In June, management continued to build the Company’s profile in the capital markets.
We met with seven high-quality investment advisors in Toronto mid month, who collectively manage several hundred million dollars of client assets. They agreed to evaluate CRH Medical as an investment opportunity because of the Company’s unique mix of revenues, profitability and growth opportunities going forward.
The following day, we presented the CRH story at the inaugural Bloom Burton Healthcare Conference on Bay Street. The room was near capacity during CEO Edward Wright’s 30-minute presentation, which was followed up by a number of one-on-one meetings with institutional investors.
The non-deal roadshows that we have done in the past few quarters have given the Street a better understanding of the market opportunity for hemorrhoid treatment. When we talk to prospective investors, analysts and bankers, we communicate to them that we think the hemorrhoid market is similar to the erectile dysfunction space before the advent of ED drugs.
For the treatment of hemorrhoids, it’s not uncommon – even now – for physicians to suggest that their patients simply eat more fibre and try Preparation H. Based on the feedback we’ve received from patients, and the gastroenterologists who we have trained, our patented, single use O’Regan system is changing that treatment paradigm for the better.
In terms of potential competition, we have been tracking the progress of Ventrus Biosciences (NASDAQ: VTUS) and the development of its iferanserin ointment for the topical treatment of symptomatic hemorrhoids. On June 25, 2012, Ventrus announced that its Phase 3 trial failed to meet its primary and secondary endpoints. As a result, it appears that Ventrus will discontinue development of this product.
For CRH, our runway to continue gaining market share looks promising.
Much of our success to date is attributable to the insights and efforts put forth by our Board of Directors, who were all re-elected yesterday during our Annual General Meeting in Vancouver, B.C.
Dr. Anthony F. Holler, Dr. Iain Cleator, Dr. David A. Johnson, Dr. Bergein F. Overholt, Todd Patrick, Ian Webb and Edward Wright have made invaluable contributions to the growth of the Company in the past and will continue to do so in the future.
We look forward to sharing July’s edition of the CRH Investor Bulletin with you next month, and as always, we appreciate your interest and support.