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

Executives

Carol DeGuzman - Senior Director of IR

John McLaughlin - CEO

Nancy Donahue - SVP of Sales and Marketing

Dick Powers - VP, CFO

Analysts

Alan Carr - Needham

Liana Moussatos - Pacific Growth

Angela Larson - SIG

Patrick Moriarty - Fortis

Anesiva, Inc. (ANSV) Q4 2007 Earnings Call February 11, 2008 4:30 PM ET

Operator

Good afternoon. My name is Tina and I will be your conference operator today. At this time, I would like to welcome everyone to the Anesiva fourth quarter and year end financial results conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions). Thank you. Mr. DeGuzman, you may begin your conference.

Carol DeGuzman

Thank you and good afternoon. This conference call includes forward-looking statements within the meaning of the Safe Harbor Provisions of the US Private Securities Litigation Reform Act of 1955. Words such as expect, estimate, project, budget, forecast, anticipate, intend, plan, may, will, could, should, believe, predicts, potential, continue and similar expressions are intended to identify such forward-looking statements.

Forward-looking statements in this conference call may include, without limitation, projected timing of clinical trials and other matters that involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to differ materially from results expressed or implied in this conference call. Such risk factors include, among others: the timing and results of our clinical trials, whether Anesiva is able to manufacture its products on commercially reasonable terms, whether Anesiva can secure FDA approval for the use of Zingo in adults, and the degree to which Zingo gains market acceptance. Additional information concerning these and other risk factors is contained in Anesiva's Forms 10-K and 10-Q filed with the SEC. Actual results may differ materially from those contained in the forward-looking statements in this presentation.

I'll now turn the call over to John McLaughlin, Anesiva's CEO.

John McLaughlin

Thank you, Carol. Good afternoon, everyone and thank you for joining us today to review Anesiva's fourth quarter and 2007 full year financial results. With me today is Nancy Donahue, our Senior Vice President of Sales and Marketing, and Dick Powers, our Vice President and CFO.

As you may have seen, we announced that Dick has decided to resign at the end of this month as Anesiva's Vice President and CFO to pursue other interests. He has agreed to act as a consultant to the company as Dick has been a valuable member of the senior management team and leader of almost all of the Company's financing since its inception. We will always be grateful for his many contributions to Anesiva over the years and look forward to continuing to work with him in a consulting role.

While Dick will be missed, we are very fortunate to be in a position to promote Jean-Frederic Viret to succeed Dick as Vice President and CFO. Jean has taken on roles and increasing responsibility on our finance team since joining Anesiva in 2002 and he is currently our Vice President of Finance. We are confident there will be a smooth transition as Jean moves into his new role and I know he is looking forward to the opportunity to interact with the investment community in addition to his other responsibilities.

I also want to take a moment to welcome Dan Janney of Alta Partners back to the Anesiva's Board of Directors. Dan was and is again a valued Board Member and Advisor of the Company and to me. His depth of experience in Life Science Industry will undoubtedly contribute significantly to Anesiva's progress going forward.

This is an exciting time for Anesiva as we prepare for both commercial introduction of Zingo and the advancement of Adlea into Phase 3 registration of trials. We've recently announced multiple, corporate, commercial and clinical accomplishments, which I'll go through in a moment, then Dick will review our financial results and I will give overview of what's ahead for us this year.

I'll start with our product review of Zingo, our single-use needle-free system that delivers sterile lidocaine powder into the skin. As you know Zingo was approved to reduce the pain associated with peripheral IV insertions or blood draws in children three to 18 years old and we are planning for commercial introduction in the second quarter of this year. Recently, we announced the successful completion of our pivotal Zingo trial in adults and we plan to file a supplemental NDA with the FDA for that indication in this quarter.

At this point, I'll turn the call over to Nancy Donahue for an update on Zingo sales and marketing organization and on her progress towards a successful commercial introduction of Zingo.

Nancy Donahue

Thank you, John. Our marketing and sales team is doing an outstanding job preparing for the commercial introduction of Zingo. At that ground, IV insertions and blood draws are the most frequently reported painful events in hospitalized children. There are more than 18 million of these procedures annually and the pain associated with them is largely untreated.

