Full year conference call

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					Full year 2011 - conference call
28 February 2012 – 9.30am Copenhagen / 8.30am London time/ 3.30am New York time
Dial in: DK +45 3271 4767, UK +44 207 509 5139 / US +1 718 354 1226
Forward looking disclaimer

This presentation contains certain “forward-looking Statements”, relating to NeuroSearch activities
and business, which can be identified by the use of forward-looking terminology such as
“estimates”, “believes”, “expects”, “may”, “are expected to”, “will”, “should” or other similar
expressions, or by discussions of strategy, plans or intentions. Such forward-looking statements
reflect the current views of the company with respect to future events and are based on data,
assumptions and estimates that the company considers to be reasonable. Many factors could
cause the actual results, performance or achievements of NeuroSearch to be materially different
from any future results, performances or achievements that may be expressed or implied by such
forward-looking statements. Such factors include, among others, risks associated with product
discovery and development, uncertainties related to the performance and outcome of clinical trials,
unforeseen product safety issues, issues relating to manufacturing, market approval or acceptance
of NeuroSearch products, competition, intellectual property issues, market conditions and general
economic conditions. Should one or more of these risks or uncertainties materialize, or should
other risks or uncertainties not foreseen or not identified materialize or should underlying
assumptions prove incorrect, the actual results of the company may be materially and adversely
affected as compared the forward-looking statements described in this presentation. NeuroSearch
does not undertake to meet, or give any guarantee that it will meet, the intentions or goals that may
be described in this presentation.

Full year 2011 - conference call                  2                                  28 February 2012

         Full year report 2011

         Business highlights during 2011 to date


         Expected 12 months news flow

Full year 2011 - conference call          3        28 February 2012
Financial results – full year 2011
     NeuroSearch Group (DKK million)                                   2011                2010
     Revenue                                                               0                     0
     Total costs                                                       *(383)               (168)
     Operating profit/(loss)                                           (383)                (168)
     Net financial income/(expense)                                       34                   22
     Tax                                                                   0                   47
     Net result of continuing activities                               (349)                 (99)
     Net result of discontinuing activities                            (329)                (160)
     Net result for Group                                              (678)                (259)
     *Include DKK 170 million one-off costs regarding an impairment write-down of intangible assets
       and a provision for changed milestone payments to the sellers of Carlsson Research and
       additional DKK 99 million related to impairment charges on property and other assets

      Liquidity and capital resources on 31 December 2011

      ●      Cash and cash equivalents including securities totalled DKK 221 million
      ●      Expected total payments for staff working on projects under the alliance
             with Janssen, DKK 38 million
      ●      Remaining payments from the sale of Sophion Bioscience DKK 9 million

Full year 2011 - conference call                                   4                                  28 February 2012
Financial expectations for 2012
     Financial expectations for 2012
     ●   Operating loss on continuing operations of approximately DKK 75 million excluding
         any possible costs related to the phase III programme on Huntexil®

     ●   The Prime-HD study will not be initiated before financing is secured to finalise the
         study. So far, no decision on preferred route of financing has been taken

     ●   No further costs related to the discontinued operations are expected in 2012. The cash
         flow effect in 2012 is expected to be in the region of DKK 70 million.

Full year 2011 - conference call                          5                                     28 February 2012
Highlights in 2011 to date
         Restructuring to focus on Huntexil®
         – On 27 September 2011 NeuroSearch announced a restructuring of the company to focus
                financial and managerial resources on the further development of Huntexil®

         – The Lilly alliance ended according to the agreement on 17 February 2012
         – The Janssen alliance was extended to August 2013

         Associated companies
         – Sale of shareholding in Sophion Bioscience A/S with proceeds of DKK 41 million

         Carlsson sellers
         – Changed share purchase agreement with Carlsson sellers was entered into providing
                NeuroSearch the freedom to fully focus on the development of Huntexil®

         Capital structure
         – On 20 February 2012 NeuroSearch was granted permission by the general meeting to
                reduced the share capital to DKK 24,553,947 in multiples of DKK 0.05

Full year 2011 - conference call                           6                                 28 February 2012
Highlights in 2011 to date
         Huntexil® for motor symptoms associated with Huntington’s disease
         – Feedback from FDA after End of Phase II meeting and EMA after Scientific Meeting

         – Both agencies requested additional phase III data on TMS to support previous studies

         – The FDA requested evidence of a statistically significant effect on an endpoint which
                supports clinical relevance and further recommended to investigate higher doses of

         – Preliminary results from Multiple Ascending Dose study (MAD) confirm planned doses of
                45 and 67.5 mg, twice daily of Huntexil® in Prime-HD

         – Open-HART safety extension study completed enrolment with 118 patients (55% of eligible

         – The Compassionate use program for former MermaiHD patients now includes 130 patients
                (43% of eligible patients)

         – The MermaiHD study primary manuscript was accepted and published by The Lancet

Full year 2011 - conference call                           7                                   28 February 2012
Huntexil® investment highlights
         There is no effective treatment of Huntington’s disease and Huntexil® is the first compound to
         address the overall motor symptoms

         Large clinical studies have shown statistically significant improvement of patients’ overall
         motor function

         Huntexil® is safe and well-tolerated in the doses tested with no worsening of other disease

         Patent protection until 2024 / 2025 in the USA and 2025 in the EU, both including extensions

         All rights for Huntexil® are retained by NeuroSearch

         Huntexil® has designated orphan drug status with both the FDA and the EMA granting seven
         and ten years market exclusivity, respectively

         NeuroSearch believes there is an unmet treatment need with an estimated approximately
         110,000 patients in the major markets

Full year 2011 - conference call                          8                                     28 February 2012
  Huntexil® effect on TMS
The MermaiHD study                                           The HART study

 The MermaiHD study                                              The HART study
 • Phase III study with 437 patients in eight European           • Phase IIb study with 237 patients in the United States
   countries                                                       and Canada
 • Statistically significant effects on TMS after 26 weeks       • Statistically significant effect on TMS after 12 weeks
 • The primary endpoint (mMS) was not met                        • The primary endpoint (mMS) was not met

  Full year 2011 - conference call                           9                                            28 February 2012
Huntexil® Phase III programme overview



                                   Phase III: Prime-HD 45 mg or 67.5 mg both twice daily vs placebo, 26 weeks

                                                 Phase III extension: Open Prime-HD 67.5 mg twice daily, 26 weeks

                                                          Abuse liability


Full year 2011 - conference call                                      10                                        28 February 2012
Prime-HD for Huntexil®
Phase III efficacy study design

• Global study with 630 patients in three treatment arms
• Primary endpoint is TMS. The primary objective is to show efficacy of Huntexil® 45 mg twice daily
  on TMS
• Other endpoint will be the Clinical Global Impression (CGI) scale to further evaluate the clinical
  relevance of the effect

Full year 2011 - conference call                      11                                   28 February 2012
Expected 12 months news flow
         Huntexil® for motor symptoms associated with Huntington’s disease
         – Final results from the Multiple Ascending Dose study during Q2 2012
         – European market research study by mid-2012
         – Scientific publications

         Other news
         – Financing of NeuroSearch via partnership agreement for Huntexil® or
                capital increase
         – Advances and potential exit for the associated companies
         – Update on the Janssen alliance
         – Potential spin-outs from/of NsDiscovery and NeuroSearch Sweden

Full year 2011 - conference call                      12                         28 February 2012
For more information, please visit; www.neurosearch.com
or write to; investor@neurosearch.com

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