MiddleBrook Pharmaceuticals, Inc. Q1 2009 Earnings Call Transcript

MiddleBrook Pharmaceuticals, Inc. (MBRK)

Q1 2009 Earnings Call Transcript

May 7, 2009 9:00 am ET

Executives

Faith Pomeroy-Ward – Executive Director, IR & Corporate Communications

John Thievon – President and CEO

Dave Becker – EVP and CFO

Analysts

Richard Silver – Barclays Capital

Presentation

Operator

Good morning, my name is Jackie and I will be your conference operator today. At this time, I would like to welcome everyone to the MiddleBrook 2009 first quarter results conference call. All lines have been placed on mute to prevent any background noise. (Operator instructions). Thank you. Ms. Pomeroy-Ward, you may begin your conference

Faith Pomeroy-Ward

Thank you, Jackie and good morning everyone. Before we begin our call, I would like to remind you that some of the statements made during this call may be considered forward-looking statements. The company’s SEC filings including the 8-K filed this morning identify certain factors that could cause the company’s actual results to differ materially from those projected in any forward-looking statements made today. The company’s SEC filings as well as our press release detailing the financial and operational results discussed on today's call are available on our website at middlebrookpharma.com.

I am joined on today's call by President and CEO, John Thievon, and our Executive Vice President and CFO, Dave Becker. We expect today's call to last no more than 30 minutes including Q&A.

Now, I will turn the call over to John.

John Thievon

Thank you, Faith and good morning everyone. Welcome to our call. The first quarter of 2009 was a productive one for MiddleBrook as we launched MOXATAG to trade and prepare for it's professional launch. We launched MOXATAG to healthcare professionals nationwide on March 16, 2009, while it is still very early in the launch there, indicators that we were making very good progress.

First I will run through some of the numbers and then I will share some of our findings in the field. For the first quarter of 2009, we produced revenue of $9 million, 7.5 million of which was from MOXATAG. As you can see from the net sales for MOXATAG we received solid support from our trade customers. Approximately 20,000 retail pharmacies participated in our order ship program to place a bottle of MOXATAG on the shelf in those pharmacies prior to professional promotion. This does not include pharmacies ordering independently of order ship programs.

And now that we have 300 sales reps and manager detailing healthcare professionals nationwide and driving prescriptions to pharmacies we expect distribution to increase. Keep in mind in accordance to IMS health about 40% of the annual prescription for strep throat are filled April through September. So, it’s a great time for our field force to be building awareness among healthcare professionals across the country and working to generate prescriptions for MOXATAG.

MiddleBrook Pharmaceuticals Launches MOXATAG™ Website, Announces Early Prescription Data for MOXATAG

MiddleBrook Pharmaceuticals, Inc. (Nasdaq: MBRK) has launched a website for MOXATAG (extended-release amoxicillin) Tablets, 775 mg. MOXATAG is the first and only FDA-approved once-daily amoxicillin, and now healthcare professionals and patients have access to a comprehensive online resource for information about treating pharyngitis and tonsillitis, also known as strep throat, with MOXATAG at http://www.moxatag.com.

Visitors to the MOXATAG website can learn about the causes, symptoms and treatment of pharyngitis and tonsillitis. A video shows how MiddleBrook’s proprietary drug delivery technology, PULSYS®, prolongs the release and absorption of amoxicillin from MOXATAG to effectively treat bacterial pharyngitis and tonsillitis at a daily dose of 775 mg, which is lower than currently prescribed aminopenicillin therapies. The site also features an informative FAQ section, complete product prescribing information and information for pharmacists.

MiddleBrook President and CEO John Thievon said, "MOXATAG is a unique product with no AB-rated generic, and MOXATAG has valuable benefits for patients and prescribers. The MOXATAG website showcases MOXATAG’s attributes and illustrates the compliance-enhancing benefits of once-daily dosing.”

"A review of the latest available data indicates that approximately 3,000 prescriptions have been filled for MOXATAG through April 24, with steady week-over-week growth,” Thievon continued. "This is in line with our expectations, given launch timing and the seasonality of pharyngitis and tonsillitis, and we anticipate more than half of the total 2009 MOXATAG prescription volume to be generated in the fourth quarter. The MOXATAG.com website will support the efforts of our national field sales force and serve as a valuable adjunct to our nationwide print media campaign directed at healthcare professionals as we work to increase awareness for MOXATAG, the first and only FDA-approved once-daily amoxicillin.”