Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

Aratana Therapeutics, Inc. (NASDAQ:PETX)

Q3 2013 Earnings Conference Call

November 14, 2013 08:00 AM ET

Executives

Steven St. Peter - President and CEO

Louise Mawhinney - Principal Accounting Officer

Analysts

Steve Crowley - Craig-Hallum Capital Group

John Kreger - William Blair

Jose Haresco - JMP Securities

Jonathan Block - Stifel

Operator

Good morning. And welcome to the Aratana Therapeutics Third Quarter 2013 Conference Call. All participants will be in a listen-only mode. After today’s presentation, there will be an opportunity to ask questions. (Operator Instructions). Please note, this event is being recorded.

I would now like to turn the conference over to Steven St. Peter, CEO. Please go ahead.

Steven St. Peter

Thanks Denise. Good morning. This is Steven St. Peter, President and CEO of Aratana Therapeutics. I’m joined here today by Craig Tooman, our newly appointed Chief Financial Officer; John Ayres, our General Counsel; and Louise Mawhinney.

Welcome to the third quarter 2013 earnings call. Our second earnings call as a public company. Like our first call, this call will recap a quarter that was full of significant milestones. Many of the developments in the quarter were already discussed on October 14th, but we are pleased to have this opportunity to provide additional detail for the quarter and provide some subsequent business updates.

Let me begin by thinking each of the years for the continued interest in our company without your passion support none of this will be possible. Over the next 20 minutes, we will provide a corporate update followed by our product development update including with Louise presenting the financial results for the quarter and financial guidance. We are pleased to take questions following the prepared comments.

Before we begin I would like to note that we will making some forward looking statements today. These statements involve uncertainties and risks, and therefore, should not be relied upon as predictions of future events. Actual events and circumstances which maybe beyond our control may differ from today’s forward looking statements, including but not limited to as a result of the risks, uncertainties and other important factors set forth in our filings with the SEC.

With respect to the corporate update, as already mentioned the quarter has been very productive for the company. Among the accomplishments during the last three months, first we acquired Vet Therapeutics for $43 million plus up to $5 million in contingent consideration, a transaction that close on October 15th. Vet Therapeutics has a portfolio of monoclonal antibodies including CD20, a K9 ritxin and CD52, a K9 CAMPATH, hosted development engine for future antibody products. Second we signed two of our three option contracts during the quarter which we highlighted in detail on the previous earnings call.

Third, we had a major presence at the animal health weak in late August Kansas City where the Aratana management makes key presentations and awards. The company hosted 100 of callings at our headquarters and let me use this opportunity to ask you mark your calendars for next year's event, August 22 through 25, 2014, when we expect to host a similar set of events in Kansas City.

Fourth, during the quarter we also hosted our first Analyst Meeting as a company, the Pet Therapeutics Primer in Boston. And let me remind you that for those who missed it, the presentation is still on our website. And as we mentioned, we will and are planning at Pet Biologics Primer soon. And finally just after quarter close, we were privileged to ring the closing bell on NASDAQ, the entire ceremony is on our website, including the very excited rescue dogs that attended and participated which by the way was another Aratana first pets on the NASDAQ. Needless to say it's the type of event that allows one to reflect on everything that's happened during the history of our company and how grateful we are for the opportunity.

So, let me now transition into the product development updates. Product development continues to be on track with what we discussed at the time of our latest update. The anticipated first launch for each of AT-001, AT-002 and AT-003 continues to be 2016. Subsequent to the quarter's end with the acquisition of Vet Therapeutics, we have the opportunity to become commercial in 2014.

Let me give some additional details by program. First, AT-001, our EP4 antagonist for the treatment of pain. With respect to dogs, we have completed enrollment in our dose-ranging field study and expect results shortly. We plan to issue a press release for the top line results when they are available. We will then discuss these results with the FDA, Center for Veterinary Medicine or CVM to reach the occurrence with them on the next steps for the pivotal efficacy submission, including the additional trials if any.

