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					                  an integrated
                       strategy
                 to cure cancer




MolMed S.p.A.
Results 2008
Milan (Italy)
March 17, 2009
                                                                                                   Disclaimer

Forward-looking statements:
This Presentation contains forward-looking statements, based on the current expectations and projections of the
Company about future events. All statements, other than statements of historical fact, contained herein are forward-
looking statements. Forward-looking statements are subject to inherent risks and uncertainties, such that future
events and actual results may differ materially from those set forth in, contemplated by or underlying such forward-
looking statements. The Company may not actually achieve or fully implement its plans, intentions or expectations.
There can be no assurance that actual results of the Company’s research programs, development activities,
commercialisation plans, collaborations and operations will not differ materially from the expectations set forth in
such forward-looking statements. Any historical or forward-looking statements expressed in this Presentation are
subject to change without notice, and the Company is not under any obligation to update or keep current the
information contained herein.
Industry data and forecasts used throughout this Presentation were obtained from various pharmaceutical industry
sources and from other publications, which the Company believes are reliable. However, the Company has not
independently verified such data and forecasts and the Company makes no representation as to the accuracy of such
information.

Declaration by the official Corporate Financial Reporting Manager:
The undersigned herewith attests, pursuant to Article 154-bis, paragraph 2 of the Italian Consolidated Law on Finance
(Legislative Decree 58/1998), that the accounting disclosure contained in this presentation matches documentary
evidence, corporate books, and accounting records.
Enrico Cappelli, Chief Financial Officer, official Corporate Financial Reporting Manager



MolMed S.p.A. – Corporate Update, Palazzo Anguissola (Milano), March 17, 2009                                       2
                                                                                Contents and Speakers




      Company overview
      Marina Del Bue, General Manager

      Business review and product pipeline
      Claudio Bordignon, Chairman and CEO

      Financials
      Enrico Cappelli, Chief Financial Officer

      Positioning in the biotech scenario
      Holger Neecke, Director Business Development, Investor Relations




MolMed S.p.A. – Corporate Update, Palazzo Anguissola (Milano), March 17, 2009
                                                                                Index




      Company overview
      Marina Del Bue, General Manager

      Business review and product pipeline
      Claudio Bordignon, Chairman and CEO

      Financials
      Enrico Cappelli, Chief Financial Officer

      Positioning in the biotech scenario
      Holger Neecke, Director Business Development, Investor Relations




MolMed S.p.A. – Corporate Update, Palazzo Anguissola (Milano), March 17, 2009
                                                                                    Strong position to create value




                                                                       Late-stage
                                                                        pipeline
                                                                                          Leader in
                                       Proven
                                                                                       oncology clinical
                                     innovation
                                                                                        development
                                                                                                               Financial
   Team-driven
                                                                                                           strength due to
     culture
                                                                                                              recent IPO




MolMed S.p.A. – Corporate Update, Palazzo Anguissola (Milano), March 17, 2009                                                5
                                                              Clinical-stage company focused on oncology


    2 anticancer therapeutics in late-stage clinical development
    Experienced management team
    Research partnership with the San Raffaele Institute
    IPO in 2008, listed on the Milan Stock Exchange




MolMed S.p.A. – Corporate Update, Palazzo Anguissola (Milano), March 17, 2009                          6
                                                                                                   Successful IPO in 2008

     Listed on the Milan Stock Exchange (MTA) since March 5, 2008
     One of 3 IPOs of biotech companies worldwide in 2008
     Only IPO on the MTA in 2008
     Financials:
        •    Capital raised at IPO: € 56.2 million
        •    Issued shares post IPO: 104,467,808
        •    Market cap (March 13, 2009): € 108.6 million
 Shareholders at December 31, 2008(∗)
  Science Park Raf S.p.A.                                        Airain Lda
          21.14%                                                  21.12%


                                                                                Fininvest S.p.A.
                                                                                    17.33%


       Free float                                             Delfin S.àr.l.
        21.55%                     H-Equity S.àr.l.              8.66%
                    Arner Bank S.A.    SICAR
                        2.01%          8.19%

