Transcript Medivir
Medivir AB Rights Issue in January 2007 Next phase in Medivir transformation A focused pharmaceutical company Nordic marketing rights for all projects and possible product from J&J 2005 Focus on protease projects; larger range of disease targets than polymerases 2006 First phase III project. Three projects in preclinical development. 2007 Phase III project completed. Three projects in Phase II Three projects in Phase I 2008 First market approval (late 2008) 2009 Stable revenue flow Successful outlicensing of 5 polymerase projects. Strong partnerships with deal value in excess of 400 MUSD plus royalties 2 Key Projects LABIAL HERPES Lipsovir®, Phase III studies completed late 2007. Market approval by end of 2008. HEPATITIS C Collaboration with Tibotec / Johnson & Johnson. Start of clinical phase I trials, Q1 2007. OSTEOPOROSIS Start of clinical phase I studies early 2007. Further indications such as OA, RA and bone metastases explored. HIV/AIDS Collaboration with Bristol-Myers Squibb. MIV-170 expected to reach phase I late 2007. 3 2006 – Delivery according to Strategy 2005 2006 December June July September December Decision to; •Focus on proteases •License out polymerases •Take Lipsovir through phase III on our own •Outlicensing of HIV PI •Outlicensing of MIV-210 •Prolonged agreement on HCV PI •Lipsovir enters Phase III • Outlicensing of MIV-606 • Outlicensing of MIV-170 (NNRTI) to Bristol-Myers Squibb • Consolidation of research, net savings of 50 MSEK annually • Outlicensing of MIV310 & MIV-410 • Tibotec files a CTA for HCV PI 4 Medivir 2007 Rights Issue to fuel next step in transformation • Continued financing of clinical development and registration of Lipsovir® • Resources for phase Ia/Ib-studies of MIV 701 • Strengthened financial position for better deal terms • More advanced projects for outlicensing • Search for inlicensing niche products 5 The Medivir Pipeline – January 2007 Partners/Date of agreement Project Indication(s) Lipsovir ® (ME-609) Labial Herpes HCV-PI Hepatitis C CAT-K (MIV-701) Osteoporosis, Osteoarthritis CAT-S MS, RA, Pain HIV-PI HIV Tibotec /2006 MMP KOL Hengrui /2003 Renin High bloodpressure Explorative phase Lead identification Optimization IND Phase I Phase II Phase III NDA Tibotec /2004 Polymerase inhibitor/hydrocortisone Protease inhibitor 6 Labial Herpes (Lipsovir®, ME-609) • First drug to treat and prevent cold sores • Low-risk — based on safe, well-documented and already marketed compounds • Goal: Marketing permission from regulatory authorities by 2008 7 Ow! IMMUNE RESPONSE Ow! Current drugs IMMUNE RESPONSE Ow! Lipsovir IMMUNE RESPONSE Labial Herpes (Lipsovir®, ME-609), cont’d Process • Avoid your next cold sore Phase III ahead of schedule, more than 50% of patients treated December 2006 Market • 60 million with labial herpes worldwide • No other treatment prevents sores • Strong market growth possible with Lipsovir Patent/generic competition • Patents protect Lipsovir from generic competition until 2016 • Formulation technology (cream) patented to 2019 (2020 in the USA) • Uncommonly difficult and time-consuming for competitors to register a copy of a topical drug as all clinical trails must be repeated Partner strategy • Finalize phase III on our own - partnerships for market launches • Unique selling point: prevention of sores 11 Lipsovir® - Less Than 2 Years to Market Launch • Phase III clinical trials began July 2006 • More than 50% of patients treated December 2006 • Clinical trials completed Autumn 2007 • Partnership for marketing 2007/2008 • NDA Spring 2008 • Marketing approval anticipated End of 2008 Potential for line extension for genital herpes 12 Hepatitis C - HCV PI • Treatment of Hepatitis-C virus infection • Extensive patent portfolio and several