Oxurion NV Business Update - H1 2020
Oxurion NV Business Update - H1
2020
Progressing Clinical Development of Next
Generation Diabetic Macular Edema (DME) Therapies – Beyond
anti-VEGF
Positive data from Phase 1 study
evaluating THR-687, a pan-RGD integrin antagonist, for the
treatment of DME
First Patient dosed in Phase 2
(‘KALAHARI’) study evaluating THR-149, a potent plasma kallikrein
inhibitor, for the treatment of DME
Total Cash & Investments at €37.9
million as of June 30, 2020
Highlights
- Focused on developing a diabetic macular edema (DME) franchise
based on novel therapeutics with the potential to improve vision
for all DME patients
- DME franchise based on two innovative drug candidates, THR-149
and THR-687 with different and complementary, non-VEGF modes of
action
- First patient dosed in Phase 2 (‘KALAHARI’) study evaluating
multiple injections of THR-149, a potent plasma kallikrein
inhibitor, for the treatment of DME in September
- Positive data from Phase 1 study evaluating THR-687, a pan-RGD
integrin antagonist, for the treatment of DME was announced in
January
- Preparations for Phase 2 study with THR-687 in DME are
progressing as planned. Study expected to start by mid-2021
- In August, Oxurion appointed Grace Chang, M.D., Ph.D. as Chief
Medical Officer to lead the company’s clinical programs for THR-149
and THR-687
Financial
·At the end of June 2020,
Oxurion had cash, cash equivalents & investments of €37.9
million. This compares to €52.9 million at the end of December
2019.
-----
Conference call scheduled on September 17 at
6.30 pm CET (details at the end of the release)
-----
Leuven, Belgium, September 17, 2020 –
17.45 PM CET – Oxurion NV (Euronext Brussels: OXUR), a
biopharmaceutical company developing next generation
standard-of-care ophthalmic therapies, with a focus on diabetic
macular edema (DME), today issues its business and financial update
for the sixth-month period ending June 30, 2020.
Oxurion is focused on developing an industry
leading DME franchise based on novel therapies designed to
potentially provide improved visual outcomes for all DME
patients.
The Company is progressing its pipeline of
innovative clinical drug candidates for treating DME. DME is a
significant global healthcare problem and the major cause of vision
loss in diabetic patients worldwide.
Oxurion’s clinical development pipeline consists
of two novel products with different and complimentary, non-VEGF,
modes of action:
- THR-149 is a potent plasma kallikrein
inhibitor with the potential to become the treatment of choice for
DME patients who respond sub-optimally to anti-VEGF therapy.
- THR-687 is a best in class small molecule
pan-RGD integrin antagonist being developed to treat DME with the
possibility to become the standard of care for all treatment-naïve
DME patients.
Patrik
De Haes, M.D., CEO of Oxurion, said:
“We have made significant progress in developing
our DME franchise in the first half of 2020. Following the positive
Phase 1 results for THR-149 in 2019, in January we announced
positive and highly promising Phase 1 results with THR-687 showing
that this novel pan-RGD integrin antagonist has the potential to
deliver improved visual outcomes to a broad population of DME
patients when compared to anti-VEGFs, the current standard of
care.
We have recently started our Phase 2 study of
THR-149 in patients with DME. This two-part study will first select
the optimal dose of THR-149 and will then compare it with
aflibercept in terms of improvements in best corrected visual
acuity. This Phase 2 data is designed to support our plans to
position THR-149 as the treatment of choice for the large number of
DME patients who have a sub-optimal response to anti-VEGF
therapy.
By successfully developing THR-149 and THR-687,
two novel and complimentary drug candidates that could offer
improved therapeutic options beyond anti-VGEFs, we believe we are
positioned to build an industry leading DME franchise. We are
confident that creating this franchise will deliver significant
benefits to nearly all DME patients globally and will, in parallel,
generate attractive returns for our shareholders.”
