PRTK 2015 JPM Presentation - Paratek Pharmaceuticals, Inc.
Transcription
PRTK 2015 JPM Presentation - Paratek Pharmaceuticals, Inc.
Late Stage, Novel Antibiotics January 2015 Not for Distribution 1/7/2015 1 Confidential Third-party information included herein has been obtained from sources believed to be reliable, but the accuracy or completeness of such information is not guaranteed by, and should not be construed as a representation by Paratek Pharmaceuticals, Inc. (“Paratek”). The information contained in this presentation is accurate only as of the date hereof. “Paratek” and the Paratek logo are trademarks and service marks of Paratek. All other trademarks, service marks, trade names, logos and brand names identified in this presentation are the property of their respective owners. Forward-Looking Statements / Risk Factors This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, objectives of management, potential use and effectiveness of our product candidates, expected market growth, the market opportunity for and the market acceptance of our product candidates, and the strength of our intellectual property portfolio. Examples of such statements include, but are not limited to, statements relating to the potential clinical risks and efficacy of, and market opportunities for, our product candidates, including Omadacycline and Sarecycline, the timing of clinical development of, and regulatory approval for, our product candidates, and the nature and timing of our collaboration agreements with respect to our product candidates. The words “anticipate,” “estimate,” “expect,” “believe,” “will” and similar terms and phrases are used to identify forward-looking statements. These statements are based on current information and belief and are not guarantees of future performance. Our ability to predict results, financial or otherwise, or the actual effect of future plans or strategies is inherently uncertain and actual results may differ from those predicted depending on a variety of factors. Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations or whether the forward-looking statements ultimately prove to be correct. We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. Among the risks and uncertainties that could cause actual results to differ materially from those indicated by such forward-looking statements include delays in clinical trials or unexpected results; the failure of collaborators to perform obligations under our collaboration agreements; our failure to obtain regulatory approval for our product candidates; our products not gaining the anticipated acceptance in the marketplace or acceptance being delayed; our products not receiving reimbursement from healthcare payors; the effects of competition; our inability to protect our intellectual property and proprietary technology through patents and other means and the risks described in the “Risk Factors” sections of the Registration Statement on Form S-4 (file no 333-198464) and Paratek’s periodic reports filed with the SEC. Not for Distribution 1/7/2015 2 Confidential Investment Highlights • Proven Management Team • 2 Late stage products: – Omadacycline: Worldwide rights retained - ABSSSI Phase 3: SPA + QIDP - CABP Phase 3: SPA + QIDP - UTI program being finalized: QIDP - Oral & IV commercial formulations – Sarecycline: Ex-US rights retained – Partnered with Actavis in U.S. • Regulatory certainty: GAIN Act • Growing pricing power • Scarcity of late-stage, broad spectrum antibiotics Not for Distribution 1/7/2015 3 Confidential Proven Management Team: Delivering Major Antibiotics to the Market Building Leading Companies Michael F. Bigham Susan Perkins CEO VP, Intellectual Property Evan Loh, MD Evan Tzanis President & CMO VP, Clinical Development Led Tygacil development Adam Woodrow Sean M. Johnston, PhD Chief Commerical Officer VP, Manufacturing Led