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Hansa Biopharma half year report 2022

Regulatory information
•    Continued solid sales in Q2
•    Positive NICE recommendation obtained 
•    Completed enrollment in imlifidase Phase 2 program in AMR 
•    Peter Nicklin elected as new Chairman of the Board of Directors

Lund, Sweden July 19, 2022, Hansa Biopharma, the pioneer in immunomodulatory enzyme technology for rare IgG mediated diseases, today announced its business update and interim report for January to June 2022.

Highlights for the second quarter 2022

  • Continued solid sales in the second quarter with SEK 19.5m in product sales; total revenue amounted to SEK 26.4m.
  • On June 16, 2022, the National Institute for Health and Care Excellence (NICE) recommended Idefirix® for desensitization of highly sensitized adult patients prior to kidney transplant from a deceased donor. NICE considers Idefirix® to be a clinically and cost-effective treatment Market access has now been secured in 7 European countries and procedures are ongoing in 11 countries, including Spain and Italy.
  • On May 13, 2022, Hansa announced that the Swiss Agency for Therapeutic Products (Swissmedic) granted temporary marketing authorization for Idefirix® in adult patients with a positive crossmatch against an available organ from a diseased donor.
  • On April 20, 2022, Idefirix® was granted ASMR 3 rating by the Transparency Commission (TC) of the French National Authority for Health (HAS) following the reimbursed AP2 early access program in France, which potentially can enable a faster commercial access process. In addition to ASMR 3 status, Idefirix® also received designation as SMR Important (Service Médical Rendu), reflecting the actual medical benefit.
  • Annual General Meeting held on June 30, 2022, where all resolutions proposed by the board of directors were approved by shareholders, including the appointment of Peter Nicklin as the new Chairman of the Board of Directors. Peter Nicklin is currently chairman of the boards of Versantis AG (CH), Sciensus Ltd (U.K.), and Tunstall Group Ltd (U.K.). Peter Nicklin was recently the CEO at Amann Girrbach. He has also held senior executive positions at Baxter, Bayer Healthcare, Novartis and Bristol Myers Squibb, amongst others.

Clinical pipeline update

  • U.S. ConfIdeS: 22 patients have been enrolled for randomization in our pivotal U.S. open label, randomized, controlled trial of imlifidase in kidney transplant with the aim of completing enrollment by the end of this year, as previously guided.
  • AMR: On-time completion of enrollment in the Antibody Mediated Rejection (AMR) Phase 2 trial; A first data read out is expected in the second half of 2022, as previously guided.
  • GBS: In the Guillain Barré Syndrome (GBS) Phase 2 trial, 18 out of a target of 30 patients have been enrolled. Hansa expects to complete enrollment of GBS patients in the second half of 2022 based on several initiatives taken to support enrollment including measures such as simplifying the protocol and increasing capacity.
  • Anti-GBM: Preparations to commence Phase 3 study later this year as previously guided are on track.

Events after the closing period

  • On July 11, 2022, the first patient was treated in Hansa’s post approval efficacy study (PAES). The PAES is an obligation under the European conditional marketing authorization and will be used to further investigate the long-term graft survival in 50 highly sensitized kidney transplant patients treated with Idefirix®.
  • On July 18, 2022 Hansa concluded a USD 70 million non-dilutive financing transaction with NovaQuest Capital Management to support the continued development of the Companys antibody-cleaving enzyme technology platform across multiple therapeutic areas while extending the expected cash runway through 2024.

Financial summary

SEKm, unless otherwise stated – unaudited Q2 2022 Q2 2021 H2 2022 H1 2021
Revenue

26.4

4.5 56.7 13.5
SG&A expenses

(90.3)

(81.2) (170.7) (141.3)
R&D expenses

(92.7)

(54.5) (163.6) (101.9)
Loss from operation

(167.8)

(132.4) (302.9) (236.0)
Loss for the period

(170.1)

(132.6) (308.5) (236.5)
Net cash used in operation

(135.6)

(112.5) (266.1) (233.4)
Cash and short-term investments

616.5

1,139.4 616.5 1.139.4
Shareholders’ equity

482.0

1,031.2 482.0 1.031.2
EPS before and after dilution (SEK)

(3.82)

(2.98) (6.94) (5.32)
Number of outstanding shares

44,588,118

44,473,452 44,588,118 44,473,452
Weighted avg. number of shares before and after dilution

44,491,093

44,473,452 44,482,321 44,473,452
Number of employees at the end of the period

145

113 145 113

Søren Tulstrup, President and CEO of Hansa Biopharma, comments

“Hansa’s commercial launch activities and market access efforts for Idefirix® in Europe continue to progress as planned. During the second quarter of 2022, we have seen continued solid sales and achievement of the important milestone of becoming the first and only product recommended by NICE for the desensitization of highly sensitized patients waiting for a kidney transplant from a deceased donor in England, Wales and Northern Ireland. Additionally, NICE also highlighted Idefirix® as a clinically and cost-effective treatment, which is rare for orphan drugs. This recommendation is an important step forward for Hansas commercialization efforts and for patients in England, Wales and Northern Ireland, who have been struggling to find a donor match and in most cases had no other alternative but to remain on long-term dialysis.

