Q1 2021 Evofem Biosciences Inc Earnings Call
[music].
Good day, and thank you for standing by that come to the.
Evo Pam Biosciences first quarter of 2021 finite shelf the results conference call. At this time all participants are in a listen only mode. After the Speakers' presentation. There was a big question and answer the question. That's a question on during the session you will need the press star one on the telephone if you like.
And the further assistance please press star zero.
I'd now like to hand, the conference of of Dr. Spirit debate in the last call. Please go ahead.
Thank you good afternoon, everyone. If you haven't done so already I encourage you to access the press release, we issued earlier today and the webcast presentation that accompanies this call both of which alright ml dot com under the investors tab before we begin I would like to remind you that remarks on this call will contain forward looking statements, which are made only.
As of today May six 2021 for a more detailed description of important risk factors that could cause our actual results to differ materially. Please refer to our annual report on form 10-K, and our most recently filed 10-Q with the.
I'll turn the call over to Saundra Pelletier <unk> CEO.
Thank you Amy and thank you to everyone for joining us today.
The first quarter of 2021 of effect delivered strong growth driven by our GAAP. Thanks, The DTC campaign, which we launched nationwide on Valentine's day due to the immediate success of this multichannel marketing campaign and our sales force is persistence. During these challenging times the access health care providers, we reached new highs across.
All metrics.
<unk>. Thanks for the total brand awareness total prescriptions prescriber base growth and most importantly revenue.
We expect this campaign will continue to drive consumer awareness and utilization of effectively for the foreseeable future.
In addition to launching of successful DTC campaign, we advanced several important initiatives during the quarter, including our drive to gain a new category for <unk> and the vaginal ph modulator on the Fda's contraceptive category as chart.
Our collaboration with Dakota to raise awareness of effects in the oncology community.
Gross to net improvement strategies that are already having a positive impact on our operating results and discussions with potential partners for commercialization of <unk> in multiple geographies outside of the United States.
I will discuss these initiatives and our expectations for <unk> and our phase III STI prevention clinical trial after our CFO Jay file reviews, the financial results and the rest of parents of our Chief commercial officer discuss the DTC impact.
Thank you Sondra and good afternoon, everybody before I start I want to point out that I'll be rounding all numbers in today's presentation. The.
First quarter of 2021 was our second full quarter of book sales included six weeks of sales following the <unk> DTC campaign launch.
Compared to Q4 2020 levels gross revenues increased 293% driven by strong growth in ex factory units shipped.
In factory use ex factory unit sales surpassed full year 2020 levels by 51%.
Net product sales were $1 1 million compared to 170000 in the fourth quarter of 2020.
The increase reflects higher gross revenues and more favorable gross to net adjustments in the current period.
We expect <unk> adjustments to significantly improve throughout the remainder of the year driven by a series of TTM improvement strategy that we began implementing in April as far as our overall strategy to build the <unk> trial usage and loyalty.
For the first quarter of 2021 total operating expenses were $46 million.
Cost of goods sold was 500000 research and development costs were $7 3 million, which was primarily primarily due to.
Primarily clinical trial expenses for <unk> and personnel costs, selling and marketing costs were $30 5 million, reflecting the commercialization of <unk>, including media advertising and public relations expense and sales force costs.
General minutes of Australia costs for $7 1 million.
$7 7 million excuse me cash.
Cash and cash equivalents was $45 3 million at March 31, 2021, which includes $28 million of net proceeds from an underwritten public offering completed in March at Q1, close. We also had $18 6 million and restricted cash from the adjuvant notes of available for use in April we raised an additional $4 $2 million of net.
Proceeds from the exercise in full of the Underwriters' overallotment option in conjunction with the March rates with that I'll turn it over to Russ for more detail on commercialization efforts.
Thank you Jay.
As Saundra mentioned, we launched our direct to consumer campaign gift taxi on Valentine's day, and the impact has been significant overall.
