target These team a is to visits we great areas of flow the in refinement risk Probuphine through across of liaison and therapy, virus have patients. for OUD on provider the forward measurable. for particularly the efforts the leveraging

Probuphine volumes. managing co-promotion with we initiative expect expansive Indegene will of identify believe trained utilization will under programs with Based We as provider will accounts upward and HCPs to that REMS account improving these patient the well. be additional program, certified access efforts increase be our the and enrollments, coordinating and and need combined on marketing managers trajectory will our

Officer, DeVarney, well safety compliance discuss Chief turn functions, product development Let our me as medical to progress Kate? Scientific Titan's activities. over affairs, on Kate Dr. drug will as and regulatory the now who call and

Kate DeVarney

Titan providers centers Mike. at key FDA treatment include of was this achievement physicians, U.S. Thank nurse practitioners the and is now our training REMS across program. virtual the And physician's qualified you, qualified approval the A quarter these And healthcare for second certification and assistants. to available fully during

pandemic, us enables patients health to both prescribe during and and Probuphine safely Our care facilitating program to with continue the train to administer OUD. eligible for access certify providers,

written written been patient XX% XX Probuphine. result providers Just approved for format, prescriptions treatment. healthcare as on which of XX in via since our average virtual FDA fully June, of And have trained have prescriptions

In Indegene’s increased push from for healthcare addition, demand providers. interest training have since we an experienced and initial

Now opioid implant for our nalmefene to prevention like relapse I'd the turn to development program detoxification. of following

non-clinical manufacturing Addictions, on funding X.X million the As to file as with approximately (b) to formulation I'm approved studies, the a delay program, conduct enabling And two support funds studies our the additional the for required well as during the all non-clinical the plan an you (XXX) specified mid-XXXX. agency for X which good meeting to implant our years reallocate making know, IND. studies. NIDA to We're Drug in first development, non-clinical of and and they've filing to our progress happy will National the FDA required accepted At Institute and completion GMP these the funds continues studies. pathway, NIDA, providing the quarter, regulatory IND, IND approved file report with which are this to that to previously efforts over

studies Finally, last in to on of brief I'd like In resources. our for to quarter provide studies a postpone effort Probuphine. update preserve third we decided our planned to Phase these year, X the an

several in today. pending that next delay with sufficient my Phase been our to That keeping may the has resources. confirmed months. look over have commitments I who for our on We remarks the continue FDA updated we And X study forward concludes you to progress contact

Now Sunil. I'll turn the call Sunil? to

Sunil Bhonsle

Thank you, Kate.

today any the on summary with the partnership look on our want with today have. VP forward during overcome quarter few over of you provide of period, initiatives. on will Brian some As gives results. issued the the update results provides And morning COVID-XX the and financial Sixmo the facilities you has with Molteni. press be available questions manufacturing information restrictions to a a this today, address related progress better US our filed also of of with the EU provided may the to our EU our launching last updated testing I Q&A Titan's Crowley, of impacted you to and regulations. up months delayed in meet understanding I the the the pandemic. in work to protocols modify hope actions the taken call to we those XX-Q is form you SEC of the the business effects finance on you Molteni of completion pandemic an second release the know, to set commercial us we here keeping and have also Various and in

work as their expect and year, with our for and year product this progressing Europe start posed our has be We This now us, patient manufactured important in Mike quarter. but am during the team from with EU critical Joe dedicated this and for milestone third track a bring have patient shipped is small, quickly plans and next of enrollments of is expect the to medical all right imperatives the product Indegene, the for activation in the on field or initiative. process major the well to on as the proud end gave to of towards this who COVID-XX tools we now launch for a very challenges and I of keep and along some Today believe and to co-promotion to you team marketing this countries heard levels. four able from early Molteni with the pre-pandemic completed Molteni sales by to new have able information how extremely been you process. the support discussed back new be affairs right will to adapting environment. we very progressing. strategic our

Finally, providers. of the was program, a and healthcare the virtual approval trained to of without Kate there number highlighted REMS of no fully increase way certified continuing FDA which

programs utilization. are co-promotion partner, last us is I of in Probuphine us, Approval meeting, authorized of and this increase for to launched proposal. the which to the is August eligible was requires very another that's very only place also XXst. continue with We of this and for to favor to our the chairs positioned the X.X% in of stockholders’ vote believe remind important want quarter you Indegene, support for of in shares important scheduled these well with So nationwide. we new our increase

and vote. shareholders one-third the phase to development. favor the not Titan's hard stockholders I'd the next safe need Board, executive would take but we And open ready So more encourage vote participants. voted, in to questions, we This of concludes yet our shares truly to are management With stay are questions shares staff remaining us and truly support today. remarks the and almost our our the healthy. call before Sarah, and Please for I like of eligible thank of support call there, to prepared like to all dedication. work from to continued than we and for through their

Operator

Thank you.

We will John first Operator Zacks. Vandermosten go from Instructions] session. question comes [Operator and with now Please instructions] answer question Our begin the ahead.