With respect to our work with AT-001 in cats, we conducted an additional proof-of-concept study this quarter to further explore the therapeutic window. You will recall that in earlier work with cats we saw a good efficacy signal, had some unwanted liver function tests or liver function signals. When we reduce the dose to avoid the liver toxicity we did not see a compelling efficacy signal in this acute very painful situation. We had viewed the acute indications part of the strategy to address a chronic pain condition, but we now proceed directly to chronic pain. We believe that the market opportunity in the chronic pain condition is significantly larger than acute post surgical pain and we believe the AT-001 will work at a lower dose in the chronic setting where we can avoid the interaction with anesthesia. Hence we are pleased to announce that we will proceed in developing AT-001 for chronic pain in cats. We expect to put forward a full development timeline in early 2014.

Next, I will discuss AT-002 our ghrelin agonist for inappetence. With respect to our dog program, during our last update, we stated that we were in discussions with the CVM and I am pleased to report that we have recent agreement on pivotal field study design with the CVM. The pivotal field study effectiveness protocol was submitted to the CVM for the review and we expect that the pivotal trial will begin by year-end and continue to anticipate U.S. approval in 2016.

With respect to our cat program for AT-002 during our last update we stated that we were conducting a pilot studies to establish proof-of-concept and pivotal trial design. Last quarter we mentioned looking to expand the treatment duration to measure weight gain. Thus we've selected a three week treatment term in weight gain and/or control claim for further proof-of-concept work and during the quarter we also selected the final formulation. We're expecting results of the pilot trial in the first half of 2014.

Next I will discuss AT-003 our liposome bupivacaine injection for post-operative pain. With respect to our dog program, in the third quarter we initiated a dose ranging study in lab dogs which is continued into the fourth quarter. We anticipate initiating discussions with the CVM on the development program by the end of 2013. With respect to cats we had previously completed a pilot safety study in laboratory cats and during the third quarter we initiating dose-ranging studies in laboratory cats.

So allow me this transition into our newest pipeline products. We are now pleased to briefly discuss our expanding pipeline which results from our acquisition of Vet Therapeutics and our option programs. Since the Vet Therapeutics acquisition closed a few weeks ago we don’t actually have much new to say. Our team has already begun the integration of our new San Diego facility. Administrative functions will be transferred to Kansas City allowing the team in San Diego to focus on what they love making antibodies for pets.

Our veterinarians in Kansas City will work with Dr. Genevieve Hansen who is leading the San Diego team to select the next antibodies for development. All development in our early manufacturing is expected to remain in San Diego.

The B-cell Lymphoma product is already available in the market and limited supply and partner with a large animal health company and we expect conditional license share for the T-cell Lymphoma product in 2014. Overtime we will obviously provide more detailed updates on the biologics products.

With regard to our option programs we are continuing to advance each of these towards a go or no go decision. We have had several productive meetings and discussions with our partners during the quarter. We expect to make a go, no go decision as planned in the first half of 2014. We continue to expect to move some but not all of the option programs in the full development. And with that I would like to ask Louise Mawhinney during the third quarter to update you on the financial after which we will take questions

Louise Mawhinney

Thank you, Steven. Hello everyone. For the quarter ended September 30, 2013 the company reported a net loss of $4.7 million or $0.22 per share compared to a net loss of $3.2 million or $9.64 per share for the quarter ended September 30, 2012. For the nine months ended September 30, 2013 the company reported a net loss of $11.4 million or $1.50 per share compared with a net loss of $8.9 million or $28.79 per share for the nine months ended September 30, 2012.

As of September 30, 2013 the company had a total of approximately $52.3 million in cash, cash equivalents and marketable facilities. The company had no revenue for the quarter of nine months ended September 30, 2013 or for the quarter and nine months ended September 30, 2012. Research and development expenses total $3.2 million for the three months ended September 30, 2013 and $7.8 million for the nine months ended September 30, 2013. This compares with $1.7 million for the three months ended September 30, 2012 and $5.4 million for the nine months ended September 30, 2012.

The increase in research and development expenses for the three and nine months period of 2013 compared to the comparable periods in 2012 is due primarily to our three exclusive option programs, increased staffing and continued development activity for our AT-001 or 002 and 003 programs.

General and administrative expenses totaled $1.4 million for the three months ended September 30, 2013 and $3.9 million for the nine months ended September 30, 2013. This compares to $1.1 million for the three months ended September 30, 2012 and $2.2 million for the nine months ended September 30, 2012. The increases are primarily associated with increased staffing and business development activities, one-time IPO costs and the increase costs associated with becoming a public company.