Oxi brand awareness tripled to over 12% in March and we saw a 63% increase in women's interest and fix the between January which was the last for months before the DTC campaign in March our first full month after they get back for the launch.
Just a few short months Betsy social media followers Schuh has surpassed that of other recent entries in the contraceptive category and now actually exceeds all contraceptive breadth, including the very successful Marina family of Iuds. This validates what we've told you previously women are keenly.
Interested in an innovative non hormonal in the moment contraception that stays in place during the active intercourse.
Total prescriptions effects of the increased 83% from February to March 5th <unk> has achieved a major milestone with more than 5000 health care providers, who have written a prescription for factory since launch we saw a 78% increase index. The prescribers from February to March with nearly.
For 200, New prescribers first time prescribers of <unk>.
The increased 98% in that same time period.
Just on market research that was conducted at the end of March and let me say this is really quite significant.
93% of women, who will discuss <unk> with their HCP got a prescription for <unk>. Those are tremendous results and I could not be more proud of how Pepsi is shaking up the contraceptive market.
And I have been masked by many of you and others, who are those early users of flexi high level of data from our third party AI partner indicate that these women are coming from four distinct segments first womens currently or recently using a hormonal birth control pill second those women who are currently or previously used other daily or.
Weekly hormonal methods like the patch on the rig third.
The segment comprised of the 23 million women, who are not using any form of prescription contraception, including those who are not using contraception at all but are still sexually active.
And finally sexy as even capturing women, who are transitioning from large like iuds and implants.
Market research and now of course real World experience shows that this very significant on a group of women like for example, <unk> from our <unk>. The campaign have been waiting for an option like vaccines. So they are able to say no more of synthetic hormones in my body.
Finally.
I've mentioned the defect of the commercial already a few times and I hope that by now all of you of pick in time to go to Youtube and see it for yourself, we would like to thank first farm for recognizing defects the and the fierce madness DTC competition alongside other ads for large pharma, including J&J per <unk>.
The journey, our second place finish by the limits of margins actually just a boat is a personal point of pride and further demonstrates how appealing etsy has been and how much it resonates with our audience.
If I can.
Wanted to touch quickly on on just some of the future of promotional effort. So we're going to take place well, while im not going to share very many details for competitive intelligence reasons of course.
I am confident that we continue to have a game changing strategy to shake up this category I know from firsthand experience. The contraception is highly sensitive to consumer promotion and we are going to continue to drive sexy awareness to record setting highs now you may have noticed more likely a share in our target audience for cash.
Z.
Several weeks after get back to you launched you stop seeing the ads during the evening cable TV and you are right.
We are using a proven model whereby of TV and video media content of our pulsed and certain cadence of instead of just running in a predictable sequence anything that becomes predictable becomes white noise. So we strategically put placement of our ads and so that they would be effectively using our marketing spend to achieve our prescription.
Bowls.
And also keep in mind the cable TV ads are just one aspect of our DTC campaign. They are supported by streaming and digital media like Hulu and Youtube social Influencers and so on you.
You May also have noticed new social media influencers posting of Opex. We are currently working with many different Instagram influencers, who have more than 3 million followers in aggregate.
Last month on <unk> Instagram, we also debuted unfiltered, our new monthly vaccine video series aimed at tackling the most common questions from our female audience, all packaging of fun and engaging way on social media over the next year, our own Chief Medical Officer, Dr. Kelly will be featured in <unk>.
One video per month provided her expertise as an obgyn and there is still more to come including the announcement of a <unk>.
Celebrity endorsement that we are patiently waiting to reveal and our Q3 call.
Before I turn it back to saundra I want to summarize.
Q1 was a great quarter from a commercial perspective marked by significant accomplishments, including exponential unit sales in prescription growth.
The launch of the gift packs of the campaign and a growing number of new and returning the HCP prescribers and the indication of extremely high levels of acceptance, resulting in the rapid expansion of our user segments and with that let me turn the call over the saga.
Thank you Ed.
