Mainstay Medical Announces Half Year Financial Results

Dublin, Ireland: Mainstay Medical International plc (“Mainstay” or the “Company” listed on Euronext Paris: MSTY.PA and ESM of the Irish Stock Exchange: MSTY.IE), a medical device company focused on bringing to market ReActiv8®, a new implantable neurostimulation system to treat disabling Chronic Low Back Pain (“CLBP”), today announced the publication of its report for the half year ended 30 June 2015.

Highlights

  • On 31 August 2015, the Company announced positive clinical results of the ReActiv8-A Clinical Trial, which the Company plans to use to support its submission for CE Mark approval, after which commercialization in Europe can commence. The detailed Clinical Results announcement is available on the Company’s website at http://www.mainstay-medical.com/news/press_releases.
  • On 24 August 2015, Mainstay announced the closing of debt financing for up to $15 million. The secured debt facility is non-dilutive to existing shareholders, and is being provided by IPF Partners, a leading financing provider focused on the European healthcare sector.  The facility can be drawn in three tranches, and an initial tranche of $4.5 million has been called. The second and third tranches can be drawn upon achievement of milestones related to progress through the CE Mark process for ReActiv8.
  • In July and August 2015, Mainstay announced the issuance of three new U.S. Patents:
    • U.S. Patent No. 9,072,897 entitled “Systems and Methods for Restoring Muscle Function to the Lumbar Spine”
    • U.S. Patent No. 9,079,019 entitled “Apparatus and Methods for Anchoring Electrode Leads for Use with Implantable Neuromuscular Electrical Stimulator”.
    • U.S. Patent No. 9,108,053 entitled “Apparatus and Methods for Rehabilitating a Muscle And Assessing Progress of Rehabilitation”
  • In May 2015, Mainstay announced it had received approval from the United States Food and Drug Administration (“FDA”) to begin a clinical trial of ReActiv8 under an Investigational Device Exemption (“IDE”). The FDA approval is for the planned ReActiv8-B Clinical Trial, an international, multi-centre, prospective randomized sham-controlled trial designed to evaluate the safety and efficacy of ReActiv8 for the treatment of adults with CLBP and no prior back surgery.  The approval is to conduct the ReActiv8-B Clinical Trial at up to 40 clinical trial sites and for 128 randomized subjects to be implanted with ReActiv8 in the pivotal cohort. The IDE approval allows the Company to engage with investigators, clinical trial sites, and Institutional Review Boards (“IRBs” or “Ethics Committees”) leading towards the first subject recruitment and implant. Upon successful completion of the ReActiv8-B Clinical Trial and if the results support it, the Company plans to submit an application for a Pre-Market Approval (“PMA”) which is required to allow the start of commercialization in the United States.
  • Operating expenses were $6.3 million during the period and have increased by $1.5 million compared to 1H14 due to costs associated with increased activity in the ReActiv8-A Clinical Trial, and the expansion of our team.
  • Cash on hand at 30 June 2015 was $12.5 million and operating cash out flows for the period were $5.7 million.

 

About Mainstay

Mainstay is a medical device company which is developing an innovative implantable neurostimulation system, ReActiv8®, for people with disabling Chronic Low Back Pain (CLBP). The Company is headquartered in Dublin, Ireland. It has subsidiaries operating in Ireland, the United States and Australia, and is listed on Euronext Paris (MSTY.PA) and the ESM of the Irish Stock Exchange (MSTY.IE).

About the ReActiv8-A Trial

The ReActiv8-A Clinical Trial, is a prospective single arm clinical trial with up to 96 subjects at sites in Australia and Europe. Outcome measures for the ReActiv8-A Clinical Trial are assessed at a three month endpoint after activation of stimulation and compared to baseline prior to implant. Further details can be obtained at https://clinicaltrials.gov/show/NCT01985230.

About Chronic Low Back Pain

One of the recognised root causes of CLBP is impaired control by the nervous system of the muscles that dynamically stabilise the spine in the lower back, and an unstable spine can lead to back pain. ReActiv8 is designed to electrically stimulate the nerves responsible for contracting these muscles and thereby help to restore muscle control and improve dynamic spine stability, allowing the body to recover from CLBP.

People with CLBP usually have a greatly reduced quality of life and score significantly higher on scales for pain, disability, depression, anxiety and sleep disorders. Their pain and disability can persist despite the best available medical treatments, and only a small percentage of cases result from an identified pathological condition or anatomical defect that may be correctable with spine surgery. Their ability to work or be productive is seriously affected by the condition and the resulting days lost from work, disability benefits and health resource utilisation put a significant burden on individuals, families, communities, industry and governments.

Chrono Therapeutics Receives Second Fast Track SBIR Grant from National Cancer Institute for Patient-individualized Smoking Cessation Therapy

HAYWARD, Calif., Chrono Therapeutics, a pioneer in digital drug therapy, today announced it has received a second Phase 1 and Phase 2 Fast Track Small Business Innovation Research (SBIR) grant award from the National Cancer Institute (NCI). This award of up to $2.3 million will support final product development of the digital portion of Chrono's patient-individualized smoking cessation therapy as well as pilot efficacy trials of the system. This is the second Fast Track SBIR grant award Chrono has received from the NCI. Chrono successfully executed on a 2012 $2.23M grant that funded early product engineering and a second in human pharmacokinetic study.

Chrono's smoking cessation solution is the first nicotine delivery system to time medication delivery to when smokers' cravings are predictably strongest. The wearable component automatically begins delivering nicotine before smokers wake up, helping to curb the strong morning craving most smokers experience – something other nicotine replacement products cannot do. Embedded with sensors and Bluetooth, the wearable monitors compliance and securely connects with a companion mobile application that provides real-time behavioral coaching in response to cravings and the nicotine-dosing regimen.

"Receiving our second grant award from the NCI is an endorsement of Chrono's cessation platform, which takes a fresh approach to a serious addiction that kills 5 million people worldwide each year," commented Alan Levy, the CEO and Chairman of Chrono Therapeutics

Dr. Michael Burke and Dr. Taylor Hays of the Mayo Clinic are among several of the world's leaders in nicotine dependence treatment working with Chrono to integrate tailored nicotine delivery with evidence-based, proactive and personalized behavioral strategies to help smokers quit.

"Integrating a smart digital coach that leverages the best in behavioral science with a new and adjustable method to deliver nicotine replacement has the potential to save many thousands of lives by providing new hope and support to people struggling to become tobacco free. We are very excited to collaborate with Chrono on this innovation," stated Dr. Burke, Assistant Professor of Medicine at the Mayo Clinic School of Medicine and Program Coordinator at the Mayo Clinic Nicotine Dependence Center.

The smoking cessation solution is the first product targeted to be commercialized from Chrono's platform, which represents the convergence of optimized drug delivery, embedded sensor technology to monitor compliance, and connected and personalized behavioral support to transform how medicine is delivered and how people achieve their health goals.

Guy DiPierro, the Founder of Chrono and VP of Intellectual Property and Governmental Affairs commented, "We appreciate NCI's ongoing support and leadership in helping Chrono combat one of the world's leading pandemics."

 

About CHRONO

Effective care of the most hard-to-treat conditions requires approaches beyond simply taking medicine. Chrono's team is developing the first wearable transdermal drug delivery device that optimizes drug dosing, is embedded with sensor technology to track usage and is connected via Bluetooth to an evidence-based smartphone application that delivers real-time personalized behavioral support to keep users on track to achieving their goals. Chrono's first application is in smoking cessation, enabling smokers to overcome the world's deadliest addiction. For more information, visit www.chronothera.com

Mainstay Medical Secures $15M Debt Financing

Mainstay Medical International plc (“Mainstay” or the “Company” listed on Euronext Paris: MSTY.PA and ESM of the Irish Stock Exchange: MSTY.IE), a medical device company focused on bringing to market ReActiv8®, an innovative implantable medical device for people suffering from disabling Chronic Low Back Pain (“CLBP”), today announced a debt facility for up to $15 million.

The secured debt facility is non-dilutive to existing shareholders, and is being provided by IPF Partners, a leading financing provider focused on the European healthcare sector.

“We are pleased to have secured this $15 million debt facility. These funds strengthen our financial position, and allow us to continue building momentum towards commercialisation of ReActiv8,” said Peter Crosby, CEO of Mainstay.

The facility can be drawn in three tranches, with an initial tranche of $4.5 million available immediately. The second and third tranches can be drawn following the achievement of milestones related to progress through the CE Mark process for ReActiv8.

Each tranche has a repayment term of 60 months from drawdown, with interest only payments for the first 12 months. The interest rate is 3-month Euribor plus a margin ranging from 10.5% to 12.5%.

The terms of the agreement include a requirement that the Company hold a minimum cash balance of $2 million until it achieves revenue targets, initially $1 million. The facility is subject to customary terms and conditions and includes an exit fee (in lieu of warrants) of 5% of each tranche payable upon repayment, and voluntary prepayment provisions. The facility does not include any preferential right to participate in a future financing of Mainstay.

- End -

 

About Mainstay

Mainstay is a medical device company which is developing an innovative implantable neurostimulation system, ReActiv8®, for people with disabling Chronic Low Back Pain (CLBP). The Company is headquartered in Dublin, Ireland. It has subsidiaries operating in Ireland, the United States and Australia, and is listed on Euronext Paris (MSTY.PA) and the ESM of the Irish Stock Exchange (MSTY.IE).

 

About IPF Partners

IPF Partners is an investment platform founded by a team of 4 fund managers and health sector leaders. The IPF I fund, which was launched in October 2011 with 80 million euros of funding and which is aiming to obtain institutional investor commitments of 150 million euros, provides bespoke debt and other financing solutions to health sector companies that have reached the marketing stage in order to help them handle their ongoing and acquisition financing requirements. IPF I has already committed over 50 million euros to various European health product companies.

 

About the ReActiv8-A Trial

The ReActiv8-A clinical trial is a prospective single arm clinical trial with up to 96 subjects at sites in Australia and Europe. Outcome measures for the ReActiv8-A clinical trial are assessed at a three month endpoint after activation of stimulation and compared to baseline prior to implant. Further details can be obtained at https://clinicaltrials.gov/show/NCT01985230.

 

About Chronic Low Back Pain

One of the recognised root causes of CLBP is impaired control by the nervous system of the muscles that dynamically stabilise the spine in the lower back, and an unstable spine can lead to back pain. ReActiv8 is designed to electrically stimulate the nerves responsible for contracting these muscles and thereby help to restore muscle control and improve dynamic spine stability, allowing the body to recover from CLBP.

People with CLBP usually have a greatly reduced quality of life and score significantly higher on scales for pain, disability, depression, anxiety and sleep disorders. Their pain and disability can persist despite the best available medical treatments, and only a small percentage of cases result from an identified pathological condition or anatomical defect that may be correctable with spine surgery. Their ability to work or be productive is seriously affected by the condition and the resulting days lost from work, disability benefits and health resource utilisation put a significant burden on individuals, families, communities, industry, and governments.

Further information can be found at www.mainstay-medical.com

ReActiv8 is an investigational device and is not approved for commercialisation anywhere in the world.

CAUTION – in the United States, ReActiv8 is limited by federal law to investigational use only.

Innocoll AG Appoints Rich Fante as Chief Commercial Officer and Head of Business Development

ATHLONE, Ireland -- Innocoll AG (NASDAQ:INNL) announced that Rich Fante has been appointed Chief Commercial Officer and Head of Business Development effectiveAugust 20, 2015. The addition of this role to the senior management team is an additional step in the transition of the company to a commercial-stage, fully-integrated specialty pharmaceutical company.

"Our two lead product candidates, Cogenzia and XaraColl, are rapidly progressing in advanced clinical development so we need the additional skills and experience to finalize and execute on our commercial strategies for both products in the near-term," said Tony Zook, Chief Executive Officer of Innocoll. "The addition of Rich Fante to our executive team adds the critical skills and commercial experience we need to ensure commercial success. Cogenzia, currently in Phase 3 trials, recently received Qualified Infectious Disease Product (QIDP) designation from the FDA, which may lead to a priority review and accelerated time to market. We also anticipate initiating Phase 3 trials for XaraColl this quarter. Both sets of pivotal trials are expected to read out data in 2016. Rich's joining the team is timely."

