At this time, I would like to turn the conference over to your speaker today, Ms. Leah Liu, VP of Corporate Affairs. Please go ahead.
Thank you, Operator. Good morning, everybody, and welcome to our 2023 interim financial results conference call. Joining us today are Mr. Rogers Luo, CEO of Everest Medicines, Mr. Ian Woo, President and CFO, Dr. Zhengying Zhu, our Chief Medical Officer, and Dr. Jennifer Yang, our Chief Scientific Officer. Before we get started, I'd like to remind you that the speakers on this conference call may make statements that constitute forward-looking statements, including descriptions regarding the intents, beliefs, or current expectations of the company or its officers with respect to the business operations and financial conditions of the company, which can be identified by terminology such as will, expects, anticipates, the future, intends, plans, believes, estimates, confident, and similar statements.
Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those in the forward-looking statements as a result of various factors and assumptions. The company or any of its affiliates, directors, officers, advisors, or representatives have no obligation and does not undertake to revise forward-looking statements to reflect new information, future events, or circumstances after the date of this conference call, except as required by law. Thank you. And now I'd like to hand over to Ian, to give you an update on our business in the first half of this year. Ian?
Thanks, Leah, and hello, everyone. Thank you very much for joining us for this call. I would like to start this call by highlighting on this slide that we have successfully transformed from a clinical-stage biotech to a commercial-stage biopharmaceutical company. On July 26, we launched our first commercial product, Xerava, in China. Besides Xerava, we are in a fortunate position of having three additional drug candidates that we expect to commercialize in the next 12-18 months, and we believe these four products represent potential aggregate peak sales of approximately CNY 10 billion. Nefecon's NDA approval is expected in China later this year, and we anticipate NDA approvals for cefepime-taniborbactam and etrasimod in late 2024 and early 2025.
We remain confident in the potential of our commercial portfolio and would like to reaffirm our 2023 revenue guidance for Xerava of CNY 70 million-CNY 100 million, and CNY 700 million for both Xerava and Nefecon in 2024, our first full year of sales. We intend to build therapeutic area leadership in renal disease, infectious disease, and autoimmune disorders, anchored around our commercial products and late-stage product candidates, leveraging our proven business development engine and discovery capabilities. We will also continue to use our clinically validated mRNA technology platform to generate prophylactic and therapeutic vaccine programs that support our long-term value creation.
Finally, our continuing transformation is supported by a strong balance sheet of $350 million at the end of the first half of 2023, a substantially more efficient operating model and cash burn profile, and the right management team in place to execute. I will cover this slide fairly quickly. This is our full pipeline of potentially best-in-class and best-in-class therapeutics. Besides the four near-term products I had already mentioned, we have four products in or near phase I and phase II development. There are also multiple indication expansion options with our late-stage pipeline products. Next slide. As mentioned before, our therapeutic areas of focus are renal diseases, infectious disease, and autoimmune diseases. Additionally, we will continue to leverage our clinically validated mRNA platform to expand our discovery pipeline. We currently have three programs in renal disease.
Nefecon, our anchor product for this disease area, that we expect to launch in early 2024. EVER001, a covalent reversible BTK inhibitor, which we currently are running a phase Ib/II trial for primary glomerular diseases, and we expect top-line data read out in early 2024. And internally discovered antibody program that we expect to file an IND in 2024. We have not disclosed the target of this program, but it is a novel MOA in the pathobiology space. At the same time, we are actively working on bringing in additional differentiated assets that address large medical needs and are complementary to our investments in renal diseases.
We also have three assets in our infectious disease portfolio, which address different unmet needs in the MDR gram-negative infectious market. This is the fastest growing subsector within China's antibiotics market and one with the most attractive commercial outlook. As I mentioned, we just launched our first product, Xerava, in China this July, and expect to file an NDA for cefepime-taniborbactam by the end of 2023. We plan to advance EVER206 into phase III development next year. For autoimmune diseases, we have etrasimod, which is potentially a pipeline within a product as it is being investigated for a broad range of indications. Our partner, Pfizer, acquired the global rights of etrasimod from Arena Pharmaceuticals for $6.7 billion, and has publicly disclosed that they are developing five indications, including ulcerative colitis, Crohn's disease, atopic dermatitis, alopecia areata, and EoE.