Diabetic Macular Edema – Oxurion’s key
focus
Diabetic macular edema (DME) is a complication
of diabetes caused by fluid accumulation in the macula (central
part of the retina), due to leaking blood vessels, leading to
swelling of the macular area due to the increased permeability of
the vessels.
DME is a result of another complication of
diabetes, called diabetic retinopathy (DR), in which blood vessels
in the eye are damaged, allowing fluid to escape. DR is the
presence and characteristic evolution of typical retinal
microvascular lesions in an individual with diabetes. DR is a
chronic, progressive, sight-threatening, and life-altering disease,
and is the leading cause of vision loss in working-age adults
(20-65 years).
DME, which is a consequence of DR, can occur at any stage in the
development of DR. More than one in three people living with
diabetes will develop some form of DR in their lifetime, and a
third of those will have some vision-threatening form of the
disease such as DME.
DR and DME are a growing public health concern
due to the rapid growth in the number of people with diabetes
globally.
An estimated 37.8 million people have been
diagnosed with diabetes in the United States (US), European top
five countries (EU5) (France, Germany, Italy, Spain, and the United
Kingdom), and Japan. If the undiagnosed population is included, the
estimated number of people with diabetes in these countries
increases to 61.3 million people.
The prevalence of DME was estimated to be 2.8
million people in the US, EU5 and Japan in 2019. The market value
for DME treatments in these markets was estimated to be between
approximately $3.4 to $3.8 billion in 2019.
The market for DME therapies is dominated by
anti-VEGFs, which are the current standard of care. However,
anti-VEGFs have been shown to deliver sub-optimal results in a
significant portion of the patient population. Around 40% of
DME patients have an unsatisfactory early visual response with
anti-VEGF therapy, and in many cases anti-VEGFs fail to achieve a
clinically meaningful visual improvement.
Oxurion is focused on solving these unmet
medical needs in DME.
Oxurion’s Emerging DME
Franchise
In general, treatment of DME is centered around
anti-VEGF therapies. However, despite the significant success of
anti-VEGFs, there will always be a need from both physicians and
patients for improved therapies that have:
- Treatment capabilities for the 40% of DME patients who respond
sub-optimally to anti-VGEFs
- Faster onset of action
- Better therapeutic effect in terms of visual function, best
corrected visual acuity (BCVA), and response rate (proportion of
patients)
- Longer duration of response allowing extended treatment
intervals
- Improved convenience of treatment through a simpler dosing
regimen
Those requirements are driving the development
of THR-149 and THR-687 to meet specific unmet needs in the market
so that both novel compounds could become the new standard of care
for patients with DME.
Oxurion’s emerging DME franchise will be based
on the successful development of both THR-149 and THR-687, two
novel therapeutics with different modes of action designed for
specific complementary target patient groups. Oxurion is
confident that with both THR-149 and THR-687 it will be able to
provide new tailored therapeutic solutions that deliver improved
clinical outcomes to most DME patients.
Oxurion’s DME Pipeline
THR-149 – a plasma kallikrein inhibitor
for treatment of DME
First patient treated in Phase 2 study
evaluating THR-149 for treatment of DME.
THR-149 is a novel plasma kallikrein inhibitor
being developed as a potential new standard of care for the 40% of
DME patients who respond sub-optimally to anti-VEGF therapy.
THR-149 acts through inhibition of the Plasma
Kallikrein-Kinin (PKaI-Kinin) system, a validated target for
DME.
The Phase 1 study for THR-149 showed that
it:
- is well-tolerated and safe. No dose-limiting toxicities nor
drug-related serious adverse events were reported at any of the
dosages evaluated in the study.
- delivered promising results in relation to efficacy,
particularly improvements in the patient’s BCVA. A rapid onset of
action was observed from Day 1, with an increasing average
improvement in BCVA of up to 7.5 letters at Day 14.
Importantly, this activity was maintained with
an average improvement in BCVA of 6.5 letters at Day 90 following a
single injection of THR-149.
