Q3 2019 Earnings Call
Good afternoon, and welcome to the V. This third quarter 2019 financial results Conference call. Today's call is being recorded for introductions in opening remarks, I'd like to turn the call over to Mr., David carried with was Arsone partners. Please go ahead.
Thank you operator, good afternoon, everyone and welcome todays teleconference with me on the call our John Nemeth Divis as Chief Executive Officer, Mark Oki, Chief Financial Officer, and Dr. Santos for DC, Chief Medical Officer.
Before we get started I would like to remind everyone that during this conference call Visvis will make certain statements that are considered forward looking within the meeting of the private Securities Litigation Reform Act of 1995.
Statements may be identified by the use of forward looking words, such as anticipate believe estimate expect forecast intend hope likely may opportunity plan potential predict.
And should among others. These forward looking statements are based on Divas, its current expectations and actual results could differ materially.
There are number of factors that could cause actual events to differ materially from both indicated by such forward looking statements investors are advised to read the risk factors set forth in Visvis Form 10-K for the year ended December 30, Onest 2018, we just filed on February 26, 2019, as well as periodic reports filed with the securities and exchange can.
Mission such as the this is 10-Q filed earlier today.
Does not undertake an obligation to update or revise any forward looking statements made on this call.
I'll now turn the call over to John Emmis.
Great. Thanks, and thanks, everyone on the call for your tongue so.
Our fiscal Q3 2019 represents the completion of quarter, five or 10 quarter turnaround. This was a busy quarter for diseases team one of tremendous progress made toward achieving our key objectives, we're growing the markets for consumers and grades and reducing our debt overhang.
First time in the history of the this week to commercially available pharmaceuticals, Q, Simeon pancreas obtain quarter over quarter prescription growth.
We've been telling shareholders that we will grow both products in Q3 2019.
I will turn is currently while we're pleased with the performance in two Sylvia we expected to grow increase a bit faster than we have great.
I'd like to begin with a review of Qsymia emphasizing that in the third quarter 2019.
We grew scripts slightly for the product compared with the second quarter of 2019.
By comparison from Q2, 2018 to Q3 2018 skin Qsymia scripts declined by 8%.
This change from negative to positive script growth is an indication that our new qsymia sales and marketing strategies are gaining traction in driving increased adoption trends.
Moreover, Qsymia has now grown quarter over quarter for the past three quarters delivering sustained growth that has not been achieved since 2014.
Lets you semi advantage program has been a significant contributor to this turnaround.
Taking advantage of the increasing market shift from retail pharmacy to online ordering we launched the Qsymia advantage program in Q1, 2019, and we processed 1800 scripts in that quarter.
In the second quarter, we process 6800 scripts and now in Q3, we process nearly 19000 scripts will more than 170% increase quarter over quarter.
The Kissimmee advantage program is corrected several issues of patients had was accessing the product we lowered the out of pocket costs by approximately 30%.
Flatten pricing across all strengths and made significant strides and moving new patients from the 14 day free trial offer to a six week penetration on initial therapeutic dose.
Going forward, we expect to see some fluctuation in our scripts volumes, which is partially attributable to the seasonal patterns and dining habits around the holidays.
Also additional variation as expected derives from both the elimination of the free trial offer and because we do not report our Kissimmee advantaged scripts, which should comprise a greater portion of our scripts through the normal data services, while the company had historically seen some fluctuations in quarterly volume the occasional Paul positive changes from full.
For the most part not driven by active commercial efforts, while Qsymia has not reached what we believe in ease its full potential we are happy to see this improved commercial performance.
We're also excited to begin podium Tele medicine program in Q4 2019, with our first for physicians going live on the Visvis health platform focused on BMI management as part of our Alpha program. We expect another 11 physicians to migrate onto the platform in Q1 of 2020 as part of our beta program when the full rollout take.
In place and Middle of 2020. This program would achieve a major milestone in our efforts to fully implement the Visvis health platform for Qsymia.
We've also restarted long dormant conversations about reimbursing qsymia and appear less landscape.
Pairs are showing an increase to interest and how to CEMEA as ABM management, there therapy may provide them with improved healthcare economics, which we believe is partially driven by the desire to delay the onset of diabetes and improved clinical outcomes for patients who have undergone bariatrics surgery.
Payers employers and the government payers is done and realize that the obesity epidemic is not going to be solved with just diet and exercise. It is worth noting that in the last 150 years.
There hasn't been a significant population health matter that has not been addressed without pharmaceutical intervention obesity is no different and we believe that Qsymia has a critical role to play in addressing the growing health and economic challenges that obesity presents.