Mr. Fante has deep experience in the management and execution of commercial product strategies in the pharmaceutical industry. Most recently, he was founder and president of RF Consulting, a firm that assists emerging biopharmaceutical companies in their commercialization efforts. Prior to founding RF Consulting, Mr. Fante spent over nineteen years at AstraZeneca pharmaceuticals in the United States, where he served a number of rolls, most recently as President of its U.S. business, CEO North America and Regional Vice President of the Americas. During his tenure at AstraZeneca, the company became the second largest pharmaceutical company in the U.S. He helped to build some of the most successful brands in pharmaceutical industry history including Nexium®, Crestor®, Symbicort®, Arimidex®, Seroquel® and Prilosec®. Before joining AstraZeneca in January 1995, Mr. Fante began his career in pharmaceutical sales and marketing as a sales representative followed by brand management at Lederle Laboratories. Mr. Fante has served as Board Chairman of the National Pharmaceutical Council and was a member of the Institute of Medicine of the National Academies of Science Roundtable on Value and Science. Mr. Fante is currently a non-executive director of the privately held biotech company Inhibikase Therapeutics, Inc. Mr. Fante received his B.A. in Biology from Princeton University and his M.B.A. from University of North Carolina at Chapel Hill.

"Innocoll's late stage product pipeline represents an ideal opportunity to begin to engage with the market," said Mr. Fante. "The promise of the company's products and the experience of the leadership team are a clear combination of factors for commercial success, and I'm pleased to be in the position to make a contribution to the company's transition."

 

About Innocoll AG

Innocoll is a global, commercial-stage, specialty pharmaceutical company. The company develops and manufactures a range of pharmaceutical products and medical devices using its proprietary collagen-based technologies. The company's late stage product pipeline is focused on addressing a number of large unmet medical needs, including: XaraColl® for the treatment of post-operative pain; Cogenzia® for the adjuvant treatment of diabetic foot infections; and CollaGUARD®, a barrier for the prevention of post-surgical adhesions. The company's approved products include: CollaGUARD(Ex-US), Collatamp® G, Septocoll®, RegenePro®, Collieva®, CollaCare®, Collexa®, and Zorpreva™, which are sold through strategic partnerships with various partners including Takeda, Biomet, and EUSA Pharma. All of the company's products and product candidates are made using Type 1 collagen and are manufactured in-house at its facility in Saal, Germany. CollaRx®, Collatamp®, CollaGUARD®, Collieva®, CollaCare®, Collexa®, Cogenzia® LidoColl®, LiquiColl®, Septocoll®, and XaraColl® are registered trademarks, and CollaPress™, DermaSil™, Durieva™, and Zorpreva™ are trademarks of the company.

First Amendment Decision a Win for Amarin and Physician Plaintiffs

Federal Court Rules Promotion of ANCHOR Clinical Data of Vascepa(R) and Research on the Potential Connection Between Vascepa and Cardiovascular Risk Reduction Is Constitutionally Protected Speech

BEDMINSTER, NJ and DUBLIN, IRELAND -- (Marketwired) -- 08/07/15 -- Amarin Corporation plc (NASDAQ: AMRN) today announced a United States District Court has ruled that Amarin may promote to healthcare professionals certain uses of Amarin's lead product, Vascepa®(icosapent ethyl) capsules, that are not covered by current FDA-approved labeling for the drug so long as the promotion is truthful and non-misleading. The Court declaration covers promotion of the FDA-reviewed and agreed effects of Vascepa demonstrated in the ANCHOR clinical trial of patients with persistently high triglycerides after statin therapy and use of peer-reviewed scientific publications that present the current state of scientific research related to the potential of Vascepa to reduce the risk of cardiovascular disease. Based on today's ruling Amarin plans to begin promotional activities consistent with the opinion as soon as possible.

 

Decision is a victory aimed at improved patient care

The decision opens more direct and effective paths to communicate truthful and non-misleading information about Vascepa clinical trial results and the state of science relevant to the potential of Vascepa to reduce the risk of cardiovascular disease. With accurate information readily available, healthcare professionals will be better able to assess for themselves how best to choose among available treatment options for their patients. With healthcare professionals better informed, this decision is a victory that Amarin believes will lead to improved patient care.

Cardiovascular disease is the leading cause of death for men and women in the United States. Significant risk from cardiovascular disease remains for tens of millions of Americans after statin therapy and recommended changes in diet and exercise. Given the significant need to reduce the risk of cardiovascular disease, numerous independent national and international treatment guidelines and position statements recommend drug therapy as an adjunct to healthy diet, lifestyle change and statin therapy for at-risk patients with persistently high triglyceride levels in their blood to lower those patients' triglycerides and/or non-high-density lipoprotein cholesterol. The use of Vascepa in this patient population, as studied in the ANCHOR trial, is contemplated by guidelines, is medically accepted and commonly prescribed by physicians. This is the practical reality despite the fact that FDA did not approve Vascepa for this use and even though a link between such treatment and reduced cardiovascular risk has not been determined. Use of Vascepa within these guidelines is also listed on independent drug compendia on which reimbursement from Medicare, Medicaid and private payor plans is based. Amarin's REDUCE-IT cardiovascular outcomes study of Vascepa, which is designed to evaluate the efficacy of Vascepa in reducing cardiovascular mortality and morbidity in a high-risk patient population on statin therapy, is over 95% enrolled.

"This lawsuit is based on the principle that better informed physicians will make better treatment decisions for their patients," said John F. Thero, President and Chief Executive Officer. "Many physicians are aware of the efficacy data included in FDA-approved labeling for Vascepa but are not aware of efficacy data from the ANCHOR study of Vascepa. FDA has already included the safety data from both the MARINE and ANCHOR studies in approved Vascepa labeling. Amarin will now be able to communicate efficacy data from ANCHOR and other relevant study results to these physicians and to others in the medical community in the context of appropriate disclaimers."

 

The truthful and non-misleading information about Vascepa protected by the Court order

The Court determined that Amarin may engage in truthful and non-misleading speech promoting the off-label use of Vascepa, i.e., to treat patients with persistently high triglycerides, and specifically make to healthcare professionals the following truthful and non-misleading statements:

Supportive but not conclusive research shows that consumption of EPA and DHA omega-3 fatty acids may reduce the risk of coronary heart disease. Vascepa should not be taken in place of a healthy diet and lifestyle or statin therapy.

Vascepa is not FDA-approved for the treatment of statin-treated patients with mixed dyslipidemia and high (≥ 200 mg/dL and < 500 mg/dL) triglyceride levels due to current uncertainty regarding the benefit, if any, of drug-induced changes in lipid/lipoprotein parameters beyond statin-lowered low-density lipoprotein cholesterol on cardiovascular risk among statin-treated patients with residually high triglycerides. No prospective study has been conducted to test and support what, if any, benefit exists.

Recent cardiovascular outcomes trials (ACCORD-Lipid, AIM-HIGH, and HPS2-THRIVE), while not designed to test the effect of lowering triglyceride levels in patients with high triglyceride levels after statin therapy, each failed to demonstrate incremental cardiovascular benefit of adding a second lipid-altering drug (fenofibrate or formulations of niacin), despite raising high-density lipoprotein cholesterol and reducing triglyceride levels, among statin-treated patients with well-controlled low-density lipoprotein cholesterol.

The ANCHOR trial demonstrates that Vascepa lowers triglyceride levels in patients with high (≥ 200 mg/dL and < 500 mg/dL) triglyceride levels not controlled by diet and statin therapy.

In the ANCHOR trial, Vascepa 4g/day significantly reduced TG [triglycerides], non- HDL-C [non-high-density lipoprotein cholesterol or non-"good cholesterol,"] Apo B [Apolipoprotein B], VLDL-C [very-low-density lipoprotein cholesterol], TC [total cholesterol] and HDL-C [high-density lipoprotein cholesterol or "good cholesterol"] levels from baseline relative to placebo in patients with high (≥ 200 mg/dL and < 500 mg/dL) triglyceride levels not controlled by diet and statin therapy. The reduction in TG [triglycerides] observed with Vascepa was not associated with elevations in LDL-C [low-density lipoprotein cholesterol or "bad cholesterol] relative to placebo.

The Court's ruling also permits communication to healthcare professionals of the following information:

  • peer-reviewed scientific publications relevant to the potential effect of EPA on the reduction of the risk of coronary heart disease, such as the JELIS cardiovascular outcomes trial of a pure-EPA product in Japanese patients and other publications on omega-3 acid studies; and
  • more complete efficacy data from the ANCHOR trial.

To ensure that this speech is non-misleading, Amarin would also disclose the following:

  • FDA has not approved to Vascepa reduce the risk of coronary heart disease;
  • The effect of Vascepa on the risk of cardiovascular mortality and morbidity has not been determined;
  • A cardiovascular outcomes study of Vascepa designed to evaluate the efficacy of Vascepa in reducing cardiovascular mortality and morbidity in a high-risk patient population on statin therapy is currently underway;
  • Vascepa may not be eligible for reimbursement under government healthcare programs, such as Medicare or Medicaid, for treatment of statin-treated patients with mixed dyslipidemia and high (≥ 200 mg/dL and < 500 mg/dL) triglyceride levels or to reduce the risk of coronary heart disease. We encourage you to check that for yourself; and
  • Any potential financial or affiliation biases between the firm and those who conducted the ANCHOR study.

 

About prohibitions on communication of off-label drug information

Once a drug is approved by FDA for a specific use in a specific patient population, physicians may exercise their medical judgment to prescribe the drug for any use in any patient population. It is estimated that approximately 20% of all prescriptions in the United States are used by physicians for such "off-label" indications. FDA has taken the position, however, that federal law prohibits pharmaceutical companies from proactively promoting data to the medical community regarding off-label uses -- even when such information is accurate, not misleading and reflective of accepted medical treatment

FDA has acknowledged the importance of the off-label use of many pharmaceutical products. Federal, state and private health plans routinely pay for many off-label drug uses, including certain off-label uses of Vascepa. FDA permits limited communications on off-label uses, such as in response to unsolicited requests for information, under FDA's publication reprint guidance and in connection with scientific exchanges. Prior to this judgment, these restrictions significantly limited the flow of information about the specified off-label uses of Vascepa.

 

About the ruling and potential future proceedings

The ruling today by the Honorable Judge Paul Engelmayer of the United States District Court for the Southern District of New York granted Amarin and the physician plaintiffs relief in the form of a declaratory judgment. The ruling declared as unconstitutional, in this case with the specified disclosures, FDA off-label promotion restrictions.

An appeal of the Court's ruling can be filed within 60 days. The ruling will remain in effect until the Court makes a final decision in the case unless the ruling is appealed and overturned. The underlying litigation may proceed until the Court enters a final order in the case. The lawsuit did not seek and the ruling did not grant approval of the indication contemplated by the ANCHOR study.

 

About the REDUCE-IT cardiovascular outcomes study

The REDUCE-IT cardiovascular outcomes study is the first prospective double-blinded cardiovascular outcomes study of any drug in a population of patients who, despite stable statin therapy, have elevated triglyceride levels. The REDUCE-IT study is also the first cardiovascular outcomes study to test a high, 4-gram dose of a pure-EPA only omega-3 prescription product. In the REDUCE-IT study, pure-EPA Vascepa is being studied as an adjunct to, and not as a replacement for, statin therapy. If successful, Amarin plans to seek additional indicated uses for Vascepa that extend beyond the populations studied in the successful MARINE and ANCHOR trials of Vascepa. These additional indications would potentially address tens of millions of patients in the United States and worldwide with elevated triglyceride levels despite stable statin therapy.

Amarin is blinded to the results of the REDUCE-IT study. The pooled, blinded event rate in the REDUCE-IT study is tracking to expectations for the study to continue until 2017 with results anticipated to be published in 2018. An interim review by the independent data monitoring committee of the efficacy and safety results of the trial is expected to occur during 2016 upon reaching 60% of the target aggregate number of cardiovascular events.

 

About VASCEPA ® (icosapent ethyl) capsules

VASCEPA® (icosapent ethyl) capsules, known in scientific literature as AMR101, is a highly pure-EPA omega-3 prescription product in a 1 gram capsule.

FDA-approved Indications and Usage

  • VASCEPA (icosapent ethyl) is indicated as an adjunct to diet to reduce triglyceride (TG) levels in adult patients with severe (≥500 mg/dL) hypertriglyceridemia.
  • The effect of VASCEPA on the risk for pancreatitis and cardiovascular mortality and morbidity in patients with severe hypertriglyceridemia has not been determined.