In December, we launched two initiatives aimed to improve venous access pain management in children. The first initiative is RN VOICE. RN VOICE stands for Registered Nurses for Venipuncture Optimization through Increased Comfort and Education. This is a multidisciplinary group of healthcare professionals led by nurses, working to facilitate better management of pediatric venous access pain. RN VOICE has already achieved success with the publication last month that featured articles focused on the organization and it's objectives in several regional nursing magazines.

The second initiative we launched is a website manageIVpain.com, an interactive site that provides a valuable repository of information, guidance and support for parent and healthcare providers seeking to better manage peripheral venous access pain. We're quite excited about the earlier response to the site, for example, in just the first month alone more than 5,000 people have logged on and spent greater than five minutes visiting the site. The articles in nursing magazines that I just spoke of also highlight the ManageIVpain.com website increasing its visibility to this important target audience.

On the sales side we recently announced the completion of the hiring of the hospital-based sales force. The sales force of 15 regional account managers is tenured and quite talented with an average of 14 years of selling experience in the industry under 2 directors with a combined 30 years of industry sales and sales management experience, much of it in the hospital marketplace.

The Zingo sales force has completed its initial trainings and is now deployed in territories focused on those areas of the US that has significant concentrations of pediatric hospitals. Their objective is to create demand for Zingo by informing and educating hospital nurses and physicians on the features and benefits of Zingo for their pediatric patient's. They are also working closely with our counterpart from our co-promotion and distribution partner in the US Sagent Pharmaceuticals, whose efforts are really focused toward hospital pharmacies. We anticipate these synergistic selling roles will drive faster inclusion on hospital formularies and sales uptake.

Completing this brief summary I'll turn the call back to John.

John McLaughlin

Thanks Nancy. Our efforts to expand Zingo's reach to territories outside the United States are also bearing fruit. Last week we entered in a license agreement with Sigma-Tau under which it will be the exclusive distributor of Zingo in Belgium, France, Germany, Luxemburg, Italy and the Netherlands. Anesiva will receive an upfront payment, as well as payment for the achievement of certain sales milestones. Sigma-Tau is privately held, fully integrated European pharmaceutical company, headquartered in Rome. We remain in advanced stage discussions with other potential partners for additional European countries.

In December we granted an exclusive license to Medical Futures, Inc for the marketing and distribution of Zingo in Canada. Medical Futures were responsible for all regulatory filings, marketing, distribution and sales in Canada.

In addition, we expect recently established guidelines for use of topical local anesthetics, including those from the American Academy of Pediatrics and Infusion Nurses Society to positively impact the update of Zingo in North American market.

Moving now to Adlea, our long-acting non-opioid analgesic drug candidate designed to provide pain relief for weeks to months after a single injection. We are pursuing two development programs for Adlea, one for the management of post-surgical pain, and the other for pain release in patients suffering moderate-to-severe osteoarthritis.

Early in the fourth quarter of last year we were up one, the development pathway to approval for Adlea, which we designed based on continuing conversations with the FDA. In the first half of 2008, we planned to initiate two Phase III clinical trials for management of post-surgical pain. One of these trials will examine the use of Adlea at bunionectomy surgeries, which is very close to initiation, and the other in total knee replacement surgeries. The objective of the program is to obtain a broad product label of management of post-surgical pain associated with orthopedic surgeries.

Last quarter, we also commenced enrollment in two Phase II trial of Adlea for post-operative pain associated with orthopedic procedures. One in patients undergoing total hip replacement surgery, and then second, in patients undergoing knee replacement surgery. These trials are investigating a higher dose of Adlea, 50 milligrams, which might provide increased efficacy.

We previously successfully studied a 5 milligram dose of Adlea in patients undergoing knee replacement surgery. The 50 milligram dose, in both of the ongoing Phase II trials, equates to a higher drug concentration that has shown significant analgesic efficacy in other clinical studies.

