Electrocore, Inc. · NASDAQ:ECOR
Electrocore — Investor Presentation (November 2019)
20 slides from Electrocore's investor presentation, Nov 20, 2019
Slide 1: A Commercial-Stage Bioelectronic Medicine Company
A Commercial-Stage Bioelectronic Medicine Company Nasdaq: ECOR Corporate Presentation November 2019 Exhibit 99.1
Slide 2: Forward Looking Statement
Forward Looking Statement 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
Slide 3: electroCore At-a-Glance
electroCore At-a-Glance gammaCore Sapphire™ NASDAQx ECOR Headquarters: Basking Ridge, NJ No. of employees: 50 Market cap: ~$55M (11/14/19) Recent close: $1.85 (11/14/19) Cash & marketable securities (9/30/19): $33.5M Expected cash runway into beginning of 2021
Slide 4: Experienced Management Team
Tony Fiorino, MD Chief Medical Officer 20 years Eric Liebler SVP of Neurology 22 years Michael Ruberio National Sales Director 30 years Iain Strickland Director of Business Development, UK 15 years Daniel Goldberger Chief Executive Officer 35 years Brian Posner Chief Financial Officer 35 years Ardel
Slide 5: Investment Highlights
Investment Highlights Platform Therapy Large Initial Market Attractive Gross Margins Strong IP Portfolio Revenue stage, proprietary, non-invasive vagus nerve stimulator positioned to unlock the broad potential of bioelectronic medicine Primary headache market opportunity for cluster headache and mig
Slide 6: 1st FDA-cleared non-invasive vagus nerve stimulator
1st FDA-cleared non-invasive vagus nerve stimulator Hand-held, simple-to-use, highly targeted therapy gammaCore Sapphire™ Fast acting, comfortable, easy to use option. Initial indications prevention and treatment of cluster headache and acute migraine Recurring revenue model
Slide 7: Non-Invasive Therapy vs. Drug Alternatives
Non-Invasive Therapy vs. Drug Alternatives Benefits of gammaCore Drawbacks of Current Drug Treatments Non-systemic Safe and well tolerated Patient self-administered Ability to administer multiple daily doses No known drug interactions Systemic side effects Serious adverse events Potential drug/drug
Slide 8: Unmet Need in Migraine & Cluster Headache
20X 36 million U.S. patients1 Triptans represent 80% of prescribed acute therapies 40% of patients are dissatisfied or unresponsive to triptans2 More than half of insured migraineurs are untreated2 Unmet Need in Migraine & Cluster Headache American Migraine Foundation IMS Pharmetrics Plus. Cephalalg
Slide 9: Pathway to Reimbursement
Pathway to Reimbursement PHYSICIANS Write a prescription for use at home PATIENTS Acquire gammaCore from a specialty pharmacy with simple refill process $ Commercial payer Response Aligned to stakeholder experience PAYERS Manage utilization through pharmacy or medical benefit reimbursement CURRENT P
Slide 10: Channels With Potential for Revenue Growth
Channels With Potential for Revenue Growth Now Driving DOD sales through the Veterans Administration and Military Treatment Facilities sales - started January 15th Pulling through the UK – Innovation Technology Program Award for cluster headache, included in NICE draft guidance started May 1st Worke
Slide 11: Growth in gammaCore Prescribers
Growth in gammaCore Prescribers
Slide 12: Federal Supply Schedule Opportunity
Federal Supply Schedule Opportunity 20 million covered lives between the Veterans Admin. and active military facilities 200,000 patients 1% or about 200,000 patients suffer from severe migraine or cluster $800 - $900 million total addressable market for gammaCore therapy Efficient call point for dir
Slide 13: gammaCore – Platform Technology with Vast Potential
Depression Epilepsy Migraine Obesity Diabetes gammaCore – Platform Technology with Vast Potential gammaCore is the only FDA cleared non-invasive VNS therapy Rheumatoid Arthritis Crohn’s Disease INFLAMMATION METABOLIC SYNDROME Cluster Headache Migraine Depression Epilepsy Traumatic Brain Injury PTSD
Slide 14: Broad Intellectual Property Estate
Expansive pioneering IP coverage of non-invasive, transdermal neuro-stimulation in the neck We have key patent coverage extending out through 2033, including: High-frequency burst signals capable of passing comfortably through the skin Low-pass signal filtration that reduces signal harmonics that ca
Slide 15: Summary Financials
Summary Financials $ In thousands 4Q 2018 1Q 2019 2Q 2019 3Q 2019 GAAP revenue 368 410 623 683 Research and Development 3,460 3,460 2,510 2,275 SG&A 12,397 11,000 9.388 8,143 Operating loss (15,681) (14,211) (12,380) (10,894) GAAP net loss from operations (15,335) (13,862) (12,101) (10,688) Adjusted
Slide 16: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation 12/31/18 3/31/19 6/30/19 9/30/19 (in thousands) GAAP net loss from operations $ (15,335) $ (13,862) $ (12,101) $ (10,688 ) Provision for income taxes $ 0 $ 0 $ 0 $ - Depreciation and amortization $ 25 $ 26 $ 28 $ 99 Stock-based compensation $ 1,141 $ 744 $ 727 $ 1,220
Slide 17: Appendix
APPENDIX
Slide 18: Acute Cluster Headache: ACT 1 & ACT 2
n = 52 n = 60 ACT 1 PRIMARY ENDPOINT % Responders with Pain Relief at 15 Minutes for 1st Attack Pooled analysis of Episodic Cluster Headache from ACT 1 & ACT 2 Trials p < 0.01 p < 0.01 p < 0.01 Acute Cluster Headache: ACT 1 & ACT 2 Response Rate (%) Control gammaCore n = 52 n = 60 RESPONDER ANALYSIS
Slide 19: Acute Migraine: PRESTO Trial
Response Rate (%) Repeated Measures Analysis p = 0.01 gammaCore (n = 120) Acute Migraine: PRESTO Trial p = 0.02 p = 0.01 p = 0.07 p < 0.01 p = 0.06 p = 0.03 Pain Freedom Percent Pain Relief Control (n = 123)
Slide 20: Cluster Headache Prevention: PREVA Trial
Standard of care Adjunctive gammaCore Cluster Headache Prevention: PREVA Trial n = 45 n = 48 ITT mITT n = 37 n = 47 p < 0.001 p < 0.001 p < 0.001 p < 0.001 n = 45 n = 48 n = 37 n = 47 ITT mITT mITT - Patients who provided data in the randomized period sufficient to compare to baseline measurements R