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): November 7, 2016
AMICUS THERAPEUTICS, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of
Incorporation)
001-33497 |
|
71-0869350 |
(Commission File Number) |
|
(IRS Employer Identification No.) |
1 Cedar Brook Drive, Cranbury, NJ |
|
08512 |
(Address of Principal Executive Offices) |
|
(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 November 7, 2016, Amicus Therapeutics, Inc. (the Company) issued a press release announcing its financial results for the third quarter ended September 30, 2016. A copy of this press release is attached hereto as Exhibit 99.1. The Company will also host a conference call and webcast on November 7, 2016 to discuss its third 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 Exhibit 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. | |
|
|
|
Date: November 7, 2016 |
By: |
/s/ ELLEN S. ROSENBERG |
|
|
Ellen S. Rosenberg |
|
|
General Counsel and Corporate Secretary |
EXHIBIT INDEX
Exhibit No. |
|
Description |
99.1 |
|
Press Release dated November 7, 2016 |
99.2 |
|
November 7, 2016 Conference Call Presentation Materials |
Exhibit 99.1
Amicus Therapeutics Announces Third Quarter 2016
Financial Results and Corporate Updates
Strong Momentum for Galafold Launch in Europe and Further Global Regulatory Submissions
Initial Data from Pompe Phase 1/2 Clinical Study on Track for 4Q16
CRANBURY, NJ, November 7, 2016 Amicus Therapeutics (Nasdaq: FOLD), a global biotechnology company at the forefront of therapies for rare and orphan diseases, today announced financial results for the third quarter ended September 30, 2016. The Company also provided program updates and reiterated full-year 2016 net cash spend guidance.
During the third quarter we continued to execute toward our vision to build a leading global biotechnology company delivering meaningful benefits to people living with devastating rare diseases, stated John F. Crowley, Chairman and Chief Executive Officer of Amicus Therapeutics, Inc. We are most pleased with the continued strong momentum in the very early stages of our product launch in Europe. Fifty patients, most of whom have switched from existing approved ERT products, have been prescribed Galafold as of the end of October. The vast majority of these new Galafold patients are in Germany, which is the only nation in the EU where Galafold is fully commercially available. It is wonderful to be able to begin to offer a new therapeutic option to Fabry patients and physicians with our oral, precision small molecule medicine, Galafold. We also remain sharply focused on additional key strategic priorities, including: 1) further global regulatory submissions for migalastat, including a Japanese NDA and clarity on the optimal U.S. regulatory pathway; 2) the advancement of our clinical programs in Pompe and epidermolysis bullosa (EB); 3) a strong balance sheet, and 4) the expansion of our biologics pipeline. We continue to believe that we have one of the best portfolios within the rare and orphan diseases that is uniquely differentiated by our strong science, novel technology platforms, and our incorporation of the patients perspective at every stage of the drug development process.
Third Quarter 2016 Financial Results
· Total product revenue in the third quarter of 2016 was approximately $2.1 million, which represents commercial sales of Galafold (migalastat) in Germany as well as reimbursed Expanded Access Programs (EAPs) in two countries.
· Cash, cash equivalents, and marketable securities totaled $212.4 million at September 30, 2016 compared to $214.2 million at June 30, 2016.
· Total operating expenses in the third quarter of 2016 increased to $46.7 million compared to $38.0 million for the third quarter 2015 primarily due to increases in commercial costs for the Fabry monotherapy program and the addition of the Phase 3 SD-101 program for EB.
· Net loss was $46.7 million, or $0.33 per share in the third quarter of 2016, compared to a net loss of $37.8 million, or $0.32 per share, for the third quarter of 2015.
2016 Financial Guidance
Cash, cash equivalents, and marketable securities totaled $212.4 million at September 30, 2016. As previously announced, the Company strengthened the balance sheet during the third quarter of 2016 with $39.3 million in net proceeds through the at-the-market (ATM) facility and has raised the full $100 million allotted for the ATM facility. The Company expects to remain within the original 2016 net cash spend guidance of between $135 million and $155 million.
Program Highlights
Migalastat for Fabry Disease
Migalastat is an oral precision medicine intended to treat Fabry disease in patients who have amenable genetic mutations. As previously announced, the European Commission has granted full approval for migalastat, under the trade name Galafold, as a first line therapy for long-term treatment of adults and adolescents aged 16 years and older with a confirmed diagnosis of Fabry disease (alpha-galactosidase A deficiency) and who have an amenable mutation.
