Photocure ASA · OSL:PHO
Photocure ASA — Q1 2008 Earnings Presentation
20 slides from Photocure ASA's earnings presentation, Apr 23, 2008
Slide 1: First quarter 2008
Brilliance in photodynamic technology TM First quarter 2008 April 23rd, 2008 Kjetil Hestdal, President & CEO and Christian Fekete, CFO
Slide 2: Sales revenue increased by 13% to MNOK 21.4
Sales revenue increased by 13 % to MNOK 21.4 (19.0) Important milestones reached in R&D Completed patient inclusion in phase IIb study in acne Completed pre-IND meeting with FDA for Cevira Presented phase I/II data in detection of colon cancer PCI Biotech Demerger approved by the General Assembly 2
Slide 3: Brilliance in photodynamic technology
Brilliance in photodynamic technology TM
Slide 4: Financial statements - Profit & loss first quarter 2008 (group)
Financial statements - Profit & loss first quarter 2008 (group) 2008 2007 2007 1.1-31.03 1.1-31.03 1.1-31.12 Sales revenues 21 411 19 006 75 252 Signing fee and milestone revenues 1 303 3 908 23 754 Total revenues 22 713 22 914 99 006 Cost of products sold -4 501 -6 588 -17 326 Gross profit 18 212 1
Slide 5: Financial statements - Segment information (group)
Financial statements - Segment information (group) (Amounts in NOK 1000) Q1 2008 1Q 2007 Own Partner R&D* Total Own Partner R&D* Total Sales revenue 7 872 13 538 0 21 411 7 024 11 982 0 19 006 Milestone revenue 0 1 303 0 1 303 0 3 908 0 3 908 Total revenues 7 872 14 841 0 22 713 7 024 15 890 0 22 91
Slide 6: Cash flow (group)
- cash flow (group) Net cash flow from operations MNOK -18.3 (-21.9) 2008 2007 2007 1.1-31.03 1.1-31.03 1.1-31.12 Income/loss(-) before tax -20 024 -17 784 -74 970 Other operational items 1 757 -4 118 -20 685 Net cash flow from operations -18 267 -21 902 -95 655 Cash flow from investments 2 794 2 65
Slide 7: Hexvix - a breakthrough in bladder cancer diagnostics
Brilliance in photodynamic technology TM ® - a breakthrough in bladder cancer diagnostics
Slide 8: Excellent feedback from urologists at EAU
Excellent feedback from urologists at EAU, Milan satellite symposium European awareness increasing Critical success factors: Establish reimbursement - ongoing Increase base of scopes ongoing Train urologists - ongoing Introduced in 16 countries Established price of 400 per kit 8
Slide 9: Hexvix partner and own sales in units
Hexvix partner sales in units 5 000 4 500 Partner sale of 3,463 units in 4 000 Q1 2008 vs. 912 units in Q1 3 500 3 000 2006 2007. 2 500 2007 2 000 1 500 2008 1 000 500 - Q1 Q2 Q3 Q4 Hexvis ow n sales in units Own sale of 652 units in Q1 700 600 2008 vs. 411 units in Q1 500 2007. 2006 400 2007 300 20
Slide 10: Hexvix - significant medical benefit
Hexvix a - significant medical benefit ~
Slide 11: Metvix - treatment of skin cancer without scarring
Brilliance in photodynamic technology TM ® ® - treatment of skin cancer without scarring
Slide 12: Approved for AK, BCC and Bowen's disease in EU
Approved for AK, BCC and Bowen s disease in EU 15 million patients diagnosed with AK annually in EU/US Metvix offers patient benefits superior cosmetic outcome Reimbursement is critical for Metvix growth Discussions with Galderma on how to improve the value of Metvix/Aktilite
Slide 13: Metvix partner and own sales in units
Metvix partner sales in units 16 000 Partner sale of 14,229 Metvix 14 000 tubes in Q1 2008, an 12 000 increase of 32 % vs. 10,756 10 000 2006 Metvix tubes in Q1 2007. 8 000 2007 6 000 2008 4 000 2 000 - Q1 Q2 Q3 Q4 Metvix ow n sales in units Own sale of 3,405 Metvix 5 000 tubes in Q1 2008 a decrease
Slide 14: Pipeline - acne, cervix, colon and PCI Biotech
Brilliance in photodynamic technology TM - acne, cervix, colon and PCI Biotech
Slide 15: MAL Acne - patient inclusion completed in phase IIb study
MAL Acne -patient inclusion completed in phase IIb study Patient inclusion completed in phase IIb study Moderate to severe acne 190 patients in the US Dose finding Placebo controlled Primary endpoint: reduction of lesion counts Report scheduled for 2008 Prototype of new lamp developed Started search
Slide 16: Cevira - phase I/II study ongoing
• Phase I/II study ongoing: • dose finding • Norway and Germany • 67 patients included • Added 24 patients • 12 month follow-up • First report after 6-months follow-up scheduled for 2008 • Pre-IND meeting held with FDA • Plan to start a dose-finding phase II study in 2008 with CIN 2/3 in the EU/US.
Slide 17: Lumacan - study results presented in Endoscopy
Lumacan - study results presented in Endoscopy • Phase I/II study ongoing: • dose-finding • 2 centres in Germany • 38 patients • presentation at DDW, California May 2008 • Received grant of MNOK 9.1 from the Research Council of Norway for 2008-10 • Started search for license partner(s) Mayinger, B.,
Slide 18: PCI Biotech - start of first clinical studies in 2008
PCI Biotech - start of first clinical studies in 2008 PCI Biotech s first clinical study is scheduled to start in 2008 The study will focus on the safety profile of Amphinex in combination with bleomycin in a range of cancers Primary endpoint: safety Secondary endpoint: efficacy Additional clinical
Slide 19: PCI Biotech The Investment Case
PCI Biotech The Investment Case The PCI technology allows drugs to enter cells and bind to their therapeutic targets. The technology has strong patent protection. PCI Biotech s strategy is to improve the delivery of cancer cytotoxics and macromolecules, two large markets with strong unmet medical ne
Slide 20: Continue investing in Metvix/Aktilite
Continue investing in Metvix/Aktilite • Support Galderma in strengthening Metvix/Aktilite in dermatology • Secure Metvixia/Aktilite approval in the US Continue investing in Hexvix • Support GE Healthcare in introducing Hexvix in EU • Secure Hexvix approval in the US Continue clinical development in