Electrocore, Inc. · NASDAQ:ECOR
Electrocore — Investor Presentation (January 2019)
26 slides from Electrocore's investor presentation, Jan 7, 2019
Slide 1: Commercial-Stage Bioelectronic Medicine Company Corporate Presentation
Commercial-Stage Bioelectronic Medicine Company Corporate Presentation January 2019
Slide 2: Disclaimer
Disclaimer In addition to historical information, this presentation may contain forward-looking statements with respect to our business, capital resources, strategy and growth reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Sec
Slide 3: electroCore At-a-Glance
electroCore At-a-Glance NASDAQ: ECOR headquarters: Basking Ridge, NJ No. of employees: 89 Market cap: $246M (January 4, 2019) Recent close: $8.36 (January 4, 2019) cash (September 30): $80.5M Cash runway for at least the next 12 months gammaCore Sapphire® 3
Slide 4: Investment Highlights
Investment Highlights Only FDA-cleared non-invasive vagus nerve stimulator positioned to Platform Therapy unlock the broad potential of bioelectronic medicine Pharma Distribution Distributed through standard specialty pharmacy channels Primary headache market opportunity for cluster headache and mig
Slide 5: Experienced Management Team
Experienced Management Team Frank Amato Chief Executive Officer & Board Member 28 years Glenn Vraniak Chief Financial Officer 16 years Dan Duhart Chief Commercial Officer 35 years Eric Liebler SVP of Neurology 22 years J.P. Errico, Esq Founder, Chief Science & Strategy Officer & Board Member 25 year
Slide 6: Portfolio & Pipeline
Portfolio & Pipeline PreClinical / Commercial Indication Pivotal Trials FDA Clearance Pilot Trials Launch Key Milestones Acute Treatment of FDA clearance April 2017 Episodic Cluster ACT 1 & 2 Headaches Commercial registry initiated 3Q 2017 Acute Treatment of PRESTO FDA label expansion January 2018 M
Slide 7: The Vagus Nerve
The Vagus Nerve The longest cranial nerve in the body; the communication link between the brain and the body Stimulation of the vagus nerve affects many important autonomic functions in the brain and in the body, including neurotransmitter levels, inflammation levels, and metabolism © 2018 electroCo
Slide 8: Clinical Potential of VNS
Clinical Potential of VNS Neurological Disorders In the CNS, VNS effects are similar to multiple major classes of drugs, including SSRIs, SNRIs, GABA analogues, and acetylcholine esterase inhibitors Peripherally, VNS affects immune activity, suppressing the expression of TNF- and other inflammatory
Slide 9: gammaCore Sapphire: Hand-held, simple-to-use, highly targeted therapy
Hand-held, simple-to-use, highly targeted therapy Bluetooth-enabled Rechargeable unit refilled by RFID cards gammaCore Sapphire® 1st FDA-cleared non-invasive vagus nerve stimulator Fast acting, comfortable option for acute treatment and prevention, with only local, mild, and transient side effects I
Slide 10: Unmet Need in Cluster Headache & Migraine
Unmet Need in Cluster Headache & Migraine Cluster Headache Migraine 20X Suicide rate vs. the U.S. average #3 Most prevalent illness 350,000 U.S. patients (approx. market $400M(1)) Up to eight 15-180 min attacks per day Typically occur 4-24 weeks per year Only FDA-cleared therapy for acute and preven
Slide 11: Acute Cluster Headache: ACT 1 & ACT 2
Acute Cluster Headache: ACT 1 & ACT 2 Pooled-analysis of Episodic Cluster Headache from ACT 1 & ACT 2 Trials ACT 1 PRIMARY ENDPOINT ACT 2 PRIMARY ENDPOINT RESPONDER ANALYSIS % Responders with Pain Relief at % All Treated Attacks Pain-Free % Responders at 15 Minutes in 15 Minutes for 1st Attack at 15
Slide 12: Acute Migraine: PRESTO Trial
Acute Migraine: PRESTO Trial Pain Freedom Percent Pain Relief 40% Repeated Measures Analysis p = 0.01 34.8% gammaCore 30% (n = 120) 30.4% p = 0.07 (%) p < 0.01 Rate 25.4% Control 20% (n = 123) 21.0% p = 0.02 19.7% 18.1% p = 0.03 p = 0.06 Response 12.7% p = 0.01 10% 10.0% 7.7% 5.2% 5.4% 4.2% 0% 30 Mi
Slide 13: Cluster Headache Prevention: PREVA Trial
Cluster Headache Prevention: PREVA Trial Reduction in Number of Attacks per Week ITT mITT 0 n = 45 n = 48 n = 37 n = 47 -1 -2.1 -2.1 -2 -3 -5.9 p < 0.001 -7.2 p < 0.001 -4 -5 -6 -7 -8 Percentage of Patients w/ ³ 50% Reduction in Attack Frequency ITT mITT 60% n = 45 n = 48 n = 37 n = 47 50% 40% p < 0
