Quarterly Conference Call Notes........
----Corporate Highlights----
Dr. Cruz ......."The Initiation of the Phasell in Mild-Moderate Alzheimers with 340 Patients at 65 sites being dosed in 3 Arms Plus Placebo Arm."
"1st Arm--250 mg twice per day"
"2nd Arm--1000mg twice per day"
"3rd Arm--2000mg twice per day"
"Placebo Arm--placebo twice per day"
....." We have just had our Investigators Meeting recently and we feel that there was a lot of enthusiasm for this therapy from the Clinicians and their Support Staff. I'm hopeful that as we go forward this will translate into a rapid enrollment but it is still too early to evaluate how enrollment will go over the next 6-12 months."
....." In addition the Co. received $7.5 MILLION payment from ELAN representing the 2nd half, the 2nd installment of the $15 Million Upfront payment under the Collaberation Agreement. More recently we received from ELAN the $5 MILLION as a MILESTONE PAYMENT for the Initiation of the Phasell Clinical Trial."
......"We have recently commenced trading (January 7th 2008) on the NASDAQ GLOBAL MARKETS and will continue to trade on the TSX as well "
....."I would like to highlight that we have maintained a LOW BURN in the Company in spite of carrying forward with major Clinical Development and we also maintained a STRONG CASH POSITION
($61 Million) that will allow us to move the Alzheimers and Diabetes Programs forward."
....."Going forward with this program (Alzheimers) our focus is now on two things. Firstly the enrollment of the Phasell and Secondly we are currently evaluating the potential of Initiating a Phasell in Pre-Alzheimers Patient Population with ELND005 over the next year. We'll have more info as we move forward with this evaluation."
....."Regarding our Diabetes Programs. During the Second Quarter during Good Faith Negotiations with Novo we could not reach an agreement on the licencing of the Diabetes Technology and since we broke off negotiations we have entered into discussions with Other Interested Parties to licence the Technologies and at this point the negotiations have gone very well however there is nothing to report in this area at this time." (see Q&A for more in depth discussion)
....."In addition we have moved forward with our Lead Gastrin Analogue TT-223 in Phasel Studies with Healthy Volunteers. We expect to meet our timelines by completing these Studies by the end of February. To Date: ALL Patients have been Dosed and now we are in the process of compiling this Data." (see Q&A more in depth as well)
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Second Tranche of Upfront Payment PAID to the Tune of $7.5 Mil and MILESTONE PAYMENT of $5 Mil. Controlled Burn and Strong CASH Position of $61 and Phasell for TT-223 SA in Type2 Diabetes Imminent. Not too bad a Quarter.......
Interesting NOTE: Is that TT-223 Stand Alone has BETTER DATA than either Byetta (approved) and Liraglutide (still not approved WTF?) and Mercks Januvia (approved)did at this stage of development. Thats HUGE.