Leuven, Belgium – 5 November, 2010 – ThromboGenics NV (Euronext Brussels: THR), a biopharmaceutical company focused on the discovery and development of innovative treatments for eye disease, cardiovascular disease and cancer, is today issuing a business update for the period ending 30 September, 2010.
Patrik De Haes, CEO of ThromboGenics, commenting on today’s announcement said: “During 2010 we have made significant steps toward our goal of becoming a profitable fully integrated ophthalmology company focused on transforming the treatment of retinal disorders. In August, we announced positive results from our second pivotal Phase III trial with microplasmin, confirming the findings of the first study, which were announced in April. These studies showed that a single intravitreal injection of microplasmin has the ability to resolve vitreomacular adhesion (VMA) in close to 30% of patients and to cure a significant proportion of patients (40%) with full thickness macular hole without the need for surgery. We believe that these very important clinical findings demonstrate microplasmin’s potential to have a major impact on the treatment of retinal disorders.”
Dr. De Haes continued, “Our confidence in the potential of microplasmin has been reinforced by a recent market research study with vitreoretinal specialists, which showed that a high proportion of clinicians would be willing to use this innovative new treatment based on the Phase III clinical data we have generated. We are also making good progress in recruiting the experienced commercial team needed to ensure that we are in a position to launch microplasmin successfully in the U.S. and Europe. The next twelve months will be another exciting period for ThromboGenics as we look to deliver a number of important milestones that will create further significant shareholder value.”
Financial Update - As of 30 September, 2010, ThromboGenics had €59.1 million in cash and cash investments. This compares to €76.7 million at 31 December 2009 and €61.2 million on 30 June 2010. The end of June 2010 cash figure does not include a €6 million milestone payment from Roche relating to TB-403 that was received in July. The current level of cash resources is expected to allow ThromboGenics to execute its operational plans for approximately the next two years.
- ThromboGenics achieved revenues of €6.1 million during the first nine months of 2010 versus €3.7 million in the same period of 2009. Nearly all of this revenue came from the Roche milestone payment. R&D expenses were €12.8 million during the first nine months, versus €12.6 million in the same period in 2009, as the Company invested in the development of its attractive product pipeline. In addition, €7.0 million of costs related to the microplasmin Phase III clinical program MIVI-TRUST have been capitalized. This compares to €10.4 million in the corresponding period in 2009.
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 David Dible/ Nina Enegren/Mark Swallow
Tel: +44 (0) 207 638 95 71 nina.enegren@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 two successful Phase III clinical trials for the non-surgical treatment of retinal disorders. 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.
