- THR-149 – Positive results from Part A of the Phase 2 clinical trial assessing THR-149 for the treatment of Diabetic Macular Edema (DME) (“KALAHARI”), and first patient dosed in Part B evaluating THR-149 versus aflibercept for the second line treatment of DME for the 40-50% of patients that suboptimally respond to standard of care anti-VEGF therapy.
- THR-687 – First patient dosed in Part A of Phase 2 clinical trial evaluating THR-687 for the treatment of DME in treatment naïve subjects (“INTEGRAL”), and enrollment completed post-closing.
- Financing – Capital commitment entered into with
Negma Group (Negma) pursuant to which Negma has committed to subscribe to up toEUR 30 million in mandatory convertible bonds to be issued in tranches and subject to certain conditions, andEUR 10 million convertible bond financing secured fromKreos Capital andPontifax Ventures . - Cash position – Available cash of
EUR 10 million (including investments) at the end ofDecember 2021 .
Leuven, BE,
The Company has two novel therapeutics in clinical development. THR-149 is a potent plasma kallikrein inhibitor being developed as a potential new standard of care for the 40-50% of DME patients showing suboptimal response to anti-VEGF therapy. THR-687 is a highly selective pan-RGD integrin antagonist that is being developed as a potential first line therapy for DME patients as well as potentially wet age-related macular degeneration (wet AMD) and macular edema following retinal vein occlusion (ME-RVO).
Tom Graney, CFA, CEO of
“During 2021,
Earlier this month we were pleased to report positive results from Part A of our Phase 2 trial of THR-149 in patients with DME. The Part A results included post-hoc analysis by a masked reading center revealing that by excluding two patients with certain abnormalities at baseline, a >9 letter gain in mean BCVA was achieved during Part A. This >9 letter gain was maintained for the remaining four months of the trial after the last THR-149 injection with no rescue treatment required. As a result, patients with these abnormalities will be excluded from Part B of the trial, which compares THR-149 to current standard of care aflibercept for the 40-50% of patients that suboptimally respond to anti-VEGF therapy and currently have limited treatment options. Part B of the KALAHARI trial is recruiting with these protocol amendments in place with topline data expected mid-2023.
We are also delighted that Part A of our Phase 2 DME trial of THR-687 is fully enrolled with results expected in the second quarter of this year. THR-687 has the potential to become a first line treatment for DME, and we are also planning to develop THR-687 for wet AMD and potentially ME-RVO assuming Part A of the DME trial is successful.
We look forward to reporting on our progress as we continue to deliver further value inflection points for both THR-149 and THR-687, including very important THR-687 Part A data in the near future.”
2021 Highlights
Operational
- Positive results from Part A of Phase 2 KALAHARI trial evaluating THR-149 for treatment of DME. THR-149 acts through inhibition of the plasma kallikrein-kinin (PKaI-Kinin) system, a validated VEGF-independent target for DME treatment. Three IVT injections of THR-149 (0.13mg) delivered a clinically meaning improvement in Best Corrected Visual Acuity (BCVA), the primary endpoint for registration in DME, and also stabilized Central Subfield Thickness (CST), a promising result in a population which, if left untreated, CST would be expected to deteriorate. Based on these data,
Oxurion decided to move THR-149 (0.13mg) into Part B of the trial. Further characterization of the BCVA data was shared at the American Society for Retinal Specialists (ASRS) Annual Scientific Meeting. - First patient dosed in Part B of Phase 2 KALAHARI trial evaluating multiple administrations of THR-149 versus aflibercept for treatment of DME. The primary objective of Part B of the trial is to assess the difference in treatment effect between THR-149 (0.13mg) and aflibercept from baseline to Month 3, in terms of increase in BCVA, the primary endpoint, in the 40-50% of patients that suboptimally respond to standard of care anti-VEGF therapy.
- Institutional Review Board (IRB) approval received to initiate a Phase 2 clinical trial of THR-687 in patients with DME. Together with its earlier submission to the
U.S. Food and Drug Administration (FDA) of the final protocol to the Investigational New Drug (IND) application, the approval was an important step forward for the Phase 2 INTEGRAL trial. - The first patient has been dosed in Oxurion’s Phase 2 INTEGRAL trial evaluating THR-687 in patients with DME. Enrollment was completed post-closing.
- The Journal of Pharmacokinetics and Pharmacodynamics published two papers describing the pharmacokinetic properties of THR-149 and THR-687 following intravitreal (IVT) injection in animals utilizing novel pharmacokinetic models developed by
Oxurion . - The 'Progress in Retinal and Eye Research' journal published an article highlighting the cutting-edge science and rationale for the design and development of THR-687 and described the potential of pan-RGD integrin antagonists to improve the treatment of diabetic retinopathy and wet AMD.
