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Precigen (PGEN) Q2 Earnings call transcript Aug 14, 2024
AInvestThursday, Aug 15, 2024 3:36 pm ET
1min read
PGEN --
PRN --

In a recent earnings call, Precigen, a leading biotechnology company, provided updates on its financial results and strategic initiatives, emphasizing the focus on its innovative gene therapy treatment, PRGN-2012, and its commercialization plans. Here are the key highlights from the call:

PRGN-2012: A Breakthrough Therapy for Recurrent Respiratory Papillomatosis

Precigen's PRGN-2012, an adenovector-based gene therapy for Recurrent Respiratory Papillomatosis (RRP), has been a major focus for the company. The treatment, which is delivered subcutaneously without the need for any device, has shown impressive results in clinical trials. With breakthrough designation from the FDA, orphan drug designation from both FDA and EMA, and a robust endpoint of safety and efficacy, PRGN-2012 is poised for commercialization in 2025. The company is on track to submit its BLA by the end of 2024 and has already initiated enrollment in the confirmatory trial.

Strategic Prioritization and Operational Changes

As part of its strategic prioritization, Precigen has made some tough decisions to redirect resources towards PRGN-2012. This includes a reduction in the workforce by over 20% and the implementation of cost-saving measures. The company is also focusing on its UltraCAR-T program, with PRGN-3006 showing promising results in treating acute myeloid leukemia (AML) patients, although the company has paused trials for PRGN-3005, PRGN-3007, and its Belgian subsidiary, ActoBio, to concentrate on PRGN-2012.

Commercialization Plans and Global Ambitions

With Phil Tennant joining as the Chief Commercial Officer, Precigen is gearing up for the potential commercial launch of PRGN-2012. The company is planning a precise commercial footprint, focusing on medical affairs and patient support. With the FDA's accelerated approval path and the European Medicines Agency's orphan drug designation, Precigen is looking at a global market opportunity for PRGN-2012. The company is currently manufacturing the drug for both U.S. and ex-U.S. markets and is confident of providing the drug globally by 2025.

In conclusion, Precigen's earnings call highlighted the company's strategic focus on PRGN-2012, operational changes, and global ambitions. With the potential for PRGN-2012 to be the first FDA-approved treatment for RRP and the company's commitment to patients and shareholders, Precigen is well-positioned for success in the biotechnology sector.

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