ThromboGenics NV - Business Update
Published: May 11, 2012
LEUVEN, Belgium, May 10, 2012 /PRNewswire/ --
Disclosure in accordance with the law of May 2, 2007
ThromboGenics NV (Euronext Brussels: THR), a biopharmaceutical company focused on developing innovative ophthalmic medicines, today issued a business update and its first-quarter financial results for the period ending 31 March 2012.
Highlights (including post-quarter events)
- ThromboGenics signed an important strategic deal with Alcon, the global leader in eye care, to commercialize ocriplasmin outside the U.S. ThromboGenics will receive up to 375 million in upfront and milestone payments plus royalties commensurate with a product that has successfully completed Phase III development and that has been filed for regulatory approval
- The Company resubmitted a BLA for ocriplasmin, for the treatment of symptomatic Vitreomacular Adhesion (VMA) including macular hole, with the FDA in order to meet the agency's Priority Review timelines. The ocriplasmin Marketing Authorization Application (MAA) was filed with the EMA in Europe in October 2011
- ThromboGenics raised 77.8 million through a private placement with a range of domestic and international investors at a price of 24 per share
- The Company had 127 million in cash and cash investments as of 31 March 2012 compared with 101.1 million at the end of March 2011. The Q1 2012 figure excludes the proceeds from the private placement which were received in early April
- Reported revenues of 75 million in the first three months of 2012 versus no revenue in the first three months of 2011
Patrik De Haes, CEO of ThromboGenics, said:
"ThromboGenics has made a positive start to 2012. Our strategic agreement with Alcon, the world leader in eyecare, provides us with the ideal partner to commercialize ocriplasmin outside the U.S. We will also benefit from Alcon's significant clinical development expertise as we jointly fund the evaluation of ocriplasmin for additional ophthalmic indications.
"In March we completed an oversubscribed 77.8 million private placement thanks to the support of both new and existing investors. With these funds, as well as the up-front and potential near-term milestones from Alcon, we will be able to execute the U.S. launch and commercialization of ocriplasmin ourselves, and be in a position to look for in-licensing opportunities to further develop our core ophthalmic franchise. Given these recent successes I believe we are well on track to become a profitable biopharmaceutical company focused on innovative ophthalmic medicines.
For full report, please go to http://www.thrombogenics.com
ThromboGenics is a biopharmaceutical company focused on developing and commercializing innovative ophthalmic medicines. The Company's lead product, ocriplasmin, has successfully completed two Phase III clinical trials for the pharmacological treatment of symptomatic Vitreomacular Adhesion (VMA). The MAA for ocriplasmin has been accepted for review in Europe and a BLA was re-submitted in the U.S. in April 2012. Ocriplasmin is in Phase II clinical development for additional vitreoretinal conditions.
In March 2012, ThromboGenics signed a strategic partnership with Alcon (Novartis) for the commercialization of ocriplasmin outside the United States. Under this agreement, ThromboGenics could receive up to a total of 375 million in up-front and milestone payments, plus an attractive level of royalties on Alcon's net sales of ocriplasmin. ThromboGenics and Alcon intend to share the costs equally of developing ocriplasmin for a number of new vitreoretinal indications.
ThromboGenics is also developing two novel antibody therapeutics in collaboration with BioInvent International. These are TB-402 (anti-Factor VIII), a long-acting anticoagulant in Phase II, and TB-403 (anti-PlGF), in Phase Ib/II for cancer, which has been partnered with Roche.
ThromboGenics is headquartered in Leuven, Belgium. The Company is listed on the NYSE Euronext Brussels exchange under the symbol THR. More information is available at http://www.thrombogenics.com.
Important information about forward-looking statements
Certain statements in this press release may be considered "forward-looking". Such forward-looking statements are based on current expectations, and, accordingly, entail and are influenced by various risks and uncertainties. The Company therefore cannot provide any assurance that such forward-looking statements will materialize and does not assume an obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason. Additional information concerning risks and uncertainties affecting the business and other factors that could cause actual results to differ materially from any forward-looking statement is contained in the Company's Annual Report.
For further information please contact:
Dr Patrik De Haes, CEO
Chris Buyse, CFO
Citigate Dewe Rogerson
David Dible/ Nina Enegren/ Sita Shah
SOURCE ThromboGenics NV