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Exhibit 99.2 
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Relieving Pain....Improving Lives
Special _ Forward Note Regarding Looking Statements
This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements, among other things, relate to our business strategy, goals and expectations concerning our product candidates, future operations, prospects, plans and objectives of management. The words “anticipate”, “believe”, “could”, “estimate” , “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will” and similar terms and phrases are used to identify forward-looking statements in this presentation. Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. These forward -looking statements should be considered together with the risks and uncertainties that may affect our business and future results included in our filings with the Securities and Exchange Commission at www.sec.gov. These forward-looking statements are based on information currently available to us, and we assume no obligation to update any forward-looking statements except as required by applicable law.
Company Highlights
“ Dex _IN _ non _ intranasal, opioid in Phase II for acute pain following surgery _significant market opp’y
“ Multiple clinical studies demonstrate analgesic effect, fast onset of action and well tolerated
“ Phase IIb interim analysis — Dex—IN 50 mcg efficacy signal in post op pain subset
“ Multiple clinical and regulatory milestones over next few years
“ Experienced team with significant development, regulatory and commercial experience
Results of Phase IIb Interim Analysis
“ Analgesia and opioid reduction seen in subset of patients
“ However, trial not expected to reach statistical significance with current design
_ Post Op Day 0 dosing
“ Revised trial design _Post Op Day 1 dosing
_ Stable / declining pain trajectory
_ Top line results expected mid-year 2015
Experienced Management and Board
“ Gerri Henwood _ President and CEO
Founded Auxilium Pharmaceuticals (AUXL, NASDAQ) and IBAH (former NASDAQ Co. _ acquired 1998); GSK
“ Chuck Garner _CFO, CBO and Treasurer
Over 14 years of life sciences investment banking experience _ Deutsche Bank, Burrill& Co., Inverness Advisors; PwC
“ Randy Mack _SVP, Development
Over 20 years of clinical development experience _ Adolor, Auxilium, Abbott Labs
and Harris Labs
Board of Directors
Wayne B. Weisman _ Chairman SCP VitaLife Partners
Winston J. Churchill
SCP VitaLife Partners
Gerri Henwood _CEO William L. Ashton
Harrison Consulting Group; frmly Amgen
Abraham Ludomirski, M.D.
SCP VitaLife Partners
Alfred Altomari
CEO, Agile Therapeutics
Michael Berelowitz
Former SVP, Specialty Care Business Unit, Pfizer
Clinical Stage Pipeline
Product PC I II III Rights
Dexmedetomidine (“Dex”) WW,exc. Europe, Turkey,CIS*
Dex _ IN (intranasal)
Acute post _ operative pain
Cancer breakthrough pain
Dex-SL (sublingual)
Transdermal
Fadolmidine (“Fado”) WW, exc. Europe, Turkey, CIS*
Intrathecal
Post _ operative pain
Topical
Neuropathic pain
* CIS currently includes Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine, and Uzebekistan.
Post Op Pain Market Underserved
“ $5.9 billionmarket (1)
“ Predominantly opioid use
“ Significant side effects / issues associated with opioids
“ Dearth of non _ opioid drugs in development
(1) | | GBI Research, 2010 sales. |
Inpatient procedures
Total procedures (2009) 47.9M Addressable >25M
Ambulatory procedures
Total procedures (2006) 53.3M Addressable >25M
Note: Addressable includes procedures expected to utilize pain medication.
Source: National Center for Health Statistics and management estimates.