(∗) Source: Communications to MolMed at 31/12/2008
MolMed S.p.A. – Corporate Update, Palazzo Anguissola (Milano), March 17, 2009                                           7
                                    Team combining scientific and industrial expertise (I/II)

                Claudio Bordignon, MD, President and CEO
                Former Scientific Director of the San Raffaele Scientific Institute, and pioneer in
                the clinical validation of several successful cell-based therapies, for both genetic
                and acquired disorders. Among the 22 eminent founding members of the
                Scientific Council of the European Research Council (ERC)
                Marina Del Bue, BSC, MBA, General Manager
                Over 20 years experience in managing product development in the pharma
                industry, previously at Menarini Group. She led MolMed’s evolution from service
                to product company. Member of the Boards of EuropaBio and Assobiotec
                Enrico Cappelli, BEC, Chief Financial Officer
                13 years experience in managerial positions of increasing responsibility in finance
                and administration, previously at a Group listed on the Milan Stock Exchange.
                Chartered Accountant and member of the Official Register of Public Auditors

                Holger Neecke, PhD, MBA, Director Business Development
                At MolMed since 2001, he is in charge inter alia of building MolMed’s strategic
                alliances. He closed license agreements with pharma and biotech companies in
                EU, US and Japan
MolMed S.p.A. – Corporate Update, Palazzo Anguissola (Milano), March 17, 2009                          8
                                   Team combining scientific and industrial expertise (II/II)

                Cynthia Giuliani, BA Hons, Director Human Resources
                20 years experience in human resources and compensation related matters, gained in multinational and
                biotech companies such as Roche and Liebert Hiross, and most recently in Bioxell

                Daniele Pieraccioli, PhD, European Patent Attorney, Director IP
                30 years experience in pharma and biotech companies, including GlaxoSmithKline and Serono. Member of
                the Board of the European Patent Institute and Board Director of the European Association of Patent
                Attorneys in Industry
                Gian Paolo Rizzardi, MD, Director Research
                15 years experience in research on immunotherapeutic strategies. Working at MolMed, he also developed
                a broad and in-depth experience in tumour homing pepdies and vascular targeting agents. Previously at
                the University of Lausanne
                Raul Ziliotto, BSC, Director Drug Development
                20 years experience in drug development focused on biological and biotech-based drugs. Formerly
                Director of Biological Products Development and responsible for plant validation at Pharmacia,
                Pharmacia-Upjohn, Pfizer and Nerviano Medical Sciences
                Marco Dieci, BSC, Qualified Person, Director Operations
                10 years experience in QC, QA and GMP production of medicinal products, previously at Chiesi
                Farmaceutici SpA e Lameplast SpA

                Antonio Lambiase, MD, Director Clinical Development
                Over 15 years experience at Roche in the areas of oncology and haematology, as medical responsible for
                the clinical development of several novel biotech-based compounds

MolMed S.p.A. – Corporate Update, Palazzo Anguissola (Milano), March 17, 2009                                            9
                                                                                       Scientific Advisory Board
                                                                          of recognised international reputation

    Provides independent assessment of MolMed’s R&D projects and results
    Chaired by Claudio Bordignon, and composed by leading international experts in the
    field of cancer
                Robert Kerbel: Professor in the Departments of Medical Biophysic and of
                Laboratory Medicine & Pathobiology at the University of Toronto, Canada
                Research Chair in Tumour Biology, Angiogenesis and Antiangiogenic Therapy

                Carl-Henrik Heldin: Branch Director of the Ludwig Institute for Cancer Research
                in Uppsala (Sweden), Professor in Molecular Cell Biology at Uppsala University


                Didier Trono: Deputy Director of the Swiss National Science Foundation
                “Frontiers in Genetics” pole of competence, Professor and Dean of the School of
                Life Sciences at the Ecole Polytechnique Fédérale in Lausanne (Switzerland)

                Alberto Sobrero: Head of the Medical Oncology Unit at Ospedale San Martino in
                Genova (Italy), Vice-President of the EORTC (European Organisation for research
                and Treatment of Cancer)