Talk of argues will provide an update on our clinical activities and development priorities later in the call.
Let me now turn to review of pancreas.
In the third quarter of 22019, we successfully grew the brand from Q2 2019 levels. This quarter over quarter growth represents the first sequential growth in the brand in the last 14 quarters, which includes the periods prior to our ownership of the product. It is important to note that the pancreas market was on.
Downward trend prior to Deviances acquisition of the product due to lack of sales and marketing support.
We purchased the brand because we believed it has unrealized clinical and commercial value that visvis could unlock and while we're making progress towards that goal anchorage growth, it's moving slower than we expected.
While we are starting to see some modest improvement in script volume. We're currently about two quarters behind expectations due to challenges were transitioning the product from JNJ in our re launch activities. We plan to mediate these issues with an initial focus on stabilizing the bankers market and then seeking to expand it through renewed an innovative marketing efforts.
Only provide some context about our pancreas strategy keeping in mind that a prescriber typically needs to be visited seven times to change prescribing behavior. Prior to view. This relaunching the brand there'd been no commercial effort supporting to increase since 2012, we re launch the product in Q1 at 2019 were 10 representatives covering healthcare provider.
Hours and on average we've seen our targeted physicians seven to eight times through the end of Q3.
We've also initiated our efforts to contract with Pvms to expand payer coverage.
Additionally, we have a few digitally focused programs.
To the paint that our additions to the bankers advantage program and now have a dosing calculator, the bankers dosing assistant app and various app stores.
Moreover, we recently launched a website designed to help educate healthcare providers.
On whom our Salesforce does not call about the benefits of pancreas.
And the benefits that pay grades may provide to their patients based on initial feedback from physicians that appears a position as community is please.
Got it becomes available.
Our goal moving forward is to build and grow support for pantries among targeted physicians through focused marketing efforts directed towards prescribers have leading cystic fibrosis centers. We're also planning philosophy additional programs focused on the underinsured market as well as cash gains which.
Our development program the zero 106 for ph still into built stability testing in an effort to resolve of stability issue that forced us to make a change to the underlying chemistry of the development product formulation.
This change today has been promising there's still more work to do and we'll need to be resolved before we can submit.
Best additional new drug application to the FDA.
The STENDRA slash SPEDRA product visitor partnered out or license and various global took territories, we continue to collect royalties and manage the manufacturing process for our marketing the license partners. We're working with these various partners in this program to reduce our working capital exposure for the product them to improve our return on invested capital. We're also continuing our effort.
It's defined commercial partners and key open territories, including the Middle East Mexico in Russia.
A key part of our strategy has been focused on acquiring or partnering of additional EBITDA generated products to date, we reviewed several multiple potential deals, but not enough, but im not found a transaction I met the criteria Weve previously laid out we will continue such efforts and remain optimistic on appropriate asset acquisitions going forward.
Turning to the discussion of our capital structure, you paid down a significant portion of our most expensive debt. This quarter that will result in savings of $10.5 million due to reduction in interest payments over the remaining term alone.
We believe that we solve core issues related to the historical performance of the company built a pipeline of high value opportunities, we want to make sure that we drive long term value for the shareholders will be thus we are pleased to have taken those important step towards improving our long term financial help.
We recently engaged a financial advisor to help us through the Rightsizing of our capital structure and to aid the board and management, ensuring the best outcome for shareholders in the Corporation.
We've announced them departures at both the senior manager level as well as the board, though in the case on board members. They are both pursuing additional outside activities not related to be that's how we're going to dramatically reduce the amount of time unless they can focus on leave us.
With respect to the two senior managers, who left the company, we'd ask them, both the move to different roles within the business.
Both declined to take these new rules and we honored our commitments to them relating to the employment severance agreements.
We thank both board members and the senior managers for their time and effort in support of vehicles, and we wish them well in the new endeavors. At this time, we will not be making any replacement appointments are hires and believe that we have the right people in place to drive future success of the woods.
As we've stated numerous times, we expect to turn turning Venus around to take 10 quarters, we've completed 50% of this turnaround.
Just on the metrics we have seen today, we believe that we're on schedule to achieve our goals I'll now turn the call over to Mark Oki to review the financials of Q3 2019 in more detail.
After which dr. varghese, who will provide an update on clinical programs.
John .
As John discussed we completed the fifth quarter of a 10 quarter turnaround, which included Relaunching, the pancreas and Kissimmee in first quarter of 2018.
