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Executives

Ron Renaud - President and CEO

Doug Mayers - EVP and CMO

Analysts

Alethia Young - Deutsche Bank

Robyn Karnauskas - Deutsche Bank

Idenix Pharmaceuticals, Inc. (IDIX) Deutsche Bank BioFEST Conference Call December 2, 2013 10:45 AM ET

Alethia Young - Deutsche Bank

Hi, it is Alethia Young here, I'm one of the analysts here at Deutsche Bank on the Biotech team, always happy to have with me Ron Renaud, President and CEO; and Doug Mayers, Chief Medical Officer of Idenix Pharmaceuticals. So I had some questions for you guys today, but I am going to start obviously with some of the press releases that you had this morning, and I just want you in your own words to walk us through kind of now how we look at the infringement case along with the USPTO case and give us the context thereon.

Ron Renaud

Yes, there're a number of different cases that are at issue and they're pretty distinct in nature, so we have the patent interference that's ongoing in the USPTO, that's different than the litigations that are ongoing in Canada, in Norway, and in Australia, and then those by themselves are different than the announcement we had this morning where we filed a case for infringement here in Massachusetts, and infringement and interference in Delaware. So if you think about all of these cases on their own, they all represent something different, so interference was brought forth by the PTO in the USPTO case; and in Canada and Norway, these are invalidity actions that Gilead brought against Idenix; Australia very similar, we also have counterclaims there as well, and then here in the US or what we outlined in the press release this morning. I think what's different about all of these cases is that each of them have different sets and standards of procedure, so for example in the PTO it’s a pretty regimented, rigid process that happens. You get a lot of expert testimony that kind of thing. Canada, there's discovery, there's a different set of processes and procedures, and then you go to Norway and it largely relies on expert testimony, so the good thing I think we are hoping for is in the cases that we've outlined in the press release this morning, these are you know jury trials, they allow for discovery, we'll be able to bring in a lot of information, a lot of what we've learned in all of the other ongoing legal cases, and we feel as strongly about our intellectual property today as we ever have, and we will continue to pursue this with every single avenue that we have available to us.

Alethia Young - Deutsche Bank

With the filings now in Massachusetts and Delaware, kind of where are the first steps of that that we should be tracking and looking forward?

Ron Renaud

Well first steps are obviously what we announced this morning. I think you know for the rest of it, we're not going to give a playback plan on this, we're not going to give any granularity around strategy or we’ve had a number of questions this morning around claims or the patent numbers are detailed in the press releases. I'm sure we'll hear from the other side as well and their views on this in the not too distant future, so it'll play out in the court dockets and the legal filings, and we'll just leave it at that.

Alethia Young - Deutsche Bank

I know with the Delaware, it's kind of jurisdiction, but are there any nuances with Massachusetts in Delaware in particular in dealing with these sorts of cases that we should be aware of or any thoughts there.

Ron Renaud

No, we just I think again, we don't want to go too much into the strategy, but we thought these were perfectly appropriate places to file the respective cases.

Alethia Young - Deutsche Bank

And then this doesn’t necessarily prevent Gilead, it's just another court case they’ll have ongoing like the one they have with Merck right now.

Ron Renaud

It's another court case, correct.

Alethia Young - Deutsche Bank

So, on the second press release, I guess you know we saw the broadening of HELIX-2 out into the announcement of the trial, just kind of what are your initial thoughts there on what that combo means, what do you think the plays could be in that regimen?.

Ron Renaud

Yes, I'll give a big picture on it and our Chief Medical Officer's here. He can give you some of the granularity on this, but I think a couple of weeks back when Janssen announced that they had acquired another NS5A, I think there were some questions, some concerns about their commitment to our collaboration. I think what HELIX-2 demonstrates is that this collaboration is as strong as it can be. I would characterize this as a very good collaboration, we're learning a lot, and I think HELIX-2 now represents an opportunity to see what our NS5A samatasvir looks like in combination with the J&J protease inhibitor and the ritonavir boosted non-nuc, and we think this will probably give us the first -- possibility of the first availability of data that really compares head-to-head to what Abbvie is doing. Doug, I don’t know if you want to add something to that.