In October 2013, we acquired Vet Therapeutics, for $30 million in upfront cash, 625,000 shares of common stock which equated to $10 million and a promissory note to $3 million, plus contingent consideration of up to $5 million in cash. We also sold 1,234,375 shares in a private placement to institutional investors for an aggregate purchase price of $19.75 million and increased the size of our term loan facility with Square 1 Bank from $5 million to $15 million.

I'd like to turn to the 2013 financial guidance and I would just like to confirm the prior guidance that we expect to end the year with between $45 million to $50 million and cash equivalents at which we expect to be sufficient to fund operations to the end of 2015.

With that, I will hand the call back to Steven.

Steven St. Peter

Great. Thanks Louise. So in the future, the financial results will be presented by Craig Tooman and Louise will continue to work with Craig and the rest of the Aratana team, as we continue to our transformation to a commercial company.

And so with that, I will open it up for questions.

Question-and-Answer Session

Operator

We will now begin the question-and-answer session. (Operator Instructions). We have a question from Steve Crowley from Craig-Hallum Capital Group. Please go ahead sir.

Steve Crowley - Craig-Hallum Capital Group

Good morning folks and congratulations on the continuing progress.

Steven St. Peter

Thanks Steve.

Steve Crowley - Craig-Hallum Capital Group

In terms of a couple questions related to Vet Therapeutics and it’s kind of larger impact on the Aratana world, I am wondering with the news of I don’t of transformational it’s too strong, but certainly a significant acquisition and a new arena for you guys to exercise your skill set, whether or not the news of the acquisition and the buzz it’s created in industry is really had any implications for your M&A pipeline, what you’re seeing how you’re pursuing really your activities there?

Steven St. Peter

Yeah. Well thanks, Steve. So we definitely view the Vet Therapeutics acquisition as transformational and that it allows us to not only pursue the small molecule strategy, but also the large molecule strategy whereas in human medicine there is lots of promise around targeted disease. And in fact small molecule and large molecules work well together by therapeutic area and there is great fit with respect to our portfolio. So we would agree with the characterization has been transformational and important.

I think it’s helped us. I think that people view a company that basically in the last year has done an enlicensing deal with the public company, our AT-003 has brought us three option deals with human companies and then executed on an acquisition that seems strategic. It’s certainly ramped up, people’s willingness to come and talk us about being their partner in bringing innovation to sort of the four legged members of our families. And so I think it really is making sense to people now as we deliver and we are thrilled for that. And so I think I’ll just leave at that Steve unless I missed part of the question there.

Steve Crowley - Craig-Hallum Capital Group

No, I think that last aspect was really where the question was targeted whether it’s been a magnet for additional opportunities for you to fully exploit the opportunity and without putting words in your mouth I think that’s what she told.

Steven St. Peter

Absolutely.

Steve Crowley - Craig-Hallum Capital Group

Now in terms of the commercial organization and the one of the other enablers of Vet Therapeutics was that let Julia free to start building out that commercial organization, I know you’ve made some headway towards the top of that pyramid recently. But can you tell us whether those plans that you laid out a few weeks ago a month or so ago seem to still make sense and whether or not the path to progress there seems pretty clear for you?

Steven St. Peter

Yeah thanks. So Julia is definitely engaged on building out the commercial organization. She recently brought on a marketing director which we announced and she continues to build out an organization in Kansas City. And the Vet Therapeutics gets us potentially commercial next year. So that objective that we set out both on the road show and subsequently of finding a way to get commercial and begin to build the brand and build the discussion with, but that’s relevant to our product categories. It’s amazing that here we are doing that and we’re thrilled. And so Julia has the green light to execute on what she has done so well in her past having launched over 25 animal health products including some of the biggest and most important brands in animal health.

So it’s all green lights for Julia and she is really going forward aggressively and there is obviously, we post jobs on our website and people should, they’re going to pay an attention, we are looking to hire commercial talent and we’ll just continue to pursue that aggressively.

Steve Crowley - Craig-Hallum Capital Group

And then just one more from me, as it relates to a specific program, your decision to focus or go right to chronic pain with AT-001 for cat, you mentioned that the indication there is larger. Can you put a little more meat on the bones there of the size of that application and the opportunity set that new strategy drives you toward?

