Pharming Group Nv · EURONEXT:PHARM
Pharming Group Nv — Shareholder Meeting (May 2011)
26 slides from Pharming Group Nv's shareholder meeting presentation, May 11, 2011
Slide 1: Pharming Group NV Annual General Meeting of Shareholders
Pharming Group NV Annual General Meeting of Shareholders May 11, 2011 Sijmen de Vries, CEO Karl Keegan, CFO 1
Slide 2: Safe harbour statement
Safe harbour statement The information contained in this document and made verbally to you (together the "Presentation") is being supplied to you solely for your information and may not be copied, reproduced or further distributed to any person or published, in whole or in part, for any purpose. The
Slide 3: Agenda
Agenda • Operational review • Financial review • Corporate Governance • Outlook 2011-2012 3
Slide 4: Operational review
Operational review 4
Slide 5: 2010: A transformational year
2010: A transformational year • From € 10.9 M convertible debt and € 2.2 M cash in hand to: 5
Slide 6: 2010: A transformational year
2010: A transformational year • From € 10.9 M convertible debt and € 2.2 M cash in hand to: No convertible debt and financed into 2012 6
Slide 7: 2010: A transformational year
2010: A transformational year • From € 10.9 M convertible debt and € 2.2 M cash in hand to: No convertible debt and financed into 2012 • From uncertainty on product approval to: 7
Slide 8: 2010: A transformational year
2010: A transformational year • From € 10.9 M convertible debt and € 2.2 M cash in hand to: No convertible debt and financed into 2012 • From uncertainty on product approval to: Validation through EU approval, launch and EU and US partnerships 8
Slide 9: 2010: A transformational year
2010: A transformational year • From € 10.9 M convertible debt and € 2.2 M cash in hand to: No convertible debt and financed into 2012 • From uncertainty on product approval to: Validation through EU approval, launch and EU and US partnerships • From unproven technology to: 9
Slide 10: 2010: A transformational year
2010: A transformational year • From € 10.9 M convertible debt and € 2.2 M cash in hand to: No convertible debt and financed into 2012 • From uncertainty on product approval to: Validation through EU approval, launch and EU and US partnerships • From unproven technology to: A validated and unique pl
Slide 11: Deliverables 2010
Deliverables 2010 • Raised € 8.0M from EU distribution agreement for Ruconest • EU Positive opinion for Ruconest • Initiated rationalisation of portfolio: spin- out of DNage • Raised € 11.7M from North American partnership for Rhucin • EU launch for Ruconest • US BLA submission Rhucin •
Slide 12: Strategy and focus
Strategy and focus • To develop innovative products for diseases with high unmet medical needs – Our commercial focus is primarily the specialty pharmaceutical market – We aim to cover the entire value chain of drug development and commercialisation – International collaborations will continue to po
Slide 13: Building and de-risking
Building and de-risking • Leverage the validated technology (transgenic) platform for protein production – Versatile & scalable without typical bio-reactor up-scaling risks – Strong IP and know how protection – Partnered development of new proteins to unlock the inherent value of this platform • Ide
Slide 14: Pipeline
Pipeline Indication R&D Pre Phase I Phase II Phase III Registration Market Clinical Ruconest™ / Rhucin® Ruconest™ (rhC1INH) Hereditary Angioedema (Europe) Rhucin® (rhC1INH) Hereditary Angioedema (US) rhC1INH additional indications Antibody Mediated rhC1INH Rejection (Kidney) Delayed Graft Function r
Slide 15: Ruconest / Rhucin update
Ruconest / Rhucin update • EU roll- out underway – Market will take time to develop – Reimbursement procedures both at national & local level – Market is developing and C1 inhibition is accepted principle for treatment of HAE in Europe • US development – Commercial and regulatory achievements in 201
Slide 16: Ruconest approval validated the Pharming technology
Ruconest approval validated the Pharming technology…. • Versatility proven through successful expression (> 1 g/L) of many complex recombinant human proteins in milk of transgenic animals – Plasma Proteins – Monoclonal antibodies – Hormones – Metabolic enzymes – Structural proteins – Others • Curren
Slide 17: Financial review
Financial review 17
Slide 18: Statement of financial position 2010: Key data
Statement of financial position 2010: Key data December 31, 2010 December 31, 2009 • Non current assets 7.9 27.1 • Cash & equivalents 10.5 2.3 • Other current assets 18.9 12.6 • Total assets 37.3 42.0 • Deferred income 19.3 - • Convertible bonds - 9.5 • Other liabilities 7.9 19.2 • Total equity 10.1
Slide 19: Statement of income 2010: Key data
Statement of income 2010: Key data December 31, 2010 December 31, 2009 • Revenues & other income 1.8 1.1 • Impairment charges (20.7) (0.2) • Other operating costs (25.2) (28.7) • Other income/expenses (12.3) (4.2) • Total net loss (56.4) (32.1) • Net loss att. Minority 6.2 - • Net loss att. Parent (
Slide 20: Statement of cash flows 2010: Key data
Statement of cash flows 2010: Key data December 31, 2010 December 31, 2009 • Net cash used in operating activities (3.2) (24.3) • Net cash from/(used in) investment activities (0.9) 4.2 • Net cash from financing activities 12.9 2.5 20
Slide 21: Corporate Governance
Corporate Governance 21
Slide 22: Corporate Governance
Corporate Governance • Improvements in risk management and control – Appointment of Chief Medical Officer – Appointment of Chief Financial Officer – Implementation of Code of Conduct • Code published on website • Compliance – BOSD relinquished participation rights in share based Long-Term Incentive
Slide 23: Outlook
Outlook 23
Slide 24: Operational Outlook
Operational Outlook • EU roll out of Ruconest (SOBI) through 2011 – Will take most of year as reimbursement is national • Additional regional C1 Inhibitor licensing deals – Through 2011 to increase geographical coverage • BLA filing process – Amended protocol Phase IIIb study submitted, anticipated
Slide 25: Financial outlook
Financial outlook • No full guidance for expected financial results in 2011 • Sufficient cash for operations into 2012 • Strengthening of financial position by focus on primarily non dilutive financing such as (combinations of ): – Project specific financing – Licensing deals – Ruconest sales – Debt
Slide 26: Conestat alfa
Conestat alfa For intravenous use. One weleontains 2100 U of conestat alfa, corresponding to 2100 U/14 ml after Fe ponetiiton: or a concentration of 150 U/ml. Exciplons: Sucrose, Sodium citrate (E331), Citric acid (E330). Do not store above 25°C. Store in the original package in order to protect fro