International Launch and Expanded Access Programs (EAP):
· 50 patients (naïve and ERT-switch) on reimbursed Galafold as of October 31, 2016
· 5 countries with reimbursement (commercial or EAP)
· Reimbursement dossiers submitted and pricing discussions are now underway in 15 countries.
Regulatory Updates:
· Swissmedic in Switzerland approved Galafold for long-term treatment of adults and adolescents aged 16 years and older with a confirmed diagnosis of Fabry disease and who have an amenable mutation
· The Committee for Medicinal Products for Human Use (CHMP) agreed to 44 new amenable mutations and the EU label is being updated to include a total of 313 amenable mutations
· Regulatory submissions completed in six additional territories outside the EU
Anticipated Upcoming Fabry Disease Program Milestones:
· EU commercial reimbursement and EAP in additional territories
· Regulatory submissions in additional territories that accept the marketing authorization application (MAA) as basis for submission
· U.S. regulatory update on optimal filing pathway for migalastat anticipated by year-end
· Fabry ERT cell line development and program update
· Japanese regulatory submission (J-NDA) targeted for 1H17 on accelerated timeline
ATB200/AT2221 for Pompe Disease
Patient dosing is underway in a global clinical study (ATB200-02) to investigate ATB200/AT2221, a novel treatment paradigm that consists of ATB200, a uniquely engineered recombinant human acid alpha-glucosidase (rhGAA) enzyme with an optimized carbohydrate structure to enhance uptake, co-administered with AT2221, a pharmacological chaperone. The study is enrolling 3 cohorts of patients, including ambulatory ERT-switch patients (Cohort 1), non-ambulatory ERT-switch patients (Cohort 2), and ERT-naïve patients (Cohort 3). The Data Safety Monitoring Board (DSMB) for ATB200-02 completed a safety review of initial patients in Cohort 1 during the third quarter. Following this positive DSMB safety review, enrollment of Cohorts 2-3 is currently underway.
Anticipated Upcoming Pompe Disease Program Milestones:
· Data from clinical study ATB200-02 in first four ambulatory ERT-switch patients on track by year-end 2016
· Additional ATB200-02 study data in naïve and non-ambulatory patients, as well as initial extension-phase data on ambulatory ERT-switch patients, throughout 1H17
SD-101 for Epidermolysis Bullosa (EB)
SD-101 is a novel, late-stage, proprietary topical treatment and potential first-to-market therapy for EB. SD-101 is currently being investigated in a registration-directed Phase 3 study (ESSENCE, also known as SD-005) to support global regulatory submissions. The ESSENCE study is enrolling patients who have a documented diagnosis of Simplex, Recessive Dystrophic, or Junctional non-Herlitz EB. All (100%) patients completing the primary treatment period of the Phase 3 study have elected to continue in the open-label extension study. A total of 28 sites in the U.S., Europe, and Australia are currently open for enrollment.
SD-101 was granted FDA Breakthrough Therapy designation in 2013 based on results from a Phase 2a study for the treatment of lesions in patients suffering with EB. SD-101 is the first-ever treatment in clinical studies to show improvements in wound closure across all major EB types.
Anticipated EB Program Milestones:
· Top-line data from the Phase 3 ESSENCE study of SD-101 (1H17)
Conference Call and Webcast
Amicus Therapeutics will host a conference call and audio webcast today, November 7, 2016 at 8:30 a.m. ET to discuss third quarter 2016 financial results and corporate updates. Interested participants and investors may access the conference call by dialing 877-303-5859 (U.S./Canada) or 678-224-7784 (international).
An audio webcast and slides can also be accessed via the Investors section of the Amicus Therapeutics corporate web site at http://ir.amicusrx.com/events.cfm, 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. A telephonic replay of the call will be available for seven days beginning at 11:30 a.m. ET today. Access numbers for this replay are 855-859-2056 (U.S./Canada) and 404-537-3406 (international); participant code 10205490.
About Galafold and Amenable Mutations
Galafold (migalastat) is a first-in-class chaperone therapy approved in the EU as a monotherapy for Fabry disease in patients with amenable mutations. Galafold works by stabilizing the bodys own dysfunctional enzyme, so it can clear the accumulation of disease substrate in patients who have amenable mutations. A proprietary in vitro assay (Galafold Amenability Assay) was used to classify more than 800 known GLA mutations as amenable or not amenable to treatment with Galafold. The current label includes all 269 GLA mutations that have been identified and determined to be amenable based on the Galafold Amenability Assay, which represent between 35% and 50% of the currently diagnosed Fabry population.