MolMed S.p.A. – Corporate Update, Palazzo Anguissola (Milano), March 17, 2009                                 10
                                                                                                    Long-term strategy




                                                                                                         Diversified
                                                                                                     pipeline to create
                                                                                       GMP                value for
                                            Efficient clinical                  manufacturing of        shareholders
                                            & pharmaceutical                    cell/gene therapy
                                              development                            products
            Focus on
            oncology                         independently
           indications                      or with partners
          needing new
             options




                            A full industrial project built on a strong science basis

MolMed S.p.A. – Corporate Update, Palazzo Anguissola (Milano), March 17, 2009                                             11
                                                                                  Focus on unmet needs in oncology

 Indications targeted by MolMed
                                      700.000
                                                        Colon-rectum
                                      600.000
       Europe, Japan and Australia)
        Incidence (North America,




                                      500.000
                                                                                          Lung (NSCLC)
                                                                                                               No or few treatment options
                                      400.000                       NGR-hTNF
                                                                    NGR-hTNF                                   approved or in develoment in:
                                                                                                                   First/second line
                                      300.000
                                                                                                                   Third/fourth line
                                                                                              Lung (SCLC)
                                      200.000
                                                                                 Leukaemia            Liver
                                      100.000
                                                                         Ovary
                                                                   Sarcomas1                           Mesothelioma1
                                           0                                             TK
                                                                                         TK
                                                0,00    0,33                      0,67                      1,00
                                                        Mortality / incidence ratio
                                                       Unmet medical need

Source: Globocan 2002; 1Company estimate
MolMed S.p.A. – Corporate Update, Palazzo Anguissola (Milano), March 17, 2009                                                              12
                                       Efficient development independently or with partners


   Specialised indications (TK): in-house clinical development, production and marketing
   (except in Asia)
   Indications with large market potential (NGR-hTNF): open to partnerships with major
   pharma and biotech companies for clinical development, production and marketing

                                                                                                           Avecia Biologics
                        Pharmaceutical development and manufacturing
                                                                                                             Industrialisation of
                                Clinical-grade                       Industrial                              production process
                                                                                                             Supplier of market-
                                   Preclinical             Clinical               Marketing    Hospital      compliant product for
                 Research         development            development              and Sales   (patients)     Phase III



HSR - San Raffaele Scientific Institute                                     Takara Bio Inc
  Host institution: strategic context for                                     Licensee and co-developer of TK for Asia
  healthcare R&D                                                              Conducting Phase I of TK in Japan
  Option right on research in cancer and AIDS

MolMed S.p.A. – Corporate Update, Palazzo Anguissola (Milano), March 17, 2009                                                    13
                                                                                In-house GMP manufacturing facility

   Status of pharmaceutical company granted by the Italian Drug
   Agency (AIFA)

   Meets both EMEA and FDA requirements for production of
   clinical-grade bulk drug substances

   Manufacturing of genetically modified patient-specific cells

   Development & manufacturing services of investigational gene
   therapies for rare diseases


    Acknowledged international reputation in cell and gene therapy




MolMed S.p.A. – Corporate Update, Palazzo Anguissola (Milano), March 17, 2009                                     14
                                                                                Index




      Company overview
      Marina Del Bue, General Manager

      Business review and product pipeline
      Claudio Bordignon, Chairman and CEO

      Financials
      Enrico Cappelli, Chief Financial Officer

      Positioning in the biotech scenario
      Holger Neecke, Director Business Development, Investor Relations




MolMed S.p.A. – Corporate Update, Palazzo Anguissola (Milano), March 17, 2009
                                                                Major pipeline developments 2008 → 2009

    Progress focused on clinical and pharmaceutical development of most advanced
    projects TK and NGR-hTNF
    In particular, remarkable expansion of clinical trials of NGR-hTNF requires growing
    commitment and resources
    Therefore, MolMed decided:
       •    To interrupt the development of M3TK
       •    Not to continue research on AIDS gene therapy (MM-F12): termination of the joint project was
            agreed with partner Takara Bio
       •    Not to run a separate Phase I/II trial for TK in the US: clinical centres will get involved in
            Phase III trial TK008




