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

Executives

Mohammad Azab - Chief Medical Officer

Michael Molkentin - Chief Financial Officer, Principal Accounting Officer and Corporate Secretary

Timothy Enns - Senior Vice President of Corporate Communications & Business Development

Michael McCullar - Head of Discovery Operations

James Manuso - Chairman, Chief Executive Officer and President

Analysts

John Nelson - State of Wisconsin Investment Board

Robin Davison - Edison Investment Research Limited

SuperGen (SUPG) Q4 2010 Earnings Call February 28, 2011 4:30 PM ET

Operator

Good afternoon. My name is Stephanie, and I will be your conference operator today. At this time, I would like to welcome everyone to the SuperGen Quarter Four and Year-End 2010 Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to Timothy Enns, Senior Vice President of Corporate Communications and Business Development. Please go ahead, sir.

Timothy Enns

Thank you, Stephanie. Good afternoon, and thank you for joining us today for SuperGen's 2010 Fourth Quarter and Annual Financial Results Conference Call. With me today are Dr. James Manuso, President and Chief Executive Officer; Michael Molkentin, Chief Financial Officer; Dr. Mohammad Azab, Chief Medical Officer; and Michael McCullar, Senior Vice President, Strategy and Discovery Operations. In a few moments, Jim Manuso and Michael Molkentin will deliver remarks on the 2010 fourth quarter and annual financial results and provide a summary of our business outlook. After our prepared comments, we will open the line for questions.

Earlier today, we issued a press release about our financial results. A copy of the press release is available on the Investor Relations section of our website at www.supergen.com. In addition, this call is being webcast and may be accessed via the Investor Relations section of our website. A webcast replay will be available for 30 days.

During the call, we will make projections and forward-looking statements that are based on management's current expectations. Actual results may differ materially from these forecasts and projections due to various factors. There are significant risks and uncertainties in biotechnology research and development. There can be no guarantee that our projects, products or product candidates will progress preclinically or clinically as we expect, or that we will ultimately obtain approvals for the indications that we seek. Moreover, even if our products or product candidates are approved in the future, we cannot guarantee they will be commercially successful.

The company's results may also be affected by a variety of factors, such as competitive developments, launches of new products, the timing of anticipated regulatory approvals or other regulatory action, the actions of strategic partners and collaborators with respect to the products we license or co-develop and patent disputes and litigation. For additional information and discussion concerning the factors that affect the company's business, please refer to the company's filings with the Securities and Exchange Commission, including reports on our most recently filed Form 10-K and Form 10-Q. The company undertakes no duty to update forward-looking statements.

In the coming months, we will present at various investor conferences, including the Roth 23rd Annual Growth Stock Conference on March 14, as well as our SuperGen Analyst Day in April. Live and archived webcasts of our presentations will be posted in the Investor Relations section of our corporate website, www.supergen.com.

I will now turn the call over to Dr. James Manuso, who will provide highlights of our accomplishments during the 2010 fourth quarter and fiscal year. Jim?

James Manuso

Thank you, Tim. Good afternoon, and thank you for joining us today for SuperGen's 2010 Fourth Quarter and Year-End Conference Call. 2010 was a successful year for SuperGen. We've been profitable in three out of the last four years. Our financial position has been enhanced substantially since 2009. During the fiscal year, SuperGen launched a significant clinical program and discontinued another one, consistent with our goal of prudent pipeline management. Ours is a highly risky business. Less than 10% of oncology drugs that begin clinical development achieve regulatory approval. Thus, we must advance rapidly promising drug candidates and quickly kill those that do not meet our stringent clinical regulatory and commercial hurdles. Finally, I'm pleased to report that our epigenetic therapeutics collaboration with GlaxoSmithKline is progressing as planned.

For 2010, SuperGen earned net income of $16.3 million. Our balance sheet strengthened considerably. We held over $120 million in unrestricted cash, cash equivalents and current and noncurrent marketable securities at year end. We are in a position to fully execute our current and planned discovery and development initiatives. SuperGen's financial strength and proprietary portfolio distinguish us from the majority of biotech companies in the world today. We are debt free, and we have not raised money in the public markets since 2004. Our financial profile clearly permits us to consider opportunities to acquire assets that are expected to be accretive. We do not expect to raise money during 2011.