And now I'm going to focus my comments on three key areas of our business today.
Partnerships and our pipeline.
We currently have equity coverage for 55% of commercial lives and 100% of the Medicaid population.
Our Medicaid agreement to the fact on January one and we're seeing growth in this segment as well as the among commercially insured patients as.
We discussed on the call in March we have purposely refrained from getting into long term deeply discounted rebate contracts of the TVN because we are confident that we will.
Will succeed and gaining a new category for taxi and the vaginal ph modulator on the FDA. The contraceptive category chart, we feel very strongly that our efforts are going in the right direction. In addition to working with lobbyists. Jeffery study, we have been aggressively pursuing and have received enthusiastic support from the U S Senators state.
It is and when does the advocacy groups across the country, we have contacted and confirmed the engagement on this matter with people and offices, including center of Patty Murray, who serves as the chair of the Senate help Kennedy, which of health education labor on pension and as chair of the Appropriations Subcommittee on Labor health and human services and education centers through the Colin.
Who also serves on the Health Committee and on the Senate Appropriations Committee.
Tammy Baldwin also serving on the help committee and on the Senate Appropriations Committee Center of Maggie hits on also serving on the Health Community Center of Bank card in terms of the Senate Committee on finance and the subcommittee on health care and around San Diego Representative Scott theaters, the sales on the House budget Committee.
Our non women's health advocates we have spoken with many influential groups who share our conviction and have agreed to escalate. This critical initiative on behalf of winning the.
This includes the renowned consumer advocate Erin brockovich the.
National Women's Law Center population services International physicians for reproductive health, the reproductive health access project and code at the United population spine I Index reproductive health the Global Women's Institute, the National Women's Health network.
And the Malala fund.
Gaining this new category will provide increased access with no out of pocket costs for vaccines across the United States.
As I hope you see this is not a desire we are waiting to have dropped in our laps. We are taking serious action in support of women getting access to sexy when the women cannot use the more of them. She should not be denied access to the only on demand hormone free prescription drugs approved by the FDA and I want to remind you.
This is not about us it's not about the 23 million women, who are already beyond hormones. This is about all of the women, who should not cannot and will not take hormones like the 75% of women, who we surveyed over the last six months, who would not use hormones. If they had an acceptable non hormonal option to.
So speaking of these women who cannot take four months.
Earlier this year, we launched the collaboration with the National community Oncology Dispensing Association and codec. It was to raise awareness of FX. The among encoded members and support the reproductive and sexual health of women with cancer, where the 800000 cancer diagnoses are reported among women every single year in the U S. It was fighting and recovering from.
Hormone sensitive cancer cannot use from one of our control because it may stimulate the growth of tumor cells.
Last week I was honored to deliver of keynote address at the 2021 and cut its requirement for <unk>.
The attributes of affects the at the non hormonal birth control option for breast cancer survivors like myself.
Additionally, we presented two posters on relevant aspect of the phase III empower trial that are important for oncology professionals and their female patients to consider.
On the heels of those presentations and Kona published of PQ lie of positive quality intervention in connection with FX. The at the birth control option to educate oncologists and oncology pharmacy team who are involved in the care of female cancer patients.
We also had a very strong presence of the acreage of annual clinical and scientific meeting last week, we exhibited Betsy for the first time using a virtual exhibit the which allowed health care providers to learn about exit through videos of self guided tour downloadable resources with links to our ever for an engagement center to explore our medical affairs commercial platform.
Several hundred Hcp's visited the virtual booth with strong engagement the two.
New datasets from our phase III empower trial were presented at <unk>, They provide clinical insight into how women use for Pepsi and empower as well as their feelings about pregnancy, which are very important factors for clinicians to consider on their counseling and prescribing vaccine.
Additionally, we sponsored a CME course of the day clock on the role of vaginal ph modulators in contraception and the implications of current contraceptive trial design on the creeping Thrill index more than 400 acre attendees participated live and we expect that others will listen on demand.