MolMed S.p.A. – Corporate Update, Palazzo Anguissola (Milano), March 17, 2009                                16
                                                                                Product pipeline – March 2008


Product                        Indication (trial code)            Res Precl         Phase I   Phase II   Phase III
TK                             High-risk leukaemia (TK007, TK008)
                               Haem. malignancies US
 NGR-hTNF                      Solid tumours [ MTD] (EORTC)
(ARENEGYR)                     Solid tumours [low dose] (NGR002)
                               Colorectal cancer (NGR006)
  single agent                 Hepatocarcinoma (NGR008)
                               Mesothelioma (NGR010)
                               Small cell lung cancer (NGR007)
                               HR prostate cancer
                               Solid tumours (NGR003)
  + doxorubicin                Ovarian cancer
                               Sarcomas
 + XELOX regimen               Colorectal cancer (NGR005)
 + cisplatin                   Solid tumours (NGR004)
M3TK                           Melanoma (IPR02)
NGR-IFNγ                       Solid tumours
NGR-IL12                       Solid tumours
MM-F12                         AIDS
Legenda for clinical trials:     completed        ongoing      planned
MolMed S.p.A. – Corporate Update, Palazzo Anguissola (Milano), March 17, 2009                                        17
                                                                                      Product pipeline – March 2009


Product                        Indication (trial code)                          Res Precl   Phase I   Phase II   Phase III
TK                             High-risk leukaemia (TK007, TK008)

NGR-hTNF                       Solid tumours [ MTD] (EORTC)
                               Solid tumours [low dose] (NGR002)
                               Colorectal cancer (NGR006)
  single agent                 Hepatocarcinoma (NGR008)
                               Mesothelioma (NGR010)
                               Solid tumours [high dose]
                               Small cell lung cancer (NGR007)
                               Solid tumours (NGR003)
  + doxorubicin                Ovarian cancer (NGR012)
                               Sarcomas
  + XELOX regimen              Colorectal cancer (NGR005)
  + cisplatin                  Solid tumours (NGR004)
                               Lung cancer/NSCLC
NGR-IFNγ                       Solid tumours
NGR-IL12                       Solid tumours

Legenda for clinical trials:     completed        ongoing      planned
MolMed S.p.A. – Corporate Update, Palazzo Anguissola (Milano), March 17, 2009                                                18
                                                              Unique assets for cancer therapy innovation

MolMed value proposition
                        Only approach enabling HSCT for all patients lacking a fully matched donor
     TK
                        Phase III in high-risk leukaemia started in Italy
                        Project of own industrial production capability and commercialisation with a focused
                        sales force
                        Market potential: € 390-420 million expected peak sales1

NGR-hTNF                VTA with unique and broad potential in very different types of solid tumours
                        Efficacy in indications with no treatment options and/or in heavily pre-treated
                        patients (Phase II data in CRC, MPM and HCC)
                        Commercialise in Europe, partner with pharma/biotech companies in US & ROW
                        Market potential: € 2.6 billion expected peak sales2




Note: Peak sales in Europe, U.S. and Japan. Indications: for TK acute myeloid leukaemia (AML); for NGR-hTNF colorectal (CRC), liver (HCC) and small-cell lung
cancer (SCLC), and mesothelioma (MPM)
Sources: 1Analyst consensus (Nomura Code, Société Générale); 2Updated company assessment after ESMO 2008

MolMed S.p.A. – Corporate Update, Palazzo Anguissola (Milano), March 17, 2009                                                                                   19
                        TK opens the door of bone marrow transplants to all patients

    Cell-based therapy enabling safe and effective haematopoietic stem cell transplant
    derived from the bone marrow of partially compatible donors (haplo-HSCT)
    Addresses a high unmet need: ~60% of patients miss a fully compatible donor
    Allows to keep the benefits of add-backs of donor T cells in haplo-HSCT
    Orphan Drug Status in the EU (2003) and in the US (2005)


