Leuven, Belgium – 28 August, 2014 - ThromboGenics NV (Euronext Brussels: THR), an integrated biopharmaceutical company focused on developing and commercializing innovative ophthalmic medicines, today issues a business and financial update for the six months ending 30 June, 2014.
The Company announced in June that following a review of strategic options the Board concluded that it was in the best interest of the Company and its shareholders to continue as an independent business.
ThromboGenics’ strategy is focused on:
• Driving the sales of JETREA® in the US
• Supporting Alcon, in conjunction with Novartis, to develop the sales of JETREA® outside the US
• Creating further value by supporting the approved indications for JETREA® and developing new indications in the US, and
• Progressing its pipeline in earlier stage projects focused on diabetic eye disease
The commercial success of JETREA® in the US is at the heart of this strategy. To achieve this goal the Company is focusing on increasing the number of Strategic Key Accounts that use JETREA® consistently for the treatment of patients with symptomatic VMA. It has recently strengthened its US commercial capability with the appointments of Ed Kessig as US Head of Commercial, and Paul G. Howes, who has joined the Company as the Executive Chairman of ThromboGenics, Inc. The board of directors will propose to the next shareholders meeting to appoint Mr Howes as member of the ThromboGenics NV’s Board of Directors.
ThromboGenics is continuing to assist its partner Alcon which, in conjunction with its parent company Novartis, is commercializing JETREA® outside the US.
As part of its plans to build further value from JETREA®, ThromboGenics is beginning to investigate this novel medicine for the treatment of diabetic retinopathy.
ThromboGenics 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. ThromboGenics launched JETREA® in the US in early 2013 through its own commercial organization.
Dr Patrik De Haes, ThromboGenics’ CEO, said: “We have adapted our organizational structure so that we are in position to achieve profitability in the US in 2016, based on sales of JETREA of around €30 million and to become overall cash flow positive in 2017.Our longer term target is to achieve overall revenues of €100 million by 2019. With our current cash of €148.8 million, we are in a position to achieve these targets while maintaining a good level of cash over this period. We are encouraged by the initial success of our Strategic Key Accounts focused marketing and sales approach and believe that these centers will form a strong platform to establish JETREA® as a treatment for patients with symptomatic VMA. In parallel, we are continuing to conduct studies that will deliver additional real-world data to demonstrate to the retina community the clear benefits and value of using JETREA®.
These efforts give us confidence that in time we will be able to capture JETREA®’s significant commercial potential in the US. As part of our strategy we will be investing in developing JETREA® for diabetic retinopathy in the US as we look to expand the long term value that we can generate from this unique medicine.”