The most advanced indication is ulcerative colitis, with the US PDUFA date this October. We expect to have... In China, we expect to have 12-week induction of remission data, from our regional phase III study by the end of this year. We are also in discussions with the authorities regarding the regulatory pathway for etrasimod, in the UC indication in our territories. Lastly, with our mRNA platform, we are developing mRNA prophylactic vaccines, including a bivalent COVID-19, vaccine, which we expect to receive an IND, in the second half of, this year, and a rabies vaccine. Our discovery team is also building a pipeline of other prophylactic vaccines and therapeutic cancer vaccine programs. Turning to the key achievements in the first half of, 2023, we're extremely proud to have commercially launched our first product in China, Xerava, on July 26.
Xerava is a first-in-class novel fluorocycline antibiotic for the treatment of infections caused by gram-positive, gram-negative, and anaerobic pathogens, including multi-drug resistant isolates. It's only been less than a month, but we have already had Xerava scripts written in 60 hospitals in China. We're extremely proud of this track record and the, you know, early receptivity that we are seeing in the market. We are receiving very positive feedbacks from physicians based on its broad bacterial spectrum coverage, high potency, and well-tolerated safety profile. Xerava is now included in over 10 treatment guidelines in China, the United States, and the EU. And as I mentioned before, we're confident in reconfirming our sales guidance of CNY 70 million-CNY 100 million for this product for 2023.
To support Xerava's launch in China, we're building a lean and efficient commercial team of approximately 180 people in 2023. Around 120 of which are frontline sales staff. The infectious disease commercial team will focus on 300-500 core Tier One hospitals. So this slide shows some of the other business achievements year-to-date. As you can see, we are seeing positive momentum across all of our key therapeutic areas. Our NDA application was accepted for Nefecon in Singapore, and the fast track designation for Nefecon was granted in South Korea. We launched an early access program for Nefecon in the Hainan Boao Pilot Zone, and completed patient enrollment for our China open-label extension study.
There was a phase three, positive phase three trial readout and data presentation for Nefecon in IgA nephropathy, which we've, which were published in The Lancet last week. Based on this data, our partner, Calliditas, submitted a sNDA for Nefecon in the U.S. for full approval. The NDA was accepted on August 18 with priority review, and the PDUFA date has been set in December. In addition to the NDA approval for Xerava and its subsequent commercial launch in China, the U.S. FDA accepted our partner, Venatorx's NDA filing for cefepime-taniborbactam for the treatment of complicated UTI, with priority review and a PDUFA date of February 2024.
We also recorded positive top-line results from a phase I trial of EVER206, our novel polymyxin derivative program, and completed patient enrollment of our phase III clinical trial for etrasimod, for the treatment of moderate to severe active ulcerative colitis. Next slide. So as you can see from this slide, you know, we've been pretty busy on the commercial side, forming a number of strategic partnerships with leading pharmaceutical distribution companies in China. Our partners include the who's who of large distributing companies in our market, including Shanghai Pharma, Keyuan Pharmaceuticals, Chongqing Pharmaceuticals, Guangzhou Pharma, Sinopharm, and the broader Shanghai Pharma Group. We believe that their nationwide distribution networks and logistics systems will help accelerate the breadth and depth of the reach of Xerava across China.
In addition to Mainland China, we hold rights for Xerava in Singapore, Taiwan, Hong Kong, South Korea, and certain other, and certain Southeast Asian markets. Our in-house team launched Xerava in Singapore since December 2021, where it has already replaced over 80% of tigecycline volume in listed hospitals. We anticipate NDA approval for Xerava in Taiwan during the second half of this year. In Hong Kong, we expect an in-house team to launch Xerava by the end of this year. Lastly, we are in discussions with local authorities regarding regulatory pathways for Xerava in South Korea, as well as other Southeast Asian markets. So one of the reasons we have so much conviction in the potential of Xerava is because of the critical unmet medical needs, with multi-drug resistant gram-negative infections in China.
