“During the first half of 2010 we have delivered a number of key milestones that have greatly increased our confidence that we can achieve our goal of becoming a profitable fully integrated ophthalmology company. This view has been driven by the results from our successful Phase III results of the first pivotal study with our lead product microplasmin. These results showed that microplasmin has the ability to resolve VMA in close to 30% of patients and to cure a significant proportion of patients with macular hole without the need for surgery. Together these two very important clinical findings highlight microplasmin’s potential to have a major impact on the treatment of retinal disorders. We are looking forward to announcing the results from our second Phase III study with microplasmin at the ASRS meeting in Vancouver next week as well as the pooled results from our Phase III program the week after at EURETINA, Paris
Dr. De Haes continued, “The successful implementation of our strategy also requires us to deliver on our other pipeline products. In the first half, Roche took the decision to progress our partnered anti-cancer antibody TB-403 into a further clinical study triggering a €6m milestone payment for ThromboGenics. We also reported positive Phase II results for our long acting anti-coagulant TB-402, showing superior efficacy compared to the most widely used anti-coagulant, enoxaparin. These positive results combined with the clinical advantages of TB-402 will be important in supporting our partnering discussions for this novel one-shot anti-coagulant.”
Financial Update
- ThromboGenics achieved revenues of €6.1 million during the first six months of 2010 versus €3.6 million in the same period of 2009. Nearly all of this revenue came from a milestone payment from Roche, as TB-403 entered a new clinical study. R&D expenses were €9.1 million during the first half, versus €8.8 million in the same period in 2009, as the Company invested in the development of its attractive product pipeline. In addition, €5.4 million of the costs related to the microplasmin Phase III clinical program MIVI-TRUST have been capitalized. This compares to €5.7 million in the corresponding period in 2009. ThromboGenics reported a net loss of €2.7 million for the first half of 2010 compared to €4.7 million in the same period in 2009.
- As of 30 June, 2010, ThromboGenics had €61.2 million in cash and cash investments. This compares to €76.7 million at 31 December 2009 and €52.6 million on 30 June 2009. The end June 2010 cash figure does not include the €6 million milestone payment from Roche, which was received in July. This level of cash resources is expected to allow ThromboGenics to execute its operational plans for approximately the next two years.
- In March, ThromboGenics raised €0.6 million as the result of the exercise of warrants by a number of the Company’s employees and advisors.
Please see attached document for full report For further information please contact: ThromboGenics Dr. Patrik De Haes, CEO
Chris Buyse, CFO
Tel: + 32 16 75 13 10 patrik.dehaes@thrombogenics.com Tel: + 32 16 75 13 10 chris.buyse@thrombogenics.com
Citigate Dewe Rogerson Amber Bielecka/ David Dible/ Nina Enegren
Tel: +44 (0) 207 638 95 71 amber.bielecka@citigatedr.co.uk
About ThromboGenics
ThromboGenics is a biopharmaceutical company focused on the discovery and development of innovative medicines for the treatment of eye disease, vascular disease and cancer. The Company’s lead product microplasmin has completed its first Phase III clinical trial for the non-surgical treatment of back of the eye diseases. Microplasmin is also being evaluated in Phase II clinical development for additional vitreoretinal conditions. In addition, ThromboGenics is developing novel antibody therapeutics in collaboration with BioInvent International; these include TB-402 (anti-Factor VIII), a long acting anti-coagulant in Phase II, and TB-403 (anti-PlGF) in Phase Ib/II for cancer in partnership with Roche.
ThromboGenics is headquartered in Leuven, Belgium. The Company is listed on Eurolist by Euronext Brussels under the symbol THR. More information is available at 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.
