Company Presentation
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Company Presentation
NASDAQ: GALE www.galenabiopharma.com FORWARD LOOKING STATEMENT This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about target revenue from the sales of the Company’s products, the future expectations, plans and prospects for the development and commercialization of the Company's product candidates, including patient enrollment in our clinical trials, and are subject to a number of risks, uncertainties and assumptions, including those identified under “Risk Factors” in the Company’s most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q and in other filings the Company periodically makes with the SEC. Actual results may differ materially from those contemplated by these forwardlooking statements. The Company does not undertake to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date of this presentation. 2 CORPORATE OVERVIEW Diversified biopharmaceutical company focused on oncology with a rich development pipeline supported by a commercial franchise Abstral® (fentanyl) Commercial • Sublingual Tablets approved for breakthrough cancer pain NeuVax™ (nelipepimut-S) Immunotherapy Franchise Zuplenz® (ondansetron) • Oral soluble film for nausea and vomiting caused by surgery, highly and moderately emetogenic chemotherapy, and radiation therapy GALE-301 (Folate Binding Protein) • A novel cancer immunotherapy targeting the HER2 protein • Novel immunotherapy for patients with ovarian and endometrial cancer in Phase 2 • Phase 3 PRESENT multinational trial ongoing under SPA • Immunological and early Phase 2 clinical data • Franchise of mid-stage trials ongoing or planned • Unmet medical need • High recurrence rates with poor outcomes 3 PRODUCT PIPELINE Product Therapeutic Area Phase 1 Phase 2 Phase 3 NDA Approved Commercial Abstral® (fentanyl) Sublingual Tablets Breakthrough Cancer Pain ZUPLENZ® (ondansetron) Oral Soluble Film Antiemetic for CINV, RINV, PONV Immunotherapy NeuVax™ Breast cancer node-positive, HER2 IHC 1+/2+ NeuVax™ + Herceptin® Breast cancer node-positive & triple negative, HER2 IHC 1+/2+ NeuVax™ + Herceptin® Breast cancer neoadjuvant, nodepositive & negative, HER2 IHC 3+ NeuVax™ Gastric carcinoma HER2 IHC 1+/2+ or 3+ GALE-301 (Folate Binding Protein) Ovarian & Endometrial Carcinomas PRESENT Trial Hematology GALE-401 (Anagrelide CR) MPN-related thrombocytosis Ongoing Planned *NeuVax is an investigational product. Efficacy has not been established. Herceptin is a registered trademark of Genentech. 4 COMMERCIAL 5 ESTABLISHED COMMERCIAL FRANCHISE Current products Commercial franchise targeting oncology supportive care established as channel for future products from our pipeline u u Customer base represents call point for both current commercial products and future pipeline products Will be accretive and provide ongoing financial support to the company’s programs Current products Commercial Channel u Abstral® (fentanyl) sublingual tablets u Zuplenz® (ondansetron) oral soluble film targeting oncology Proven ability to distribute, supportive care market and promote u Galena Patient Services (GPS) provides reimbursement and access support to healthcare providers and patients u Patient Assistance Program (PAP) u MCO, Contracting, Sales infrastructure 6 ABSTRAL® (FENTANYL) SUBLINGUAL TABLETS u Approved for Breakthrough Cancer Pain (BTcP) in opioid tolerant adult patients u Launched in Q4, 2013 u Innovative technology • Mucoadhesive technology allows for rapid dissolution • Micronized fentanyl for rapid absorption • Sublingual tablet dissolves under the tongue in seconds ü Provides rapid relief of • Conveniently packaged in single-dose, easy-tocarry blister packs Abstral breakthrough pain ü Provides pain relief for the entire breakthrough episode Sources: Chrvala CA, Caspi A. Abstral (fentanyl sublingual tablets for breakthrough cancer pain). P&T Product Profiler. 