UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO
SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): August 7, 2012
AMICUS THERAPEUTICS, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of
Incorporation)
001-33497 |
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71-0869350 |
(Commission File Number) |
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(IRS Employer Identification No.) |
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1 Cedar Brook Drive, Cranbury, NJ |
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08512 |
(Address of Principal Executive Offices) |
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(Zip Code) |
Registrants telephone number, including area code: (609) 662-2000
(Former Name or Former Address, if Changed Since Last Report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
On August 7, 2012, Amicus Therapeutics, Inc. (the Company) issued a press release announcing its financial results for the quarter ended June 30, 2012. A copy of this press release is attached hereto as Exhibit 99.1. The Company will also host a conference call and webcast on August 7, 2012 to discuss its second quarter results of operations. A copy of the conference call presentation materials is also attached hereto as Exhibit 99.2.
In accordance with General Instruction B.2. of Form 8-K, the information in this Current Report on Form 8-K and the Exhibits shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits: The Exhibit Index annexed hereto is incorporated herein by reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Amicus Therapeutics, Inc. | |
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Date: August 7, 2012 |
By: |
/s/ Peter M. Macaluso |
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Peter M. Macaluso |
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Secretary |
EXHIBIT INDEX
Exhibit No. |
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Description |
99.1 |
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Press Release dated August 7, 2012 |
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99.2 |
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August 7, 2012 Conference Call Presentation Materials |
Exhibit 99.1
Amicus Therapeutics Announces
Second Quarter 2012 Financial Results & Corporate Updates
FDA to Consider Both Six-Month and 12-Month Efficacy and Safety Endpoints in Migalastat HCl Phase 3 Monotherapy Study 011 - Data Expected 4Q12
Chaperone-Enzyme Replacement Therapy (ERT) Combination Platform Advancing
Expects to End FY 2012 with at Least $90 Million Cash
CRANBURY, NJ, US, August 7, 2012 Amicus Therapeutics (Nasdaq: FOLD), a biopharmaceutical company at the forefront of developing therapies for rare and orphan diseases, today announced financial results for the second quarter ended June 30, 2012. The Company also summarized recent and upcoming milestones and reiterated full-year 2012 operating expense guidance.
Key Highlights and Upcoming Milestones
· Primary six-month treatment period completed in Phase 3 Study 011 of migalastat HCl monotherapy for Fabry disease. 100% conversion of patients who completed the six-month primary treatment period into six-month open-label follow-up period (63 of 63 patients).
· Based on encouraging Type C guidance from the U.S. Food and Drug Administration (FDA) regarding planned new drug application (NDA) submission for migalastat HCl, Amicus and GSK intend to unblind Study 011 and release data in 4Q12 to allow for last patient to complete six-month follow-up period of the study and preserve the integrity and availability of the clinical data.
· Amicus and Glaxo Group Limited (GSK) expanded Fabry collaboration for development of migalastat HCl co-formulated with proprietary ERT - advancing preclinical studies
· Phase 2 Study 013 for Fabry disease ongoing in subjects receiving migalastat HCl 450 mg co-administered with enzyme replacement therapy (Fabrazyme® or Replagal®). Results expected to be presented at Fall 2012 scientific congress.
· Phase 2 Study 010 for Pompe disease demonstrated positive preliminary results in first two dose cohorts of AT2220 co-administered with ERT. Cohort 3 fully enrolled and reviewed by data safety monitoring board (DSMB), Cohort 4 now enrolling. Additional results to be presented at Fall 2012 scientific congress.
John F. Crowley, Chairman and Chief Executive Officer of Amicus stated, During the second quarter we made excellent progress across all of our programs. In particular, we are very pleased with the interactions with FDA regarding our Phase 3 Fabry monotherapy Study 011. We believe that the FDAs indication that it will consider efficacy as well as safety data at both six- and 12-month periods in this study further increases the likelihood of a successful outcome in this clinical program. The achievements in our Fabry program are also an added testament to the strong working collaboration between Amicus and GSK. We look forward to a continued busy and positive second half of 2012.
Second Quarter 2012 Financial Highlights (3 Months Ended June 30, 2012)
· Total revenue of $10.6 million compared to $4.0 million in 2Q11 on higher research, collaboration and milestone revenue.
