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    Franc Brisebois

    Managing Director and Senior Analyst at Oppenheimer & Co. Inc.

    Franc Brisebois is a Managing Director and Senior Analyst at Oppenheimer & Co. Inc., specializing in the coverage of biotechnology and biopharmaceutical companies with a focus on subsectors including ophthalmology, audiology, pain/CNS, cannabis derivatives, and digital medicine. He covers over 25 companies such as Centessa Pharmaceuticals, Savara, Sensei Biotherapeutics, Abeona Therapeutics, Ovid Therapeutics, and Tarsus Pharmaceuticals, with a documented success rate of 31% and an average return per rating of -7.5%, although some standout stock calls, such as Avadel Pharmaceuticals and DermTech, have generated single-trade returns exceeding 450% and 23% respectively. Brisebois started his analyst career at Summer Street Research Partners, then spent five years at Laidlaw Capital Markets and later joined Craig-Hallum Capital as Senior Research Analyst before joining Oppenheimer in 2020. He holds a BA in Molecular Biology from Colgate University, an MS in Pharmaceutical Sciences from the University of Montreal, is registered with FINRA, and holds relevant securities licenses.

    Franc Brisebois's questions to KALA BIO (KALA) leadership

    Franc Brisebois's questions to KALA BIO (KALA) leadership • Q4 2021

    Question

    Franc Brisebois from Oppenheimer followed up on the gross-to-net pressure, asking for the specific reason it worsened in Q4. He also questioned the relative importance of Medicare versus commercial wins for improving gross-to-net and asked for a reminder on how long a single EYSUVIS prescription typically lasts for a patient.

    Answer

    Todd Bazemore, President and COO, explained that a larger percentage of filled prescriptions in Q4 had no insurance benefit, requiring a full buy-down from the WAC, which pressured gross-to-nets. He clarified that commercial wins improve gross-to-net, while Medicare wins primarily open up demand fulfillment. He also estimated that one prescription covers at least a couple of flares. Mary Reumuth, CFO, confirmed that the increase in units going through the co-pay card was the primary driver of the gross-to-net issue.

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