Healthcare providers in the EU may access the website www.galafoldamenabilitytable.com to quickly and accurately identify which mutations are categorized as amenable or not amenable to Galafold. Amicus expects to submit updates to the label as additional GLA mutations are identified and tested in the Galafold Amenability Assay.
Important Safety Information
Treatment with GALAFOLD should be initiated and supervised by specialists experienced in the diagnosis and treatment of Fabry disease. GALAFOLD is not recommended for use in patients with a nonamenable mutation.
· GALAFOLD is not intended for concomitant use with enzyme replacement therapy.
· GALAFOLD is not recommended for use in patients with Fabry disease who have severe renal impairment (<30 mL/min/1.73 m(2)). The safety and efficacy of GALAFOLD in children 015 years of age have not yet been established.
· No dosage adjustments are required in patients with hepatic impairment or in the elderly population.
· There is very limited experience with the use of this medicine in pregnant women. If you are pregnant, think you may be pregnant, or are planning to have a baby, do not take this medicine until you have checked with your doctor, pharmacist, or nurse.
· While taking GALAFOLD, effective birth control should be used. It is not known whether GALAFOLD is excreted in human milk.
· Contraindications to GALAFOLD include hypersensitivity to the active substance or to any of the excipients listed in the PRESCRIBING INFORMATION.
· It is advised to periodically monitor renal function, echocardiographic parameters and biochemical markers (every 6 months) in patients initiated on GALAFOLD or switched to GALAFOLD.
· OVERDOSE: General medical care is recommended in the case of GALAFOLD overdose.
· The most common adverse reaction reported was headache, which was experienced by approximately 10% of patients who received GALAFOLD. For a complete list of adverse reactions, please review the SUMMARY OF PRODUCT CHARACTERISTICS.
· Call your doctor for medical advice about side effects.
For further important safety information for Galafold, including posology and method of administration, special warnings, drug interactions and adverse drug reactions, please see the European SmPC for Galafold available from the EMA website at www.ema.europa.eu.
About Amicus Therapeutics
Amicus Therapeutics (Nasdaq: FOLD) is a biotechnology company at the forefront of therapies for rare and orphan diseases. The Company has a robust pipeline of advanced therapies for a broad range of human genetic diseases. Amicus lead programs in development include the small molecule pharmacological chaperone migalastat as a monotherapy for Fabry disease, SD-101 for Epidermolysis Bullosa (EB), as well as novel enzyme replacement therapy (ERT) and biologic products for Fabry disease, Pompe disease, and other rare and devastating diseases.
Forward-Looking Statements
This press release and conference call slides contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 relating to preclinical and clinical development of our product candidates, the timing and reporting of results from preclinical studies and clinical trials, the prospects and timing of the potential regulatory approval of our product candidates, commercialization plans, financing plans, and the projected cash position
for the Company. The inclusion of forward-looking statements should not be regarded as a representation by us that any of our plans will be achieved. Any or all of the forward-looking statements in this press release may turn out to be wrong and can be affected by inaccurate assumptions we 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 in particular 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 our business, including, without limitation: the potential that results of clinical or preclinical 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, including the FDA, EMA, and PMDA, may not grant or may delay approval for our product candidates; the potential that we may not be successful in commercializing Galafold in Europe or our other product candidates if and when approved; the potential that preclinical and clinical studies could be delayed because we identify serious side effects or other safety issues; and the potential that we will need additional funding to complete all of our 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, 2015 as well as our Quarterly Report on Form 10-Q for the quarter ended September 30, 2016. 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 we undertake no obligation to revise or update this news release to reflect events or circumstances after the date hereof.
CONTACTS:
Investors/Media:
Amicus Therapeutics
Sara Pellegrino
Senior Director, Investor Relations
spellegrino@amicusrx.com
(609) 662-5044
Media:
MWW PR
Sean Conley
sconley@mww.com
(646) 381-9096
Table 1
Amicus Therapeutics, Inc.