· Research revenue of $5.5 million compared to $2.4 million in 2Q11. Research revenue reflects reimbursement received from GlaxoSmithKline (GSK) for shared development costs for migalastat HCl for Fabry disease. Amicus and GSK funded 25% and 75%, respectively, of these global development costs in 2Q12.
· Collaboration and milestone revenue of $5.2 million compared to collaboration revenue of $1.7 million in 2Q11. This amount includes the recognized portion of the $33.2 million upfront cash payment received from GSK upon entering the Fabry collaboration; as well as a $3.5 million clinical development milestone payment earned during 2Q12.
· Total operating expenses of $20.0 million compared to $18.8 million in 2Q11 on higher research and development expenses.
· Net loss attributable to common stockholders of $9.3 million, or $0.20 per share, compared to a net loss of $12.6 million, or $0.37 per share, in 2Q11.
Financial Guidance
Cash, cash equivalents, and marketable securities totaled $95.8 million at June 30, 2012 compared to $108.2 million at March 31, 2012 and $56.0 million at December 31, 2011. Amicus expects to end 2012 with at least $90 million in cash, cash equivalents and marketable securities which is expected to fund its current operating plan beyond 2013. This projection includes the receipt of the $18.6 million equity investment from GSK and the $3.5 million cash milestone payment from GSK in the third quarter 2012, and quarterly reimbursement from GSK for shared development costs for migalastat HCl.
Amicus expects full-year 2012 operating expenses within the higher end of the previously disclosed guidance range of $37 million to $43 million, net of anticipated cost sharing under the expanded Fabry disease collaboration with GSK. Amicus and GSK are funding 25% and 75% of the development costs, respectively, for migalastat HCl monotherapy and co-administration for full-year 2012. During the second half of 2012, Amicus and GSK will be responsible for 40% and 60% of the preclinical development costs, respectively, for the co-formulated chaperone-ERT product. Amicus will be responsible for all U.S. commercial activities for migalastat HCl upon approval, including pricing, marketing, patient access and reimbursement.
Program Updates
Chaperone Monotherapy and Chaperone-ERT Combinations for Fabry Disease
Migalastat HCl Monotherapy
Migalastat HCl monotherapy is in Phase 3 development for Fabry disease in patients with genetic mutations that are amenable to chaperone monotherapy. Amicus and GSK are currently conducting Phase 3 global registration studies (Study 011 and Study 012) of migalastat HCl monotherapy.
Study 011 is a randomized, placebo-controlled study with a six-month, double-blind primary treatment period and a six-month, open-label follow-up period. The primary endpoint is interstitial capillary globotriaosylceramide (GL-3) as measured in kidney biopsy. The six-month primary treatment period was completed in a total of 63 patients during the second quarter 2012. These patients received kidney biopsies at baseline and month six. All 63 of these patients are continuing in the six-month follow-up period, and all of these patients are expected to have 12-month kidney biopsies by year-end 2012.
Amicus and GSK have recently engaged in encouraging interactions with the FDA regarding the planned NDA for migalastat HCl. The agency indicated it would consider safety and efficacy data from both the six- and 12-month kidney biopsies to support conditional approval under subpart H. In order to preserve the integrity and availability of clinical data for the open-label follow-up period, Amicus and GSK have jointly determined that the unblinding and analysis of the data from the primary six-month treatment arm will not occur prior to the fourth quarter 2012. Both companies remain blinded to the results at this time.
Study 012 is a randomized, open-label, Phase 3 study targeting approximately 50 total patients (30 to switch to migalastat HCl and 20 to remain on ERT). Final enrollment continues to be expected by year-end 2012.
Patients also continue to receive migalastat HCl monotherapy in Phase 2 and Phase 3 extension studies. As of July 31, 2012, 38 of 40 patients who have completed the treatment and follow-up periods in Study 011 are currently enrolled in a Phase 3 extension study. An additional 17 subjects continue in the ongoing Phase 2 extension study and have been receiving migalastat HCl for up to six years.
Migalastat HCl Co-Administered with ERT
When co-administered with ERT, migalastat HCl is designed to bind to and stabilize the infused enzyme, independent of alpha-Gal A mutation type. An open-label Phase 2 study (Study 013) is currently underway to investigate the effects of a single oral dose of migalastat HCl (150 mg or 450 mg) co-administered prior to ERT (Fabrazyme or Replagal) in males with Fabry disease. Results are expected to be presented at a Fall 2012 scientific congress.