Data from this positive Phase 1 study with
THR-149 was presented at several major retina conferences in Europe
and the US in 2019, including the European Society of Retina
Specialists (EURETINA) in Paris and the Retina Society Annual
Meeting in London.
THR-149 is currently in a 2-part Phase 2
development program (‘KALAHARI’ study). The first part (Part A)
will evaluate 3 dose levels of THR-149 in patients with DME to
select the optimal dose which will then be compared against current
anti-VEGF standard of care in the form of aflibercept (Eylea) in
the second part of the study (Part B). Initial data (from Part A)
is expected in mid-2021.
This novel drug candidate was generated using
Bicycle Therapeutics’ Bicycles® technology platform.
THR-687 - a small molecule pan-RGD
integrin antagonist for the treatment of DME
Positive Phase 1 Results with THR-687
for the treatment of DME – Phase 2 program expected to start in
mid-2021
Oxurion is developing THR-687, a best-in-class
pan-RGD integrin antagonist, to preserve vision in a broad range of
patients with DME.
Topline data from the Phase 1 trial showed that
THR-687:
- Is well-tolerated and safe with no dose-limiting toxicities. No
serious adverse events were reported at any of the doses evaluated
in the study.
- The study also looked at efficacy including changes to the
patient’s BCVA. Across all doses, a rapid onset of action as
measured by mean BCVA change was observed from Day 1 with an
increase of 3.1 letters, which further improved to 9.2 letters at
Month 1.
- This activity was maintained with a mean BCVA improvement of
8.3 letters at Month 3 following a single injection of THR-687.
- A clear dose response was seen in terms of BCVA with the
highest dose of THR-687 delivering a mean BCVA Improvement of 11
letters at Day 14, with a peak improvement of 12.5 letters at Month
3.
- In addition, a peak mean central subfield thickness (CST)
decrease of 106 µm was observed at Day 14 with the highest dose of
THR-687.
Data from this positive Phase 1 study with
THR-687 were presented by a leading retina expert at the Bascom
Palmer Eye Institute Angiogenesis, Exudation, and Degeneration 2020
Meeting in February 2020 in Miami (US).
Oxurion is preparing a Phase 2 study with
THR-687 that is expected to start in mid-2021.
Appointments
In August, Oxurion appointed Grace Chang, M.D.,
Ph.D. as its Chief Medical Officer (effective August 1, 2020).
She will be responsible for leading the Company’s clinical
programs for both THR-687 and THR-149 as Oxurion looks to build a
world-leading DME franchise that could provide much improved
therapeutic solutions for all DME patients.
Dr Chang is a board-certified ophthalmologist
and practicing vitreoretinal surgeon with deep expertise in
ophthalmic drug research and development.
Dr Chang is currently an adjunct Clinical
Associate Professor in the Department of Ophthalmology,
Vitreoretinal Service at the University of Southern California in
Los Angeles.
In March, Oxurion also appointed Kathleen
Paisley as Chief Legal Officer and Michaël Dillen as Chief
Corporate Development and Corporate Secretary.
Kathleen is an accomplished lawyer with more
than 25 years’ experience in major law firms practicing in
Brussels, London and The Hague. She joins Oxurion from AMBOS NBGO
where she was a Partner for nearly ten years. Kathleen has
extensive experience with International business transactions,
especially in the biotech and tech sector, regulatory compliance
and EU competition law.
Kathleen has a degree from the Yale Law School
as well as an MBA in Finance from Florida Atlantic University and
has passed the Certified Public Accountancy exam.
Michaël was the Company Secretary and VP
Corporate Development at Mithra Pharmaceuticals SA prior to joining
Oxurion. He has 14 years of legal experience, including corporate
development, corporate counsel, legal, regulatory, and company
secretary activities, for pharmaceutical companies as well as at
leading law firms. Previously, he was Chief Legal Officer at Terumo
Corp.
