Developing OPT-302: A novel therapy for wet AMD
Transcription
Developing OPT-302: A novel therapy for wet AMD
Developing OPT-302: A novel therapy for wet AMD February 2016 Opthea Limited (ASX:OPT, OTCQX:CKDXY) Megan Baldwin PhD, CEO & Managing Director [email protected] Disclaimer Investment in Opthea Limited (‘Opthea’) is subject to investment risk, including possible loss of income and capital invested. Neither Opthea nor any other member company of the Opthea Group guarantees any particular rate of return or performance, nor do they guarantee the repayment of capital. This presentation is not an offer or invitation for subscription or purchase of or a recommendation of securities. It does not take into account the investment objectives, financial situation and particular needs of the investor. Before making any investment in Opthea, the investor or prospective investor should consider whether such an investment is appropriate to their particular investment needs, objectives and financial circumstances and consult an investment advisor if necessary. This presentation may contain forward-looking statements regarding the potential of the Company’s projects and interests and the development and therapeutic potential of the company’s research and development. Any statement describing a goal, expectation, intention or belief of the company is a forward-looking statement and should be considered an at-risk statement. Such statements are subject to certain risks and uncertainties, particularly those inherent in the process of discovering, developing and commercialising drugs that are safe and effective for use as human therapeutics and the financing of such activities. There is no guarantee that the Company’s research and development projects and interests (where applicable) will receive regulatory approvals or prove to be commercially successful in the future. Actual results of further research could differ from those projected or detailed in this presentation. As a result, you are cautioned not to rely on forward-looking statements. Consideration should be given to these and other risks concerning research and development programs referred to in this presentation. 2 Opthea Limited Clinical stage biotechnology company Developing a novel therapy for wet AMD Wet AMD is the leading cause of blindness in the Western world in older adults Technology is based on targeting signals that control blood vessel growth and leakage Lead compound OPT-302 blocks VEGF-C and VEGF-D Ongoing Phase 1/2A clinical trial being conducted at US sites in wet AMD patients 3 Potential to expand development program in a range of eye diseases Investigating OPT-302 as monotherapy and in combination with existing treatments Combination therapy more completely shuts down pathways involved in disease progression Near-term clinical milestones OPT-302 Wet AMD Program: Milestones IND Approval for OPT-302 June 2015 Initiated Phase 1/2A clinical trial: 30 June 2015 Ph 1 Primary Data Analysis: 1Q16 (20 patients) Ph 2A Primary Data Analysis: 2H16 (30 patients) Financial Position (Unaudited) Key Financial Details ASX: OPT Substantial Shareholders % Holding Ticker Symbol ASX:OPT 18% Share Price (as at Mar 1 2016) ~A$0.385 Biotechnology Value Fund (BVF)* Total Ordinary Shares on Issue 150,190,303 Baker Bros (NY, USA) 9% Options on Issue 49,722,697 Packer & Co. 8.5% Market Capitalisation (as at Mar 1 2016) ~A$57.8m Trading Range (last 12 months) A$0.14 – 0.55 Share Price Performance (Feb ‘15 – Feb ‘16) Biotechnology Value Fund (BVF)* Baker Bros (NY, USA) 4 Cash Balance (at 31 Dec 2015) ~A$17.8m Listed Investments ~A$0.9m Top 10 Shareholders Own 69% * Increased substantial holding 13% to 17.7% on June 25 2015 Packer & Co. Board of Directors and Executive Management Megan Baldwin, PhD, MAICD CEO and Managing Director Appointed CEO Feb ’14, joined company in 2008. Over 19 years experience in research and drug development of