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): March 12, 2013
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 March 12, 2013, Amicus Therapeutics, Inc. (the Company) issued a press release announcing its financial results for the fourth quarter and full year ended December 31, 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 March 12, 2013 to discuss its fourth quarter and full year 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: March 12, 2013 |
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 March 12, 2013 |
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99.2 |
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March 12, 2013 Conference Call Presentation Materials |
Exhibit 99.1
Amicus Therapeutics Announces Full-Year 2012 Financial Results and Corporate Updates
CHART Programs Advancing in Lysosomal Storage Diseases
12-Month Results from Ongoing Phase 3 Fabry Disease Monotherapy Study Expected 3Q13
CRANBURY, NJ, US, March 12, 2013 Amicus Therapeutics (Nasdaq: FOLD), a biopharmaceutical company at the forefront of therapies for rare and orphan diseases, today announced financial results for the full-year ended December 31, 2012. The Company also summarized recent and upcoming milestones and reiterated full-year 2013 operating expense guidance.
Key Highlights and Upcoming Milestones:
· Stage 1 (6-month) results from first ongoing Phase 3 Fabry monotherapy study (Study 011) Stage 2 (12-month) data anticipated 3Q13. FDA will consider entirety of Stage 1 and Stage 2 data for potential U.S. approval of migalastat HCl monotherapy.
· Positive results from Phase 2 study (Study 010) of AT2220 co-administered with ERT (Myozyme®/Lumizyme®) in Pompe patients repeat-dose clinical study on track to begin 3Q13.
· Results from Phase 2 study (Study 013) of migalastat HCl co-administered with ERT (Fabrazyme® and Replagal®) in Fabry patients IND submission planned for chaperone-ERT co-formulated product by year-end 2013 for entry into clinic in early 2014.
· Next-generation ERTs for Pompe disease and other LSDs advancing in preclinical studies.
John F. Crowley, Chairman and Chief Executive Officer of Amicus Therapeutics stated, During 2012 we announced encouraging 6-month results from our first ongoing Phase 3 Fabry monotherapy study, or Study 011, and established initial human proof-of-concept for our Chaperone-Advanced Replacement Therapy, or CHART, platform. Throughout 2013 our strong financial position will allows us to advance our CHART programs for lysosomal storage diseases and to work toward a potential NDA submission for migalastat HCl monotherapy for Fabry disease. Given our dialogue with the Food and Drug Administration regarding the pre-specified analysis plan for Study 011, we will remain blinded to the 12-month results until the third quarter of this year. We look forward to our continued interactions with the agency to support a potential U.S. approval of migalastat HCl monotherapy. We believe that our pharmacological chaperones, in particular our CHART platform, have the potential to deliver next-generation treatments to patients and create significant shareholder value for many years to come.
Financial Highlights for Full-Year Ended December 31, 2012
· Cash, cash equivalents, and marketable securities totaled $99.1 million at December 31, 2012 compared to $55.7 million at December 31, 2011.
· Total revenue was $18.4 million compared to $21.4 million for the full-year 2011. The year-over-year decrease is attributed to a change in revenue recognition accounting under the expanded GlaxoSmithKline (GSK) collaboration.
· Total operating expenses were $71.3 million compared to $72.3 million in the full-year 2011 due to lower research and development expenses as well as a decrease in personnel costs.
· Cash operating expenses net of cash reimbursements received under the GSK collaboration were $40.7 million, within the full-year 2012 guidance range of $37-43 million.
· Net loss was $48.8 million, or $1.07 per share, compared to a net loss of $44.4 million, or $1.28 per share, for the full-year 2011.
2013 Financial Guidance
As previously announced, Amicus expects full-year 2013 operating expenses to total between $52 million and $58 million, net of cash reimbursements received from GSK. Amicus and GSK are responsible for 40% and 60% of global development costs for migalastat HCl, respectively, in 2013 and beyond. The Company continues to project that the current cash position and anticipated Fabry program reimbursements from GSK are sufficient to fund operations into the second half of 2014.