Doug Mayers

I mean that this has been a very productive collaboration, initially we did the two DAAs, so we did samatasvir and simeprevir, and looked at the patients genotype 1b and 4 and 6, and this allowed us to get 100 patients with safety data for 12 weeks of our NS5A and allowed us to then transition over into the three-drug study which is currently 40 patients but will probably ultimately grow to be about 100 patients again. This is clearly the combination that has the highest interest to Janssen, it’s the one where they have the potential putting their drugs into one pill and our drug is already one pill, so it'll be two pills once a day, so it's reasonably competitive, and initially we'll startup in patients with genotype 1b and 1a’ who don't have the Q80K mutation, and then once we got data that shows it looks good with the patients without the Q80K, we'll add the Q80K patients into the study to get all 1a’s and 1b’s, and so we’ll have data starting to come out mid next year and through the rest of next year. We'll see where it goes, I think for us it’s been important because if we do wish to go ahead if Janssen, it allows us a path to market that is quicker for NS5A. If we don’t go ahead with it, it has given us a 140 to 200 patients safety data, which sets us up well to combine our NUC with our NS5A in a 12-week study mid next year in a pan-genotypic trial. So, a lot of this is setting up that our NUC which is now in our clinic will be ready to go into Phase 2A mid-next year, and this gives us enough safety to confidently put the two together.

Alethia Young - Deutsche Bank

What’s the prevalence to the Q80K mutation?

Ron Renaud

In the United States, it is about 48%.

Alethia Young - Deutsche Bank

Okay, so the first part of the trial, you won’t study any Q80Ks, and then you’ll broaden it out?

Ron Renaud

Yes, and the agency as we saw in the simeprevir hearings, the agency has concerns about this, although in COSMOS it looked very good, and so we anticipate that this will look good with the patients who don’t have Q80K and then we will add them in.

Alethia Young - Deutsche Bank

Okay as far as like the screening and the marketability of simeprevir, I can’t remember its new name, it begins with an O but -- Olysio, great. How do you think about the competitiveness of that asset and using it in combination where I might use it globally?

Ron Renaud

I think, you know, at this point, they have a Peg Riba label being overused with Peg Riba. I think COSMOS was very exciting. I know, there are a lot of doctors who would love to take their most difficult patients and treat them with samatasvir and simeprevir when they’re both available in the market, but I think ultimately for it to succeed, they’re going to either have to get three-drug combo to work and compete with Abbott or get a NUC.

Doug Mayers

But I think the COSMOS data says it all, I mean, the Q80K issue more or less goes away with another potent direct acting antiviral on top of it, so I think in terms of marketability I think in the right combination, that’s probably much less of an issue.

Alethia Young - Deutsche Bank

And as far as like Janssen’s kind of strategy, do you believe it’s more -- whether that’s kind of (inaudible) combo more of a global strategy and where might the targets be?

Ron Renaud

Well, I mean, I think if you think about the 1B strategy, that tends to be an Asian strategy that has been at least what other companies have outlined, but I think overall the strategy is going to be for global, at least at this point in genotype 1, genotype 4 type marketing strategy. Let see what the data looks like, see how it compares to some of the existing datasets out there with similar components and then we’ll go from there.

Alethia Young - Deutsche Bank

And how would the economic work with like $66,000 price label on Janssen (inaudible) like your NS5A in a combination therapy?

Ron Renaud

In terms of the clinical trial?

Alethia Young - Deutsche Bank

No, as far as I guess they came to market, like how would we think about the pricing and the economics there?

