Exelixis Inc EXEL
Q2 2011 Earnings Call Transcript

Transcript Call Date 08/04/2011

Operator: Good day, ladies and gentlemen, and welcome to the Second Quarter 2011 Exelixis Financial Results Conference Call. My name is Ann, and I will be your coordinator for today's call. As a reminder, this conference is being recorded for replay purposes. At this time, all participants are in a listen-only mode. We will be facilitating a question-and-answer session following the presentation.

I would now like to turn the presentation over to Mr. Charles Butler, Vice President of Investor Relations. Please proceed, sir.

Charles Butler - Executive Director, Corporate Communications & IR: Thanks to everyone for joining us today for the Exelixis second quarter 2011 earnings call. Joining me today from the management team are Mike Morrissey, our President and CEO; Frank Karbe, our CFO; and Gisela Schwab our CMO, who will together review our corporate, financial and development progress for the quarter ended June 30, 2011. They will also discuss upcoming objectives and provide an update on cabozantinib, our lead clinical development program.

As a reminder, we are reporting our financial results on a GAAP basis only and as usual, the complete press release with our results can be accessed through our website at

As a reminder, during this call, we will be making certain forward-looking statements that are forward-looking, including without limitations, statements related to the development in clinical therapeutic and commercial potential of cabozantinib, Exelixis' development plans and regulatory strategy for cabozantinib, the time line for the EXAM trial, the filing of an NDA and a potential commercial launch in MTC, plans to initiate a Phase 3 pivotal trial in CRPC by year end 2011 and additional Phase 3 pivotal trials in CRPC in 2012, the evaluation of lower doses of cabozantinib in CRPC, potential partnering opportunities and our updated 2011 financial guidance. These statements are only predictions and are based upon our current assumptions and expectations. Our actual results and the timing of events could differ materially from those anticipated in such forward-looking statements because of risks and uncertainties discussed in the slides accompanying this call, the comments made during this call, and the Risk Factors section of our 10-Q for the quarter ended July 1, 2011 and our other reports filed with the Securities and Exchange Commission. We expressly disclaim any duty to make any updates or revisions to any forward-looking statements.

With that, I will turn the call over to Mike.

Michael Morrissey, PhD - President and CEO: Thank you, Charles, and thanks to everyone joining us on the call today. The second quarter of 2011 was very productive for Exelixis, and we continue to make strong progress on our transformation into a streamlined organization, solely focused on maximizing the clinical and commercial value of cabozantinib or cabo for short.

During the quarter, we continued to advance our comprehensive development plan for cabo and achieved a number of key milestones. On today's call, Frank will walk you through our financials and Gisela will provide an update on our cabo development efforts. I want to focus on a few key themes that we will expand upon throughout the call today.

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