Tygacil Commercialization Doug Pagan S. Ken Tanaka, PhD Chief Financial Officer VP, Research and Development Developed clarithromycin, temofloxacin Not for Distribution 1/7/2015 4 Confidential Board of Directors Experienced Stewardship Michael F. Bigham Chairman Evan Loh, MD Director Richard Lim Director Jeffrey Stein, PhD Director Robert Radie Director Thomas Dietz, PhD Director Not for Distribution 1/7/2015 5 Confidential Paratek’s Pipeline Two Phase 3 Ready Candidates Research Preclinical Phase 1 ABSSSI (Oral & IV) – FDA QIDP status Omadacycline(1) CABP (Oral & IV) – FDA QIDP status Phase 2 Phase 3 Commercial Rights SPA SPA UTI (Oral & IV) – FDA QIDP status Sarecycline U.S.(2) (WC 3035) Acne (oral) (1) Paratek Owns Worldwide Rights (2) Paratek Owns Ex-US Rights Not for Distribution 1/7/2015 6 Confidential Resistance: Growing Threat • • • • • Unique to infectious disease Confers in-built “product obsolescence” Arises within a product’s lifetime Renders “generics” less relevant Costs billions – U.S. antibiotic resistance costs > $20 billion a year in excess health care costs, $35 billion societal costs and >8 million additional days patients spend in the hospital(1). (2) (1) (2) Not for Distribution Roberts RR, Hota B, Ahmad I, Scott RD 2nd, Foster SD, Abbasi F, Schabowski S, Kampe LM, Ciavarella GG, Supino M, Naples J, Cordell R, Levy SB, Weinstein RA. Clin Infect Dis. 2009 Oct 15;49(8):1175-84. doi: 10.1086/605630 Cover Time August 3rd 1998 1/7/2015 7 Confidential Omadacycline Potential Proven Power of Oral and IV Formulations Combined with the Importance of the “Big 3”* Indications Antibiotic Inventor Form Indications Levaquin (J&J) Pharma Oral & IV Skin, Respiratory Tract, UTI Augmentin (GSK) Pharma Oral & IV Skin, Upper Resp Tract, UTI Zithromax (Pfizer) Pharma Oral & IV Upper & Lower Resp Tract Cipro (Bayer) Pharma Oral & IV Skin, Respiratory Tract UTI Biaxin (Abbott) Pharma Oral & IV Upper & Lower Resp Tract Zyvox (Pfizer) Pharma Oral & IV Skin , Hospital Acquired Pneumo Zosyn (Pfizer) Pharma IV Resp Tract, Skin, Urinary Tract Rocephin (Roche) Pharma IV Resp Tract, Skin, Urinary Tract Mefoxin (Merck) Pharma IV Resp Tract, Skin, Urinary Tract Primaxin (Merck) Pharma IV Resp Tract, Skin, Urinary Tract Cubicin (Cubist/Lilly) VC Backed Co IV Skin, Endocarditis Blockbuster >$1.5B History of “Concurrent” Blockbusters Oral Use ~Two-thirds of Total Revenues * Skin, Respiratory Tract, UTI Not for Distribution 1/7/2015 8 Confidential Growing Pressure for Broad-Spectrum • Accountable care/managed care: Drive Broad-Spectrum Community Use – Capitation/fee for service models – Decreasing time with patients – Culture “turnaround times” too long – Pressure to keep people out of hospital – Financial penalties for failing to “get it right” first time Scarcity of phase 3, broad-spectrum, community-based antibiotics Not for Distribution 1/7/2015 9 Confidential Generics are not the Issue • Resistance renders generic antibiotics less relevant • New pricing paradigm: Prices rising – Differentiation: Efficacy and tolerability – Meeting unmet medical need • Identifying patients to be “right the first time” • Payer pressure: keep patients out of hospital ‒ Penalties for readmissions • The “wrong” antibiotic is the most expensive ‒ Particularly for patients “at risk” Not for Distribution 1/7/2015 10 Confidential Omadacycline • Broad-spectrum IV and oral antibiotic – Serious community-acquired infections – Where resistance is of concern • Powerful Profile: – Once-daily dosing – Multiple indications: Pursuing The “Big 3” • ABSSI: Skin • CABP: Pneumonia • UTI: Urinary Tract Infection – Safety and tolerability profile • Matches community-based needs – Commercial scale, stable formulations • IV and oral Not for Distribution 1/7/2015 11 Confidential Twin Mechanisms of Tetracycline Resistance Efflux Pump Not for Distribution Ribosomal Protection 