Now I'd like to turn to R&D.
The CDC of released new data last month, showing that reported cases of <unk> in the United States has reached an all time high for the sixth consecutive year in a relative there were $1 8 million cases of chlamydia and approximately 600000 cases of gonorrhea reported in 2019, the CDC caution.
Anyone who of sexually active can get gonorrhea, and chlamydia and with all $78 million sexually active women in the U S potentially at risk for STI. This is a significant market opportunity and the need and opportunity are even greater outside of the United States.
Our R&D resources are focused on developing <unk> 100 for the prevention of Chlamydia and gonorrhea and we continue to enroll patients in our phase III trial Evo part of.
All 90 planned sites have been identified 80 sites of an activated we continue to expect to complete enrollment. This year report top line results in the first half of 2022 and assuming positive results to file the NDA for these potential new indications by the end of next year.
Evoke ARD builds on positive outcome of our phase <unk> trial, which met its primary and secondary efficacy endpoints with statistically significant reductions in the risk of chlamydia and gonorrhea the.
The study was published in the peer reviewed American journal of of sectors, gynecology, adding credibility to the outcome and raising the profile of our ongoing evoke our trial. The are committed to competing EBA guard and gaining FDA approval for these potential new indications as quickly as possible.
And I want to switch now for the global opportunity our strategy is to out license commercialization rights outside of the United States. We are currently in discussions with multiple potential partners for various geographies, we look forward to being able to give you more detail on the appropriate time when the EPS dry on the right arrangement with the right partner in a given country or region.
In closing.
If you look at the contraceptive launches over the past three years and you take a moment to reflect on the data that we share today on this call, notably the growing awareness of effects, the among women and healthcare providers alike, leading to significant growth you'll begin to understand our confidence on this product and our confidence in the team.
Our investments are delivering results our strategy is on point and our team is executing the.
The perfect triangulation between unmet need for non hormonal contraception.
Increasing impact of our sales force efforts and our record setting DTC campaign will shatter the for non glass ceiling.
With that I'd like to turn it over for Q&A.
Thank you as a reminder to ask the question on <unk>, you will need the press star one on the telephone COVID-19.
On your question. Please press the pound key.
Your first question comes from the lines out Rob Silvera from R E.
H C. Wainwright your line is now open.
Hi, This is Bob Allen dialing in for Ron for Roger and Thanks for taking my question by the.
The congrats for the quarter. So could you comment on the prescription trends for sexy, but do you expect for the year 2021 on moving forward do you think this prescriptions will be initiated primarily by patients physicians for a combination of book.
Yes.
So we expect for that as we've already seen in the first quarter, we're going to continue to see the same type of uptake happens around.
Our efforts in terms of prescriptions.
We have continued to grow them, we will see these times of course, as we pulse out our debt.
<unk> campaigning that there are times when there is.
A little less of an uptick, but we don't see anything that would lead us to believe that we're going on we're going to have any change at all in the the rapid uptake the paycheck.
Yes.
We have been able to see for sure that.
We're getting not only commercial lives covered but we're also getting Medicaid lives covered and were very pleased to see that we have access for a fixed fee.
Across.
Almost all of the platform. So we have access for women, who need to have this fundamental change in their contraceptive availability.
On the third so do you think your market research kind of suggest that the DTC campaign is favoring one target population of over the other.
So actually what we've really seen is the discount.
This campaign has been very effective of reaching across the spectrum <unk> saw that in our campaign. We have basically three different types of profiles that we looked at we looked at the woman who is using the continent. We looked at the woman who is using the pill and we also looked at the woman who was doing the rhythm method of what we've discovered is that on we took a look at the people who are then for <unk>.
The prescriptions that are covered across the spectrum of both of those who are currently using hormonal contraception, those who have not been doing anything and those who have been using long term methods of contraception that are in the middle of transition. The good news for US is that makes the pool for flexi really quite large and in our research.
