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Hyperion Therapeutics Inc. (NASDAQ:HPTX)

Q1 2014 Earnings Conference Call

May 6, 2014 04:30 PM ET

Executives

Myesha Edwards - IR

Don Santel - President and CEO

Christine Nash - SVP and CCO

Bruce Scharschmidt - SVP and CMO

Jeff Farrow - CFO

Analysts

Alan Carr from Needham & Company

Joseph Schwartz - Leerink

Phil Nadeau - Cowen and Company

Liisa Bayco - JMP Securities

Operator

Good day, ladies and gentlemen, and welcome to Hyperion Therapeutics’ First Quarter 2014 Financial Results Conference Call. At this time, all participant lines are in a listen-only mode. Later, we will be conducting a question-and-answer session and instructions will follow at that time. (Operator Instructions) As a reminder, this call is being recorded.

I would now like to introduce your host for today’s call, Myesha Edwards, of Investor Relations and Corporate Communications. Ms. Edwards, you may begin.

Myesha Edwards

Thank you, Andrew. Welcome to our first quarter 2014 financial results call. Leading today’s call is Don Santel, our President and Chief Executive Officer. Also joining us on the call today are Jeff Farrow, our Chief Financial Officer; Christine Nash, our Chief Commercial Officer; and Bruce Scharschmidt, our Chief Medical Officer. Joining us for the Q&A portion of the call will be Natalie Holles, Senior Vice President of Corporate and Business Development.

Before turning the call over to Don, I remind you that various remarks that we make on this call contain forward-looking statements, subject to risk, uncertainties and other factors that could actual results to differ materially from those expressed or implied.

Forward looking statements made in this call may include among other statements related to our financial forecast, our commercial, clinical and regulatory timeline, our commercial expectations including future orders from Sobi, the expected timing and confirmation of the acquisition of Andromeda, the expected benefits of the potential acquisition of Andromeda and the expected timing of the completion of the DIAPEP277 Phase 3 study.

References to what we expect, anticipate, believe, intend, plan, estimate or other statements referring to future events or results are intended to identify these statements as forward-looking. Hyperion undertakes no obligation to update or revise any forward looking statement. We encourage you to review our press release, the risk factors in our most recent annual report on Form 10-K and our 10-Q expected to be filed on or about May 8, 2014.

During this call, we will be discussing non-GAAP financial measures. We believe that the additional non-GAAP measures are useful to investors for the purpose of financial analysis. For reconciliation of these adjusted financial measures to the corresponding GAAP measures, please see today’s press release, which is posted on the Hyperion website at www.hyperiontx.com. We have not provided a GAAP reconciliation for segments on our forward looking non-GAAP financial measures, such as our 2014 adjusted operating expenses because such measures are not available without unreasonable effort.

With that, I will turn the call over to Don.

Don Santel

Thanks Myesha. Good afternoon everyone and thanks for joining us on the call today. We made great progress this year in delivering on our commercial goals and expanding our pipeline. The first quarter again demonstrated solid commercial execution and growth. I’m pleased to announce that we reported net revenue of $19.5 million from sales of our two commercial products RAVICTI and BUPHENYL marketed for the chronic treatment of urea cycle disorders or UCD. Additionally in April we achieved a significant milestone with the signing of a share purchase agreement to acquire Andromeda Biotech, which upon closing will expand our pipeline with the addition DIAPEP277 for adult new onset type-1 diabetes. With two commercial products for UCD our HE program is poised to enter its Phase 3 trial and the future addition of DIAPEP277 we believe we’re well positioned for growth.

I’ll now turn the call over to Christine to provide further details on our commercial operations, Christine?

Christine Nash

Thank you Don. Since we launched RAVICTI last March we’ve made great strides towards establishing RAVICTI as the standard of care for patients with UCD. As Don mentioned total net sales for UCD portfolio in the first quarter were $19.5 million, $15.5 million of which were from RAVICTI. Our commercial efforts continue to positively impact product awareness and experience among UCD population. And the overall business trends are consistent with our guidance from previous quarters. The primary source of RAVICTI uptake continues to be conversion of patients from Sodium phenylbutyrate which accounts for more than 75% of our new referrals through Q1. We estimate that approximately 650 patients are currently being treated with RAVICTI or Sodium phenylbutyrate.

