Regulatory News:
TheraVet (ISIN: BE0974387194 - ticker: ALVET) (Paris:ALVET)
(Brussels:ALVET), a pioneering biotechnology company specialising
in the management of osteoarticular diseases in pets, presents its
half-year operational update ending June 30, 2022.
Enrico Bastianelli, Chief Executive Officer of TheraVet,
commented: “During this first half of the year, TheraVet
achieved very important business milestones. Concerning
BIOCERA-VET, in addition to the partnership agreement for
BIOCERA-VET® SmartGraft, we signed 3 distribution contracts,
covering now three out of the five biggest vet markets in Europe:
France, United Kingdom & Ireland and Spain. Furthermore, thanks
to the efforts of the team, the whole BIOCERA-VET line is now
distributed, making available the most comprehensive line of bone
substitutes on the vet market”.
Key operational events of the period
Distribution Agreement for the BIOCERA-VET product line in
France
On January 18, 2022, the Company announced the signing of
a non-exclusive commercial distribution agreement for its
BIOCERA-VET® bone substitutes in France with the veterinary
co-operative Centravet, one of France’s leading
wholesalers/distributors of animal health products. The agreement
covered the bone substitutes BIOCERA-VET® Bone Surgery and
BIOCERA-VET® Osteosarcoma.
Positive results of BIOCERA-VET® - Bone Surgery in
arthrodesis in a larger patients cohort
On February 4, 2022, the Company announced the
presentation of BIOCERA-VET® clinical data in bone fusion surgical
procedure1 at 6th World Veterinary Orthopaedic Congress (WVOC) and
49th Annual Conference of the Veterinary Orthopedic Society (VOS)
2022. The results were extremely well received and was granted the
Best Poster Presentation Award by the WVOC/VOS committee.
The Company also announced the confirmation of the excellent
efficacy and safety results:
- Larger cohort of animals (doubling the number of animals
treated with BCV: n= 20 vs. n=10 at 4 weeks and n=27 vs. n=13 at 8
weeks);
- Bone fusion scores for BIOCERA-VET® at 4 and 8 weeks
comparable to autologous bone graft;
- No complication related to BIOCERA-VET® (0% vs. 25% for
autologous bone graft)
These results therefore confirmed the positioning of
BIOCERA-VET® Bone Surgery as a valuable alternative to autologous
bone graft in joint bone fusion.
Partnership agreement broadening BIOCERA-VET® product line
with a biological bone graft, BIOCERA-VET® SMARTGRAFT
On February 7, 2022, the Company announced an exclusive
partnership with Industrie Biomediche Insubri SA (IBI, Switzerland)
expanding TheraVet’s bone substitutes portfolio with a new and
complementary biological bone graft product line, BIOCERA-VET®
SmartGraft. With its new product line, TheraVet will provide the
veterinary market with a unique and standardized biological bone
graft solution combining quality with availability.
Commercial launch of BIOCERA-VET® Bone Surgery and
Osteosarcoma in United Kingdom and Ireland
On March 15, 2022, the Company announced the commercial
launch of BIOCERA-VET® Bone Surgery and Osteosarcoma in United
Kingdom and Ireland. This milestone propelled TheraVet into the 3rd
largest European market with more than 16 million companions (dogs
and cats) and into one of the fast-growing veterinary markets with
an expected CAGR2 of +9.5% up to 2026. In 2020, the companion
animal services market represented £6.2 billion, of which £2.1
billion dedicated to veterinary care. With over 23% of companion
animals covered by health insurance, the UK is one of the European
countries with the highest coverage behind Sweden.
Distribution agreement for BIOCERA-VET® in United Kingdom and
Ireland
On May 10, 2022, the company announced the signing of an
exclusive distribution agreement with Veterinary Instrumentation
(Vi), a global animal-health company specialising in orthopaedics
& surgical instrumentation. This agreement represents a
significant step forward for the distribution of BIOCERA-VET®
product line in United Kingdom and Ireland.
This distribution agreement includes the products recently added
to TheraVet bone substitutes portfolio i.e., BIOCERA-VET® Bone
Surgery Ready-To-Use, BIOCERA-VET® Osteosarcoma Ready-To-Use,
BIOCERA-VET® Granules and BIOCERA-VET® SmartGraft. Vi will leverage
its own sales and marketing strike force in the veterinary field to
promote and distribute the BIOCERA-VET® products in UK &
Ireland as from June 2022.
Distribution agreement for the full range of BIOCERA-VET
product line in Spain
On May 30, 2022, the Company announced the signing of an
exclusive distribution agreement with Nuzoa, a leading Spanish
company in the distribution of veterinary products and services.
This agreement represents a significant step forward for the
distribution of BIOCERA-VET® product line in Spain, one of the five
biggest European pet markets (with France, United-Kingdom, Germany
and Italy), with about 6.73 million of dogs and 3.7 million of
cats. This partnership enables the Company to launch in Spain ~6
months ahead of schedule. This agreement covers the entire
BIOCERA-VET portfolio, i.e., BIOCERA-VET® Bone Surgery RTU,
BIOCERA-VET® SmartGraft, BIOCERA-VET® Granules, BIOCERA-VET®
Osteosarcoma RTU. Nuzoa will leverage its own sales and marketing
force in the veterinary field to promote and distribute the
BIOCERA-VET® products in Spain as from September 2022.
