Albireo Pharma, Inc. (Nasdaq: ALBO), a clinical-stage rare
liver disease company developing novel bile acid modulators, is
hosting a commercial deep dive today at 11:30 a.m. EST. The
presentation will detail the Company’s corporate potential, market
opportunity in rare pediatric and adult liver disease and the
global commercialization and launch readiness plans for odevixibat
in progressive familial intrahepatic cholestasis (PFIC), an
ultra-rare pediatric cholestatic liver disease.
“We are delighted that both the EMA and FDA confirmed acceptance
of our odevixibat filings in the U.S. and Europe with priority and
accelerated reviews,” said Ron Cooper, President and Chief
Executive Officer of Albireo. “Odevixibat’s demonstrated profile in
the largest ever clinical program of PFIC, coupled with our strong
commercial strategy and ongoing development programs, positions
Albireo to seize the large global cholestatic liver disease
market.”
Today’s presentation will describe efforts the Company is taking
to advance its broad, wholly owned pipeline of rare pediatric and
adult liver assets. Management will present commercial plans for
lead candidate odevixibat, which has imminent regulatory milestones
in the U.S. and EU. Odevixibat holds the promise to expand to
multiple rare pediatric cholestatic indications to drive company
growth. Albireo is in a strong financial position for
commercialization, sufficient to fund odevixibat launches, advance
clinical studies and support the Company into revenue
generation.
Large Global OpportunityOdevixibat is a potent,
once-daily, non-systemic ileal bile acid transport inhibitor
(IBATi) being developed to treat patients with rare pediatric
cholestatic liver diseases, including PFIC, biliary atresia and
Alagille syndrome (ALGS). Albireo conducted extensive research to
understand the global market opportunity for PFIC, an ultra-rare
pediatric liver disease for which there is no approved drug therapy
today. Based on these efforts, the Company expects the global
market opportunity in pediatric cholestatic liver diseases to be
larger than anticipated. The top 25 global markets (excluding China
and India) have approximately 100,000 patients living with rare
cholestatic liver diseases. Albireo has initiated or completed
three gold standard Phase 3 studies in PFIC, biliary atresia and
Alagille syndrome and these studies should be sufficient for
approval in multiple geographies around the world.
Patient AccessAlbireo is advancing its global
commercialization strategy and launch readiness for odevixibat in
anticipation of a potential launch in H2 2021. The Company has
commenced educational efforts with payors to educate them on the
disease progression and burden of PFIC. As part of Albireo’s
commitment to ensuring patients living with PFIC have access to
odevixibat, the Company is building AlbireoAssistTM, a fully owned
and operated patient support program. This proprietary program will
be staffed internally at Albireo by dedicated care coordinators
helping to deliver on Albireo’s commitment to patient access.
“Children and families are urgently waiting for odevixibat,
which, if approved, will be potentially the first non-surgical
treatment for PFIC,” said Pamela Stephenson, Chief Commercial
Officer of Albireo. “We are building a commercial team that is
dedicated to delivering seamless access to patients and HCPs and
delivering good value for payors and HCPs.”
Until odevixibat is approved for commercial sale, the Company
provides an Expanded Access Program (EAP) for eligible patients
with PFIC in the U.S., Europe, Canada and Australia. Physicians and
patients can learn more about Albireo’s odevixibat EAP at
albireopharma.com/patients-families/expanded-access-policy.
Launch ReadyAlbireo has all key leadership in
place to support rapid launches in the U.S. and abroad. The Company
recently appointed Kevin Springman as the President of the Americas
and Steve Arnold as the President of International. These leaders
are finalizing specialized U.S. and international teams to have in
place to execute the launch of odevixibat. Springman was appointed
as the President of Americas after a successful track record in
sales, marketing and market access roles at Sobi and before that at
AstraZeneca. Arnold has extensive experience building and leading
international teams, most recently at Intercept, and prior to that
UCB and Gilead.
As part of the ex-U.S. commercial strategy, Albireo entered into
its first of multiple ex-U.S. commercial distributorships with
Medison Pharma, Ltd. ("Medison") for odevixibat in Israel. Medison
is a leading international commercial partner for highly innovative
therapies. Under the agreement, Medison will be responsible for
approval and commercialization in Israel in close alignment and
with oversight from Albireo.