As you can see on this slide, the mortality rate of ICU-acquired infections is over 30%. Meanwhile, as you can see in the bottom right chart, carbapenem resistant rates to Klebsiella and Acinetobacter baumannii infections continue to rise in China, making the treatment of MDR infections more challenging. We also hear from ICU physicians that patients with severe infections under critical care may only have time to use one round of antibiotics. Therefore, the clinical practice in ICUs is empiric treatment with combination therapies. We believe that Xerava, with its broad-spectrum coverage, strong efficacy against MDR negative... MDR gram-negative pathogens, and well-tolerated safety profile, is well positioned to become a foundational therapy in empirical combination treatments in the ICU. The substantial unmet needs in-- for MDR gram-negative infections in China has driven attractive growth of treatment option, options in this space.
The chart on the bottom left shows that this market has grown at a 45% CAGR over the last six years, even though there were only one new product launch during this time frame. The chart on the bottom right shows that pricing for these antibiotics have also been attractive. Zavicefta is priced at 4,000 RMB a day, while Colistin, which is often used as a last, last line treatment option, is priced at about RMB 2,500-RMB 3,500 a day. This is already after the price has declined over the last couple years. If you looked at the pricing of Colistin and the polymyxins two years ago, they were up to... They were between RMB 6,000-RMB 9,000 per day.
Which indicates to us the market receptivity for truly efficacious life-saving antibiotics is clearly there. So our pricing for Xerava is going to be in line with these market precedents. You can see this slide, which we have, you know, shown, you know, many times before. We have a portfolio of three first-in-class and best-in-class antibiotics with complementary spectrum of coverage across multi-drug resistant gram-negative infections. In addition to Xerava, we have cefepime-taniborbactam, a novel beta-lactam, beta-lactamase inhibitor combination with strong activity against Pseudomonas infections. And the next generation polymyxin derivative, EVER206, with reduced renal toxicity compared to currently marketed products. Renal tox has been a key impediment to the broader use of the polymyxin class of antibiotics. With respect to cefepime-taniborbactam, the U.S. FDA has accepted our partner, Venatorx's NDA filing, and granted priority review.
We plan to file an NDA in China later this year. Our in-house commercial team will be efficiently mobilized around this complementary portfolio. This slide just, you know, gives a quick summary of the cefepime-taniborbactam global phase III study, which demonstrated that cefepime-taniborbactam was superior to Meropenem for the primary efficacy endpoint of composite microbiologic and clinical success at the test of cure visit of day 19 to day 23 in the microITT population. In addition, cefepime-taniborbactam demonstrated potent antibacterial activities against various MDR Enterobacterales and MDR Pseudomonas, and with broad activity against beta-lactamases, including metallo-beta-lactamases, that are not well covered by existing BLIs. Cefepime-taniborbactam was also well tolerated. So with that, let me pass the call over to Dr. Zhengying Zhu to discuss Nefecon.
Yeah, thank you, Ian. So next, I will provide updates that have been achieved on our two late-stage assets. One is Nefecon, and the other one is etrasimod. So for Nefecon, next slide, please. So Nefecon is specifically designed to deliver the active ingredient, which is budesonide, to the disease origin of IgA nephropathy, which is located in the distal ileum area. So Nefecon will be—the beads will be delivered to that target area and will be sustained the release of the budesonide to modulate the gut immune system in that specific region. And as you all know, that budesonide is a local, highly potent, locally acting glucocorticoid, and with a very low systemic exposure will lead to a favorable safety profile in the clinics.
