6 July Private Equity & Corporate Finance Conference

Transcription

1 ESBATech case story 6 July Private Equity & Corporate Finance Conference ESBATech AG phone Wagistr. 21 fax CH-8952 Zurich-Schlieren info@esbatech.com Switzerland web co

2 Antibodies are the most successful drugs New biopharmaceutical entity (NBE) New chemical entity (NCE) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 93% 88% 88% 62% 51% 34% 29% 34 19% 11% 8% 8 First tox First human First patient t First pivotal First dose dose dose dose submission Average annual sales [M$] Source: CMR Database Source: Datamonitor

3 Formats of antibody fragments V L V L V H C H 1 C L C L C H 1 C H 2 C H 2 V H Lucentis Cimzia V H V L ESBA105 ESBA1008 C H 3 C H 3 Antibody C H 1 SS C L Fab Fragment V L V H Single-chain antibody fragment

4 Local therapy for safe and effective treatment Eye CNS ENTRATION Lung DRUG CONC E-05 GI-Tract Skin 1E-06 1E-07 1E-08 TIME Joint Serum conc. following i.v. injection Local conc. following i.v. injection Local conc. following local application Serum conc. following local application

5 Fragments lacking drug like properties mau Classical scfv Aggregates Monomer ml Low yield Strong aggregation Low stability

6 ESBATech s unique approach V L V L V H C L C L C H 1 C H 1 V H IgG gene segments Human C H 2 C H 2 C H 3 C H 3 IgG V H 1200 V L κ 850 L λ 400 > 15Mi 1.5 Mio fully human frameworks

7 Drug-like properties of ESBATech frameworks Size-exclusion chromatography: Mouse scfv: Humanized scfv: Low yield Strong aggregation High yield Low aggregation

8 ESBATech project portfolio before acquisition Indications Target Research Preclinic Phase I Phase II Phase III ESBA105 Uveitis TNF ESBA105 PK and post surgical inflammation TNF ESBA105 Osteoarthritis TNF ESBA1008 Angiogenesis VEGF ESBA105 Respiratory TNF

9 Anatomy of the eye Optic Nerve Anterior Oil layer Aqueous layer Mucin layer Corneal epithelium: Cut-off: 40kDa Cornea Stroma: Cut-off: 150kDa Retina Sclera Posterior Cross section of human cornea at 160X (from: Anant Mathur, Univ. of Rochester, 2005) Descemt s membrane: Cut-off: 60kDa

10 Topical ESBA105 reaches therapeutic levels ESB BA105 (p pg/ml) Aqueous humour Vitreous Neuroretina Serum RPE-choroid TNF level l in AU Topical treatment hours Furrer et al. IOVS 2009

11 Phase I of ESBA healthy volunteers Randomized, vehicle-controlled, double-masked Single and repeat dose Dose escalation (up to 4 weeks, up to 16 daily topical dosings)

12 ESBA105: Phase II in progress Regulatory clearance to start two phase Ib/IIa clinical trials: Human PK in cataract and vitrectomy surgery, post-surgical surgical inflammation Examining human PK in anterior/ posterior chamber Early PD/ efficacy readout in post-surgical surgical inflammation Total 90 patients, different dosing, PD part double-blind, placebo controlled Acute anterior uveitis Proof of clinical concept in AAU patients Changes in the level of intraocular inflammation (anterior chamber cell count according to SUN Working group criteria) Enrollment of 25 patients Open-label

13 Capital need Date Series Investors Capital raised [CHF] April 2000 Seed Novartis Venture Fund 1M Sept 2001 Series A Lombard Odier 14.5M Credit Suisse BSI Novartis Venture Fund BioMedinvest VI Partners Aug 2006 Series B Clarus Ventures HBM Partners SV Life Sciences Novartis Venture Fund VI Partners ZKB 50M Aug 2007 Series B2 Same syndicate 23M TOTAL 88.5M

14 Franchise deal Ophthalmology Virology Cardiovascular Auto immune disease Cancer

15 ESBATech, an Alcon Biomedical Research Unit September 2009 Non-ophthalmic Ophthalmology: USD 589M USD 150M upfront USD 439M Milestones ESBATech, an Alcon Biomedical Research Unit LLC 15

16 Acquisitions of antibody fragment companies Company Acquirer Date Stage Valuation ESBATech Alcon 09 / 2009 Phase II USD 589M 1) Adnexus BMS 09 / 2007 Phase I USD 430M Domantis GSK 12 / 2006 Preclinic USD 454M Avidia Amgen 09 / 2006 Phase I USD 290M NeuTec Novartis 06 / 2006 Phase III USD 575M 1) Ophthalmology franchise only

17 Maximizing platform value Franchise deal of platform De-merger allows further maximizing platform value Alcon / Novartis resource to maximally develop platform Ophthalmology acquisition as validation for Delenex