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Edited Transcript of CORV.TO earnings conference call or presentation 14-Aug-19 12:30pm GMT

Q2 2019 Correvio Pharma Corp Earnings Call

Sep 2, 2019 (Thomson StreetEvents) -- Edited Transcript of Correvio Pharma Corp earnings conference call or presentation Wednesday, August 14, 2019 at 12:30:00pm GMT

TEXT version of Transcript

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Corporate Participants

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* David Cameron Dean

Correvio Pharma Corp. - Chief Business Development Officer

* Justin A. Renz

Correvio Pharma Corp. - CFO & President

* Mark H. N. Corrigan

Correvio Pharma Corp. - CEO & Director

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Conference Call Participants

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* Brock Aynsley

CIBC Wood Gundy Inc. - Vice-President

* David C. Martin

Bloom Burton & Co., Research Division - MD & Head of Equity Research

* Swayampakula Ramakanth

H.C. Wainwright & Co, LLC, Research Division - MD of Equity Research & Senior Healthcare Analyst

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Presentation

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Operator [1]

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Good morning, ladies and gentlemen, and welcome to Correvio's Second Quarter 2019 Financial Results Conference Call.

(Operator Instructions) Please be advised that this call is being recorded at the company's request. I would now like to turn the call over to Mr. Justin Renz, President and Chief Financial Officer of Correvio. Please go ahead, sir.

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Justin A. Renz, Correvio Pharma Corp. - CFO & President [2]

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Thank you. Good morning, and welcome to our second quarter 2019 earnings call. With me today are Dr. Mark Corrigan, our Chief Executive Officer; and Mr. David Dean, our Chief Business Development Officer.

On the call today, Mark will provide an overview of recent corporate developments, and then I will highlight some of our second quarter 2019 financial results. Mark will then provide some summary remarks. We will then open the call up for your questions.

Earlier this morning, we issued a press release detailing Correvio's results for the second quarter 2019. The release is available on our website at www.correvio.com.

Before we begin our formal comments, I'll remind you that various statements contained during this conference call relate to future results, events and expectations and are forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 or forward-looking information under applicable Canadian securities legislation.

Forward-looking statements or forward-looking information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company or industry results to be materially different from any future results, performance or achievements expressed or implied by such statements. These forward-looking statements include, but are not limited to, the timing and outcome of any decision by the FDA on our resubmitted Brinavess new drug application; the timing of the FDA's advisory committee meeting; the timing of the launch of Brinavess in the U.S. in the event of an FDA approves the Brinavess NDA; the possibility of obtaining an extension to the Brinavess patents in the U.S.; the potential for a transaction involving Brinavess; the size of the market opportunity for Brinavess in the U.S.; the willingness of hospitals to embrace the use of Brinavess in the U.S.; the timing of the submission of the MAA for Trevyent in Europe and the timing of the launch of the product should the MAA be granted; the possibility of gaining regulatory clarity for Brinavess from the China FDA later in 2019; the sufficiency of our current funding to extend our cash runway into mid-2020 and to fully execute on the U.S. Brinavess opportunity; as well as the predictive financial results for any upcoming time periods.

A detailed discussion of risks and uncertainties facing Correvio are discussed in our annual and quarterly reports and detailed from time-to-time in other filings with the SEC and Canadian securities regulators.

With that, I will now turn the call over to Dr. Mark Corrigan. Mark?

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Mark H. N. Corrigan, Correvio Pharma Corp. - CEO & Director [3]

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Thanks, Justin, and thank you to everyone for joining us on today's call.

Starting now with Slide 3. The first updates I'd like to highlight today relate to Brinavess, our intravenous vernakalant or antiarrhythmic for the rapid conversion of recent-onset atrial fibrillation to normal sinus rhythm in patients with significant heart failure -- without significant heart failure, sorry about that.

Brinavess is currently approved in 41 countries and is marketed in over 30 countries, including most of Europe and Canada. Brinavess works through a combination effect on cardiac potassium sodium occurrence, resulting in substantial antiarrhythmic effects that are mainly concentrated in the atria rather than evolving ventricles.

The key benefits of Brinavess include the ease of administration, rapid action, high conversion rate and superior tolerability compared to other approved pharmacotherapies.