Commercial launch of the whole BIOCERA-VET line in Belgium,
France, The Netherlands, Spain, UK & Ireland and in United
States.
On June 2, 2022, the Company announced the commercial
launch of the whole BIOCERA-VET portfolio, i.e., BIOCERA-VET® Bone
Surgery RTU, BIOCERA-VET® SmartGraft, BIOCERA-VET® Granules,
BIOCERA-VET® Osteosarcoma RTU in Belgium, France, The Netherlands,
United Kingdom and Ireland, as well as in Spain
Distribution is ensured by wholesalers and distributors in
Belgium (Covetrus), France (Centravet), United Kingdom &
Ireland (Veterinary Instrumentation) and in Spain (Nuzoa, as from
September 2022) as well as through TheraVet’s brand new webshop
www.bioceravet.com.
On June 30, 2022, the Company announced the commercial
launch of its BIOCERA-VET® products including BIOCERA-VET® Bone
Surgery Ready-to-Use, BIOCERA-VET® Granules and BIOCERA-VET®
Osteosarcoma Ready-To-Use in United States of America, the largest
companion animal health market with about 89 million dogs, 104
million cats and a pet ownership above 50%. The Company will
initially focus its marketing and commercial efforts on the states
of Texas, Florida and Carolinas. These four states were selected as
they gather more than 20% of US orthopedic specialists and some of
the highest pet ownership rate of the US, as it is ranging from 56
to 59% and as TheraVet has currently its main collaborations with
important Key Opinion Leaders in Texas and in the Carolinas.
Next key operational events for the second half of the
year
The next key Company milestone is to expand the
commercialization of BIOCERA-VET® to Germany, the biggest European
pet market, with ~25 million dogs and cats. Additionally, with the
objective to always improve its portfolio, the Company will pursue
the development of BIOCERA-VET® combined with antibiotics and
prepare its commercialization later in the year. As with sales and
revenues targets, these milestones could be affected by the current
geopolitical and socio-economic conditions. But despite this, the
Company remains confident in its ability to reach its
objectives.
The Company continues its efforts on the European pivotal
clinical study assessing VISCO-VET® in canine osteoarthritis. After
the late approval3 of the clinical study by the competent
authorities, the set-up and initiation of sites in Portugal and
Poland are now completed. However, the delays in patient
recruitment communicated in the annual report published last Avril
6, 2022 is only slowly improving. Indeed, despite the setup of
corrective measures, the recruitment rate is so far not reaching
the target. In Poland, one of the main recruiting countries, the
proximity with Ukraine and the massive influx of refugees is the
main cause. In other countries, as reported by veterinarians, it is
the abnormally high routine workload related to the significant
increase of pet ownership and pet treatments since COVID pandemic
period that does not allow to increase the time dedicated to
clinical studies. Therefore, VISCO-VET development plan is now
expected to suffer delay of several months as compared to the
initial development plan.
Cash update
Available cash on June 30, 2022, is €3.50 million compared to
€7.25 million on June 30, 2021. The Company's tight management
allows its cash to cover 2 years of operational activities.
Next financial update
- Half-year Financial Results of 2022, on September 9, 2022
About TheraVet SA
TheraVet is a veterinary biotechnology company specialising in
osteoarticular treatments for companion animals. The Company
develops targeted, safe and effective treatments to improve the
quality of life of pets suffering from joint and bone diseases. For
pet owners, the health of their pets is a major concern and
TheraVet’s mission is to address the need for innovative and
curative treatments. TheraVet works closely with international
opinion leaders in order to provide a more effective response to
ever-growing needs in the field of veterinary medicine. TheraVet is
listed on Euronext Growth® Paris and Brussels, has its head office
in Belgium (Gosselies) with a US subsidiary in Texas.
For more information, visit the TheraVet website or follow us on
LinkedIn / Facebook / Twitter
1 Arthrodesis
2 Compound annual growth rate
3 Set-up and initiation of Poland and Portugal was expected in
4Q2021 however due administrative delay of competent authorities
not related to VISCO-VET product evaluation, this step was only
achieved in 2Q2022
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version on businesswire.com: https://www.businesswire.com/news/home/20220630005665/en/
TheraVet Chief Operating Officer
Sabrina Ena investors@thera.vet Tel: +32 (0) 71 96 00 43
Chief Corporate Officer Julie Winand investors@thera.vet
NewCap Investor Relations and Financial Communications
Théo Martin / Olivier Bricaud theravet@newcap.eu Tel: +33 (0)1 44
71 94 94
Press Relations Arthur Rouillé / Ambre Delval theravet@newcap.eu
Tel: +33 (0)1 44 71 00 15
NewCap Belgique Press Relations
Laure-Eve Monfort lemonfort@newcap.fr Tél. : + 32 (0) 489 57 76
52
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