So since we in-licensed partnership with Calliditas, our partner in 2019, and the project of Nefecon development has been made significant progress. So the Nefecon has been designated as the first non-oncology breakthrough therapy designation in China, and we had positive readouts in phase III program in part A, and then later on, we showed a consistent profile of Nefecon in Chinese IgA nephropathy patients. So in the past six months or so, we've been successfully, you know, issued NDA submission in China, in Singapore, and in Hong Kong. And we expect that the product, the approval, will happen in China and in Singapore this year.
We are simultaneously, we prepare to submit NDA in China, Taiwan region, and later on in South Korea, later in this year. We expect the product will be approved in all other territories in 2023 and 2024. So we are very pleased to see that the Nefecon pivotal phase III study, named Nefecon, has been disclosed a very impressive data earlier this year in ERA-EDTA, and now just been fully published in Lancet a couple of weeks ago. The study is a double-blind, randomized, placebo-controlled trial with nine months Nefecon treatment and followed by 15 months off-drug observational period.
The primary endpoint of this study is time-weighted average change from baseline in eGFR over the two-year period, and we observed 5.05 eGFR benefit in favor of Nefecon over the two-year period. We see that eGFR benefit observed at nine months was well sustained and durable over you know until 24 months. So at the 24 months in the placebo arm the renal function is keep deteriorating and decreased 12 mL per month at 24 months. In contrast, in Nefecon arm the renal function deterioration is only half of that, 6 mL. So we observed a 50% less loss of kidney function in Nefecon treatment, which is a...
I think the first product has been demonstrated a long-term clinical kidney function preservation in a clinical study. Next. So if we calculate the two-year slope of eGFR improvement in this study, we observed 2.95 ml/min/year in the Nefecon arm. So this translates to, we know that the minimum difference of this slope is 1.23. So this observation, 2.95, is well above the threshold. And indeed, in the study that we showed a significant delay in Nefecon treatment until a kidney failure or a 30% of reduction in eGFR.
So besides, you know, we all know that the treatment of IgA nephropathy, the final goal is to preserve the renal function. In addition to that, we observe a durable proteinuria reduction over the 2-year period of time. With the lowest proteinuria reduction observed at month 12, which is three months after Nefecon treatment discontinuation, and the maximum proteinuria reduction is 51%.... So we see that over the period of off drug at month 12 to month 24, we observed about 40% reduction in proteinuria.
You see a gradual recovery of the proteinuria level to 30%, versus baseline at 24 months, indicates that, you know, warrants a future exploration of a longer-term period of treatment of Nefecon in the clinical setting. So we all know that, in IgA nephropathy, besides proteinuria, hematuria is a very often observed symptoms in the disease. So indeed, in the phase III trial, about two-thirds of the patients had the hematuria at baseline, and in the Nefecon treatment arm, at 24 months, we see a significant less proportion of subjects with hematuria in Nefecon arm, which indicates that Nefecon not only have a positive effect on proteinuria, on eGFR, but as well as on the hematuria.
Last but not least, Nefecon is very well tolerated and safe in IgA nephropathy patients, and this is very consistent with the local action of the budesonide in this disease. So with this very impressive data that observed from the phase III study NefIgArd, really supports Nefecon as the first disease-modifying treatment option for IgA nephropathy patients. We all know the current therapies are non-specific, either a supportive care to control the disease, or with a systemic steroids use or immunosuppressive agents with undesirable side effects. So for Nefecon, we are very excited that Nefecon, you know, has demonstrated a... The first therapy has been demonstrated a durable effect in not only proteinuria reduction, but also in delaying the eGFR decline in IgA nephropathy patients.
And this is, I think, the first therapy also has a differentiated effect to treating the disease origin, which is the gut immune system, as it has a to change the disease course of IgA nephropathy. So we are, we are very look forward to, to, bring this product to the, to the patients in this region. So we want to, like I mentioned before, the Nefecon, we've already submitted NDA submission in China, last year, and the NDA review process is on track. So we launched an early access program in Hainan, Boao, early April this year. It's been received a very... I think this is a really approach that Everest making efforts to provide products more accessible to IgA nephropathy patients in China.
