Idorsia Ltd (OTCPK:IDRSF) Q2 2020 Earnings Conference Call July 23, 2020 8:00 AM ET, Andrew Weiss - Senior VP and Head of IR & Corporate Communications, Jean-Paul Clozel - Chief Executive Officer, André Muller - Executive Vice President and Chief Financial Officer, Simon Jose - Executive Vice President and Chief Commercial Officer, Dear ladies and gentlemen, welcome to the Idorsia Conference Call. But despite the COVID crisis, Idorsia has moved forward in a tremendous fashion. And for further details, please refer to the legal update of the press release or note 12 of our interim consolidated financial statements. Co-founded Actelion in 1997, taking the reigns as CEO from 1999 until the acquisition by Johnson & Johnson for $30 billion in 2017. Thank you, Jean-Paul. The first results will be shown in August, but, of course, there are, I would say, tens of papers to be written based on the huge database that we have. And as an aside, this data also reminder us that we need to account for this large and growing off label use of trazodone in order to get a true picture of market potential. Simon has -- now he's been with us for more than a year. The firm targets patients who are suffering with Fabry disease, insomnia, Cerebral vasospasm associated with aSAH and systemic lupus erythematosus. Your line is now open. They are 20 generics or 30 generics company. And as Jean-Paul already mentioned, we raised CHF330 million growth with the issuance of 11 million new shares so it's a CHF30 per share, or 323 million net after the 1% stamp duty on any capital increase in Switzerland and also after lawyers and bankers fees. Daridorexant has the potential to bring patients suffering from insomnia what they want to sleep longer at night and feel better during the day. As you can see from the chart, there's been a significant decline in the use of z-drugs, following the FDA, those change and safety warnings in 2013. I will take the one and half of the second half -- I will leave half to Simon. This process is automatic. our CEO & CSO to get to the bottom of the story... Business & Financial Report 2019; Our key assets have the potential to transform treatment in the target indications... Find out more about our target diseases... We hope you find everything you need to understand how Idorsia intends to achieve its ambitious goals. See the company profile for IDORSIA LTD (IDRSF), including business summary, industry/sector information, number of employees, corporate governance, key executives and salary information. And depending when we will initiate the Phase III for clazosentan, we don't have an impact. So, we should have finished recruitment of REACT at the end of next year. Idorsia would pay a one-time payment of CHF24 million in year of 77 staggered milestones. Let's go to the next slide 15. So … And this, despite trazodone not being licensed insomnia and the American Academy of Sleep Medicine Guidelines explicitly recommending against its use. And drug discovery went also slightly down from 56 million to 49 million mainly due to some projects that were postpone, so clearly also in these -- in numbers of -- for the first half of 2020, an impact due to COVID-19. Your line is now open. So, frankly, we will partner and we are in discussion with some partners, but we need to have really good conditions, because it's not a few millions milestone, which is going to change anything for Idorsia, we need either a very large partnership or no partnership. Data are provided 'as is' for informational purposes only and are not intended for trading purposes. So here understand really relating that COVID-19, which is around 30 million, 40 million. So, when you start using the off target effect of an unlicensed medication in preference to the licensed medication, need that just tells us that we've got a big opportunity in front of us. And also, I think they're quite bullish about directing for use in depression rather than just in insomnia. Third, we need to be flexible and nimble in how we build commercial organization. This is Jameel Bakhsh from Barclays. So, now we must not do the mistake. Next slide please number 17. Yeah, if you -- as you've seen we acquired minority 26% equity stake and also subordinated debt of 12 million for -- not from 1.5 million.