Ron Renaud

It’s a really good question, and I think it’s probably too early. I mean, it’s an impressive price times volume equation. There is no doubt about it, but we haven’t seen the prices yet or at least the firm prices yet for some of the newer agents that are going to be coming along here shortly, so I think we’ve got to see what the market looks like, see what these prices, what the actual prices end up coming out, see what payer acceptance looks like.

These are things that are not going to happen overnight. In the U.S., it may happen or it should happen a little bit quicker, but I think outside of the U.S. this is going to be an incredibly slow, long process to get payer acceptance for some of these high price, direct acting antivirals, especially when you start combining them and taking Peg Riba out of the mix.

I think it’s too early to say what it means economically – I think we’re going to have to wait and see what the market looks like and see what the data looks like, and we’ll combine all that when the time is right and I think we’ll make the appropriate adjustments.

Alethia Young - Deutsche Bank

What would be your opinion of where Gilead should price samatasvir?

Ron Renaud

I am not going to comment on that.

Alethia Young - Deutsche Bank

Fair enough.

Ron Renaud

Good question.

Alethia Young - Deutsche Bank

Looks to me Ron actually, I just want to talk a little bit about of kind of a bigger picture, and from the firm sizing, where are the key risking/de-risking points in your clinical program over 2014?

Ron Renaud

Again, I think there are that standard de-risking points when you are developing HCV compounds. When everybody first started here developing HCV compounds, you can get to these three-day proof-of-concept studies across all the DAAs, pretty quickly generate that data, and then go into the larger combination studies with pegylated interferon and ribavirin. I think now the studies are very specific depending upon what the direct acting antiviral is, and I think with some of the safety issues that we have seen come up across the classes, there is clearly a lot more fine tuning that’s happening at the regulatory level and at the company level.

So, we’ve had our front row seat on all of this. I mean we’ve seen our own compounds. We’ve seen compounds from some of our competitors out there stumbled along the way for various reasons. I think, it’s still very systematic, very methodical. You’ve got to go through our studies. We’ve really got to get to 12 weeks of data. You want to have 12 weeks of safety, 12 weeks of antiviral data, and that’s something we expect to have at least for our nucleoside sometime next year. And again, we probably won’t sleep perfectly well until we cross that 12-week barrier with all of our compounds.

Alethia Young - Deutsche Bank

So on 437, just kind of how did you select that assay and do you feel the need to continue with 963 at this point?

Ron Renaud

So [truly told] (ph) 437 and 963 were selected at the same time. The reason that they came at different times was, we were a small company. We had the stagger the development timelines for these compounds just because the way the preclinical IND enabling toxicity studies unfold. There is a lot of report writing, putting an IND or CTA together is a laborious task. We do as much of it as we can internally, but a lot of it is also outsourced for us. So we tend to stagger these things, you know by three or four weeks just to give ourselves the opportunity to do that and not have anything slip through the cracks.

I think all things being equal, had they come at the same time and we’ve got to the end with the positive Ames test that we had with 963, we would have absolutely moved forward with 437 and let the clinical studies start up and try to characterize the issue with 963.That being said, positive Ames test has rarely held back compounds historically. We have seen a number of compounds that had been on the market for well over a decade here and globally with positive Ames test and other positive genotoxin and immunogenicity signals, you know cleared through the FDA in the past.

So we were clearly surprised by this, but I think with 437 coming right behind it, us getting the acceptance we thought it would be prudent to go outside the U.S. given that the FDA has had such a upfront receipt on a number of these issues, we thought it was in the best interest to move forward outside the U.S. And this notion that it is less stringent or less onerous to get compounds into the clinic outside the U.S. I think, if you would have talked to the regulatory authorities in Canada or in Belgium or other places, they would take strong-strong issue with that. We just felt this was the most prudent thing for us to do.

For 963, we continue to pursue the signal, we want to know what caused the positive Ames test. The FDA gave us a roadmap in terms of what they expect in terms of being able to put -- for us to answer before we can put that in the clinic and we are pursuing that as we speak.