Advantages assessed in Phase II trial:
     Early and sustained immune-reconstitution, allowed by donor T
     cells → dramatic reduction of transplant-related mortality
     Improvement of overall survival
     Prompt donor availability for all patients lacking a fully compatible
     one




MolMed S.p.A. – Corporate Update, Palazzo Anguissola (Milano), March 17, 2009            20
                                                               TK Phase II trial: reduced transplant-related mortality

               Transplant-related mortality: results of TK Phase II trial (TK007) vs EBMT survey

                               1.0                                                                         1.0
transplant-related mortality




                               0.8                                                                         0.8
                                                                         TK Phase II trial (TK007)                               Survey data on haplo-HSCT

                               0.6       No T-cell add-back (n=21)                                         0.6
                                                                                                                                 No T-cell add-back (n=146)

                               0.4                                                                         0.4

                                              Infused with TK cells (n=28)
                               0.2                                                                         0.2
                                                           Infused with TK cells and IR (n=22)

                               0.0                                                                         0.0

                                     0    5     10    15      20   25    30    35   40    45     50              0   5     10   15   20   25   30   35

                                                                                                 months after HSCT

                                               Add-back of TK cells: TRM rate                                            No T-cell add-back: TRM rate
                                          In immune-reconstituted (IR) patients 10%                                           approximately 50%

Sources: Ciceri, Bonini et al (publication accepted The Lancet Oncology); Blood (ASH Annual Meeting Abstracts) 2008 112: Abstract 353; Blood. 2008 Nov 1;
112(9):3574-81
MolMed S.p.A. – Corporate Update, Palazzo Anguissola (Milano), March 17, 2009                                                                                 21
                                                                                TK achievements and outlook


 Achievements 2008
    Phase III trial TK008 started in Italy: first Phase III trial of a cell therapy with genetically
    engineered cells ever authorised by the Italian Drug Agency (AIFA)
    Clinical development started in Japan by partner Takara Bio Inc.: Phase I trial on
    leukaemia patients at the National Cancer Center in Tokyo
    Publication of results of Phase II trial TK007 accepted by The Lancet Oncology (March
    2009)

  Outlook 2009-2010
    Expansion of Phase III trial in Europe, including the 10-15 key clinical centres
    Expansion of Phase III trial in the US
    Availability of interim data on Phase III trial


                                    TK clinical validation in Phase III randomised trial
                                              vs T cell-depleted haplo-HSCT

MolMed S.p.A. – Corporate Update, Palazzo Anguissola (Milano), March 17, 2009                             22
                                                     NGR-hTNF is a novel vascular targeting agent
                                                 with broad therapeutic potential in solid tumours

NGR-hTNF is a first-in-class fusion protein targeting tumour blood vessels:
   No tumour-type specificity, active in                                         Structure of NGR-hTNF (1 subunit)
   tumours with different growth patterns
   Very favourable safety profile                                                CNGRCG peptide: targets CD13, present on
                                                                                 tumour neo-vasculature
   Improves efficacy of chemotherapeutics
   In Phase II trials in 5 types of solid tumours




       Multiple therapeutic applications
  in a wide range of different solid tumours
  as single agent or in combination therapy


                                                                                hTNF:
                                                                                human anticancer
                                                                                  cytokine

MolMed S.p.A. – Corporate Update, Palazzo Anguissola (Milano), March 17, 2009
                                                                      NGR-hTNF Phase II clinical development

    Over 200 patients treated in Phase II trials:
       •   Single arm trials in patients with advanced disease, pre-treated with available therapies
       •   Two administration schedules tested: q3w and q1w
    Optimal safety profile:
       •   No cumulative, overlapping and long-term toxicity
       •   Side effects essentially consitutional symptoms (chills) limited to infusion time


    Single agent (enrollment completed):
       •   Colorectal carcinoma (NGR006)
                                                                                  Results of q3w
       •   Hepatocellular carcinoma (NGR008)
                                                                                patients presented
       •   Malignant pleural mesothelioma (NGR010)                                    in 2008