Steven St. Peter

Yeah absolutely. So the pain market for dogs and cats is really consisted mostly of the coxidins, that’s a $260 million market in the United States. And really that is a dog market because cats don’t do well with chronic administration of coxidins in fact there is no product approved for more than a couple of day use in cats. Now having said that, approximately a third of cats over the age of eight years old get arthritis, but it’s not really because there is no treatment, a well recognized phenomenon and occasionally cats if they have arthritis are in pain, they won’t rub between your legs and they will sit under the sofa or under the bed and that’s how they manifest arthritis, they really withdraw because they are quite stoic.

And one of the challenges from a drug development [outflow], so that the opportunity is to be first in the market with the therapy that deals with the 90 million basically cats in the US puts cats everywhere and so that’s why we are interested. One of the challenges in that opportunity is because there is no approved product for chronic using cats, there is no ready development path forward. And so really what we aspire to do is to validate that the mechanism was intact in cats.

So we clone the receptor, we did binding affinity all of that were good. And then we went into basically frankly a painful situation cat [d-claw] and really look to see whether there was efficacy around the molecule which there was and so we were obviously pleased with that. But we had also done a 28 day [tox] study in cats and not in a surgical, post-surgical setting and that looked good from a sort of safety perspective. But in the cats that we did the acute model, we did see some liver function test and the clinical meaning of those LFTF sort of a big debate within drug development in general. But we felt like what we had was validation that the mechanism of action was intact in cats and that we could then pursue the chronic indications. So Dr. Linda Rhodes has been working with Dr. Ernst Heinen and other opinion leaders on our survey instrument similar to the Canine Brief Pain Inventory instrument for dogs to allow us to pursue a chronic indication.

And we finally believe we have a protocol that we're going to move forward and talk with the agency on and really actively try to go after chronic pain. We feel like we've learned a lot of important things about this drug in the work that we've done over the last couple of years. And so, it's really we're confident that we're moving forward and try to bring true innovation to the other large companion animal species.

Steve Crowley - Craig-Hallum Capital Group

Great. That's useful context. Thanks for taking my questions.

Operator

Our next question is from John Kreger from William Blair. Please go ahead.

John Kreger - William Blair

Hi, thanks very much. Steven just a quick follow-up on the AT-0014 in cats, should we assume what the chronic indication of these trials will take longer?

Steven St. Peter

Yes John, I mean those will be, we've got to pick the duration of the therapy and then agree with that with the FDA and make sure we can see it. So we'll let you know what that trial is going to look like and what the instrument is and the endpoints as we move forward on that. But it's, the acute pain trial is a couple of days. I mean these are cats who have just had a surgery. And so the readout is fairly quick and in fact that's why we chose that as the area that we want to validate that the mechanism of action was intact. But the actual clinical setting it will be studying for a longer period of time.

The goal standard for dogs for instance is a 28 day study. And that’s the study that I think everyone has used at least as far I know that has gotten an approval, it’s a very standard study. So in cats we have to innovate there and we're excited to do that.

John Kreger - William Blair

Great, thank you. For the B-cell product, what if anything you have to do on your end to move towards full [licenser]? Are you just waiting for a decision at this point?

Steven St. Peter

Right. So well, we did say in our press release and I tried to indicate it today that we actually have completed submission to the USDA for full license, meaning all of the additional clinical work that we believe will be required we have at this point submitted which is that’s new information and so based on that we anticipate a license here in the next 12 to 18 months.

And let me just comment on that timeline which is this is all new. We're pioneering here with respect to how the USDA does the conditional license and then the full licenser and we're committed to being their partner and maybe through that we're doing it all appropriately. So it’s not that there is PDUFA date and timelines like on the FDA Center for Veterinary Medicine Site, we know exactly when to start the clock and when to stop the clock. We're really innovating with the USDA here in terms of there is no set guidelines. So we've taken a fairly wide [scavenger], but we have completed the submission to the USDA for the full license.

John Kreger - William Blair

Great thanks. And then one last one given all the rapid progress you've made, can you give us a sense of what your headcount is now and sort of where those people are focused and perhaps where you think that number would be in a year?

Steven St. Peter

Well, so John we are not going to sort of look forward other than to say the company is I believe we are at basically 25 today Louise was telling me. And since the quarter we continue to add a few people. In the commercial organization we’ve talked about at least having six territories and another sort of six people to support that, but that will come obviously with revenue and so that we feel very good about. But all we’ve really talked about is that. And we are going to be very cost conscious in how we do the additional adds and we’ve always tried to be very balanced about that.