Alethia Young - Deutsche Bank

And, can you give a full color on that roadmap and the timelines around, that we might get more clear idea on 963.

Ron Renaud

Yes, I mean so they are basically longer terms studies to get at the immunogenicity or to get at the signal, the genotox signal. So there are certain one month studies, you can do. There are certain longer term studies that you can do and those are what we are pursuing at this point. So I think we will have a better idea of where we are with 963 in the early part of next year.

Alethia Young - Deutsche Bank

And just from a resource perspective, like, how much of kind of the incremental spend on kind of learning more about 963 and how do you think about that versus spend on other assets or future nuc you have in that?

Ron Renaud

We are not spending much on 963 at all at this point. Remember, this was, we had the IND enabling studies ongoing in the first half of last year. We had a number of these studies already year-marked for additional work, last year as well. There is some additional expense but most of them are already in process. So it is not going to be alive in the way of new expense, R&D expenses for 963 until we make a decision based on the data we get as to how to move forward with that compound. But really all of our human and financial resources right now are focused on 437.

Alethia Young - Deutsche Bank

So can you kind of compare --

Ron Renaud

In samatasvir, apologies, in samatasvir as well.

Alethia Young - Deutsche Bank

And, how do you compare and contrast 437 and 963 on broad basis?

Ron Renaud

We haven’t stated what the major differences are there. We can say that there are enough differences that we feel very comfortable. We know already that with 437, the signal the Ames test that we saw with 963, we haven’t seen that with 437 from a preclinical tox (Ph) perspective. We’re quite comfortable with what we are seeing. We have set it at different prodrug approach but that it --

Alethia Young - Deutsche Bank

And they are both uridines?

Ron Renaud

Yes.

Alethia Young - Deutsche Bank

So what are the timelines for 437 so you -- have you thought that that would be enrolled, started patients there?

Doug Mayers

We started patients a month ago. We announced we’d open the study. It’s going on in Canada and it’s going very nicely. It is raised through walking up a dosage week, and then we started HCV infected patients with single dose each week. By Christmas we will be done and we will have the data early next year for the single dose, healthy as in the single dose HCV infective. We will start a proof-of-concept early next year and plan to have the data by end of the first quarter and to start our Phase II-A mid-year.

Alethia Young - Deutsche Bank

So, with your top line I assume, and then are you going to top line both the healthy and the infective study at the same time?

Doug Mayers

When we have the data, we will show both in the top line, and the goal obviously is to show that we have good pan-genotypic cover, so the proof-of-concept we will have a genotype-1 set of arms and a genotype 2 through 6 set of arms, were to be heavily genotype-3. So you will have good genotype-3 data as well.

Alethia Young - Deutsche Bank

You have cirrhotic from the other?

Doug Mayers

We are going to do cirrhotic for a single dose and we will do a genotype-1, seven days cirrhotic study which helps few ways, so we will get that done by end of first quarter or early second quarter we will have our cirrhotic. So we will be able to put cirrhotics into our phase 2 studies.

Alethia Young - Deutsche Bank

And on the phase 2A so that you're saying around the middle of the year?

Doug Mayers

Yes.

Alethia Young - Deutsche Bank

We can expect, and that'll be the combination.

Doug Mayers

We're going to have to dose range both the nuke and the NS5A because remember we've never gone into genotype 2 or 3, simeprevir doesn't cover genotypes 2 and 3, so we're going to basically have to dose range for genotype 1 and also dose range for genotypes 2 and 3 in separate phase 2A studies in mid next year and hopefully we'll line on the same doses the NS5A and the nuke for all the populations but we're going to let the clinical trial data drive that.

Alethia Young - Deutsche Bank

And so when will that kind of interaction and between the two compounds is that stuff underway or are you starting it a little later.