Michaël received Law degrees from the University
of Antwerp and Queen Mary University of London, and a Business
degree from Solvay Brussels School.
JETREA®
Marketing Authorization Being Transitioned to Inceptua
Group
In March, Oxurion announced the signing of a
JETREA® global commercial license agreement with Inceptua
Group.
The Inceptua Group is a global
pharmaceutical company and service partner spanning the product
lifecycle – from clinical trials, through early access programs to
licensing and commercialization of products. The Group has offices
in Europe, the US and Asia.
On September 15, the Company received the final
approval by the European Commission for the official transfer of
the Marketing Authorization for JETREA® to Inceptua Group. This
means that JETREA® is now being commercialized solely by Inceptua
on a world-wide basis. This will allow Oxurion to fully focus
on further developing its DME franchise.
Oncurious
Pre-clinical and clinical activities are
progressing as planned
Financial Update
During the first six months of 2020, Oxurion
reported a gross profit of €0.9 million, compared to a gross profit
of €0.6 million for the same period in 2019.
Oxurion’s R&D expenses were €10 million
during the first half year of 2020. In the same period of 2019, the
R&D expenses were €12 million.
The incremental investments related to the start
of the Phase 2 clinical study evaluating THR-149 and the work
needed to prepare for the Phase 2 clinical study with THR-687 were
largely offset by a €3.6 million decline in costs due to the
halting of all THR-317 clinical developments, and an overall
reduction of activities related to JETREA®.
Selling and marketing expenses amounted to €1.8
million compared to €3.4 million in the corresponding period of
2019. The decrease is directly related to the discontinuation of
commercial support for JETREA®.
General and administrative expenses were €2.7
million. This compares to €3.3 million in the first half of
2019.
For the first half of 2020, Oxurion reported a net loss of €13.3
million (or -€0.35 per share), compared to a net loss of €33.3
million for the same period in 2019. The 2019 figure included the
write-off of the €16.9 million remaining JETREA® intangible assets
as well as an operating/current loss of €16.4 million.
As of June 30, 2020, Oxurion had €37.9 million
in cash, cash equivalents and investments. This compared to
€52.9 million as of the end of December 2019.
---
Conference call in English is scheduled on
September 17, 2020, at 6:30 p.m. CET / 5.30 p.m BST
Webcast link to conference
call:https://www.investis-live.com/oxurion/5f5a449faf34541200228273/teys
Participant telephone numbers:
Brussels: +32 (0) 2 789 8603Belgium Toll Free:
0800 746 68Standard International Access: +44 (0) 20 3003 2666UK
Toll Free: 0808 109 0700USA Toll Free: 1 866 966
5335
Password: Oxurion
A replay of the call will be available on
Oxurion’s website (www.oxurion.com) following the live event.
END
For further information please contact:
Oxurion NVWouter Piepers, Global Head of Investor Relations&
Corporate CommunicationsTel: +32 16 75 13 10 / +32 478 33 56
32wouter.piepers@oxurion.com |
Citigate Dewe Rogerson David Dible/ Sylvie Berrebi/ Frazer HallTel:
+44 20 7638 9571oxurion@citigatedewerogerson.com |
About Oxurion
Oxurion (Euronext Brussels: OXUR) is a
biopharmaceutical company developing next generation standard of
care ophthalmic therapies, which are designed to better preserve
vision in patients with diabetic macular edema (DME), the leading
cause of vision loss in diabetic patients worldwide.
Oxurion is building a leading global franchise
in the treatment of DME, based on the successful development of its
two novel therapeutics:
- THR-149, a plasma kallikrein inhibitor being developed as a
potential new standard of care for DME patients who respond
sub-optimally to anti-VEGF therapy.THR-149 has shown positive
topline Phase 1 results for the treatment of DME. The Company
is currently conducting a Phase 2 clinical trial evaluating THR-149
with DME-patients who previously responded sub-optimally to
anti-VEGF therapy. THR-149 was developed in conjunction with
Bicycle Therapeutics PLC (NASDAQ: BCYC)
- THR-687, is a pan-RGD integrin inhibitor, that is initially
being developed as a potential new standard of care for all DME
patients Positive topline results in a Phase 1 clinical study
assessing it as a treatment for DME were announced in January 2020.
