Highlights of SGEN's investor presentation - 11/15/2012
Here are some highlights of SGEN President Clay Siegall's presentation today during the Credit Suisse 2012 Healthcare Conference in Phoenix, Arizona. Everything within quotation marks are very close to direct quotes:
- ADCs: "We think the time is right for ADC properties and to put the pedal to the floor on these. They are right for patients. They increase efficacy and reduce toxicity.... Some naked antibodies are very effective, but by and large, most naked antibodies don't have the ability to impact cancer in a meaningful way."
- SGEN now has more than 1,000 Adcetris accounts out of 2,000 potential accounts and is rolling forward. "We're making good market penetration there."
- Insurance coverage for Adcetris: "We've not had a single patient denied coverage that's on label. Recently, we received a permanent J-code that will be effective on Jan. 1 of next year and that will make it even easier for patients to get coverage."
- Trying to educate doctors that SGEN's positive data is based on eight cycles of Adcetris. (Another reference to some doctors apparently allowing patients to come off SGEN too early because its initial effects are so strong.)
- Lots of talk about frontline Adcetris trials and the "excitement" over initial results. Talks up data that will be issued at ASH early next month, including promising updates to already positive results. Also mentions SGEN's "strong relationship with the FDA."
- He details other new, non-Adcetris products in the pipeline. Nothing new here, though some data is expected soon. Emphasizes a new molecule that addresses CD33 for AML and he sounds pretty upbeat about that one.
- Partnerships: "We're excited about all of our partnerships." Again mentions the potential of $3.8 billion in eventual milestone payments. "Of course, you may not get all of that, but even if you discount it considerably, that's a lot of money."
- Cash position and (no) stock dilution: "We have no debt. We think we're in a very good cash position, We haven't raised capital in over two years AND WE DON'T NEED TO RAISE CAPITAL."