Doug Mayers

At this point I have to get 7 days of [indiscernible] before I can do I DVI. But the plan is we'll do the DVI while we're doing the proof of concept so it will all be lined up and ready to go and soon as we've had the three months [indiscernible].

Alethia Young - Deutsche Bank

So by 2015 like where do you guys think you'll be in clinical development and what will you have you think in the clinic.

Ron Renaud

I think 2015, hopefully we're marching down the path of thinking about the pivotal trial with samatasvir and 437 I think it's probably too early to say where the samatasvir studies with Janssen will be at point, but assuming if the combination studies go well and there's a desire to move forward, that's something that we would strongly consider, but I think you know 2015 is really where hopefully we make a pivot towards starting to think about how these compounds are going to look in Phase 3.

Doug Mayers

And the nice thing is that actually we can do fixed dose, we've already actually made fixed dose tablets we’re going to test early next year but I can’t tell the chemists how much of each drug to put in them at this point so towards the end of next year we'll know what the doses are for the fixed dose, so we’ll actually be able to very similar studies to what you're seeing Gilead do with a fixed dose combination and our phase 2, b3 programs in '15.

Alethia Young - Deutsche Bank

So in the US, like, how shall we think about development there and can of where the timelines that were overlain.

Ron Renaud

So, clearly as Doug mentioned, we started the program outside of the US the program's currently ongoing in Canada, we have approval in Belgium and we’ll go in other geographies as well, I think we'll await the POC data and we'll probably reassess pretty frequently throughout the development of this compound as to when the right time is to come back to the US. It's important to point out we never submitted an IND at all, so the FDA's never seen 437. We haven't shared any preclinical [indiscernible] data, the FDA has not, we've never submitted anything to the FDA in that front. I think what we would probably best served doing is generating 12 weeks of data outside of the US, coming back with a package that shows safety, shows antiviral activity and then have that discussion with the FDA on how we'd like to move forward. When can that happen I think we'd probably be want to be having those discussions sometime next year and does it mean we come back late next year or sometime in '15, I think it's probably too soon to say but we will certainly be looking to bring the program back to the United States.

Doug Mayers

I think what we can say, is there's been a meeting recently which the FDA discussed nucleotide as part of discussion at HCV drag, and in that meeting it's very clear that the bar has been raised. There's a safety threshold through a preclinical path we'd like to see, all I can tell you is we have a very extensive program now, so we do echos in the monkeys, we do biomarkers, we do histopath, we save tissue for electron microscopy in the hearts. This drug meets all the requirements that have been stated publicly by the agency in our safety margins are clearly in the range that that expect for nukes to go forward in the clinic. We just start strategically it made more sense to get a little more human data and then bring it back with a big safety data base, than to go through what we saw with 963 and I think that we have data that we should be back in the US at least by 2015 and moving our 2b3 as a global program.

Alethia Young - Deutsche Bank

I mean do you think with the FDA is a element of like the number of patients or is the is a certain duration, what is it that the FDA really is concerned about kind of in the derisking assets right now.

Ron Renaud

I can't speak specifically because they never told what specifically…..

Alethia Young - Deutsche Bank

In your speculation.

Doug Mayers

I think would be a mess, there was surprise to all of us that we had the heart failure cases and I think that the more data you can get that you're safe and efficacious the easier the dialog is.

Ron Renaud

You may think if you look at it, a lot of these safety issues and it hasn’t just been the nukes, we've seen other compounds and other classes going on clinical hold or partial hold, I think the majority of them have happened here in the United States, so I think there is you know, it's a, and the FDA has beaten on the front line a bit, so for us to go outside of the, we think going outside of the US made a lot of sense, given everything we'd seen.

Alethia Young - Deutsche Bank

So, I'll open it up for questions to see if anyone has any questions in the room or on the webcast again, it's alethia.young@db.com if you have any questions. Okay, so I have some hep C kind of broad market trivia questions for you Ron.