therapies targeting angiogenesis. Previously held roles at Genentech (now Roche) in US, in R&D and commercial divisions. PhD in Medicine from University of Melbourne & Ludwig Institute for Cancer research Geoffrey Kempler, B.Sc Grad. Dip. App.Soc. Psych Non-Executive Chairman Appointed Chairman Dec ’15. Extensive experience in the global biopharmaceutical industry. Founded and currently CEO Prana Biotechnology. Listed Prana on both ASX and NASDAQ. Strong investment markets experience and networks of domestic and international sophisticated investors. Qualified psychologist, BSc (Monash University) and Grad. Dip. App.Soc.Psych (Swinburne) Michael Sistenich, MSc Non-Executive Director Appointed Dec ‘15. Over 18 years of experience as a healthcare specialist in international investment management and investment banking. He is currently Head of Corporate Development at Nohla Therapeutics Inc and his previous roles include Director of Corporate Finance at Bell Potter Securities and Director of International Equities and Head of Global Healthcare Investments at DWS Investments, Deutsche Bank, Frankfurt Mike Tonroe, ACA, MAICD Chief Financial Officer and Company Secretary Appointed May ‘14. Over 20 yrs experience in finance and company secretarial roles. Previously CFO of the Australian Synchrotron Company Limited. Holds Graduate Degree in Business Studies from Buckingham University and is a Chartered Accountant. 5 The disease process of ‘wet’ (neovascular) AMD Normal Retina Choroid 6 Figure: The Angiogenesis Foundation ‘Wet’ AMD Monitoring Wet AMD & Treatment Efficacy Trial endpoints are well defined & accepted by FDA/EMA Non-invasive & routine Highly quantitative Trial endpoints are relatively short (Ph 2 typically 6 months, Ph 3 typically 12 months) Visual Acuity Eye Chart 7 Anatomical Changes by Imaging (OCT,FA) (Retinal fluid, thickness, area) Lead Program: OPT-302 for Wet AMD Lead molecule: – OPT-302 (soluble VEGFR-3, VEGF-C/-D ‘Trap’) Mechanism: – Blocks VEGF-C and VEGF-D: Inhibits blood vessel growth Inhibits vessel leak Strategy: – To investigate activity as a monotherapy – To develop OPT-302 for use in combination with existing VEGF-A inhibitors for the treatment of wet AMD – Achieve complete blockade of the VEGF pathway – Blocks a mechanism of ‘escape’ from existing therapies 8 Resistance to anti-VEGF-A monotherapy 9 Long-term single-agent therapy with VEGF-A inhibitors is associated with sub-optimal response Sub-optimal improvements in VA (<15letter gain) Persistent fluid on OCT Resistance to VEGF-A monotherapy may be related to other VEGF family members VEGF-C and VEGF-D bind and activate VEGFR-2 and VEGFR-3 Complete blockade of VEGFR-2 requires VEGF-A, VEGF-C and VEGF-D inhibition VEGFR-3 also stimulates angiogenesis via a VEGF-A independent pathway EyleaTM LucentisTM OPT-302 combination therapy with an anti-VEGF-A inhibitor achieves more complete suppression of the VEGF/VEGFR pathway Targets functional redundancy and mechanisms of sub-response to VEGF-A inhibition Large and growing market opportunity Wet AMD is the leading cause of blindness in the western world Increasing prevalence due to ageing population Prevalence expected to double by 2020 1/7 ~1.8m Approved therapies for wet AMD target VEGF-A, but not VEGF-C or VEGF-D Our approach is novel and differentiated from the existing therapies, yet targets a validated pathway in wet AMD disease progression Market Opportunity*: 2015: >$7BN 10 *Cowen Analyst Report: Ophthotech July 7 2015 60% Market Share >$10BN Worldwide An unmet medical need despite availability of VEGF-A inhibitors Despite receiving a VEGF-A inhibitor (Lucentis®, Eylea® or Avastin®): >50% 2/3 25% 11 do not achieve significant vision gain will continue to have fluid at the back of the eye will have further vision loss at 12 mos Our goal: To improve vision of wet AMD patients To increase the number of patients who experience a significant gain in vision To