Photocure ASA · OSL:PHO
Photocure ASA — Q2 2005 Earnings Presentation
21 slides from Photocure ASA's earnings presentation, Aug 12, 2005
Slide 1: PhotoCure ASA Presentation of Second Quarter 2005
PhotoCure ASA Presentation of Second Quarter 2005 12 August 2005
Slide 2: Highlights second quarter 2005
Highlights second quarter 2005 Hexvix® – Launch initiated in Sweden – NDA filed in the US – Negotiations with potential licensees outside the Nordic region Metvix® – European sales volumes continue to grow – Launched in Spain and Portugal – Filed for Bowen’s disease in the EU R&D – Acne proof-
Slide 3: Hexvix - a breakthrough in bladder cancer diagnostics
HEXVIX® - a breakthrough in bladder cancer diagnostics
Slide 4: Hexvix - business update
Hexvix - business update Solid scientific platform – Started with data from University of Lausanne in 2000 – App. 800 patients in clinical studies – 3 phase III studies in 50 leading university hospitals in the US and Europe – Long term patent protection (2018/2019) Regulatory approvals ahead of
Slide 5: Hexvix - challenges in fighting bladder cancer
Hexvix - challenges in fighting bladder cancer Demographic trends indicate that bladder cancer is a significant and growing health problem – 4th most common cancer in terms of prevalence in men – Smoking is the most common reason – Mean age at diagnosis: 65 – Many female patients not properly diag
Slide 6: Hexvix - large market potential for diagnostics
Hexvix - large market potential for diagnostics Region Incidence Prevalence Number of cystosciopies (new patients (patients with per year) bladder cancer) Nordic 6,000 23,000 120,000 Europe 118,000 470,000 2,430,000 US & 71,000 280,000 1,450,000 Canada Total 195,000 773,000 4,000,000 App. 20 cystosc
Slide 7: Hexvix - procedure in the operating room
Hexvix - procedure in the operating room One Preparation of Instillation of Visualisation of bladder Hexvix kit Hexvix solution Hexvix in bladder cancer per patient followed by cystocopy after one hour
Slide 8: Hexvix - key medical benefits
Hexvix - key medical benefits Diagnosis of more patients with CIS Diagnosis at earlier stages Diagnosis of more papillary lesions (1 of 4 tumors overlooked when not using Hexvix) Improves patient management – Improved diagnosis leads to more adequate treatment – Improved quality of life for
Slide 9: Hexvix - detection, treatment and follow-up
Hexvix - detection, treatment and follow-up Suspicion bladder cancer High suspicion bladder cancer Clinical examinations: White light cystoscopy Symptoms: Cytology + Hematuria Cystoscopy (flexible scopes) Blue light cystoscopy (Blood in urine) + Biopsies TURB Flexible scopes Ridgid scopes General pr
Slide 10: Hexvix - blue light equipment is the key to success
Hexvix - blue light equipment is the key to success Availability of blue light equipment – Key equipment manufacturers; Storz, Wolf, Olympus – Rigid white light sytem app. € 30 000 – Add on cost app. € 7 000 for blue light – Total new cystoscope including tools cost app. € 50 000 Average life sp
Slide 11: Metvix - roll out continues
METVIX® - roll out continues
Slide 12: Metvix - Galderma sales increase 118% in units
Metvix - Galderma sales increase 118% in units Metvix Sales - Galderma 2003 - 2005 Sales increase in units of 118% vs Q2 2004 and increase of 7000 25% vs Q1 2005 6000 Launch in Spain and Portugal in 5000 Q2 2003 4000 Continuing to file new marketing Units 2004 3000 2005 authorisation applicati
Slide 13: Metvix - Nordic sales increase 21% in units
Metvix - Nordic sales increase 21 % in units Metvix Sales - Nordic 2003 - 2005 Sales increase in units of 21% vs 4000 Q2 2004 3500 3000 Working on reimbursement in 2500 2003 Norway and Finland (units) 2000 2004 2005 Focus on building volume in 1500 existing centers for AK indication 1000 500
Slide 14: Metvix - business update
Metvix - business update Strengthening the position of Metvix in non-melanoma skin cancer by filing for Bowen’s disease in 22 EU countries Pre cancerous skin lesions (AK) in the US – Discussing clinical program for Aktilite with FDA Skin cancer (BCC) in the US – Discussing BCC clinical program
Slide 15: Financial Statements (Group)
Financial Statements (Group)
Slide 16: Profit & Loss
Profit & Loss In accordance with IFRS 2005 2004 2005 2004 2004 31.03 - 30.06 31.03 - 30.06 All figures in NOK 1,000 01.01 - 30.06 01.01 - 30.06 01.01 - 31.12 8 874 9 607 Sales revenues 17 673 19 786 36 855 3 908 3 908 Signing fee and milestone revenues 7 817 7 817 40 954 12 782 13 516 Sales, signing
Slide 17: Balance Sheet
Balance Sheet In accordance with IFRS 2005 2004 2004 Figures in NOK 1,000 30.06 30.06 31.12 Machinery & equipment 1 906 2 474 2 080 Financial fixed assets - 6 250 - Inventory 13 950 20 251 17 533 Receivables 17 223 15 344 16 146 Securities 84 325 129 000 111 219 Cash & cash equivalents 15 777 15 819
Slide 18: Cash Flow Statement
Cash Flow Statement In accordance with IFRS Six months ended 2004 30.06.2005 30.06.2004 01.01 - 31.12 Loss before taxes -20 259 -31 608 -45 323 Interest paid -32 -56 -103 Other operational items -17 739 -11 280 -4 822 Net cash flow from operations -38 030 -42 944 -50 248 Cash flow from investments 7
Slide 19: Goals and Milestones
Goals and Milestones
Slide 20: Strategic and operational goals
Strategic and operational goals (Presented in February 2005) Launch Hexvix program STATUS: – Complete MRP procedure in EU/EEA countries YES – March 2005 – Launch initiated in Nordic countries YES – June 2005 – File NDA in US YES – June 2005 – Secure licencing partner Negotiations ongoing Continu
Slide 21: Current business focus
Current business focus Hexvix® – Negotiate and sign licencing agreement – Build strong long-term Nordic market position Metvix® – Sales growth in existing markets – Launches in new markets Research and development – Acne: complete development plan – Cervix: complete POC study (Q4 2005) – Colon