1/7/2015 12 Confidential A New Generation of Tetracyclines: Aminomethylcyclines 7-Position Modification: Overcomes Efflux Pump R2 R3 H H N OH R1 N O OH O HO H O O NH2 9-Position Modification: Overcomes Ribosomal Protection Not for Distribution 1/7/2015 13 Confidential Omadacycline Potency Against Key Resistant ABSSSI Pathogens Organism (# Isolates) Omadacycline Vancomycin (Vancocin) Linezolid (Zyvox) Levofloxacin (Levaquin) Ceftriaxone (Rocephin) Amox-Clav (Augmentin) Azithromycin (Zithromax) MIC90 (µg/ml) MRSA (111) 0.25 1 4 >8 >64 >8 >8 MSSA (52) 0.25 1 2 2 4 1 >8 S. pyogenes (104) 0.12 0.5 2 1 0.03 0.015 >4 • Resistance (high MICs) of key pathogens limits the reliability of current antibiotic therapies • Omadacycline broad-spectrum activity provides potential as monotherapy for ABSSSI, CABP and UTI Not for Distribution 1/7/2015 14 Confidential Omadacycline Potency Against Key Resistant CABP Pathogens Organism (# Isolates) Omadacycline Levofloxacin (Levaquin) Azithromycin (Zithromax) Ceftriaxone (Rocephin) Amox-Clav (Augmentin) Vancomycin (Vancocin) MIC90 (µg/ml) MRSA (111) 0.25 >8 >8 >64 >8 1 PRSP (51) 0.12 1 >4 2 8 1 H. influenzae (105) 1 0.03 4 0.008 1 Not Active Not Not Not Active Active Active • Resistance (high MICs) of key pathogens limits the reliability of current antibiotic therapies Legionella (25) 0.25 <0.03* 0.5 • Omadacycline broad-spectrum activity provides potential as monotherapy for ABSSSI, CABP and UTI *Indicates data is from moxifloxacin; J. Dubois et al. 2006 Not for Distribution 1/7/2015 15 Confidential 128 Not Active Vancomycin (Vancocin) 16 Levofloxacin (Levaquin) 4 Linezolid (Zyvox) Ceftriaxone (Rocephin) E. Coli ESBL+ (102) Amox-Clav (Augmentin) Organism (# Isolates) Omadacycline Omadacycline Potency Against Key Resistant UTI Pathogen+ >16 Not Active • Resistance (high MICs) of key pathogens limits the reliability of current antibiotic therapies • Omadacycline broad-spectrum activity provides potential as monotherapy for ABSSSI, CABP and UTI + CMI 2007 report to Paratek Not for Distribution 1/7/2015 16 Confidential Omadacycline Comparable to Linezolid(1) Combined Data from Phase 2 and Phase 3 Non-Registration Trials Clinical Success Rate(3) Population(2) Omadacycline Linezolid Intent to Treat (ITT) 87.2% (156/179) 81.1% (146/180) Clinically Evaluable (CE) 97.5% (156/160) 94.2% (146/155) (1) The table shows combined data from our Phase 2 and Phase 3 non-registration trials, neither of which had a sufficient number of patients enrolled to determine statistical non-inferiority. (2) An Intent-to-Treat, or ITT, population refers to all enrolled subjects, as defined in the protocol, who received at least one dose of study drug. A Clinically Evaluable, or CE, population refers to all ITT subjects who had a qualifying infection, as defined in the protocol. (3) Clinical success refers to the continued improvement or complete resolution of baseline symptoms in the ITT or CE populations, assessed by the clinical investigator 10 to 17 days after the last dose of study drug. Not for Distribution 1/7/2015 17 Confidential Omadacycline Comparable to Linezolid with New FDA End Points Early (48-72 Hour) Clinical Response(1,3) Among ITT(2) Patients Following 48-2 Hours of Therapy 100 92.5% 88.9% Omadacycline Linezolid N=40 N=45 Percent of N 75 50 25 0 Omadacycline Early Clinical Response Rates to Linezolid in Randomized Phase 2 & Phase 3 non-Registration cSSSI Trials (Retrospective Analysis) (1) Defined as decrease in lesion size of 20% or more (analysis based on single maximum dimension) ITT = Intent-to-Treat (3) Retrospective analysis where early time point data available excluding DFI (2) Not for Distribution 1/7/2015 18 Confidential Omadacycline Safety and Tolerability Promising Profile • ~700 individuals treated to-date • No hERG channel effects: TQTc(1) study completed • No effects on heart rate (HR) in patients – Modest transient vagolytic HR effect in healthy volunteers • No metabolites • No CYP interactions • No DDI effects anticipated • Modest GI effects – No nausea-vomiting seen in IV-oral cross-over study • No anticipated monitoring (1) Thorough Not for Distribution QTc study 1/7/2015 19 Confidential Robust Commercial-Scale Formulations • BOTH oral tablet and IV: at commercial-scale • Stability profile (>2 years) for both oral and IV • Oral tablet: meets FDA bioequivalence test • Dosing regimens: ‒ IV: 100 mg every 12 hours for two doses: followed by 100 mg every 24 hr ‒ Oral: 300 mg dosed as two 150 mg tablets every 24 hr Not for Distribution 1/7/2015 20 Confidential Phase 3 Trial Designs: Meets Both FDA and EMA Guidelines ABSSSI 650 patients Omadacycline IV Omadacycline Oral Linezolid IV Linezolid Oral d1 d2-3 Up to d14 End of Treatment Early Response CABP 750 patients Omadacycline IV Omadacycline Oral Moxifloxacin IV Moxifloxacin Oral d1 d3-5 d3 – 5 (1) TOC Early Response Up to d14 End of Treatment d5-14 d16-20 Test of Cure(1) d16-20 Test of Cure(1) endpoint = Primary endpoint within EMA guidance Not for Distribution 1/7/2015 21 Confidential Omadacycline: Promising Treatment for UTI • 97.1% of surveyed physicians believe that their patients with resistant E. coli could benefit from a new antibiotic* • Omadacycline: Promising UTI Profile ‒ Activity against most prevalent UTI pathogen E.coli (1) ‒ >40% Renal clearance ‒ Once-daily oral tablet; plus an IV formulation ‒ Safety and tolerability profile: matches community-based needs • Clinical development plans being finalized * Medacorp survey 1Q 2013 (1) 2007 CMI Report to Paratek Not for Distribution 1/7/2015 22 Confidential Omadacycline: Strong IP Through 2028 • Composition of Matter protection through 2028 ‒ U.S. Base Composition of Matter – June 2023 ‒ Anticipated patent term extension into 2028 ‒ GAIN Act extension of US data exclusivity (up to 5 yrs.) @approval ‒ Pediatric exclusivity – additional 6 months ‒ EU: 10 yrs. of market exclusivity expected Not for Distribution 1/7/2015 23 Confidential Sarecycline: Specifically Designed for Inflammatory Acne • Novel, narrow-spectrum antibiotic • Demonstrated anti-inflammatory activity • Does not cross Blood-Brain Barrier ‒ Reduced GI side effects • Once-daily Oral formulation • Composition of Matter IP protection ‒ U.S. Base Composition of Matter through March 2031 ‒ Pediatric exclusivity – additional 6 months ‒ EU: 10 years of market exclusivity expected Not for Distribution 1/7/2015 24 Confidential Sarecycline Partnership with Actavis • • • • U.S. rights: Actavis Ex-U.S. rights: Paratek Phase 3 Trials in U.S. underway Milestones and royalties to Paratek • Analogues confirm Acne Rx potential: ‒ Doryx: peak U.S. sales >$200M (reformulated doxycycline) ‒ Solodyn: peak U.S. sales $400M+ (reformulated minocycline) Not for Distribution 1/7/2015 25 Confidential Financial Summary • Merger with Transept closed October 30th 2014 • “Free” cash on hand ~$100M • Leading investors include: – – – – – – Abingworth Baupost Group Fidelity HBM Healthcare Investments Interwest Ventures Omega Funds • IR Action Plan : Life science advisors – Broaden investor base – Expand analyst coverage • Business development opportunities – Sarecycline: Ex-US rights – Sarecycline: Monetize potential royalties – Omadacycline: “Regional rights” Not for Distribution 1/7/2015 26 Confidential Investment Highlights • Proven Management Team • 2 Late-stage products: – Omadacycline: Worldwide rights retained - ABSSSI Phase 3: SPA + QIDP - CABP Phase 3: SPA + QIDP - UTI program being finalized: QIDP - Oral & IV commercial formulations – Sarecycline: Ex-US rights retained - Partnered with Actavis in U.S. • Regulatory certainty: GAIN Act • Growing pricing power • Scarcity of late-stage, broad-spectrum antibiotics Not for Distribution 1/7/2015 27