Jan 2015 - Palatin Technologies
Transcription
Jan 2015 - Palatin Technologies
Palatin Technologies January 2015 Carl Spana, Ph.D. President & CEO Stephen T. Wills, CPA/MST CFO / COO Forward Looking Statements The statements in this presentation that relate to future plans, events or performance are forward-looking statements, which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended. Such forward-looking statements involve significant risks and uncertainties, and actual results, events and performance may differ materially from those expressed or implied in this presentation. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements include, but are not limited to, statements concerning the following: (i) estimates of our expenses, future revenue, capital requirements; (ii) our ability to obtain additional financing on terms acceptable to us, or at all; (iii) our ability to advance product candidates into, and successfully complete, clinical trials; (iv) the initiation, timing, progress and results of future preclinical studies and clinical trials, and our research and development programs; (v) the timing or likelihood of regulatory filings and approvals; (vi) our expectations regarding the results and the timing of results in our Phase 3 clinical trials of bremelanotide for female sexual dysfunction (FSD); (vii) our expectation regarding the timing of our regulatory submissions for approval of bremelanotide for FSD in the United States and Europe; (viii) the potential for commercialization of bremelanotide for FSD and other product candidates, if approved, by us; (ix) our expectations regarding the potential market size and market acceptance for bremelanotide for FSD and our other product candidates, if approved for commercial use; (x) our ability to compete with other products and technologies similar to our product candidates; (xi) the ability of our third party collaborators to timely carry out their duties under their agreements with us in; (xii) the ability of our contract manufactures to perform their manufacturing activities for us in compliance with applicable regulations; (xiii) our ability to recognize the potential value of our licensing arrangements with third parties; (xiv) the potential to achieve revenues from the sale of our product candidates; (xv) our ability to maintain product liability insurance at a reasonable cost or in sufficient amounts, if at all; (xvi) the retention of key management, employees and third-party contractors; (xvii) the scope of protection we are able to establish and maintain for intellectual property rights covering our product candidates and technology; (xviii) our compliance with federal and state laws and regulations; (xix) the timing and costs associated with obtaining regulatory approval for our product candidates; (xx) the impact of legislative or regulatory healthcare reforms in the United States; and (xxi) other risks disclosed in our SEC filings. The forward-looking statements in this presentation do not constitute guarantees of future performance. We undertake no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date of this presentation. 2 Company Profile Palatin Technologies, Inc. (NYSE MKT: PTN) is a biopharmaceutical company developing targeted, receptorspecific peptide therapeutics for the treatment of diseases with significant unmet medical need and commercial potential. 3 Palatin Technologies Value Proposition Palatin Technologies, Inc. is a biopharmaceutical company developing targeted, receptor-specific peptide therapeutics for the treatment of diseases with significant unmet medical need and commercial potential Lead product: Bremelanotide (BMT) for the treatment of Female Sexual Dysfunction (FSD) ◦ Unmet medical need with multi-billion dollar market opportunity ◦ Enrolling patients in North American (NA) Phase 3 pivotal trials ◦ Gedeon Richter European development and marketing partner PL-3994 targeting Natriuretic Receptor A for cardiovascular and pulmonary indications ◦ Upregulation of the natriuretic peptide (NP) system is a validated target for improving treatment outcomes in heart failure ◦ Phase 1 studies complete; Phase 2 ready Melanocortin receptor-1 (MC1r) agonist peptide program ◦ Efficacy demonstrated in multiple preclinical animal models ◦ IND enabling studies complete – first in humans study targeted for 1H2015 Melanocortin