Migalastat HCl Co-Formulated with Preclinical Proprietary ERT
Under the expanded Fabry collaboration, Amicus and GSK in collaboration with JCR Pharmaceutical Co., Ltd. are developing migalastat HCl co-formulated with a proprietary recombinant human alpha-Gal A enzyme (JR-051). This co-formulated chaperone-ERT product has been evaluated in preclinical studies and has the potential to enter the clinic in 2013.
Chaperone-ERT Combinations Programs for Additional Lysosomal Storage Diseases
Amicus and GSK are co-developing all formulations of migalastat HCl for Fabry disease. Outside the GSK collaboration, Amicus owns exclusive rights to the rest of its pipeline and applications of its platform technology.
Preclinical chaperone-ERT co-administration studies in animal models of Fabry, Pompe and Gaucher have shown that a pharmacological chaperone can selectively bind to and stabilize the enzyme, prevent deactivation in the circulation, and increase uptake of active enzyme into key tissues of disease. In published studies in Fabry(1) and Pompe(2) animal models, chaperone-ERT co-administration has also led to greater substrate reduction compared to ERT alone.
Pompe Disease: AT2220-ERT Co-Administration
During the second quarter the Company announced positive preliminary results from the two lowest dose cohorts in a Phase 2 open-label study (Study 010) to investigate four ascending dose cohorts of the pharmacological chaperone AT2220 co-administered with ERT for Pompe disease. Additional results are anticipated at a Fall 2012 scientific congress.
In parallel with Study 010, Amicus is conducting in vitro studies using Antitope Ltd.s EpiScreen assay to evaluate the immunogenicity of the Pompe ERT alglucosidase alfa, with and without AT2220. Results from these studies may help guide further investigation of the effects of AT2220 on immune response to ERT in future clinical studies.
Gaucher Disease: Preclinical Chaperone-ERT Combinations
In Gaucher disease, Amicus is continuing preclinical studies to evaluate two pharmacological chaperones, AT2101 (afegostat tartrate) and AT3375, in combination with ERT (beta-glucosidase). Both of these chaperones target the glucocerobrosidase (GCase) enzyme. Inherited genetic mutations in the GBA1 gene, which encodes for the GCase enzyme, are the cause of Gaucher disease.
Parkinsons Disease in Gaucher Carriers: Preclinical Chaperone Monotherapy
Over the last decade, GBA1 mutations have been identified as the most common genetic risk factor for Parkinsons. By targeting GCase in the brain, AT3375 could potentially treat Gaucher, Parkinsons disease in Gaucher carriers, and possibly the general Parkinsons population. By year-end 2012, Amicus expects to complete additional preclinical and IND-enabling studies of AT3375, which are supported in part by a grant from the Michael J. Fox Foundation.
(1) Benjamin E, Khanna R, Schilling A, Flanagan J, Pellegrino L, Brignol N, Lun Y, Guillen D, Ranes B, Frascella M,Soska R, Feng J, Dungan L, Khanna R, Young B, Lockhart D, Valenzano K, Molecular Therapy: April 2012, Vol. 20, No. 4, pp. 717726
(2) Khanna R, Flanagan JJ, Feng J, Soska R, Frascella M, et al. PLoS ONE (2012) 7(7): e40776. doi:10.1371/journal.pone.0040776
Conference Call and Webcast
Amicus Therapeutics will host a conference call and audio/visual webcast today, August 7, 2012 at 5:00 p.m. ET to review financial results and provide a corporate update. Interested participants and investors may access the conference call at 5:00 p.m. ET by dialing 877-303-5859 (U.S./Canada) or 678-224-7784 (international).
An audio/visual webcast can also be accessed via the Investors section of the Amicus Therapeutics corporate web site at http://www.amicusrx.com, and will be archived for 30 days. Web participants are encouraged to go to the Web site 15 minutes prior to the start of the call to register, download and install any necessary software.
The slide presentation for todays conference call and webcast is also available in the Investors section of the Amicus Therapeutics corporate web site at http://www.amicusrx.com.
A telephonic replay of the call will be available for seven days beginning at 8:00 p.m. ET today. Access numbers for this replay are 855-859-2056 (U.S./Canada) and 404-537-3406 (international); participant code 16856524.