series of highly potent and efficacious inhibitors • CTA submitted December 2006, phase I expected to start Q1 2007 13 HCV PI Process • Candidate drug selected 2005 • CTA submitted December 2006 and phase I trials to start Q1 2007 Market • 170-200 million infected globally, over 50% non-responders to current treatments, growing medical need • Estimated market value in 2010, 7.8 billion USD (2005, 4.5 billion USD) • Combination treatment to prevent resistance Patent/generic competition • Extensive and non-limiting IP published July 2005 Partner strategy • Partnership with Tibotec/J&J 14 HIV PI • Protease inhibitors for the treatment of HIV 1 • R&D collaboration with Tibotec/J&J • Extensive non-limiting patent portfolio • Potent inhibitors with highly attractive resistance profile • Next milestone, selection of candidate drug 15 MIV-701 (Bone Disorders) • Osteoporosis, osteoarthritis and bone metastases • Based on selective inhibition of cathepsin K • Excellent cell-based efficacy in a human bone resorption model • Highly efficacious in a preclinical bone resorption model • Anticipated once-daily oral dosing with no restrictions • Improved bone quality (c/f bisphosphonates) • Bone growth capability • Strong Back-up program in place with pre-CD’s selected 16 MIV-701 (Bone Disorders) Process • Start of clinical phase Ia trials, Q1 2007, • Phase Ib trials late 2007 Market • Approx 100 million patients in major growing markets • Global osteoporosis market 11 billion USD by 2008 • Novartis, GSK and Merck are marketing “block busters” bisphosphonates and their clinical focus now includes cat K inhibitors Patent/generic competition • Patent applications being processed in the EU, North America, and other major markets. Expected patent protection until 2025 Partner strategy • Establish industrial partnership after completion of phase Ib (2008) 17 “The Protease Discovery Engine” – A reliable repeat innovator • HCV-PI – HIV-PI, cathepsin K –The major programs • MMP- COPD –Collaboration with Hengrui –Extensive IP, excellent results in pre-clinical disease model –Next step: selection of Candidate Drug • Renin - Hypertension –IP compiled for three distinct and potent inhibitor series –Next step: studies in a pre-clinical efficacy model • Cathepsin S – RA, MS and pain –Potent and selective inhibitors –Efficacious in preclinical disease models –Fine-tuning of PK properties • Several early protease programs, e.g. Alzheimer's (BACE inhibitors) and novel cholesterol lowering MOA • Large inhibitor libraries and proprietary technologies facilitate CD generation against any new protease target 18 Medivir HIV Franchise AB, polymerase inhibitors Indication(s) Partners/Date of agreement Valomacidovir (MIV-606) Shingles, Herpes viruses, HIV Epiphany Biosciences /2006 Alovudine (MIV-310) HIV Presidio Pharma 2006 MIV-210 HIV, Hepatitis B Tibotec /2006 MIV-150 HIV Population Council /2003 MIV-160 HIV MIV-410 HIV, CMV Presidio Pharma 2006 MIV-170 HIV Bristol-Myers Squibb /2006 Project Explorative phase Lead identification Optimization IND Phase I Phase II Phase III NDA 19 HIV 1 (MIV-170) • An NNRTI for treatment of HIV-1 infection • Highly potent and active on the key clinical resistant strains • Higher generic barrier than present NNRTI’s provides less risk for resistance • Anticipated once-daily dosing 20 HIV 1 (MIV-170) Process • Preclinical documentation and safety evaluation of the CD selected in February 2006 • Start of clinical phase I trials next development stage Market • 40 million worldwide are living with HIV/AIDS • Increasing resistance to present NNRTI’s • CNS side effects common with Sustiva, the leading NNRTI Patent/generic competition • Patent applications being processed in the EU, North America, and other major