Consolidated Statements of Operations
(Unaudited)
(in thousands, except share and per share amounts)
|
|
Three Months |
|
Nine Months |
| ||||||||
|
|
Ended September 30, |
|
Ended September 30, |
| ||||||||
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Net product sales |
|
$ |
2,127 |
|
$ |
|
|
$ |
2,127 |
|
$ |
|
|
Cost of goods sold |
|
344 |
|
|
|
344 |
|
|
| ||||
Gross profit |
|
1,783 |
|
|
|
1,783 |
|
|
| ||||
Operating Expenses: |
|
|
|
|
|
|
|
|
| ||||
Research and development |
|
32,457 |
|
20,971 |
|
74,163 |
|
54,318 |
| ||||
Selling, general and administrative |
|
17,469 |
|
15,372 |
|
52,470 |
|
30,077 |
| ||||
Changes in fair value of contingent consideration payable |
|
(4,110 |
) |
1,300 |
|
9,228 |
|
2,400 |
| ||||
Restructuring charges |
|
11 |
|
7 |
|
69 |
|
44 |
| ||||
Loss on extinguishment of debt |
|
|
|
|
|
|
|
952 |
| ||||
Depreciation |
|
896 |
|
395 |
|
2,336 |
|
1,256 |
| ||||
Total operating expenses |
|
46,723 |
|
38,045 |
|
138,266 |
|
89,047 |
| ||||
Loss from operations |
|
(44,940 |
) |
(38,045 |
) |
(136,483 |
) |
(89,047 |
) | ||||
Other income (expenses): |
|
|
|
|
|
|
|
|
| ||||
Interest income |
|
460 |
|
316 |
|
1,098 |
|
645 |
| ||||
Interest expense |
|
(1,517 |
) |
(17 |
) |
(3,517 |
) |
(727 |
) | ||||
Other expense |
|
(910 |
) |
(54 |
) |
(3,199 |
) |
(93 |
) | ||||
Loss before income tax benefit |
|
(46,907 |
) |
(37,800 |
) |
(142,101 |
) |
(89,222 |
) | ||||
Income tax benefit |
|
253 |
|
|
|
706 |
|
|
| ||||
Net loss |
|
(46,654 |
) |
(37,800 |
) |
(141,395 |
) |
(89,222 |
) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Net loss per common share basic and diluted |
|
$ |
(0.33 |
) |
$ |
(0.32 |
) |
$ |
(1.07 |
) |
$ |
(0.85 |
) |
Weighted-average common shares outstanding basic and diluted |
|
140,656,109 |
|
118,724,882 |
|
131,675,690 |
|
104,885,956 |
|
Table 2
Amicus Therapeutics, Inc.
Consolidated Balance Sheets
(Unaudited)
(in thousands, except share and per share amounts)
|
|
September 30, |
|
December 31, |
| ||
Assets: |
|
|
|
|
| ||
Current assets: |
|
|
|
|
| ||
Cash and cash equivalents |
|
$ |
33,115 |
|
$ |
69,485 |
|
Investments in marketable securities |
|
179,284 |
|
144,548 |
| ||
Accounts receivable |
|
864 |
|
|
| ||
Inventories |
|
3,251 |
|
|
| ||
Prepaid expenses and other current assets |
|
5,198 |
|
2,568 |
| ||
Total current assets |
|
221,712 |
|
216,601 |
| ||
Property and equipment, less accumulated depreciation of $15,181 and $13,353 at September 30, 2016 and December 31, 2015, respectively |
|
10,183 |
|
6,178 |
| ||
In-process research & development |
|
486,700 |
|
486,700 |
| ||
Goodwill |
|
197,797 |
|
197,797 |
| ||
Other non-current assets |
|
1,788 |
|
1,108 |
| ||
Total Assets |
|
$ |
918,180 |
|
$ |
908,384 |
|
|
|
|
|
|
| ||
Liabilities and Stockholders Equity |
|
|
|
|
| ||
Current liabilities: |
|
|
|
|
| ||
Accounts payable and accrued expenses |
|
$ |
29,013 |
|
$ |
32,216 |
|
Contingent consideration payable, current portion |
|
55,992 |
|
41,400 |
| ||
Other current liabilities |
|
607 |
|
|
| ||
Total current liabilities |
|
85,612 |
|
73,616 |
| ||
|
|
|
|
|
| ||
Deferred reimbursements |
|
35,756 |
|
35,756 |
| ||
Due to related party |
|
44,047 |
|
41,601 |
| ||
Unsecured notes payable |
|
21,977 |
|
|
| ||
Contingent consideration payable, less current portion |
|
216,198 |
|
232,677 |
| ||
Deferred tax liability |
|
176,219 |
|
176,219 |
| ||
Other non-current liabilities |
|
1,816 |
|
681 |
| ||
|
|
|
|
|
| ||
Commitments and contingencies |
|
|
|
|
| ||
|
|
|
|
|
| ||
Stockholders equity: |
|
|
|
|
| ||
Common stock, $.01 par value, 250,000,000 authorized, 142,273,085 shares issued and outstanding at September 30, 2016, 250,000,000 shares authorized, 125,027,034 shares issued and outstanding at December 31, 2015 |
|
1,478 |
|
1,306 |
| ||
Additional paid-in capital |
|
1,038,613 |
|
917,454 |
| ||
Accumulated other comprehensive loss: |
|
|
|
|
| ||
Foreign currency translation adjustment, less tax benefit of $706 at September 30, 2016 |
|
1,062 |
|
|
| ||
Unrealized gain/ (loss) on available-for securities |
|
287 |
|
(115 |
