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Providing Therapies for Unmet Medical Needs in Oncology & Endocrinology April, 2014 Forward Looking Statement This presentation contains forward-looking statements made pursuant to the safe harbour provisions of the U.S. Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that could cause the Company's actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, among others, the availability of funds and resources to pursue R&D projects, the successful and timely completion of clinical studies, the risk that safety and efficacy data from any of our Phase 3 trials may not coincide with the data analyses from previously reported Phase 1 and/or Phase 2 clinical trials, the ability of the Company to efficiently commercialize one or more of its products or product candidates, the ability of the Company to take advantage of business opportunities in the pharmaceutical industry, uncertainties related to the regulatory process and general changes in economic conditions. Investors should consult the Company's quarterly and annual filings with the Canadian and U.S. securities commissions for additional information on risks and uncertainties relating to forward-looking statements. Investors are cautioned not to rely on these forward-looking statements. The Company does not undertake to update these forward-looking statements. We disclaim any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments, unless required to do so by a governmental authority or by applicable law. Aeterna Zentaris 2 Investment Highlights Company A specialty biopharmaceutical company focused on developing and commercializing treatments in oncology and endocrinology Pipeline High-value, wholly-owned, late-stage product candidates – – MACRILENTM (macimorelin): Orphan Drug designation to evaluate GH deficiency in adults (AGHD) / NDA under review Zoptarelin doxorubicin: targeted therapy for endometrial cancer / Phase 3 (under SPA with FDA) Multiple additional product candidates & indications in development Growth Innovative technology platform supporting long-term growth Leadership Proven leadership with expertise in delivering rapid and consistent revenue and earnings growth Aeterna Zentaris 3 Aeterna Zentaris at a Glance Late-stage specialty biopharmaceutical company Heavily focused on establishing revenues, cash and profitability – In-licensing of products, product acquisition and co-promotions Resource optimization / burn reduction is a priority NASDAQ: AEZS, TSX: AEZ – Market cap ~$70M Cash on hand as of Dec. 31, 2013: $43.2M with no debt Financing completed in Jan. 2014: $12.2M in net proceeds Aeterna Zentaris 4 Leadership with Significant Industry Success and Expertise Executive Title Prior Affiliation(s) Years of Experience David Dodd President and CEO Abbott, BMS, Wyeth, Solvay, Serologicals and others 30+ Jude Dinges Senior VP and CCO Merck, Novartis, Amgen 25+ Richard Sachse Senior VP and CSO Boehringer Ingelheim, Bayer, Schwarz Pharma and UCB 20+ Dennis Turpin Senior VP and CFO Coopers & Lybrand 25+ Aeterna Zentaris 5 Strategic Growth Plan Pursue successful development and commercialization of our pipeline – MACRILENTM – Zoptarelin doxorubicin Achieve successful in-/out-licensing opportunities – Integrated commercial activities – Leverage sales force Become a growth oriented specialty biopharmaceutical company Aeterna Zentaris 6 Pipeline – Supporting Long-Term Growth Product Candidate Discovery Preclinical Phase 1 Phase 2 MACRILENTM (macimorelin) NDA Evaluate AGHD Cancer Induced Cachexia (1) Macimorelin Zoptarelin doxorubicin Endometrial Cancer Ovarian(2) and Prostate(1) Cancer Zoptarelin doxorubicin AEZS-120 Phase 3 Prostate Cancer Prostate Cancer(3) Ozarelix Multiple Cancers(3) Perifosine AEZS-129-136 - Erk/PI3K Inhibitors Oncology AEZS-137 - Disorazol Z Oncology AEZS-138 - LHRH - Disorazol Z Oncology Compound library (1) Investigator-driven and sponsored Aeterna Zentaris (2) Phase 2 in ovarian cancer completed (3) Sponsored entirely by license partners 7 Macimorelin Product Profile and Status Product Novel orally-active ghrelin agonist that induces a fasting patient’s GH secretion Phase 3 completed in AGHD under SPA Status NDA under review by the FDA as an oral ghrelin agonist for the evaluation of AGHD, under the trade name MACRILENTM – Canadian registration to be pursued ASAP – Pediatric indication to be pursued ASAP Investigator-driven Phase 2 trial as a potential treatment for cancer-induced cachexia Aeterna Zentaris 8 Annual Market Opportunity for AGHD Evaluation US Existing Evaluations in Adults1 36,000 Potential Evaluations Resulting from Traumatic Brain Injury in Adults2 180,000 216,000 1 Source: Navigant, 2009 Source: Centers for Disease Control and Prevention (CDC), 2010 2 Source: Fernandez-Rodrigues et al., Frontiers in Endocrinology, 2011 2 Source: Agha et al., British Journal of Neurosurgery, 2007 2 Source: Popovic et al., AGHD, Frontiers of Hormone Research, Basel, Karger, 2005 2 Aeterna Zentaris 9 Significant Expansion Opportunity for AGHD Evaluation Traumatic Brain Injury (TBI) – U.S. Annually 