With regard to osteoarthritis, I would like to make a few observations before discussing our plans for Adlea in this indication. Osteoarthritis is caused by the breakdown of cartilage in the joints. Since cartilage cushions the ends of the joints; its breakdown causes the bones to rub against each other, leading to pain, stiffness and loss of loop in the joint.

The osteoarthritis patient population is large with an estimated 5 million Americans suffering from moderate to severe pain due to osteoarthritis and at least 20 million more with OA of lesser severity. OA is largely an age related disease and as the population ages, the market is expected to grow substantially.

Current treatments for osteoarthritis pain include NZ and corticosteroid or hyaluronic acid injections. Until recently COX-2 inhibitors were widely used as chronic therapy, but safety concerns have largely shifted their use to limited three to seven day courses of treatment.

NZs have a high incidence of failure and can't be tolerated by many particularly, people particularly elderly will also typically have co-morbidities that can further narrow treatment options. NZs are also associated with long-term cardiovascular GI concerns. Our mainstay of OA treatment is injection with corticosteroids, which were self limited, because as is well known, the drugs ultimately result in degeneration of the cartilage, which is the very cause of the osteoarthritis in the first place. Even with this critical limitation, in 2005 there were more than 23 million corticosteroid injections for the relief of osteoarthritis pain. The branded injectable OA pain treatments, based on hyaluronic acid had sales grow at approximately 600 million in the major markets in 2005 even though efficacy is quite modest.

Given the lack of safe and effective treatments for OA pain, Adlea may be an ideal alternative to address this sizeable unmet medical need. Clinical studies we had conducted with Adlea in osteoarthritis have demonstrated the potential for immediate long term pain release for 8 to 12 or more weeks following a single injection into the knee, we're in the planning process for additional phase II study and await that will initiate this year. We expect it to be a randomized placebo control dose-escalation trial that could potentially be expanded into a Phase 3 trial. We'll be talking more about osteoarthritis in a potential for Adlea in various indication as well presenting data from Phase 2 studies at Medical meetings as the year progress.

I will now turn the call over to Dick to review the financials.

Dick Powers

Thank you, John. The total operating expenses for the fourth quarter of 2007 were $18 million, including $1.7 million in non-cash stock-based compensation, compared to total operating expenses of $16.2 million including $2.3 million of non-cash stock-based compensation in the fourth quarter of 2006. For the year ended December 31, 2007, operating expenses were $61.5 million compared to $58.8 million for the year ended December 31, 2006.

Operating expenses during the quarter were primarily related to the continued development and commercial preparations to launch Zingo and to the ongoing development of Adlea. For the fourth quarter of 2007, the net loss was $17.7 million or $0.60 per share. In the fourth quarter of 2006, the net loss was $15.3 million or $0.65 per share. The common shares issued and outstanding were 40.4 million at December 31, 2007.

The net loss for the year ending December 31, 2007 was $59.3 million or $2.12 a share, and for the year ended December 31, 2006, the net loss was $55.6 million or $2.69 per share.

As of December 31, 2007, cash, cash equivalents and investments were $90.8 million compared to $54.5 million at September 30, 2007. We successfully completed a public offering of about 12.3 million shares of common stock in December 2007. The net proceeds, after deducting underwriting discounts and offering expenses, were approximately $47.7 million.

With regard to 2008, the $90.8 in cash, cash equivalents and investments as of the end of 2007, we believe Anesiva has sufficient resources to fund anticipated expenses for all of 2008 and into 2009. We anticipate updating this guidance to include estimated operating expenses going forward. We also plan to provide projections relating to Zingo sales in the second half of this year.

On a personal note, I want to acknowledge and thank all my colleagues here at Anesiva and those of you in the investment community with whom I've had the privilege of working over the past seven years. It has been really fulfilling to be part of a team that obtained financing for the Company, took it public, successfully attracted to great talent and gained significant visibility in the bioscience industry.

While I am leading Anesiva, I plan that I remain active on corporate boards and also in consulting role with Anesiva. I also know that Jean Viret is extremely capable and ready to move on to a new level of responsibility in the Company. He and I are already working closely to ensure a smooth transition.

With that, I'll turn the call back to John.