Worldwide sales of hypomethylators exceeded $900 million in 2010 and sales are growing at a 10% rate annually. Dacogen, our commercial hypomethylator product and financial engine, continues to outperform expectations. Worldwide Dacogen sales generated royalty revenue of $52.5 million in 2010. This represents an increase of $11.3 million or approximately 27% from the prior year. For 2011, we expect this upward trend to continue, but at a more modest level as a result of a number of factors. Michael Molkentin will discuss our projections in more detail momentarily.

Our partners, Eisai and Johnson & Johnson, have announced they will file applications this year for regulatory approvals for Dacogen in the elderly acute myeloid leukemia or AML indication. Specifically, Eisai will file a supplemental New Drug Application for a label expansion of Dacogen in the U.S., and Johnson & Johnson will file a Marketing Authorization Application for Dacogen in the EU. These applications will be based on the 485-patient Phase III trial of Dacogen in elderly AML that was completed in 2010. Data from the Phase III elderly AML trial are expected to be presented at a major medical conference this year.

SuperGen's novel, second-generation hypomethylating agent SGI-110, entered Phase I, first-in-human clinical studies last month. This drug is a follow-up on the Dacogen franchise. Dosing of MDS and AML patients began in early January. We are working with major cancer centers and the Stand Up To Cancer's Epigenetics Dream Team on this trial, and we would like to commend our collaborators for their fine work in helping to organize and commence this important trial.

During the first half of this year, SuperGen's most advanced clinical stage drug, amuvatinib, or MP470, will enter a clinical proof of concept Phase II trial. The trial will enroll 21 to 50 small cell lung cancer patients who have either not responded to platinum and etoposide treatment or who relapsed shortly after such treatment. This trial will be conducted in North America at multiple clinical centers. Our clinical team has submitted to ASCO an abstract to present the final results of the Phase 1b trial of amuvatinib in combination with standard of care chemotherapy, including platinum and etoposide at the annual ASCO meeting in Chicago, taking place this June.

While we cannot provide detailed information on the status of our epigenetic therapeutics discovery and development collaboration with GlaxoSmithKline or GSK, I can report that the project continues to progress satisfactorily. As a reminder, SuperGen could earn more than $375 million in milestones plus royalties throughout a successful collaboration. The deal includes upfront in development milestones through product approvals of 65% of total milestones, with commercial milestones comprising the remaining 35% of potential value. Furthermore, there are $80 million in milestones achievable through the option exercised by GSK.

In summary, 2010 was a good year for SuperGen. Our financial footing was strengthened and we were significantly profitable. As a result, our balance sheet is one of the strongest it has ever been. Dacogen royalty revenues continue to underwrite our discovery and development expenses and add to our war chest. This year, 2011 promises to be an eventful one for our company. Our partners Eisai and Johnson & Johnson will file Marketing Applications for Dacogen in the elderly AML indication in the U.S. and in the EU. The much-anticipated Phase III data on Dacogen in the elderly AML indication will be presented.

By midyear, amuvatinib will be the subject of a Phase II trial, testing the drug in combination with platinum and etoposide in small cell lung cancer. Preclinical data on SGI-110 now in a Phase I-II clinical trial, testing the drug in MDS and AML patients, will be presented at an upcoming conference. Importantly, both the amuvatinib and SGI-110 trials will demonstrate if our drugs achieve clinical proof of concept. SuperGen has started 2011 from a position of strength, financially and operationally. We will update you throughout the year on our company's progress.

At this time, I will turn the call over to Michael Molkentin, our Chief Financial Officer. Michael will provide details on our 2010 financial results, as well as our initial fiscal guidance for 2011. Michael?

Michael Molkentin

We have positive financial results for the 2010 financial period. Net income for the 2010 fourth quarter was $6.7 million or $0.11 per share compared with net income of $2.3 million or $0.04 per share for the same prior-year period. For the year ended December 31, 2010, the company reported net income of $16.3 million or $0.27 per share, compared with net income of $4.7 million or $0.08 per share for the same prior year period.

I will now comment on our 2010 fourth quarter financial results. Total revenues for the 2010 fourth quarter were $15.3 million compared with $12 million for the same prior-year period. Total revenues for the 2010 fourth quarter include royalty revenue of $15.2 million, compared with $11.9 million for the same prior-year period. Royalty revenue is earned pursuant to a worldwide license agreement for Dacogen.