John Kreger - William Blair

Okay thanks.

Operator

The next question is from Jose Haresco from JMP Securities. Please go ahead.

Jose Haresco - JMP Securities

Hi folks, good morning.

Steven St. Peter

Hi Jose.

Jose Haresco - JMP Securities

Just have quick, couple of quick housekeeping things. As we start looking towards 2014 and our models there and recognizing that you are not going to give top-line guidance, but should we think about the R&D and OpEx expense as we go through from Q1 to Q4, should we expect on a year-over-year basis?

Steven St. Peter

Yeah. So we’re not giving specific guidance with respect to our burn, it will be couple of million dollars higher, so we’re preparing people for that. Jose, we’re going to present I think at five conferences between now and the end of the year and we are going to stay out there talking to people and we will as we get the integration done and as we really get confidence around exactly where we are on that, we may be able to give additional guidance. But for now I think it’s a few million extra dollars. We believe we really made the investment in the team and the infrastructure. And as we add commercial people as we said there will be revenue offset for the T-Cell product, but also a royalty offset from the B-cell product. So that’s how we are going totally managing that.

Jose Haresco - JMP Securities

Okay, great. Thanks. Second question for me, given recent concerns of our competition in the molecule antibody space little biologic space for Aratana Therapeutics. Can you give us a sense of perhaps your IP strategy and you’re confident around the IP and the therapeutics? And should we expect you to be more aggressive in the near-term and I guess all the parties we have a target with the other products that are out there, is there any development product?

Steven St. Peter

Yeah. So Jose, maybe it could be, maybe a little bit more clear on that. With respect to competition in the molecule antibody space, I mean we are not really aware of any companies that have made any sort of substantial progress on that. And certainly they have filed any sort of meaningful IP or able to articulate any type of development around that. I mean there are companies that I know four companies they are talking about their enthusiasm for biologics and test. But as far as I can tell no one has really laid out any IP or really done any type of development. And with respect to the large animal health companies, we actually know from conversations, I am thinking of three of the five largest are interested in biologics, but as far as we can tell they are not actively pursuing it.

So we believe that doing the Vet Therapeutics acquisition we Aratana are fairly far ahead of the competition with respect to biologics. And maybe your question was more about competition in general, but with respect to biologics I will just narrowly answer it in that way.

Jose Haresco - JMP Securities

Thank you for answering the question. Thank you.

Operator

(Operator Instructions) Your next question is from John Block from Stifel. Please go ahead.

Jonathan Block - Stifel

Great. Thanks and good morning. Steven maybe you can just share some thoughts in the recent oncology meeting that oncology meeting in T-cell, B-cell, I think there was breakfast symposium there. If you can just share with us sort of the receptiveness amongst the oncologists for monoclonal antibody therapy, sort of how you felt going in and maybe how you felt coming out of that meeting? Thank you

Steven St. Peter

Yeah. Jon, that's a good question. So every time we talk about this product, we get more and more and more excited. And I think is that an area and not just in oncology that pretty much in every therapeutic area or sometimes frustrated that some of the innovation that's benefiting human doesn't being translated into their plans. And so they are loving the fact that we're doing this. And every time, we kept that [tire], we get happier and happier and happier about the not only oncology but the lymphoma market in particular.

Jonathan Block - Stifel

Okay. And then on 002, the three week period that you mentioned for cat, just your confidence level, is three weeks going to be long enough to see the actual waking and why three weeks, did you look at what you saw on the canine side and the side that should be long enough?

Steven St. Peter

I think that a lot of variables went into choosing the three week time point, but I think it was more the experience that we have with cats, that inform that Jon. I think when we had licensed the product, Pfizer had done some work in normal cats, be it showing waking in basically two weeks. And these are of course, it's a field study and so these are cats that are in inappetence. So I think we felt like the right place to start was here with three weeks and that's the call that we've made. But of course, it's drug development and you learn and you iterate and you move forward, but we have a high degree of confidence that that's the right time period in which we will see waking, hence the reason we're doing that particular study.