Important Safety Information for VASCEPA

  • VASCEPA is contraindicated in patients with known hypersensitivity (e.g., anaphylactic reaction) to VASCEPA or any of its components.
  • Use with caution in patients with known hypersensitivity to fish and/or shellfish.
  • The most common reported adverse reaction (incidence > 2% and greater than placebo) was arthralgia (2.3% for Vascepa, 1.0% for placebo). There was no reported adverse reaction > 3% and greater than placebo.
  • Patients receiving treatment with VASCEPA and other drugs affecting coagulation (e.g., anti-platelet agents) should be monitored periodically.
  • In patients with hepatic impairment, monitor ALT and AST levels periodically during therapy.
  • Patients should be advised to swallow VASCEPA capsules whole; not to break open, crush, dissolve, or chew VASCEPA.
  • Adverse events and product complaints may be reported by calling 1-855-VASCEPA or the FDA at 1-800-FDA-1088.

FULL VASCEPA PRESCRIBING INFORMATION CAN BE FOUND AT WWW.VASCEPA.COM.

Vascepa has been approved for use by the FDA as an adjunct to diet to reduce triglyceride levels in adult patients with severe (≥500 mg/dL) hypertriglyceridemia. Vascepa is under various stages of development for potential use in other indications that have not been approved by the FDA. Nothing in this press release should be construed as promoting the use of Vascepa in any indication that has not been approved by the FDA.

 

About Amarin

Amarin Corporation plc is a biopharmaceutical company focused on the commercialization and development of therapeutics to improve cardiovascular health. Amarin's product development program leverages its extensive experience in lipid science and the potential therapeutic benefits of polyunsaturated fatty acids. Amarin's clinical program includes commitment to the ongoing REDUCE-IT cardiovascular outcomes study. Vascepa® (icosapent ethyl), Amarin's first FDA-approved product, is a highly-pure, EPA-only, omega-3 fatty acid product available by prescription. For more information about Vascepa visit www.vascepa.com. For more information about Amarin visit www.amarincorp.com.

Mainstay Medical Announces Two Additional US Patents Issued

Dublin – Ireland - Mainstay Medical International plc (“Mainstay” or the “Company” listed on Euronext Paris: MSTY.PA and ESM of the Irish Stock Exchange: MSTY.IE), a medical device company focused on the development and commercialization of a novel neurostimulation therapy for people suffering from debilitating Chronic Low Back Pain (CLBP), today announced the issuance of two new U.S. Patents:

• U.S. Patent No. 9,072,897 entitled “Systems and Methods for Restoring Muscle Function to the Lumbar Spine”

• U.S. Patent No. 9,079,019 entitled “Apparatus and Methods for Anchoring Electrode Leads for Use with Implantable Neuromuscular Electrical Stimulator”.

Corresponding applications have been made in other countries. Mainstay continues to add to its portfolio of issued patents and pending applications.

Most people with CLBP have exhausted conventional treatments, are not candidates for surgery or spinal cord stimulation, and in the prime of their lives face a future of continuing pain and disability. For many of these people the root cause of their CLBP is a disruption in the control of the muscles that stabilize the lumbar spine. ReActiv8’s unique approach is to use electrical stimulation to elicit repetitive contractions of the key stabilising muscles of the lumbar spine to reactivate the body’s control over these muscles allowing recovery from CLBP.

Peter Crosby, Mainstay’s Chief Executive Officer, commented: “Our approach to the treatment of CLBP in this challenging population is unique. We are proud of our intellectual property portfolio, and look forward to continued development of the portfolio in the coming years.”

Clinical trials with ReActiv8 are ongoing in Europe and Australia, and the Company recently announced FDA approval to start a clinical trial of ReActiv8 under an Investigational Device Exception (IDE).

 

About Mainstay

Mainstay is a medical device company which is developing an innovative implantable neurostimulation medical device, ReActiv8®, for people with disabling Chronic Low Back Plan (CLBP). Low Back Pain is a leading cause of activity limitation and work absence throughout much of the developed world, imposing a high economic burden on individuals, families, communities, industry, and governments.

The Company is headquartered in Dublin, Ireland. It has subsidiaries operating in Ireland, the United States and Australia, and is listed on Euronext Paris (MSTY.PA) and the ESM of the Irish Stock Exchange (MSTY.IE).

 

About Chronic Low Back Pain

One of the recognised root causes of CLBP is impaired control by the nervous system of the muscles that dynamically stabilise the spine in the lower back, and an unstable spine can lead to back pain. ReActiv8 is designed to electrically stimulate the nerves responsible for contracting these muscles and thereby help to restore muscle control and improve dynamic spine stability, allowing the body to recover from CLBP.

People with CLBP usually have a greatly reduced quality of life and score significantly higher on scales for pain, disability, depression, anxiety and sleep disorders. Their pain and disability can persist despite the best available medical treatments, and only a small percentage of cases result from an identified pathological condition or anatomical defect that may be correctable with spine surgery. Their ability to work or be productive is seriously affected by the condition and the resulting days lost from work, disability benefits and health resource utilisation put a significant burden on economies.

Further information can be found at www.mainstay-medical.com

ReActiv8 is an investigational device and is not approved for commercialisation anywhere in the world. CAUTION – in the United States, ReActiv8 is limited by federal law to investigational use only.

Innocoll AG Appoints Jose Carmona as Chief Financial Officer

Appointment is effective on September 1, 2015

Gordon Dunn will continue as Vice President, Finance Director, Europe

ATHLONE, Ireland -- Innocoll AG (NASDAQ:INNL) today announced that Jose (Pepe) Carmona, previously the Chief Financial Officer of a division of Alcon, a Novartiscompany, has been appointed Chief Financial Officer effective September 1, 2015. Gordon Dunn, Innocoll's current Chief Financial Officer, will continue with the company as Vice President, Finance Director, Europe. The executive changes were made to add further commercialization experience to the senior management team as the company prepares to transition to a fully-integrated specialty pharmaceutical company.

"As Innocoll continues to execute on the transition of the organization, it is essential that our leadership team has the skills and experience required to successfully lead a commercial-stage company," said Tony Zook, Chief Executive Officer of Innocoll. "Jose's extensive background with major pharmaceutical and personal care companies is the skill set that will help propel the company to its next stage in its development. We very much thank Gordon for his contributions as CFO and appreciate his continued commitment to the company by heading our European financial operations."

Mr. Carmona has over 19 years of experience applying his extensive management skills toward the financial operations of commercial-stage companies. Most recently he served as Chief Financial Officer of Alcon Europe, Middle East & Africa, a division of Novartis, and prior to that he held numerous financial management positions with increasing responsibility within Novartis. Before joining Novartis in 2003, Mr. Carmona held senior management positions for several divisions of Proctor and Gamble in Latin America. Mr. Carmona received his B.S. in Industrial and Civil Engineering from Universidad Tecnica Federico Santa Maria in Valparaiso, Chile, and his M.B.A. from Columbia Business School in New York City.

"I am very pleased to be joining Innocoll at such an exciting stage in its development," said Mr. Carmona. "The company could face a rapid transition from a clinical development-stage company to a company with multiple self-marketed products in the very near term. It will be a momentous time at Innocoll and I look forward to contributing to the company's continued success."

Mr. Dunn added, "I am extremely proud of what we accomplished at Innocoll during my tenure as the company's CFO. We raised the capital necessary to build a strong drug formulation platform and set the stage for commercialization. I look forward to working with Pepe who will apply his commercial-stage experience toward moving the company to the next level at exactly the right time in the company's development."

 

About Innocoll AG

Innocoll is a global, commercial-stage, specialty pharmaceutical company. The company develops and manufactures a range of pharmaceutical products and medical devices using its proprietary collagen-based technologies. The company's late stage product pipeline is focused on addressing a number of large unmet medical needs, including: XaraColl® for the treatment of post-operative pain; Cogenzia® for the adjuvant treatment of diabetic foot infections; and CollaGUARD®, a barrier for the prevention of post-surgical adhesions. The company's approved products include: CollaGUARD(Ex-US), Collatamp® G, Septocoll®, RegenePro®, Collieva®, CollaCare®, Collexa®, and Zorpreva™, which are sold through strategic partnerships with various partners including Takeda, Biomet, and EUSA Pharma. All of the company's products and product candidates are made using Type 1 collagen and are manufactured in-house at its facility in Saal, Germany. CollaRx®, Collatamp®, CollaGUARD®, Collieva®, CollaCare®, Collexa®, Cogenzia® LidoColl®, LiquiColl®, Septocoll®, and XaraColl® are registered trademarks, and CollaPress™, DermaSil™, Durieva™, and Zorpreva™ are trademarks of the company.

Innocoll AG Announces Qualified Infectious Disease Product (QIDP) Designation for Cogenzia for the Adjunctive Treatment of Moderate and Severe Diabetic Foot Infection

ATHLONE, Ireland -- Innocoll AG (NASDAQ:INNL), a global, commercial-stage, specialty pharmaceutical company that develops, manufactures and supplies a range of pharmaceutical products and medical devices using its proprietary collagen-based technologies, today announced that the Cogenzia gentamicin collagen matrix has received Qualified Infectious Disease Product (QIDP) designation for the adjunctive treatment of moderate and severe diabetic foot infection from the FDA.

The QIDP designation was established as part of the Generating Antibiotic Incentives Now (GAIN) Act, passed by the U.S. Congress in July 2012, to increase the incentives for drug manufacturers to produce new antibiotics for serious and hard-to-treat bacterial and fungal infections. Receiving QIDP designation means that Cogenzia is now eligible for additional FDA incentives in the approval and marketing path, including Fast Track designation and Priority Review for development and a five-year extension of market exclusivity.

Diabetic foot ulcers are a serious health concern and affect approximately 7% of diabetic patients each year. Up to approximately 58% of these ulcers may become infected. Published data demonstrates that the current standard of care for diabetic foot infections (DFIs) with systemic antibiotics has a 30-50% failure rate. Failure of treatment can lead to significantly increased risk of hospitalization and often to the need for amputation resulting in increased costs to the healthcare system and a much higher risk of mortality for patients. We believe that Cogenzia has the potential to be the first topical antibiotic approved as adjunctive therapy for the treatment of DFIs and that it could significantly improve upon the current cure success rate.

Cogenzia acts in conjunction with systemic antibiotics and standard wound care to provide high concentrations of gentamicin directly to the site of DFIs. These concentrations are not normally possible with systemic gentamicin treatment due to the risk of side effects. In the Cogenzia Phase 2 program, data demonstrated a statistically significant improvement in the clinical cure rate when compared to systemic antibiotics and wound care alone. In the Phase 2 study, 100% of Cogenzia-treated subjects experienced a clinical cure compared to 70% for the control group.

"We are very pleased to receive QIDP designation for Cogenzia for the treatment of moderate and severe diabetic foot infections," stated David Prior, Executive Vice President of Global Regulatory Affairs forInnocoll. "We believe the importance of Cogenzia as a new treatment option is further endorsed by FDA granting this designation."

 

About Innocoll AG

Innocoll is a global, commercial-stage, specialty pharmaceutical company. The company develops and manufactures a range of pharmaceutical products and medical devices using its proprietary collagen-based technologies. The company's late stage product pipeline is focused on addressing a number of large unmet medical needs, including: XaraColl® for the treatment of post-operative pain; Cogenzia® for the adjuvant treatment of diabetic foot infections; and CollaGUARD®, a barrier for the prevention of post-surgical adhesions. The Company's approved products include: CollaGUARD(Ex-US), Collatamp® G, Septocoll®, RegenePro®, Collieva®, CollaCare®, Collexa®, and Zorpreva™, which are sold through strategic partnerships with various partners including Takeda, Biomet, and EUSA Pharma. All of the company's products and product candidates are made using Type 1 collagen and are manufactured in-house at its facility in Saal, Germany. CollaRx®, Collatamp®, CollaGUARD®, Collieva®, CollaCare®, Collexa®, Cogenzia® LidoColl®, LiquiColl®, Septocoll®, and XaraColl® are registered trademarks, and CollaPress™, DermaSil™, Durieva™, and Zorpreva™ are trademarks of the company.

Mainstay Medical Strengthens Board with New Independent Director

Dublin, Ireland – Mainstay Medical International plc (“Mainstay” or the “Company” listed on Euronext Paris: MSTY.PA and ESM of the Irish Stock Exchange: MSTY.IE) announces the appointment of Mr James A. Reinstein as an additional independent Director with immediate effect. Mr Reinstein brings a wealth of international knowledge and commercial expertise from a career of over twenty five years in the medical device industry.