Program Updates
Migalastat HCl for Fabry Disease
Amicus in collaboration with GSK is developing the investigational pharmacological chaperone migalastat HCl for the treatment of Fabry disease. Amicus has commercial rights to all Fabry products in the United States and GSK has commercial rights to all of these products in the rest of world.
Migalastat HCl Monotherapy
Migalastat HCl monotherapy (150 mg, every-other-day) is being investigated in two ongoing randomized Phase 3 studies for Fabry Disease (Study 011 and Study 012) in patients with genetic mutations identified as amenable to this pharmacological chaperone in a cell-based assay.
· Study 011 is comparing migalastat HCl to placebo to potentially support a U.S. marketing application as well as global registration. Results were reported from the 6-month double-blind treatment period (Stage 1) and data from the 6-month open-label follow up period (Stage 2) are anticipated in the third quarter of 2013. The FDA has indicated that it will consider the entirety of the efficacy and safety data from Stage 1 and Stage 2 of Study 011. Following the 12-month results, a meeting is anticipated with the FDA to discuss a U.S. approval pathway for migalastat HCl monotherapy.
· Study 012 is comparing open-label migalastat HCl to current standard of care ERTs (Fabrazyme and Replagal) to support global registration. A total of 60 patients were randomized 1.5:1 to switch from ERT to migalastat HCl or remain on ERT. Data is anticipated in the second half of 2014 on the primary outcome measure, which is renal function assessed by iohexol Glomerular Filtration Rate (GFR) at 18 months.
Migalastat HCl in Combination with ERT
In combination with ERT, migalastat HCl is designed to bind to and stabilize infused enzyme in any patient receiving ERT for Fabry disease. Amicus and GSK completed an open-label Phase 2 study (Study 013) to investigate 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.
Based on the results from this study, the next chaperone-ERT combination study for Fabry disease is being designed to investigate intravenous treatment of migalastat HCl co-formulated with JCR Pharmaceutical Co. Ltds proprietary recombinant human alpha-Gal A enzyme (JR-051). Amicus and GSK, in collaboration with JCR, are conducting IND-enabling studies of this chaperone-ERT co-formulated product. An IND submission for this chaperone-ERT co-formulated product is planned by year-end 2013 for entry into the clinic in early 2014.
CHART Programs for Pompe Disease
Outside the collaboration agreement with GSK, Amicus owns exclusive rights to the rest of its pipeline and applications of its CHART platform technology. In chaperone-advanced replacement therapy programs for Pompe disease, the pharmacological chaperone AT2220 is designed to bind to and stabilize human recombinant GAA (rhGAA) enzyme. Amicus is developing AT2220 co-administered with currently marketed ERTs (rhGAA, Myozyme/Lumizyme) in parallel with the development of a next-generation ERT (AT2220 co-formulated with a proprietary rhGAA enzyme). These investigational chaperone-advanced replacement therapies have the potential to increase enzyme activity in muscle and other disease-relevant tissues, improve glycogen reduction, and mitigate immunogenicity compared to Myozyme/Lumizyme alone.
· AT2220-IV Co-Administered with Marketed ERTs: Based on positive results from a Phase 2 co-administration study (Study 010) in Pompe patients, Amicus plans to initiate a repeat-dose clinical study in the third quarter of 2013 to evaluate a novel intravenous formulation of AT2220 (AT2220-IV) co-administered with Myozyme/Lumizyme. The upcoming clinical study will investigate multiple doses of AT2220-IV co-administered with Myozyme/Lumizyme every 2 weeks in treatment-naïve and ERT-experienced Pompe patients to characterize safety, PK, and anti-rhGAA antibody titers.
