TiGenix : Business & Financial Results First Quarter 2012
(Thomson Reuters ONE) -
Regulated information
May 15, 2012
TiGenix Reports Business &
Financial Results for the First Quarter 2012
ChondroCelect Sales up 123% -
All Clinical Programs on Track - EUR 16.7 Million Cash
Leuven (BELGIUM) - May 15, 2012 - TiGenix NV (NYSE Euronext: TIG), a leader in
the field of cell therapy, today gave a business update and announced the
financial results for the first quarter ending March 31, 2012.
Business highlights
* ChondroCelect
* Net sales increase of 123% vs. same period last year & 62% vs. Q4, 2011
* Publication of large follow-up study in leading journal confirms
efficacy and safety of ChondroCelect
* Allogeneic stem cell platform
* ADMIRE-CD Phase III trial (Cx601) in complex perianal fistula on
schedule
* Cx611 Phase IIa in rheumatoid arthritis passes last safety hurdle
* Last patient treated in Cx621 Phase I clinical trial
* Corporate
* European production facility obtains manufacturing license
* Vice president commercial operations appointed
Financial highlights
* EUR 16.7 million cash at March 31, 2012
* Group revenues for the first 3 months of EUR 0.7 million
"In the first quarter 2012 we continued to aggressively push our commercial
efforts forward," said Eduardo Bravo, CEO of TiGenix. "As a result sales of
ChondroCelect are developing in line with the improved traction we observed in
the second part of last year. At the same time we are moving ahead of schedule
with most of our clinical adipose stem cell programs. We closed the quarter with
almost EUR 17 million cash on hand, which is sufficient to execute on our
business plan and reach key inflection points."
Business update
ChondroCelect sales increase continues apace
The Company reports net sales growth for the quarter of 123% compared with the
same period of last year, and of 62% compared to Q4, 2011, a positive trend
reflecting the uptake in Belgium, where we benefit from national reimbursement.
In the Netherlands one of the leading private healthcare insurance companies has
made treatment with ChondroCelect compulsory for its insured, and no longer
reimburses non-ATMP treatments. Similarly, one of the large private insurers in
the UK has expressed its intention to routinely reimburse ChondroCelect going
forward. Discussions to obtain full national reimbursement keep advancing in the
Netherlands, France, Spain and Germany.
Positive outcome of ChondroCelect compassionate use program published in leading
journal
Positive outcome data from the ChondroCelect® compassionate use program (CUP),
involving 43 orthopedic centers in 7 European countries, treating 370 patients
with ChondroCelect over the span of four years, were published in advance online
in Cartilage, the official journal of the International Cartilage Repair
Society. The data show that the implantation of ChondroCelect results in a
positive benefit/risk ratio when used in an unselected, heterogeneous
population, irrespective of the follow-up period, lesion size and type of lesion
treated. In addition, the CUP study significantly expands the data set used to
obtain approval for ChondroCelect from the European Medicines Agency in 2009,
increasing eight-fold, from 43 to 334, the number of patients with long-term
follow up data. To date almost 700 patients have been treated with
ChondroCelect.
ADMIRE-CD Phase III trial (Cx601) in complex perianal fistula on schedule
The ADMIRE-CD (Adipose Derived Mesenchymal stem cells for Induction of REmission
in perianal fistulizing Crohn's Disease) Phase III protocol was submitted to
Ethics Committees or Health Authorities in all 8 participating countries, and to
date approvals have been received in four of those countries already.
Cx611 Phase IIa in RA passes last safety hurdle
On April 17, upon review of the safety data of the first three patients of the
third cohort of the company's Phase IIa clinical trial in rheumatoid arthritis
(Cx611), TiGenix received the go-ahead from the independent Safety Monitoring
Board to recruit and dose the remaining patients of this cohort. This fact is of
major importance. In RA it ensures that the product will not be held back by any
dose-limiting factors and that we will be able to move forward with the optimal
treatment dose. Of almost equal importance is that, if required, we can expand
the dosing range in other indications that we are exploring as well. With 6
months of follow-up, the current RA trial in 53 patients is expected to report
meaningful results in H1 2013.
Last patient treated in Cx621 Phase I clinical trial
All 10 healthy volunteers have been recruited and treated in the Phase I study
of Cx621. Cx621 investigates the safety and feasibility of intra-lymphatic
administration of stem cells. Intra-lymphatic administration of (all) stem cells
is patented by TiGenix. The final report of this trial will be available at the
end of June.
