|Company Name:||Exelixis, Inc.|
|Event Title:||JMP Securities 2013 Healthcare Conference Transcript|
|Event Time:||02:00 PM ET|
Analyst, JMP Securities
Hi. Good afternoon everyone, I am John Newman one of the Biotech Analysts here at JMP Securities. We are happy to have Exelixis with us this afternoon and we have Mike Morrissey, who is CEO here is tell us more about the company. But before that David is going to start out with the legal statements. Charles I'm sorry.
Vice President, Investor Relations and Corporate Communications
Let me us quickly read our forward-looking statements. During the course of this presentation, we'll be making forward-looking statements regarding future events. Whether future performance in the company including the statements about possible future developments.
Regarding clinical regulatory commercial financial and strategic matters. Actual results actual events or results of course are differ materially referring to the documents of Exelixis filed from time to time. So this is with the Securities and Exchange Commission in particular our quarterly Form 10-Q filed on May 07 2013.
These documents contain and identified under heading risk factors, important factor that could cause actual results to differ materially from those contained in any forward-looking statements, including the availability of the data at the reference times the risk and uncertainties related to the initiation conduct and result of clinical trials risk relating to the commercialization of COMETRIQ the degree of market acceptance on the reimbursement for COMETRIQ with uncertainties related to compliance with applicable regulatory requirements and market competition.
Michael M. Morrissey, Ph.D.
Chief Executive Officer
All right Charles. Thanks for doing that. Hi everybody, thanks for joining us today.
Again, I am Mike Morrissey, CEO. I want to use about 20 minutes of your time to tell you about Exelixis, where we are today where we are going will give you I think pretty clear and concise picture of kind of how we are framing the back half of the year, we're removing with cabozantinib , cabo for short COMETRIQ is its brand name across a variety of different tumor types. Again we have over the last couple of years focused the company around this single asset, we have streamlined the organization pulled a lot of money out of the overall P&L to be able to really do what's required and to what we believe is to maximize the value around this very unique compound. Again we own cabo outright 100%.
We are currently marketing the drug for advanced progressive, metastatic medullary thyroid cancer MTC , tell you about that more in few minutes. With the small tiny indication but we think is very important because that will hope us and grow our emerging commercial infrastructure. So the point we already with other indications hopefully prostate next, we will really springing at that start line. So very important time for the company.
We are really I think executing across all aspects of the business pretty well right now.
And we're focused on really building value across this compound for the future. So here Cabo is a compound that we have developed and discovered in house. And this is a compound that targets the mate and by just pathways. A lot of work has been done on those individual pathways by themselves but the biology there in terms of over the last really 10, 20 years or so in terms of certainly proliferates and maybe most importantly become refractory towards a variety of targeted therapies, chemotherapies or monotherapies.
That's a very important plan in that regard. So our view was blocking only one of those two pathways was not going to be enough and certainly the preclinical and emerging clinical data would support that contention. But really going after both was the optimal way to go. So we've made molecules around this concept now for years at XL-184 foretinib a compound that's being developed by GSK with a similar approach cabo is well ahead of that right now based upon the pivotal trial data in MTC and other indications.
And it's one that we think is certainly very unique clinically we've done lot of Phase II work here across a variety of different tumor types we've seen broad activity today with across 15 different tumor types in terms of resist responses in terms of objective tumor shrinkage across different tumor types.
As importantly we've seen activity with cabo in the major partners value where tumor either starts or will spread tumor size to as the disease those individual tumors evolve. So you have seen tremor shrinkage in -- disease disease liver and brain disease and also in disease and other kinds of tumors that actually to the bone. So very unique profile if you look at kind of two landscape across the and across in the body where the tumors grow or spread to we cover a lot of that space and I think as part of the behind the compound relative to where we are going with cabo.