So on the reference we saw that 75% of women, who we went to market research with that or just of the contracept debates that if there wasn't acceptable form of non hormonal that they would go into it. So we're pleased and excited to know that we have a really wide spectrum in terms of our segment of partner.
On the third one final from me. So what changes are you seeing from a market flexibility standpoint of Scott with just the stickiness of beginning to subside and if you think.
Do you think this would contribute to any kind of tailwind in two of.
As for 2021 thanks.
So one of the things that we have begun the definitely see us as an example, we've had a request for a live speaker program for.
Some doctors actually F&B and the New York area, where they want to come together the discover more about vaccine. So that's beginning to see that kind of change you would expect to see that has traditionally been the opportunity to have face to face interactions with both our salespeople have been very diligent about making sure they are getting in and getting the access and all of the right.
<unk>, where there isn't the access moving the other places. So we're seeing this groundswell take place that it's been very very encouraging and debt taxi is in fact, gaining that level of not just utilization, but also of that measure of stickiness as you would expect to see as you move through this process of women.
Beginning to make vaccines their method of contraception.
Alright, that's it for me thanks, so much.
Thank you. Your next question comes from the line of Annabel <unk> from Stifel. Your line is now open.
Hi, all thanks for taking my question.
And.
<unk> on on getting some of improving growth to net.
It's actually been of strength quarter, we've seen a lot of our companies improving growth this quarter and usually the seasonally low. So I guess what are some of the tactic for us to improve that and what do you expect to do.
Going forward, how many levers do you have to Paul.
To sort of control that for you.
May have to give up rebates to payers.
So for the first question.
For the exciting part is as we put our strategy in the place even from launch till this point and we began to fall of this pattern of of assuring that we first of all drove demand and interest in factory and then as we started to put into place some of the things. We're confident that our strategy will continue to deliver the results that will improve our profitability. So some of the things that we have been able to.
Do effectively as we've moved ourselves from a place where we're now.
Asking that those offices through assistance with the third party that we've used to put the Ta is our prior authorizations through prior to the the script being filled that has a tremendous impact upon our ability to then sure we get the here's a really interesting statistic that as I was talking with the <unk>.
Vice President of our market access it we've got about 75% of lives without we estimate are going to be.
<unk>.
By their plans, so that really puts us into a position where we're getting the majority of those access and so that big change is just allowed us to really increase the level of dollars that we're able to gain from that process, because we're no longer covering them irrespective of the <unk> going.
True.
Okay and on.
So are you still following the typical pattern of giving the first prescription.
What does the euro copay and subsequent prescriptions or.
$30.
Just I'm just trying to understand the mechanics there.
Yes, we still are currently doing that and so of the mechanics of that the.
Primary the primary thing that was more of it affect the had a bigger effect on the GPM was to allow women who didn't have their PAA or the prior authorization go through get the product that's where we ended up with the biggest change in our GPM. When we when we put that change into effect what it really does is it gives us what.
Is there much.
Richard.
Place I've heard Jay say this before is the general we're better off having 750 scripts at a 40% 50% GTS. We are 1000 added at 80 and that's what we've really implemented at this point now that we have enough.
Faction with health care providers of women and their interests were be able to yet, but the exciting part of anabolic Jeff is as we've looked at the PAA process in almost all cases, it's really not very rigorous and physicians have been indicating that working together with the third party that we put in place one of which more than 80% say, that's a familiar group of people to work.
With the or really not resisting the fact, they understand that as saundra said, especially for those women in their practice of each one of them will have one of them that this should get diagnosed with where the cancer is that they have to assure that theyre doing their job on their part to make sure of this gets paying debt the payer level. So the payers recognize there is the unmet needs.
On a large group of women, who didn't get this so that's been a part of that strategy that we're doing to increase our R. J J M.
Got it and are there any stats you can give us regarding patient share down through the con tier services and can you tell.
What the refill rates are overall I guess for several quarters into this and at this point of we should have some idea of what the results are.