About Amicus Therapeutics
Amicus Therapeutics (Nasdaq:FOLD) is a biopharmaceutical company at the forefront of developing therapies for rare diseases. The Company is developing orally-administered, small molecule drugs called pharmacological chaperones, a novel, first-in-class approach to treating a broad range of human genetic diseases. Amicus late-stage programs for lysosomal storage disorders include migalastat HCl monotherapy in Phase 3 for Fabry disease; migalastat HCl co-administered with enzyme replacement therapy (ERT) in Phase 2 for Fabry disease; and AT2220 co-administered with ERT in Phase 2 for Pompe disease.
About Fabry Disease
Fabry disease is an inherited lysosomal storage disease that is currently estimated to affect approximately 5,000 to 10,000 people worldwide. Fabry Disease is caused by deficiency of an enzyme called alpha-galactosidase A (alpha-Gal A). The role of alpha-Gal A within the body is to break down a complex lipid called globotriaosylceramide (GL-3). Reduced or absent levels of alpha-Gal A activity leads to the accumulation of GL-3 in the affected tissues, including the central nervous system, heart, kidneys, and skin. This accumulation of GL-3 is believed to cause the various symptoms of Fabry disease, including pain, kidney failure, and increased risk of heart disorders and stroke.
About Pompe Disease
Pompe disease is a lysosomal storage disease characterized by progressive skeletal muscle weakness and respiratory insufficiency. It is caused by a deficiency in lysosomal alpha-glucosidase (GAA) activity, which leads to accumulation of glycogen in tissues affected by the disease (primarily muscle). Pompe disease affects an estimated 5,000 to 10,000 individuals worldwide and is clinically heterogeneous in the age of onset, the extent of organ involvement, and the rate of progression.
Forward-Looking Statements
This press release contains, and the accompanying conference call will contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 relating to preclinical and clinical development of Amicus candidate drug products, the timing and reporting of results from preclinical studies and clinical trials evaluating Amicus candidate drug products, and the projected cash position for the Company. Words such as, but not limited to, look forward to, believe, expect, anticipate, estimate, intend, plan, targets, likely, will, would, should and could, and similar expressions or words identify forward-looking statements. Such forward-looking statements are based upon current expectations that involve risks, changes in circumstances, assumptions and uncertainties. The inclusion of forward-looking statements should not be regarded as a representation by Amicus that any of its plans will be achieved. Any or all of the forward-looking statements in this press release may turn out to be wrong. They can be affected by inaccurate assumptions Amicus might make or by known or unknown risks and uncertainties. For example, with respect to statements regarding the goals, progress, timing and outcomes of discussions with regulatory authorities and the potential goals, progress, timing and results of preclinical studies and clinical trials, actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent in the business of Amicus, including, without limitation: the potential that results of clinical or pre-clinical studies indicate that the product candidates are unsafe or ineffective; the potential that it may be difficult to enroll patients in our clinical trials; the potential that regulatory authorities may not grant or may delay approval for our product candidates; the potential that preclinical and clinical studies could be delayed because we identify serious side effects or other safety issues; the potential that we will need additional funding to complete all of our studies and, our dependence on third parties in the conduct of our clinical studies. Further, the results of earlier preclinical studies and/or clinical trials may not be predictive of future results. With respect to statements regarding projections of the Companys cash position, actual results may differ based on market factors and the Companys ability to execute its operational and budget plans. In addition, all forward looking statements are subject to other risks detailed in our Annual Report on Form 10-K for the year ended December 31, 2011. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and Amicus undertakes no obligation to revise or update this news release to reflect events or circumstances after the date hereof. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.
CONTACTS:
Investors/Media:
Sara Pellegrino
spellegrino@amicusrx.com
(609) 662-5044
Table 1
Amicus Therapeutics, Inc.