Expansion Beyond PFICThe Company has been
building infrastructure needed to launch odevixibat in PFIC
globally, which will serve as a framework for future indications in
ALGS and biliary atresia with minimal added cost. Odevixibat is
also currently being evaluated in a Phase 3, long-term extension
study and two pivotal Phase 3 trials: the ongoing PEDFIC 2 Phase 3
open-label trial in patients with PFIC, the BOLD Phase 3 trial in
patients with biliary atresia and the ASSERT Phase 3 trial in
ALGS.
The Company is exploring multiple methods for modulating bile
acids to significantly change the bile acid transporter approach in
adult liver. In developing therapies for adult liver conditions,
the Company will initially focus on primary sclerosing cholangitis
(PSC) and primary bilateral cholangitis (PBC) with two promising
new candidates with two different mechanisms of action.
“Albireo maintains a global, wholly owned, unencumbered pipeline
of products addressing multiple indications and commercial
opportunities in multiple rare liver indications,” added Cooper.
“The enterprise infrastructure we are building for the PFIC launch
will be sufficient to effectively serve multiple rare liver
diseases in the coming years.”
The Company has sufficient capital resources to fund the planned
launch and development programs. Cash runway into 2023 and plans to
monetize a Priority Review Voucher, if received upon approval. 2020
unaudited cash burn was $101 million, cash at the end of 2020 $251
million, and planned operating cash burn in 2021 $120-$130 million.
2021 revenue from odevixibat is anticipated to be in the low single
digit US $ millions.
Conference CallAs previously announced, Albireo
will host a conference call and webcast today. Details and dial-in
information are listed below. To ensure a timely connection to the
webcast, it is recommended that participants register at least 15
minutes prior to the scheduled start time. An archived version of
the webcast will be available for replay on the Events &
Presentations section of the Media & Investors page of the
Albireo website for 2 months following the event.
When: Today, February 11, 2021, from
11:30am-1:00pm EST
Dial-in: To access the live conference call by
phone, dial 1-877-407-0792 (domestic) or 1-201-689-8263
(international). Provide access code: 13714756
Live webcast link:
http://public.viavid.com/index.php?id=142919
Link is also accessible from the Media & Investors page of
Albireo’s website http://ir.albireopharma.com/
About OdevixibatOdevixibat is an
investigational product candidate being developed to treat rare
pediatric cholestatic liver diseases, including progressive
familial intrahepatic cholestasis (PFIC), biliary atresia and
Alagille syndrome. A potent, once-daily, non-systemic ileal bile
acid transport inhibitor (IBATi), odevixibat acts locally in the
small intestine. Odevixibat does not require refrigeration and
can be taken as a capsule for older children, or opened and
sprinkled onto food, which are factors of key importance for
adherence in a pediatric patient population. The FDA has granted
Priority Review and set a Prescription Drug User Fee Act (PDUFA)
goal date of July 20, 2021. Odevixibat previously received Fast
Track, Rare Pediatric Disease and Orphan Drug Designations in the
U.S.
In Europe, the Company has submitted odevixibat for a Marketing
Authorization Application (MAA) to the EMA seeking approval in
PFIC. Odevixibat is the only IBATi granted accelerated assessment
by the EMA. It has also been granted Orphan Designation, as well as
access to the PRIority MEdicines (PRIME) scheme for the treatment
of PFIC. The EMA’s Pediatric Committee has agreed to Albireo’s
odevixibat Pediatric Investigation Plans for PFIC and biliary
atresia. In addition to PFIC, odevixibat has Orphan Drug
Designations for the treatment of ALGS, biliary atresia and PBC.
With U.S. and EU regulatory filings in PFIC completed, the Company
anticipates potential regulatory approvals, issuance of a rare
pediatric disease priority review voucher and launch in the second
half of 2021.
