A Pit Ope

8/8/2019 A Pit Ope

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Apitope Profiler: SYZ

Name of Company Apitope Technology

Brief Description Established at University of Bristol, working on peptide vaccines and

diagnostics for autoimmune and allergic diseases (MS, FVIII

inhibitors, Type I Diabetes, Allergy)

Coordinates Apitope Technology (Bristol) Limited,

University Gate East,Park Row, Bristol, BS1 5UB, England

T +44 (0)117 903 1119 (CEO Keith Martin)

F +44 (0)117 903 9001

www.apitope.com

Ownership/Financing Early funding from Richard Daniels, Wellcome Trust, Sulis Seedcorn

Fund.

Management (incl former Cos.) y Keith Martin, PhD, MRPharmS, CEO since April 2006.

Formerly Founder of KetoCytonyx, Director of Life Sciences

at BTG.

y Prof. David Wraith, PhD, Chief Scientific Officer and

Founder. Formerly head of pathology and microbiology at

University of Bristol

y Angie Jamison, Quality and Technical Director

y Katie Macdonald CA, Finance Director and Company

Secretary

y Dr. Jan Steiner. Clinical pharmacologist

Board (SAB) y Richard Daniels, Chairman. Head of Richard Daniels Group

y Keith Martin, PhD (see above)

y Prof. David Wraith (see above)

y Dr. Geoffrey Vernon, Non Executive Director. Formerly at

Ciba-Geigy Pharmaceuticals, Schering Chemicals Ltd. And

Travenol Laboratories

y Sharon Finch, Non Executive Director. Formerly, founder of

Medius Associates and business development positions at

Wellcome Foundation and Ono Pharmaceutical

y Dr. Neil Bradshaw, currently director of the Enterprise at

University of Bristol

y Andy Allars, Board observer appointed by Sulis Seedorn

Fund

Transaction History y October 2008: 10 million series A financing, co-led by LRM

and Vesalius Biocapital.

y April 2006: £0.91M funding from Wellcome Trust to support

Phase I/II trial of MA drug.Products/Programs/Technology

y Status

y Process to complete

y Risks

Patented platform technology to design peptide vaccines Antigen

Processing Independent epiTOPES (Apitopes)that aim to reinstate

normal and/or attenuate abnormal immune responses by inducing

immune tolerance through the induction of a naturally occurring

population of IL-10 secreting T cells.

y ATX-MS-1467 for MS completed PhaseIb/IIa in 11/2007

y ATX-iF8 for Hemophilia A about to begin preclinical

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development

y Preliminary research on therapeutics for Type I Diabetes and

Allergy

y MS diagnostic blood test (primary diagnostic) in research and

development stage. Could potentially be extended to RA and

lupus.Market(s) Addressed

y Size, Units & $

y Unmet need

y Pricing &

reimbursement

Autoimmune conditions:

y 40 million people in EU and USA with >$20 billion in annual

sales.

Serious allergies:

y 175 million individuals in EU and USA generating sales of

>$23 billion per year.

Unmet need remains high because current treatments address only

the symptoms (poorly in many cases) but not disease progression.

Multiple sclerosis:

y 700,000 sufferers in EU and USA

y High economic burden - US cost estimated at $2-3 billion per

yeary No satisfactory treatments available: limited efficacy with

serious side effects

y High prices tolerated: Rebif (interferon beta-1a) average

price is $22,875 p.a

Factor VIII inhibitors:

y 24,000 Haemophilia A sufferers in EU and USA potential for

Orphan Drug designation

y Serious bleeding disorder affecting primarily males managed

with infusions of Factor VIII

y 20 to 30% of patients develop inhibitors of Factor VIII:

decreases efficacy of treatment resulting in joint damage,brain damage and death

y Factor VIII sales exceeded $600 million in 2005

Commercialization Plan/Sales

Model

y Approach

y Competition

y Legal & IP issues

Team is experienced in successful development through Phase II;

plan is to see product through to Phase IIb before partnering with

major pharma for phase III development.

Operating a semi-virtual organization using leading service

providers and scientific advisors.

Financing/Public Market Issues

y Story; differentiation

y Major value increments

y Uniqueness/Modelsy Major milestones:

What/When

y Key Rev/Income Metrics

y Key Liquid Asset Metrics

y Cash Flow after CapEx

October 2008 financing deal was put together by Innovator Capital,

which went to Belgium and Luxembourg for funds after

unsuccessfully approaching funds in Britain

Ownership/Management Issues

y Key Investor Issues

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y Ability to act quickly

y Current team

capabilities

y Needed team additions

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A Pit Ope