    Combination therapy (ongoing):
       •   + doxorubicin in small cell lung cancer (NGR007)
       •   + doxorubicin in ovarian carcinoma (NGR012)
       •   + Xelox in colorectal carcinoma (NGR005)


MolMed S.p.A. – Corporate Update, Palazzo Anguissola (Milano), March 17, 2009                              24
                                              Results in colorectal cancer (Phase II trial NGR006)

Antitumour activity (33 patients, q3w):                                           Overall survival in patients with q3w schedule
    Disease Control Rate: 41%                                                                               Best supportive care    NGR-hTNF
                                                                                                                 Median OS:         Median OS:
    Median Progression Free Survival = 2.3 months                                                                 6 months
    (vs 1.8 months BSC)                                                                                                            13.1 months

    Median Overall Survival = 13.1 months (vs 6
                                                                                                      100
    months reported for best supportive care)




                                                                                   Percent survival
           Overall survival more than doubled                                                         50
             with respect to data reported
                for best supportive care

                                                                                                       0
                                                                                                               3      6       9      12      15   18

                                                                                                                                      13.1

                                                                                                                   Time (months)


Sources: ESMO 2008, Abstract 397P (Poster); ASCO GI 2009, Abstract 454 (Poster)
MolMed S.p.A. – Corporate Update, Palazzo Anguissola (Milano), March 17, 2009                                                                          25
                                                           Results in liver cancer (Phase II trial NGR008)

Antitumour activity (27 patients, q3w):                                           Contrast-enhanced CT-scan (arterial phase)
    Disease Control Rate: 30%
    Median Progression Free Survival = 2.3 months
    (no BSC data available)
    1 ongoing complete response, lasting more                                                                 February 2008:
    than 10 months                                                                                            baseline



         An ongoing, complete tumour necrosis
              lasting more than 10 months
          in a patient refractory to sorafenib

                                                                                                              May 2008:
                                                                                                              after 4 cycles
                                                                                                              of NGR-hTNF




Sources: ESMO 2008, Abstract 546P (Poster); ASCO GI 2009, Abstract 247 (Poster)
MolMed S.p.A. – Corporate Update, Palazzo Anguissola (Milano), March 17, 2009                                                  26
                                                      Results in mesothelioma (Phase II trial NGR010)

Antitumour activity (43 patients, q3w):                                           Early PFS comparison: q1w vs q3w schedule
    Disease Control Rate: 44%
    Median Progression Free Survival = 2.8 months
    (vs 1.5 months reported for BSC)                                                                 100
    Median Overall Survival = not yet reached;
    projection >12 months (vs 9 months reported                                                      80
    for BSC)




                                                                                  Percent survival
    Comparison with first data on 14 q1w patients:                                                   60
    dose intensification leads to a nearly doubled
                                                                                                                           Weekly schedule (q1w):
    Progression-Free Survival at 6 months                                                                                  6-month PFS rate: >30%
                                                                                                     40

                                                                                                                           Triweekly schedule (q3w):
                                                                                                     20                        6-month PFS rate: 17%

       The dose intensification may significantly
          prolonge disease control duration                                                           0
                                                                                                          0   3        6          9        12

                                                                                                                  Time (months)


Sources: ESMO 2008, Abstract 546P (Poster); ASCO GI 2009, Abstract 247 (Poster)
MolMed S.p.A. – Corporate Update, Palazzo Anguissola (Milano), March 17, 2009                                                                       27
                                                                                NGR-hTNF achievements and outlook


 Achievements 2008
     Promising Phase II data presented at major clinical meetings (ASCO, ESMO)
     Start of 3 new Phase II trials, investigating new indications/treatment schemes
     Orphan Drug designation for the treatment of mesothelioma (in EU and US)
     Agreement with Avecia Biologics for product industrialisation and supply for Phase III
     Key European patent granted on the molecule
     Mechanism of action elucidated

  Outlook 2009-2010
   Outlook 2009-2010:
   Top-line results on Phase II trials at ASCO and ESMO 2009
   Start Phase III in mesothelioma