Beyond the U.K., we are also pleased that Idefirix® was granted ASMR 3 rating by the Transparency Commission (TC) of the French National Authority for Health (HAS). Less than 6% of all new medicines are granted ASMR 3, and so the achievement of this status is a testament to the importance and medical benefit of Idefirix® as a new transformative therapy. Moreover, we are also pleased that the Swiss Agency for Therapeutic Products (Swissmedic) granted temporary marketing authorization in Switzerland for Idefirix® in kidney transplantation in addition to the already received marketing authorizations in the EU, the U.K. and Israel.

Turning to our clinical development programs, at the end of May we announced the completion of enrollment in our imlifidase Phase 2 study in antibody mediated rejection (AMR) episodes post kidney transplantation. 30 patients with active or chronic active AMR episodes post kidney transplantation have been enrolled across 14 centers in France, Germany, Austria, Australia, and the U.S. Acute AMR episodes post kidney transplantation occur in 5-7% of patients, with significant risk of patients losing graft function. There is no approved treatment for AMR. The on-time completion of enrollment marks an important milestone for Hansa as we explore the potential of imlifidase in the post transplantation setting. First data read out is expected in the second half of 2022, as previously guided.

In the U.S., our pivotal ConfIdeS trial in kidney transplantation is progressing with 22 out of a target of 64 patients now enrolled for randomization. The ConfIdeS study is evaluating imlifidase as a potential desensitization therapy to enable kidney transplants in highly sensitized patients waiting for a deceased donor kidney through the U.S. kidney allocation system. We have now initiated enrollment at ten sites and expect participation by up to 15 leading transplantation centers across the U.S., with the aim of completing enrollment by the end of this year.

In anti-GBM, we expect to commence a pivotal Phase 3 study of imlifidase following FDA’s acceptance of Hansa’s Investigational New Drug (IND) application earlier this year. The new study is expected to enroll approximately 50 patients across the EU and U.S, with the first patient expected to be enrolled later this year, as previously guided.

With respect to our GBS Phase 2 program, which has been impacted by the pandemic, we have recently implemented several significant initiatives to increase the enrollment rate. As of July 19, 2022, 18 out of a target of 30 patients were enrolled and we expect to see a further acceleration in recruitment of patients during the second half of the year, which will help to complete enrollment towards the end of 2022, as previously guided.

Lastly, I am also pleased to see the appointment of Peter Nicklin as new Chairman of the Board of Directors. Peter Nicklin brings significant global experience from both non-executive and senior executive roles within the life-science industry at companies such as Baxter, Bayer Healthcare, Novartis and Bristol-Myers Squibb. Peter Nicklin is currently chairman of the boards of Versantis AG (CH), Sciensus Ltd (U.K.), and Tunstall Group Ltd (U.K.). Whilst having spent significant time living and working across the globe, Peter now lives in Europe.

I look forward to keeping you updated on our continued progress with several upcoming and important milestones to be achieved across our platform and franchises as we continue the development of new, transformative medicines for patients suffering from serious, rare immunologic diseases.”

Upcoming milestones and news flow

2022                 Anti-GBM:  Initiation of phase 3 study

2022                  NiceR: Completion of GLP tox studies

H2 2022             GBS Phase 2 study: Complete enrollment

H2 2022             AMR Phase 2 study: First data read out

H2 2022             Kidney transplantation US: Complete enrollment

H1 2023            GBS Phase 2 study: First data read out

2023                  Long-term follow-up data 5-years out in kidney transplantation

H2 2023             Kidney transplantation US: complete 12 months follow-up

H1 2024             Kidney transplantation US: BLA submission

Conference call details

Hansa Biopharma will host a telephone conference today Tuesday July 19, 2022, 14:00 CET / 8:00am EST.

The presentation will be held in English and be hosted by Hansa Biopharma’s CEO, Søren Tulstrup, and CFO, Donato Spota. Slides used in the presentation will be live on the company website during the call under ”Events & Presentation” and will also be made available online after the call.

To participate in the telephone conference, please use the dial-in details provided below:

Sweden: +46 10 884 80 16

United Kingdom: +44 020 3936 2999

United States: +1 646 664 1960

Participant Access code: 729818

The webcast will be available on https://streams.eventcdn.net/hansa/q2-2022/

The interim report and latest investor presentation can be downloaded from our web

Interim report January to June 2022

https://investors.hansabiopharma.com/English/financial-data/quarterly-report/default.aspx

Investor road show presentation Q2, 2022

https://investors.hansabiopharma.com/English/events-and-presentations/presentations/default.aspx

This is information that Hansa Biopharma AB is obliged to make public pursuant to the Securities Markets Act.