Total revenues for the 2010 fourth quarter also include development and license revenue of $127,000 compared with $97,000 for the same prior-year period. Development and license revenue represents the amortization of deferred revenue relating to payments received pursuant to the research and license agreement with GSK.

Excluding gain on sale of products, total operating expenses for the 2010 fourth quarter were $8.8 million compared with $10.7 million for the same prior year period. The primary reasons for the decrease in total operating expenses for the 2010 fourth quarter were lower research and development expenses, resulting from reduced activities related to product development and clinical trial programs, including lower costs associated with the discontinuance of the Phase I clinical trial of SGI-1776 and lower stock-based compensation expense, offset in part by a modest increase in general corporate expenses.

Included in total operating expenses are non-cash stock-based compensation expenses of $183,000 for the 2010 fourth quarter compared with $693,000 for the same prior-year period. The reduction in the 2010 quarterly charge relates primarily to changes in the expected vesting assumptions of certain performance-based option grants.

As previously indicated, the company reported net income for the 2010 fourth quarter of $6.7 million or $0.11 per share compared with net income of $2.3 million or $0.04 per share for the same prior-year period. The net income for the 2010 fourth quarter includes an income tax provision of $26,000 compared with a tax benefit of $898,000 for the same prior-year period. The income tax benefit in the prior-year quarter was primarily due to the Worker, Homeownership and Business Assistance Act of 2009 that allowed certain net operating losses to be used to eliminate or refund alternative minimum tax.

We continued to maintain a strong financial position through year end. As of December 31, 2010, we had approximately $120 million in unrestricted cash, cash equivalents and current and noncurrent marketable securities compared to $101 million at December 31, 2009.

I will now comment on our initial financial guidance for 2011. We anticipate that royalty revenue for Dacogen will increase up to 5% from the prior year to a range from $52 million to $55 million. Development and license revenue is estimated at $500,000 representing recognition of deferred revenue relating to prior payments, received pursuant to the research and license agreement with GSK. A guaranteed payment in the amount of $700,000 relating to the prior sale of our commercial franchise, the Hospira, will be classified as a gain on sale of products and is expected to be received during our 2011 second quarter. Research and development expenses are expected to increase from the prior year to a range from $29 million to $32 million. The growth in expenses will be primarily influenced by increasing costs associated with our current clinical trial programs for amuvatinib and SGI-110, ongoing product development efforts that will advance our product pipeline and additional investment in our discovery, preclinical, regulatory and clinical areas.

General and administrative expenses are expected to increase modestly from the prior year and are estimated to be approximately $10 million. Therefore, net income for 2011 is currently anticipated to be less than $14 million for the year. Included in total operating expenses are non-cash, stock-based compensation expenses estimated at $2 million for 2011, while our average annual shares outstanding are expected to be approximately 61 million common shares.

This concludes the review of our financial results for the 2010 fourth quarter and comments on our annual financial guidance for 2011. I will now turn the call back to Dr. Manuso for closing comments.

James Manuso

Thank you, Michael. Building upon our 2010 financial and clinical achievements and looking ahead to 2011, we'll be working on the following major initiatives. For our most advanced clinical product, amuvatinib, we will initiate a Phase II clinical proof of concept trial by midyear. We will advance the development of SGI-110, our second clinical stage drug working closely with our scientific collaborators and the Stand Up To Cancer Epigenetics Dream Team. Our goal is to provide to MDS and AML patients an improved second-generation hypomethylation therapeutic.

Preclinical data on SGI-110 will be presented at the targeted anti-cancer therapeutics conference in Paris next month, and data from the ongoing Phase I-II clinical trial may be presented at a scientific conference next year. Our partners Eisai and Johnson & Johnson have stated they will file Dacogen Marketing Applications for the new indication of elderly acute myeloid leukemia in the U.S. and in the EU before the end of the year. The alliance with our partner, GlaxoSmithKline, will progress further as we continue to collaborate on the discovery and development of third-generation epigenetic product candidates.