- Positive Phase 1 clinical data evaluating THR-687 for treatment of DME were published in Ophthalmology Science, the
American Academy of Ophthalmology Journal . - Appointment of
Tom Graney , CFA as Oxurion’s Chief Executive Officer and Dr.Patrik De Haes , M.D. as non-executive Chairman. - Appointment of
Hanne Callewaert as Chief Operating Officer and ProfessorAlan Stitt as Chief Scientific Officer. - Refined focus and resources towards executing Oxurion’s clinical development strategy, including advancing the THR-687 and THR-149 programs. The Company reduced its head count by approximately one-third and will no longer make direct investments in non-core activities, including research in dry AMD and oncology (
Oncurious NV ).
Financial
- Entered into a capital commitment with Negma pursuant to which Negma has committed to subscribe to up to
EUR 30 million in mandatory convertible bonds to be issued in tranches and subject to certain conditions. - 1,210 convertible bonds issued to Negma (representing an aggregate amount of
EUR 3,025,000 ) of which 540 convertible bonds were converted into 775,334 shares at the end ofDecember 2021 . - Secured a
EUR 10 million convertible bond financing fromKreos Capital andPontifax Ventures . - Cash position (including investments) of
EUR 10 million at the end ofDecember 2021 .
Post-closing events
- Announcement at the Angiogenesis, Exudation, and Degeneration 2022 Conference that post-hoc analysis by the masked reading center from Part A of the KALAHARI trial revealed that by excluding two patients with certain abnormalities at baseline from Part A, a >9 letter gain in mean BCVA was achieved and maintained for the remaining four months of the trial after the last THR-149 injection with no rescue treatment required.
- Protocol amendment approved to reflect the post-hoc analysis of the Part A data by excluding patients with these abnormalities at baseline from Part B of the KALAHARI trial.
- Enrollment completed in Part A of the INTEGRAL trial for THR-687.
2022 outlook
- THR-149. Part B of the KALAHARI trial is ongoing, assessing three monthly injections of THR-149, compared to three monthly injections of aflibercept, up to Month 3. As from Month 3, the safety and efficacy of a switched fourth injection (THR-149 to aflibercept or aflibercept to THR-149) will be evaluated in about half of the subjects whereas in the other half of the subjects the durability of three monthly injections (THR-149 or aflibercept) will be assessed through a single sham injection until Month 6. Enrollment of approximately 108 patients in Part B in over 50 sites in several European countries and the
U.S. will continue during 2022, with topline results expected in mid-2023. - THR-687. Topline data is expected from Part A of the INTEGRAL trial in the second quarter of this year. Assuming Part A is successful, the Company plans to immediately start Part B of the INTEGRAL trial with topline data expected in the second half of 2023. The Company is also planning to start an additional Phase 2 trial of THR-687 in wet AMD during 2022 if Part A is successful.
Details 2021 Full Year Financial Results (unaudited)
Total income amounted to
Gross profit of
R&D expenses in 2021 were
Selling and marketing expenses of
General and administrative expenses of
In 2021,
The financial results included in this press release were prepared on the basis of continuation. On
Considering the current available cash position, the budgets for 2022 and 2023, the funding possibilities potentially available to the Company from Negma and others, and the possibility the Company has to reduce its working capital requirements if necessary, the board of directors considers that it is appropriate for the Company to continue to account on the basis of continuation based on the information available on the date of this press release.
When approving the Company’s 2020 annual report and its 2021 HY report, the board of directors considered that there was a material uncertainty with respect to the Company’s ability to continue as a going concern. In the opinion of the board of directors, there continues to be a material uncertainty with respect to the Company’s ability to continue as a going concern on the date of this press release. A more complete description of the Company’s risks can be found in the latest PDF-version of the Company’s presentation, which can be found here.