(a development stage company)
Consolidated Statements of Operations
(Unaudited)
(In thousands, except share and per share amounts)
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Period from |
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February 4, |
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(inception) |
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Three Months |
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Six Months |
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to |
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Ended June 30, |
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Ended June 30, |
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June 30, |
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2011 |
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2012 |
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2011 |
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2012 |
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2012 |
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Revenue: |
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Research revenue |
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$ |
2,380 |
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$ |
5,477 |
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$ |
6,686 |
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$ |
11,591 |
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$ |
57,493 |
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Collaboration and milestone revenue |
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1,660 |
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5,160 |
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3,320 |
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6,820 |
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64,382 |
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Total revenue |
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4,040 |
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10,637 |
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10,006 |
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18,411 |
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121,875 |
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Operating Expenses: |
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Research and development |
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11,618 |
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13,723 |
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22,743 |
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27,727 |
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293,347 |
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General and administrative |
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6,720 |
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5,819 |
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11,122 |
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9,914 |
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123,163 |
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Restructuring charges |
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1,522 |
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Impairment of leasehold improvements |
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1,030 |
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Depreciation and amortization |
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426 |
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442 |
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864 |
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862 |
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10,925 |
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In-process research and development |
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418 |
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Total operating expenses |
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18,764 |
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19,984 |
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34,729 |
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38,503 |
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430,405 |
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Loss from operations |
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(14,724 |
) |
(9,347 |
) |
(24,723 |
) |
(20,092 |
) |
(308,530 |
) | |||||
Other income (expenses): |
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Interest income |
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46 |
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116 |
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105 |
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143 |
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14,216 |
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Interest expense |
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(41 |
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(15 |
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(89 |
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(58 |
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(2,391 |
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Change in fair value of warrant liability |
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2,078 |
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(118 |
) |
(1,354 |
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(2,494 |
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(1,594 |
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Other income |
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21 |
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70 |
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21 |
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252 |
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Loss before tax benefit |
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(12,641 |