) | ||
Warrants |
|
16,076 |
|
8,755 |
| ||
Accumulated deficit |
|
(720,961 |
) |
(579,566 |
) | ||
Total stockholders equity |
|
336,555 |
|
347,834 |
| ||
Total Liabilities and Stockholders Equity |
|
$ |
918,180 |
|
$ |
908,384 |
|
Exhibit 99.2
3Q16 Financial Results and Program Updates November 7, 2016
Safe Harbor This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 relating to preclinical and clinical development of our product candidates, the timing and reporting of results from preclinical studies and clinical trials, the prospects and timing of the potential regulatory approval of our product candidates, commercialization plans, financing plans, and the projected cash position for the Company. The inclusion of forward-looking statements should not be regarded as a representation by us that any of our plans will be achieved. Any or all of the forward-looking statements in this press release may turn out to be wrong and can be affected by inaccurate assumptions we 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 in particular 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 our business, including, without limitation: the potential that results of clinical or preclinical 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, including the FDA, EMA, and PMDA may not grant or may delay approval for our product candidates; the potential that we may not be successful in commercializing Galafold in Europe or our other product candidates if and when approved; the potential that preclinical and clinical studies could be delayed because we identify serious side effects or other safety issues; and the potential that we will need additional funding to complete all of our 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 Company's cash position, actual results may differ based on market factors and the Company's 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, 2015 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2016. 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 we undertake no obligation to revise or update this news release to reflect events or circumstances after the date hereof. Introduction
2016: Significant Progress with Key Strategic Priorities 3Q16 Overview We Remain Sharply Focused on FIVE Strategic Priorities as We Continue to Build a Leading Global Biotechnology Company Focused on Rare and Devastating Diseases Galafold International Launch Balance Sheet Strength Pompe & EB Clinical Studies Migalastat Regulatory Approvals Pipeline
Galafold (Migalastat) Precision Medicine for Fabry Disease International Launch Underway
International Launch Update Galafold: Precision Medicine for Fabry Disease Successful First Full Quarter Driven by German Launch with ERT-Switch and Naïve Patients on Galafold Patients (Switch & Naïve) on Reimbursed Galafold (10/31/16)) 50 Countries with Reimbursement (Commercial and EAP) 5 Countries with Active Pricing Discussions 15 Market share assumptions based on estimated number of ERT-treated patients with amenable mutations in Germany as of May 2016 IMPORTANT EARLY INDICATORS IN GERMANY Vast majority switch patients ~20% of eligible switch patients now on Galafold1 All newly experienced patients & physicians Galafold ~20% ERT ~80% German Launch Update Eligible ERT-Switch Patients1
EU Launch Update Galafold: Precision Medicine for Fabry Disease Galafold Early Launch Strength in EU Market Representing 34% of FY15 ERT Global Sales ($1.2B) Focusing on Patient Access and Reimbursement UNITED KINGDOM ERT-treated patients: ~450 Highly Specialised Technology (HST) FRANCE ERT-treated patients : ~375 patients Multiple patients treated under ATU GERMANY Diagnosed patients : ~1000 (~50% untreated) Galafold launched initial patients on treatment
Global Regulatory Strategy Galafold: Precision Medicine for Fabry Disease EU Approval and Launch (May 30, 2016) Expanded Access Programs (EAP) in 2 Territories with More Coming Online Prioritizing Global Regulatory Submissions in Key Markets (US and Japan) with Additional Submissions Completed or Planned Based on EU Approval (MAA) 6 Additional Regulatory Submissions Complete, Process Initiated in Other Key Geographies FDA Update Anticipated in 4Q16 Japanese NDA Targeted 1H17 1 Additional Approval (Switzerland)