The financial results contained in this press release are unaudited. Audited financial results and the 2021 annual report for the period ending
Unaudited consolidated statement of profit and loss
In ' | 2021 | 2020 |
Income | 1.128 | 2.078 |
Sales | 967 | 2.000 |
Income from royalties | 161 | 78 |
Cost of sales | -612 | -550 |
Gross profit | 516 | 1.528 |
Research and development expenses | -20.696 | -22.053 |
General and administrative expenses | -7.150 | -5.489 |
Selling expenses | -1.274 | -3.252 |
Other operating income | 1.245 | 777 |
Other operating expense | -9 | -6 |
Impairment losses | -1.127 | -125 |
Operating result | -28.495 | -28.620 |
Finance income | 171 | 468 |
Finance expense | -1.268 | -408 |
Result before income tax | -29.592 | -28.560 |
Taxes | -3 | 0 |
Result of the year | -29.595 | -28.560 |
Attributable to: | ||
Equity holders of the company | -29.158 | -28.012 |
Non-controlling interest | -437 | -548 |
Result per share | ||
Basic earnings / loss (-) per share (euro) | -0,77 | -0,75 |
Diluted earnings / loss (-) per share (euro) | -0,77 | -0,75 |
In ' | 2021 | 2020 |
Result of the year | -29.595 | -28.560 |
Other comprehensive income: | ||
Remeasurement of defined benefit pension schemes | 566 | -297 |
Fair value gain/(loss) on investments designated as at FVTOCI | -5 | 0 |
Other comprehensive income that will not be reclassified to profit or loss | 561 | -297 |
Exchange differences arising on translation of foreign operations | 122 | -127 |
Other comprehensive income that will or may be reclassified to profit or loss | 122 | -127 |
Other comprehensive income, net of income tax | 683 | -424 |
Total comprehensive loss (-) / income for the year | -28.912 | -28.984 |
Attributable to: | ||
Equity holders of the company | -28.475 | -28.436 |
Non-controlling interest | -437 | -548 |
Unaudited consolidated statement of financial position
In ' | 2021 | 2020 |
ASSETS | ||
Property, plant and equipment | 120 | 230 |
Right-of-use assets | 252 | 1.069 |
Intangible assets | 1.000 | 2.127 |
Other non-current assets | 95 | 96 |
Non-current tax credit | 4.000 | 3.708 |
Non-current assets | 5.467 | 7.230 |
Inventories | 60 | 85 |
Trade and other receivables | 2.517 | 1.451 |
Current tax receivables | 845 | 719 |
Investments | 247 | 288 |
Cash and cash equivalents | 9.740 | 24.511 |
Current assets | 13.409 | 27.054 |
Total assets | 18.876 | 34.284 |
EQUITY AND LIABILITIES | ||
Share capital | 46.029 | 44.913 |
Share premium | 234 | 0 |
Other comprehensive income | -356 | -1.039 |
Other reserves | -5.266 | -6.133 |
Retained earnings | -41.719 | -12.561 |
Equity attributable to equity holders of the company | -1.078 | 25.180 |
Non-controlling interest | -30 | -132 |
Total equity | -1.108 | 25.048 |
Lease liabilities | 44 | 447 |
Employee benefit liabilities | 594 | 1.096 |
Convertible loans | 8.433 | 0 |
Non-current liabilities | 9.071 | 1.543 |
Trade payables | 4.979 | 4.377 |
Lease liabilities | 221 | 649 |
Convertible loans | 3.401 | 0 |
Other short-term liabilities | 2.312 | 2.667 |
Current liabilities | 10.913 | 7.693 |
Total equity and liabilities | 18.876 | 34.284 |
Unaudited consolidated statement of cash flows
In ' | 2021 | 2020 |
Cash flows from operating activities | ||
Loss for the period | -29.595 | -28.560 |
Finance expense | 896 | 408 |
Finance income | -171 | -468 |
Depreciation of property, plant and equipment | 77 | 194 |
Amortization and impairment of intangible assets | 1.127 | 125 |
Amortization of right-of-use assets | 600 | 916 |
Gain on sale of property, plant and equipment | -344 | -7 |
Fair value adjustments of financial instruments | 372 | 0 |
(Reversal of) impairment losses on current assets | 629 | 801 |
Increase / Decrease (-) in provisions | 64 | 0 |
Equity settled share-based payment transactions | 1.107 | 458 |
Increase (-) / Decrease in trade and other receivables and inventories | -2.037 | 700 |
Increase / Decrease (-) in short-term liabilities | 297 | -1.646 |
Net cash flows generated / used (-) in operating activities | -26.978 | -27.079 |
Cash flows from investing activities | ||
Disposal of property, plant and equipment (following a sale) | 394 | 35 |
Decrease / Increase (-) in investments | 36 | 10.154 |
Interest received and similar income | 9 | -6 |
Purchase of property, plant and equipment | -32 | -119 |