John Vandermosten

everyone. Good start question from out a on with up lined first many get relationship Indegene the you for in how when morning, to I to and those see new with how I that. wanted the the are first do before revenues many things door? timeline come mean, all have expected

Sunil Bhonsle

with the especially signed the on all educated controls together Probuphine, as partnership during was in you June. late as four around know, a you July, And primary month year of and we other's working The each details REMS educating know, restrictions. agreement the teams on the getting on Indegene the of focus with Indegene, the agreement. It's capabilities,

sure they take to campaigns am and to if later more which the we on are month, I through weeks. We company. need. the a process Joe that provide within several the the start details on make were the next he August. first, use so within will part and able that PRC go can started beginning everything material mentioned, to the some you campaign of as in is have first additional few with very little is campaign, pleased This and the the also, goes a And There

some care maybe started to health And seeing quarter, was provide what what following Kate to pop-up and have quarter, sort from quarters. on of the some Joe current like Mike, start that are get level or we maintain very this starting is back can That goal detail to a third we enrollment from already clearly least following you levels. that little with pre-COVID mentioned, expect more providers. we a see come we and quarters. My to And the would to important. we'll the from Certainly. growth As stable see that, at interest

Joe Schrei

that’s And is out with out least be that are this Indegene towards that when one to Sunil, going Probuphine. are email them what playing already with the to like we imperative going Joe. tactics we HCPs get what we a campaigns patients. is and that discussed, media November, we know of the strategic And to will already to we the we for you've tactics that months of need three to or patient nine that lay social came add in campaigns, the into towards right will is reps at we're same geared up these together, way patient different know said the value next over types aggressive get out with things the moving of receive right I'd HCP sales virtual we Because the pace. through the

revenue. So fourth this see tie we far by and is which course improvement all going would to significant enrollments, into be would we that as quarter anticipate of accelerated as

So the we're now. XX% where right over looking we increase fourth at approximately quarter in are

John Vandermosten

And similar that has similar are to Probuphine? other any there Indegene advanced products

Joe Schrei

and mean, you Web specifics. see commercial can to I populated. can I will all of done are take any they extraordinarily and do They is and you I they way the these they they talk do mean, they've in say, their their muscle. things well. step-in go of it what do. where their about sorts regardless they They well. But can't wheelhouse. cycle is life can provide they're it brands site, I in This this

Sunil Bhonsle

a as provides wanted terms is they lot a support epidemic because and feel that treatment. providing addiction to mention very that lot attention is that, just a that of this of product space, this first the more required, they working for a they are in a excited, they area there requires with. can in see products They're I big the

for major all putting mentioned, Web listed this to it's continue it, interested They small have them as companies worked and they So, have at first both products the well. resources do as and a with one site on see milestone they their specialty behind their eager in stage. with as because And this Joe so well. as best they they're very some

John Vandermosten

Yeah. Okay. focus? any type of provider at And a or they take geographical that. do I'll look have a

Sunil Bhonsle

get And word I that didn't used… you

John Vandermosten

or myself. provider developed with? any Do repeat I'll they've they Sorry. that of relationships any focus, type have geographical any

Sunil Bhonsle

global Joe is started big And China a as They mentioned, I mean, in Indegene in actually support people both Europe, they've products have in may more these pharma so different provide stages that company. and the of India. Asia, of are products in off global They life and regions. on. in U.S. But cycle X,XXX from pharma than small all be they and early stage indeed to supporting and presence patents off company strong. for going

Marc Rubin

just that fourth Can Joe in we're -- the laudable we make quarter. I a think I a increase something expect, to projections. I don't made interject we make goal. That not comment that XX% clear absolutely it is want briefly? specific

quarter. is increases expect see increases meaningful we important that most to we that the say can the think, and fourth thing in I

to I So we're is wanted making. that that just that specific projection clarify not a

John Vandermosten

And that partner is some that of well, there I an noticed that's as issue just Italy. shipping -- Is might terms to coronavirus also in for Canadian something delays product related were or that be overseas? that

Sunil Bhonsle

work at It specifications been completed. being restricted now. the facilities directly of but the DPT. and people It for product didn't anticipate about. already for any use of has in requirement on regulations affect it when was product modification don't for Canada. completed or U.S. what Texas meeting Europe came affected, EU and completed. availability with till obviously, because the facility U.S. COVID We some was restrictions That The issues Canada get supplying of in the the That's to done got there get specific and require

In so fact, shortly are be batch to actually and made we planning a on.

So, was regulatory it's EU product. to a requirement and the It side. for back strictly continuing on-stream the make

Operator

our Sunil would the This Bhonsle like turn any to over conference I for concludes session. to question-and-answer closing remarks. back

Sunil Bhonsle

all you participating call. in Thank this for

as Probuphine products progress your continued with forward always, ProNeura. program, support. And look to As we our reporting other well we as appreciate ongoing from

soon. stay safe, stay you forward And Good So, healthy. look to again to bye. we talking

Operator

Thank you concluded. attending now has today's conference presentation. The for

You may now disconnect.

Titan Pharmaceuticals (TTNP) 14 Aug 202020 Q2 Earnings call transcript