Ron Renaud

Okay.

Alethia Young - Deutsche Bank - Deutsche Bank

So in 2017, I mean, how many people do you think are going to be treated in the U.S. and in EU?

Ron Renaud

How many specifically?

Alethia Young - Deutsche Bank - Deutsche Bank

Yes like what do you think -- the current hep C treatment population would look like?

Ron Renaud

Well, I think it’s going to be a bigger number than it is today. I don’t want to get too granular that’s because I don’t think we really know. I think the numbers that are out there quite frankly to meet those numbers, I am not sure there are enough hepatologist, there is enough payer acceptance or there is going to be enough to back into that price times volume equation. I hope I am wrong because it’s a huge marketplace, but I think this is actually going to take a lot longer to play out then what anybody is giving it credit for. I mean if you think about the price or the anticipated price of these compounds, it’s going to take a while for especially outside the U.S. It will happen a little bit faster inside the U.S.

But for justification of these prices in order to get to the SVR and so I think first of all you got to identify the patients. The most patients that have ever been treated in any given year I think it’s still under 200,000, it’s somewhere between 160,000 and 180,000 patients in the best year here in the United States, I don’t know what those numbers are outside of the United States. If you think about doubling or tripling that, that is entirely possible, but again if you think about what the price are going to be for these compounds that is a very impressive price times volume equation.

You start to get to numbers that you see with the stat, I mean, these are our monstrous numbers. And at some point HCV has probably not on the payers radar screen at this point, but it will be with those kind of prices and those kind of numbers, so we will have to wait and see, but I think because of that this is going to take a lot longer to play out. It’s really going -- it’s the prices is one part of it identification of these patients going to be another. We know that three quarters of the patients are roughly that have HCV don’t even know they’re infected. You got screening initiatives; you got government screening initiatives that are underway today and in the major treatment centers where HCV patients are actually being treated. You’re getting less than -- all you got to is to figure out which of your patients are born between 1945 and 1965. This age based screening cohort recommended by the CDC.

And screen your patients’ 1945 to 1965 given HCV RNA test. This is happening in less than 10% of the patients in some of the major HCV centers in the country. So how we’re going to get to the numbers that we see in the forecast when even today, we can’t get the screening numbers up the way that I think everybody thinks they’re going to come up. Things would have to change pretty dramatically pretty rapidly for that to happen in 2017. I think towards the end of the decade absolutely the numbers could get to be bigger get to be a lot bigger, but I think there you’re going to have a lot more competition at the payer level. There will be pricing competition. There is going to be a lot more I think and there will be a lot more players in the mix as well.

Alethia Young - Deutsche Bank - Deutsche Bank

So little bit on the near term and then I will get Robyn Karnauskas over there. So right now the run rate I think for Incivek and Victrelis are about 50,000 scripts being written or so, new scripts. Do you think -- do you expect in 2014 that number could double to a 100,000 scripts being written for the entire market?

Ron Renaud

For the entire market, yes, it’s entirely possible. I think, you probably have patients -- we are now talking to care wells regularly where in fact we started to have some very good discussions with the payers at this point. I think there is no doubt that there is a backlog, there is a demand for the new agents coming along. Clearly, there is going to be some demand for sofosbuvir. It’s generated very nice data. It appears to be a compound that doctors are also anxious to get underway. Is they going to be double or triple? I don’t know but I mean look at the Incivek launch. It was a tremendous launch. The trajectory of that was one of the best trajectories we’ve even seen for any therapeutic for any prescription product.

And that was a peg/riba based package inserts even the ones that are coming along now, so sofosbuvir will have a peg/riba based package insert. Simeprevir will have a peg/riba based package insert but it’s only a matter of time before we get these to all oral. I think when that happen, we will see scripts pick up pretty quickly. But I don’t know what the payer dynamic is going to be and I don’t think anyone has a really good hand that because payers don’t make a lot of noise until it becomes a big flashing light on their radar screen. There is not a lot they can do in the way of planning for it. They more or less wait for it to happen and that’s what we’re hearing when we talk to the payers.