THR-687 is expected to enter a Phase 2 clinical trial by mid 2021.
THR-687 is an optimized
compound derived from a broader library of integrin inhibitors
in-licensed from Galapagos NV (Euronext & NASDAQ: GLPG).
Oxurion is headquartered in Leuven, Belgium, and is listed on
the Euronext Brussels exchange under the symbol OXUR.
More information is available at
www.oxurion.com.
Important information about
forward-looking statementsCertain 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. This press release does
not constitute an offer or invitation for the sale or purchase of
securities or assets of Oxurion in any jurisdiction. No
securities of Oxurion may be offered or sold within the United
States without registration under the U.S. Securities Act of 1933,
as amended, or in compliance with an exemption therefrom, and in
accordance with any applicable U.S. state securities laws.
Unaudited consolidated statement of
profit and loss
In '000 euro (for the period ended on June
30) |
2020 |
2019 |
|
|
|
Income |
1,259 |
1,807 |
Sales |
1,249 |
1,804 |
Income from royalties |
10 |
3 |
Cost of sales |
-315 |
-1,224 |
Gross profit |
944 |
583 |
Research and development expenses |
-9,005 |
-12,040 |
General and administrative expenses |
-2,745 |
-3,329 |
Selling expenses |
-1,774 |
-3,408 |
Other operating income |
250 |
1,720 |
Impairment losses |
0 |
-16,891 |
Operating result |
-13,230 |
-33,365 |
Finance income |
50 |
236 |
Finance expense |
-139 |
-175 |
Result before income tax |
-13,319 |
-33,304 |
Taxes |
0 |
-7 |
Loss for the period |
-13,319 |
-33,311 |
|
|
|
Attributable to: |
|
|
Equity holders of the company |
-13,139 |
-33,317 |
Non-controlling interest |
-180 |
6 |
|
|
|
Result per share |
|
|
Basic earnings/(loss) per share (euro) |
-0.35 |
-0.87 |
Diluted earnings/(loss) per share (euro) |
-0.35 |
-0.87 |
Unaudited consolidated statements of
other comprehensive income
In '000 euro (for the period ended on June
30) |
2020 |
2019 |
Loss for the period |
-13,319 |
-33,311 |
Exchange differences on translation of foreign operations |
48 |
29 |
Other comprehensive income, net of income tax |
48 |
29 |
Other comprehensive income that will not be reclassified to profit
or loss |
48 |
29 |
Total comprehensive income for the period |
-13,271 |
-33,282 |
Attributable to: |
|
|
Equity holders of the company |
-13,091 |
-33,288 |
Non-controlling interest |
-180 |
6 |
Unaudited consolidated
statement of financial position
In '000 euro (as at) |
30-Jun-20 |
31-Dec-19 |
|
|
|
ASSETS |
|
|
Property, plant and equipment |
299 |
340 |
Right-of-use assets |
1,783 |
2,212 |
Intangible assets |
2,252 |
1,982 |
Other non-current assets |
96 |
96 |
Non-current tax credit |
3,602 |
3,385 |
Non-current assets |
8,032 |
8,015 |
Inventories |
20 |
20 |
Trade and other receivables |
2,354 |
3,592 |
Current tax receivables |
274 |
467 |
Investments |
10,349 |
10,444 |
Cash and cash equivalents |
27,509 |
42,492 |
Current assets |
40,506 |
57,015 |
Total assets |
48,538 |
65,030 |
|
|
|
EQUITY AND LIABILITIES |
|
|
Share capital |
100,644 |
100,644 |
Share premium |
0 |
0 |
Cumulative translation differences |
-567 |
-615 |
Other reserves |
-11,873 |
-12,122 |