We continue to grow the RAVICTI through uptake in phenylbutyrate naïve patients, which accounts for approximately 22% of earnings growth to date. We estimate that approximately 475 patients are currently diagnosed but not a phenylbutyrate based treatment and that approximately 35 new patients are diagnosed and treated in the U.S. each year. In the first quarter, approximately 7% of sales were from new prescription and 93% came from resale orders.

As expected the share of RAVICTI patients covered by Medicaid continues to grow. At the end of Q1, 38% of our patients were covered by Medicaid and 33% of the paid bottles in Q1 were reimbursed by Medicaid. Importantly the discontinuation rate for RAVICTI remains low at less than 10% which is consistent with our clinical trial experience. As a reminder we’ve achieved remarkable reimbursement reach for RAVICTI with approximately 95% of privately insured and 94% of Medicaid insured lives in the U.S. covered.

As part of our dedication to patients it’s important to us out of pocket costs remain low and that no patients go without access due to financial burden. We continue to achieve this goal with approximately two-thirds of our patients paying $10 or less per month for their RAVICTI prescription.

Now turning to BUPHENYL; net sales in the first quarter were $4 million, $2.5 million of which came from the U.S. market. We continue to see no impact of generic sodium phenylbutyrate on the RAVICTI market. Ex-U.S. sales of BUPHENYL remains strong in Q1, particularly in Canada which accounted for greater than half of ex U.S. sales. As mentioned on our year-end 2013 call in Q2 we anticipate another stocking order from our European sales and marketing partner Sobi, which should result in increased ex U.S. sales of BUPHENYL in Q2 versus Q1.

Jeff will be providing specific revenue guidance as part of his remarks. But at high level through the remainder of 2014 you can expect a steady uptick of RAVICTI in the U.S. driven by compelling clinical data, continued operational excellence and strong payer coverage.

Looking ahead we are very excited about the opportunity to address a larger orphan market with the potential near term commercialization of DIAPEP277 for new onset type 1 diabetes in adults. Through our experience in the UCD market we’ve demonstrated an expertise in educating a targeted prescriber base with a scientific sales approach and have developed a specialized infrastructure that supports reimbursement of high value therapeutics and provides effective financial and compliance support for patients. Following the closing of the acquisition and successful clinical and regulatory outcomes, we anticipate leveraging all of these capabilities on a larger scale and introducing DIAPEP277 to the market.

Now I’d like to turn the call over to Bruce for development updates.

Bruce Scharschmidt

Thank you Christine. I’ll start with DIAPEP277, briefly recapping the information we covered on our April 24 call. And then we’ll discuss our UCD and HE programs. For decades the only approved treatment available for patients with type 1 diabetes has been insulin. What makes DiaPep277 so promising is that it has a potentially disease modifying treatment for these patients with an excellent safety profile. DiaPep277 is result of ground breaking work that began at the Weizmann Institute in Israel. The scientific story has evolved for more than 20 years based on promising animal and clinical studies.

DiaPep277 exemplifies our approach to business development. We look for products, they are backed by scientific and clinical data, highly differentiated, late stage leverage our core competencies and clinical development and commercialization, and it has the potential to really make a difference in patient’s lives. What sets DiaPep277 apart from other approaches is that it does not work as a broad based immunosuppressive, rather it appears to selectively inhibit the immune attack against beta cells without suppressing the body’s natural immune defenses.

The first Phase 3 trial DIA-AID 1, a two year randomized double blind placebo controlled international trial enrolled 457 adult patients with new onset type 1 diabetes. DiaPep277 was administered via subcutaneous injection, nine times over 21 months. With our recently published results of the modified intent to treat and per protocol analysis showed a significant slowing and loss of beta cell function among the DiaPep277 patients as reflected by preservation of glucagon stimulated C-peptide secretion.

This also demonstrated that significantly more patients treated with DiaPep277 maintained target levels of hemoglobin A1C, a measure of metabolic control, as well as favorable differences in the frequency of hypoglycemic events. DiaPep277 was safe and more tolerated with no significant differences in adverse events between the treatment and placebo alarms.

The confirmatory Phase 3 trial DIA-AID 2 is ongoing. It’s a multi-center randomized double blind placebo control study designed to establish the safety and efficacy of DiaPep277, administered as 10 injections over 24 months, a newly diagnosed adult type 1 diabetic patients. The primary end point is preservation of beta cell function assessed by glucagon stimulated C-peptide secretion. Secondary end points includes maintenance of target hemoglobin A1c levels, hypoglycemic events and exogenous insulin use. The study completed enrollment of 474 patients in late 2012. It's projected to complete late this year and we anticipate results in the first quarter of 2015.