Turning now to Slide 4. Following possible discussions with the FDA in October 2018, we submitted that Brinavess NDA during the second quarter of 2019. The NDA was accepted by the FDA in late July, and a target action date under the PDUFA act was assigned for December 24, 2019. We expect the regulatory review period for Brinavess will be 6 months, so it is possible we could receive a decision from the FDA during the fourth quarter of 2019 following a likely advisory committee hearing.

Regarding our U.S. intellectual property state for Brinavess, we've received independent regulatory and legal opinions that Brinavess may qualify for the maximum 5-year patent extension in the U.S., significantly lengthening Brinavess' exclusive commercial rights into March 2031. If Brinavess is approved by the FDA, we anticipate working with the U.S. Patent and Trademark Office to secure this formal extension, which we believe will have substantial positive implications for Brinavess' commercial potential.

The recent advancement of Brinavess into the NDA phase has also opened up the potential for a strategic transaction around this asset.

In addition to this regulatory progress, on Slide 5, we have an overview of some other important Brinavess highlights. In late 2018, we reported top line results from the SPECTRUM study. SPECTRUM was conducted as part of follow-up measures agreed to for the European Medicines Agency in 2010.

In this perspective and retrospective observational registry, 1,778 unique patients, receiving a total of 2,009 treatment episodes, were enrolled to evaluate and obtain data on patients-administered Brinavess. That data for SPECTRUM was provided by 53 participating hospitals in the EU and demonstrated that treatment with Brinavess successfully converted 70.2% of all atrial fibrillation patients into normal sinus rhythm.

Treatment with Brinavess showed a median time of conversion of 11 minutes from the start of first infusion among patients who successfully converted, most of whom were successfully discharged from the emergency department.

With respect to the safety results, a cumulative incidence of health outcomes of interest to find a significant hypotension, ventricular arrhythmia, atrial flutter or bradycardia were reported in less than 1% of patients. 28 serious adverse events were reported for 26 patients and no deaths reported in the study.

SPECTRUM data have been selected for presentation at the upcoming European Society of Cardiology 2019 Congress in September in Paris. We're also in the process of submitting the SPECTRUM data to a leading medical journal with the goal of publication in 2020 to coincide with a potential Brinavess launch.

Since its approval in Europe 8 years ago, numerous prestigious investigators and institutions have studied Brinavess in both investigator-sponsored and post-marketing clinical studies across many countries in Europe, Scandinavia and South America gathering extensive data about its use in real-world clinical settings. As we await the FDA's decision on Brinavess, I'm proud to say that to-date, approximately 55,000 patients have been treated with Brinavess, not including the patients treated in the SPECTRUM study.

Turning now to Slide 6. The market opportunity for vernakalant in the United States is substantial. Market research recently conducted by a top tier independent research firm on behalf of Correvio concluded that atrial fibrillation is both common and growing rapidly.

Today, there are 7.1 million Americans who experience atrial fibrillation each year, and that number is expected to grow to 9.8 million by 2030. Of those, over 0.5 million are treated with cardioversion. If approved, we believe Brinavess would address many of the real-world limitations of existing pharmacotherapy for cardioversion and electric cardioversion. The other pharmacologic agents that are currently available are generic and aren't currently promoted. They are either also -- either very resourced or time-intensive and have safety issues or both.

This in-depth market research concluded Brinavess has an overall market opportunity of $500 million.

Collectively, all of these data give us great confidence that Brinavess could have a meaningful impact on the U.S. cardiology marketplace.

Moving on to Slide 7. As I just mentioned, we hired a top tier independent firm that conducted extremely robust research. Their assignment was to determine the commercial opportunity and optimal positioning for Brinavess within the U.S. marketplace. To that end, they completed extensive due diligence, including in-depth hospital administration, pharmacy and payer interviews. They collected data from multiple sources, including payer codes from payers who processed 1.3 billion claims from 1.5 million health care providers covering 165 million individuals in the U.S. annually.

Key findings from all of this research were: one, that Brinavess is poised to address the market opportunity valued at over $1 billion, which is expected to grow to approximately $1.9 billion by 2030; two, that hospitals are expected to embrace a new product like Brinavess; and number three, based on actual claims data, that Brinavess has the potential to generate peak sales exceeding $500 million.

Given its recent NDA status, Brinavess is doing a bulk of our attention for a pipeline, but I now want to focus on our other medicines.

Turning now to Slide 8. We have a broad portfolio of market products that have been performing extremely well and are growing significantly. This portfolio generated $28.7 million in revenues for us in 2018 and $14.6 million for the first half of 2019 with expected stronger revenues in the second from our larger distributor orders. The fastest-growing segment of the business are territories in new market products directly and control our business.