2011;36(2):2-28. ABSTRAL PI. Portland, OR: Galena Biopharma, Inc. 2013. England R, Maddocks M, Manderson C, ZadoraChrzastowska S, Wilcock A. How practical are transmucosal fentanyl products for breakthrough cancer pain? novel use of placebo formulations to survey user opinion. BMJ Support Palliat Care. 2011;1:349-351. Please see full prescribing information at www.abstral.com 7 BREAKTHROUGH CANCER PAIN NCCN 2013 Guidelines recommend use of a rapid-onset opioid for BTcP* Cancer pain is caused by damage to body tissues related to disease activity (e.g., tumors pressing on nerves) or by treatments (e.g., surgery, chemo, radiation). Breakthrough cancer pain (BTcP) is different from persistent pain treated with long- and short-acting opioids Short-acting opioids do not start working until rapidonset BTcP has subsided, leaving patients with long-lasting sedative effects Characteristics of breakthrough cancer pain Fast Maximum severity within 3 minutes Short Median of 30 minutes Frequent 4-7 episodes per day Unpredictable Usually not associated with specific behavior or physical activity >50% of patients with cancer have BTcP *when BTcP is not attributed to inadequate dosing of short- or long-acting opioids for persistent pain Sources: Portenoy RK, Hagen NA. Breakthrough pain: definition, prevalence and characteristics. Pain. 1990;41(3):273-281. 2. Zeppetella G. Breakthrough pain in cancer patients. Clin Oncol (R Coll Radiol). 2011;23(6):393-398.; Portenoy RK, Payne D, Jacobsen P. Breakthrough pain: characteristics and impact in patients with cancer pain. Pain. 1999;81(1-2):129-134.Bennett D, Burton AW, Fishman S, et al. Consensus panel recommendations for the assessment and management of breakthrough pain: part I assessment. Pharm Ther. 2005;30(5):296-301. Please see full prescribing information at www.abstral.com 8 KEY PATIENT BENEFITS u Easy administration and disposal u Available in six, sugar free, alcohol free strengths u Hassle-free with no special disposal or biohazard requirements u Noninvasive delivery is tolerable for patients who have • Nausea, vomiting, mucositis, dysphagia, or SIMPLE TO CARRY. Step 1: Peel SIMPLE TO TAKE. Step 2: Place odynophagia SIMPLE TO DISCARD. • Difficulty administering medication Step 3: Dispose Source: England R, Maddocks M, Manderson C, Zadora-Chrzastowska S, Wilcock A. How practical are transmucosal fentanyl products for breakthrough cancer pain? novel use of placebo formulations to survey user opinion. BMJ Support Palliat Care. 2011;1:349-351. Raber-Durlacher JE, Brennan MT, Verdonck-de Leeuw IM, et al. Swallowing dysfunction in cancer patients. Support Care Cancer. 2012;20(3):433-443. Please see full prescribing information at www.abstral.com 9 ZUPLENZ® (ONDANSETRON) ORAL SOLUBLE FILM Active ingredient is the Gold Standard u ASCO Connection Nov 2014: Ondansetron named one of the “Top 5” Advances in Modern Oncology Innovative technology u PharmFilm® oral soluble film technology u Rapidly dissolves in mouth in about 10 seconds Approved for u u u Highly and moderately emetogenic chemotherapy induced nausea and vomiting (CINV) Radiotherapy induced nausea and vomiting (RINV) Post-operative nausea and vomiting (PONV) Synergistic u Oncology supportive care u Leverage our commercial channel and distribution expertise u Common call point with Abstral and will utilize GPS PharmFilm® is a registered trademark of MonosolRx Please see full prescribing information at www.zuplenz.com 10 Zuplenz Product Advantages Delivers the trusted efficacy and safety of ondansetron Convenient oral soluble film eliminates the burden of swallowing pills during periods of emesis Does not require water ideal in cases of oral irritation Please see full prescribing information at www.zuplenz.com Soothing peppermint flavor, no gritty aftertaste 11 GALENA COMMERCIAL CAPABILITIES u Successful launch with growing market share u Established oncology relationships u Strong distribution channel u Galena Patient Services u Enhanced gross to net ratio u Consistent growth in prescriber base u Zuplenz leverages