As a result, we believe that comparing the third quarter of 2019 with the second quarter 2019 will provide you with a better indication of how our turnaround efforts are progressing.
Do you see me a net product revenue was 9.6 million and $10 million in the third and second quarters of 2019, respectively.
As John mentioned, we saw an increase in the number of scripts filled during that quarter.
The decrease in net revenue is attributable to the timing of orders placed buyer wholesalers, which we believe was impacted by seasonal particularly trend in the shift of our business to the Kissimmee advantage program, resulting in lower purchases by the retail channel.
In the third quarter, 22% of scripts were dispensed through the semi advantage program direct to patient model up from 8% in the second quarter 2019.
Increased net product revenue in the US was $5.3 million in the third quarter 2019, compared to $5.1 million in the second quarter 2019.
In the third quarter within commercial responsibility for Canadian pancreas empty sales and as a result recognized.
$1 million and Canadian revenue.
Anticipate that future pancreas product revenue will increase as result of us relaunch efforts in the first quarter this year.
And from recognizing a full quarter of Canadian sales going forward.
We do not generate any supply them into our licensee mentoring and detection for SPEDRA in STENDRA in the third quarter.
Second quarter to supply revenue with $1.8 million.
We remind you that both Mediterranean retention have minimum order requirement. These minimum order requirements do not reflect end user demand nor do we consider this revenue a driver of economic performance for the for Veeva.
In the third quarter 2019 revenue related to royalties earned from entering the sales of SPEDRA, which is typically run from 500 to 600000 Boes per quarter was approximately 600000 those in the third quarter.
From our acquisition of pancreas in June 2018 to the second quarter of 2019, we also recognize royalty revenue on Canadian sales of bankers.
As a reminder, royalty revenue from Canadian sales with approximately $500000 higher in the second quarter as additional product was shipped into the channel to avoid any potential supply chain disruptions.
With the changeover to be that assuming commercial responsibility.
During the third quarter, we recognize $2.5 million of milestone revenue earned under our agreement with elegant for the commercial approval of Qsymia in South Korea.
Total cost of goods sold excluding amortization with $3 million and $4.4 million in the third and second quarters of 2019, respectively.
The decrease was primarily due to the lack of STENDRA or SPEDRA supply revenue in the third quarter.
Amortization of intangible asset with $3.6 million in both the third second quarter 2018.
This amount was primarily the amortization of cost capitalize related to the acquisition of pancreatic.
Research and development expense of 3.3 million in 2.4 million those in the third and second quarters of 2019, respectively.
Research and development expenses were primarily related to the Qsymia adolescent safety and efficacy study.
Pancreas post marketing requirement the thing from JMP.
And ongoing pancreas product improvement initiatives.
Selling general and administrative expense was $9.2 million and $10.1 million for the court for the third second quarters of 2018, respectively.
And included selling and marketing expense of 4.5 million in $4.6 million respectively.
During the quarter, we incurred professional fees of approximately <unk> point 7 million those related to the repurchase of $48.6 million of outstanding senior secured debt.
Fetus expect selling general and administrative expenses to fluctuate with business development activities.
Total net interest expense net was 9.9 million in $3.9 million in the third second quarters of 2019, respectively.
In the third quarter, we recognize 6.4 million dollar through additional interest expense related to the repurchase of our senior secured notes.
A reduction of the outstanding notes will result in an annual 5 million dollar reduction in cash interest expense.
Net loss for the third second quarters of 2019 was 11.1 million and $5.9 million respectively.
Cash cash equivalents in available for sale security were 40.1 million at September Thirtyth 2018.
non-GAAP EBITDA for the third and second quarters of 2019 with 3 million in $2.1 million respectively.
Excluding the Qsymia milestone revenue and certain professional fees related to our debt by that recurring non get EBITDA was $1.2 million for the third quarter 2019.
Reconciliation of these non-GAAP measures can be found in the press release filed earlier today with the Securities and Exchange Commission.
With that ill now turn the call over conductive argues for a clinical and product lifecycle update.
Thanks, Mark I will review, the clinical and regulatory aspects of Qsymia and craze and VI zero 106, as we have made significant progress in advancing clinical programs and projects for new data.
With respect to Qsymia, we continue to enroll subjects in our phase four study designed to evaluate the safety and efficacy of Qsymia obese adolescence between the ages 12 and 17 years.
We believe that Q seem it could be an important part of integrated strategies to address adolescent obesity.
And this study is designed to provide clinical data to support a potential label expansion for the syndication.
