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ThromboGenics Business Update H1 2014

REGULATED INFORMATION

Financial

  • Revenues of €7.1 million in the first half of 2014, compared with €102.7 million in the same period in 2013 (including €90 million in milestone payments)
  • Gross profit of €6.6 million
  • Financial income of €0.6 million
  • Net loss of €23.9 million in the first six months of 2014, against €54.6 million net profit in the first six months of 2013
  • Cash and investments of €148.8 million as of the end of June 2014, compared with €156.9 million at the end of March 2014

Strategy

  • In June 2014, ThromboGenics announced its intention to maintain an independent business strategy to deliver value for all of the Company's stakeholders. This Board decision followed a Strategic Review which evaluated a broad range of strategic options.
  • The implementation of the standalone strategy has led to organizational changes focusing on the optimal level of resources needed for commercializing JETREA ® (ocriplasmin) in the US and the further clinical development of this novel drug in the US.  At the same time medical affairs, market access and pre-clinical research activities in Europe have been significantly reduced. As a result of these changes ThromboGenics has around 150 employees, versus 192 on December 31, 2013.
  • These changes are designed to allow ThromboGenics to achieve profitability in the US by 2016, based on JETREA ® sales of around €30 million.
  • The Company targets to become cash flow positive by 2017, and to achieve total revenues of €100 million by 2019.

JETREA ® in the US 

  • US sales of JETREA ® (ocriplasmin) in the first-half of 2014 reached €5.0 million.
  • ThromboGenics marketing and sales efforts will be focused on Key Accounts as it seeks to expand the use of JETREA ®. These accounts represent Retina Specialists who are satisfied with the clinical results of JETREA ® and are using the product based on appropriate patient selection criteria. We believe this focus on appropriate patient selection is critical to delivering the drug's important value in the treatment of symptomatic VMA.
  • ThromboGenics continues to gather real-world data on JETREA ® to support its use: ORBIT study progressing well with 97 centers now activated; OZONE study started recently to assess the anatomic and symptomatic changes that potentially occur in the six months immediately after treatment with JETREA ®.

  JETREA ® outside the US

  • ThromboGenics' partner Alcon, now in conjunction with Novartis, continues to commercialize  JETREA ® across Europe against the background of a positive reimbursement environment
  • First approvals for JETREA ® granted in Asia and South America

Research & Development

  • Following its decision to further develop JETREA ® in diabetic retinopathy in the US, ThromboGenics has initiated a tendering process for a CRO to assist in conducting a Phase II trial with JETREA ® in diabetic retinopathy in the US.  This study is designed to assess the utility of the product in this significantly underserved patient population.
  • ThromboGenics has decided to spin out its cancer R&D activities. According to plan, a new company will be formed in partnership with VIB (Flanders Institute for Biotechnology) which will seek external funding. The Company will have an equity stake in this new venture that will focus on pediatric oncology. Further details will be provided in the month of September.

Corporate

  • Paul G. Howes appointed as Executive Chairman of ThromboGenics, Inc., and as member of ThromboGenics NV's Board of Directors
  • Ed Kessig appointed US Head of Commercial, and member of the ThromboGenics Executive Team.
  • A new commercial business structure has been implemented in the United States with a focused field team while simultaneously creating a new team of Strategic Account Managers
  • Several Market Access and Medical Affairs positions in Europe associated with supporting our non-US / RoW Alcon partnership are being phased out as the tasks are taken over by Alcon
  • ThromboGenics' Irish branch will be closed by end of October 2014
  • R&D organization reorganized in line with the outcome of a project portfolio review
  • Chris Buyse, ThromboGenics' former Chief Financial Officer and Board Member, resigned from the Company and the Board at the end of June to pursue other interests. Luc Philips, former CFO of KBC group and Board Member of ThromboGenics, appointed interim CFO, effective 1 July. Company conducting international search for a permanent CFO

LEUVEN, Belgium, Aug. 28, 2014 (GLOBE NEWSWIRE) -- ThromboGenics NV (Euronext Brussels: THR), an integrated biopharmaceutical company focused on developing and commercializing innovative ophthalmic medicines, today issues a business and financial update for the six months ending 30 June, 2014.

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