                         6 Phase II trials ongoing in 5 types of solid tumours
               Overall, more than 300 patients treated in completed and ongoing trials
MolMed S.p.A. – Corporate Update, Palazzo Anguissola (Milano), March 17, 2009                                   28
                                                                                              Milestones 2008 and 2009


                 Anticipated 2008                                                   Anticipated 2009

                    Start Phase III trial (TK008) in Italy V                          Expand Phase III trial (TK008) in Europe
     TK
                    Start Phase I/II trial (TK009) in US                        X
                    Paper with final results TK007
                    Preliminary Phase III data

                    Start 5 Phase II trials:                                          Start Phase II trial in NSCLC + cisplatin
                      • SCLC + doxorubicin (NGR007b)                            V     Start Phase I trial at high doses
NGR-hTNF              • CRC + Xelox (NGR005)                                    V     Top line results of Phase II trials:
                      • OC + doxorubicin (NGR012)                               V       • CRC (NGR006)
                      • STS + doxorubicin                                               • HCC (NGR008)
                      • HR-PC                                                   X       • MPM (NGR010)
                    Interim Phase II data at ASCO                               V       • CRC + Xelox (NGR005)
                    Interim Phase II data at ESMO                               V
Legenda for NGR-hTNF indications: SCLC = small-cell lung cancer; CRC = colorectal cancer; OC = ovarian cancer; STS = soft tissue
sarcomas; HR-PC = hormone-refractory prostate cancer; HCC = liver cancer; MPM = mesothelioma


MolMed S.p.A. – Corporate Update, Palazzo Anguissola (Milano), March 17, 2009                                                      29
                                                                                Index




      Company overview
      Marina Del Bue, General Manager

      Business review and product pipeline
      Claudio Bordignon, Chairman and CEO

      Financials
      Enrico Cappelli, Chief Financial Officer

      Positioning in the biotech scenario
      Holger Neecke, Director Business Development, Investor Relations




MolMed S.p.A. – Corporate Update, Palazzo Anguissola (Milano), March 17, 2009
                                                                                                  Profit & Loss account


                                               2006    (∗)
                                                              2007(∗)       2008(∗∗)
                                                                                          Positive trend in revenues
 € thousands
                                                                                          Operating costs: over 65% strictly
Revenues                                          2.725          3.814           3.963
                                                                                          connected to R&D activities
Consumables                                      (1.552)       (1.735)          (1.867)    •   Increased costs for services
Services                                         (5.564)       (7.365)      (11.221)           reflect intensification of
                                                                                               development activities
Use of third-party assets                        (1.040)       (1.129)          (1.266)
                                                                                           •   Marked staff increase: full-time
Personnel                                        (3.486)       (4.562)          (6.711)        employees grew from 61 in 2006
                                                                                               to 91 at end 2008
Other operating costs                               (142)         (265)          (225)

Depreciation and amortization                    (1.779)       (1.706)          (1.783)
                                                                                          Financial income in 2008
                                                                                          connected to cash management
Total operating costs                         (13.563) (16.763) (23.073)
                                                                                          In 2009 operating costs will be
Operating result                              (10.838) (12.949) (19.110)                  tightly controlled
Net financial income (loss)                           141           253          1.664

Profit (loss) for the year                    (10.697) (12.696) (17.446)
(∗) audited    (∗∗) audit underway



MolMed S.p.A. – Corporate Update, Palazzo Anguissola (Milano), March 17, 2009                                                     31
                                                                                                  Strong financial position

     Improvement of net financial position from € 5.7 million (31 Dec 2007) to € 35.3
     million (31 Dec 2008) due to IPO proceeds
     In 2009 MolMed will maintain tight control on cash burn, to be kept in line with 2008
     According to current estimate, MolMed has sufficient cash until end 2010
  Evolution of net financial position 2008
            € thousands
  70.000

  60.000                                                  5.279                                           Monthly cash
                                           56,15                            4.131                       burn: 1.4 million
  50.000

  40.000
                                                                                       17.127
                                      56.152                                                                      34,90
  30.000

