Bioinvent multi-100 mln eur drug sales and growing Anticoagulant market worth USD 9bn in 2014. Promising inhibition of thrombosis formation without increased bleeding.
INTERVIEW Thrombogenics CEO Collen says 'open' to M&A deals if favourable
Last Updated: 20-April-2007 14:56:54
"If a good competitive deal came around we would not say no," Collen said.
The company would mull a proposition if the price was right, a good deal for investors presented itself and the shareholders were in agreement, the CEO said.
On the financial side, Collen said he is confident about the company's position following its initial public offering in June last year.
The IPO generated 35 mln eur from the issue of new shares. The company earmarked the offering's proceeds to conduct further clinical development of microplasmin for back-of-the-eye diseases, which are a major cause of blindness, and acute vascular occlusion such as stroke and peripheral vascular disease. "Financially, we have 25-26 mln eur left which should carry us over for about a year and a half according to the plans we have now, but that could change," Collen said.
The company also received EU grants totaling 4 mln eur, which were not fully granted at IPO time -- forming a "hidden reserve" -- to fund further tests into angiogenesis (the growth of new blood vessels) and the stimulation of blood vessel formation.
Thrombogenics expects to earn double-digit millions of euros in royalties on net sales from its licensing agreement with India-based Bharat Biotech International Ltd for the manufacturing, clinical development and commercialisation of THR-100, a variant of Recombinant Staphylokinase in developing countries and certain industrialised countries, he said.
"The development costs (for this) are affordable. An Indian partner was essential because we realised that we could not make an affordable alternative to tPA (tissue plasminogen activator) in western Europe," the CEO said.
Collen added that the company could see investment potential in China but was not at the stage of forming any agreements yet.
"We have to take it one step at a time," he added.
Asked about the company's portfolio, Collen said Thrombogenics is flexible and adaptable in its setup, which allows it to cover vitrectomy, vascular thrombosis, ischemic stroke, heart attack and cancer products.
"We have CROs (compact research organisations) to do monitoring, eliminating fixed costs, which gives a lot of flexibility." "That is the sort of strategy we want to maintain for the foreseeable future," the CEO added.
Collen said the company's clear strategy and ambitions is allowing it become a little more opportunistic.
"We are very confident about our eye indicators. In the stroke area, we will carry on further and see how the environment develops." In the short term, the CEO sees the anti-coagulant area as full of potential. ThromboGenics and Sweden's BioInvent International AB got the go-ahead in February to initiate a Phase I clinical trial of TB-402, a human antibody binding to Factor VIII, which plays a crucial role in the coagulation of the blood.
"We are looking at multi-100 mln eur drug sales if we get approval for TB-402." He was pragmatic about the pharmaceutical business, however.
"We have four, five or even six drug candidates depending on how you define them. To expect all six to become winners would be overly optimistic. If three are successful, we are a successful company. If two are a success, it is still a good investment." |