receptor-4 (MC4r) obesity/diabetes collaboration with AstraZeneca ◦ Clinical proof of principle established ◦ AstraZeneca responsible for clinical development and costs – Next steps with collaboration under review – ~$145M in potential milestones plus royalties 4 Pipeline Overview Preclinical Phase 1 Phase 2 Phase 3 Melanocortin Receptor Programs Bremelanotide for Female Sexual Dysfunction MC4r Agonist AstraZeneca Collaboration Obesity, Metabolic Syndrome & Diabetes MC4r Agonist Next Generation Peptide Female Sexual Dysfunction & Erectile Dysfunction PL-8177 MC1r Agonist Inflammatory & Dermatologic Diseases Natriuretic Peptide Receptor Programs PL-3994 for Cardiovascular Indications PL-3994 for Pulmonary Indications 5 Female Sexual Dysfunction Program Female Sexual Dysfunction Overview Female Sexual Dysfunction (FSD) is defined as persistent or recurring problems during one or more of the stages of sexual response with associated distress FSD has a significant impact on patient self-image, relationships and general well-being >60 million premenopausal women in US1 ◦ 22% reported a sexual problem2 ◦ 11% were distressed by their sexual problems2 – One-third sought formal care2 Market size – U.S. ◦ Presenting premenopausal women ~2.0 million2 ◦ Annual sales anticipated to be ~$1.3 billion by 20203 References: 1) US Census 2010 2) PRESIDE Study - Shifren JL et al. Sexual Problems and Distress in United States Women: Prevalence and Correlates. Obstet Gynecol 2008; 112:970-8. 3) Estimates from EvaluatePharma 7 Approaches to Treating FSD Low dose transdermal testosterone in surgically menopausal Hypoactive Sexual Desire Disorder (HSDD) patients. ◦ Intrinsa testosterone patch successful Phase 3 program – Failure to approve based on long term use safety risks of cancer and cardiovascular adverse events ◦ LibiGel testosterone gel failed in Phase 3 – Flibanserin is a serotonin 5-HT1A agonist, 5-HT2A antagonist that requires chronic dosing in premenopausal women with HSDD ◦ Failed to meet co-primary endpoint of daily change of desire – ◦ Negative advisory panel 2 NDA review cycles and formal dispute resolution – Failure based upon placebo response that was equivalent to LibiGel FDA requires additional safety studies Bremelanotide MC4r agonist enrolling patients in Phase 3 NA pivotal trials 8 Bremelanotide Profile Novel mechanism of action activating endogenous melanocortin hormone pathways involved in sexual arousal response Evaluated in 31 clinical studies (n = 2300) showing efficacy in both FSD and erectile dysfunction Phase 2B trial showed a statistically significant and clinically meaningful effect ◦ Met both primary and secondary endpoints Phase 3 NA pivotal trials enrolling patients - follows FDA design guidance On-demand use with rapid onset of activity and well-tolerated Proven manufacturing capabilities ◦ Drug API – manufactured by Lonza at commercial scale ◦ Ypsomed Group – autoinjector ◦ Catalent – fill, finish and packaging 9 Phase 2B FSD Clinical Trial Dose ranging 16 week at-home placebo-controlled study ◦ Subcutaneous dosing: placebo and 0.75 mg, 1.25 mg and 1.75 mg bremelanotide ◦ Enrollment: 395 patients Validated patient reported outcome (PRO) endpoints ◦ Increase in Satisfying Sexual Events (SSEs) – As measured by event log ◦ Female Sexual Function Index (FSFI) – 19-item questionnaire measuring improvement in arousal, desire and overall sexual function ◦ Female Sexual Distress Scale-DAO (FSDS-DAO) – 15-item questionnaire that measures personal distress associated with FSD Objectives ◦ Evaluate safety and efficacy in premenopausal patients with HSDD, female sexual arousal disorder (FSAD) and FSAD/HSDD Multiple presentations and publications of Phase 2B data. 10 Phase 2B FSD Clinical Data Analysis of the primary and key secondary endpoints of 327 pre-menopausal patients shows clinically meaningful and statistically significant effects for bremelanotide vs. placebo. Pre-specified analysis was of pooled 1.25 mg & 1.75 mg doses vs. placebo. Primary endpoint improvement in the number of satisfying sexual events (SSE) ◦ ◦ ◦ FSFI-total score mean change FSDS-DAO-total score mean change 3.55 vs. 1.88 (p=0.0017) -11.1 vs. -6.8 (p=0.036) SSE improvement from baseline FSFI-total score mean change FSDS-DAO-total score mean change 1.8 to 2.6 (p=0.021) 4.4 vs. 1.88 (p=0.0021) -13.1 vs. -6.8 (p=0.0005) 1.75 mg dose analysis also