Turing to RAVICTI, we remain on track to submit our MAA prior to the end of the second quarter. We’ve also made good progress in our discussion with FDA regarding final protocols to two required post marketing studies in UCD patients, one of which will be conducted in Europe and one in U.S. The U.S. study which we expect to begin in the second half of this year will enroll UCD patients in the first three years of life. There’s favorable standardized information available regarding treatment on UCD newborns who often present critically ill. And both me and our investigators think this information will be very important for the UCD community and patients. By the way all of our short and long term pediatric data from our clinical trials, including those from children ages two months through five years were published this month in Molecular Genetics and Metabolism.

Finally we remain on track to begin our Phase 3 HE study late this year early next. Based on our discussion with FDA, we anticipate the protocol will consist of a 24-week randomized double-blind treatment followed by a 24-week open-label safety extension and it will be powered for both the primary and key secondary end points. Pharmacoeconomics represent an important consideration and we’ll be addressing not only patients with events in hospitalizations, but also total events and total hospitalizations.

I’ll now turn the call over to Jeff for a financial update.

Jeff Farrow

Thanks, Bruce. Today, we reported net GAAP income of $1.3 million or net income of $0.06 per diluted share, compared with a net loss of $9 million or a net loss of $0.52 per diluted share for the same period of 2013.

Adjusted net income for the three months ended March 31, 2014 was $3.8 million or $0.18 per diluted share, compared with an adjusted net loss of $8.5 million or a net loss of $0.49 per diluted share for the corresponding period in the prior year. Our total first quarter 2014 GAAP net revenue was $19.5 million and included $15.5 million in net sales from RAVICTI and $4 million in net sales from BUPHENYL. We incurred no co-payment systems in this quarter.

From an operating expense perspective, adjusted operating expense, which is comprised of research and development expense and selling, general and administration expense, but excludes stock compensation and amortization were $13 million for the first quarter of 2014, as compared to $9.3 million for the prior year quarter.

GAAP research and development expenses for the first quarter of 2014 were $3.2 million compared to $1.8 million in the prior year. GAAP selling, general and administration expenses for the first quarter 2014 were $11.2 million compared to $7.9 million for the same period of 2013. Cash, cash equivalents and investments for the end of the quarter were $124.5 million, compared to a $118.1 million as of December 31, 2013.

Turning now to the acquisition of Andromeda. At the closing of the transaction, all outstanding shares and options to purchase Andromeda comparable stock will be cancelled in exchange for $12.5 million in cash, less adjustments for transaction expenses and approximately 313,000 shares of Hyperion common stock, which represents a value of approximately $7.9 million. In addition, we will pay Andromeda shareholders potential regulatory and commercial milestones in tiered royalty payments, based on worldwide net sales of DiaPep277.

The acquisition is subject to customary closing conditions and we expect the transaction to close during this is quarter. The economic structure of the Andromeda acquisition addresses the strategic objectives of both Hyperion and Andromeda shareholders. The contingent payments are times such as we payout no additional milestones until either the U.S. or EU marketing application is accepted for filing, whichever occurs first.

And our potential milestone payments ahead of the first product approval totaled only $25 million globally. Additional contingent payments include commercial milestones, the first of which is payable at annual worldwide net sales of $450 million, as well as tiered royalty payments 10% for annual worldwide sales was up to $300 million and up to 70% on worldwide net sales exceeding $1.2 million with the exception of sales by distributors in certain territories for which the rate is 25%. Given our strong balance sheet and the payment structure of the Andromeda acquisition, we have no immediate needs for raising additional funds.

Moving on to outlook for 2014, we currently anticipate, following the close of the Andromeda acquisition that our 2014 adjusted operating expense which are comprised of R&D expense and SG&A expense, but excludes stock compensation, amortization expenses and any purchase accounting expenses related to the Andromeda acquisition will range from $66 million to $78 million.

Turning now to 2014 revenue guidance, we expect total net revenues to be in the range of $84 million to $90 million, net of copayment assistance. Further, we anticipate totaled net revenues for RAVICTI to range from $70 million to $75 million and BUPHENYL net revenues to range from $14 million to $16 million.