John McLaughlin

Thanks, Dick. We have a number of important milestones ahead of us in 2008. Beginning with Zingo, we are continuing manufacturing preparations for commercial introduction in the second quarter. Our Zingo sales and marketing group is executing a well thought out plan, tied to our objective of establishing Zingo as standard of care in the pediatric hospital market. Specific taxes include data publications in Peer Review Journals and presentations at professional meetings, including the Zingo Phase III studies and other supported data.

Exhibited meetings of pediatric nursing related professional organizations, and a significant public relations effort that will accompany the initial commercial push for Zingo. These two efforts will target national and regional consumer press. We will also work with key hospitals to help them publicize the availability an attribute to Zingo via the news outlets important in their communities.

Of course these initiatives support and compliment the on the ground efforts of our sales force and Sagent sales force, who are directly interfacing with the hospitals, nurses and pharmacies, the key is to driving product adoption for Zingo.

We plan to file a supplemental new drug application for Zingo in the adult indication in the first quarter of 2008. Our upcoming milestones for Adlea includes initiation of two more mid-to-late state stage trials and two Phase III registration trials. These trials include a 300-patient Phase III trial evaluating the safety and efficacy of Adlea to reduce the pain associated with bunionectomy surgery, which we expect to begin very soon, and report data later this year.

Our Phase III trial of evaluating the safety and efficacy Adlea to reduce the pain associated with knee replacement surgery. Our Phase II trial evaluating the safety and efficacy of Adlea to reduce the pain associated with arthroscopic shoulder surgeries, and a Phase II study evaluating the safety and efficacy of Adlea to reduce the pain associated arthroscopic osteoarthritis of the knee that report data later this year.

In addition to these product milestones, we are pursuing corporate partnerships for the registration and commercialization of Zingo outside the already licensed territories in Europe and Canada, and for the developed and commercialization of Adlea for a multiple potential indications. We will look forward to reporting our progress to you throughout the year.

Operator, we can open the call for questions.

Question-and-Answer Session

Operator

(Operator Instructions) Your first question comes from the line of Alan Carr with Needham.

Alan Carr - Needham.

Hi. Good afternoon everyone.

John McLaughlin

Hi, Alan.

Alan Carr - Needham.

I have few questions. I am wondering if you could tell me a little bit about -- with regard to commercializing Zingo, what's the limiting factor in your mind at this point. Is it contract negotiation, manufacturing or creating demand?

John McLaughlin

So, the limiting factor is really building product supply before launch and I think we are getting some very positive feedback as the sales force is out there. Nancy, you want to give a little color there?

Nancy Donahue

Absolutely, so the sales force was trained through in the month of January and they were deployed at the end of the month. So just been out there for a couple of weeks now and all of the feed back is consistent with before they were out there when the marketing team was heavily involved. But the sales force has found tremendous amount of enthusiasm from nurses, a lot of interest in hospitals bringing the product on. So we are quite excited about the initial response.

Alan Carr - Needham.

Okay good. And then in Europe, what's the timing over there and why did you pick Sigma-Tau?

John McLaughlin

We picked Sigma-Tau, because in the territories for whom they are licensed, they are a strong player with a good pain franchise. In terms of when we would expect to file, probably some point in the summer of this year, 2008.

Alan Carr – Needham

Submit in summer of '08, is that what you said?

John McLaughlin

Correct.

Alan Carr – Needham

Okay, good. Okay, that's good for now. Thanks very much.

John McLaughlin

Sure.

Operator

Your next question comes from the line of with Liana Moussatos with Pacific Growth.

John McLaughlin

Hi Liana

Liana Moussatos - Pacific Growth

Hi. We are going to miss you, Dick.

Dick Powers

Thanks.

Liana Moussatos - Pacific Growth

Can you give us a little more color on what the European markets are for modeling? How many pediatric and adult procedures, nominal patent expiration date? Are you receiving any royalty from sales, things like that?

Dick Powers

Sure. So we haven't offered much guidance in terms of the size of the market. A number of the potential partners including Sigma-Tau, who we actually selected, did their own market research and what they saw there was basically demand in terms of recognizing unmet medical needs consistent with what we see when we do market research in the United States.