markets. Expected patent protection until 2025 Partner strategy • Collaboration with Bristol-Myers Squibb Company — today’s leader in the NNRTI field (Sustiva) 21 Collaborations and Partnerships Partner Project Up-front Milestones, total Tibotec HCV protease 6.5 MEUR 62 MEUR, of which 5 MEUR paid when CD was selected Royalties Comments Yes 2.5 MEUR when IND submitted FTE funding Tibotec HIV PI 2 MEUR 62 MEUR Yes FTE funding Tibotec MIV-210 0.5 MUSD 29.5 MUSD Yes Bristol-Myers Squibb MIV-701 7.5 MUSD 97 MUSD Yes Epiphany Biosciences MIV-606 Shares in Epiphany 24.5 MUSD Yes Presidio MIV 310 75.2 MUSD Yes Pharmaceuticals MIV 410 Shares in Presidio Medivir keeps marketing rights in the Nordic countries and UK, option to EU Hengrui COPD ___ ___ Yes Market rights outside China Roche HCV pol ___ ___ Yes Medivir keeps marketing rights in the Nordic countries 22 The Medivir Share Ten largest shareholders, before rights issue Descending order of vote % of votes % of capital Öberg, Bo 16.7 4.5 Johansson, Nils Gunnar 16.0 3.6 Rasjö, Staffan 8.4 12.2 DNB Nor Bank ASA 5.8 8.5 Sahlberg, Christer 5.1 1.0 Livförsäkringsaktiebolaget Skandia 2.5 3.7 Awake Swedish Equity Fund 2.4 3.6 SIS Segaintersettle AG 2.4 3.4 Nordea Bank Finland ABP 2.2 3.2 Handelsbankens Småbolagsfond 1.9 2.8 Market cap. approx. 600 MSEK Number of shares, Class A: 660 000 Class B: 12 242 611 23 The Share Issue At a Glance » Preferential rights for existing shareholders • Shares issued at 29 SEK per share • Every five class A and/or class B shares entitle holder to subscription for three new class B shares • Share issue brings a maximum of 225 MSEK • Share number grows from 12 902 611 to max 20 644 178 – Of which 660 000 A-shares and max 19 984 178 B-shares 24 Preliminary Share Issue Time Plan • Distribution prospectus, 11 Jan 2007 registration bill • Trading in subscription rights 15 Jan – 30 Jan 2007 • Subscription period 15 Jan – 2 Feb 2007 Carnegie financial advisor to Medivir 25 The Journey Ahead • • • • • • • • Lipsovir® phase III data during H2 2007 Market registration of Lipsovir® towards end 2008 Hepatitis-C project in phase I Q1 2007 Possibility receive “approved drug” from Johnson & Johnson MIV-701 in phase I in Q1 2007 MIV-170 progressing towards Phase I during 2007 Medivir HIV Franchise outlicense last polymerase project Capacity to acquire niche products 2008 2009 First market Stable revenue approval (late 2008) flow 26 Next step in company transformation A profitable pharmaceutical company with its own research and sales Lipsovir® - Convincing Phase II Data • In the phase II trial1 (n=380) the number of cold sores in the Lipsovir-group were 29% lower than the placebo group • Healing time reduced by 43% • Independent phase II cold sore trial confirms effect of combination treatment • Results with antivirals in this type of clinical trial are predictive of efficacy in phase III 28 Medivir January 2007 An exceptionally strong pipeline and an exceptionally efficient generation of CDs • CD generation (proteas targets) 1-2/y (many times more cost efficient than Big Pharma) • CDs 3 • INDs submitted 2 • Phase I projects 1 • Phase II projects 3 • Phase III projects 1 Nine new NCEs! Nine collaboration agreements! 29 Improved potential of polymerase inhibitors during 2006 MIV-606 • Added indications – HIV (HHV-6?) – MS? (HHV-6?) – Mononucleosis (EBV) MIV-310 • Combination with AZT gives antagonistic toxicity and synergistic effect against HIV • New patent application MIV-410 • New mechanism of action against HIV MIV-210 • Active against HBV mutants resistant to all present drugs MIV-160 • Added indication – Condom coating for increased protection against HIV MIV-170 • High genetic barrier, active against common types of resistant HIV and good pharmacokinetics 30