950,000 emergency department visits or hospitalizations resulting from TBI event1 1/3 will have moderate to severe TBI with 60,000 developing GHD2-3 GHD patients should be evaluated at 3, 6 and 12 months following TBI, for a potential total of 180,000 annual tests in the U.S. alone4 Falls into our anticipated approved indication 1 Source: Centers for Disease Control and Prevention (CDC), 2010 Source: Fernandez-Rodrigues et al., Frontiers in Endocrinology, 2011 3 Source: Agha et al., British Journal of Neurosurgery, 2007 4 Source: Popovic et al., AGHD, Frontiers of Hormone Research, Basel, Karger, 2005 2 Aeterna Zentaris 10 Current Tests Billing Costs Provocative Tests Total Current Billing Costs (materials & physician services) Insulin Tolerance Test (ITT) ~$2,000 to $3,200 Glucagon Stimulation Test (GST) Source: Zack Consulting Services – 2013 Aeterna Zentaris 11 MACRILENTM Next Steps NDA under review to evaluate AGHD – PDUFA date: November 5, 2014 Commercial plan for product launch in the U.S. – – – – Core sales force of 20 reps 30 centers for GH evaluation in adults 2,500 specialists to target Achieve highest share of promotional activity within the category (50% - 75%) Pursue registration to evaluate AGHD in Canada Continue development in pediatric use and for other territories Aeterna Zentaris 12 LHRH Receptor Expression in Human Tumor Tissue LHRH receptors Aeterna Zentaris LHRH receptors are over-expressed on many reproductive system tumors 13 Zoptarelin Doxorubicin Product Profile and Status Product Patented peptide-drug conjugate (PDC) targets receptors delivering potent chemo agent doxorubicin to tumor cells Focused on delivering targeted chemotherapy with reduced adverse events Status Completed Phase 2 studies in endometrial and ovarian cancer with positive results ZoptEC Phase 3 trial in endometrial cancer currently enrolling in North America, Europe and Israel – FDA Special Protocol Assessment (SPA) – EMA Scientific Advice and Voluntary Harmonization Process – CRO Ergomed to assume 30% up to $10M of clinical and regulatory costs Exploring clinical efficacy in other LHRH-receptor positive cancers Aeterna Zentaris 14 Zoptarelin Doxorubicin Phase 3 Study Design in Recurrent Endometrial Cancer Under SPA Phase 3 “ZoptEC” (Zoptarelin doxorubicin in Endometrial Cancer) trial in women with advanced, recurrent or metastatic endometrial who have progressed and who have received one chemotherapeutic regimen with platinum and taxane (either as adjuvant or first line treatment) Patients n = 500 Randomized one to one Zoptarelin doxorubicin against doxorubicin Dosing 267 mg/m2 (zoptarelin doxorubicin) against 60 mg/m2 (doxorubicin) IV infusion every 3 weeks Primary endpoint Overall survival (minimum 3 month improvement) 384 events Interim analysis at ~128 events and ~192 events Aeterna Zentaris 15 Zoptarelin Doxorubicin Next Steps Activate all clinical sites and associated recruitment for the Phase 3 ZoptEC trial in endometrial cancer Interim results in 2015 (~128 events) Continue the sponsored investigator-driven Phase 2 program in prostate cancer Commercial plan – Prepare commercial launch in North America and Europe – Establish partnerships in ROW Aeterna Zentaris 16 Delivering on our Milestones Milestones for 2013 STATUS Cetrotide® Transfer of Cetrotide® manufacturing rights to Merck KGaA o MACRILENTM NDA submission to evaluate AGHD Complete commercial plans for initial product launch o o Macimorelin Continue Phase 2 trial in cancer-induced cachexia o Zoptarelin doxorubicin Agreement signed with Ergomed as CRO First patient recruited for the Phase 3 ZoptEC trial in endometrial cancer Initiate > 50% of clinical sites Continue Phase 2 programs in prostate and triple-negative breast cancers o o o o Aeterna Zentaris 17 Delivering on our Milestones Milestones for 2014 STATUS MACRILENTM NDA review completed in AGHD Complete pre-launch activities in AGHD Development plan to expand opportunity in other regions & indications o o o Macimorelin Results from investigator-driven Phase 2 in cancer-induced cachexia o Zoptarelin doxorubicin Complete clinical sites initiation (over 100 sites) for ZoptEC Phase 3 trial Reach expected patient enrolment to secure a first interim analysis for ZoptEC Phase 3 trial in H1-2015 Results from the investigator-driven Phase 2 study in prostate cancer Aeterna Zentaris o o o 18 Value Drivers MACRILENTM U.S. launch as an oral ghrelin agonist inducing GH release to evaluate AGHD Canadian registration for evaluating AGHD Expand development and application to evaluation of GHD in children Zoptarelin doxorubicin ZoptEC Phase 3 trial: − First interim analysis (128 events) − Second interim analysis (180 events) − Results (365 events) Phase 2 results in prostate cancer Addition of commercial products In-licensing products, product acquisition or co-promotions Aeterna Zentaris 19 Vision Transform Aeterna Zentaris from R&D stage to a commercially operating company through: Working towards successful development and commercialization of our pipeline Pursuing successful in-/out-licensing opportunities Aeterna Zentaris 20