Very quickly, our marketed products are: Aggrastat for acute coronary syndrome, is sold in over 60 counties, both directly in Western Europe as well as through distributors; Brinavess for acute onset atrial fibrillation, is sold directly in the Nordic countries and Western Europe and through distributors in various other territories; Xydalba for acute bacterial skin structure infections, which is sold directly in 8 countries in Western Europe; Zevtera/Mabelio for hospital-acquired pneumonia, which we acquired from Basilea in 2017 and have rights across the European countries and Israel.

In development, we have Trevyent for pulmonary arterial hypertension. We licensed the rights to Europe, and we are now working with United Therapeutics on this program.

And if you'll now turn to Slide 9, we have a quick update on the Trevyent program. Trevyent is a reformulation and novel delivery of the drug, treprostinil, also known as Remodulin, for the treatment of pulmonary arterial hypertension. In late June, Trevyent was licensed for SteadyMed, a subsidiary of United Therapeutics. We submitted the Trevyent NDA to the FDA.

United Therapeutics has since granted Correvio access to the Trevyent NDA, and we're actively preparing a marketing authorization application for Trevyent in Europe, which we plan to submit in mid-2020.

Turning now to some highlights from our anti-infective franchise on Slide 10. You can see from the slide that our anti-infective sales initiatives continue to positively impact sales trends for Zevtera/Mabelio and Xydalba, as both assets continue to perform well.

Before turning over the call to Justin to review the financials, I'd just like to take a moment to recap some of our upcoming milestones. For the Brinavess program, we're actively preparing for an advisory committee, which we expect to take place during the fourth quarter of 2019. Assuming a positive outcome from the ad com, we would look forward to our signed PDUFA date of December 24, 2019.

In parallel, with our Brinavess work in the United States, we are diligently working on an NDA submission in China based on the existing global Brinavess data, anticipate getting regulatory clarity from the Chinese FDA later this year. Given the priority award rewarded to Brinavess in China, we continue to anticipate a rapid review period in China and look forward to sharpening our time lines following our meeting with the Chinese health authorities.

For Trevyent, we're actively preparing an MAA submission for Europe, which we expect to submit in mid-2020. Assuming approval in Europe, we're planning to the launch the Trevyent in 2021.

With that, I would like to now turn the call over to Justin for the financials. Justin?

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Justin A. Renz, Correvio Pharma Corp. - CFO & President [4]

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Thank you, Mark. On Slide 12, we have an overview of our second quarter 2019 financial results. Amounts, unless specified otherwise, are expressed in U.S. dollars and in accordance with generally accepted accounting principles using the United States of America.

Revenue for the second quarter was $7.4 million and associated cost of goods sold for the same period was $2.4 million. This compared to $6.2 million in revenue for the second quarter of 2018 and associated COGS of $2.0 million in 2018. Revenue between the 2 periods increased 20% in U.S. dollars and 25% in local currency, and now is primarily attributed to increase in sales of the company's antibiotic products, Xydalba and Zevtera/Mabelio.

SG&A expense in the second quarter of 2019 and '18 was $12.6 million each. During the second quarter of 2019, we had higher regulatory and medical costs associated with the resubmission of the Brinavess NDA, while, in the second quarter of 2018, included untimed business development and transactional costs associated with the Cipher Pharmaceuticals deal.

Interest expense for the second quarter was $1.9 million compared to $1.7 million for the same prior year period. The increase was due to interest being accrued on higher long-term debt principal amounts.

For the second quarter of 2019, we recorded a net loss of $10.5 million or $0.26 per share compared to a net income of $5.4 million or $0.16 per share for the same period in 2018. The second quarter of 2018 included a one-time gain of approximately $18.5 million from the aforementioned Cipher Pharmaceuticals transaction. In the second quarter of 2019, our cash used from operating and investing activities combined was approximately $6 million.

As of June 30, 2019, we had cash, cash equivalents and restricted cash of approximately $14.8 million. As of August 13, 2019, we have approximately 50.5 million common shares outstanding.

In early August, we completed an underwritten public offering, whereby we issued 9.2 million shares of common stock, which included the exercise of the underwriter's over-allotment option in full, a price to the public of $1.50 per common share.

Aggregate gross proceeds to Correvio totaled $13.8 million before deducting the underwriting commission and estimated offering expenses payable by the company.