Mr. Reinstein is currently President and CEO of Aptus Endosystems, a medical device company based in California. Prior to that he was Senior Vice President and Chief Commercial Officer of Cyberonics Inc., a leading medical device company in neuromodulation, and before that he had a distinguished 17 year career working for Boston Scientific, including serving as European Division Head of the Neurovascular Division based in Paris, France, where he lived for four years. Mr. Reinstein’s educational background is in Business, including completing an Executive Management Program at INSEAD in France.

Commenting on his appointment Mr Reinstein said, “I am extremely excited to be joining Mainstay’s Board of Directors. The Mainstay team has done an impressive job developing ReActiv8 for the large group of patients suffering from chronic low back pain and I look forward to adding value to this Company”.

Welcoming Mr Reinstein’s appointment, Mainstay Medical’s Chairman Dr Oern Stuge said, “We are delighted to have James join our Board. His background and experience add a complementary perspective as an independent Director of the Board”.

 

Additional Information:

Mr. James A. Reinstein (aged 50) holds no shares in Mainstay, and, other than as set out below, there is no further information to be disclosed under schedule 2(g) and Rule 17 of the ESM Rules in respect of Mr. Reinstein's appointment as a Non-Executive Director.

Mr. Reinstein is, or has been, a director of the following companies during the previous five years:

Current Directorships: Aptus Endosystems Inc.

Past Directorships within last 5 years:  None

 

About Mainstay

Mainstay is a medical device company which is developing an innovative implantable neurostimulation medical device, ReActiv8®, for people with disabling Chronic Low Back Plan (CLBP). Low Back Pain is a leading cause of activity limitation and work absence throughout much of the developed world, imposing a high economic burden on individuals, families, communities, industry, and governments.

The Company is headquartered in Dublin, Ireland. It has subsidiaries operating in Ireland, the United States and Australia, and is listed on Euronext Paris (MSTY.PA) and the ESM of the Irish Stock Exchange (MSTY.IE).

 

About Chronic Low Back Pain

One of the recognised root causes of CLBP is impaired control by the nervous system of the muscles that dynamically stabilise the spine in the lower back, and an unstable spine can lead to back pain. ReActiv8 is designed to electrically stimulate the nerves responsible for contracting these muscles and thereby help to restore muscle control and improve dynamic spine stability, allowing the body to recover from CLBP.

People with CLBP usually have a greatly reduced quality of life and score significantly higher on scales for pain, disability, depression, anxiety and sleep disorders. Their pain and disability can persist despite the best available medical treatments, and only a small percentage of cases result from an identified pathological condition or anatomical defect that may be correctable with spine surgery. Their ability to work or be productive is seriously affected by the condition and the resulting days lost from work, disability benefits and health resource utilisation put a significant burden on economies.

Further information can be found at www.mainstay-medical.com.

ReActiv8 is an investigational device and is not approved for commercialisation anywhere in the world.

CAUTION – in the United States, ReActiv8 is limited by federal law to investigational use only.

 

Media queries:

Jonathan Neilan, FTI Consulting Tel: +353 1 663 3686
Email: jonathan.neilan@fticonsulting.com
Astrid Villette, FTI Consulting (French language enquiries)
Tel: +33 1 47 03 69 51
Email: Astrid.Villette@fticonsulting.com

 

Investor relations:

Jillian Connell, The Trout Group LLC
Tel: +1 646 378 2956 / +1 617 309 8349
Email: jconnell@troutgroup.com

 

ESM Advisers:

Fergal Meegan or Barry Murphy, Davy
Tel: +353 1 6796363
Email: fergal.meegan@davy.ie or barry.murphy2@davy.ie

Neuravi Announces €19M ($21M) in Financing to Advance Innovative Minimally Invasive Stroke Therapy

Galway, Ireland - Neuravi, a company dedicated to improving clinical outcomes for stroke patients, announced today that it has completed a Series B financing of €19M ($21M) to advance the company’s minimally invasive thrombectomy device for acute ischemic stroke, the EmboTrap® Revascularization Device. The round was led by European private equity firm LSP (Life Sciences Partners), with participation from returning Series A investors Fountain Healthcare Partners, Delta Partners and the Western Development Commission.

The funding will support European commercialization of the EmboTrap device, as well as Neuravi’s clinical trial, ARISE II, which will begin enrolling patients this year at select centers in the United States and Europe.

Ischemic strokes, caused by blockages in vessels supplying blood to the brain, account for 87 percent of all strokes and are a leading cause of death and disability. Approximately one million Europeans and 700,000 Americans suffer ischemic strokes each year.

Following a stroke, rapid intervention is critical. Minimally invasive thrombectomy devices, also known as “stent retrievers,” are used by physicians in an acute intervention to remove a clot and reopen cerebral blockages to immediately restore blood flow to the brain. A series of recent highly positive multinational clinical trials have demonstrated that patients treated with thrombectomy have better outcomes than those treated with medical therapy alone.

Based on a foundation of clot mechanics research, Neuravi’s technology is designed to capture and remove clots while reducing the opportunity for embolization of clot particles that could potentially cause a new stroke in another territory, contributing to poor patient outcomes. In a case series presented at the European Stroke Organization Congress earlier this year evaluating use of the EmboTrap device in 42 stroke patients at two European centers, treatment with the device restored significant blood flow in 86 percent of patients, with the majority of patients recovering to be able to function independently.

“This is an exciting time to be backing a company dedicated to improving stroke therapy, given the recent series of positive trial results that have decisively demonstrated the value of endovascular treatment for large vessel occlusions. These are the most devastating types of stroke, creating a tremendous social and economic burden for patients, and improved treatment has the potential to both save lives and improve quality of life,” said Anne Portwich, partner, LSP. “The Neuravi team has impressed us tremendously with its thorough approach, from the clot research that informs the company’s technology development, to collaborations with leading experts in the treatment of stroke.”

As part of the financing, Anne Portwich and René Kuijten, partner, LSP, will join Neuravi’s board of directors.

“As the company moves into commercialization in Europe and into U.S. clinical trials, we are gratified to be supported by such a knowledgeable group of investors who share our vision of improving outcomes for stroke patients and see the value of our innovative technology,” said Eamon Brady, Neuravi’s CEO. “We look forward to working closely with the clinical community as we make the EmboTrap commercially available in Europe, and gather more data through ARISE II to support the device’s use clinically in the U.S.”

 

About the EmboTrap Revascularization Device

The design of the EmboTrap Revascularization Device is informed by extensive research into a full range of clots that cause ischemic stroke. With this foundation of research, the EmboTrap device is engineered to retrieve and retain the clot with a proprietary dual-layer stent-like structure while restoring blood flow to the brain. The device’s integrated distal protection zone is designed to reduce the risk of fragments of clot dislodging during retrieval, which could cause additional harm to the patient.

 

About Neuravi

Based in Galway, Ireland, Neuravi is dedicated to improving clinical outcomes for stroke patients. The company’s initial stroke therapy platform, the EmboTrap Revascularization Device, is CE marked, and commercially available in Europe, while it is for investigational use only in the United States. Through its investment in the Neuravi Thromboembolic Initiative (NTI), Neuravi supports collaboration between engineers, clinicians and researchers to deepen the understanding of clot and occlusion dynamics, in order to improve patient outcomes in stroke. Neuravi is led by a team experienced in endovascular device development and global commercialization. More information can be found at www.neuravi.com.

 

About LSP

LSP (Life Sciences Partners) is a leading independent European investment firm, providing financing for private and public life-science companies. Since the late 1980s, LSP’s management has invested in a large number of highly innovative enterprises, many of which have grown to become leaders of the global life-science industry. With over USD 1 billion of investment capital raised to date and offices in Amsterdam, Munich and Boston, LSP is one of Europe’s largest and most experienced specialist life-science investors. LSP will participate with two funds in this financing, the LSP Health Economics Fund and the LSP 5 Fund. For more information, please visit www.lspvc.com.

 

About Fountain Healthcare Partners

Fountain Healthcare Partners fund is the largest dedicated life science venture capital fund in Ireland, with €176m under management. Exclusively focused on the life science sector, specific areas of interest to Fountain include specialty pharma, medical devices, biotechnology and diagnostics. The firm deploys the majority of its capital in Europe, with the balance in the United States. Fountain’s main office is in Dublin, Ireland, with a second office in New York. For more information, please visit www.fh-partners.com.

 

About Delta Partners

Delta Partners is a venture capital firm investing primarily in Ireland and the United Kingdom. Established in 1994 with €250 million under management, Delta is among the most active early-stage investors in Europe. The partners’ backgrounds in operations, strategy and finance complement the drive and ambition of entrepreneurial management teams. For more information, please visit www.deltapartners.com.

Innocoll AG Announces First Patient Dosed in the Cogenzia COACT-2 Phase 3 Study for the Treatment of Diabetic Foot Infection

ATHLONE, Ireland - Innocoll AG (Nasdaq:INNL), a global, commercial-stage, specialty pharmaceutical company that develops, manufactures and supplies a range of pharmaceutical products and medical devices using its proprietary collagen-based technologies, today announced that the first patient was dosed in the COACT-2 (COgenzia Adjuvant for Complete Therapy) Phase 3 study for the treatment of diabetic foot infections (DFIs) using Cogenzia, Innocoll's topically applied, bioresorbable collagen sponge. COACT-2 is the second of two pivotal Phase 3 studies for Cogenzia to enroll the first subject. The study is being conducted in both the E.U. and the U.S.

Diabetic foot ulcers are a serious health concern and affect approximately 7% of diabetic patients each year. Up to approximately 58% of these ulcers may become infected. Published data demonstrate that the current standard of care for DFIs with systemic antibiotics has a 30-50% failure rate. Failure of treatment can lead to significantly increased risk of hospitalization and often to the need for amputation resulting in increased costs to the healthcare system and a much higher risk of mortality for patients. We believe Cogenzia has the potential to be the first topical antibiotic approved as adjuvant therapy for the treatment of DFIs and could significantly improve upon the current cure success rate.

Cogenzia acts in conjunction with systemic antibiotics and standard wound care to provide high concentrations of gentamicin directly to the site of DFIs. These concentrations are not normally possible with systemic gentamicin treatment due to the risk of side effects. In the Cogenzia Phase 2 program, data demonstrated a statistically significant improvement in the clinical cure rate when compared to systemic antibiotics and wound care alone. In the Phase 2 study, 100% of Cogenzia-treated subjects experienced a clinical cure compared to 70% for the control group.

"Foot infections are a serious problem for persons with diabetes, often leading to lower extremity amputation. It is critical we treat these infection with the most appropriate antibiotic therapy, covering the usual pathogens while avoiding unnecessary use of broad-spectrum antibiotics, to help avoid the development of bacterial resistance," said Dr. Benjamin A. Lipsky, Emeritus Professor of Medicine, University of Washington and Visiting Professor of Medicine, University of Geneva and University of Oxford. "The Cogenzia studies may help provide additional insight into the antimicrobial management of this potentially devastating infection and may enable a better understanding of the ideal treatment paradigm for this problem."

The COACT-2 Phase 3 study is the second of two identical randomized, placebo-controlled, blinded studies to investigate the safety and efficacy of a topical gentamicin-collagen sponge in combination with systemic antibiotic therapy in diabetic patients with an infected foot ulcer. The first Phase 3 study, COACT-1, started in May of this year. Each study is expected to enroll approximately 500 patients between the ages of 18 and 85 in the EU (COACT-2) and United States (COACT-1 and 2). Patients diagnosed with moderate to severe DFIs will be treated in one of three arms per study: a Cogenzia sponge, a placebo sponge or no sponge with all patients in the study receiving systemic antibiotics and standard would care.

The primary endpoint is treatment effectiveness, test of clinical cure, which will be evaluated by the investigator at the post-treatment visit scheduled approximately 10 days post completion of treatment. Safety will be evaluated through the collection of adverse events through 90 days post completion of treatment. Additional key secondary endpoints include the percentage of patients with complete eradication of the pathogen, time to clinical cure, percentage of patients with an amputation and percentage with ulcer closure.