  20.000
                                                                                                     35.281
                                                                                                    16,60
  10.000
                    5.666
                    5,59                                          5,28              4,96
        0
                 1.1.2008              IPO                 IPO             Option     Ordinary     31.12.2008
                                     Proceeds             costs             right     cash burn

MolMed S.p.A. – Corporate Update, Palazzo Anguissola (Milano), March 17, 2009                                               32
                                                                                Index




      Company overview
      Marina Del Bue, General Manager

      Business review and product pipeline
      Claudio Bordignon, Chairman and CEO

      Financials
      Enrico Cappelli, Chief Financial Officer

      Positioning in the biotech scenario
      Holger Neecke, Director Business Development, Investor Relations




MolMed S.p.A. – Corporate Update, Palazzo Anguissola (Milano), March 17, 2009
                                                                                            Current scenario for the biotech sector

                                   Environment tough for biotech companies: very limited new money available
                                   But overall promise of biotech remains intact:
                                     •   Pharma companies rely on in-licensing to feed pipeline, and face “patent cliff”
                                     •   Biologicals achieve higher deal valuations than small molecules


     Biologicals: more attractive/expensive                                       Patent exposure of major pharma by 2012
                                                                                               100%
Average deal value (US$ million)




                                                                                                   80%     less                                                more
                                                                                                         exposed                                              exposed

                                                                              2007 sales: patent
                                                                              exposure by 2012
                                   700
                                                                                                   60%

                                   500                   + 51%
                                                                                                   40%

                                   300
                                                                                                   20%


                                     0                                                               0
                                                                                                        e ng- &J rtis                   t     S  a     y     h o    r
                                            Biological       Small molecule                           ch   i                tis GSK bbot BM enec i Lill yet & C fize
                                                                                                    Ro cher gh J Nova ven                          l     W rck  P
                                                                                                       S lou             -A
                                                                                                                                   A         raZ E
    Source: Pharmaventures presentation at SACHS Forum in Zurich,                                        P         n ofi                 Ast              Me
    Feb. 2, 2009                                                                                                 Sa
                                                                                Source: Société Générale Res.: European Pharmaceuticals, Nov. 13, 2008
MolMed S.p.A. – Corporate Update, Palazzo Anguissola (Milano), March 17, 2009                                                                                           34
                                                                                    Strong position to create value

    € 35.3 million cash
    Flexible business strategy: independently and/or with partners
    Focus on projects that generate major value
    Progress in clinical development provides numerous near term value inflection points
    Option right from San Raffaele Foundation (opportunity to feed pipeline)

                                                                       Late-stage
                                                                        pipeline
                                                                                          Leader in
                                       Proven
                                                                                       oncology clinical
                                     innovation
                                                                                        development
                                                                                                               Financial
   Team-driven
                                                                                                           strength due to
     culture
                                                                                                              recent IPO




MolMed S.p.A. – Corporate Update, Palazzo Anguissola (Milano), March 17, 2009                                            35
                                                                                MolMed update events 2009


 Financial calendar

    April 14                               Annual Shareholders Meeting (first call; second call April 22)
    May 11                                 Financial report for Q1 2009
    August 27                              Financial report for H1 2009
    November 9                             Financial report for Q3 2009


 Upcoming scientific/business meetings

    March 16-18                            BIO Europe Spring, Milan
    May 18-21                              BIO 2009, Atlanta
    May 29-June 3                          ASCO annual meeting, Orlando
    September 20-24                        ESMO annual meeting, Berlin




MolMed S.p.A. – Corporate Update, Palazzo Anguissola (Milano), March 17, 2009                               36
Contact:
Holger Neecke                                                                    an integrated
Director Business Development, Investor Relations                                     strategy
MolMed S.p.A.
Via Olgettina, 58
                                                                                to cure cancer
20132 Milan, Italy
phone: +39 02212771
fax: +39 0221277.325
e-mail: investor.relations@molmed.com




          THANK YOU VERY MUCH
           FOR YOUR ATTENTION

MolMed S.p.A. – Corporate Update, Palazzo Anguissola (Milano), March 17, 2009

				
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