Net cash flows generated / used (-) in investing activities | 407 | 10.064 |
Cash flows from financing activities | ||
Principal paid on lease liabilities | -599 | -903 |
Proceeds from loans and borrowings | 11.150 | 0 |
Other financial income / expense (-) | -20 | 0 |
Interest paid on lease liabilities | -3 | -16 |
Proceeds from capital increases in subsidiaries from non-controlling interest | 86 | 0 |
Proceeds from capital and share premium increases, gross amount | 1.350 | 0 |
Paid interests and other bank charges | -186 | -12 |
Net cash flows used (-) / generated in financing activities | 11.778 | -931 |
Net change in cash and cash equivalents | -14.793 | -17.946 |
Net cash and cash equivalents at the beginning of the period | 24.511 | 42.492 |
Effect of exchange rate fluctuations | 22 | -35 |
Net cash and cash equivalents at the end of the period | 9.740 | 24.511 |
Unaudited consolidated statement of changes in equity
Share capital | Share premium | Other comprehensive income reserve | Other reserves | Retained earnings | Attributable to equity holders of the company | Non-controlling interest | Total | |
Balance as at | 100.644 | 0 | -615 | -12.122 | -34.747 | 53.160 | 146 | 53.306 |
Total comprehensive income of the year | ||||||||
Result of the year | 0 | 0 | 0 | 0 | -28.012 | -28.012 | -548 | -28.560 |
Change to foreign currency translation difference | 0 | 0 | -127 | 0 | 0 | -127 | 0 | -127 |
Remeasurement of DBO | 0 | 0 | -297 | 0 | 0 | -297 | 0 | -297 |
Net change in fair value of investments | 0 | 0 | 0 | -2 | 0 | -2 | 0 | -2 |
Contributions by and distributions to owners | ||||||||
Issue of ordinary shares | 0 | 0 | 0 | 0 | 0 | 0 | 270 | 270 |
Capital decrease | -55.731 | 0 | 0 | 5.533 | 50.198 | 0 | 0 | 0 |
Share-based payment transactions | 0 | 0 | 0 | 458 | 0 | 458 | 0 | 458 |
Balance as at | 44.913 | 0 | -1.039 | -6.133 | -12.561 | 25.180 | -132 | 25.048 |
Share capital | Share premium | Other comprehensive income reserve | Other reserves | Retained earnings | Attributable to equity holders of the company | Non-controlling interest | Total | |
Balance as at | 44.913 | 0 | -1.039 | -6.133 | -12.561 | 25.180 | -132 | 25.048 |
Total comprehensive income of the year | ||||||||
Result of the year | 0 | 0 | 0 | 0 | -29.158 | -29.158 | -437 | -29.595 |
Change to foreign currency translation difference | 0 | 0 | 122 | 0 | 0 | 122 | 0 | 122 |
Remeasurement of DBO | 0 | 0 | 566 | 0 | 0 | 566 | 0 | 566 |
Net change in fair value of investments | 0 | 0 | -5 | 0 | 0 | -5 | 0 | -5 |
Total comprehensive income for the year | 0 | 0 | 683 | 0 | -29.158 | -28.475 | -437 | -28.912 |
Contributions by and distributions to owners | ||||||||
Issue of ordinary shares | 1.116 | 234 | 0 | 213 | 0 | 1.563 | 0 | 1.563 |
Share-based payment transactions | 0 | 0 | 0 | 1.107 | 0 | 1.107 | 0 | 1.107 |
Total contributions by and distributions to owners | 1.116 | 234 | 0 | 1.320 | 0 | 2.670 | 0 | 2.670 |
Transactions with non-controlling interests | 0 | 0 | 0 | -453 | 0 | -453 | 539 | 86 |
Balance as at | 46.029 | 234 | -356 | -5.266 | -41.719 | -1.078 | -30 | -1.108 |
About
Importantinformationaboutforward-lookingstatements
Certain statements in this press release may be considered “forward-looking”. Such forward-looking statements are based on current expectations, and, accordingly, entail and are influenced by various risks and uncertainties. The Company therefore cannot provide any assurance that such forward-looking statements will materialize and does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or any other reason. Additional information concerning risks and uncertainties affecting the business and other factors that could cause actual results to differ materially from any forward-looking statement is contained in the Company’s Annual Report and in the latest PDF-version of the Company’s presentation; which can be foundhere. This press release does not constitute an offer or invitation for the sale or purchase of securities or assets of
For further information please contact:
Chief Executive Officer Tel: +32 16 75 13 10 tom.graney@oxurion.com Michaël Dillen Chief Business Officer Tel: +32 479 783 583 michael.dillen@oxurion.com | EU Tel: +44 203 928 6900 oxurion@medistrava.com US Westwicke, an ICR company Tel: +1 617 835 9304 chris.brinzey@westwicke.com |
Source:
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