SuperGen remains committed to enhancing shareholder value. We will build value by focusing on customer needs, managing operations profitably, acquiring promising opportunities and creating and deploying our resources wisely, all the while instituting superior operational processes and improving them continuously. We will maintain conservative practices with respect to budgeting and cash management. We have no need to raise money in the public markets this year. We will be highly selective with respect to potential partnerships or acquisitions. We will undertake optimally efficient drug discovery using our client platform, and we will develop only those drug candidates with demonstrable promise.

The pharmaceutical and biotech industries are undergoing tremendous change at this point in time. Of course, change brings with it the promise of great opportunities. We will continue to evaluate harshly opportunities that may have the potential to be accretive. We at SuperGen look forward to updating you throughout the year on our progress. As part of our effort to keep you informed, we will host an Analyst Day in April.

With that, Dr. Mohammed Azab, Michael Molkentin, Dr. Michael McCullar, Tim Enns and I are now ready to answer your questions. Operator, you may open the line to questions at this time.

Question-and-Answer Session

Operator

[Operator Instructions] Your first question comes from the line of Robin Davison at Edison Investment.

Robin Davison - Edison Investment Research Limited

Just sort of first of all, I’m still interested in whether you might be contemplating at this point doing studies in additional indications for amuvatinib over and above the small cell lung cancer that’s obviously being considered at this point. Is anything else likely to be going on this year, 2011?

James Manuso

I'll pass this along to Dr. Azab.

Mohammad Azab

Yes, hi, Robin. No, at this point in time, we wanted to see the read on the -- what we believe is the most promising proof of concept indication that we can have for the product. So we are focusing first on the small cell lung cancer patients as that’s a very high unmet medical need. And that's where we have the most promising data from the Phase 1b that we will be -- that we have submitted for ASCO this year.

Robin Davison - Edison Investment Research Limited

Right. Okay. I was also wondering, what and how many sort of preclinical programs you have going on at the moment. I know you don't give them too much attention, but obviously, we're looking at the sort of PIM kinase one as being interesting. I wondered if there were any others that you may have in animal models or anything like that.

James Manuso

Well, as you pointed out, Robin, we certainly are continuing our interest in a potential PIM kinase inhibitor. And I will now pass this question to Dr. Michael McCullar. Mike?

Michael McCullar

We do, as you mentioned, are very active in our PIM program. I think we're probably going to wait until Analyst Day to probably talk in more detail about those programs. But, yes, PIM is good. We also have epigenetics as well and other therapeutic areas in related to cancer metabolism.

Robin Davison - Edison Investment Research Limited

Right, okay. Again, on the GSK partnership, I mean that's obviously, I think probably like 18 months -- no, it’s not as long as that -- 15 months into that now. I wondered how close are we getting to a point where you might be able to see some sort of evidence of what's been going on there.

James Manuso

Mike, I'll pass that to you.

Michael McCullar

That's something we're obviously very active in. I think the best guidance I can give you for that is as we get closer to a milestone, you might hear something from us, as well as our partner, GSK, on that.

James Manuso

Unfortunately, Robin, as you know, we're barred from discussing specifics on that as a result of the contract. But as I mentioned in my opening remarks, we're progressing that program and continue our commitment to epigenetic therapeutics.

Robin Davison - Edison Investment Research Limited

Right, okay. Just a final one, I was wondering if the sort of number of employees, sort of workforce is trending up still. Is that right or behind the rise in the G&A you expected this year?

James Manuso

Well, the increase in G&A is in the range of $500,000 is expected from $9.5 million to $10 million. We see that as a small increase in G&A. And we don't anticipate, based on our guidance, as of this point in time to transcend that number.

Michael Molkentin

Our growth and headcount has occurred in the R&D area. I believe at the end of 2009, we had 80 or 82 employees. And we are currently at about 96 or 97. And all that growth occurred in our investments and headcount in the research and development area.

Operator

[Operator Instructions] Your next question comes from the line of John Nelson with the State of Wisconsin Investment Board.

John Nelson - State of Wisconsin Investment Board

My question’s related to, if you can tell us anything new about what's going on in the MDS market? And any significant changes in market share or pricing that’s occurring?