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(9,343 |
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(25,991 |
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(22,480 |
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(298,047 |
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Benefit from income taxes |
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5,463 |
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Net loss |
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(12,641 |
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(9,343 |
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(25,991 |
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(22,480 |
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(292,584 |
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Deemed dividend |
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(19,424 |
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Preferred stock accretion |
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(802 |
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Net loss attributable to common stockholders |
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$ |
(12,641 |
) |
$ |
(9,343 |
) |
$ |
(25,991 |
) |
$ |
(22,480 |
) |
$ |
(312,810 |
) |
Net loss attributable to common stockholders per |
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$ |
(0.37 |
) |
$ |
(0.20 |
) |
$ |
(0.75 |
) |
$ |
(0.53 |
) |
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Weighted-average common shares outstanding basic and diluted |
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34,530,693 |
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46,870,067 |
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34,514,947 |
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42,103,642 |
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Exhibit 99.2
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At the Forefront of Therapies for Rare and Orphan DiseasesTM August 7, 2012 |
Safe Harbor This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 relating to business, operations and financial conditions of Amicus including but not limited to preclinical and clinical development of Amicus candidate drug products, the timing and reporting of results from preclinical studies and clinical trials evaluating Amicus candidate drug products, the projected cash position for the Company, and business development and other transactional activities. Words such as, but not limited to, look forward to, believe, expect, anticipate, estimate, intend, plan, would, should and could, and similar expressions or words, identify forward-looking statements. Although Amicus believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, there can be no assurance that its expectations will be realized. Actual results could differ materially from those projected in Amicus forward-looking statements due to numerous known and unknown risks and uncertainties, including the Risk Factors described in our Annual Report on Form 10-K for the year ended December 31, 2011. All forward-looking statements are qualified in their entirety by this cautionary statement, and Amicus undertakes no obligation to revise or update this news release to reflect events or circumstances after the date hereof. Slide 2 |
Slide 3 Agenda Corporate Highlights Fabry Program Phase 3 Updates 2Q12 Financial Results & FY12 Guidance Upcoming Milestones/Concluding Remarks Chaperone-ERT Program Highlights Q&A John F. Crowley, Chairman & CEO Bradley L. Campbell, Chief Business Officer Chip Baird, Chief Financial Officer David J. Lockhart, PhD, Chief Scientific Officer Chip Baird, Chief Financial Officer John F. Crowley, Chairman & CEO John F. Crowley, Chairman & CEO John F. Crowley, Chairman & CEO Bradley L. Campbell, Chief Business Officer |
Slide 4 2Q12 Key Highlights Phase 3 Fabry Program Migalastat HCl Monotherapy Study 011: primary 6-month treatment period completed all patients to complete 6-month treatment extension in 4Q12 Encouraging feedback from FDA on NDA submission with 6- and 12-month data; unblinding in 4Q12 Strong Financial Position $95.8M cash position on June 30, 2012 Flexibility to advance Fabry programs with GSK, rest of pipeline independently Full U.S. economics for all Fabry products upon approval Entering Transformational 2H12 Expanded Fabry collaboration with GSK in July 2012 Transitioning into fully-integrated biopharmaceutical company within U.S. Advancing technology platform along continuum of innovation Pompe Program AT2220 Co-Administered with ERT Positive preliminary results in Phase 2 Study 010 (Cohorts 1-2) |
Slide 5 Joint development of all Fabry products Migalastat monotherapy in Phase 3: Study 011 results anticipated 4Q12 Migalastat HCl co-administered with ERT in Phase 2: positive preliminary results Migalastat HCl co-formulated with proprietary recombinant human a-Gal A enzyme (JR-051) developed by JCR/GSK U.S. commercial rights to all formulations of migalastat HCl for Fabry disease Amicus-led U.S. marketing, pricing, access/reimbursement Leverages strength in patient advocacy and medical affairs GSK investing in Amicus and Fabry development programs $18.6M equity investment (19.9% ownership) Funding development costs (75% in 2012, 60% in 2013 and beyond) Further validation of Amicus platform along continuum of innovation Enhances Amicus significance as strategic collaboration for GSK Rare Diseases Amicus & GSK Rare Diseases Expanded Alliance Maximizes Value Proposition to Deliver New Benefits to Fabry Patients GSK increasing investment in Amicus and Fabry development Amicus transforming into commercial-stage U.S. biopharmaceutical company Slide 5 |
Slide 6 Miglastat HCl Monotherapy for Fabry Disease Global Phase 3 Registration Studies Both Studies Evaluating Migalastat HCl 150 mg, Every-Other-Day in Patients with Amenable Genetic Mutations U.S. Registration Study 150 mg migalastat, every-other-day (QOD) Placebo-controlled 67 patients 6-month surrogate endpoint kidney GL-3 Eligible for accelerated approval 6-month primary treatment period complete Data expected 4Q12 Global Registration Study 150 mg migalastat QOD Switch from ERT 50 patients 18-month clinical endpoint kidney function Full enrollment targeted by YE12 |