Looking ahead to the remainder of 2019, with the proceeds from the recent financing and our existing cash on hand, we are entering the second half of the year from a position of financial strength with a cash runway to mid-2020 and sufficient resources to fully execute on the U.S. Brinavess opportunity. We are also projecting year-over-year revenue growth of 20% to 25% between last year and this year.

In addition, we continue to pursue non-dilutive options.

With that, I'll now turn the call back over to Mark.

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Mark H. N. Corrigan, Correvio Pharma Corp. - CEO & Director [5]

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Thanks, Justin.

I'd like to wrap up by highlighting a few takeaways. Today, Correvio is an established, fully integrated commercial specialty pharmaceutical company. We have an NDA stage for acute care assets that may address the growing U.S. market opportunity, exceeding $1 billion. We have a broad portfolio of 5 marketed hospital products and a rapidly growing anti-infective franchise that has successfully generated revenues of $14.6 million, and during the first half of 2019, and sales were up 20% year-over-year.

Importantly, our newly strengthened balance sheet provides us with extended runway and sufficient resources to fully prosecute the U.S. Brinavess opportunity.

We are committed to delivering innovative hospital drugs into the hands of physicians and patients who need them. I'm confident that we can see the Brinavess opportunity across the finish line and continue to grow the overall portfolio.

With that, we'd be happy to take your questions. Operator?

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Questions and Answers

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Operator [1]

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(Operator Instructions) And your first question is from David Martin of Bloom Burton.

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David C. Martin, Bloom Burton & Co., Research Division - MD & Head of Equity Research [2]

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I got a few questions. The first one, with United having filed -- or refiled Trevyent in the U.S., why is it going to take as long as mid-2020 for you guys to file in Europe?

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Mark H. N. Corrigan, Correvio Pharma Corp. - CEO & Director [3]

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Thanks, David. It's a good question. It really hinges around the time frame involved in obtaining the CE mark. And so that European process is approximately 9 months. So we believe that if we can turn around the U.S. filed for MAA formatting and do a gap analysis for pieces that we need, we're potentially driven by the time frames associated with regulatory review around the CE mark.

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David C. Martin, Bloom Burton & Co., Research Division - MD & Head of Equity Research [4]

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Okay. So it isn't a de-prioritization of that -- of the product? You're moving ahead with it full speed?

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Mark H. N. Corrigan, Correvio Pharma Corp. - CEO & Director [5]

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Yes. No, actually, we've been eager to get our hands on the file and start that work. But we are small. Obviously, we are -- our regulatory team is very engaged in the Brinavess ad com prep, but we believe we've been waiting for this. We've had a joint steering committee meeting with United. I've been in communications with their leadership there, and it is not due to deprioritization. We've been looking forward to the product for some time.

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David C. Martin, Bloom Burton & Co., Research Division - MD & Head of Equity Research [6]

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Okay. Second question is the $500 million or higher peak sales estimate for Brinavess, is that based on an estimate or a forecast of 50% market share at peak, given that you see the market as $1 billion?

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Mark H. N. Corrigan, Correvio Pharma Corp. - CEO & Director [7]

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We see the addressable market as $1 billion, but maybe -- is David Dean on the line?

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David Cameron Dean, Correvio Pharma Corp. - Chief Business Development Officer [8]

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I am. Hello, David.

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Mark H. N. Corrigan, Correvio Pharma Corp. - CEO & Director [9]

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Maybe you'd like to take that.

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David Cameron Dean, Correvio Pharma Corp. - Chief Business Development Officer [10]

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Sure. So David, how that number was derived by the independent market research firm was they looked at the various different penetration rates into the various different patient populations within AFib. So they -- some patients are going to be more likely to be converted with Brinavess than others. So they look at each of those and apply the penetration rates that they thought was appropriate for that population. And the end result came out with a number of patients, and then they applied an expected range of pricing, which they've added internally with -- through pharmacy and hospital administration and other payer interviews to determine what would be an appropriate price range for the product, and they came out with that number.

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David C. Martin, Bloom Burton & Co., Research Division - MD & Head of Equity Research [11]

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Okay. Last question...

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Mark H. N. Corrigan, Correvio Pharma Corp. - CEO & Director [12]

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If I could just elaborate one thing about that, is that we believe that there will still be clearly role for direct current conversion, electrical conversion, but we certainly believe we will have best-in-class pharmacological conversion. So it's a combination, as David said, above blended rate between, I think, a very high penetration on the pharmacologic conversion market and some penetration to the DC current conversion market.