With that I would like to open the line for questions, operator.

Question-and-Answer Session

Operator

(Operator Instructions) And our first question comes from the line of Alan Carr from Needham & Company. Your line is open.

Jeff Farrow

Hi, Alan.

Alan Carr - Needham & Company

Thanks for taking my questions. A couple like -- can you comment on -- I guess disposition of physician towards the drug? Are there -- how are you coming along there in terms of converting them over into -- prescribing, percent prescribing RAVICTI? And then also Jeff, can you go over co-pay assistance a bit in terms of why you didn’t have any of that expense this quarter?

Jeff Farrow

Actually, Christine can handle both of those ably, Alan. So I will just bang out co-pay because it’s a very simple answer.

Christine Nash

Alan, as it relates to co-pay, we received periodic requests from 501(c)(3) that administers the Urea Cycle Disorder fund when they are need for funds to support those patients. We did not receive a request for them for this quarter. So there was no copayment.

Jeff Farrow

Means they had enough in the bank to cover what came up but they come up regulatory and continuingly but the deposits to the bank as it were Alan are from time to time.

Alan Carr - Needham & Company

And you’re not providing any guidance with respect to that for the year, right?

Jeff Farrow

Yes, the top end if you take, if you add up the components of BUPHENYL and RAVICTI you’ll see there is a delta about a $1 million. So that we would expect to be the high end of the copayment.

Christine Nash

And Alan you’ve asked about what kind of progress with physicians. We’ve got -- of our targeted counts we’ve got about 90% of the RAVICTI -- at least one RAVICTI prescription that we quite good about the progress we’re making and we certainly feel good about the RAVICTI to us in Q1, given the challenges that the weather presented in terms of some patients making it to the regularly scheduled clinic appointments. That 90ish percent that I quoted for the institutions, they treat about 92% of the patients we believe are available to us in the U.S.

Operator

Thank you. Our next question comes from the line of Joseph Schwartz from Leerink. Your line is open.

Joseph Schwartz - Leerink

I was wondering if you can talk a little bit more about what the rate limiting steps are with regard to starting the Phase 3 for hepatic encephalopathy, what’s been going on there and what have we been able to accomplish with the FDA and what more needs to be done? I think I heard you say that you’re on track but little more color there would be great?

Jeff Farrow

Sure, Bruce will give that but there’s a lot has been going -- there has been a lot of back and forth, Bruce.

Bruce Scharschmidt

Joe, we’re happy to do that. Broadly speaking the interaction has occurred in two areas. One, recall we had mentioned really for the last several calls that one of the focus is to look at West Haven and basically modify it for purposes of Phase 3 cradle and broadly speaking, those are focused on content validity, reproducibility. That’s really all gone quite well. We’re happy with that progress.

The other component in that same general area is that patients have HE events. When they happen, they don’t necessarily happen in the doctor’s office. So a caregiver is an import witness to these events and the other part is then gathering that data in a way that could be gathered by a layperson systematically. We feel that’s all gone well. While the focus initially has been on those elements, we’ve also good feedback from the FDA on the protocol. The timelines have always and continued to allow for one more iteration at least with FDA for final look at the protocol and these ancillary instruments, but that’s a little more color on what’s been happening and it’s actually gone remarkably consistently or probably anticipated coming of the end of Phase 2 meeting in late 2012.

Joseph Schwartz - Leerink

Okay. And one on RAVICTI, I was wondering -- or even BUPHENYL for that matter, if you could talk a little bit with respect to the current business if you noticed any impact from seasonality, either weather or other headwinds or benefit resets, things that are typically seen the first quarter?

Christine Nash

Sure, Joe. We were quite happy with the first quarter and speaking with particular by sale representatives getting patients to clinic in the Northeast and in the Midwest was a challenge. There were number of missed clinical appointments but we were very successful from an operations perspective in getting patients their refills timely and obviously through the business over time. So we obviously did receive new referrals during that time period. As it relates benefits recess, we did a pretty extensive outreach in Q4 in preparation for that. So that we had very few patients impacted with any issues of significance in maintaining their coverage for RAVICTI. We had a few situations where patients had a gap due to requirement of new prior authorization and of course we filled those gaps with a bridge PAP program while we straightening out those insurance issues.