Well one of the things that we've seen definitely on what we call the contours of experience I'm going to call. It the whole online medical Tullow.
Telemedicine portal is that through the DTC campaign. It has increased significantly multiple times and not only that it's also increased the level of what I would say women, who are coming to the portal who have a genuine interest because of our fill rates are exceptionally high now we really are focused at this stage of the.
I'm on our total prescriptions, because we think thats. The most important the effect is not of monthly method of women use of sexy once you need that the results.
And it's not.
So theres not measured of the same monthly refill that you would get with other things.
So what we're really looking at it I can tell you the effects of refills.
Were significant in terms of what we expected, but our data points and I want to be very cautious about this as the recognized our data points are not going to be the same as you would expect to see what the monthly method because it is an on demand method. So we are still waiting as we gain.
<unk> ramp up in terms of our utilization to understand what the stickiness is in that respect, but at the same time conducted the market research to ask what's the likelihood of continuation and we're seeing those numbers being the high Eighty's and even low 90 of that say, yes. My intention is to not only continue but also to share and we think thats.
The importance of an understanding of what the stickiness is as it is to see those scripts because as we have indicated we know that there's a lag in understanding of exactly what the frequency is one of your on demand method of not a monthly method.
Got it and one last question for me on really intrigued by.
Potential of penetration into the cancer population do you have any metrics around that and how successful you are on reaching the patients.
We've seen kind of starting with the prescriptions from the types of patients.
Well I would say two things and then rest of you can jump in and so.
Really just began this initiatives, meaning that we now have identified through and coda.
What is the right way to educate communicate.
Is that just to help educate their physicians as well.
Just just anecdotally from being on the field one of the nice things that I heard from on Obgyns that they say almost always they seem to be at odds with the oncologist and this is the first time that they feel like they are now going to be able to be on the same page for those women who are not only being treated at the oncology office that are have been there their patients and we will continue to be there.
After they got through the cancer treatment. So there is an excitement on the obgyn side as well about the fact that now even those patients to go to the oncologists are going to have something that they too can support.
Got it. Thank you so much I'll follow up later with other.
Thank you. Your next question comes from the line of David.
Absolutely from Piper Sandler Your line is open.
Hey, thanks, so much.
Just got a couple and I joined late so I apologize if you already addressed this but on the the.
The unique pregnancy category.
Can you just talk about that in terms of where that stands and then I'm also interested in portion of covered lives that are.
Now covered at zero co pay and where you expect that to be say by the end of of 2021. So that's number one and I wanted to ask secondly of longer term question. Maybe this is the real early to ask the question, but you have commercial infrastructure in place.
So as you get further into the <unk> launch do you start to.
Keep a closer eye on opportunities to bring in another asset that can leverage your infrastructure, how much of that will be of priority as you get more and more into the launch and sexy.
He has more of its footing of the marketplace. Thank you.
Yes, Hi, David So one of the things I wanted to start with your second question and then go back to your first if that's all right.
And the tell you this debt.
And the real lift as our whole company is we definitely recognize that the cost of the sales force is not nominal the one thing, though that we continue to be certain assets without question is having our own sales force completely committed to this asset and this launch being directed being paid for and being incentivized by.
It is the right decision no question and we have our ability to.
Train them and retrain them and re motivate and in a way that is very continuous and ongoing and we still feel very bullish about that decision.
We do recognize that.
Sales team to get to a point, where they want another asset.
The strange part of that with COVID-19.
Now things are opening up it's almost like now theyre seeing opposite where they werent able to see before so there is not a level of board of yet thank goodness and they are actually continuing to grow their base of people that they could see an impact. So we feel like we're going to continuously grow the <unk> brand.
For the rest of this year now we do as you know forthcoming with our addition of chlamydia and gonorrhea feel like that's also going to continue to grow market share for <unk> all of that is going to be able to do it builds the base. So we feel good about that but I guess the short answer is yes, we most definitely are constantly looking.