Slide 14: Non-Invasive Therapy vs. Drug Alternatives
Non-Invasive Therapy vs. Drug Alternatives Benefits of gammaCore Drawbacks of Current Drug Treatments Targeted non-systemic Safe and well tolerated Patient self-administered No daily dosing restrictions Systemic side effects Serious adverse events Potential drug/drug interactions CVD contraindicatio
Slide 15: Building a National Commercial Presence
Building a National Commercial Presence Full national footprint (44) provides robust target and customer coverage 80% of the branded market potential 83% of decile 7 10 prescribers Building a National Commercial Presence Full national footprint (44) provides robust target and customer coverage 80% o
Slide 16: Market Penetration & Development Strategy
Market Penetration & Development Strategy Unique Prescribing Physicians 1,800 as of 4Q 2018 Total Rx’s ~5,900 in 4Q 2018 Covered US lives 53M as of January 4, 20191 Revenue 1 Including VA/DOD contracts Go-forward strategy: pull coverage contracts through to revenue © 2018 electroCore. All rights res
Slide 17: Pathway to Reimbursement
Pathway to Reimbursement Aligned to stakeholder experience $ PHYSICIANS PATIENTS PAYERS Manage utilization Write a prescription Acquire gammaCore from through pharmacy or for use at home a specialty pharmacy with medical benefit simple refill process reimbursement Commercial payer Response Current P
Slide 18: Growth in gammaCore Prescriptions
Growth in gammaCore Prescriptions 1,800+ UNIQUE PRESCRIBING PHYSICIANS Refill Rx’s +300% 4Q18 vs. 3Q18 15,000+ PRESCRIPTIONS WRITTEN IN THE UNITED STATES New Rx Refill © 2018 electroCore. All rights reserved. 18
Slide 19: Growth in gammaCore Prescribers
Growth in gammaCore Prescribers All Prescribers Active Prescribers 2000 1200 1800 1000 1600 1400 800 1200 1000 600 800 400 600 400 200 200 0 0 2018-Q1 2018-Q2 2018-Q3 2018-Q4 2018-Q1 2018-Q2 2018-Q3 2018-Q4 © 2018 electroCore. All rights reserved. 19
Slide 20: A Pipeline in a Product
A Pipeline in a Product Sjögren’s Syndrome gammaCore is the only FDA cleared non-invasive VNS therapy NEURO-PSYCH INFLAMMATION Cluster Rheumatoid Headache Arthritis Migraine Asthma Depression Crohn’s Disease Epilepsy Heart failure Diabetes Hypertension Obesity METABOLIC SYNDROME © 2018 electroCore.
Slide 21: Rheumatoid Arthritis (RA)
Rheumatoid Arthritis (RA) Chronic progressive disease causing inflammation in the joints and resulting in painful deformity and immobility, especially in the fingers, wrists, feet, and ankles Affects approximately 1.3 million people in the US1 There are no currently approved non-systemic therapies f
Slide 22: Broad Intellectual Property Estate
Broad Intellectual Property Estate We are inventors/owners of all patents on which therapy relies Expansive pioneering IP coverage of non-invasive, transdermal neuro- >140 stimulation in the neck PATENTS AND PATENT APPLICATONS We have key patent coverage extending out through 2033, including: >70 Hi
Slide 23: Key Company Milestones and Goals
Key Company Milestones and Goals 1Q 2018 FDA cleared for acute migraine pain 2Q 2018 Completed Initial Public Offering 3Q 2018 Commercial launch across US market (6,500 MDs) 4Q 2018 FDA cleared for cluster headache prevention 1Q 2019 Achieve target of 50M covered lives* 2Q 2019 targeting FDA submiss
Slide 24: Summary Financials
Summary Financials 1Q 2018 2Q 2018 3Q 2018 GAAP revenue 81 393 151 Research and Development 2,306 4,367 2,333 SG&A 6,825 12,007 11,273 Operating loss -9,099 -16,221 -13,551 Net loss -9,499 -17,782 -13,203 Shares outstanding NA 29,450 29,450 Balance sheet as of September 30: Cash and equivalents $80,
Slide 25: Investment Highlights
Investment Highlights Only FDA-cleared non-invasive vagus nerve stimulator positioned to Platform Therapy unlock the broad potential of bioelectronic medicine Pharma Distribution Distributed through standard specialty pharmacy channels Primary headache market opportunity for cluster headache and mig
Slide 26: Indication and Important Safety Information
Indication and Important Safety Information gammaCore™ (non-invasive vagus nerve stimulator) is indicated for: Adjunctive use for the preventive treatment of cluster headache in adult patients The acute treatment of pain associated with episodic cluster headache in adult patients The acute treatment