established commercial team Please see full prescribing information at www.abstral.com 12 CANCER IMMUNOTHERAPY 13 IMMUNO-ONCOLOGY FRANCHISE First-in-Class, Targeted Immunotherapy Harnessing the power of the immune system in the adjuvant setting u u u Exploits specificity of natural immune surveillance Adjuvant patients have healthy immune systems Systemic protection Well-validated targets Goal is to prevent recurrence u u u Recurrences are almost always fatal Minimal toxicity and improved safety profile Boosters provide long term protective effect u HER2 u Folate binding protein (FBP) Current Programs u NeuVax™ (nelipepimut-S) • Breast: HER2 1+, 2+ and 3+ • Gastric trial planned u GALE-301 (FBP) • Ovarian • Endometrial 14 ADVANCING STANDARDS OF CARE ASCO Connection Nov 2014: Cancer Survivorship Continues to Grow Breast Cancer Incidence and Mortality, US 250,000 Number of New Cases and Deaths 200,000 150,000 New Cases Deaths-US 100,000 50,000 - Source: US National Cancer Institute’s Surveillance Epidemiology and End Results (SEER) Data base 15 RECURRENCE HAZARD RATES ARE DEPENDENT ON KNOWN PROGNOSTIC FACTORS Prominent early peak of recurrences (~3 years) in absence of adjuvant therapy Hazard of recurrence by yearly interval 25 Total Node 0 20 Node 1-3 Node (4+) 15 Tumour size (<1cm) Tumour size (1.1-3cm) 10 Tumour size (>3cm) ER+ ER- 5 Premen 0 Postmen 0.5 1.5 2.5 3.5 4.5 5.5 6.5 7.5 8.5 9.5 10.5 Year Source: Early Breast Cancer Trialists’ Collaborative Group. Lancet. 1998;351:1451 Update of Houghton. J Clin Oncol. 2005; 23(16S):24s. Abstract 582 Saphner et al., J Clin Oncol. 14: 2738-2746, 1996 16 NEUVAX: HER2 IMMUNODOMINANT PEPTIDE NeuVax contains the immunodominant peptide derived from the extracellular region of the HER2 protein u Peptide (aa 369-377) immunotherapy administered as intradermal injection u u MHC Class I: HLA A2/A3 KI FGSLAFL 17 ELICITS A STRONG CD8+ T-CELL RESPONSE NeuVax Specific CD-8 CTLs: Pre-, Post, Mean and Long-Term (6 months) 2.5 u u NeuVax binds to antigen presenting cells (APCs) NeuVax stimulates APCs to activate CD8+ cytotoxic T lymphocytes (CTLs) CTLs rapidly replicate to seek out and destroy HER2 expressing tumor cells and micro-metastases % NeuVax specific CD8+ T cells u 1.8 2.0 1.5 1.0 0.5 0.0 0.7 0.5 0.4 Pre Max Mean Long-Term Source: Peoples GE, et al (2005) JCO, 23(300, 7536-7545; Mittendorf EA, et al (2006) Surgery, 139(3): 407-418. 18 BOOSTER SERIES MAINTAINS LONG TERM IMMUNOLOGIC RESPONSE NeuVax Specific CD8+ T cell response to Booster Regimen 3.50 % NeuVax specific CD8+ T cells 3.00 R² = 0.84944 2.50 2.00 1.50 1.00 0.50 0.00 Pre Post B1 (n=53) B1 Pre Post B2 (n=34) B2 Pre Post B3 (n=24) B3 Pre Post B4 (n=20) B4 Pre Post B5 (n=12) B5 Pre Post B6 (n=8) B6 Booster Inoculation Sources: Peoples, et al, ASCO 2012 Poster Presentation 19 NEUVAX DEVELOPMENT STRATEGY u Adjuvant therapy after standard of care (SOC) surgery, chemotherapy, radiotherapy u Prevent breast cancer recurrence • Systemic recurrence = very poor overall survival • 25% of resectable node-positive breast cancer patients, despite having no evidence of disease following surgery and chemo/radiation therapy, will still relapse within 3 years u NeuVax + GM-CSF • Node Positive • HER2 1+, 2+, 3+ 20 PHASE 1/2 TRIALS NeuVax (nelipepimut-S) Enrollment n=195 Objectives of Trial: • Safety • Optimal dose and schedule • Immunologic response (biologic efficacy) Total Evaluable n=187 • Clinical efficacy (DFS; recurrence rate) Node Positive (SN-33) N=97 Vaccine HLA-A2/A3+ n=53 6 withdrew and 1 lost to follow up prior to starting trial; 1 excluded Control HLA-A2/A3n=44 Node Negative (SN-34) N=90 Vaccine HLA-A2/A3+ n=55 Control HLA-A2/A3n=35 21 LOCAL & SYSTEMIC TOXICITY IS MINIMAL (A) (B) % of Vaccinated Patients % of Vaccinated Patients Node-negative & Node-positive Patients Local Toxicity Systemic Toxicity PRIMARY VACCINATION SERIES Local Systemic Local Toxicity Systemic Toxicity BOOSTER SERIES 22 SN-33 Phase 2 HER2 IHC 1+/2+ (N=45) When the HER2 3+ patients were excluded from the population, the Phase 2 HER2 IHC 1+2/+ Vaccine Group had a significantly improved DFS at 24 months (100% vs. 77.8%, p=0.035); at 60 months, VG retains a 20.3% difference (VG 94.4% vs. CG 74.1%). 