The MAA and NDA filings are supported by results from PEDFIC 1
and PEDFIC 2 Phase 3 studies. PEDFIC 1 was the first and largest,
global, pivotal Phase 3 study conducted in PFIC, which evaluated
the efficacy and tolerability of odevixibat in reducing pruritus
and serum bile acids in a randomized, double-blind,
placebo-controlled trial. In the PEDFIC 1 study, odevixibat met
both primary endpoints and was well tolerated with very low
incidence of diarrhea/frequent bowel movements (9.5% of odevixibat
treated patients vs. 5.0% of placebo patients). PEDFIC 2 is a
long-term, open-label Phase 3 extension study. Odevixibat is also
currently being evaluated in the BOLD Phase 3 trial in patients
with biliary atresia, and the global Phase 3 ASSERT trial for
ALGS.
About PFICProgressive familial intrahepatic
cholestasis (PFIC) is a rare disorder that causes progressive,
life-threatening liver disease. Patients have impaired bile flow,
or cholestasis, caused by genetic mutations. The resulting bile
build-up in liver cells causes liver disease and symptoms. The most
prominent and problematic ongoing manifestation of the disease is
pruritus, or intense itching, which often results in a severely
diminished quality of life. Other symptoms include jaundice, poor
weight gain and slowed growth. In many cases, PFIC leads to
cirrhosis and liver failure within the first 10 years of life, and
nearly all people with PFIC require treatment before age 30. There
are no drugs currently approved for PFIC, only surgical options
that include partial external biliary diversion (PEBD) and liver
transplantation. Additional information on PFIC is available at
https://www.pficvoices.com.
About ALGSAlagille syndrome (ALGS) is a rare,
multisystem genetic disorder that can affect the liver, heart,
skeleton, eyes, central nervous system, kidneys and facial
features. Liver damage is caused by a paucity of bile ducts
preventing bile flow from the liver to the small intestine.
Approximately 95% of patients with ALGS present with chronic
cholestasis, usually within the first three months of life, and up
to 88% also present with severe, intractable pruritus. Currently,
there are no approved drug treatments.
About Biliary AtresiaBiliary atresia is a rare
pediatric liver disease with symptoms typically developing about
two to eight weeks after birth. Damaged or absent bile ducts
outside the liver result in bile and bile acids being trapped
inside the liver, quickly resulting in cirrhosis and even liver
failure. Children have clay-colored or no color in their stools and
jaundice, among other things, and a few patients are pruritic.
Biliary atresia is the most common pediatric cholestatic liver
disease and is the leading cause of liver transplants among
children as there are no approved drug treatments.
About AlbireoAlbireo Pharma is a clinical-stage
biopharmaceutical company focused on the development of novel bile
acid modulators to treat rare pediatric and adult liver diseases.
Albireo’s lead product candidate, odevixibat, is being developed to
treat rare pediatric cholestatic liver diseases with Phase 3
pivotal trials in PFIC, Alagille syndrome and biliary atresia. The
Company completed IND-enabling studies for new preclinical
candidate A3907 and plans to advance development in adult liver
disease. Albireo was spun out from AstraZeneca in 2008 and is
headquartered in Boston, Massachusetts, with its key operating
subsidiary in Gothenburg, Sweden. The Boston Business
Journal named Albireo one of the 2020 Best Places to Work
in Massachusetts for the second consecutive year. For more
information on Albireo, please
visit www.albireopharma.com.
About Medison:Medison is one of the world’s
largest commercial partners of leading global biotech companies.
Medison is uniquely qualified to provide the complete spectrum of
integrated services for biotech companies looking to enter or
expand their presence in Israel, Canada, and Central Eastern
Europe. Medison runs a corporate venture arm with a dedicated
research and evaluation team boasting deep scientific and
commercial backgrounds. Medison also operates a scouting program to
cater its partners and is an active investor in life science
projects around drug development and digital health. For more
information, visit www.medison.co.il.