increase the magnitude of the vision gain To prolong response to therapy and prevent visual decline Potential to reduce dosing frequency 12 OPT-302 has comparable single-agent and additive activity with Eylea® in mouse AMD Combined inhibition of VEGF-A (Eylea®), VEGF-C and VEGF-D (OPT-302) is more effective than inhibition of VEGF-A alone EYLEA™ OPT-302 OPT-302 + EYLEA® Wet AMD lesion area Control 70% 78% 91% * * Pairwise comparison: OPT-302 vs Eylea + OPT-302 (p<0.02) Eylea vs Eylea + OPT-302 (p<0.05) 13 Ophthotech and Opthea: Distinct approaches for wet AMD combination therapy Activity in in mouse wet AMD model p<0.02 p<0.05 Control 14 Fovista® Macugen® Fovista ® + Macugen® FOVISTA™ OPT-302 Preclinical: Activity as Monotherapy? NO YES Preclinical: Activity in Combination? YES YES Potential Use in DME? Unlikely YES Drug Class Aptamer Protein Mechanism Strips pericytes (supportive cells for vessel wall) which may enhance a-VEGF-A delivery/activity Directly targets vessel wall (endothelium, through same and independent pathway to Lucentis/Eylea). Blocks a mechanism of resistance to existing a-VEGF therapies. Valuation at NASDAQ listing US$662 m (At end Phase 2) N/A Current Market Cap. AUD$1.8 bn (Phase 3) AUD$31 m (Phase 1) “Macugen®” – targets VEGF-A165 isoform; “Fovista®” – aptamer targeting PDGF-b; Jo et al., Am.J.Pathol., 168(6), 2036-2053, 2006. OPT-302 Phase 1/2A: Protocol: OPT-302-1001 Dose-escalation & dose-expansion of repeated IVT injections Cohort 2 OPT-302 (0.3 mg) + Lucentis® (0.5 mg) IVT Q4W x 3 subjects complete 12 weeks OPT-302 (1.0 mg) + Lucentis® (0.5 mg) IVT Q4W x 3 Primary Analysis after all Cohort 3 OPT-302 (2.0 mg) + Lucentis® (0.5 mg) IVT Q4W x 3, ~n=15 pts Long term follow-up at Week 24 OPT-302 (2.0 mg) + Lucentis® (0.5 mg) IVT Q4W x 3 OPT-302 (2.0 mg) Monotherapy* IVT Q4W x 3, ~n=15 pts 28 Day DLT window OPT-302 (2.0 mg) Monotherapy* IVT Q4W x 3 Cohort 4 Follow-up to week 12 Phase 2A: Dose-expansion (Randomised) Phase 1: Dose-escalation (Open-label) Cohort 1 *Access to rescue anti-VEGF-A Tx • Comprises of 4 treatment cohorts of 5 subjects each • Should a dose limiting toxicity (DLT) occur, 3 additional subjects will be enrolled in that cohort 15 IND #: 122162 Sterling IRB study #: 5123 (Approved) ClinTrials.gov ID#: NCT02543229 Phase 1/2A Trial Endpoints Primary Endpoint of Phase 1/2A trial: Safety Secondary Endpoints: Preliminary measures of clinical activity Vision (Eye-Chart) Size of lesion Fluid Visual Acuity Eye Chart 16 Anatomical Changes by Imaging (OCT,FA) (Retinal fluid, thickness, area) Clinical Advisory Board & Investigators Near-term Clinical Milestones 17 Clinical Advisory Board of internationally recognised and experienced key opinion leaders from Australia and US Extensive experience in development of novel and FDA approved therapeutics for wet AMD, including Macugen™, Fovista ™, Eylea ™ and Lucentis™ - Pravin Dugel MD (Retinal Consultants Arizona, Keck School of Medicine USC) - Mark Gillies MD (Save Sight Institute, Sydney Uni.) - Peter Campochiaro MD (Johns Hopkins, Wilmer Eye Institute) - Kameran Lashkari MD (Schepens Eye Research Inst., Mass.Eye & Ear) Actively recruiting ClinTrials.gov ID#: NCT02543229 OPT-302 Wet AMD Program: Milestones IND Approval for OPT-302 June 2015 Initiated Phase 1/2A clinical trial: 30 June 2015 Ph 1 Primary Data Analysis: 1Q16 (20 patients) Ph 2A Primary Data Analysis: 2H16 (30 patients) OPT-302: Intellectual Property Summary covering sVEGFR-3 IP for Eye Disease COMPOSITION OF MATTER TERM Covering sVEGFR-3 (inc. OPT-302) • Granted Patents: Europe, Japan, Canada, Australia • Granted Patent: USA Covering OPT-302 • Recently filed new specific composition of matter PCT international patent application 2022 2026 ~2034 ‘USE’ PATENT • US Patent granted covering generic use of sVEGFR-3 capable of binding VEGF-C to inhibit blood vessels in mammal having disease characterised by expression of VEGFR-3 in blood vessels