23 PHASE 2 CONCLUSIONS NeuVax demonstrated a statistically improved Disease Free Survival (DFS) at 36 months (100% vs. 77.8%, p=0.035) Phase 3 target patient population defined: u • Node positive, HLA A2/3, HER2 IHC 1+/2+ or low to intermediate patients • Dose and schedule Defined development path based on Phase 2 interim data, confirmed by final data Phase 3 FDA approved SPA (Special Protocol Assessment) established primary endpoint as 36 month DFS u • SPA: Initiated 2007 / Approved 2009 u Validated at 24 (2010) and 36 (2011) month landmark analyses u Exploratory ITT population (n=97) showed a 33% relative reduction of recurrence at 60 months NeuVax elicits strong HER2 directed immunity u Well–tolerated u Demonstrates dose response u Booster series maintains immune response over time 24 PHASE 3 PRESENT TRIAL PER SPA Prevention of Recurrence in Early-Stage, Node Positive Breast Cancer with Low to Intermediate Her2 Expression with NeuVax Treatment Interim analysis by DSMB at n=70 events Study Population Endpoint DFS at n=141 events / 36 months + GM-CSF 700 adjuvant breast cancer patients, randomized 1:1 § Double blind § Node positive § HLA A2/A3+ Placebo + GM-CSF § HER2 IHC 1+/2+ § Stratified by stage, type of surgery, hormone receptor, and menopausal status Dosing by Month 1 2 3 4 5 6 + 1 booster dose every 6 months thereafter 25 SIGNIFICANT MARKET OPPORTUNITY Newly Diagnosed Breast Cancer Patients Annually: ~230,000 in US(1) ~450,000 in EU(2) HLA A2/A3(3) (75%) HER2 1+/2+(4) (50-60%) Node Positive(5) (30-40%) Addressable Patient Population U.S. = 30,000 – 40,000 EU = 50,000 – 80,000 Sources: (1)American Cancer Society 2011 Breast Cancer Facts and Figures; (2) WHO; (3)TD. Distribution of HLA antigens in North American Caucasians, North American Blacks and Asians; (4)Slamon DJ, et al. Science 1987;235:177-82; (5)Intl Journal of Breast Cancer Volume 2011, Review Article: A. Pazaiti & Ian S. Fentimen 26 NEUVAX: CURRENT CLINICAL DEVELOPMENT Phase Treatment Indication Current Status Protocol Defined # of Patients 3 Single agent “PRESENT” Study Breast, HER2 1+, 2+ Enrolling, 13 countries, 143 centers 700 2b Combination with Herceptin Breast, HER2 1+, 2+ Enrolling, 23 U.S. centers 300 2 Combination with Herceptin Breast, HER2 3+ Enrolling U.S. only 100 2 Single agent Gastric HER2 1+,2+,3+ Planned India sites only ~90 Collaborations 27 GALE-301: FOLATE BINDING PROTEIN (FBP) u Targeted cancer immunotherapy u FBP is over-expressed (20-80 fold) in >90% of ovarian and endometrial cancers u FBP has very limited tissue distribution and expression in non-malignant tissue making it an ideal immunotherapy target u Current treatments are generic • Carboplatin and paclitaxel • High recurrence rate u Most patients relapse with poor prognosis Source: U.S. Ovarian Cancer http://seer.cancer.gov/statfacts/html/ovary.html 28 GALE-301: FOLATE BINDING PROTEIN (FBP) Phase 1/2a trial ongoing u u Phase 1: Determined optimal dose and demonstrated safety and potent immune response 60.0%$ Phase 2a: Enrollment completed ahead of schedule due to high demand 40.0%$ Preliminary data shows: • 38% reduction in risk of recurrence • GALE-301 plus GM-CSF is well tolerated and elicits a strong in vivo immune response with primarily Grade 1 and Grade 2 toxicities u 50% 50.0%$ %'of'Subjects' u Recurrence:'13'Month'Median'Follow'Up' 31% 30.0%$ 20.0%$ 10.0%$ 0.0%$ Vaccine' Control' Top-line data to be presented mid-year 2015 *Preliminary results after a median follow-up of 13 months, there have been 9/29 recurrences (31%) in the vaccine group vs. 11/22 recurrences (50%) in the CG (p=0.17) . Source: Peoples, et. al, Poster Presentation, SITC 2014 29 HEMATOLOGY 30 GALE-401 ANAGRELIDE CONTROLLED RELEASE (CR) GALE-401 Indication & Current Treatment u Active