James Manuso

Well, first, as I commented, the worldwide hypomethylator market, which is shared today by two drugs, Vidaza and our Dacogen, is above $900 million. It appears to be growing again worldwide, at a 10 % per annum rate. And in fact, the patients on the MDS side, increasingly, are being recognized by physicians and to the extent that they can be treated longer term, that opens up a significant potential there. Market share-wise, in the United States, things remain very steady at a 60-40 break, with 60% of that market according to IMS, going to Vidaza and the remaining 40% going to Dacogen. But again, it's an increasing market. And perhaps Dr. Azab might have some comments regarding patient treatment protocols or what physicians are recognizing with respect to MDS or AML for that matter, remembering that the drug is reimbursed for AML also.

Mohammad Azab

No, I mean, those drugs have been on the market several years now. Vidaza been approved in 2004, Dacogen in 2006. So the protocols at MDS are very well established. I think for physicians, they are more comfortable treating them for longer, and maybe that accounts a little bit for the increase in the market uptake. And also, they are identifying these patients better, and that also may be in play here for the increase in the market overall. In terms of AML, there continues to be good publication and activity of physicians reporting in the literature clinical activity in AML. Particularly in Dacogen, there has been some nice studies that have been published recently. And of course with the completion of the Phase III, 485 patients, we are eagerly anticipating the results of that study when they are presented at a conference later this year. But we are hearing from physicians that they are also -- they sometimes prescribe these agents, particularly for elderly AML patients for whom there is no approved therapy, as an off label.

James Manuso

Tim, do you have a comment on pricing?

Timothy Enns

John, relative to pricing, things have been pretty steady here for sometime in the U.S. market. There’s a reimbursement mechanism, that if companies exceed price increases greater than 4%, it actually comes back to bite you from a reimbursement perspective. So most companies are doing a 2% price increase twice a year. It's pretty much what you see in the industry and you don't see companies exceeding that. So we don't expect a major change in the pricing. Most of this increase is coming, as Dr. Manuso and Dr. Azab said, through increased patients and increased number of cycles being given as physicians become more and more comfortable with this class of therapeutic.

John Nelson - State of Wisconsin Investment Board

Okay. One more question related to the cycles. Do you think the cycles than the average number of cycles for treatment is continuing to -- is it going to, I mean, continue to move up from current levels? Or are we kind of tapping out or maturing at current levels?

James Manuso

Right now, we don't have visibility to that type of information. The clinical information we've talked about that previously, is the number of cycles given here. But as far as an in-depth analysis of what the prescribing habits are, we don't purchase information to that level, so we just don't have access to that.

Operator

[Operator Instructions] Your next question comes from the line of Jack Weiland [ph] with Middleton.

Unidentified Analyst

I wanted to ask a question about your Dacogen guidance. You've been very conservative, I think to say the least, in giving the guidance. And then you moved up steadily through this year. And after a very nice year and those encouraging comments about the growth of the market of 10%, you gave a number of 5% growth for this year. And I'm wondering how you reconcile those two? Particularly, since the basis is -- I think you've commented in earlier calls, promotion is cutting back there because they are going off patent pretty soon. And I wonder if you could just -- particularly, I also would add the comment that you are now at the point where your royalties is at the highest delta rate in your scale, your progressive. So I'm a little curious, why you are giving 5% guidance in the market if you're talking about growing 10%.

James Manuso

Yes, of course. Well, I appreciate that. At the front end of the year, as you alluded, we want to take into account the potential impact. We can't assess that, obviously, until we're there, of the decrease in advertising effort in the U.S. on the part of Celgene with respect to Vidaza. And also the potential economic benefit of physicians switching at least temporarily from Vidaza to Dacogen for economic reasons. We don't believe that, that's going to have an impact based on data that we've seen. There are Vidaza prescribers and Dacogen prescribers. And they tend not to switch. What we're trying to do here is be conservative with respect to our guidance. Dr. Azab, would you have any comments on the dynamic there?

Mohammad Azab

No, not really. I mean, that's kind of what Jim has described is that initially, because of certain changes happening this year, I think, that we tend to be conservative in our estimates.

James Manuso

In addition, it's difficult to assess the degree of international sales based on J&J's efforts. As you know, the drug is marketed in more than 30 countries at this point. And given that many of those launches have been in the relatively recent past, it's hard for us to assess the degree of penetration and pricing impact and other matters that would have an effect there. So in brief, we're trying to be conservative with respect to the judgment and also realistic relative to some of the dynamics that both of us have mentioned. Tim, was there a comment you had?

