1. Batman is Back, Busting Clots with Desmotoplase
Paion’s lead compound is derived from the saliva of the vampire bat, and being tested as an anti-thrombotic in stroke. After an unsuccessful Phase 3 in 2007, a meta analysis revealed 50% of the patients had no clots to bust, and as Wolfgang Soehngen points out in this interview: “if there is no clot to bust, Desmotaplase has no job to do.” Batman is back, as it has recently been said, because of Paion’s recent turnaround. Desmotoplase is in 2 Phase 3s with Lundbeck, and added new drugs to portfolio. The partnership with Lundbeck includes 100% funding of products development, 63M Euros in upcoming milestones, and double digit royalties.
2. Paion De-Risks Pipeline with Acquisition of New Value Driver CNS 7056
The 12.3M Euro acquisition of CeNeS in 2008, and successful Phase 2b development of it’s CNS 7056 (short-acting sedative and general anaesthetic) has contributed to more than doubling the value of Paion shares in the second half of 2009. Wolfgang Seohngen explains the rationale was to de-risk Paion’s pipeline, and re-gain investor confidence, after the failed Phase 3 for Demostoplase. With the re-licencing of Desmoteplase, CNS 7056 is now Paion’s main priority, and Wolfgang expects to partner it within the year. Japanese company ONO Pharmaceuticals recently initiated clinical studies for CNS 7056 / ONO-2745 in Japan.
3. Paion’s Search & Develop Strategy: Get the Proof of Concept Faster and Cheaper than Pharma
Taking a product from discovery to market is a challenging proposition, with Wolfgang Seohngen, CEO of Paion addresses with the Search & Develop (S&D) strategy. S&D consists of taking some of Pharma’s assets that would otherwise “disappear in the basement” and developing them, knowing that they have already robust toxicology and CMC profiles. Paion’s R&D team being fully dedicated to get the proof of concept done can do the work faster and cheaper than Pharma would. Wolfgang suggests that S&D is a much safer way to generate value for shareholders. Wolfgang explains he wants Paion to be viewed as a proof of concept company and be very attractive to big pharma as future partner. In this segment, are also discussed Paion’s Phase 3 M6G morphine metabolite, and Wolfgang’s favored structure for partnership deals – a good upfront payment, with major coverage of Phase 3 costs.
This interview was conducted at the NASDAQ Marketsite, on February 10th, 2010, in New York City, on the occasion of BioCEO 2010
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