ingredient = anagrelide u Anagrelide reduces the elevated platelet count and the risk of thrombosis u Immediate release (IR) version approved for the treatment of patients with thrombocythemia, secondary to myeloproliferative neoplasms (MPNs) • MPNs are hematological malignancies in which the bone marrow cells develop and function abnormally u IR formulation can cause unacceptable side effects u Controlled Release (CR) formulation expected to decrease the frequency or severity of side effects u Phase 2, Proof-ofConcept, Trial Ongoing u If successful, Galena will seek approval via the 505(b)(2) regulatory pathway • Believed to be Cmax-related and has largely limited the use due to early treatment withdrawal Source: Anagrelide Package Insert 31 GALE-401 – CR FORMULATION MAINTAINS PLATELET LOWERING WHILE REDUCING Cmax Anagrelide CR Platelet Lowering pg/mL Anagrelide CR Plasma Levels Multiple Phase 1 studies in n=86 healthy volunteers Agrylin is a registered trademark of Shire. 32 GALE-401 PHASE 2 STUDY Study Population u Adult patients with thrombocytosis due to myeoproliferative neoplasms (MPNs) including PV, PMF, CML, or ET u Platelet count >600 x 109/L u Requirement for platelet reduction therapy as per investigator u Not previously found to be refractory to anagrelide Phase 2 Patients: MPN including PV, CML, PMF, or ET (N=20 pts) Primary Objective: • Estimate the response rate in terms of platelet reduction Secondary Objectives: • Assess safety and tolerability • Characterize pharmacokinetics (PK) profile • Assess genetic markers that may correlate with outcome Treatment Plan: • Initiate at 0.5 mg b.i.d. • Titrate dose (0.5 mg/day q 1-2 wks) until target platelet count reached (150 – 400 x109/L) 33 CORPORATE OVERVIEW 34 MILESTONES Commercial • Achieve $8-10 million net revenue for 2014 • Launch Zuplenz in the U.S. • Achieve $15-18 million net revenue in 2015 NeuVax™ ü Initiate Phase 2 HER2 3+ combo trial – Q4, 2014 • Complete enrollment in Phase 3 PRESENT trial in Q1, 2015 • Initiate Phase 2 gastric cancer trial • PRESENT trial interim analysis GALE-301 (FBP) ü Report Preliminary Phase 2a clinical data (SITC) • Report Top-Line Phase 2a clinical data GALE-401 (anagrelide CR) ü Complete Phase 2 enrollment – 4Q, 2014 ü Report Phase 1 data (ASH) • Report Top-Line efficacy and safety data 35 LEADERSHIP TEAM u Mark W. Schwartz, Ph.D., President & CEO u Apthera, Bayhill Therapeutics, Calyx Therapeutics, Trega Biosciences, Incyte Genomics, DuPont Diagnostics u u Remy Bernarda, VP, Marketing & Communications IR Sense, Hana Biosciences, Knight Equity Markets, Bear Stearns, Goldman Sachs u u Ryan Dunlap, CPA, VP & CFO Moss Adams, Nike, KPMG, PricewaterhouseCoopers Joe Lasaga, VP Business Development & Alliance Management Nektar Therapeutics, Rigel u Christopher S. Lento, VP, Commercial Astra Zeneca, Genentech BioOncology, US Oncology/ McKesson, Abraxis Bioscience, Altos Solutions Gavin Choy, Pharm.D., Senior VP, Clinical Operations Astex, Hana Biosciences, Gilead, Stanford University Medical Center Margaret Kivinski, General Counsel Spectrum Pharmaceuticals, Edwards Lifesciences, Masimo Corp., TherOx, Beckman Coulter, Loeb & Loeb u Pat Murphy, VP, Regulatory Affairs & Compliance Nektar Therapeutics, Bayhill Therapeutics, Berlex Laboratories, Serono, Parexel, Biogen 36 FINANCIAL OVERVIEW (as of September 30, 2014) Cash, Cash Equivalents, Marketable Securities $24.6 million YTD Revenues $6.1 million Debt $9.3 million Projected Quarterly Burn ~$8-10 million Shares Outstanding 121 million Market Cap (20 Jan 14) ~$200 million 37 WHY WE’RE HERE “I've had several friends who've had (breast cancer) and then…it came back and they had to go through treatment again. So this would be wonderful, not to have to come back.” – First NeuVax Phase 3 patient Source: E75 vaccine's final tests start in S.A. By Don Finley, January 22, 2012 http://www.mysanantonio.com/news/local_news/article/E75-vaccine-s-final-tests-start-in-S-A-2653101.php#ixzz1mJkcuHUQ 38 THANK YOU