· Next-Generation ERT (AT2220 Co-Formulated with a Proprietary Amicus ERT): Amicus entered into a contract with Laureate Pharmaceuticals for the manufacture of a proprietary rhGAA enzyme, which is being co-formulated with AT2220 as a next-generation ERT for Pompe disease. Through this investigational chaperone-advanced replacement therapy, Amicus believes it has the potential to improve the properties of the rhGAA enzyme itself while incorporating AT2220 as a small molecule stabilizer to increase exposure and tissue uptake, and reduce immunogenicity relative to currently marketed ERTs. Successful development of a more stable ERT may also enable novel routes of delivery such as subcutaneous administration.
About Amicus Therapeutics
Amicus Therapeutics (Nasdaq:FOLD) is a biopharmaceutical company at the forefront of therapies for rare and orphan diseases. The Company is developing 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 Chaperone-Advanced Replacement Therapy (CHART)
The Chaperone-Advanced Replacement Therapy (CHART) platform combines unique pharmacological chaperones with enzyme replacement therapies (ERTs) for lysosomal storage diseases (LSDs). Amicus is leveraging the CHART platform to improve currently marketed ERTs through co-administration of a pharmacological chaperone prior to ERT infusion, and to develop next-generation ERTs that consist of a proprietary lysosomal enzyme therapy co-formulated with a pharmacological chaperone. In a chaperone-advanced replacement therapy, a unique pharmacological chaperone binds to a specific therapeutic enzyme, stabilizing the enzyme in its properly folded and active form. This proposed CHART mechanism may allow for enhanced tissue uptake, greater lysosomal activity, more reduction of substrate, and lower immunogenicity compared to ERT alone. Improvements in enzyme stability may also enable more convenient delivery of next-generation ERTs.
About Migalastat HCl for Fabry Disease
Migalastat HCl is an investigational pharmacological chaperone migalastat in development as a monotherapy and in combination with enzyme replacement therapy (ERT) for the treatment of Fabry disease. As a monotherapy, migalastat HCl is designed to bind to and stabilize, or chaperone a patients own alpha-galactosidase A (alpha-Gal A) enzyme in those with genetic mutations that are amenable to this chaperone in a cell-based assay. For patients currently receiving ERT for Fabry disease, migalastat HCl in combination with ERT may improve ERT outcomes by keeping the infused alpha-Gal A enzyme in its properly folded and active form.
Fabry disease is an inherited lysosomal storage disorder caused by deficiency of the alpha-Gal A enzyme. The role of alpha-Gal A within the body is to break down specific lipids in lysosomes, including globotriaosylceramide (GL-3, also known as Gb3). Lipids that can be degraded by the action of alpha-Gal A are called substrates of the enzyme. Reduced or absent levels of alpha-Gal A activity leads to the accumulation of GL-3 in the affected tissues, including the kidneys, heart, central nervous system, and skin. This accumulation of GL-3 is believed to cause the various manifestations of Fabry disease, including pain, kidney failure, and increased risk of heart attack and stroke. It is currently estimated that Fabry disease affects approximately 5,000 to 10,000 people worldwide. However, several literature reports suggest that Fabry disease may be significantly under diagnosed, and the prevalence of the disease may be much higher.
About CHART for Pompe Disease
In chaperone-advanced replacement therapy programs for Pompe disease, the small molecule pharmacological chaperone AT2220 is designed to bind to and stabilize human recombinant GAA (rhGAA) enzyme. Amicus is developing AT2220 co-administered with currently marketed ERTs (rhGAA enzymes, Myozyme/Lumizyme) in parallel with the development of a next-generation ERT (AT2220 co-formulated with a proprietary rhGAA enzyme). Positive results from a Phase 2 study (Study 010) established human proof-of-concept that oral administration of AT2220 just prior to infusing Myozyme/Lumizyme increases enzyme activity in muscle compared to ERT alone. In preclinical studies of AT2220 co-administered and co-formulated with Myozyme/Lumizyme, greater enzyme uptake in disease-relevant tissues led to greater glycogen reduction compared to Myozyme/Lumizyme alone. These chaperone-advanced replacement therapies also have the potential to mitigate Pompe ERT-related immunogenicity because properly folded proteins are generally less prone to aggregation and less immunogenic.
