Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from the line of Adam Walsh, MD – Jefferies & Company.
Adam Walsh, MD – Jefferies & Company
Can you give us a more color on the timing expectations for the Phase 2 Zemiva reporting?
John W. Babich, Ph.D.
We expect to complete the trial mid-year and expect that it will take a few months to pull all of that data together. Our expectation, again, is to report the results of that by year-end.
Adam Walsh, MD – Jefferies & Company
Can you give us a sense of your auction rate security exposure?
Donald E. Wallroth
No.
Adam Walsh, MD – Jefferies & Company
Any ’08 financial guidance?
David S. Barlow
In terms of the cash burn, we expect the burn to be at or below the 2007 cash burn rate. We did have some non-recurring financial cost in 2007, including the financing cost, the two in-licensing deals, and the purchase of the Denton facility. That’s about as far in terms of the guidance as we are prepared to go at this point.
Operator
Your next question comes from the line of Ken Trbovich – RBC Capital Markets.
Ken Trbovich – RBC Capital Markets
Did you say there was no exposure to the auction rate securities?
Donald E. Wallroth
Right.
Ken Trbovich – RBC Capital Markets
Why the moving out toward short-term investments and cash and equivalents, what is the distinction there?
Donald E. Wallroth
It’s just more of a timing issue in terms of what’s short-term and what we have locked into T-Bill ladders over time. Basically all of our cash is invested in T-Bill equivalents.
Ken Trbovich – RBC Capital Markets
All of the investments that you have in the short-term are obviously less than one a year and not auction rate.
Donald E. Wallroth
That’s exactly right.
Ken Trbovich – RBC Capital Markets
I know that the question that came up about the timing for the Zemiva top line results, I’m more curious about the pace of enrollment. It seemed like you were on a nice trajectory in terms of accelerating enrollment going through the fall. Has that slowed, or flattened or where are we at and has there been any hiccups along the way?
John W. Babich, Ph.D.
We are actually very happy with the original enrollment. There are several strata within this study in terms of the risk of having cardiac ischemia. Our target market is the chest pain patients, and these are intermediate to low-risk patients. And the good news was that we had no problem in recruiting those patients. We actually have more than the adequate number for this trial.
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