ADLR presented at the Cowen conference on 3/7/11. The slide deck was revised from what I have seen previously and I thought the presentation was better than most. I will update the ADLR research page shortly with relevant changes, as well as upload a few screenshots of interesting slides from the talk. Here are my quick notes:
- Entereg revenue growth continues and expect to continue in future
- ADL5945 data from the two p2 trials expected 3q2011
- In 2009, 270m prescriptions for opioids were written- contrary to popular thought, the script number is actually increasing (largely generic so not well noticed)
- Opioid dependency and abuse are significant problems, but OIC is much more common
- ADLR acknowledges there are several competitors, but there are fewer than they thought there would be when they decided to re-enter the field 18 months ago
- Expect about $7m quarterly burn rate going forward
- Finally gave a new update on sales metric of number of reordering hospitals among the 1600 that do 80% of bowel ressections (I'll post the figure on the ADLR page)
- Their outcome study calculated estimated $2345 hospital cost savings per patient on Entereg
- OIC ADL5945 phase 1 data was discussed and presented in more detail for the first time- part A of study identified 0.25mg BID as the MTD, part B looked at 4 placebo vs 8 pts each on 0.1 or 0.25 mg BID
- Some of the p1 work had been done on ADL5945 by LLY but had to repeat after changing formulation
- There was discussion about why chose 5945 over 7445, but the sound was garbled unfortunately
- Uninspiring comments regarding GSK's commitment to Entereg..."they speak for themselves"..."we are partners today"..."product is additive for their hospital sales force"...and emphasized that ADLR owns the NDA and manages the REMS, think could handle on own (I am skeptical)
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