ThromboGenics NV has issued a business update and its first-quarter financial results for the period ending 31 March 2012.
Highlights (including post-quarter events)
• ThromboGenics has 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.