On August Twentyth, we announced the results of applied pilot clinical study conducted at week four school of medicine, demonstrating that patients receiving qsymia before and after laparoscopic sleeve gastrectomy surgery lost more weight and had a greater probability of achieving a body mass index of less than 40 compared with patients and.
Going surgery alone.
We believe the use of Qsymia with a low calorie died prior to laparoscopic sleeve gastrectomy surgery has the potential to decrease wheat and reduce surgical risk while post laparoscopic sleeve gastrectomy surgery qsymia use could increase and maintain the total amount of weight loss with the potential to eliminate.
The need for a second surgical procedure.
Further studies would be beneficial to validate these results.
We continue to have productive discussions with the FDA regarding a study designed to evaluate the effect of qsymia on ambulatory blood pressure.
We believe this study could provide us with new data to further inform our dialogue with the FDA regarding our post marketing cardiovascular outcomes trials, which was required as part of the initial approval of Qsymia.
We have incorporated Dsps recent feedback into a revised protocol and hope to have a final protocol agreed upon over the next two quarters.
We could we continue to explore regions and markets in which qsymia could benefit patients on their weight loss journey.
Toward that end on October 7th we announced at the European regulatory agencies in Sweden, Denmark, Finland, Iceland, Norway, and Poland had accepted the marketing authorization application for Q Simia on a decentralized spaces with Sweden acting as the lead concerned member states that Tom.
Good for a decision will be sometime in the second half of two to 2020.
Finally, we are continuing to work with the researchers at major institutions to develop clinical protocols and initiate the related clinical trials to avail, Valuate health technology platforms to augment and track patients efforts in weight management, we hope to have more information in the coming months regarding the results of these efforts.
Regarding pancreas, we continue to evaluate additional pancreatic studies, including those in pancreatic oncology.
We are working with Cedars Sinai Hospital in Los Angeles, California to start a study to look at the treatment of excellent pancreatic and sufficiency in patients with pancreatic cancer.
With respect to our VI zero 106 program for pulmonary arterial hypertension or ph, we anticipate filing the I, Andy and initiating the planned phase two clinical study once the stability issues with our unique proprietary once daily extended release formulation has been resolved.
We continue to believe our proprietary formulation will facilitate therapeutic drug levels, while minimizing immunosuppressive effects for patients with ph.
The stability test is ongoing and the results will dictate the timing of our I Andy filing.
Operator, you May now open the line for the question and answer period.
Thank you.
Ladies and gentlemen, if you have a question at this time. Please press the star followed by the number one key on your Touchtone telephone. If your question has been answered or you wish or move yourself from the Q. Please press the pound <unk> once again to ask the question. Please press Star and then one now.
And again, ladies and gentlemen that star I wanted to ask a question.
Thank you and our first question comes from John Vandermosten from Zacks FBR. Your line is open.
Good afternoon, guys I wanted to start out with.
Question on the other view this health platform, we hear exact thing Thats, a pretty innovative way to approach.
Sure first distribution and wanted to hear about.
Some of the details on that beyond what you stated in the entire John , especially where you see the Tele health program maybe into year. Two I think you said you added about four.
For individuals for doctors to that so far.
Can you expand on that a bit.
Yes sure. Thanks for the question John Fischer Tom.
Yes.
We're testing the technology in an alpha and beta program. So for the next six months not for doctors going on this quarter 11 doctors going on next quarter. We just want to make sure that we understand the physician onboarding process the patient onboarding process.
And make sure we understand how the it interacts with the patients on technology sufficient Aston either have a android phone or an iOS phone.
And then what the rotation receives is at minimum a Bluetooth enabled scale.
And what this does for the physicians is in the healthcare providers. There is allows them to have.
Passively Act.
Passively collected data point, each week from the patient or even very insufficient once away themselves on often.
Based on resting metabolic rate and activity rates now recapture through phone app watches and such.
I'm, we're able to really understand.
How diet exercise and qsymia relate and can treat patients from weight loss perspective.
One of the first physicians are we have going on the platform is a member of the American obesity.
Group of physicians and doctors and he believes that this is relatively significant step forward in the treatment of obesity because.
In an exercise just really hasn't worked and so the next six months are focused on getting doctors on the platform getting patients on the platform than in terms of where we see this a year from our hope is to have about.
3000 physicians in total on the platform who are focused on.
Obesity management and.
I think were chronology issues, and we think that that physician and healthcare provider population will be able to really bend, the healthcare cost curve as it relates to obesity and all the downstream costs it will be drives.
