Seattle Genetics‘ Second Quarter 2016 Financial Results Earnings call recently occurred on Tuesday July 26, 2016. Peggy Pinkston, Executive Director of Corporate Communications, opened the call with a preface that the call would include only forward-looking statements regarding future events and the future of the company, by means of both financial and operating structure. Dr. Clay Siegall, Chairman, President, and Chief Executive Officer of Seattle Genetics, followed up by expressing his excitement and satisfaction regarding the progress made by Seattle Genetics recently. This primarily includes the development of ADCETRIS into a major franchise.
Seattle Genetics (SGEN) Clay B. Siegall on Q2 2016 Results – Earnings Call Transcript
ADCETRIS is an antibody drug conjugate (ADC) marked as an orphan drug for patients with the CD30-expressing cutaneous T-cell lymphoma (CTCL), a blood cancer involving the skin. Notably, a randomized phase 3 clinical trial with ADCETRIS successfully met it’s primary endpoint while demonstrating highly statistically significant improvement in 131 patients over a minimum four month time course. Further, Seattle Genetics is hot on the trail of several other ADCs with promote antitumor activity in solid tumors, urothelial cancer, and breast cancer. Financial highlights include second quarter revenues of $95.4 million, comprised of ADCETRIS net sales of $66.2 million from it’s commercial sales in 65 countries worldwide.
Holding a PhD in genetics from George Washington University followed by a brief stint at the National Cancer Institure and 6 years with the Bristol-Myers Squibb Pharmaceutical Research Institute, Dr. Clay Siegall was well suited to co-found Seattle Genetics in 1998; he currently holds the positions of President, Chief Executive Officer, and Chairman of the Board of Directors. Over the past 18 years, Seattle Genetics has built a diverse pipeline of antibody-based therapies for cancer patients. Impressively, Dr. Siegall has authored over 70 publications and holds 15 patents while securing funding for Seattle Genetics totaling over $675 million. In addition to his success at Seattle Genetics, Dr. Siegall also serves on the Board of Directors of Alder BioPharmaceuticals, Mirna Therapeutics, and Ultragenyx Pharmaceuticals.