And so far, more than 500 patients has been signed up for the EAP program, and the patients will need to travel to Boao to have a three-month prescription time and to complete nine months treatment period. So for our, besides Nefecon, I think in addition to Nefecon, for our future, either discovery efforts or in licensing new asset efforts, we're going to focusing on a huge unmet need area in glomerular disease area. It includes IgA nephropathy, membranous nephropathy, minimal change disease, and focal segmental glomerulosclerosis. So all of these type of glomerular disease, there are lack of specific targeted treatment therapy, and has a huge unmet need in this area. And Everest is committed to continuously making efforts to address these serious diseases.
So for the other phase III asset, which is a very promising asset, it's etrasimod, which is a potential best-in-class therapy in IBD area or other autoimmune disease. So, etrasimod is a selective S1P receptor inhibitor, and mainly binding to S1P receptor 1, 4 or 5. It has the potential to treat multiple autoimmune diseases, including the leading indication that be under development, including ulcerative colitis, Crohn's disease in IBD area, as well as the dermatology area, including atopic dermatitis and alopecia areata. All of this autoimmune disease has been it has a large population that being, you know, still has a a huge need for innovative therapy. So for UC indication, later this year, FDA is expected to approve this.
indication in October this year. And in China, we at Everest already completed a phase III trial in Asia region with a total sample size 233. And we expect to see the top-line results in induction period at week 12 by the end of this year. So for the other indications in the global development is either in phase II or in the planning of phase III. And Everest is considering joining the development in the future. So for etrasimod, based on already concluded two pivotal global phase III study in UC, study, etrasimod demonstrated a clinically meaningful and statistically significant improvements in all important outcome measures.
This including the clinical remissions, symptoms improvement, and endoscopic improvement. So if you're looking at, you know, the etrasimod, the clinical remission rate has been observed has a clinical meaningful remission rate around, you know, 27% at week 12, and 32% at week 52. So the clinical remission rate was well sustained throughout the 52-week treatment period. Overall, etrasimod is very well tolerated and safe, and has a very convenient administration. It's once daily oral use. So for comparing, you know, to, of course, this is a cross study comparing to current available treatment option, either biologics.
You will see not only the efficacy profile of etrasimod, but as well as the safety profile makes it a very attractive future option in the UC patients. With that, I will hand over to Jennifer to provide an update on our mRNA platform. Thanks.
Thank you. Thank you, Dr. Zhu. At Everest Medicines, we have established end-to-end capability of an industry-leading, clinically proven mRNA platform, covering the whole value chain of this platform. At our research site in Zhangjiang, we are able to do target antigen identification, antigen sequence design, immunogenicity evaluation, and process development. At our Jiangsu manufacturing site, we are able to produce mRNA vaccine at commercial scale, with annual capacity of 700 million doses. This mRNA platform has been successfully applied in the development of the first-generation COVID vaccine, PTX-COVID19-B. In a phase II clinical study, PTX-COVID19-B had demonstrated non-inferiority to Pfizer's Comirnaty in terms of GMT ratio of neutralizing antibody, with comparable safety profile. With such platform, we have quickly built a discovery portfolio consisting of prophylactic vaccines against certain infectious diseases and therapeutic vaccines targeting solid tumors.
All products are progressing well at this stage. In addition, we continue to innovate on this platform to enhance its performance. We are developing a next generation LNP delivery system to enhance the T-cell immunity. Our novel, new generation algorithm based on codon optimization, can increase the expression of target antigen, therefore further enhance immunogenicity. With that, I'm going to pass over to Ian to talk about financial.
Thank you, Jennifer. We will now review with you our financial data for the first half of 2023, that ended on June thirtieth. I think overall, the key takeaway is that the company operated much more efficiently compared to the first half of 2022, with expenses decreasing significantly across various functions. So, just going through these numbers in more detail. Our revenue increased by CNY 7.9 million - CNY 8.9 million in the first six months ended June 30th. Primarily due to sales of Xerava and Trodelvy in Singapore.
