Developing next generation treatments to preserve vision for patients with diseases affecting the back of the eye

ThromboGenics Announces Business Update and 2013 Full-Year Results

17 Mar 2014

REGULATED INFORMATION

JETREA® in the US
 
• US sales of JETREA® were €20.2 million in 2013, with close to 7000 patients treated
• In the second half of 2013, the Company recalibrated its US organization in order to focus on establishing JETREA® as an earlier treatment for patients with symptomatic vitreomacular adhesion (VMA)
• Permanent J-Code in place from 1 Jan 2014 will streamline reimbursement

JETREA® ex-US

• EC approval of JETREA® in March for the treatment of vitreomacular traction (VMT), including when associated with macular hole of diameter less than or equal to 400 microns
• ThromboGenics received a total of €90 million in milestone payments from Alcon following the approval and first launch of JETREA® in Europe
• Positive reimbursement decisions in UK, Germany and France – highlighted JETREA’s benefits in treating patients with VMT earlier
• Canada approval for the treatment of symptomatic vitreomacular adhesion, and commercial launch
• Alcon/Novartis announced that Novartis Pharmaceuticals (Lucentis) and Alcon teams will collaborate on the joint promotion of JETREA® from early 2014

Corporate
 
• Dr Staf Van Reet appointed ThromboGenics´ Chairman following the Company’s Founder Prof Désiré Collen’s decision to retire and step down from the Board in December 2013
• ThromboGenics appointed Dr David Guyer to its Board of Directors in December 2013
• In February 2014, the Board of ThromboGenics decided to explore strategic options for the Company. This decision is intended to increase the Company’s ability to realize the significant commercial potential of JETREA® in the US, and to fully capitalize on the Company’s proven product development capabilities. Morgan Stanley is advising on the strategic review.

Financial

• Cash of €172.4 million at the end of December 2013 compared to €148.2 million as of end December 2012
• Revenues of €112.8 million in 2013
• Net income of €26.4 million in 2013

Leuven, Belgium – 17 March, 2014 - ThromboGenics NV (Euronext Brussels: THR), an integrated biopharmaceutical company focused on developing and commercializing innovative ophthalmic medicines, today issued a business update and its financial results for the full year ending 31 December  2013.

ThromboGenics has developed JETREA®, the first and only pharmacological treatment indicated for an important sight-threatening condition, symptomatic vitreomacular adhesion (VMA)/ vitreomacular traction (VMT) as known in the US and Europe respectively. Symptomatic VMA/VMT is a progressive, sight-threatening condition that may lead to visual distortion, decreased visual acuity and central blindness.

In mid-January 2013, ThromboGenics launched JETREA® in the US through its own commercial organization. To-date sales of the product have developed more slowly than anticipated despite market research showing a high level of awareness of the product amongst the US retina community.

In Europe JETREA® was approved by the European Commission (EC) in March 2013 for the treatment of vitreomacular traction, including when associated with macular hole of diameter less than or equal to 400 microns. ThromboGenics, in conjunction with its partner Alcon has focused on establishing a strong market access platform for this novel product. This has been achieved as a result of positive reimbursement decisions in the UK, Germany and France.

Alcon launched JETREA® in the UK, the first launch market, followed by subsequent launches in key European markets. The EC approval and the first launch of JETREA® resulted in ThromboGenics receiving a total of €90 million in milestones from Alcon.

In November, Novartis, Alcon’s parent company, announced that the two organizations would work more closely to serve the retinal community outside the US. This decision reflects the significant potential of JETREA® and augurs well for the product’s sales development over the coming years.

Dr Patrik De Haes, ThromboGenics’ CEO, said: “2013 has proved to be an important learning experience for ThromboGenics as the high awareness of JETREA® amongst the retina community in the US has not resulted in the sales we had anticipated.  Over the past 3 to 6 months, we have recalibrated our US organization so that it can drive the adoption of JETREA® for the earlier treatment of patients with symptomatic VMA. Our market research has shown that this is a sizable market as retina specialists look to treat before patients experience deterioration in their condition.

“In Europe, in conjunction with our partner Alcon, we have created a strong reimbursement platform for JETREA® following positive decisions in the UK, Germany and France. With Alcon now working together with Novartis, the right resources and expertise are now in place to build the sales of JETREA® outside the US.

“The recent Board decision to explore strategic options is designed to realize what we continue to believe is the significant commercial potential of JETREA®. While the strategic review process is taking place we will continue to work to ensure that the many patients with symptomatic VMA have access to this novel pharmacological treatment option.”