Operator

Thank you. Our next question comes from the line of Phil Nadeau from Cowen and Company. Your line is open.

Phil Nadeau - Cowen and Company

I guess first is just I’m looking for an update on the conversion of BUPHENYL patients to RAVICTI. In the past you’ve given us some statistics about the proportion of patients who have seen their doctor have converted and things like that. I was wondering if you have any updated figures

Christine Nash

So that metric is getting harder and harder to evaluate now that that we’re year out. We’ve had some patients come to clinic more than once. Some we believe have not yet come. We think we’re running around the same 40% to 45% that we were at in our last few calls - that we’ve had another quarter for more patients to come.

Phil Nadeau - Cowen and Company

Okay and do you have a sense now that it has been over a year since the launch, what is that’s keeping the remaining patients on BUPHENYL? Is there more and small handful of issues that you could address so you could kind of detail against in order to get those patients to convert?

Christine Nash

Yes, I think the primary challenge for us Phil is a battle against inertia and it’s inertia on two fronts. It’s some amount of inertia from the physician group in terms of how they assess what patient looks like or what their labs might look like when they’re ‘well controlled’ and the clinical data that Bruce and his team have done such a nice job in making sure are in publication form, telling an important story around the importance of tight ammonia control and we’ll continue to tell that story to motivate the switch of these more, arguably more mildly-impacted patients. The other inertia impact is on the patient and family side. BUPHENYL was life saving for many of these patients and if those patients have not had a recent crisis event, some of them have a fear of the change and I think with the growing base of patient experience is going to be the main vehicle by which we change that inertia into action towards RAVICTI.

Phil Nadeau - Cowen and Company

Okay.

Don Santel

I just want -- Phil, before you ask another question -- we’ll take that too but just I want to emphasize one thing that Christine covered in her answer to you and that’s regarding this metaphor we like to use of tight control to borrow something from type-1 diabetes field, Dr. Bruce Scharschmidt has personally been holding teleconferences with investigators to go over these data and again these data present the results from our experience of 20 clinical sites and show what the frequency of hyperammonemia crisis is, is a function for how tightly one controls the fast ammonia. You may recall that we’ve mentioned there’s a five or six fold increase in the frequency of hyperammonemic crisis is. If you’re at the upper limit of normal, relative to being at half the upper limit of normal and there’s days when I feel this is almost like a, like Broadway, 8 shows a week where Bruce has told me that he’ll do as many of these meetings as he has to. It’s an important message to get out. These are busy physicians but we’ve had some very I think telling responses to this and obviously blinded by the response where we’ve had physicians say things like maybe I’ve not done all I can do for these patients and Bruce sometimes refers to this as the slow reveal. We certainly aren’t out to do anything but be an aid to these physicians who are so well qualified and so exquisite at what they do but we really do think there’s an opportunity month in month out to continue to disseminate these important findings to these very busy people.

Phil Nadeau - Cowen and Company

Okay great, that’s really helpful. Second is on the MAA, what’s left to do before you get that filed?

Don Santel

Let me just repeat Phil, what is left to do before the filing of the MAA. Really just some, I won’t say tidying up. I don’t mean to trivialize it but everything is on track. Phil, we’ve had the pre-submission meetings, rapporteur or co-rapporteur, EMA, there was a change in co-rapporteur. We met with them. We think face to face is important. The essential documents are largely complete. So without minimizing the additional work to be done, that’s very much on track. I would just say that the, probably the important difference between the submission in Europe and the U.S. is that we have a complete data set all the way down to two months of age. So much of the story remains the same but it’s really more complete data set now even on the very youngest children and that includes a 12 month follow up and the littlest gets down to two months.

Bruce Scharschmidt

Yes Phil, really we’re just we’re where we ought to be on projects when we set the guidance that we’ve given on the MAA submission. At any point of time relative to that submission date, we are where we ought to be in terms of a major production of a document while having few editors, as many authors and it’s really a herculean amount of work for primarily Clara Dickinson our Head of Regulatory but also for Bruce and people on his team as we work to weave a very coherent package but it’s every bit the effort a NDA submission is.

Phil Nadeau - Cowen and Company

Okay, great that’s very helpful, and then just one last question. I’m sorry. I missed the figure that you gave for the number of patients treated with BUPHENYL or RAVICTI today. What was the figure that you mentioned?