Jonathan Block - Stifel

And maybe just two more if I can. On the 001, the chronic pain, there were some earlier questions, I won’t go down that, but just in terms of a solution, is [answer] sort of the closest solution that’s out there now for cats and pain? And then when you mentioned the liver issues before that you saw earlier on, I just want to make sure I got my arms around this correctly. What changes so is it just the dosing level that changes as much lower because it’s for chronic that would allow you to avoid those issues going forward?

Steven St. Peter

So let me maybe take the second part of your question first which is so obviously chronic, the pain has lots of etiologies and there is lots of things that play there. So acute pain and chronic pain are not obviously the same, but some of the dose translation work that you have is fairly well established. So with respect to the acute pain, really it was to see an effect and we did see a dose effect and felt good about that.

And the other thing that play in that scenario was anesthesia and just a surgical environment and stress and it tends to be a very different clinical setting. And so those cats all looked good. They were clinically normal, recovered their liver function test resolved, but they did have a dose dependent transient increase in LFTs that was, it seemed somewhat dependent on the anesthesia.

So knowing all of that we then looked at the fact that we've been able to do work at doses, similar doses actually 28 days in chronic dosing in cats and haven’t seen any of the LFTs abnormalities, but the goal of that study hadn’t been able to, we hadn’t been measuring efficacy because we frankly didn’t have a model at that point. So now we take all of that learning and all of that confidence we have about the mechanism is in intact. We go forward with some doses or a dose in cats in an arthritis setting with the newly developed model and see if we can measure a reduction in pain. And so that’s what we are doing with that program honestly.

Jonathan Block - Stifel

Okay. And just a last one is sort of big picture, when you look at sort of (inaudible) that success and your IPO and the subsequent success it’s had. Can you maybe just speak to how the (inaudible) poll has evolved over the last several months, in other words Steven do you have many more guys coming to you, looking to you to be their solution, they feel confident in the commercial success, the sales force will be there versus maybe how proactive you had to be four, five months ago reaching out to them?

Steven St. Peter

Yeah, I mean, Jon, we are just so happy with the fact that people continue to come to us and we literally are everyday interacting with, I would say on average every day we interact with a company on the human side who has innovative that they wanted to talk to us about. And it’s folks that we’ve known that I have heard about the company, it’s people that we’ve talked to before, we now understand what we are doing, we’re thrilled with some large animal health companies and I mean we really are viewed as the partner of choice. And well there are companies out there and in fact recently a company that articulated to go after generic products which is something we’ve never really understood, for us it’s always been about innovation, great science, bringing that forward to pets whether it’s nuisance in the biology that matter.

We don’t really see anyone out there competing with us with the companies that we are talking to and not only is the small human biotech companies, but we’ve had enquiries from some larger human companies about well it’s an interesting model and so we are beginning to think about that. We’ve had conversations with technology companies who say hey we think we have a technology that could be really interesting in terms of bringing some innovation. So we have those discussions. Frankly we also are having conversations with the large animal health companies about products that they have maybe interesting in our models just like in human biotech.

There is products that come over from human pharma all the time and this human biotech, and they are really different and complementary models. And as we tell that story we’re getting, I would say we definitely don’t have the top of the funnel problem, where the issue is getting things into the funnel. It’s middle to sort of the thin part of the funnel where you really have to be careful and disciplined and selecting things to move them forward. And that is the frankly the great position we find ourselves in. And it’s quite new and others who are telling the story and helping us really get the story out there and get the inbound calls coming to us.

Jonathan Block - Stifel

Great, thanks Steven.

Operator

Ladies and gentlemen, at this time we will conclude our question-and-answer session. I would like to turn the conference back over to management for any closing remarks.

Steven St. Peter

Thanks. We really appreciate everyone’s time. We continue to be incredibly enthusiastic about this opportunity and every time we look at it we get more and more and more excited. We simply love the cats and dogs that are out there, and even some of the copy cats it’s seemed to be out there. We appreciate the additional extension into the space, but we will continue to be forward. We are going to the, I think five investor conferences through the end of the year and available to talk about our products and our model and really continue to tell the story about our Aratana Therapeutics. So thanks everyone for your attention.

Operator

The conference is now concluded. Thank you for attending today’s presentation. You may now disconnect your lines.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Aratana Therapeutics' CEO Discusses Q3 2013 Results - Earnings Call Transcript
This Transcript
All Transcripts