BioDelivery Sciences International, Inc.

Greetings and welcome to Biodelivery Sciences' third quarter 2020 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn this conference over to your host, Ms. Terry Coelho, Chief Financial Officer. Thank you. You may begin.

Thank you and good morning, everyone. Welcome to our third quarter 2020 earnings conference call. Leading the call today is Jeff Bailey, Chief Executive Officer. We are joined by Scott Plescia, President and Chief Commercial Officer. Following our prepared remarks, we will conduct a question and answer session. Earlier today, Biodelivery Sciences issued a press release announcing its financial results for the third quarter of 2020. A copy of the release can be found on the investor relations page of the company's website. Before we begin, I would like to remind everyone that certain statements may be made during this call, which may contain forward-looking statements. Such forward-looking statements are based upon current expectations, and there can be no assurances that the results contemplated in these statements will be realized. Actual results may differ materially from such statements due to a number of factors and risks, some of which are identified in our press release and our annual, quarterly, and other reports filed with the SEC. These forward-looking statements are based on information available to BDSI today, November 5, 2020, and the company assumes no obligation to update statements as circumstances change. An audio recording and broadcast replay for today's conference call will also be available online in the Investors section of the company's website. With that, I'd like to turn the call over to Jeff Bailey, our new CEO. Jeff?

Thank you very much, Terry, and welcome everyone to our company's third quarter 2020 earnings call. I'm very pleased to be speaking with you as the permanent CEO of BDSI. I've had the chance for the past six months as interim CEO to evaluate the team and craft the growth strategy going forward. I decided to take the job permanently as I have seen that the business opportunity is attractive with a strong team, differentiated products, that make an impact in patient lives and growing revenues, even in the difficult COVID-19 pandemic. The core business fundamentals are incredibly strong, demonstrated by our top line growth, tremendous profitability, and cash generation. We have a seasoned management team and a board that are confident and very committed to driving shareholder value. This confidence is underscored by the board's authorization to buy back up to $25 million of shares. This was announced yesterday. There are three main takeaways that I would like you to have from today's call. First, I'm happy to report that Biodelivery Sciences is on an extremely solid footing. While the COVID pandemic has disrupted the delivery of healthcare in the United States, we're seeing strong growth return to our new-to-brand prescriptions, an uptick in prescribers, and we continue to grow our market share and volume to all-time highs within the long-acting opioid category. Second, I am truly honored and pleased to be stepping into the role of permanent CEO and have a highly optimistic outlook of our company's future. And third, our management team is fully aligned on our corporate strategy, and our execution is already underway as we are delivering impressive brand growth, a promising new commercial outreach program to drive results, and very importantly, a strong balance sheet that positions us well for the future. I want to share a few key updates about our business. Belbuco rebounded in third quarter, with our momentum and script growth continuing into October. The third quarter Belbuco performance marks an all-time high in TRX volume and market share. The big positive for Belbuco is that we outperformed the TRX long-acting opioid market nicely by growing Belbuco TRX volume by 6.9% over Q2, while the market was essentially flat. Additionally, Belbuco TRX market share hit another all-time high by growing to over 4.1% in Q3 compared to 3.8% in Q2. This growth highlights the momentum for the brand, which was reflected in the 31% year-over-year revenue growth. Belbuca new-to-brand scripts were down in Q2 and have rebounded in the third quarter and remained strong in recent weeks. We believe that physician offices will generally remain open for the foreseeable future, in spite of pandemic-related fluctuations. We've developed a new program for onboarding first-time patients. This innovative program, called First Start, has been successful in boosting NBRX scripts for Belbuca in the past quarter and was recently rolled out nationally. Scott will give you more details on this program shortly. We also saw some growth in an all-time high for TRX volume and market share in the Paramora class, resulting in net revenue growth of 59% over the third quarter of 2018. These results reflect our outstanding execution. Moreover, I want to say that our team has been extremely active evaluating business development and investment opportunities. We want to assure everyone that we will thoughtfully seek to optimize shareholder value through this process. Our balance sheet has never looked better, with $100 million in cash. At the same time, you can see that we are spending judiciously during this disruptive time, prioritizing spend to preserve and grow our customer base and position our brands for long-term success. Our balance sheet gives us significant optionality to seek complementary opportunities at the right time and invest in our business. To conclude, I'm very pleased by the success of the third quarter and the resilience and dedication of our organization. We've differentiated products, a strong balance sheet, and a focused senior management team. We are driven by our vision of helping patients with chronic diseases as well as long-term sustained growth and our ambition to increase shareholder value. With that, I will turn the call over to Scott to provide more details of our performance during the third quarter. Scott.