Amryt Pharma PLC Business integration and synergies on track (3965X)
December 19 2019 - 1:00AM
UK Regulatory
TIDMAMYT
RNS Number : 3965X
Amryt Pharma PLC
19 December 2019
19 December 2019
AIM: AMYT
Euronext Growth: AYP
AMRYT PHARMA PLC
("Amryt" or the "Company")
Business integration and delivery of synergies progressing on
track
Cash position of US$60.9m
Amryt, an international biopharmaceutical company focused on
developing and delivering innovative new treatments to help improve
the lives of patients with rare and orphan diseases, today
announces a market update regarding the integration of the recent
acquisition of Aegerion Pharmaceuticals, Inc ("Aegerion") which
completed on September 24, 2019.
Amryt reports that the integration and delivery of synergies are
progressing well and ahead of the Company's initial expectations.
In line with the Company's integration, role redeployment and
synergy plan, 28 new positions have been filled to date with
additional roles expected to be filled in the first quarter of
2020.
On 25 September 2019, the Company raised US$57 million (net of
expenses) by way of the issue of new ordinary shares. At 16
December 2019 the Company had cash of US$60.9 million (unaudited)
which is significantly ahead of the Company's expectations at this
point.
The EASE Phase 3 global clinical study of AP101 in Epidermolysis
Bullosa ("EB") is progressing well and as at 17 December 2019,
there were 236 patients either already enrolled in the EASE study
or scheduled to enter the study shortly. Amryt intends to recruit
245 patients to be fully enrolled. Management estimate the EB
market opportunity to be in excess of US$1 billion.
Dr Joe Wiley, CEO of Amryt Pharma, commented: "Amryt has evolved
from a company with a single asset on the market in the EMEA to
become a global biopharmaceutical company with two orphan disease
products and a commercial infrastructure across North America, EMEA
and LATAM. Our strategy is to become a global leader in rare and
orphan diseases and we are committed to delivering new therapies to
patients in areas of high unmet need.
"We are pleased with the progress that the business integration
has made to date and the delivery of synergies following the
completion of this transformational acquisition. The operational
synergies delivered so far have resulted in a higher cash balance
at this point in time than we initially forecast and we are also
making solid progress across a number of other financial metrics.
We look forward to another productive and successful year in
2020."
Enquiries:
Amryt Pharma plc +353 (1) 518 0200
Joe Wiley, CEO
Rory Nealon, CFO/COO
Shore Capital +44 (0) 20 7408 4090
NOMAD and Joint Broker
Edward Mansfield, Mark Percy, Daniel Bush,
John More
Stifel +44 (0) 20 7710 7600
Joint Broker
Jonathan Senior, Ben Maddison
Davy +353 (1) 679 6363
ESM Adviser and Joint Broker
John Frain, Daragh O'Reilly
Consilium Strategic Communications +44 (0) 20 3709 5700
Amber Fennell, Matthew Neal, Nicholas
Brown
LifeSci Advisors, LLC +1 (212) 915 2564
Tim McCarthy
About Amryt
Amryt is a biopharmaceutical company focused on developing and
delivering innovative new treatments to help improve the lives of
patients with rare and orphan diseases. Amryt comprises a strong
and growing portfolio of commercial and development assets.
Amryt's commercial business comprises two orphan disease
products.
Juxtapid(R)/ Lojuxta(R) (lomitapide) is approved as an adjunct
to a low-fat diet and other lipid-lowering medicinal products for
adults with the rare cholesterol disorder, Homozygous Familial
Hypercholesterolaemia ("HoFH") in the US, Canada, Columbia,
Argentina and Japan (under the trade name, Juxtapid(R)) and in the
EU (under the trade name, Lojuxta(R)). HoFH is a rare genetic
disorder which impairs the body's ability to remove low density
lipoprotein ("LDL") cholesterol ("bad" cholesterol) from the blood,
typically leading to abnormally high blood LDL cholesterol levels
in the body from before birth - often ten times more than people
without HoFH - and subsequent aggressive and premature
cardiovascular disease.
Myalept(R) / Myalepta(R) (metreleptin) is approved in the US
(under the trade name, Myalept(R)) as an adjunct to diet as
replacement therapy to treat the complications of leptin deficiency
in patients with congenital or acquired generalized lipodystrophy
(GL) and in the EU (under the trade name, Myalepta(R)) for the
treatment of leptin deficiency in patients with congenital or
acquired GL in adults and children two years of age and above and
familial or acquired partial lipodystrophy (PL) in adults and
children 12 or over for whom standard treatments have failed to
achieve adequate metabolic control. Metreleptin is also approved
for lipodystrophy in Japan. Generalised and partial lipodystrophy
are rare disorders characterised by loss or lack of adipose tissue
resulting in the deficiency of the hormone leptin, produced by fat
cells and are associated with severe metabolic abnormalities
including severe insulin resistance, diabetes, hypertriglyceridemia
and fatty liver disease.
Amryt's lead development candidate, AP101 (Oleogel-S10), is a
potential treatment for the cutaneous manifestations of
Epidermolysis Bullosa ("EB"), a rare and distressing genetic skin
disorder affecting young children and adults for which there is
currently no approved treatment. It is currently being studied in a
Phase 3 clinical trial and recently reported that unblinded interim
efficacy data supported continuation of the study with a modest
increase in sample size and unblinded interim safety data allowed
the inclusion of children from as young as 21 days old. AP101 has
been granted FDA Pediatric Rare Disease Designation and has also
received a Fast Track Designation from the FDA. The European and US
market opportunity for EB is estimated by the Directors to be in
excess of $1 billion.
In March 2018, Amryt in-licenced a pre-clinical gene-therapy
platform technology, AP103, which offers a potential treatment for
patients with Recessive Dystrophic Epidermolysis Bullosa, a subset
of EB, and is also potentially relevant to other genetic
disorders.
For more information on Amryt, including products, please visit
www.amrytpharma.com
This announcement contains inside information for the purposes
of article 7 of the Market Abuse Regulation (EU) 596/2014
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCEAXAPFLSNFFF
(END) Dow Jones Newswires
December 19, 2019 02:00 ET (07:00 GMT)
Amryt Pharma (LSE:AMYT)
Historical Stock Chart
From Apr 2024 to May 2024
Amryt Pharma (LSE:AMYT)
Historical Stock Chart
From May 2023 to May 2024