Photocure ASA · OSL:PHO
Photocure ASA — Q1 2010 Earnings Presentation
24 slides from Photocure ASA's earnings presentation, Apr 28, 2010
Slide 1: Photocure ASA - Presentation of first quarter 2010 results
Brilliance in photodynamic technology TM Photocure ASA - Establishing a Specialty Pharma company Presentation of first quarter 2010 results 28 April 2010 Kjetil Hestdal, President & CEO Christian Fekete, CFO Bringing innovative photodynamic therapies to patients worldwide
Slide 2: Major steps towards becoming a Specialty Pharma Company
Hexvix revenues increased 44% to NOK 14.0 million in Q110 Reimbursement approval for Hexvix in Germany, triggering EUR 0.5 (NOK 4.1) million in milestone revenue Net result of NOK -13.9 million Cash of NOK 369.9 million per 31 March 2010 Progress development projects: Visonac: Completed inclusion ph
Slide 3: Creating value from strong IP position in Dermatology and Cancer
Creating value from strong IP position in Dermatology and Cancer Indication Status Peak sales potential EU/ US Dermatology Allumera Improvement of facial skin appearance Pilot trial EUR 30 50 million Visonac Treatment of acne Phase Il EUR 240 420 million Approved in EU Hexvix® Detection of bladder c
Slide 4: Financials
Brilliance in photodynamic technology TM
Slide 5: First quarter 2010
First quarter 2010 Divestment of Metvix/ Aktilite Numbers in NOK thousand Q1 2010 Q1 2009 FY 2009 changed earnings profile Sales revenues 13 960 9 669 48 428 2009 accounts adjusted for Signing fee and milestone revenue 4 140 0 0 discontinued operations. Total revenues 18 101 9 669 48 428 Hexvix sale
Slide 6: Q1 2010 results by segment
Q1 2010 Q1 2009 Cancer Total Cancer Total Derm. Derm.(2) % vs. Numbers in NOK thousand Own Partner R&D(1) Own Partner R&D* R&D 09 Sales Hexvix 5 817 8 143 13 960 44% 3 818 5 851 0 0 9 669 Cost of goods sold -363 -1 272 -1 634 106% -160 -632 0 0 -792 Gross profit 5 454 6 872 12 326 39% 3 658 5 220 0
Slide 7: NOK 369.9 million in cash end of period
NOK 369.9 million in cash end of period Numbers in NOK thousand 31.03.2010 31.03.2009 31.12.2009 Non-current assets Other investments includes: Intangible assets, software 335 511 365 NOK 40.9 million from shares in PCI Biotech Machinery & Equipment 1 886 2 483 1 772 Deferred revenue from sale of Me
Slide 8: Shareholders' equity amounting to NOK 424 million, equity ratio of 94%
Other paid-in capital includes Numbers in NOK thousand 31.03.2010 31.03.2009 31.12.2009 own shares of NOK 24 million Share capital 11 047 11 047 11 047 Other paid-in capital 169 198 189 562 176 112 Shareholder s equity Retained earnings 244 102 -29 658 228 624 amounting to NOK 424 million Shareholde
Slide 9: First quarter 2010 cash flow
First quarter 2010 Net change in cash of NOK Numbers in NOK thousand Q1 2010 Q1 2009 FY 2009 -33.6 million Profit/ loss before tax -13 865 -8 611 312 382 Net purchase of own share of Depreciation and amortisation 275 398 1 451 NOK 8.1 million Share-based compensation 1 195 914 3 454 Net interests -2
Slide 10: Hexvix
Brilliance in photodynamic technology TM
Slide 11: Hexvix unit sales
® Hexvix unit sales Q1 2009: Volumes in the Nordic region +36 % increased 75% to 1,646 units Volumes sold by GE Healthcare increased 31% to 7,303 units 11
Slide 12: Nordic key performance indicators first quarter 2010
- Nordic key performance indicators first quarter 2010 Nordic Hexvix units Nordic blue light Nordic Hexvix units/blue light 2000 100 25 80 1500 20 60 15 1000 40 10 500 20 5 0 0 0 Q109 Q209 Q309 Q409 Q110 Q109 Q209 Q309 Q409 Q110 Q109 Q209 Q309 Q409 Q110 30% Hexvix Nordic market share in TURB Q1 2010
Slide 13: Germany largest market, over 50% of sales
® Germany largest market over 50% of sales New reimbursement from 1 January 2010 European expert panel recommends use of Hexvix Expected to lead to a more unison use in Europe App. 600 blue-light scopes in market Focus on sales execution 13
Slide 14: Secure US approval, launch in US in 2010, continue growth in Europe
® Secure US approval Pending issues expected to be solved during 1H 2010 Launch in US in 2010 Continue growth in Europe Several programs for training/ reimbursement/ Picture of a bladder in white and blue sales execution/equipment placement light illustrating the fluorescence effect depending on cou
Slide 15: Visonac: effective treatment of moderate to severe acne
Effective treatment of moderate to severe acne Consistently high efficacy shown in 3 separate Phase II studies Treatments two weeks apart - sustained effect in reduction of lesions Limited side effects Significant improvement in tolerability measures of pain and erythema 3 modes of action: Next mile
Slide 16: Allumera: improving facial skin appearance
TM Improving facial skin appearance Cosmetic product sold through dermatologists Finished pilot study in Q4 2009 with excellent results; Skin looks softer and smoother Skin tone looks more even Fine lines and wrinkles appear diminished Second consumer trial started 22 April 2010 Placebo controlled P
Slide 17: Started preparations for launch in 2011
TM Started preparations for launch in 2011 Established 30 Key Opinion Leader centers throughout the US Started recruitment of key personnel 17
Slide 18: Lumacan: diagnosis of colorectal cancer
Diagnosis of colorectal cancer Proof-of-Concept study using enema: 39% increase in detection rate using Lumacan- colonoscopy. Improved oral formulation in development to optimize release in colon Scintigraphy testing of new oral formulations in Q2 2010 Ongoing phase I/II study: On hold after 12 pati
Slide 19: Cevira: treatment of HPV/precancerous lesions in cervix
TM Treatment of HPV/precancerous lesions in cervix Proof-of-Concept dose-finding study 2009: 58% efficacy in precancer (CIN1/2) with 90% HPV clearance in lesion responders at 6 months 83% CIN2 patients avoided conization (CR+PR) Sustained 12 month efficacy with overall 63% response rate Treatment we
Slide 20: Cevira roadmap
TM Roadmap Placebo-controlled multicenter phase II study ongoing in 5 countries in Europe: All 70 patients enrolled Patient follow-up 6 months Initial results expected Q3 2010 Developed new drug/medical device : One visit to gynecologist Illustration of Cevira device Easy to administer by gynecologi
Slide 21: Summary
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Slide 22: Summary: Hexvix, development programs and PCI Biotech
Hexvix: Revenues +44%, end-user sales in units +36% Reimbursement approval in Germany US regulatory process on track response from FDA expected in June 2010 Sales in Europe expected to increase by 30%+ in 2010 Good progress in development programs: Visonac: Inclusion completed results May 2010 Allum
Slide 23: Strategic, commercial and R&D priorities
Strategic: Create a Specialty Pharma Company in dermatology starting with the US Commercial: Improve commercial activities for Hexvix in Europe Secure Hexvix Approval in the US Hexvix launch in the US R&D: Start Visonac phase III program Finish Allumera consumer trial Cevira start phase I/II study w
Slide 24: Welcome back
Brilliance in photodynamic technology TM Welcome back