Retained earnings |
-47,886 |
-34,747 |
Equity attributable to equity holders of the
company |
40,318 |
53,160 |
Non-controlling interest |
-34 |
146 |
Total equity |
40,284 |
53,306 |
Lease liabilities |
926 |
1,335 |
Non-current liabilities |
926 |
1,335 |
Trade payables |
2,581 |
4,725 |
Lease liabilities |
883 |
898 |
Other short-term liabilities |
3,864 |
4,766 |
Current liabilities |
7,328 |
10,389 |
Total equity and liabilities |
48,538 |
65,030 |
Unaudited consolidated statement of cash
flows
In '000 euro (for the period ended on June
30) |
2020 |
2019 |
|
|
|
Cash flows from operating activities |
|
|
Loss for the period |
-13,319 |
-33,311 |
Finance expense |
139 |
175 |
Finance income |
-50 |
-236 |
Depreciation of property, plant and equipment |
585 |
600 |
Amortization and impairment of intangible assets |
0 |
18,468 |
Equity settled share-based payment transactions |
249 |
257 |
Decrease in trade and other receivables including tax receivables
and inventories |
1,214 |
1,036 |
Decrease in short-term liabilities |
-3,061 |
-4,140 |
Net cash flows used (-)/ generated in operating
activities |
-14,243 |
-17,151 |
|
|
|
Cash flows from investing activities |
|
|
Disposal of property, plant and equipment (following a sale) |
22 |
14 |
Decrease / increase (-) in investments |
95 |
0 |
Interest received and similar income |
0 |
44 |
Purchase of property, plant and equipment |
-92 |
-73 |
Net cash flows used (-) / generated in investing
activities |
-245 |
-15 |
|
|
|
Cash flows from financing activities |
|
|
Principal paid on lease liabilities |
-454 |
-407 |
Interest paid on lease liabilities |
-9 |
-13 |
Paid interests |
-5 |
-4 |
Net cash flows used (-) / generated in financing
activities |
-468 |
-424 |
|
|
|
Net change in cash and cash equivalents |
-14,956 |
-17,590 |
Net cash and cash equivalents at the beginning of the period |
42,492 |
64,652 |
Effect of exchange rate fluctuations |
-27 |
63 |
Net cash and cash equivalents at the end of the
period |
27,509 |
47,125 |
Unaudited consolidated statement of
changes in equity
|
Share capital |
Share premium |
Cumulative translation differences |
Other reserves |
Retained earnings |
Attributable to equity holders of the company |
Non-controlling interest |
Total |
As at January 1, 2019 |
137,564 |
13 |
-273 |
-12,563 |
-19,853 |
104,888 |
422 |
105,310 |
Loss for the period 2019 |
0 |
0 |
0 |
0 |
-33,317 |
-33,317 |
6 |
-33,311 |
Change to foreign currency translation difference and revaluation
reserve |
0 |
0 |
29 |
0 |
0 |
29 |
0 |
29 |
Share-based payment transactions |
0 |
0 |
0 |
256 |
0 |
256 |
0 |
256 |
As at June 30, 2019 |
137,564 |
13 |
-244 |
-12,307 |
-53,170 |
71,856 |
428 |
72,284 |
|
|
|
|
|
|
|
|
|
As at January 1, 2020 |
100,644 |
0 |
-615 |
-12,122 |
-34,747 |
53,160 |
146 |
53,306 |
Loss for the period 2020 |
|
0 |
0 |
0 |
-13,139 |
-13,139 |
-180 |
-13,319 |
Change to foreign currency translation difference and revaluation
reserve |
|
0 |
48 |
0 |
0 |
48 |
0 |
48 |
Share-based payment transactions |
|
0 |
0 |
249 |
0 |
249 |
0 |
249 |
As at June 30, 2020 |
100,644 |
0 |
-567 |
-11,873 |
-47,886 |
40,318 |
-34 |
40,284 |
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