To qualify for the study, patients must have diabetes mellitus, according to the American Diabetes Association (ADA) criteria and have at least one skin ulcer located on or below the ankle that presents as a moderate or severe infection based on the Infectious Disease Society of America guidelines for the "Diagnosis and Treatment of Diabetic Foot Infections" (CID 2012; 54:132-173). Following screening and determination of eligibility, study participants will be assigned to one of three groups. Patients will be treated with daily sponge / dressing changes and systemic antibiotics for up to 28 days and the evaluation of clinical cure will occur 10 days thereafter. Topline results from the study are expected in the middle of 2016.

More information on the study will be posted at www.clinicaltrials.gov.

 

About Innocoll AG

Innocoll is a global, commercial-stage, specialty pharmaceutical company. The company develops and manufactures a range of pharmaceutical products and medical devices using its proprietary collagen-based technologies. The company's late stage product pipeline is focused on addressing a number of large unmet medical needs, including: XaraColl® for the treatment of post-operative pain; Cogenzia® for the adjuvant treatment of diabetic foot infections; and CollaGUARD®, a barrier for the prevention of post-surgical adhesions. The Company's approved products include: CollaGUARD(Ex-US), Collatamp® G, Septocoll®, RegenePro®, Collieva®, CollaCare®, Collexa®, and Zorpreva™, which are sold through strategic partnerships with various partners including Takeda, Biomet, and EUSA Pharma. All of the company's products and product candidates are made using Type 1 collagen and are manufactured in-house at its facility in Saal, Germany. CollaRx®, Collatamp®, CollaGUARD®, Collieva®, CollaCare®, Collexa®, Cogenzia® LidoColl®, LiquiColl®, Septocoll®, and XaraColl® are registered trademarks, and CollaPress™, DermaSil™, Durieva™, and Zorpreva™ are trademarks of the company.

Mainstay Medical Gains Approval to Start US Clinical Trial of ReActiv8®

Dublin – Mainstay Medical International plc (“Mainstay” or the “Company” listed on Euronext Paris: MSTY.PA and ESM of the Irish Stock Exchange: MSTY.IE) has received approval from the United States Food and Drug Administration (FDA) to begin a clinical trial of ReActiv8® under an Investigational Device Exemption (IDE). ReActiv8 is an innovative implantable neurostimulation system designed to reduce the pain and disability of Chronic Low Back Pain (CLBP) by helping to restore control to the muscles that dynamically stabilise the lumbar spine.

"The FDA approval to start a US clinical trial of ReActiv8 is a major step towards our goal of bringing ReActiv8 to the US market," said Peter Crosby, the CEO of Mainstay Medical. "We are impressed with the FDA’s responsiveness during the development and review of this trial. It helped us to develop a clinical trial to meet the needs of the Company, the FDA, and the millions of people who could potentially benefit from ReActiv8."

The FDA approval is for the planned ReActiv8-B trial, an international, multi-centre, prospective randomized sham-controlled trial designed to evaluate the safety and efficacy of ReActiv8 for the treatment of adults with CLBP and no prior back surgery.

The approval is to conduct the ReActiv8-B trial at up to 40 clinical trial sites and for 128 randomized subjects to be implanted with ReActiv8 in the pivotal cohort. The IDE approval allows the Company to engage with investigators, clinical trial sites, and Institutional Review Boards (IRBs or Ethics Committees) leading towards the first subject recruitment and implant.

Upon successful completion of the ReActiv8-B Trial and if the results support it, the Company plans to submit an application for a Pre-Market Approval (PMA) which is required to allow the start of commercialization in the United States.

In the approval letter, the FDA provided some helpful study design recommendations which the Company is considering, and it is possible that one or more IDE supplements may be submitted in the coming months.

Protocol details will be published on www.clinicaltrials.gov before the start of the ReActiv8-B Trial.

The Principal Investigator for the trial is Dr Christopher Gilligan, Chief, Division of Pain Medicine at Beth Israel Deaconess Medical Center in Boston, and Assistant Professor of Anaesthesiology at Harvard Medical School. Dr Gilligan is head of the Data Monitoring Committee of the ongoing ReActiv8-A Trial.

 

About Mainstay

Mainstay is a medical device company which is developing an innovative implantable neurostimulation medical device, ReActiv8®, for people with disabling Chronic Low Back Plan (CLBP). Low Back Pain is a leading cause of activity limitation and work absence throughout much of the developed world, imposing a high economic burden on individuals, families, communities, industry, and governments.

The Company is headquartered in Dublin, Ireland. It has subsidiaries operating in Ireland, the United States and Australia, and is listed on Euronext Paris (MSTY.PA) and the ESM of the Irish Stock Exchange (MSTY.IE).

 

About the ReActiv8-A Trial

The ReActiv8-A clinical trial, is a prospective single arm clinical trial with up to 96 subjects at sites in Australia and Europe. Outcome measures for the ReActiv8-A clinical trial are assessed at a three month endpoint after activation of stimulation and compared to baseline prior to implant. Further details can be obtained at https://clinicaltrials.gov/show/NCT01985230.

 

About Chronic Low Back Pain

One of the recognised root causes of CLBP is impaired control by the nervous system of the muscles that dynamically stabilise the spine in the lower back, and an unstable spine can lead to back pain. ReActiv8 is designed to electrically stimulate the nerves responsible for contracting these muscles and thereby help to restore muscle control and improve dynamic spine stability, allowing the body to recover from CLBP.

People with CLBP usually have a greatly reduced quality of life and score significantly higher on scales for pain, disability, depression, anxiety and sleep disorders. Their pain and disability can persist despite the best available medical treatments, and only a small percentage of cases result from an identified pathological condition or anatomical defect that may be correctable with spine surgery. Their ability to work or be productive is seriously affected by the condition and the resulting days lost from work, disability benefits and health resource utilisation put a significant burden on economies.

Further information can be found at www.mainstay-medical.com.

ReActiv8 is an investigational device and is not approved for commercialisation anywhere in the world.

CAUTION – in the United States, ReActiv8 is limited by federal law to investigational use only.

 

Media queries:

Jonathan Neilan, FTI Consulting Tel: +353 1 663 3686, Email: jonathan.neilan@fticonsulting.com

Astrid Villette, FTI Consulting (French language enquiries):  Tel: +33 1 47 03 69 51,  Email: Astrid.Villette@fticonsulting.com

 

Investor relations:

Jillian Connell, The Trout Group LLC: Tel: +1 646 378 2956 / +1 617 309 8349, Email: jconnell@troutgroup.com

Innocoll AG Announces First Patient Dosed in the Cogenzia COACT-1 Phase 3 Study for the Treatment of Diabetic Foot Infection

ATHLONE, Ireland, - Innocoll AG (Nasdaq:INNL), a global, commercial-stage, specialty pharmaceutical company that develops, manufactures and supplies a range of pharmaceutical products and medical devices using its proprietary collagen-based technologies, today announced that the first patient was dosed in the COACT-1 (COgenzia Adjuvant for Complete Therapy) Phase 3 study for the treatment of diabetic foot infections (DFIs) using Cogenzia, Innocoll's topically applied, bioresorbable collagen sponge.

Diabetic foot ulcers are a serious health concern and affect approximately 7% of diabetic patients each year. Up to approximately 58% of these ulcers may become infected. Published data demonstrates that the current standard of care for DFIs with systemic antibiotics has a 30-50% failure rate. Failure of treatment can lead to significantly increased risk of hospitalization and often to the need for amputation resulting in increased costs to the healthcare system and a much higher risk of mortality for patients. We believe Cogenzia has the potential to be the first topical antibiotic approved as adjuvant therapy for the treatment of DFIs and could significantly improve upon the current cure success rate.

Cogenzia acts in conjunction with systemic antibiotics and standard wound care to provide high concentrations of gentamicin directly to the site of DFIs. These concentrations are not normally possible with systemic gentamicin treatment due to the risk of side effects. In the Cogenzia Phase 2 program, data demonstrated a statistically significant improvement in the clinical cure rate when compared to systemic antibiotics and wound care alone. In the Phase 2 study, 100% of Cogenzia-treated subjects experienced a clinical cure compared to 70% for the control group.

"DFIs are a serious concern for diabetics which can result in significant morbidity such as inpatient hospitalization, delayed healing and even amputation," said Dr. James Tursi, chief medical officer at Innocoll. "With no FDA approved topical therapy options for DFIs, this first patient dosed in COACT-1 signifies an important step forward in addressing this serious health concern. We believe that Cogenzia, if successful in clinical trials, could lead to the first FDA-approved, topical adjuvant treatment option for DFIs."

The COACT-1 Phase 3 study is one of two identical randomized, placebo-controlled, blinded studies to investigate the safety and efficacy of a topical gentamicin-collagen sponge in combination with systemic antibiotic therapy in diabetic patients with an infected foot ulcer. The second Phase 3 study, COACT-2, is expected to start later this year. Each study is expected to enroll approximately 500 patients between the ages of 18 and 85 in the United States (COACT-1 and 2) and EU (COACT-2). Patients diagnosed with moderate to severe DFIs will be treated in one of three arms per study: a Cogenzia sponge, a placebo sponge or no sponge with all patients in the study receiving systemic antibiotics and standard would care.

The primary endpoint is treatment effectiveness, test of clinical cure, which will be evaluated by the investigator at the post-treatment visit scheduled approximately 10 days post completion of treatment. Safety will be evaluated through the collection of adverse events through 90 days post-test of clinical cure. Additional key secondary endpoints include the percentage of patients with complete eradication of the pathogen, time to clinical cure, percentage of patients with an amputation and percentage with ulcer closure.

To qualify for the study, patients must have diabetes mellitus, according to the American Diabetes Association (ADA) criteria and have at least one skin ulcer located on or below the ankle that presents as a moderate or severe infection based on the Infectious Disease Society of America guidelines for the "Diagnosis and Treatment of Diabetic Foot Infections" (CID 2012; 54:132-173). Following screening and determination of eligibility, study participants will be assigned to one of three groups. Patients will be treated with daily sponge / dressing changes and systemic antibiotics for up to 28 days and the evaluation of clinical cure will occur 10 days thereafter. Topline results from the study are expected in the middle of 2016.

More information on the study will be posted at www.clinicaltrials.gov.

 

About Innocoll AG

Innocoll is a global, commercial-stage, specialty pharmaceutical company. The company develops and manufactures a range of pharmaceutical products and medical devices using its proprietary collagen-based technologies. The company's late stage product pipeline is focused on addressing a number of large unmet medical needs, including: XaraColl® for the treatment of post-operative pain; Cogenzia® for the adjuvant treatment of diabetic foot infections; and CollaGUARD®, a barrier for the prevention of post-surgical adhesions. The Company's approved products include: CollaGUARD(Ex-US), Collatamp® G, Septocoll®, RegenePro®, Collieva®, CollaCare®, Collexa®, and Zorpreva™, which are sold through strategic partnerships with various partners including Takeda, Biomet, and EUSA Pharma. All of the company's products and product candidates are made using Type 1 collagen and are manufactured in-house at its facility in Saal, Germany. CollaRx®, Collatamp®, CollaGUARD®, Collieva®, CollaCare®, Collexa®, Cogenzia® LidoColl®, LiquiColl®, Septocoll®, and XaraColl® are registered trademarks, and CollaPress™, DermaSil™, Durieva™, and Zorpreva™ are trademarks of the company.

Mainstay Medical – Interim Management Statement

Dublin, Ireland: Mainstay Medical International plc (“Mainstay” or the “Company” listed on Euronext Paris: MSTY.PA and ESM of the Irish Stock Exchange: MSTY.IE) is issuing this Interim Management Statement covering the period from 1 January 2015 to today’s date.

Mainstay is an Irish medical device company with operations in Ireland, the United States and Australia. The Company is focused on the development and commercialisation of ReActiv8®, an innovative implantable neurostimulation system designed to treat people with Chronic Low Back Pain (“CLBP”) by helping to restore control to the muscles that dynamically stabilise the lumbar spine.

 

Business Update

The ReActiv8-A clinical trial is at an advanced stage in Australia and Europe. Over 40 subjects have been implanted in the trial and the Company is pleased with this progress. Mainstay believes that data from these subjects may be sufficient to apply for a CE Mark. The Company plans to announce data from the ReActiv8-A clinical trial after the outcome data from all implanted subjects are available, audited and adjudicated.