Pompe disease is a lysosomal storage disease characterized by progressive skeletal muscle weakness and respiratory insufficiency. It is caused by a deficiency in 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, potential, 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, 2012. 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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Twelve Months |
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To |
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|
|
Ended December 31, |
|
Ended December 31, |
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Dec. 31, |
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2011 |
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2012 |
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2011 |
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2012 |
|
2012 |
| |||||
Revenue: |
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|
|
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|
|
|
|
|
| |||||
Research revenue |
|
$ |
3,970 |
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$ |
|
|
$ |
14,794 |
|
$ |
11,591 |
|
$ |
57,493 |
|
Collaboration and milestone revenue |
|
1,660 |
|
|
|
6,640 |
|
6,820 |
|
64,382 |
| |||||
Total revenue |
|
5,630 |
|
$ |
|
|
21,434 |
|
18,411 |
|
121,875 |
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|
|
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|
|
|
|
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|
|
| |||||
Operating Expenses: |
|
|
|
|
|
|
|
|
|
|
| |||||
Research and development |
|
14,401 |
|
11,047 |
|
50,856 |
|
50,273 |
|
315,893 |
| |||||
General and administrative |
|
3,917 |
|
4,455 |
|
19,880 |
|
19,364 |
|
132,613 |
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Restructuring charges |
|
|
|
|
|
|
|
|
|
1,522 |
| |||||
Impairment of leasehold improvements |
|
|
|
|
|
|
|
|
|
1,030 |
| |||||
Depreciation and amortization |
|
342 |
|
421 |
|
1,585 |
|
1,705 |
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11,768 |
| |||||
In-process research and development |
|
|
|
|
|
|
|
|
|
418 |
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Total operating expenses |
|
18,660 |
|
15,923 |
|
72,321 |
|
71,342 |
|
463,244 |
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Loss from operations |
|
(13,030 |
) |
(15,923 |
) |
(50,887 |
) |
(52,931 |
) |
(341,369 |
) | |||||
Other income (expenses): |
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|
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|
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Interest income |
|
24 |
|
81 |
|
160 |
|
316 |
|
14,389 |
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Interest expense |
|
(27 |
) |
(12 |
) |
(148 |
) |
(89 |
) |
(2,422 |
) | |||||
Change in fair value of warrant liability |
|
742 |
|
2,594 |
|
2,764 |
|
653 |
|
1,553 |
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Other income |
|
|
|
|
|
70 |
|
21 |
|
252 |
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Loss before tax benefit |
|
(12,291 |
) |
(13,260 |
) |
(48,041 |
) |
(52,030 |
) |
(327,597 |
) | |||||
Benefit from income taxes |
|
3,629 |
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3,245 |
|
3,629 |
|
3,245 |
|
8,708 |
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Net loss |
|
(8,662 |
) |
(10,015 |
) |
(44,412 |
) |
(48,785 |
) |
(318,889 |
) | |||||
Deemed dividend |
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|
|
|
|
|
|
|
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(19,424 |
) | |||||
Preferred stock accretion |
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|
|
|
|
|
|
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(802 |
) | |||||
Net loss attributable to common stockholders |
|
$ |
(8,662 |
) |
$ |
(10,015 |
) |
$ |
(44,412 |
) |
$ |
(48,785 |
) |
$ |
(339,115 |
) |
Net loss attributable to common stockholders per common share basic and diluted |
|
$ |
(0.25 |
) |
$ |
(0.20 |
) |
$ |
(1.28 |
) |
$ |
(1.07 |
) |
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| |
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|
|
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|
|
|
|
|
| |||||
Weighted-average common shares outstanding basic and diluted |
|
34,643,722 |
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49,477,596 |
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34,569,642 |
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45,565,217 |
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Amicus Therapeutics, Inc.