demonstrated clinically meaningful and statistical significance ◦ ◦ ◦ 1.6 to 2.4 (50% increase) (p=0.018) 1.7 to 1.9 (12% increase) Key secondary endpoints ◦ Bremelanotide mean change from baseline Placebo mean change from baseline 0.75 mg dose analysis demonstrated a response that was not significantly different from placebo 11 Phase 2B FSD Clinical Data * 0.7 0.6 0.5 0.4 0.3 0.2 0.1 FSFI Total Score 4.0 3.5 3.0 * 2.5 2.0 1.5 1.0 * P<0.05 ** P<0.01 *** P<0.001 0.0 Placebo 0.75 mg 1.25 mg 1.75 mg Placebo 0.75 mg 1.25 mg 1.75 mg -2.0 -4.0 -6.0 -8.0 -10.0 -12.0 0.5 Placebo 0.75 mg 1.25 mg 1.75 mg 0.0 ** 4.5 Mean Change From Baseline Mean Change From Baseline 0.8 0.0 5.0 SSE Mean Change From Baseline 0.9 -14.0 * FSDS-DAO Total Score *** 12 Phase 2B FSD Clinical Data 395 premenopausal FSD patients were randomized to receive drug or placebo 26 patients met the predefined blood pressure withdrawal criteria and were evenly distributed among placebo and active arms of the study Drug treated subjects had ~2 mm Hg change in blood pressure, predominately during the first 4 hours of dosing No significant adverse events attributed to bremelanotide occurred during the study Most common adverse events on drug were nausea, flushing, headache and emesis ◦ <3% discontinued due to adverse events 13 Phase 3 NA Pivotal Program Key Points ◦ ◦ ◦ ◦ ◦ ◦ Patient population – HSDD & HSDD with decreased arousal 24 week treatment evaluation period Co-primary endpoints – SSE and FSFI Desire subdomain (28 day recall) Key secondary endpoint – FSDS-R (revised) question #13 1.75 mg versus placebo Cardio-Renal Division – – Intra-nasal Definitive QTc study is acceptable for NDA submission Proposed blood pressure monitoring is acceptable (standard blood pressure cuff) ◦ Carcinogenicity and reproductive toxicity studies acceptable for NDA submission ◦ No outstanding CMC issues Phase 3 clinical program ◦ 2 pivotal trials (~1100) in North America (primarily US) – Commenced 4Q2014 ◦ 1 pivotal trial in Europe (~900) – Commencing in 2H2015 ◦ Open label Study (~600) extension of pivotal trials 14 Phase 2B Analyzed for Phase 3 Patient Population & Endpoints SSE 0.8 0.7 0.6 FSFI-Desire P=0.03 P=0.001 0.3 -1 0.2 Placebo 1.25mg 1.75mg 0 -0.25 -0.75 0.4 0.2 0 -0.5 0.6 0.4 0 1 0.8 0.5 0.1 1.2 FSDS-Q13 Placebo 1.25mg 1.75mg -1.25 P=0.008 Placebo 1.25mg 1.75mg Phase 2B data from patients diagnosed with HSDD and HSDD with FSAD (the proposed Phase 3 patient population) were analyzed using proposed Phase 3 endpoints of total SSEs, the FSFI desire subdomain and FSDS-R question 13. The 1.75 mg dose was statistically and clinically significant for all three endpoints. 15 Corporate Partnering European rights licensed to Gedeon Richter (August 2014) ◦ European pharmaceutical company with a focus on female healthcare - $1.6B in 2013 sales - $500M in female healthcare ◦ EMA/ CHMP guidance on the EU Phase 3 program received ◦ Jointly working on EU Phase 3 clinical development program - Estimated start 2H2015 ◦ Financial Terms - $9.8M total upfront - $3.0M milestone triggered on start of US Phase 3 clinical trial program - 4Q2014 – to be received 1Q2015 - $25M in regulatory milestones / $75M in sales milestones - Low double-digit royalties Pursuing discussions with potential partners for US and non-EU rights 16 Key Points FDA Public Meeting on FSD On October 27 & 28, 2014 the FDA held a Patient-Focused Drug Development Public Meeting and Scientific Workshop on Female Sexual Dysfunction ◦ FSD is an underserved, unmet medical need that distresses patients and is in need of multiple treatment options ◦ FDA will work with Sponsors to address this need ◦ FSFI is a well validated PRO instrument and is the appropriate end point for Phase 3 registration trials ◦ 28 day recall period is an appropriate time period for measuring desire for both intermittently and chronically taken drugs for FSD 17 Bremelanotide NA & EU Program Timelines NA (primarily U.S.) ◦ ◦ ◦ ◦ ◦ Phase 3 pivotal trials enrolling patients Complete Phase 3 enrollment Phase 3 trials topline results FDA NDA submission FDA action EU ◦ ◦ ◦ ◦ EMA/CHMP guidance - completed Commence Phase 3 trial EU submission EU action 4Q2014 2H2015 Mid-2016 4Q2016 4Q2017 1H2014 2H2015 2H2017 2H2018 18 Natriuretic Peptide Receptor Program Natriuretic Peptide System Prohormone CNP BNP ANP Neuropeptide hormone system plays an important role in