19 Apr 2016 07:00
Amryt Pharma plc
Admission to trading on AIM and ESM and completion of £10.0 million fundraising
Creating a specialty pharmaceutical company focused on best in class drugs in a US$176bn orphan drug market
19 April 2016, London - Amryt Pharma plc ("Amryt" or the "Company") the specialty pharma company focused on best in class treatments for orphan diseases, is pleased to announce the admission of its enlarged issued share capital to trading on AIM, a market of London Stock Exchange plc, and ESM, a market of the Irish Stock Exchange plc. Dealings will commence at 8.00 a.m. today under the ticker symbols (AIM: AMYT, ESM: AYP) with ISIN GB00BDD1LS57.
On admission, the Company will have 208,339,631 ordinary shares admitted to trading on AIM and the ESM.
The new funds will enable the Company to accelerate the development of Episalvan® as a treatment for epidermolysis bullosa, a rare, debilitating, genetic skin disorder and orphan condition that typically affects young children and for which there is currently no approved therapy.
Joe Wiley, CEO of Amryt, commented: "We are delighted to have successfully completed this reverse takeover of Fastnet Equity plc, raising significant new funds in the process. Amryt is focused on building a portfolio of differentiated medicines, in therapeutic areas where there is a large unmet medical need and which offer significant commercial potential. Today's announcement is a further step towards realising the Company's vision of building a specialty pharmaceutical company focused on delivering best in class treatments that improve the lives of those people with Orphan Diseases. We wish to thank our existing investors for their continuing support and welcome our new shareholders at this formative time."
Shore Capital acted as Lead Manager, Nomad and Joint Broker, Davy acted as ESM Adviser and Joint Broker and Stifel acted as Co-lead manager.
Copies of the Admission Document are available free of charge, subject to certain access restrictions, at the Company's website: www.amrytpharma.com
Key Highlights:
· An approved drug
o Amryt's lead drug, Episalvan®, is a potential treatment for the orphan condition epidermolysis bullosa ("EB"). It is already approved in Europe as a treatment in adults for accelerated healing of partial thickness wounds ("PTWs") following three successful phase III studies.
o Episalvan has been awarded Orphan Drug Designation in the US and EU for EB.
o The drug has successfully completed a Phase IIa study in ten EB patients (data from 12 wounds), in which Episalvan demonstrated significantly faster healing over 14 days of treatment for recent wounds and 28 days of treatment for chronic wounds compared with standard of care therapy.
o The global EB market is estimated to be worth approximately US$1.5 billion per annum.
o The Company intends to seek approval for Episalvan in EB in Europe and the US and is planning a phase III study in H2 2016 in this indication.
· A highly experienced management team
o The Board and senior management is comprised of experienced industry participants.
· Attractive opportunity in Acromegaly/Cushing's disease
o The Company's pipeline product AP102 is targeted as a treatment for Acromegaly and Cushings and the Company estimates this product addresses markets in excess of US$1.15 billion per annum in aggregate.
· Business model offers an attractive risk/reward profile
o Recent approval of Episalvan together with Amryt's existing Imlan® product line should appreciably lower the risk profile of the Company, whereas the opportunity in the EB and Acromegaly/Cushing's disease markets offers significant upside potential.
o The risks associated with obtaining regulatory approval in EB have been reduced following the European approval of Episalvan in PTWs in adults in Europe.
· Orphan Drug market represents a significant opportunity
o Worldwide orphan drug sales are forecast to total US$176bn (CAGR 2014 - 2020:+10.5%)
o Orphan Drugs are set to be 19.1% of worldwide prescription sales by 2020
o Currently there are 7,000 orphan diseases with 1 in 10 of the world's population suffering from an orphan disease
· Use of proceeds from the transaction include
o Satisfying certain of the milestone payments now due as payable under the Birken SPA
o Fund the clinical trial costs associated with seeking approval of Epislavan as a treatment for EB
o Satisfy certain liabilities of Som under the Som SPAs; and
o For general working capital purposes for the Enlarged Group.
Terms used in this announcement shall have the meanings given to them in the Company's admission document dated 31 March 2016.
For further information, please contact:
Amryt Pharma plc | C/o FTI Consulting |
Joe Wiley, CEO Rory Nealon, CFO/COO | |
Shore Capital | +44 (0) 20 7408 4090 |
Nomad and Joint Broker | |
Bidhi Bhoma, Edward Mansfield | |
Davy | +353 (1) 679 6363 |
ESM Adviser and Joint Broker | |
John Frain, Anthony Farrell | |
Stifel | +44 (0) 20 7710 7600 |
Joint Broker | |
Jonathan Senior, Ben Maddison | |
FTI Consulting | +44 (0) 20 3727 1000 |
Simon Conway, Brett Pollard |