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David C. Martin, Bloom Burton & Co., Research Division - MD & Head of Equity Research [13]

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Okay, got it. I'm wondering, are there European countries that their opinion of Brinavess or their use of Brinavess would be directly impacted if the U.S. approves the drug?

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Mark H. N. Corrigan, Correvio Pharma Corp. - CEO & Director [14]

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Absolutely. We have held up -- and they're big ones, most of the large addressable markets. Certainly, we believe the U.K., France and Italy, all would have a -- basically hit pause when the FDA gets clinical hold. And so we've been holding, for example, in France the meeting with the pricing authorities in advance until such times we can go in with the U.S. approval. We think that that's a market opportunity for us.

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Operator [15]

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Your next question is from Swayampakula Ramakanth from H.C. Wainwright.

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Swayampakula Ramakanth, H.C. Wainwright & Co, LLC, Research Division - MD of Equity Research & Senior Healthcare Analyst [16]

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This is RK from H.C. Wainwright. A couple of quick questions. Regarding the IP extension to 2031, could you give us a little bit more color as to when would you be applying for this extension, and also help us with any examples that you can think of where such extension was provided upon approval?

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Justin A. Renz, Correvio Pharma Corp. - CFO & President [17]

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Sure. So we have several patents that go out into various time periods between 2024 and later into 2020. There's a patent that we believe is most relevant, that currently expires in March of 2026 pertaining to how you dose Brinavess. We've dosed Brinavess commercially the same way for many years, so we believe that once the drug is approved in the U.S., you are then allowed to reach out to the U.S. Patent Office and ask for an extension. Because this drug has been on clinical hold for more than 5 years, the limit is 5 years. And so as a result, we believe that we have the opportunity to get the full 5-year extension from March of 2026 to March of 2031.

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Swayampakula Ramakanth, H.C. Wainwright & Co, LLC, Research Division - MD of Equity Research & Senior Healthcare Analyst [18]

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Okay. And regarding the data that -- the SPECTRUM data that we are expecting at ESC in Paris, how would this help us investors to think about both ad com and also approval of Brinavess?

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Mark H. N. Corrigan, Correvio Pharma Corp. - CEO & Director [19]

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Yes, RK, it's a great question. So we actually think -- the FDA has seen a summary level of SPECTRUM data. In fact, it was the basis for our successful appeal to the FDA to allow us to submit the -- resubmit the NDA. So they've seen it in abstract form. Obviously, what we have submitted to them are the full data sets. And so, again, the way I think about it is that we are standing on 3 pillars with regards to characterization of the safety of Brinavess for the U.S., which is the key point we have to make with them. And they are SPECTRUM, the investigator-initiated studies, and then the overall exposure to 55,000 database.

So it's part of our entire argument to the FDA with regard to really now that the drug has been out in clinical usage. And we think it has value as an observational study because it not only speaks to the safety of the product, it also speaks to the physician's familiarity with how to use it safely in a real-world situation, which is different, obviously, from a randomized, controlled clinical trial.

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Swayampakula Ramakanth, H.C. Wainwright & Co, LLC, Research Division - MD of Equity Research & Senior Healthcare Analyst [20]

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And the last question for me is, like what gives you confidence for a better second half on the revenue line compared to what you've done in the first 6 months?

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Justin A. Renz, Correvio Pharma Corp. - CFO & President [21]

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Sure. Thank you, RK. This is Justin. Basically 2 things. One, our direct antibiotic franchise continues to grow very well with an excellent July, and we're seeing real growth in the uptake of both Xydalba and Zevtera/Mabelio really month-over-month. And secondly, we have, what I'll call, little seasonality between our large distributor orders. So places like South Africa and Pakistan and other Middle Eastern countries order in bulk. And so we are optimistic that we have several orders that will come in of size that will be executed upon in both this quarter and in the fourth quarter.

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Operator [22]

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(Operator Instructions) Our next question is from Brock Aynsley of CIBC Wood Gundy.

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Brock Aynsley, CIBC Wood Gundy Inc. - Vice-President [23]

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Yes. Justin, this is, I think, for you. If Correvio had to have funded a Phase III study the size and the scope of SPECTRUM, what would the approximate costs have been to the company?