The assets would be of fit in the right call point too.
The great thing of that I think people are recognizing that we have the right team, meaning we understand how to market to these women we understand how to talk to these physicians, we understand of the managed care obstacles and pitfalls as well as ways to get around them and so we have opportunities to talk for a lot of companies that maybe don't have the financial resources or they don't have the <unk>.
Commercial expertise to build the room team. So we are very interested we are continuing to look we havent yet identified that right product yet, but I can tell you the from a business development standpoint that is the very assertive and ongoing process and we'd love to add the right products of the bat.
Now as of your first question.
Im assuming youre talking about ACA and getting the new category. So that we can have vaginal ph modulator is that right you want us to address that.
That's exactly right yes.
Yes so.
Did you ever comment rest of you wanted to share you want me to take it with David just so I'm clear, though do you want to know what our expectations are for or what the process is just the way to answer your question directly.
Both.
Okay.
Are you on line with the Thunder talked about that.
So we don't do too much repeating on that for you might've missed that part of it you suggested that you came on late.
Okay.
So I guess.
Just maybe on the on the co pay on the Copay front I mean, what portion of the covered lives of the Coke zero Copay, just sort of just remind me again.
Zero co pay we have I think there's somewhat of a member of 8% somewhere in that ballpark for the more important thing is we've got roughly.
About.
75% of all of our claims are going through unrestricted and so that's probably the more key part of the potential and then as Sundar has said in terms of the ACA.
There really has never been I don't think the same heavy lift of going on towards getting this category and thats largely David because.
Every person and I mean that with the 100% every person that we have spoken with who are advocates for women have said this should be its own category. Every politician that we've spoken with have said this should be its own category. There hasnt been one exception for that.
People, who are really advocating for women, who have said well. This is a me too. They all recognize that there is nothing for these women and they believe that it should be out there. So.
We do hold a lot of.
Of hope and confidence that the efforts that we're taking will be fruitful and it won't be the same as others, who would like to try to get a category of something that already exists in this market because our study well on the one thing David as you probably know very well.
Is that when we're successful it really is like a light switch, but if we're successful we have our own vaginal ph modulator category than one products in every category covered we will obviously be the only product in that category now.
The tough part I mean, we were approved last name. So we have been talking to the office of women's health and a very professional and appropriate and civilized way for the in the beginning because we accepted the COVID-19 what the priority for everybody, but in the call today. The reason that we wanted to share with everybody all of the advocacy groups and all of the political.
People that we've talked to you, including Erin Brockovich is that we wanted everybody to understand that.
We are being very aggressive far beyond the assertive and we are confident that those efforts are going to pay off and the reason that we're confident though is that we've been very careful to say this is about the vulnerable women who cannot use any other method and there are some plans by the way that see the.
They have to fail on eight or nine products for their given access sometimes and so once that information is shared people people are of gas by the way and they come back and say look the fact that this is the new innovation the women use on demand with no horror amount and there is nothing else like it.
Just for that cancer population alone or clinical country indicated women is enough to get all of these people really pushing it. That's why we feel good is that now by the way we recognize that some of our.
Other companies that are in women's health. They also want their own category and we don't blame them, but the reason we think our chances are frankly better is because we speak to a vulnerable population of women that no. One else can speak to that's why we feel confident we're going to be successful.
Okay. Thank you.
Thank you. This concludes today's question and answer I will now turn the call that the Suntrust BB&T.
Thank you.
Thank everybody for joining the call today and for standing with <unk> has the as we continue successfully marketing sexy for hormone free contraception also as we develop EBITDA 100 for the prevention of Chlamydia and gonorrhea in women and we're confident that we are very well positioned to achieve our goals and to build value for women and built.
Value for shareholders alike, we look forward to sharing more information with you on our next call and thank you again have a great rest of your day.
This concludes today's conference call. Thank you for participating you may now disconnect.
[music].
Okay.
[music].
Okay.
Okay.
[music].
[music].
[music].