Forward-Looking Statements This press release
includes “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of
1995. Forward-looking statements include statements, other
than statements of historical fact, regarding, among other things:
the plans for, or progress, scope, cost, initiation, duration,
enrollment, results or timing for availability of results of,
development of odevixibat or any other Albireo product candidate or
program; including expectations regarding the impact of the
COVID-19 pandemic on our business and our ability to adapt our
plans and activities as appropriate; the pivotal trial for
odevixibat in biliary atresia (BOLD), and the pivotal trial for
odevixibat in Alagille syndrome (ASSERT); the target indication(s)
for development or approval, the size, design, population,
location, conduct, cost, objective, enrollment, duration or
endpoints of any clinical trial, or the timing for initiation or
completion of or availability or reporting of results from any
clinical trial, including the long-term open-label extension study
for odevixibat in PFIC, the pivotal trial for odevixibat in biliary
atresia, the pivotal trial for odevixibat in Alagille syndrome; the
potential approval and commercialization of odevixibat; the
potential for odevixibat to become the first approved drug for PFIC
patients; discussions with the FDA or EMA regarding our programs;
the potential benefits or competitive position of odevixibat or any
other Albireo product candidate or program or the commercial
opportunity in any target indication; the potential effects of
odevixibat of the treatment of PFIC patients and its potential to
improve the current standard of care; the potential benefits of an
orphan drug designation; the potential issuance of a rare pediatric
disease priority review voucher; or Albireo’s plans, expectations
or future operations, financial position, revenues, costs or
expenses. Albireo often uses words such as “anticipates,”
“believes,” “plans,” “expects,” “projects,” “future,” “intends,”
“may,” “will,” “should,” “could,” “estimates,” “predicts,”
“potential,” “planned,” “continue,” “guidance,” or the negative of
these terms or other similar expressions to identify
forward-looking statements. Actual results, performance or
experience may differ materially from those expressed or implied by
any forward-looking statement as a result of various risks,
uncertainties and other factors, including, but not limited to:
whether the NDA for odevixibat for the treatment of pruritus in
patients with PFIC will be approved by the FDA and whether the MAA
for odevixibat in PFIC will be approved by the EMA; whether the FDA
or EMA will complete their respective reviews within the target
timelines, including the FDA’s PDUFA goal date, as a potential
result of the impact of the COVID-19 pandemic or otherwise; the
risk that the NDA will not be approved despite the FDA’s acceptance
of the NDA for review; whether the FDA will require additional
information, whether we will be able to provide in a timely manner
any additional information that the FDA requests, and whether such
additional information will be satisfactory to the FDA; other
potential negative impacts of the COVID-19 pandemic, including on
manufacturing, supply, conduct or initiation of clinical trials, or
other aspects of our business; whether favorable findings from
clinical trials of odevixibat to date, including findings in
indications other than PFIC, will be predictive of results from
other clinical trials of odevixibat; whether either or both of
the FDA and EMA will determine that the primary endpoint
for their respective evaluations and treatment duration of the
double-blind Phase 3 trial in patients with PFIC are sufficient to
support approval of odevixibat in the United States or
the European Union, to treat PFIC, a symptom of PFIC, a
specific PFIC subtype(s) or otherwise; the outcome and
interpretation by regulatory authorities of the ongoing third-party
study pooling and analyzing of long-term PFIC patient data; the
timing for initiation or completion of, or for availability of data
from, clinical trials of odevixibat, including the pivotal program
in biliary atresia or the pivotal program in Alagille syndrome, and
the outcomes of such trials; Albireo’s ability to obtain coverage,
pricing or reimbursement for approved products in the United
States or European Union; delays or other challenges in
the recruitment of patients for, or the conduct of, company’s
clinical trials; and Albireo’s critical accounting policies. These
and other risks and uncertainties that Albireo faces are described
in greater detail under the heading “Risk Factors” in Albireo’s
most recent Annual Report on Form 10-K or in subsequent filings
that it makes with the Securities and Exchange Commission. As
a result of risks and uncertainties that Albireo faces, the results
or events indicated by any forward-looking statement may not occur.
Albireo cautions you not to place undue reliance on any
forward-looking statement. In addition, any forward-looking
statement in this press release represents Albireo’s views only as
of the date of this press release and should not be relied upon as
representing its views as of any subsequent date. Albireo disclaims
any obligation to update any forward-looking statement except as
required by applicable law.
Media Contact:Colleen Alabiso,
857-356-3905, colleen.alabiso@albireopharma.comLisa Rivero,
617-947-0899, lisa.rivero@syneoshealth.com
Investor Contact:Hans Vitzthum, LifeSci
Advisors, LLC., 617-430-7578
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