the regulation of cardiovascular homeostasis Corin processing GTP • • • • • • PKG Physiological Effects Neutral endopeptidase (neprilysin) And the NP-C receptor downregulate the NP system through removal of active ANP, BNP and CNP Downregulate renin-angiotensin-aldosterone system Suppression of cardiac hypertrophy & remodeling Stimulation of diuresis & natriuresis Increased myocardial perfusion Vasodilation & decreased blood pressure Bronchodilation 20 Paradigm Shift in HF: Upregulation of NP System LCZ696 (Novartis compound) – combined ARB & neprilysin inhibitor ◦ Inhibits angiotensin function and upregulates endogenous natriuretic peptides Phase 3 trial in heart failure (HF) patients with reduced ejection fraction compared LCZ696 to ACEi (enalapril) control ◦ LCZ696 significantly reduced rate of death from CV causes (20% reduction) ◦ LCZ696 significantly reduced hospitalization for HF (21% reduction) ◦ LCZ696 significantly improved HF symptoms LCZ696 clearly demonstrated that upregulation of the NP system in combination with angiotensin inhibition is superior to ACEi alone LCZ696 provides validation of the NP system as a target for improving outcomes in treating HF patients LCZ696 revenue projections – analysts estimate $5B-$10B in annual sales 21 Overview Palatin Natriuretic Peptide Program Design and develop commercial candidates selective for NPR-A, NPR-B, NPR-C & NPR-A/B PL-3994 lead product candidate ◦ ◦ ◦ ◦ PL-3994 is potent NPR-A agonist ◦ ◦ ◦ ◦ Selective NPR-A agonist Increased metabolic stability Once daily subcutaneous (SC) patient administration Phase 2 ready drug development candidate 2 Phase 1 studies – healthy and controlled hypertensive subjects Placebo and escalating doses of PL-3994 delivered SC Well tolerated - no adverse or severe adverse events Met key pharmacology endpoints – ↓SBP, ↑diuresis, ↑natriuresis, ↑cGMP plasma levels Pharmacokinetics and duration of pharmacology support chronic use Active discussions with potential partners for US and ROW rights 22 Daily PL-3994 Significantly Reduces Cardiac Remodeling Heart Weight /Body Weight Attenuation of RAAS Activation following 6 weeks of treatment * p < 0.05 42 14 7 -7 * 2000 1000 0 42 (P L3 99 4) 2K 1C (s al in e) ) 2K 1C (P L3 99 4 Sh am Sh am (s a lin e) 0.0 20000 14 0.2 2K1C (saline) 2K1C (PL3994) 40000 7 * p < 0.05 0.4 * 60000 -7 HW/BW * * Plasma aldosterone (pg/ml) 80000 0.6 Time (days) The “2 Kidney, 1 Clip” rat model causes renovascular hypertension and cardiac hypertrophy. Treatment with PL-3994 reduces both excess production of aldosterone and cardiac hypertrophy. 23 Opportunities for Treating Heart Failure Heart Failure with Preserved Ejection Fraction (HF-PEF) ◦ High unmet need; no approved treatment options Heart Failure with Reduced Ejection Fraction (HF-REF) Patients with corin and/or reduced active NP expression ◦ High unmet medical need; poor response to current therapies ◦ Restore normal NP function Phase 2A multiple dose study in HF patients ◦ HF-PEF, HF-REF & corin deficient patients ◦ Evaluate safety, symptom relief and cardiac imaging, LVEF ◦ Targeted start 1H2015; data anticipated 2H2015 Phase 2 proof-of-principle study ◦ 3-6 month treatment ◦ Evaluate safety, cardiac function, effects on remodeling, symptom improvement and hospital admission ◦ Targeted start 2H2015; data anticipated 2H2016 24 Melanocortin Receptor-1 Agonists Inflammation and Dermatologic Indications MC1r Agonist Anti-Inflammatory Program Goal: design and develop selective MC1r agonists for treating a variety of inflammatory and autoimmune indications ◦ Inflammatory indications: inflammatory bowel disease, nephritis (inflammation of the kidneys) and rheumatoid arthritis ◦ Ocular indications: uveitis and dry eye ◦ Dermatologic indications: vitiligo and erythropoietic protoporphyria ◦ Rational design and synthesis of selective MC1r agonists ◦ Excellent metabolic stability (> 2 hour in vivo half life) ◦ MC1r agonism functions to resolve pro-inflammatory responses Lead pre-clinical candidate PL-8177 selective MC1r agonist ◦ ◦ ◦ ◦ Demonstrated efficacy in multiple preclinical models: EAU, IBD and nephritis Preclinical toxicology and CMC activities to support IND filing completed First-in-human clinical trial targeted start 1H2015 Actively exploring collaboration or licensing transactions for specific market areas 26 TNF-α Inhibition via MC1r Agonists Results