We're going to take this next six months meet careful methodical about what were known as long as in response.
To how we think it should then we'll we'll continue to rollout and plan on accelerating not in that.
Coming quarters.
Okay, and then our estimates we have some pretty.
Pretty strong estimates for pancreas growth over the next several quarters and.
What are some of that.
More aggressive moves that you guys can make specifically on pancreas too.
Get get that moving on a little faster.
Yes, no. It's a good questions. There's a couple of things that we're doing one.
Just starting to treat the underserved market from that pays cash for this segment of pharmaceuticals, we think that that's going.
Good morning be relatively beneficial and we're going to roll that out.
This quarter.
The other thing that we're doing too is that if you look at.
On the previous owners history in terms of managing PBM contracts, where either on tier three.
Or in one particular very large PBM were excluded.
And so pvms you typically contract out a minimum of six months up to 18 months out and so we're now actively going out and working on PBM contracts. So all of those things kind of create a little bit of chunky revenue.
For you. So you will see growth in blocks to you get the PBM contract can you go out in your Salesforce to create pull through three retail pharmacy channel.
And so thats, where I have said, we're a couple of quarters behind and part of that as part of that.
You are being a couple of quarters behind is related to how we didn't get the PBM contracts and the place that we wanted to do a year ago.
Okay, and gross margin lets me a bright spot I want to see if.
I could get some commentary on how to break that out because we can break that down and then also does that indicate where we might be the next few quarters on gross margin.
Yes, gross margins should stay relatively consistent we do have a relatively fixed cost based in our agreement with our our provider but.
But yes, we should be relatively consistent margins.
Okay, consistent with I guess, the first three quarters, because it looks like it improved strengthened in the third quarter.
Actually it's improved over the over the last two quarters.
Yes, it should start flattening off.
Okay. So as you probably take an average I guess as the first three quarters of the year and look at that going forward.
Yes that would be good approach.
Okay and last question just on Korea that was announced a while back and I. Just was wondering if we had seen or anticipate seeing sales and very near term.
For sales and Korea is there any timing update on when we might see that.
Yes looks like Q1 2020.
Okay, great. Thank you guys appreciate it.
Yes, Thank you John .
Thank you and again, ladies and gentlemen to ask a question. Please press star and then one now.
And our next question comes from Robert Ventrella, a private Investor Your line is open.
Good afternoon gentlemen, thank you for the update today, just a few questions for you with respect to ph.
Do we have a little bit more color on the timeline for the investigational new drug application I know in the last call. We we took it will take into the fourth quarter. This year, but that it looks like there's been some slippage there could could you give us a little bit.
Better outlook on what you think the timeline would be for that I Andy.
Yes, so we're.
The issue that we're we're dealing with right now is it's it's related to the stability on the product so the product.
Our opinion scientific reworks, we've de risked all the biology, but we have to have a product with one year of shelf life.
From a stability perspective, and as this particular tacrolimus the underlying molecule is very very difficult molecule to work with.
And it requires containment facilities that requires specialized care and handling and so as we deal with this molecule trying to get it to the proper formulation of delivers therapeutic benefit while not triggering immunosuppression.
We need to do is a little bit more work, we've made a change to the underline chemistry.
Which has been.
Plaguing us and playing into creating this stability issues, so that changing the underlying chemistry to keep.
It looks pretty good, but we've long been testing that stability for about a month. So we need to see stability data for three to six months before we can really feel comfortable that we can put the drug.
And declining because the last thing you want to do is to start in 19.
Good patients on therapy, and then on how the stable product consistency horrific mistake.
To make it was refused to do that so.
We would love to have this problem solved.
Fortunately chemistry, and science or sometimes art.
And I think we thought we had a pretty good solution on a couple of quarters ago, but the product degraded a little bit.
And so we had to go back and made some changes so I wish it.
Nobody so we're looking probably John Q2, or two or three in.
2020, so yes at the earliest so we'll keep you updated there won't be Q2, we still probably need at least another three months of stability work under our belt.
Okay and my next question goes back to the cash on hand, if I'm correct. It's at 40.1 million.
Yes, correct.
Okay, Thanks, Mark and.
John with really we've gone back last quarter, we talked about said debt restructuring in the 2020 in and the long term that and I know primarily I think the biggest holder is still icahn enterprises.
Any any thoughts on the.
Going forward into next year, because I think thats coming due in May of 2020 is that correct.
You asked me first 2020 minutes.
They near and Dear to everyone's hard here visits.