Now, that doesn't address part of your question, which is how big is the market? I think it's what you're asking. And in terms of those particular countries, we really haven't given the information, but that's something we'll look forward to doing in the future as we sort of quantify those territories and give you a better sense of what the potential looks like.

But in terms of the recognition of the product and at least the market research conducted to assess positions and the nurses excitement about the risk they are seeing, that is a potential partner including Sigma-Tau, the same kind of excitement we're seeing in the United States.

Liana Moussatos - Pacific Growth

Can you give us more detail second half when you gave us additional guidance?

Dick Powers

Absolutely

Liana Moussatos - Pacific Growth

Okay. And will you receive royalties on sales or just milestones in upfront?

John McLaughlin

In the case of the Sigma-Tau deal I would assume what you're referring to, it's based on a transfer price and we haven't disclosed the financial particulars.

Liana Moussatos - Pacific Growth

Okay. And then you mentioned when Alan asked you about what's the limiting factor for the Zingo launch and you said building products supply and earlier there had been some issues with the device, has everything been fixed now?

John McLaughlin

So we're making excellent progress. We're not going to get into a lot of details, we do affirm our guidance that will be ready by the second quarter, we're making nice progress, we're quite happy with it, and we're on track.

Liana Moussatos - Pacific Growth

Okay. I noticed and this is for Dick, that the share count in Q4 was 29.7 million but you did a 12 million share offering. In Q1, what do we -- about what the share -- what is going to be the share count because I thought it would be higher in Q4 than what it was.

Dick Powers

Yeah. Remember, we had to use the volume weighted average for the year and we raised the 47.7 million, right near the end of the year. So it didn't affect the average stock. But I think the number to use for the average amount of shares, the number used going forward is 40.7 million.

Liana Moussatos - Pacific Growth

Okay. And you mentioned that you will have some Adlea data by yearend and bunionectomy and OA, Phase 2; is that right?

John McLaughlin

You've got it.

Liana Moussatos - Pacific Growth

Okay. And what were the other indications that the 15 milligram dose of Adlea worked in?

John McLaughlin

It's not so much to dose, Liana as the concentration.

Liana Moussatos - Pacific Growth

Okay.

John McLaughlin

So as you know, I mean a [cell] cares about, sort of -- because we use different volumes in different clinical settings, one way to normalize the date is to talk about the concentration. And so for example, we did a fair amount of work in bunionectomy looking at lower concentrations and higher concentrations.

The 15 milligram dose equates to a concentration of 0.25mg/ml and that's the concentration that we think is provides optimal efficacy. And the reason we've been pushing the dose to that concentration is because frankly the safety profile looks pretty clean and we have seen an additional efficacy.

Liana Moussatos - Pacific Growth

Okay. And that was in bunionectomy.

John McLaughlin

Correct

Liana Moussatos - Pacific Growth

Okay. And finally, when is the 10-K coming out?

John McLaughlin

Timing of 10-K?

Dick Powers

I know, 10-K ,probably first couple of weeks in March.

Liana Moussatos - Pacific Growth

All right. Thank you.

Dick Powers

I think its due on the 11th of March or so. So it will be just before then.

Liana Moussatos - Pacific Growth

All right. Thanks a lot.

Operator

Your next question comes from the line of Angela Larson with SIG.

Angela Larson - SIG

Good afternoon, guys, and thank you for taking the questions.

John McLaughlin

Hi, Angela.

Angela Larson - SIG

On general and administrative expenses, is there any reason to believe that that would pull back, or have we hit a new level with the new personnel on board?

Dick Powers

Well, the G&A expenses probably aren't going to change much. I think the expense numbers you will see going forward certainly in 2008 will be the marketing sales and the cranking up of our clinical expenses as we begin the trials and continue the trials that John mentioned earlier. I don't expect much change in G&A either way.

Angela Larson - SIG

And could you give us a little color on the opportunity or the size of what kind of sampling might be necessary for this market?

John McLaughlin

So, Angela, I'm assuming you are referring to Zingo --

Angela Larson - SIG

Yeah.

