Zealand Pharma A/S Corporate Update Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Thomas Schultz Bowers - Danske Bank A/S, Research Division - Analyst : Yes. Thank you very much. A couple of questions. So I'll just kick off with -- you have the liquidity covenant with Oberland that is to be breaching in September without any additional milestones. So I'm just wondering, of course, this is related to a cash position. But is there any changes now that you have updated your strategy on V-Go and Zegalogue there is also a low single-digit royalty of net sales attached to this loan. So any changes on the covenant and how we should see the liquidity. And then just on -- just a follow-up on Zegalogue and V-Go divestment. So I'm just wondering, are you still targeting to complete the dual hormone and CHI Phase III and then maybe also mini-dose progression before you actually make any considerations. I know that you have been -- well, I think the port partners you have been talking to or potential partners you've been talking to have been more interested in getting the whole data, the global data rights. So -- but is there any changes here that you may see an out-license of Zegalogue alone and then retain the remaining parts of dasiglucagon. Adam Steensberg So maybe I can address the last question and then Matt can follow up on the open end question. So for Zegalogue which is a product that's on the market, we will pursue partnerships as communicated in the release as we seek now in order to make sure it gets in the hands of the best commercial entities. I think we are in a quite different situation compared to a few years ago because you can say, compared with the different solutions you also described that we have the CHI and the V-Gos yet to sustain API. But today, Zegalogue it's a new product. And so it only shares the API. The product presentation is very different from how the product will be presented in these other offerings. So I think that is a difference, you can say, anymore of today compared to when we had these discussions before we had a label and a product on the market. So we issue a partnership for Zegalogue, whether this will be with only legal or it will include other opportunities. That, of course, depends on further discussions. But right now, the key focus for us is to make sure the product that's on the market gets in hand in a committed strong commercial entity. Matt, will you have a follow up on the Oberland?

Question: Thomas Schultz Bowers - Danske Bank A/S, Research Division - Analyst : Okay. So just to completely understand that there's nothing -- there's nothing attached on the liquidity covenant. There's nothing related to the royalties they get. That's up to you whether you will divest or will not prioritize the promotion of the product?