In January 2015, the Company submitted an application to the US Food and Drug Administration (“FDA”) for approval to start a clinical trial of ReActiv8 under an Investigational Device Exemption (an “IDE”). The Company is interacting with the FDA to develop a clinical trial that meets the needs of the Company, the FDA and the people who could potentially benefit from ReActiv8.

 

Financial Update

There have been no significant changes in the financial position of the Company since publication of the Annual Report for the year ended 31 December 2014. The Company had $15.0 million cash on hand as at 31 March 2015.

 

Outlook

Mainstay looks forward to continuing progress with the ReActiv8-A clinical trial as it works towards obtaining CE Mark, commencing commercialisation of ReActiv8 in Europe and advancing its interactions with the FDA on its IDE application.

Mainstay will host its first Annual General Meeting on 18 June, 2015 in Dublin.

 

About Mainstay

Mainstay is a medical device company which is developing an innovative implantable neurostimulation system, ReActiv8®, for people with disabling Chronic Low Back Plan (CLBP). Low Back Pain is a leading cause of activity limitation and work absence throughout much of the developed world, imposing a high economic burden on individuals, families, communities, industry, and governments.

The Company is headquartered in Dublin, Ireland. It has subsidiaries operating in Ireland, the United States and Australia, and is listed on Euronext Paris (MSTY.PA) and the ESM of the Irish Stock Exchange (MSTY.IE).

 

About the ReActiv8-A Trial

The ReActiv8-A clinical trial, is a prospective single arm clinical trial with up to 96 subjects at sites in Australia and Europe. Outcome measures for the ReActiv8-A clinical trial are assessed at a three month endpoint after activation of stimulation and compared to baseline prior to implant. Further details can be obtained at https://clinicaltrials.gov/show/NCT01985230.

 

About Chronic Low Back Pain

One of the recognised root causes of CLBP is impaired control by the nervous system of the muscles that dynamically stabilise the spine in the lower back, and an unstable spine can lead to back pain. ReActiv8 is designed to electrically stimulate the nerves responsible for contracting these muscles and thereby help to restore muscle control and improve dynamic spine stability, allowing the body to recover from CLBP.

People with CLBP usually have a greatly reduced quality of life and score significantly higher on scales for pain, disability, depression, anxiety and sleep disorders. Their pain and disability can persist despite the best available medical treatments, and only a small percentage of cases result from an identified pathological condition or anatomical defect that may be correctable with spine surgery. Their ability to work or be productive is seriously affected by the condition and the resulting days lost from work, disability benefits and health resource utilisation put a significant burden on economies.

Further information can be found at www.mainstay-medical.com

 

European queries:
Jonathan Neilan, FTI Consulting Tel: +353 1 663 3686
Email: jonathan.neilan@fticonsulting.com

Astrid Villette, FTI Consulting (French language enquiries)
Tel: +33 1 47 03 69 51
Email: Astrid.Villette@fticonsulting.com

US queries:
Jillian Connell, The Trout Group LLC Tel: +1 646 378 2956 / +1 617 309 8349
Email: jconnell@troutgroup.com

ESM Advisers:
Fergal Meegan or Barry Murphy, Davy
Tel: +353 1 679 6363
Email: fergal.meegan@davy.ie or barry.murphy2@davy.ie

Innocoll AG Announces Pricing of Follow-On Offering

ATHLONE, Ireland -- Innocoll AG (INNL), a specialty pharmaceutical company, today announced the pricing of its follow-on public offering of 3,321,669 American Depositary Shares ("ADSs") at a public offering price of $9.00 per ADS. Of the ADSs in the offering, 1,999,690 ADSs are being offered by the Company and 1,321,979 ADSs are being offered by selling shareholders. The Company will not receive any proceeds from the sale of ADSs by the selling shareholders. The offering is expected to close on April 30, 2015, subject to the satisfaction of customary closing conditions.

The Company expects to receive total estimated net proceeds from this offering of approximately $16.1 million after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. The Company intends to use the net proceeds from the offering for general corporate purposes and the development of its products.

Piper Jaffray & Co. is acting as sole manager for the offering. The offering of these securities is being made only by means of a prospectus, copies of which can be obtained from: Piper Jaffray & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, or by telephone at (800) 747-3924, or by email at prospectus@pjc.com.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission on April 23, 2015. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the offered securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

 

About Innocoll AG

Innocoll is a global, commercial-stage, specialty pharmaceutical company. The Company develops and manufactures a range of pharmaceutical products and medical devices using its proprietary collagen-based technologies. The Company's late stage product pipeline is focused on addressing a number of large unmet medical needs, including: XaraColl(R) for the treatment of post-operative pain; Cogenzia(R) for the adjuvant treatment of diabetic foot infections; and CollaGUARD(R), a barrier for the prevention of post-surgical adhesions. The Company's approved products include: CollaGUARD(Ex-US), Collatamp(R) G, Septocoll(R), RegenePro(R), Collieva(R), CollaCare(R), Collexa(R), and Zorpreva(TM), which are sold through strategic partnerships with various partners including Takeda, Biomet, and EUSA Pharma.

CollaRx(R), Collatamp(R), CollaGUARD(R), Collieva(R), CollaCare(R), Collexa(R), Cogenzia(R) LidoColl(R), LiquiColl(R), Septocoll(R), and XaraColl(R) are registered trademarks, and CollaPress(TM), DermaSil(TM), Durieva(TM), and Zorpreva(TM) are trademarks of the Company.

Pivotal Pharmacokinetic Study of Innocoll's XaraColl® Supports Use of 300 mg Dose for Phase 3 Clinical Studies in Post-Operative Pain

ATHLONE, Ireland -- Innocoll AG (Nasdaq:INNL), a global, commercial-stage, specialty pharmaceutical company that develops and manufactures a range of pharmaceutical products and medical devices using its proprietary collagen-based technologies, today announced that the results of a pharmacokinetic (PK) study to support using a dose of 300 mg of XaraColl, Innocoll's collagen/bupivacaine bioresorbable implant, in its planned Phase 3 studies to evaluate the efficacy of XaraColl in the treatment of post-operative pain.

The 62-patient PK study had 3 main objectives:

  • To evaluate the PK profile of 200 mg and 300 mg doses of XaraColl compared to a 150 mg bupivacaine HCl injection in patients undergoing open laparotomy hernioplasty;
  • To document maximal systemic levels (Cmax) of bupivacaine; and
  • To evaluate the preliminary safety and tolerability of XaraColl treatment.

The study confirmed proportional systemic levels of bupivacaine for both the 200 mg and 300 mg dose XaraColl implants. The maximal mean serum concentrations (Cmax) were below levels that would be expected to result in systemic toxic effects. A preliminary review of safety observations in connection with the PK study suggested both doses were well tolerated.

"We were pleased to find that the PK results are consistent with the expected values across each treatment group and no subjects were reported to have a Cmax that might suggest the risk of systemic toxicity," stated James P. Tursi, M.D., Chief Medical Officer of Innocoll. "Additionally, a preliminary safety evaluation suggests that both the 200 mg and 300 mg doses were well tolerated. This top-line data supports a dose selection of 300 mg to move into our Phase 3 program for XaraColl. We look forward to discussing our plans with the FDA."

Tony Zook, Chief Executive Officer of Innocoll added, "Initiating the XaraColl Phase 3 development program is one of our key objectives for 2015 as we continue to execute on our plans. I'm pleased to also announce that we delivered a positive result for this study within our target timelines. We have previously stated that throughout 2015 we will focus on the execution of our key deliverables. With the previously announced debt financing that we have secured and the generation of this positive data, we are off to a solid start towards achieving those targets."

 

About XaraColl:

XaraColl is a biodegradable and fully bioresorbable collagen/bupivacaine matrix formulated and manufactured using Innocoll's proprietary collagen-based drug delivery technology, CollaRx®. This technology achieves a high concentration of drug at the target tissue, while maintaining relatively low systemic levels. XaraColl is intended to provide pain control directly at the surgical site and thus reduce the level of additional analgesia required following surgery. The product is expected to be available in several different strengths, and is designed such that multiple units can be used per patient, for optimum dosing flexibility and efficacy. XaraColl is easy to use and can be cut or rolled depending on the surgical setting and can be used laparoscopically.

 

About Innocoll AG

Innocoll is a global, commercial-stage, specialty pharmaceutical company. The company develops and manufactures a range of pharmaceutical products and medical devices using its proprietary collagen-based technologies. The company's late stage product pipeline is focused on addressing a number of large unmet medical needs, including: XaraColl® for the treatment of post-operative pain; Cogenzia® for the adjuvant treatment of diabetic foot infections; and CollaGUARD®, a barrier for the prevention of post-surgical adhesions. The Company's approved products include: CollaGUARD(Ex-US), Collatamp® G, Septocoll®, RegenePro®, Collieva®, CollaCare®, Collexa®, and Zorpreva™, which are sold through strategic partnerships with various partners including Takeda, Biomet, and EUSA Pharma. All of the company's products and product candidates are made using Type 1 collagen and are manufactured in-house at its facility in Saal, Germany. CollaRx®, Collatamp®, CollaGUARD®, Collieva®, CollaCare®, Collexa®, Cogenzia® LidoColl®, LiquiColl®, Septocoll®, and XaraColl® are registered trademarks, and CollaPress™, DermaSil™, Durieva™, and Zorpreva™ are trademarks of the company.

Innocoll AG Secures EUR 25 Million Loan Commitment From European Investment Bank (EIB)

EIB's InnovFin Financing Supports Innovative Companies under Horizon 2020

Financing to Support Manufacturing Facility Expansion and Development of Lead Product Candidates

ATHLONE, Ireland -- Innocoll AG (Nasdaq:INNL) today announced the securing of a credit facility for up to €25 million ($27.5 million) of debt financing to support the expansion of the Company's manufacturing and research and development facility in Saal Germany and clinical development of the Company's lead product candidates, XaraColl®, Cogenzia® and CollaGUARD®. The debt financing, which Innocoll AG entered into together with its subsidiary, Innocoll Pharmaceuticals Limited, is provided by the European Investment Bank (EIB), the long-term lending institution of the European Union owned by its Member States, pursuant to the "InnovFin – EU Finance for Innovators" Midcap Growth Finance program under the European Union's Horizon 2020 research and innovation program.

"The next 12-18 months is a critical period of execution for Innocoll," said Tony Zook, chief executive officer of Innocoll. "This funding will enable us to remain aggressive in our efforts to deliver on our key near term milestones, including the expansion of our manufacturing facility in Saal, Germany as well as the advancement of our late stage clinical development programs. We are pleased to be working with EIB and delighted to be able to participate in the InnovFin program, which provides Innocoll with very favorable financing terms."

The EIB loan commitment of €25 million is comprised of a €15 million tranche which can be drawn in whole or in part at any time up to June, 2016, and a €10 million tranche which can be drawn subject to either of the company's Phase 3 trials for XaraColl or Cogenzia meeting the required primary end points, at any time up to September 2016. The loan has a five year maturity, and an interest rate of 12% per annum, compounded annually. Interest accrues during the term of the loan and is payable only at maturity, and principal is repaid in a single bullet payment at maturity, resulting in no cash payments required during the five year term of the loan. The loan may be repaid by Innocoll early at any time or could be required to be prepaid early by EIB in certain circumstances, in each case subject to a 1% or lower repayment indemnity. There are no commitment fees and no warrants. The loan, which is guaranteed by Innocoll AG, is subject to the EIB's standard loan terms and conditions and, once a tranche is drawn, will include a pledge over the shares of Innocoll Pharmaceuticals Limited and a floating charge over the assets of Innocoll Pharmaceuticals Limited.

The EIB is the long-term lending institution of the European Union owned by its member states. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. "InnovFin – EU Finance for Innovators" MidCap Growth Finance, is backed by the European Union under Horizon 2020 Financial Instruments. InnovFin is a new range of EIB Group products designed to facilitate access to finance for innovative businesses. InnovFin MidCap Growth Finance offers long-term senior, subordinated or mezzanine loans from €7.5 to 25 million for innovative larger midcaps (up to 3000 employees), but also to small-to-medium enterprises and small midcaps.

 

About Innocoll AG

Innocoll is a global, commercial-stage, specialty pharmaceutical company. The company develops and manufactures a range of pharmaceutical products and medical devices using its proprietary collagen-based technologies. The company's late-stage product pipeline is focused on addressing a number of large unmet medical needs, including: XaraColl® for the treatment of post-operative pain; Cogenzia® for the adjuvant treatment of diabetic foot infections; and CollaGUARD®, a barrier for the prevention of post-surgical adhesions. The Company's approved products include: CollaGUARD, Collatamp® G, Septocoll®, RegenePro®, Collieva®, CollaCare®, Collexa®, and Zorpreva™, which are sold through strategic partnerships with various partners including Takeda, Biomet, and EUSA Pharma.