John McLaughlin

In the hospital pediatric market, Nancy you want to jump it on that one?

Nancy Donahue

Sure. So typically hospitals don't accept samples, and it's because pharmacy have to be able to track the product. So we are launching into the hospital market initially, and so we don't expect to sample the product.

Angela Larson - SIG

Okay. And are you anticipating any marketing to make consumers aware or parents aware, even materials available in the hospital studies?

Nancy Donahue

Yeah, I think that's a great question. So certainly our focus is very much on pediatric institutions, a lot of these are treatments for, chronically, for your kids, kids that are frequently going back and forth to the hospital and getting frequent needle sticks. So its certainly targeting their parents, its something that's quite important. So there is a number of things. Manageivpain.com, the website that we initiated last -- or in December has a section specifically for parents and how to prepare to take your child to the hospital, so that's one avenue.

And then within -- there is children's hospital especially once they stock it we plan to an opportunity for them to give PR initiatives around the institution, which would include tools that are directly targeting parents.

Caroline Stewart - Piper Jaffray

That's very helpful. Thank you. And Dick, best of luck to you.

Dick Powers

Carl, thank you very much.

Operator

Your next question comes from the line of Patrick Moriarty with Fortis

Patrick Moriarty - Fortis

Hey, good evening. Thanks for taking my question. Most of my questions have actually been answered, but I wanted to get to the flip side of the Zingo launch and what Sagent is doing, seeing out there in terms of response from the pharmacist and any real drivers for getting the drug on formulary. How is that progressing?

Nancy Donahue

Sure. So what I just said first is that the Anesiva's and Sagent's sales forces are really collaborating, especially initially when they are looking at each individual institution and putting a plan together. There is a lot of initial joint calls going on with pharmacy, because it is a common place to start an institution. Pharmacy wants to know who is there, that type of thing.

So the plans that are going forth on how to approach these institutions, is the joint effort between the Sagent rep and the Anesiva rep. And they are getting very similar types of responses, certainly nurses and physicians are more enthusiastic on the demand side and pharmacy itself. But pharmacy is reacting quite well to some of our materials that are highlighting the unmet need and the need to treat.

And I think what you also find is in the pediatric institution pharmacists are also very much part of the team of folks that want to do something about our pediatric pain, because they go to an institution everyday where they are dealing with kids on a regular basis. So, there is a lot of sympathy there even amongst pharmacists. So, certainly we are seeing that.

We are also beginning to get some requests for formulary additions and things of that nature as well. Even this early on which is a typical given that the product isn’t yet available. So I would say certainly across the Board whether it would be a Anesiva or Sagent rapid in combination we're hearing on a very similar positive feedback.

Patrick Moriarty - Fortis

Okay. And I understand its really days, but just to get the drivers, the champions within the hospital who will be bringing this to the formulary, how are those talks going in and how is that development going?

Nancy Donahue

Again it’s been quite positive so what typically happens is that a nurse is given the facts, that the nurse is on the frontline with the kids and doing the procedure those are the ones that are most anxious to get the product brought in, they typically are collaborating with the other department head or physician in their department.

The rest are because of this enthusiastic response from nurses, we are hearing stories about the nurses who are getting the reps tendency to the physician and again they are giving very encouraging signs that they are going to evocate for the product.

So that’s all been going quite well. They didn’t really focus on profiling their accounts, identifying who the champions are and they are already getting, having a lot of good progress in identifying and talking to those key champions and getting very positive feedback.

Patrick Moriarty - Fortis

Great. And best of luck, Dick.

Dick Powers

Thank you, Patrick

Operator

We have now reached the allotted time for questions. Are there are any closing remarks?

John McLaughlin

Thank you all for participating in the call. We look forward to seeing some of you at our presentation at the BIO CEO & Investor Conference in New York on Wednesday and at Roth Capital Partners Annual Growth Conference on February 21. Have a good day. Thanks very much.

Operator

Thank you. This concludes the Anesiva fourth quarter annual and year end financial results 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: Anesiva Inc., Q4 2007 Earnings Call Transcript
This Transcript
All Transcripts