Timothy Enns

Yes. Jack, just to add to that, Dr. Manuso did reference that the hypomethylator market is growing at a 10% per annum rate. A lot of that growth is coming outside of North America. And so that's where we're hoping that the AML data will have traction, and there could be a positive filing by J&J. But we don't have Dacogen in those markets yet to benefit from that growth.

James Manuso

In the EU, Dacogen is not approved today for MDS. However, our partners J&J expect to file this year for Dacogen in elderly AML in the EU. If that occurs, there will be a 10-year orphan drug designation for Dacogen in elderly AML, and that of course, could have a significant impact. But we won't know more about that probably until next year.

Michael McCullar

So the 10% growth rate in the total market, a lot of that is driven by Vidaza in the EU market where it is not opposed by Dacogen. And so Dacogen sales percent globally are not necessarily growing at that same rate. The other is, is that we are announcing our guidance here before Eisai gives their guidance for the year. They’re on a fiscal year, and they end March 31. So following that announcement, where we get more clarity into their year, it helps us refine our models going forward. But we're giving you the best information we have at this point in time.

Unidentified Analyst

I appreciate that. If I could just follow up with one more question on the Dacogen AML filing -- Eisai and J&J, I know that you had reported their guidance earlier, at least in case of Eisai a first quarter filing, and that seems to be gone by the boards now. I wonder if you could give us a little color on what seems to be, from our point of view, a delay in the filings, what that's all about.

James Manuso

We've specifically said that we anticipate them to file in the first quarter. We're still in the first quarter and have at least another four weeks to go. So we don't see that as having gone by the wayside yet. With respect to J&J, what we have said is that they anticipate filing this year. We still have another 10 months to go, so here again, I don't think we're -- or our partners are behind in connection with their guidance.

Michael Molkentin

Jack, just for clarity, it might have been a misunderstanding previously, is that what Eisai guided to formerly was that they would file in their 2010 year. Their 2010 year is a fiscal year that goes through March 31 of 2011. So we translated that into SuperGen speak that it would be the first quarter of our year. So it is by March 31.

James Manuso

And there have been no changes, Jack, in the statements of Eisai or J&J with respect to what they have indicated.

Unidentified Analyst

Okay, thank you, I may have misunderstood. So that’s -- and what you're saying is there have been no change in your guidance over the last period of time?

James Manuso

That's correct.

Unidentified Analyst

And maybe a question a little bit on GSK collaboration, which I know you can't talk a lot about. But if you were to sort of, from your own point of view, think of the efforts that you’re making for MP470, SGI-110 and maybe the PIM inhibitor, how would you rank the GSK effort in terms of its level of activity in your company, just using those four things that I know about. There may be other things I don't know about.

James Manuso

Sure. Well, you're right. There definitely are other things that we don't like to discuss until we're close to moving them into clinical and regulatory development. But, what I can tell you is that we have devoted significant resources to the GSK collaboration, and appreciate also that we were already working in this space at the time that GSK came to us and asked to collaborate on a joint project. So if anything, we have stepped up our original efforts, and we're managing an effort that's consistent with the expectations of GSK. Dr. McCullar perhaps can best speak to that. He manages the discovery operation. Mike?

Michael McCullar

That's a very good representation of how we think about the GSK collaboration. It's really in terms of discovery, one of our highest priority programs.

James Manuso

And with respect to 470 and 110, those are fully funded programs that are advancing in the clinic. And the PIM kinase inhibitor, Mike, would you care to discuss that for us?

Michael McCullar

Yes, it’s at the resources, of course, it's a little bit more advanced so it's drawing on different resources than the GSK collaboration is. But in terms of things that we think about later in discovery, it's probably the highest proven program.

James Manuso

Does that address some of your query?

Unidentified Analyst

That's terrific. Thank you. Very helpful.

James Manuso

Okay. Well, thank you very much. There are no further questions, in which case, again, thank you for joining us, and don't hesitate to contact us if you have any questions. Have a fine afternoon.

Operator

Thank you, this concludes today's conference call. You may now disconnect.

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: SuperGen's CEO Discusses Q4 2010 Results - Earnings Call Transcript
This Transcript
All Transcripts