CollaRx®, Collatamp®, CollaGUARD®, Collieva®, CollaCare®, Collexa®, Cogenzia® LidoColl®, LiquiColl®, and XaraColl® are registered trademarks, and CollaPress™, DermaSil™, Durieva™, and Zorpreva™ are trademarks of the company.

Innocoll AG Announces Fourth Quarter and Full Year 2014 Financial and Operating Results

ATHLONE, Ireland -- Innocoll AG (Nasdaq:INNL), a global, commercial-stage, specialty pharmaceutical company that develops and manufactures a range of pharmaceutical products and medical devices using its proprietary collagen-based technologies, today announced financial and operating results for the three months and full year ended December 31, 2014.

"2014 was a transformative year for Innocoll as we became a publicly-traded company and laid the foundations to advance our late-stage portfolio to Phase 3 trials in 2015. I'm honored to join Innocoll as we drive the transition toward a commercial stage pharmaceutical company," said Tony Zook, Chief Executive Officer of Innocoll. "Our late stage portfolio is very exciting and one where each of our products holds the promise of providing physicians with clinically meaningful improvements for the patients they serve."

 

2014 and Recent Highlights

  • Completed an IPO of the company on the NASDAQ Global Market, raising proceeds of approximately $52.7 million, net of underwriting discounts and commissions and offering expenses, from the issuance and sale of approximately 6.7 million American Depository Shares (ADSs) in its initial public offering, including shares issued upon the partial exercise of the underwriters' over-allotment option
  • Appointed Tony Zook as Chief Executive Officer to better position the company as our pipeline advances to late-stage clinical development and Innocoll prepares to become a fully-integrated specialty pharmaceutical company. Michael Myers becomes Head of Portfolio Operations.
  • Appointed James Tursi, M.D., as Chief Medical Officer, a seasoned pharmaceutical executive with extensive experience developing drugs across a number of therapeutic areas. He will be responsible for managing all clinical development programs and medical affairs for the company.
  • Assembled a highly experienced Supervisory Board comprised of individuals with broad corporate and industry knowledge, rich in drug development and commercialization experience.
  • In definitive documentation stage in relation to a debt facility which, if and when closed, is expected to fully fund expansion of our manufacturing facility in Saal, Germany.
  • Completed enrolment in our Phase 3 pivotal XaraColl® pharmacokinetic study.
  • Reaffirmed the contents of our SPA for Cogenzia® with the FDA and initiated the Phase 3 efficacy studies.
  • Initiated two pilot clinical studies for CollaGUARD® in hysteroscopy and in gynaecological laparoscopic adhesioloysis.
  • Our partner, Takeda, received approval for CollaGUARD in Ukraine, Belarus and Kazahkstan supplementing the product's existing approval in Russia.
  • Cogenzia approved in Argentina, Australia, Canada, Mexico, and Russia
  • Our partner, Biomet 3i, launched RegenePro®, our product to treat dental wounds, in the US.

 

Clinical Program Update

 

XaraColl

In July, we initiated a pivotal study comparing the pharmacokinetics and safety of XaraColl our implantable bioresorbable collagen sponge at doses of 200mg and 300mg to a standard bupivacaine solution. Enrollment in the study has now been fully completed and we anticipate that data will be available by the end of Q1. As previously discussed, and assuming there are no safety signals from the study, we intend to test only the 300mg dose in our Phase 3 efficacy program and run both studies in parallel. We will discuss this approach with the FDA prior to initiating the studies, which we anticipate will start in Q2. Top-line data from these studies is expected to be available in Q1 2016.

 

Cogenzia

On October 27th, we submitted a document to the FDA for Cogenzia requesting confirmation of all of the key understandings that were agreed upon with the FDA in the Special Protocol Assessment (SPA). We subsequently received written feedback from the FDA confirming the full contents of the SPA and Phase 3 clinical trial activity has been initiated both in the US and Europe. We anticipate that data from our two Phase 3 studies will be available in the first half of 2016.

 

CollaGUARD

The company has commenced recruitment for a pilot clinical study in patients undergoing intrauterine adhesiolysis via operative hysteroscopy. In addition, we have initiated a second pilot clinical study in patients undergoing gynaecological laparoscopic adhesiolysis. The goal of both of these studies, is to generate data that will be used to finalize our pivotal clinical protocol to obtain PMA approval in the U.S. The data will also be used to support commercialization of CollaGUARD in countries where the product is already approved. Innocoll is planning on holding a Pre-IDE meeting with FDA later this year to discuss the planned US clinical program.

 

Manufacturing Update

Innocoll has developed multiple collagen delivery technologies that provide a variety of approaches to deliver therapeutics for specific patient conditions. These include our primary technologies CollaRx®, which is used in Cogenzia and XaraColl and, CollaFilm®, which is used in CollaGUARD. All of our products, both on the market and in clinical development, are manufactured at our manufacturing facility in Saal,Germany. We are in the definitive documentation stage on a debt facility which we expect will fully fund our planned expansion of the Saal facility. The Saal facility expansion, which we expect to complete by the second half of 2016, will increase capacity seven-fold and position Innocoll for the anticipated launches of both XaraColl and Cogenzia.

 

Fourth Quarter 2014 Financial Results

  • Net Profit/(Loss) Available to Ordinary Shareholders: Innocoll reported a net loss attributable to ordinary shareholders of €4.2 million, or €(2.91) per ordinary share, equal to $(0.27) per ADS, for the three months ended December 31, 2014, compared to a loss of €4.6 million, or €(118.22) per ordinary share for the three months ended December 31, 2013.
  • Non-GAAP loss, excluding stock-based compensation and certain non-cash finance or other income was, €2.0 million or €(1.38) per ordinary share, or $(0.13) per ADS, for the three months ended December 31, 2014, compared to a loss of €4.6 million, or €(118.22) per ordinary share, for the three months ended December 31, 2013.
  • Weighted average shares outstanding increased from 0.04 million during the three months ended December 31, 2013 to 1.46 million during the three months ended December 31, 2014, respectively, primarily as a result of the conversion of preference shares into ordinary shares and pre-IPO and IPO equity issuances in 2014.
  • Revenues: Revenues were €755 thousand for the three months ended December 31, 2014 as compared to €834 thousand for the three months ended December 31, 2013 a decrease of 9%. This decrease was primarily due to a decrease in sales to Jazz Pharmaceuticals of CollatampG, our gentamicin implant for the treatment and prevention of post-surgical infection.
  • Cost of Sales: Cost of sales were €1.4 million for the three months ended December 31, 2014 as compared to €1.5 million for the three months ended December 31, 2013. Gross margins in each quarter were negative primarily due to the effect of absorbing indirect overhead costs associated with operating our manufacturing facility, as explained more fully below in the Full Year 2014 Financial Results.
  • Research and Development (R&D) Expenses: R&D expenses were €1.3 million for the three months ended December 31, 2014 as compared to €0.5 million for the three months ended December 31, 2013, an increase of 277%. The increase was primarily due to increased external clinical research costs due to the continuation of our pharmacokinetics and safety study of XaraColl, and our CollaGUARD pilot study in the Netherlands. Going forward, we expect R&D expenses to increase significantly as we advance our clinical trial programs.
  • General and Administrative (G&A) Expenses: G&A expenses were €4.3 million for the three months ended December 31, 2014 as compared to €1.3 million for the three months ended December 31, 2013. G&A expenses in the three months ended December 31, 2014 included €2.3 million in non-cash charges for stock-based compensation compared to €0.0 of such charges in the three months ended December 31, 2013. Stock-based compensation expense in the quarter and year ended December, 31, 2014 was exceptionally high due to the timing of share grants and vesting linked to the completion of our initial public offering in the third quarter of 2014. Excluding such charges for stock-based compensation, G&A expenses for the three months ended December 31, 2014 were €2.0 million as compared to €1.3 million for the three months ended December 31, 2013. The increase in G&A was primarily due to accounting, legal and consulting professional fees, insurance costs and investor relations costs related to becoming a public company in the third quarter of 2014. Excluding stock-based compensation, we expect further increases in G&A going forward as we build out our infrastructure to support our clinical programs and commercialization.
  • Finance Expense (Income): Finance income was €2.1 million for the three months ended December 31, 2014 primarily due to the foreign exchange gains, as compared to a finance expense of €2.2 million for the three months ended December 31, 2013, which primarily consisted of non-cash interest accrued on our outstanding preferred shares, which have since been converted into ordinary shares.

 

Full Year 2014 Financial Results

  • Net Profit/(Loss) Available to Ordinary Shareholders: For the year ended December 31, 2014 net loss attributable to ordinary shareholders was €20.7 million or €(28.10) per ordinary share (basic and diluted),$(2.57) per ADS, compared to a profit of €2.1 million, or €47.02 per ordinary share (basic) and a loss of (€9.50) per ordinary share (diluted) for the year ended December 31, 2013.
  • Non-GAAP loss excluding stock-based compensation and certain non-cash finance and other income was €9.3 million or €(12.58) per ordinary share (basic and diluted) , ($1.15) per ADS, for the year endedDecember 31, 2014, compared to a loss of €6.9 million, or €51.6 and €(9.23) per ordinary share (basic and diluted, respectively) for the year ended December 31, 2013.
  • Weighted average shares outstanding increased from 0.04 million during the year ended December 31, 2013, to 0.74 million during the 12 months ended December 31, 2014, primarily as a result of the conversion of preferred shares into ordinary shares and pre-IPO and IPO equity issuance in 2014.
  • Revenues: Revenues for the year ended December 31, 2014 were 27% higher at €4.5 million, compared to €3.5 million for year ended December 31, 2013. This increase was primarily due to an increase in sales to Jazz Pharmaceuticals of CollatampG of €0.7 million, or 26%, and an increase in CollaGUARD sales of €0.2 million, or 131%, primarily due to the first shipment of our adhesion barrier CollaGUARD to our partner Takeda in connection with the product's launch in Russia in the third quarter of 2014. In addition, during the third quarter of 2014 Biomet 3i launched RegenePro, our product to treat dental wounds in the United States.
  • Cost of Sales. Cost of sales of €5.6 million in the year ended December 31, 2014 increased by €1.0 million, or 23%, compared to €4.6 million in the year ended December 31, 2013. All overhead costs associated with operating our manufacturing facility are included in the standard cost of our products as indirect costs and charged to cost of sales based on sales volume. Excluding these indirect costs, gross margins were 36% and 34% for the years ended December 31, 2014 and 2013, respectively. Including indirect costs gross margins were (24)% and (28)% for the year ended December 31, 2014 and 2013, respectively.
  • Research and Development (R&D) Expenses: R&D expenses were €3.3 million for the year ended December, 31 2014 as compared to €1.7 million for the year ended December 31, 2013. The increase was primarily due to the commencement of our pharmacokinetics and safety study of XaraColl, and our CollaGUARD pilot study in the Netherlands.
  • General and Administrative (G&A) Expenses: G&A expenses were €11.7 million for the year ended December 31, 2014 as compared to €4.1 million for the year ended December 31, 2013. G&A expenses in the year ended December 31, 2014 included €5.1 million in non-cash charges for stock-based compensation, compared to €0.0 of such charges in the corresponding period in 2013. As stated above, stock-based compensation expense in the year ended December 31, 2014 was exceptionally high due to the timing of share grants and vesting linked to the completion of our initial public offering in the third quarter 2014. Excluding such charges for stock-based compensation, G&A expenses were €6.6 million for the year ended December 31, 2014 as compared to €4.1 million for the year ended December 31, 2013. The increase in G&A was primarily due to accounting, legal and consulting professional fees, insurance costs and investor relations costs related to becoming a public company.
  • Finance Expense: Finance expense was €4.5 million for the year ended December 31, 2014 as compared to €6.9 million in the year ended December 31, 2013. Finance expense in the year ended December 31, 2014 consisted primarily of €6.3 million fair value expense of investor options outstanding and €3.1 million interest on preferred shares, partially offset by €4.7 million in foreign exchange gains. Finance expense in the year ended December 2013 consisted primarily of interest on preferred shares and convertible promissory notes of €6.6 million. All preferred shares were converted into ordinary shares in the second quarter of 2014.
  • Although Innocoll options issued to investors are settled in stock and are included in our authorized capital, under IFRS accounting rules, they will continue to be valued on a quarterly basis, which is likely to result in significant non-cash finance expense or income going forward.
  • Other Income: Other income was €0.1 million in the year ended December 31, 2014 compared to €16.1 million in the year ended December 31, 2013. Other income in the year ended December 31, 2013 consisted of exceptionally high non-cash fair value gains on exchange of warrants, and settlement of preferred shares in connection with the re-domicile of the parent company.
  • For further financial information for the period ending December 31, 2014, please refer to the financial statements appearing at the end of this release. As the financial statements are in euros, all amounts shown in U.S. dollars are for the convenience of the reader only, exchanged at a rate of $1.2141 per euro, the exchange rate as of December 31, 2014.

