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Biotech / Medical : InterMune (nasdaq)ITMN
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To: Secret_Agent_Man who started this subject6/12/2003 10:16:52 PM
From: IRWIN JAMES FRANKEL   of 508
 
RECAP OF TODAYS CC

This morning ITMN hosted a CC and webcast covering the PR's on Oritavancin and the reduced revenue guidance.

Here are some of the points made:

- Oritavancin was better tolerated, as effective and required half the treatment time of Vancomycin(sp)
- Several questions in the Q&A were directed to the falsely reported growth in 1Q of 3,300(EOQ) on treatment which is now reported as 2,900(avg 1Q)
-- Mgmt claimed there were problems with the data
-- It turned out that not all "active patients" got the drug
-- Claimed no adjustment in the numbers related to 4Q02 despite the fact that the 2,900 on drug is less than the 3,000 reported on drug EOY2003
-- They will no longer give out number of pts on drug
- Sales in 1Q2003 based on true demand was $32-33M and will be flat in 2Q2003
- Asked when they discovered the sales shortfall and problem with the number of pts on drug // They evaded the Q and said they took action when they discovered the problem
- Claimed that discontinuance on drug resulted from the ambiguous data from the PIII and severe cases stopping treatment with half of all discontinuance resulting from death
- Sales force has had some turnover
- Currently have 80 clinical specialists who are handicapped in marketing by the label
- less than 1/3 of patients now on drug are in the severe class
- Looking for a partner on Oritavancin
- Still committed to profitability in 2005 while stressing belief that demand for Actimunne will grow
- CEO says Pennington is excited aboutQ3 r Oritavancin results

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