pmole/mL TNFa 3000 Dose – mg/kg SC 2000 1000 10 1 77 @ @ L8 1 P L8 1 77 @ P P L8 1 76 76 L8 1 P 10 1 @ 5 @ ex a D V eh ic le 0 Preclinical mouse model TNF-α stimulated by LPS administration with dexamethasone as positive control 27 PL-8177 Experimental Autoimmune Uveitis Untreated EAU mice PL-8177 Low Dose Treated EAU mice PL-8177 High Dose Treated EAU mice α-MSH Treated EAU mice EAU Clinical Score 4 3 2 * 1 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Day Days of injections * P = 0.0001 by Anova ◦ MC1r agonism has significant effects in reversing uveitis ◦ Conducted in collaboration with Dr. A. Taylor at Boston University School of Medicine 28 Melanocortin Receptor-4 Agonist Obesity & Diabetes Melanocortins and Obesity Overview Hypothalamus arcuate nucleus POMC Peripheral Signals Leptin Grelin GLP-1 Insulin CCK MC4r Brainstem & Cortex signals Down stream effects on food intake, weight and energy expenditure AGRP • • • • Stimulates MC4r – decrease in food intake & weight loss Inhibits MC4r – increase in food intake & weight gain MC4r mutations most prevalent form of monogenetic obesity in humans MC4r loss of function – hyperphagic, obese increased growth & hyperinsulinemia MC4r agonist BMT reduces food intake and weight loss in obesity clinical studies Currently approved obesity treatments require functional MC4r pathway 30 MC4r Obesity & Diabetes Program Goal: design and develop selective for MC4r agonists for treating obesity, diabetes and related metabolic syndrome ◦ High selectivity for MC4r with limited off-target effect ◦ None of the toxicities associated with small molecules Lead compound PL-8905 ◦ ◦ ◦ ◦ High selectivity of MC4r over MC1r (>100x functional) Minimal effect on blood pressure, limited CNS penetration Chemical/metabolic stability (>2 hour in vivo half life) Preclinical studies in animal models: Body weight change from Day 0 Body Weight Change (g) 10 5 0 1 3 2 -5 Day 4 5 Vehicle PL-8905 0.3 mg/kg PL-8905 1 mg/kg PL-8905 3 mg/kg -10 -15 31 AstraZeneca Obesity Collaboration Exclusive global licensing and research collaboration ◦ $10M upfront and $10M milestones received ◦ $145M in additional potential milestones ◦ Royalties on sales of approved products Clinical proof-of-concept studies for MC4r mechanism have been completed ◦ Primary objectives met: significant decrease in food intake and weight loss Drug Candidates under development/review ◦ AZD2820 (initial clinical candidate) development halted during Phase 1 program for compound-specific safety concern ◦ Program next steps and drug candidate evaluation under review by AstraZeneca 32 Palatin Potential Near-Term Development Milestones Bremelanotide for Female Sexual Dysfunction ◦ ◦ ◦ ◦ ◦ Commence Phase 3 pivotal trials in NA Complete Phase 3 enrollment in NA Commence Phase 3 pivotal trial in EU NA Phase 3 pivotal trial results Corporate collaborations – US (ongoing discussions) PL-3994 for Cardiovascular/Pulmonary Indications ◦ Commence Phase 2A clinical trial in HF patients - Subject to funding 4Q2014 2H2015 2H2015 Mid-2016 1H2015 ◦ Corporate collaboration target 1H2015 ◦ First-in-human clinical trial ◦ Corporate collaboration target 1H2015 1H2015 ◦ Clinical candidate selection ◦ Phase 1 clinical trial 1H2015 2H2015 MC1r Inflammation/Dermatologic Indications AstraZeneca MC4r development obesity/diabetes program 33 Financial Snapshot Financial Highlights as of September 30, 2014 Cash & Equivalents Total Debt Common Stock Preferred Warrants Options RSU’s Fully Diluted Shares $17.8 million1 Summary of Capitalization as of January 2015 $0.01 Common Equivalent2 41.5 million shares 0.1 million shares 116.7 million shares3 4.2 million shares 0.8 million shares 163.3 million shares 1) Does not include December 2014 financing of $20 million in equity consisting of common shares and pre-funded warrants (see 3 below) at $0.75 per share, and $10 million in venture debt financing. 2) Rounded to the nearest hundred thousand shares. 3) Includes “pre-funded” Series A and Series B warrants to purchase 32.0 million and 35.5 million shares of common stock, respectively, at a $0.01 per share exercise price ($0.49 per warrant received by Palatin with July 2012 financing) and Series C warrants to purchase 24.9 million shares of common stock at a $0.01 per share exercise price ($0.74 per warrant received by Palatin with December 2014 financing). 34 Thank You