ATB200 Novel ERT for Pompe Disease A Proprietary, Clinical-Stage Biologics Program
Pompe ERT - 3 Challenges Novel ERT for Pompe Disease ATB200 + Chaperone 9 Activity/ Stability Rapid denaturation of ERT in pH of blood1 Tolerability / Immunogenicity Infusion-associated reactions in >50% of late-onset patients3 Uptake/ Targeting Low M6P receptor uptake into skeletal muscle2 Antibody titers shown to affect treatment outcomes4,5 Vast majority of rhGAA not delivered to lysosomes2 Protein Aggregation 1Khanna et al., PLoS ONE, 2012; 2Zhu et al., Amer. Soc. Gene Therapy, 2009 June; 3Banati et al., Muscle Nerve, 2011 Dec.; 4Banugaria et al., Gen. Med., 2011 Aug.; 5de Vries et al., Mol Genet Metab., 2010 Dec. Amicus Technology Platforms with Potential to Address Challenges with Existing Pompe ERT Uniquely Engineered rhGAA Optimized M6P & Carbohydrates
Pompe Clinical Study ATB200-02 Data Cascade Novel ERT for Pompe Disease ATB200 + Chaperone Data in initial ambulatory ERT-switch patients (Cohort 1, n=4) Data in ERT-naïve patients (Cohort 3) Additional extension study data (all Cohorts) A Cascade of Data Points from 4Q16 through 2017 Offer Clear Parameters to Define Success and Differentiate ATB200/AT2221 Pompe Data Cascade 4Q16 Through 2017 Additional data & initial extension data in Cohort 1 Data in non-ambulatory ERT-switch patients (Cohort 2) 18-WEEK DATA Safety / tolerability Pharmacokinetics (PK) Biomarkers Immunogenicity EXTENSION DATA Motor/pulmonary function
Pompe Clinical Study ATB200-02 Parameters for Success Key Questions to Determine Potential for ATB200/AT2221 to Address 3 Major ERT Challenges in Initial 18-Week Treatment Period Novel ERT for Pompe Disease ATB200 + Chaperone Do patients safely switch from standard of care to ATB200/AT2221? Do patients tolerate ATB200/AT2221 with limited infusion-associated reactions? Is PK profile of ATB200/AT2221 differentiated and in optimal range consistent with preclinical studies? Safety Exposure, Targeting & Uptake Tolerability & Immunogenicity Do antibodies in switch patients remain the same on ATB200/AT2221? CHALLENGES: KEY QUESTIONS: ? ? ? ?
SD-101 for Epidermolysis Bullosa
PHASE 3 ESSENCE STUDY STATUS 28 sites activated as of October 31, 2016 100% conversion to extension study (SD-006) SAP submitted to FDA for finalization Top-line Phase 3 data anticipated 1H17 EB Program Update - Phase 3 ESSENCE Study (SD-005) SD-101 for EB Significant Momentum for Ongoing Study with Data on Track for 1H17
Financial Summary
3Q16 Select Financial Results Financial Summary ($000s) except per share data September 30, 2016 September 30, 2015 Product revenue 2,127 - R&D Expense 32,457 20,971 SG&A Expense 17,469 15,372 Net Loss (46,654) (37,800) Net Loss Per Share (0.33) (0.32) First-Ever Quarter to Report Product Revenue of $2.1M from Sales of Galafold
Strong Balance Sheet Financial Summary Financial Position September 30, 2016 Cash: $212.4M Debt $80.0M ($66.0M net of discount for warrants issued) FY16 Net Cash Spend Guidance: $135-$155M (maintained) Cash Runway Late 2017 Full Allotment Raised in ATM (average price per share: $6.67) $100M ($61.7M in 2Q; $39.3M in 3Q) Capitalization September 30, 2016 Shares Outstanding 142,273,085 Cash Position Provides Runway Under Current Operating Plan into mid-2017 Balance Sheet Strengthened with ~$39M in Equity Since June 30 with Cash Runway Through Late 2017
Closing Remarks
Key Drivers of Value Conclusion 18 3 Novel Product Candidates Each with $500M to $1B+ Market Potential Galafold Precision Medicine (Small Molecule) EU Full Approval Launched in Germany (May 30, 2016) U.S. regulatory update on track for 4Q16 Phase 3 Novel Topical Medicine (SD-101) U.S. Breakthrough Therapy Designation Rolling NDA Phase 3 Data Targeted in 1H17 Novel ERT + Chaperone Treatment Paradigm Biologics Manufacturing Interim Data Anticipated in 4Q16 R&D Engine and Continued Business Development Activity Pompe Epidermolysis Bullosa (EB) Fabry