(a development stage company)
Consolidated Balance Sheets
(in thousands, except share and per share amounts)
|
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December |
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December 31, |
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2011 |
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2012 |
| ||
Assets: |
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|
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Current assets: |
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|
|
|
| ||
Cash and cash equivalents |
|
$ |
25,668 |
|
$ |
33,971 |
|
Investments in marketable securities |
|
30,034 |
|
65,151 |
| ||
Receivable due from GSK |
|
5,043 |
|
3,225 |
| ||
Prepaid expenses and other current assets |
|
5,903 |
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2,270 |
| ||
Total current assets |
|
66,648 |
|
104,617 |
| ||
|
|
|
|
|
| ||
Property and equipment, less accumulated depreciation and amortization of $9,507 and $8,501 at December 31, 2011 and 2012, respectively |
|
2,438 |
|
5,029 |
| ||
Other non-current assets |
|
709 |
|
442 |
| ||
Total Assets |
|
$ |
69,795 |
|
$ |
110,088 |
|
|
|
|
|
|
| ||
Liabilities and Stockholders Equity |
|
|
|
|
| ||
Current liabilities: |
|
|
|
|
| ||
Accounts payable and accrued expenses |
|
$ |
9,708 |
|
$ |
8,845 |
|
Current portion of deferred reimbursements |
|
8,504 |
|
|
| ||
Current portion of secured loan |
|
1,044 |
|
398 |
| ||
Total current liabilities |
|
19,256 |
|
9,243 |
| ||
|
|
|
|
|
| ||
Deferred reimbursements, less current portion |
|
18,999 |
|
30,418 |
| ||
Warrant liability |
|
1,948 |
|
908 |
| ||
Secured loan, less current portion |
|
|
|
299 |
| ||
|
|
|
|
|
| ||
Commitments and contingencies |
|
|
|
|
| ||
|
|
|
|
|
| ||
Stockholders equity: |
|
|
|
|
| ||
Common stock, $.01 par value, 125,000,000 shares authorized, 34,654,206 shares issued and outstanding at December 31, 2011, 49,631,672 shares issued and outstanding at December 31, 2012 |
|
407 |
|
556 |
| ||
Additional paid-in capital |
|
299,285 |
|
387,539 |
| ||
Accumulated other comprehensive income |
|
4 |
|
14 |
| ||
Deficit accumulated during the development stage |
|
(270,104 |
) |
(318,889 |
) | ||
Total stockholders equity |
|
29,592 |
|
69,220 |
| ||
Total Liabilities and Stockholders Equity |
|
$ |
69,795 |
|
$ |
110,088 |
|
FOLDG
Exhibit 99.2
At the Forefront of Therapies for Rare and Orphan Diseases March 12, 2013 |
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 clinical trials evaluating Amicus candidate drug products. 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, 2012. All forward-looking statements are qualified in their entirety by this cautionary statement, and Amicus undertakes no obligation to revise or update this presentation to reflect events or circumstances after the date hereof. Slide 2 |
Slide 3 Agenda CHART Proprietary Platform Upcoming Milestones/Concluding Remarks Introduction Migalastat HCl Monotherapy for Fabry Disease FY12 Financial Results and FY13 Guidance Q&A |
Migalastat HCl Monotherapy for Fabry Disease Study 011 Status and Anticipated Upcoming Milestones Slide 4 1H13 Pre-specified descriptive comparisons 12-month data from migalastat HCl group 6-month data from placebo crossover group 6-month analysis is Stage 1 data FDA to consider entirety of Study 011 (Stage 1+2) data for NDA submission No single endpoint will be determinative 2H13 Stage 2 (12-month) data 3Q13 FDA Meeting Anticipated Study 011 12-Month Treatment Extension Long-Term Open-Label Extension Study* *Patients rolled over following 12-month treatment extension |