Alethia Young - Deutsche Bank - Deutsche Bank

I believe the last question here with Robyn, so if you can bring the mic.

Robyn Karnauskas - Deutsche Bank

The 10% that you mentioned actually that’s a number I probably hadn't heard before, I know how is that collected, surveys and monitored the number of tests -- where do you get that data and then I heard doctors say that they’re going to be incentivized this year or next year. They’re going to get better rebates or something like that, what if they do test for Hep C. So what exactly is that, can you clarify that and how we can be able to monitor the number of people tested?

Ron Renaud

I think it will eventually become like oncology. I think it’s going to take time. If you think about the growth factor space in oncology, you know doctors start, and they basically get graded on how well they could keep their patients on chemotherapy on time, full dose on time. I think it is very reasonable to expect that doctor that treat HCV are going to have very similar outcomes driven initiatives. First with screening, but then you know how many SVRs are happening in their clinic. How many patients are getting treated, how many patients are getting cured, so on and so forth. I think there is no doubt that that’s going to happen. But if it is a government driven initiative it is going to take a significant amount of time. We get the numbers just based on discussions we have had with some of the people that have been involved with the CDC initiatives. So some of the KOL, we know that they started off with putting an orange stick around the front of the medical chart.

If you have patients who are born between 1945 and 1965, just order -- just hit the checkbox, order the HCV RNA test. It’s just not happening. Because first of all the doctors don’t know right now. If you think about your standard run of the know general practitioner or a patient out in the community, okay. So I get a positive HCV RNA, what do I do with it? And so there’s still a tremendous amount of education that have to happen, getting folks up to speed on how to treat HCV. This is still pretty foreign to most of the folks that are seeing these patients -- you know the numbers are staggering in order to get to the sales estimates that are out there. Even you’re back in try to figure out, are there enough hepatologists to write the number of scripts for the number of patients that are out there for some of the sales numbers that are out there. I think cumulatively the numbers are probably right. I think the timing is just going to take. I think the tail is going to be a lot longer and a lot more robust than most believe.

Doug Mayers

Ron, then the 10% was not a prevalence number. The prevalence number is probably closer to 20% to 25%. The 10% was when they looked at the patients who hadn’t had an HCV test and they tried to aggressively get the GP, general practitioner docs to screen for it, they could only get 10% of the potentially screened patients screened, and after about two months the numbers dropped off even further because the docs started ignoring the orange stickers on their charts. And so I think until it becomes a HIDES composite point, you know there is actually incentivisation of the primary care doc to do the screening, it may be occurring more slowly than people expect.

Alethia Young - Deutsche Bank

But there is an incent -- there’s some doctors being incentified to cast, correctly refer this from KOL, so I just, I am not really sure what this means.

Doug Mayers

I don’t think that’s in place at this point and certainly not HIDES composite point where it’s an important point for the healthcare system. I think right now the good news is it’s now become a category B recommendation. So now there is this interest in doing it. But it’s one of 35 different category B recommendations for the general practitioners and has it really caught on? But remember, HIV, a life threatening disease, it took us 10 years to get 70% of the patients identified. So this doesn’t happen quickly but it will pick up. And what’s interesting is, even with that type of a screening rate that replenishes the pool completely each year. So the market space is pretty stable out for that 10 years based on what we think is going to have with the screening rate and treatment rate.

Alethia Young - Deutsche Bank

Okay, off and well, Ron and Doug, thanks.

Ron Renaud

Thank you

Alethia Young - Deutsche Bank

Always fine to have a little discussion with you guys.

Question-and-Answer Session

[No formal Q&A for this event].

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Source: Idenix Pharmaceuticals' Management Presents at Deutsche Bank BioFEST Conference (Transcript)
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