As you may be aware, we continued to sell Trodelvy during the transition period in the first half of this year, you know, before Gilead took over the commercialization of Trodelvy in Singapore. Cost of revenue are associated with the costs of importing Trodelvy and the Xerava, and that increase was in correspondence to the increase in our product revenue. General and administrative expenses decreased by CNY 35.8 million, or 30.1%, primarily due to the organizational optimization and rationalization and the associated decrease in share-based compensation expenses.
R&D expenses decreased by CNY 57 million, or 16.5%, primarily due to a number of our drug candidates having moved through clinical development and advanced to the regulatory submission or commercial stages, as well as the transfer of Trodelvy clinical development activities to Gilead. Distribution and selling expense decreased by CNY 84 million, or 56.8%. This decrease was primarily attributable to the transfer of Trodelvy-related commercial activities to Gilead and the related organizational restructuring since August 2022. Other losses net were CNY 50.1 million for the six months ended June 30, primarily attributable to the impairment of an intangible asset, Roneparstat, which we terminated the clinical development in our territories in the first half of this year.
Finance income net increased to CNY 54.8 million for the first six months ended June 30, primarily from interest income on bank balances. The combination of the above-mentioned results resulted in overall loss for the period in IFRS measures to decrease by CNY 244.4 million. Again, attributable to the, to all of the, to the reasons that I mentioned previously. The overall loss in non-IFRS measures narrowed by CNY 196.8 million. The adjustments were primarily due to two items. Number one is the Roneparstat impairment costs. This is one time and not cash, and also share-based compensation expenses, which we typically reverse in the non-IFRS measure.
In cash balance, we ended June with RMB 2.45 billion in cash and cash equivalents. We maintain our full year guidance of cash burn to be less than RMB 1 billion for this year. In financing activities, for the first half of the year, we redeemed an equity interest held by Jiashan Sanhe Equity Investment Company in Everest Medicines China Co. The investment was made in the second quarter of 2020, in the amount of RMB 353.598 million, and was repaid in the second quarter of 2023, and includes an 8% annual interest cost.
This amount had been carried on our balance sheet as a liability, so this liability has been reversed. The total repayment of principal and interest was CNY 442 million and change. We have secured two new loan packages with lower interest rates of between 4%-4.5%. They can cover the full amount of the repayment, therefore, this event will be cash neutral to the company. So this is our second half catalyst slide. You know, we're obviously already into the second half, but we still have a busy calendar coming up. For Nefecon, we expect to receive NDA approval in Mainland China and in Singapore, and we intend to file NDA for Nefecon in Hong Kong, Macau, Taiwan, and South Korea.
Building on Xerava's successful commercial launch in Mainland China, we anticipate NDA approval of Xerava in Taiwan. For cefepime-taniborbactam, we will file an NDA in China for complicated urinary tract infections later this year. For etrasimod, we will share 12-week induction of remission data from a multicenter phase III clinical trial in Asia for the treatment of moderate to severe active ulcerative colitis. Additionally, our partner, Pfizer, expect to receive FDA's nod of approval for etrasimod for the treatment of ulcerative colitis. In the mRNA space, our bivalent COVID-19 vaccine, M1.2, the rolling data submission is ongoing, and we expect to receive NDA approval in China in the second half as well.
So with that, I would like to turn it back to the operator to start the Q&A portion of this call. Thank you.
Thanks. We're now on the Q&A session. Please use the raise hand button at the bottom of the screen to queue up for voice questions or text your questions as messages. For participants who dialed in, please press star one to queue up for questions.
Could you repeat that again? I think the beginning was a bit unclear. And also, if we could ask the person who asked the question to please first state their name and their organization. Thank you. Hey, operator, can you repeat the question, the way to ask questions, please?