 

Cash Position

As of December 31, 2014, cash, cash equivalents, and short-term investments totalled €45.6 million ($55.4 million) compared to €2.7 million as of December 31, 2013. The increase in cash, cash equivalents, and short-term investments was due to proceeds from the issuance of shares of €52.1 million, consisting of €12.4 million net proceeds of pre-IPO equity issuance and €39.7 million net proceeds from the IPO. Existing cash, combined with debt facilities which we expect will be available to us should be sufficient to fund the company's clinical programs and operational expenses through the first half of 2016 and to fully fund anticipated capital expenditure in connection with the expansion of our manufacturing facility.

 

Conference Call

Innocoll management will host a conference call today at 8:30 a.m. EDT to discuss fourth quarter and full year 2014 financial results and provide a business update.

To participate in the conference call, please dial 877-407-4018 (domestic) or 201-689-8471 (international) and ask for the "Innocoll fourth quarter financial results conference call." A live webcast of the call can be accessed under "Events and Presentations" in the News & Investors section of the Company's website at www.innocollinc.com

An archived webcast recording and telephone replay will be available on the Innocoll website beginning approximately two hours after the call. To access the telephone replay, please dial 877-870-5176 for domestic callers or 858-384-5517 for international callers and entering the conference code: 13601691. The telephone replay will be available until midnight EDT on March 22, 2015.

 

About Innocoll AG

Innocoll is a global, commercial-stage, specialty pharmaceutical company. We develop and manufacture a range of pharmaceutical products and medical devices using its proprietary collagen-based technologies. Our late stage product pipeline is focused on addressing a number of large unmet medical needs, including: XaraColl® in Phase 3 development for the treatment of post-operative pain; Cogenzia® in Phase 3 for the adjuvant treatment of diabetic foot infections; and CollaGUARD®, a barrier for the prevention of post-surgical adhesions. Our approved products include: CollaGUARD (Ex-US), Collatamp® G, Septocoll®, RegenePro®, Collieva®, CollaCare®, Collexa®, and Zorpreva™, which are sold through strategic partnerships with various partners including Takeda, Biomet, and Jazz Pharmaceuticals. All of our products are made using Type 1 collagen and are manufactured in-house at our facility in Saal, Germany.

For more information, please visit www.innocollinc.com.

CollaRx®, Collatamp®, CollaGUARD®, Collieva®, CollaCare®, Collexa®, Cogenzia® LidoColl®, LiquiColl®, and XaraColl® are registered trademarks, and CollaPress™, DermaSil™, Durieva™, and Zorpreva™ are trademarks of the company.

 

Use of Non-IFRS/non-GAAP Financial Measures

To supplement our unaudited consolidated financial statements prepared in accordance with IFRS, we disclose certain non-IFRS, or non-GAAP, financial measures. We define adjusted non-GAAP earnings per share as basic and diluted earnings per share excluding share based payments and fair value expense on warrants outstanding. We believe adjusted non-GAAP earnings per share is meaningful to our investors to enhance their understanding of our financial condition and results. The items excluded from non-GAAP earnings per share represent significant non-cash expense which may be settled through issuance of shares included in our authorised or contingent capital. We believe that non-GAAP earnings per share excluding these non-cash items may provide securities analysts, investors and other interested parties with a useful measure of our operating performance and cash requirements. Disclosure in this press release of non-GAAP earnings per share, which is a non-IFRS financial measure, is intended as a supplemental measure of our performance that is not required by, or presented in accordance with, IFRS. Non-GAAP earnings per share should not be considered as an alternative to earnings per share, profit (loss) or any other performance measure derived in accordance with IFRS. Our presentation of adjusted earnings per share should not be construed to imply that our future results will be unaffected by unusual non-cash or non-recurring items.

Mainstay Medical Announces 2014 Financial Results

DUBLIN -- Mainstay Medical International plc (“Mainstay” or the “Company” listed on Euronext Paris: MSTY.PA and ESM of the Irish Stock Exchange: MSTY.IE) announces its results for the year ended 31 December 2014. Mainstay is an Irish medical device company with operations in Ireland, the United States and Australia. The Company is focused on developing an innovative implantable neurostimulation medical device, ReActiv8, for people with Chronic Low Back Pain (“CLBP”). ReActiv8® is designed to address the root cause of CLBP by helping to restore control to the muscles that dynamically stabilise the lumbar spine.

 

Highlights

  • The clinical trial of ReActiv8, the ReActiv8-A clinical trial, commenced in March 2014. The ReActiv8-A trial is a prospective single arm clinical trial with up to 96 subjects at sites in Australia and Europe. Outcome measures for the ReActiv8-A clinical trial are assessed at a three month endpoint after activation of stimulation and compared to baseline prior to implant. Further details can be obtained at https://clinicaltrials.gov/show/NCT01985230.
  • The Company is pleased with the progress of the ReActiv8-A clinical trial. Over 40 subjects have been implanted in the ReActiv8-A clinical trial and the Company believes that data from these subjects may be sufficient to apply for a CE Mark. The Company plans to announce data from the ReActiv8-A clinical trial after the outcome data from all implanted subjects are available, audited and adjudicated.
  • We are pleased to announce that more complete data of the Mainstay Sponsored Feasibility study have now been published in the peer reviewed journal, Neuromodulation. This study, which commenced in 2011, evaluated the therapy which is now delivered by ReActiv8 and summary data were reported previously. The paper is available to subscribers or for purchase from the journal.
  • In January 2015, the Company submitted an application to the US Food and Drug Administration (“FDA”) for approval to start a clinical trial of ReActiv8 under an Investigational Device Exemption (an “IDE”). The Company anticipates that there will be multiple interactions with the FDA to develop a clinical trial that meets the needs of the Company, the FDA and the people who could potentially benefit from ReActiv8.
  • In December 2014, the Company announced that it had achieved certification of its Quality Management System in compliance with the international quality standards ISO 13485:2003 and EN ISO 13485:2012. This certification is a necessary requirement prior to obtaining CE Mark approval of ReActiv8.
  • The Company continues to expand its intellectual property portfolio, and additional patents were filed during 2014.
  • On 2 May 2014, the Company completed an initial public offering (“IPO”), listing its ordinary shares on the ESM of the Irish Stock Exchange and Euronext Paris. Proceeds of $20.9 million (net of costs) were raised by way of the IPO.
  • Operating expenses were $11.1 million during 2014 and have increased by $2.7 million compared to 2013 due to increased costs associated with the ReActiv8-A clinical trial, and the expansion of our team.
  • Cash on hand at 31 December 2014 was $18.3 million and operating cash out flows for 2014 were $11.4 million.

Mr. Peter Crosby, Mainstay’s Chief Executive Officer, commented, “2014 has been a significant year for Mainstay, with the milestones achieved being a testament to the diligence and focus of the team. The successful IPO has allowed us to progress our ReActiv8-A clinical trial as planned in Australia and Europe. Study investigators continue to express enthusiasm for ReActiv8 and its potential to help the large population suffering from chronic low back pain. The submission of the IDE application to start a US clinical trial of ReActiv8 is a key milestone towards commercialisation of ReActiv8 in the US market.”

 

About Mainstay

Mainstay is a medical device company which is developing an innovative implantable neurostimulation medical device, ReActiv8, for people with CLBP. Low Back Pain is a leading cause of activity limitation and work absence throughout much of the developed world, imposing a high economic burden on individuals, families, communities, industry, and governments.  The Company is headquartered in Dublin, Ireland. It has subsidiaries operating in Ireland, the United States and Australia, and is listed on Euronext Paris (MSTY.PA) and the ESM of the Irish Stock Exchange (MSTY.IE).

 

About Chronic Low Back Pain

One of the recognised root causes of CLBP is impaired control by the nervous system of the muscles that dynamically stabilise the spine in the lower back, and an unstable spine can lead to back pain. ReActiv8 is designed to electrically stimulate the nerves responsible for contracting these muscles and thereby help to restore muscle control and improve dynamic spine stability, allowing the body to recover from CLBP.

People with CLBP usually have a greatly reduced quality of life and score significantly higher on scales for pain, disability, depression, anxiety and sleep disorders. Their pain and disability can persist despite the best available medical treatments, and only a small percentage of cases result from an identified pathological condition or anatomical defect that may be correctable with spine surgery. Their ability to work or be productive is seriously affected by the condition and the resulting days lost from work, disability benefits and health resource utilisation put a significant burden on economies.

Further information can be found at www.mainstay-medical.com

 

European queries:

FTI Consulting
Jonathan Neilan, +353 1 663 3686, jonathan.neilan@fticonsulting.com

or

FTI Consulting (French language enquiries)
Astrid Villette, +33 1 47 03 69 51, Astrid.Villette@fticonsulting.com

or

US queries:

The Trout Group LLC
Jillian Connell, +1-646-378-2956 / +1-617-309-8349, jconnell@troutgroup.com

or

ESM Advisers:

Davy
Fergal Meegan or Barry Murphy, +353 1 679 6363, fergal.meegan@davy.ie or barry.murphy2@davy.ie

Innocoll AG Appoints James Tursi, M.D., as Chief Medical Officer

ATHLONE, Ireland -- Innocoll AG (Nasdaq:INNL) today announced that James Tursi, M.D., has been appointed chief medical officer. Dr. Tursi will be responsible for managing all clinical development programs and medical affairs for the company.

"James is a great addition to the Innocoll team and is joining the company at a very exciting time as we advance our lead products through late stage clinical testing," said Tony Zook, chief executive officer of Innocoll. "His experience and background add significant depth and expertise to our clinical development function. James' joining Innocoll is further evidence of our progress at the company since our IPO last summer."

Dr. Tursi has extensive experience developing pharmaceuticals across a number of therapeutic areas. Most recently, as vice president of Research & Development and chief medical officer at Auxilium, he oversaw the development and regulatory approval of Xiaflex® in the U.S. and in global markets for two indications as well as moving four additional indications into advanced clinical development. Prior to his tenure at Auxilium, Dr. Tursi was responsible for medical affairs for cervical cancer vaccines in North America for GlaxoSmithKline. Dr. Tursi was also previously medical director for Proctor & Gamble Pharmaceuticals where he managed development of products in female sexual dysfunction, overactive bladder, and osteoporosis.

"Innocoll is at a transformative time in its history with three late-stage candidates and with a drug development engine based on its proprietary collagen drug formulation platform," said Dr. Tursi. "I am looking forward to working with the team to move our current assets toward the market and to developing new drug candidates that have the promise of improving patient care."

 

About Innocoll AG

Innocoll is a global, commercial-stage, specialty pharmaceutical company. The company develops and manufactures a range of pharmaceutical products and medical devices using its proprietary collagen-based technologies. The company's late-stage product pipeline is focused on addressing a number of large unmet medical needs, including: XaraColl® for the treatment of post-operative pain; Cogenzia® for the adjuvant treatment of diabetic foot infections; and CollaGUARD®, a barrier for the prevention of post-surgical adhesions. The Company's approved products include: CollaGUARD, Collatamp® G, Septocoll®, RegenePro®, Collieva®, CollaCare®, Collexa®, and Zorpreva™, which are sold through strategic partnerships with various partners including Takeda, Biomet, and Jazz Pharmaceuticals.

CollaRx®, Collatamp®, CollaGUARD®, Collieva®, CollaCare®, Collexa®, Cogenzia® LidoColl®, LiquiColl®, and XaraColl® are registered trademarks, and CollaPress™, DermaSil™, Durieva™, and Zorpreva™ are trademarks of the company.