PATENT TERM EXTENSION/EXCLUSIVITY +5 years under patent term extension OPT-302 entitled to data exclusivity (DE) and market exclusivity (ME) in many jurisdictions, eg. • US (12 years DE for biologics • Europe (10 years made up of 8 years DE + 2 years ME) • Japan (up to 8 years de facto DE) • South Korea (5 years DE) • Canada (up to 8 years incl. up to 6 years DE + 2 years ME) • Australia (5 years DE) 18 2023 Listed Ophthalmology Companies in Phase 1-3 $2.3BN PDGF-B aptamer Wet AMD ROCK inhib., small mol. Glaucoma Gene therapy Eye diseases (Phase 3) $593M (Phase 3) $357M Opthea (Phase 1/2) Ohr $226M a-VEGF-A gene therapy Wet AMD Sustained delivery Wet AMD Market Cap (US $m) Listed Ophthalmology Companies Ph1-3 (Phase 1/2) Ocular Ther. Avalanche AGTC $220M (Phase 3) Avg. Aerie Ophthotech - Squalamine Wet AMD OPT-302 Wet AMD 19 500 $177M (Phase 2) ~$38M(b) (Phase 1) a At Jan 6 2016, in USD b A$54M converted into USD 1,000 1,500 2,000 2,500 Opthea: Corporate Highlights 20 Completed $17.4M fundraising (Nov ‘14) to advance wet AMD program Supported by institutional healthcare investors from US, EU and Australia Fully funded through 2017 and Phase 1/2A and Phase 2B clinical studies in wet AMD patients Changed company name (Circadian to Opthea) to reflect focus on ophthalmology Advanced OPT-302 through IND and ongoing Ph 1/2A clinical trial through US FDA regulatory system OPT-302: Program Highlights OPT-302 is a fully owned asset with broad development potential in a range of eye diseases Structurally similar to multi-billion dollar marketed product (Eylea), but with differentiated mechanism of action Targets validated pathway involved in wet AMD progression Large unmet medical need and market for wet AMD Assembled world class CAB, advisors and trial investigators Near-term clinical milestones Primary analysis Phase 1 data 1Q’16 Phase 2A data 2HQ’16 21 OPT-302 Investor Snapshot Asset Mechanism OPT-302: - Soluble form VEGFR-3 - A ‘trap’ similar to Eylea™ with distinct MOA Inhibits VEGF-C & VEGF-D - Anti-angiogenic - Inhibits vascular leakage Rationale Targets over-lapping & distinct pathways to VEGF-A inhibitors - Validated VEGFR-2 pathway via VEGF-C/-D inhibition - VEGFR-3 pathway is VEGF-A independent Indication Wet AMD - Leading cause blindness in Western world in adults > 50 yrs - ~1.8M people in US have wet AMD* Market Opp. ~USD 10bn worldwide* Unmet Medical Need Existing Therapies ~50% of people receiving Lucentis™/Eylea™ do not experience a significant gain in vision Majority (50-70%) continue to have retinal fluid Target VEGF-A, but not VEGF-C/-D - Include blockbusters Lucentis™, Eylea™, off-label Avastin™ Landscape OPT-302 potentially complementary to existing and emerging agents, incl. PDGFR inhibitors, based on MOA Intellectual Property Granted Composition of Matter patients (2022-2026) Composition of Matter patent pending (… ~2034) Granted ‘Use’ Patent (2023, US) 22 Strategy OPT-302 + a-VEGF-A achieves more complete blockade of VEGF pathway - Targets a mechanism of resistance - Trial to investigate monotherapy and combination safety/activity Preclinical Data As monotherapy, reduces wet AMD lesion size and leakage to comparable extent as Eylea Combination therapy significantly more effective than either agent alone Clinical Trial Phase 1/2A trial ongoing in US under IND - Primary Objective: Safety - Routine, non-invasive endpts to monitor clinical activity - Clear regulatory path Near Term Clinical Milestones Phase 1 Primary Data Analysis 1Q’16 Phase 2A Primary Data Analysis 2H’16 Program Potential to develop OPT-302 for other eye diseases, incl. DME Company Opthea raised funds for wet AMD program from US/EU/Aus healthcare investors (Nov’14) Funded through Ph1/2A and Ph2B trials in wet AMD, mkt cap ~USD 50m Megan Baldwin , PhD CEO & Managing Director Opthea Limited (ASX:OPT, OTCQX:CKDXY) [email protected] +61 (0) 447 788 674
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