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Yeah, hi. Actually, I have a text question that we've received from Haijiao Lin of Goldman Sachs. The question is: Can you share updates on the commercialization preparation for Nefecon? How is the anti-corruption probe impacting the market initiatives? And then, any impact on the EAP program in Hainan as well.
Okay. Thank you for the question. Yeah, I can answer the question, and, yeah, if you can add on. For the preparation of Nefecon launch, we have already hire our medical team, marketing team, and some of the specialists are currently working on the medical education for the product. Because, as you know, Nefecon is the first approved treatment for IgA. So, where it needs a lot of education for doctors, you know. Of course, as you know, the data of this phase III trial already published in The Lancet, and also, already, we already have some, you know, very strong data, in the medical conference. So I think the awareness of this product and the new treatment is pretty high.
We are planning to hire 60-80 sales rep on ground before, you know, before end of the year, and I'm planning to expand the salesforce team for next year, the next year. So, this is about the preparation of the, Nefecon launch. Secondly, about the EAP program. There are, you know, since we launched the EAP program in the late April, there are more than 500 patients applied for the program. As we know that, the capacity of the program is very limited in the Hainan Province, Island, in the hospital. Actually, they can only deal with around fewer than 10 patients a week, and the patient has to go to the island every three months. It's not quite convenient.
So, as we expected, the product will be approved in China later this year, and once the product approved, patients are not eligible for the products currently in Hainan Island. So, that's about the numbers. I think we're still receiving a lot of applicants from the field, but as the treatment capacity is very limited. Those patients will naturally transfer to be treated with the commercial variable product after product launch, which will be probably beginning of next year. So that's about the... We are still, you know, the charity foundation is still working on their warehousing the patients and to prepare those patients to receive the treatments after product approved in China.
That's about the EAP program. Regarding the anti-corruption campaign from the government, I think, generally speaking, this, for the products, for the innovative product with a highly unmet medical needs and clinical value, I don't think that will impact the sales or any kind of interruption with the commercial launch of the new product. I can provide you some data after the eravacycline launch in late July. We only have three weeks kind of data. You can see, in only three weeks, eravacycline already get access to over 70 big hospitals. You know, this is not a... I think this is very successful launch compared with historical new products in the industry.
And as you know, that eravacycline is mostly treated with multi-resistance pathogens in the ICU setting. For those patients who are, you know, has very limited options in for their disease, and patients are desperately need new treatments, especially in the Ian's presentation. There's very few, very few, antibiotics available for treat those MDR caused infections. You can see that in only three weeks, we have, you know, sales in over 70 very big 3A hospitals. So in that sense, I don't think the anti-corruption campaign will have a big impact on the commercial launch of our new product. I think on the other hand, I think we are, you know, follow the very high compliance conduct, business conduct in Everest.
You know, 95% of our sales team, they are from multinational companies. The company has a very rigid internal control system to make sure we follow the, you know, high compliance, kind of, policy. So, Nashville, we are still—we are not changing our guidance of the eravacycline sales by end of this year. So it's, you know, it's, it's actually, you know, that's a good thing for, for the whole industry.
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I think the management team gave a very thorough presentation, and they answered a lot of the questions that people had already had online. I guess, you know, we'll wait another minute or so, and if not, you know, if there's no more questions, we will invite Mr. Luo to give us some closing remarks, and then we can end the call there.
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Okay. Well, if we have no more questions, you know, I would like to invite Mr. Luo, our CEO, to give us some final closing remarks. You know, if you guys have individual questions, later on, please do reach out to the IR team. Thank you. Mr. Luo?
Great. Thank you all for attending our call. Everest Medicines is transforming from a clinical stage company to a commercial stage company. We are launching Xerava this year and expecting approvals for Nefecon, etrasimod, and cefepime-taniborbactam within 18-24 months. A lot of new products is coming. I think that this transforming period, you know, up to now, I think the transforming is going well. We are looking for a much more, I think, big potential for the company to achieve. And thank you for all your great support. Thank you.
Thanks, everyone, for your attendance. This concludes today's conference call.