ThromboGenics NV has issued a business update and its financial results for the full year ending December 31, 2012.
The past 12 months have been a defining period for ThromboGenics, resulting in the approval and launch of its lead drug JETREA® (ocriplasmin) in the US.
US patients and physicians now have access to the first pharmacological treatment for the sight-threatening condition symptomatic vitreomacular adhesion (VMA).
The launch of JETREA® has completed ThromboGenics’ transformation into an integrated company with operations in R&D through to full-scale commercialization.
ThromboGenics expects 2013 to be another crucial year as JETREA® gains more traction in the US and Europe, if approved.
2012 Highlights (including post-period events):
Commercializing JETREA® in the US
• JETREA® was launched in the US on 14 January 2013 after the US Food and Drug Administration (FDA) approved it as the first pharmacological treatment of symptomatic vitreomacular adhesion (VMA)
o Highly focused commercial team, including specialist salesforce, is now working to drive the US sales of JETREA®
o Structure in place to help US physicians process reimbursement claims for JETREA®
Major strategic partnership alliance with Alcon in Europe and ROW
• ThromboGenics entered into a €375 million strategic commercialization agreement with Alcon (Novartis) for the commercialization of ocriplasmin outside the US
o ThromboGenics received €75 million in an upfront payment
o It is eligible for a further €90 million in potential near-term milestone payments, potential further milestones of €210 million, plus additional significant royalties on Alcon’s sales of JETREA® outside the US
o ThromboGenics and Alcon are to share the costs equally of the further development of JETREA®, including new formulations and new indications
• In January 2013, the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency granted a positive opinion for JETREA® for the treatment of vitreomacular traction (VMT), including when associated with macular hole of diameter less than or equal to 400 microns, paving the way for the product’s potential EU approval
• ThromboGenics raises €77.9 million through a private placement via the issue of 3,244,675 new shares in April 2012
• Positive Belgian tax authority ruling in June 2012 has enabled ThromboGenics to benefit from a “patent income deduction regime” and, therefore, from a reduced tax rate for all patent-related JETREA® income
• €148.2 million in cash and cash investments as of 31 December 2012, compared with €80.4 million at the end of December 2011
• €75.1 million in total revenue in 2012, compared with €2.5 million in 2011
• Net profit of €30.4 million in 2012, equivalent to diluted earnings per share of €0.84. In 2011, the Company reported a net loss of €21.6 million, equivalent to a diluted loss per share of €0.67
Dr Patrik De Haes, CEO of ThromboGenics, said: “The past 12 months have been the most important period in ThromboGenics’ history. The recent launch of JETREA® has completed our transformation into a profitable fully integrated company focused on developing and commercializing innovative ophthalmic medicines. We are delighted that US patients and physicians now have access to JETREA® which is the first pharmacological treatment for symptomatic VMA, an important sight-threatening condition. Initial reactions from retinal physicians and patients to this novel treatment option have been positive and our commercial organization is now focused on building sales of JETREA®.
“Our partnership agreement with Alcon is progressing well and we anticipate gaining EU approval for JETREA® shortly. We are working with Alcon to finalize our reimbursement strategies in the five largest markets in Europe so we are well positioned for the JETREA® launch, which is expected in the first half of 2013. Over the next 12 months we expect to generate further shareholder value as the US sales of JETREA® continue to build and we receive further milestones and the first royalties from Alcon as this novel pharmacological treatment option for symptomatic VMA is commercialized in Europe.”