Chaperone-Advanced Replacement Therapy Slide 5 CO-ADMINISTRATION (CHAPERONES + MARKETED ERTs) NEXT-GENERATION ERTs (IV CO-FORMULATED CHAPERONES + PROPRIETARY ENZYMES) NEXT-GENERATION ERTs WITH IMPROVED DELIVERY REGIMEN |
Slide 6 CHART Pathways for Pompe Disease Co-Administration (AT2220-IV + Marketed ERTs) Next-Generation ERT (AT2220 + Proprietary rhGAA Enzyme) Repeat-dose clinical study expected to begin 3Q13 Preclinical studies underway Proof-of-Concept to Date Phase 2 co-administration Preclinical co-formulation Ex vivo immunogenicity |
FY12 Financial Highlights and FY13 Guidance Cash position: $99.1M at December 31, 2012 vs. $55.7M at December 31, 2011 FY12 net operating expenses: $40.7M (within $37M-$43M guidance range)* FY13 net cash spend guidance: $52M-$58M* Slide 7 *Net operating expenses include cash operating expenses net of cash reimbursements received under GSK collaboration Current cash and anticipated Fabry program reimbursements from GSK expected to fund operations into 2H14 |
Slide 8 FY12 Financial Results 12 Months Ended December 31, 2012 2011 Revenue: Research Revenue* $ 11,591 $ 14,794 Collaboration revenue** 6,820 6,640 Total revenue 18,411 21,434 Operating Expenses: Research and development 50,273 50,856 General and administrative 19,364 19,880 Depreciation and amortization 1,705 1,585 Total operating expenses 71,342 72,321 Loss from operations (52,931) (50,887) Non-operating income 901 2,846 Net loss / net loss attributable to common stockholders $ (48,785) $ (44,412) Net loss per common share basic and diluted $ (1.07) $ (1.28) Weighted-average common shares outstanding - basic and diluted 45,565,217 34,569,642 Consolidated Statement of Operations (Unaudited) In thousands, except share and per share amounts *Cash payments from GSK as part of cost sharing arrangement began being recorded on balance sheet as deferred reimbursements beginning in 3Q12 **Upfront GSK license payment previously amortized in collaboration revenue unrecognized balance now in deferred reimbursements |
Slide 9 Dec. 31, 2011 Dec. 31, 2012 Assets: Total Current Assets 66,648 104,617 Total Non-Current Assets 3,147 5,471 Total Assets 69,795 118,211 Liabilities & Stockholders Equity Total current liabilities: 19,256 9,243 Deferred reimbursements less current portion 18,999 30,418 Warrant Liability 1,948 908 Secured loan, less current portion - 299 Total liabilities 40,203 40,868 Commitments and contingencies Total stockholders' equity 29,592 69,220 Total Liabilities & Stockholders Equity $ 69,795 $ 110,088 Cash payments from GSK to Amicus as part of cost sharing arrangement (~$4.5M in 3Q12 and ~$3.2M in 4Q12) Balance of unrecognized upfront license payment (~$22.7M on 12/31/12) Impacts Research and Collaboration Revenue Recognition, Effective 3Q12 No Impact on Cash or Deal Economics Revenue Recognition Under Expanded GSK Deal Impact from Contingent Future Milestones Consolidated Balance Sheets (Unaudited)* *In thousands |
Slide 10 2013 Anticipated Milestones Building Shareholder Value Migalastat HCl Monotherapy for Fabry Disease Study 011 6-Month data (Stage 1) at LDN WORLD Feb. 2013 Top-line Study 011 12-month data (Stage 2) 3Q13 FDA meeting to discuss U.S. approval pathway Mid-2013 Pompe Chaperone-ERT Co-Administration IND submission 4Q13 Entry into clinic 1Q14 Phase 2 Study 010 data at LDN WORLD (all 4 cohorts) Feb. 2013 Initiation of repeat-dose clinical study 3Q13 Fabry Chaperone-ERT Co-Formulation (Migalastat HCl + JR-051) |
Q&A Slide 11 John F. Crowley, Chairman & CEO Chip D. Baird, Chief Financial Officer Bradley L. Campbell, Chief Business Officer David J. Lockhart, PhD, Chief Scientific Officer |