Photocure ASA · OSL:PHO
Photocure ASA — Q4 2007 Earnings Presentation
23 slides from Photocure ASA's earnings presentation, Feb 28, 2008
Slide 1: Fourth Quarter and Full Year Results - 2007
Brilliance in photodynamic technology TM Fourth Quarter and Full Year Results - 2007 28 February 2008 Kjetil Hestdal, President & CEO and Christian Fekete, CFO
Slide 2: Hexvix revenue increased 108% to NOK 21.0 million
Hexvix® revenue increased 108% to NOK 21.0 million Metvix® revenue increased 5% to NOK 54.2 million sNDA for Aktilite approval in the US submitted in June Patient recruitment completed for Hexvix phase III study in the US report Q4 2008 MAL PDT (acne) phase IIb study completed Feb 2008 report Q4 200
Slide 3: Brilliance in photodynamic technology
Brilliance in photodynamic technology TM
Slide 4: Financial statements - profit & loss 4Q and 2007 (group)
Financial statements - profit & loss 4Q and 2007 (group) 2007 2006 Q4 2007 Q4 2006 1.1-31.12 1.1-31.12 23 587 22 154 Sales revenues 75 252 61 667 3 908 76 363 Signing fee and milestone revenues 23 754 148 653 27 495 98 517 Total revenues 99 006 210 320 -2 967 -10 789 Cost of products sold -17 326 -2
Slide 5: Financial statements - segment information Q4 (group)
Financial statements - segment information Q4 (group) Income statement - own sales/partner sales (Amounts in NOK 1000) Q4 2007 Q4 2006 Own Partner R&D* Total Own Partner R&D* Total Sales revenue 9 630 13 956 0 23 587 7 620 14 535 0 22 154 Milestone revenue 0 3 908 0 3 908 0 76 363 0 76 363 Total rev
Slide 6: Financial statements - segment information 2007 (group)
Financial statements - segment information 2007 (group) Income statement - own sales/partner sales (Amounts in NOK 1000) 2007 2006 Own Partner R&D Total Own Partner R&D Total Sales revenue 29 069 46 183 75 252 22 028 39 639 61 667 Milestone revenue 0 23 754 23 754 0 148 652 148 652 Total revenues 29
Slide 7: Cash flow
2007 2006 Q4 2007 Q4 2006 1.1-31.12 1.1-31.12 -16 308 54 533 Income/loss(-) before tax -74 970 84 730 -7 313 7 707 Other operational items -20 666 -18 359 -23 621 62 240 Net cash flow from operations -95 636 66 371 4 395 1 716 Cash flow from investments 9 430 4 555 -3 -345 Cash flow from capital tra
Slide 8: Hexvix - a breakthrough in bladder cancer diagnostics
Brilliance in photodynamic technology TM ® - a breakthrough in bladder cancer diagnostics
Slide 9: Hexvix recommended in European guidelines, introduced in 16 countries
Recommended in European guidelines. Introduced in 16 countries in Europe. Achieved price/reimbursement in France and Italy. Preliminary reimbursement in 299 clinics in Germany from 2008. US phase III study finalized and patient recruitment complete. Patent position reinforced - core Hexvix patent ex
Slide 10: RASK magazine: Hexvix PDD to be standard diagnostic procedure
RASK magazine: We started in 2007 and from 2008 Hexvix PDD will be the standard diagnostic procedure Knud Fabrin, MD Aalborg Hospital Despite adding cost with Hexvix, the hospital will save DKK 1 million per year due to the reduced number of procedures required Knud Fabrin, MD Aalborg Hospital 10
Slide 11: Hexvix partner and own sales in units
Hexvix partner sales in units Partner sale of 9,897 5 000 4 500 units in 2007 vs. 804 4 000 units in 2006. 3 500 3 000 2 500 2006 2007 GE Healthcare markets 2 000 1 500 Hexvix outside the 1 000 500 Nordic regions. - Q1 Q2 Q3 Q4 Hexvis ow n sales in units 700 600 Own sale in the Nordic 500 region of
Slide 12: Metvix - treatment of skin cancer without scarring
Brilliance in photodynamic technology TM ® ® - treatment of skin cancer without scarring
Slide 13: Metvix partner and own sales in units
Metvix partner sales in units Partner sale of 46,675 Metvix 16 000 tubes in 2007, an increase of 21 14 000 12 000 % vs. 38,178 tubes in 2006. 10 000 8 000 2006 Galderma markets Metvix 6 000 2007 outside the Nordic region. 4 000 2 000 - Q1 Q2 Q3 Q4 Metvix ow n sales in units Own sale of 15,596 Metvix
Slide 14: Metvix market share for AK/BCC 2007 (patients)
Metvix market share for AK/BCC 2007 (patients) 20 % 7% 3% 2% 2% 1% Nordic Spain UK Germany Italy France Source: Photocure estimate 14
Slide 15: Acne, cervix, colon and PCI Biotech
Brilliance in photodynamic technology TM - acne, cervix, colon and PCI Biotech
Slide 16: Each year US doctors register ~3 million visits concerning acne
Each year US doctors register ~ 3 million visits concerning acne Existing treatments have significant side effects Photocure has a patented technology in acne until 2018+, with new patents filed MAL PDT meets patient need for an effective treatment with limited side effects Illustration of Photocure
Slide 17: Acne - Phase IIb study completed in Feb 08
Acne - Phase IIb study completed in Feb 08, expect to report Q4 2008 17 Photo of patient in Photocure s phase IIb study before and after treatment
Slide 18: Medical need for non-invasive treatment of HPV induced lesions in the cervix
Medical need for non-invasive treatment of HPV induced premalignant lesions in the cervix Large patient population: 3.5 million females have cellular abnormalities in the US Phase I/II study: dose finding Norway and Germany 72 patients included 12-month follow-up report scheduled for Q3 2008 18
Slide 19: High medical need for early detection of colon cancer
High medical need for early detection of colon cancer 13 million colonoscopies performed annually in EU/US Inadequate methods available today: 22% miss rate on polyps 62% miss rate on flat lesions Huge endoscopy variation Phase I/II study completed dose-finding 2 centres in Germany 32 patients Oral
Slide 20: Light-directed drug delivery
Light-directed drug delivery Excellent potential of technology Solid platform built Enhance efficacy of cancer therapies Delivery of siRNA Distinct focus from Photocure s Allow Photocure to focus on pipeline of PDT and PDD products Develop PCI technology Independent management Resources Best opportu
Slide 21: PCI Biotech - developing a platform for light-directed drug delivery
PCI Biotech - developing a platform for light-directed drug delivery Patent granted on PCI Biotech signed Amphinex for PCI agreement with Radium Biotech PCI Biotech acquired Hospital Research patent application for Foundation Efficient cancer gene combination of siRNA and therapy induced by the the
Slide 22: Existing products
Existing products Continue investing in Metvix and Aktilite Support Galderma in strengthening Metvix/Aktilite in dermatology Secure Aktilite approval in the US Commercialise Hexvix Support GE Healthcare in launching Hexvix Seek Hexvix approval in the US Continue to build Photocure s own sales and ma
Slide 23: New products
New products Continue clinical development in acne, cervix, colon and PCI Conduct confirmatory phase II study in acne in the US Complete phase I/II studies for Cevira and Lumacan Licence out MAL PDT for Acne, Cevira and Lumacan De-merger PCI Biotech 23