Slide 7 Study 011 Phase 3 Confidence Phase 2 Experience Study 011 Design Contributes to Potential for Phase 3 Success >150 patient-years of experience 17 Phase 2 patients remain on migalastat HCl monotherapy Positive results on renal and urine GL-3 clearance (key biomarker) Long-term trends toward stabilization of kidney function Improved Histological Methodology Published BLISS-VM methodology more advanced, sensitive & objective* vs. Thurberg-LM Phase 3 Observations Study 011 Low dropout rate High conversion to extension study Strict Entry Criteria Naïve to ERT / no ERT in past 6 months Amenable mutations Urine GL-3 > 4x normal *Barisoni et al., Archives of Pathology & Laboratory Medicine, 2012 |
Slide 8 Study 011 Patient Disposition to Date (as of 7/31/12) Low drop out rate and high conversion to extension studies 63 completed 6-mo. double-blind treatment period (~6% drop-out rate) 63 continued in 6-mo. open-label treatment extension 40 to date completed Study 011 (6-mo. treatment + 6-mo. extension) 38 of 40 currently enrolled in open-label extension studies |
Continuum of Innovation Multiple Paths Forward for Chaperone-ERT Combinations Slide 9 Envisioning Constant New Product Advances Unique to Each LSD Chaperone Monotherapy - Fabry Disease Chaperone-ERT Co-Administration Fabry Disease, Pompe Disease Chaperone-ERT Co-Formulation Chaperones Co-Formulated with Proprietary ERTs Fabry Disease Chaperones Co-Formulated with Next Generation ERTs + Improved Delivery/Regimen Standard of Care ERTs Chaperone-ERT Co-Formulation + Improved Delivery/Regimen Chaperones Co-Formulated with Proprietary ERTs + Improved Delivery/Regimen |
Slide 10 Phase 2 Chaperone-ERT Co-Administration Studies Positive Preliminary Results in Different LSDs with 2 Different Chaperones Drug-drug interaction study Migalastat HCl 150 mg or 450 mg, prior to ERT (Fabrazyme® or Replagal®) Positive preliminary results (migalastat HCl 150 mg + Fabrazyme) Plasma PK & PD (skin biopsies) 3 cohorts completed (migalastat HCl 150 mg + Fabrazyme; migalastat HCl 150 mg + Replagal; migalastat HCl 450 mg + Fabrazyme) Enrollment ongoing in final cohort (migalastat HCl 450 mg + Replagal) Additional results expected at Fall 2012 scientific congress Drug-drug interaction study AT2220 (4 ascending doses), prior to ERT (Myozyme®/Lumizyme®) Plasma PK & PD (muscle biopsies) Positive preliminary results: 2 lowest doses of AT2220 + ERT (Cohorts 1-2) Cohorts 1-3 completed, reviewed by DSMB Cohort 4 now enrolling Additional results expected at Fall 2012 scientific congress Final results anticipated 4Q12 |
Pompe ERT-Related Immunogenicity Slide 11 MDA Grant Supports Ongoing Studies to Evaluate Immunogenicity of Pompe ERT +/- AT2220 Investigating T-cell response in PBMCs from 50 healthy volunteers (represent 90% of HLA haplotypes in general population) Evaluating T-cell response in patient-derived PBMCs from Study 010 (correlate HLA type, IgG titer and neutralizing antibody responses with T-cell stimulation index) Correlation between HLA type and immune response may help design future studies Episcreen Assays Predictive of Clinical Immunogenicity for Existing Therapeutic Proteins |
Formulation and Preclinical Studies Conducted Over 16+ Months Chaperone-ERT Co-Formulation: Strategic Relationship Leverages JCRs Biological Expertise Slide 12 |
Slide 13 Heart GL-3 Kidney GL-3 *0 = wild-type, 100 = untreated KO mouse Similar to Fab 1 mg/kg Similar to Fab 1 mg/kg Co-formulation with Migalastat Results in Significantly Greater GL-3 Reduction Than What Has Been Previously Observed Chaperone-ERT Co-Formulation for Fabry Disease JR-051 +/- Migalastat HCl in GLA Knock-Out Mice (IV Administration) % Elevated Above Wild-Type* % Elevated Above Wild-Type* 0 20 40 60 80 Medium dose JR - 051 High dose JR - 051 JR - 051 alone JR - 051 + migalastat 0 20 40 60 80 Medium dose JR - 051 High dose JR - 051 |
Slide 14 2Q12 Financial Results 3 Months Ended June 30, 2012 2011 Revenue: Research Revenue $ 5,477 $ 2,380 Collaboration and milestone revenue 5,160 1,660 Total revenue 10,637 4,040 Operating Expenses: Research and development 13,723 11,618 General and administrative 5,819 6,720 Depreciation and amortization 442 426 Total operating expenses 19,984 18,764 Loss from operations (9,347) (14,724) Non-operating income (expenses) (4) 2,083 Net loss / net loss attributable to common stockholders $ (9,343) $ (12,641) Net loss per common share basic and diluted $ (0.20) $ (0.37) Weighted-average common shares outstanding - basic and diluted 46,870,067 34,530,693 Consolidated Statement of Operations (Unaudited) In thousands, except share and per share amounts |
FY12 Financial Guidance Cash position $95.8M at June 30, 2012 vs. $56.0M at December 31, 2011 > $90M projected at December 31, 2012, expected to fund current operating plan beyond 2013 Strengthening balance sheet in 3Q12 $18.6M GSK equity investment $3.5M development milestone received from GSK FY12 OpEx guidance: Upper end of previous guidance range of $37M - $43M Net of anticipated Fabry cost-sharing |
Slide 16 2012 Anticipated Milestones Building Shareholder Value Fabry Phase 2 Study 013 Preliminary Co-Administration Data Q1 Preclinical Chaperone-ERT Co-Formulation Results Q3 Phase 3 Study 011 6-month primary treatment complete Q3 Phase 3 Study 011 6-month treatment extension complete Q4 Phase 3 Study 011 Data Q4 Phase 2 Study 013 Data Fall 2012 Phase 3 Study 012 Complete Enrollment Q4 Pompe MDA Grant to Investigate ERT Immunogenicity Q1 Phase 2 Study 010 Preliminary Co-Administration Data Q2 ERT Immunogenicity Preclinical Results Q3 Additional Phase 2 Study 010 Co-Administration Data Fall 2012 Final Phase 2 Study 010 Co-Administration Data Q4 Parkinsons Completion of additional AT3375 IND-Enabling Studies Q4 |
Q&A Slide 17 John F. Crowley, Chairman & CEO Bradley L. Campbell, Chief Business Officer Chip Baird, Chief Financial Officer David J. Lockhart, PhD, Chief Scientific Officer |