Yes, no ultimately couple of things, we we've gone in our hiring outside advisors. So there's a number of ways for us to solve this.
What we're trying to do is make sure that we solvent in a way that's most beneficial for incorporation shareholders on the company.
And so we've made a number of underlying improvements to the business.
We've managed our expenses and as I said earlier in the call convection started seat growth in both of our commercial products that we own and the sales and marketing here in United States in Canada.
So ultimately we've created.
All right.
All the right thing, others and grow pancreas, I'm, a little bit faster. It's in terms of how we've managed to company over the last year and a half and last five quarters. So while we don't have finalized solution for our.
Payoff and May 1st of next year, we didn't expect to have that solved at this point in parts. We expected to solve in late Q4, Q1 next year and we're still working towards that goal.
Okay, Great and my final question, we're halfway through the turnaround share.
This is kind of tricky for you John So if you just answer as you well, but how do you feel about the turnaround so far it's a good if there has been.
A big change certainly and.
Maybe you can add a little color and what you did very well and maybe where you maybe a little bit more help is needed. So.
I'll keep it.
Put that out.
It's a tough on [laughter], yes, no no look this is all of these incentives through really great Great loan company. It's got Great research and development teams create folks who work here the to be concerned that a lot of people advise me about when I before I came into the company was you'll never get.
CEMEA turned around just give up on it and we have like it's a great product areas and properly position us healthcare systems, we've been able to do some pretty good things about that product in and the point that I made earlier in the call about for the last 100 150 years.
No large population health issue hasn't been addressed without utilizing.
The advent of pharmaceuticals.
Thats, a really important factor in this country is going to go broke because it will be city and.
Thats, we haven't outstanding pharmaceutical solution to help patients understand that and to treat patients and so we really really happy about what we've done with qsymia.
We did a great job on acquiring pancreas, and bringing our product and there are a couple of things that we needed to do better.
And those are a couple of the mistakes that we've made going through a process to mitigate those and we just have product turned around and perform the way that we expected to perform.
And that's that's within a bit of a drag on our financial performance.
We've managed our expenses appropriately we've made proper investments in R&D, we would love to make more investments in R&D would it's really interesting things that we can do with two CEMEA pain communities and obviously, we need to solve this issue is the odds are 106.
What I'm doing science programs for a long time on their hard and the difficult sometimes and you can only other things that were disappointed as we've been able to find something where we can require.
Now that we have both of our products growing we're in a good position to grow by another asset, but we've been just looking on a lot of.
Not very good programs I was going to use another language, but.
Hey.
We're trying to buy stuff that we find really interesting.
And on the STENDRA asset into its a great program.
And we have a lot of licensing opportunities and so we're trying to do those and create opportunities around the licensing that drive value for shareholders as well, but I think overall, what we've done really well as we've done a great job and Kissimmee, we've gotten the license territories improved and other territories and it looks like where we continue that role.
Great plan around pain crews, we got to execute on that a little bit more effectively.
And we've done a good job managing our capital expenses, so someone to come down another five quarters deal.
Sure and.
I'll take that offline with you John on the on the product but.
I look forward to when the company is profitable I think it's done a pretty good job in the turnaround so far in it's never a straight line. So thank you gentlemen itself.
General essentially across thanks Robert.
Thank you.
I'm showing no further questions from our sunlight and I'd like to turn the conference back over to John aims for any closing remarks.
Thanks to all of you for your time today and your continued interest ddas.
Last month I participated in a panel discussion at the Cleveland Clinic 2019 medical innovations on those focused on the treating of obesity.
As the summit and the opportunity to showcase Visvis is unique and innovative approach to addressing your obesity epidemic. We believe that visvis is uniquely positioned to play a critical role in providing integrated solutions that utilize both BMI therapeutics as well as information solutions keeps I mean is clinically proven tell patients achieved maintained a healthy bottoming.
Index and our innovative even self platform is enabling more patients to access mid here to effective treatment.
For closing the call I'd like to reemphasize that we believe that Theres, a massive demand for comprehensive solution around weight loss when growing body of evidence supporting the safety and efficacy of Qsymia. We're focused on realizing the front on commercial value using cell platform and our Kissimmee advantage programs. Additionally, we're exploring additional opportunities at Ics.
Then in wariness pancreas through improved marketing efforts rightsizing our supply chain.
I look forward to updating you on that progress in the months ahead.
Turning back on the operator.
Ladies and gentlemen, thank you participating in today's conference. This does conclude the program you may all disconnect everyone have a wonderful day.