European production facility obtains manufacturing license
On April 24, further to the cGMP inspection by the Dutch authorities TiGenix
obtained the manufacturing authorization for human medicinal products for its
European manufacturing plant in Sittard-Geleen in the Netherlands. The state-of-
the-art manufacturing site is unique in Europe as it is 100% geared towards the
production of innovative cell therapy products. The plant provides TiGenix with
crucial manufacturing capabilities to support the anticipated growth in demand
for ChondroCelect for cartilage repair, and has sufficient capacity for the
production of our advanced stem cell therapy products.
Vice president commercial operations appointed
In April, TiGenix appointed Dr. Guido Schopen as vice president commercial
operations. Dr. Schopen brings to TiGenix more than 20 years of bio-
pharmaceutical industry experience. In addition to his global commercial
responsibilities, Dr. Schopen, who is a German national, will also assume the
role of country manager Germany, the most developed market today for autologous
chondrocyte implantation.
Group revenues((1)) for the first 3 months of EUR 0.7 million
Total group sales of ChondroCelect for the first three months of 2012 amounted
to EUR 0.7 million. This represents a 123% increase compared to the same period
of last year. Quarter on quarter growth was 62%, a positive trend reflecting the
uptake in Belgium. These revenues do not include EUR 0.1 million of deferred
product sales to be recognized once ChondroCelect is reimbursed under the policy
rule of expensive medicinal products in the Netherlands.
(1) Sales of ChondroMimetic are not included as TiGenix Ltd is considered as an
asset to be held for sale.
Cash position of EUR 16.7 million on March 31, 2012
On March 31, the Company had a cash position of EUR 16.7 million. Net cash used
during the first quarter of 2012 was EUR 3.1 million, representing a 12%
decrease compared with the same quarter of last year. The company continues its
successful efforts to increase efficiency and to diligently manage the use of
its cash resources.
Outlook 2012
* ChondroCelect reimbursement updates and decisions
* Partnering of ChondroCelect in selected countries
* First patient dosed in Cx601 Phase III clinical study in complex perianal
fistulas
* Finalize recruitment of Cx611 Phase IIa trial in RA
* Phase I study results for Cx621
TiGenix to present at BioEquity in Frankfurt, Germany, May 15
Today TiGenix will present at BioEquity 2012 in Frankfurt, Germany. Eduardo
Bravo, CEO of TiGenix, will make a formal presentation on the company at 4 p.m.
at Level 1, Room Gold 1. BioEquity takes place at the Marriott Hotel, Hamburger
Allee 2, Frankfurt am Main.
For more information:
Eduardo Bravo
Chief Executive Officer
eduardo.bravo(at)tigenix.com
Claudia D'Augusta
Chief Financial Officer
claudia.daugusta(at)tigenix.com
Hans Herklots
Director Investor & Media Relations
T: +32 16 39 60 97
hans.herklots(at)tigenix.com
About TiGenix
TiGenix NV (NYSE Euronext Brussels: TIG) is a leading European cell therapy
company with one marketed product for cartilage repair, ChondroCelect®, and a
strong pipeline with clinical stage allogeneic adult stem cell programs for the
treatment of autoimmune and inflammatory diseases. TiGenix is based out of
Leuven (Belgium) and has operations in Madrid (Spain), and Sittard-Geleen
(the Netherlands). For more information please visit www.tigenix.com.
Forward-looking information
This document may contain forward-looking statements and estimates with respect
to the anticipated future performance of TiGenix and the market in which it
operates. Certain of these statements, forecasts and estimates can be recognised
by the use of words such as, without limitation, "believes", "anticipates",
"expects", "intends", "plans", "seeks", "estimates", "may", "will" and
"continue" and similar expressions. They include all matters that are not
historical facts. Such statements, forecasts and estimates are based on various
assumptions and assessments of known and unknown risks, uncertainties and other
factors, which were deemed reasonable when made but may or may not prove to be
correct. Actual events are difficult to predict and may depend upon factors that
are beyond TiGenix' control. Therefore, actual results, the financial condition,
performance or achievements of TiGenix, or industry results, may turn out to be
materially different from any future results, performance or achievements
expressed or implied by such statements, forecasts and estimates. Given these
uncertainties, no representations are made as to the accuracy or fairness of
such forward-looking statements, forecasts and estimates. Furthermore, forward-
looking statements, forecasts and estimates only speak as of the date of the
publication of this document. TiGenix disclaims any obligation to update any
such forward-looking statement, forecast or estimates to reflect any change in
TiGenix' expectations with regard thereto, or any change in events, conditions
or circumstances on which any such statement, forecast or estimate is based,
except to the extent required by Belgian law.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: TiGenix via Thomson Reuters ONE
[HUG#1611848]
Unternehmensinformation / Kurzprofil:
Datum: 15.05.2012 - 07:01 Uhr
Sprache: Deutsch
News-ID 146330
Anzahl Zeichen: 12551
contact information:
Town:
Leuven
Kategorie:
Business News
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