Christine Nash

Approximately 650.

Phil Nadeau - Cowen and Company

650, okay. Great. And that seems to be higher than what you’re saying a year ago. Is that fair, is it under diagnosis or have you just kind of found more people.

Christine Nash

Well it’s a combination of things. So you noticed that that number has gone up and our number of phenylbutyrate naïve patients have gone down, which is right in line with the fact that 22% of our new referrals to date again, excluding clinical trial patients have come from that phenylbutyrate naive group. So we’re seeing exactly what we wanted to see at this point in time, which is growth in the phenylbutyrate market with a strong trend towards patients shifting to RAVICTI.

Operator

Thank you, our next question comes from the line of Liisa Bayco from JMP Securities, your line is open.

Liisa Bayco - JMP Securities

Question about and maybe you mentioned this and I missed. I know there was a fair amount of sort of stocking amongst the patients themselves in the fourth quarter. Did you see any destocking as a result of that or…?

Christine Nash

No, we didn’t see any destocking per se. Some of the patients ended up having those refills shifted into Q4, just kind of reset their refill cycle. But we didn’t see any issue then where as a result of that kind of moving into Q4 all of a sudden we’re seeing a drop off or a change in the typical refill dynamic.

Liisa Bayco - JMP Securities

Okay. And what -- have you been tracking at all how -- what proportion of patients are may be switching from BUPHENYL to one of the sort of generic products?

Christine Nash

Yes. So we’ve been tracking that quite closely since we launched. The only approved in market generic here in U.S. is sodium phenylbutyrate powder. And our estimate is that they have taken approximately 55% of the sodium phenylbutyrate powder market. We’ve seen no impact on a tabs market and importantly we’ve seen no impact on the RAVICTI market. So we feel like we've got a good handle on that and that number has been backsliding between kind of 50 and 60 for the last several months. So it seems to be reasonably stable. Obviously, my goal is get all of them switched over to RAVICTI.

Liisa Bayco - JMP Securities

And just so -- as the background of the --the breakdown between powder and pills is what?

Christine Nash

Yes. So in Q1 about 60% of our volume that we shipped was in form of caps.

Liisa Bayco - JMP Securities

Okay. Great. And then just one last question for me. Could you remind us for 277 what the next kind of catalyst is there, data point?

Don Santel

Well, as the next, obviously the deal close, we would certainly see that as a perfunctory thing as we see nothing to impede that, but the next data catalyst will be a Q1 announcement interpretation as what the top line of the so called 10/10 second Phase 3 pivotal will be rolled out, un-blinded and rolled out.

Liisa Bayco - JMP Securities

Can you define perfunctory? It's a new one for me. I'm just kidding.

Don Santel

Well, I mean since we --

Liisa Bayco - JMP Securities

Nice choice of words of though. An incredible vocabulary.

Don Santel

Well, there's nothing surprising about what goes on between now and the close, and we are expecting this to highly -- it’s highly likely that the deal closes. But obviously we have to be precise in saying the deal has not closed today but we are expect it to close on time as we expect it to close.

Operator

Ladies and gentlemen we have reached the end of the question-and-answer session. I would now like to turn the call back to Don Santel for some closing remarks.

Don Santel

Thank you, operator. In closing we believe we’re advancing in our mission to develop and deliver life changing treatments for patients suffering from orphan diseases. As we look forward to the remainder of the year, we’re diligently focused on the following four priorities. First, we'll continue to focus on our core business with an aim to grow the U.S. RAVICTI market and expand its availability abroad.

Second, we’re focused on finalizing details with FDA to allow for the initiation of our pivotal Phase 3 program in HE. We expect the first patient to be enrolled late this year or early next. Third upon closing on the Andromeda acquisition, we look forward to continuing to advance the DiaPep277 program with a goal of announcing results from the phase 3 trial in the first quarter of 2015.

Finally, we'll continue our business development efforts with a focus on identifying additional assets that fit with our core development and commercialization competencies in the orphan drug space. Thanks to everybody for your time today. We look forward to additional conversations with you throughout the rest of 2014. Operator?

Operator

Ladies and gentlemen, thank you for participating in today’s conference. This now concludes the program and you may all disconnect. Everyone have a great day.

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Source: Hyperion Therapeutics' (HPTX) CEO Don Santel on Q1 2014 Results - Earnings Call Transcript

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