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Justin A. Renz, Correvio Pharma Corp. - CFO & President [24]

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Thank you, Brock. That's an excellent question. So as you know, we funded this through the European operations because we didn't have that option in the U.S., and that's why the SPECTRUM study took us several years, as you know, to accomplish. I would think that a 2,000-patient cardiovascular study in the U.S. would be at least $50 million, all in, perhaps a little more depending on what we have to outsource and use our internal team to do. But to give it a relatively generic number, I think $50 million is a fair estimate for a 2,000-patient cardiovascular study over a couple of years.

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Brock Aynsley, CIBC Wood Gundy Inc. - Vice-President [25]

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Okay. Because I'm looking at this and I see that you guys have got that study done. You've built a specialty pharma company. You've done that with the issue of about 30 million shares and $50 million debt. And I think what we're looking at down the road, you guys should be congratulated in what you've done there. It's -- we're at the finish line, and we're growing in Europe. So I just wanted to congratulate what you've done.

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Mark H. N. Corrigan, Correvio Pharma Corp. - CEO & Director [26]

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Brock, I appreciate your support and your support over the years. Thank you so much.

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Operator [27]

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Your next question is a follow-up from David Martin of Bloomberg.

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David C. Martin, Bloom Burton & Co., Research Division - MD & Head of Equity Research [28]

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Yes. So Brinavess vernakalant went through an ad com years ago, and the vote was 6:2 in favor of approving the drug. And I think the 2 dissenters said that they wanted more data. Now you've got that more data. I'm just wondering, in all likelihood, the ad com will come out positive. The last time the FDA voted -- or the FDA acted against the ad com recommendation, like why do you think the FDA wants an ad com again since they had a positive one the first time around?

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Mark H. N. Corrigan, Correvio Pharma Corp. - CEO & Director [29]

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That's an excellent one. If you think about it administratively, we remain on clinical hold, and which means that the FDA doesn't believe it's safe to be studied in those conditions. And that's a long way from that to an approval for widespread public use, and I think that they -- again, so I think this is a -- it's a prudent step by the FDA to ensure, I believe, that the field truly wants the drug. And now, in light of this new data, they can like listen to the field, express their views and, at that point, lift the clinical hold and move on the process towards approval. I do think that if we were not on clinical hold that they may not have required the ad com.

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David C. Martin, Bloom Burton & Co., Research Division - MD & Head of Equity Research [30]

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Okay. Okay. And then I have one last question. So how much -- I know you've returned the rights of Esmocard and regained the rights of Aggrastat in certain countries. How much were the revenues of Esmocard that you're returning, and how much are the revenues of Aggrastat that you're gaining? And do you have -- is there cost associated with selling Aggrastat in the countries that you're getting back?

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Justin A. Renz, Correvio Pharma Corp. - CFO & President [31]

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David, this is Justin. So in 2019, we sold Esmocard to the first 6 months of the year. And so looking ahead, our anticipated, if we did not agree to the swap, would've been around $400,000 of Esmocard sales in the second half of the year. We anticipate roughly $600,000 of sales from Aggrastat in those territories in the second of the year, so it's accretive on the top line of approximately $200,000. Our margins on Aggrastat are much higher. Our margins on Aggrastat are in the 75% range, whereas on Esmocard, they're in the 50% range.

So our profit will be higher as well on those sales. From a cost outside of the cost of goods sold, we are going to add 1% in Austria to further promote this product, but that person will be also promoting other products. So there's synergy to be had having an additional person in the Austria/Eastern German part of our operations.

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David C. Martin, Bloom Burton & Co., Research Division - MD & Head of Equity Research [32]

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And by taking Esmocard out of Italy and France, are you taking your product out of the detailing bag of your sales reps there?

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Justin A. Renz, Correvio Pharma Corp. - CFO & President [33]

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No, that was very much a rewind on a tender process. So that was not something that our sales folks overly pushed.

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Operator [34]

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There are no further questions. You may proceed.

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Mark H. N. Corrigan, Correvio Pharma Corp. - CEO & Director [35]

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Thanks very much. I appreciate everyone who is listening in onto the call. We appreciate the support for the company. We are looking forward to, I think, most -- amongst the most exciting periods in Correvio's history as we look for preparing the fall. And I appreciate updating -- the ability to update you in next quarter. Thanks very much.

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Justin A. Renz, Correvio Pharma Corp. - CFO & President [36]

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Thank you. Goodbye now.

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Operator [37]

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Ladies and gentlemen, this concludes your conference call for today. We thank you for participating, and we ask that you please disconnect your lines.