Limited Pain Relief Options for Patients
Pain
Severity
Class
Compounds
Advantages
Acetaminophen
Antipyretic properties;
Oral; no opioid AEs
Mild
Mild to moderate
Ketorolac,
NSAIDs
analgesia; oral; no
ibuprofen, aspirin
opioid AEs
Sodium channel
Bupivacaine,
Use directly at pain
Moderate
site; mostly peri_
blockers
lidocaine
operative
Good pain relief;
anxiolytic properties;
Dexmedetomidine
Alpha 2 agonists
no respiratory
(Recro Pharma)
depression, impaired GI
Moderate to
or addictive properties
Severe
Morphine,
Opioids
hydrocodone,
Good pain relief
oxycodone, fentanyl
Disadvantages
Only effective for mild pain
Bleeding risk; GI and renal complications
Limited duration ofaction;some are concerned about local tissue impact
In development _ potential for first in _ post class to be approved for operative pain
Respiratory depression, impaired GI motility after even one dose; frequent nausea and vomiting; abuse/addiction potential
Note: Pain severity based upon market research / physician feedback
Dexmedetomidine (“Dex”)
DexHas Demonstrated Analgesia & Safety
“ Alpha(non 2 agonist opioid)
_ Injectable form (Precedex) marketed by Hospira in US as sedative
_ Multiple studies demonstrating analgesia of alpha 2 agonists
“ Intranasal formulation in clinical development for acute pain
_ In-licensed non-IV rights from Orion
_ Worldwide rights except Europe, Turkey, and CIS
“ Multiple studies demonstrate Dex pain relief and safe profile
_ Including our completed placebo controlled trials
“ Expect strong IP position
_ Pending IP coverage could run through 2030
“ Expect to file 505(b)(2) NDA shortly after completion of Ph III
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Dex Efficacy and Safety in Multiple Studies
Beneficial effects
Source
NDA filing / pivotal trials _
Approved sedative and safe profile
Abbott/Hospira, Orion
Morphine sparing
NDA studies plus Literature
Chan, 2010; Grosu, 2010; Lin, 2009, Arain,
Analgesia by IV route
2010
Placebo controlled trials; L. Webster, MD
Demonstration of pain relief (VAS)
(Utah) CLBP study (Recro sponsored)
Positive PK/PD plasma levels
Clinical trials run by Recro
demonstrating analgesic potential
Relieves morphine “Max”
University of Minnesota; M. Belgrade, MD
(“hyperalgesia”)
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Significant Advantages Over Opioids
Dex
Fast_acting Opioids
Non_opioid (Not controlled substance)
Opioid - DEA scheduled product
No habituation effects
Addictive
Does not cause respiratory depression
Respiratory depression
Not associated with constipation,
Unwanted side-effects of constipation,
nausea, or vomiting
nausea and vomiting
Enhances morphine effectiveness
Additive effect requires higher dose
without morphine dose increase
More cognitively intact
Frequently “Foggy”/ may be confused
Anxiolytic properties
Not anxiolytic
Effective Analgesic
Effective Analgesic
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Dex Has Been Well Studied by Recro
“
Evaluated proprietary formulations of Dex in 9 trials
Trial
Form
Design
Outcome
REC_13_012
Dex_IN
Acute pain following
Subset of patients (n=34), with baseline
bunionectomy surgery
pain intensity of 6 or below, had
(n=68 evaluable at
separation of analgesia in 50 mcg and
interim analysis)
reduced opioid use versus placebo
REC_11_010
Dex_IN
Chronic lower back
Statistically significant pain relief within
pain POC study (n=24)
30 minutes demonstrated in placebo
controlled trial _ single use device
REC_09_003
Dex_SL
Chronic lower back
Statistically significant reduction in pain
pain POC study (n=21)
intensity demonstrated in placebo
controlled trial
REC_11_008
Dex_IN
Multi_dose PK study
Safety & tolerability of IN dosage form
(n=12)
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DexREC 13 012 IN Study
(US placebo controlled trial)
“ Phase IIb 150 _200 bunionectomy study in approx. pts
_ Randomized, placebo controlled study
“ Primary endpoint _ summed pain intensity difference (SPID) over 48 hours
“ Rescue therapy allowed
“ Post Op Day 0 dosing
“ Three dosing groups_50 mcg, 35 mcg and placebo
“ Preplanned interim analysis
Scheduled after half of patients enrolled
_ Allowed for possible sample size adjustment
68 pts evaluable in interim analysis _ approx. 22 pts per group
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Dex_IN Subset Analysis _
SPID48
“
34 patients with baseline pain intensity of 6 or below
and who completed 48 hour pain assessments
“
Separation of analgesia observed between Dex_IN 50
mcg and placebo
Dex-IN 50 mcg
Dex-IN 35 mcg
Placebo
(n=12)
(n=9)
(n=13)
Mean (SD)
48.67 (76.938)
-9.67 (70.273)
-10.60 (90.997)
Effect size(1)
0.701
0.012
—
(1)Effect size quantifies the magnitude of the difference between two treatment groups (e.g., Dex-IN 50 mcg and placebo) . An effect size of greater than 0.5 is typically considered good.
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Dex_INSubset Analysis _Opioid Sparing
“ 34 patients with baseline pain intensity of 6 or below and who completed 48 hour pain assessments
“ Amount of rescue medication used overall (morphine equiv.) was about 50% less for the Dex- IN 50 mcg group
_ trend was consistent for observation of categories of morphine use (mg) and oxycodone use (mg)
Dex-IN 50 mcg
Dex-IN 35 mcg
Placebo
(n=12)
(n=9)
(n=13)
Mean consumption (SD)
5.83 (6.793)
10.67 (9.487)
11.85 (7.186)
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Dex_IN Next Steps in Post Operative Pain
Planned Phase II bunionectomy study in approx. 200 pts
_ Randomized, placebo controlled study
_ Primary endpoint _SPID over 48 hours
_ Rescue therapy allowed
Post Op Day 1 dosing (previous trial Post Op Day 0)
_ Pain trajectory stable / declining
Top line results expected mid_year2015
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Dex - REC- 11 - 010 IN Study
(US placebo controlled POC trial)
24 chronic lower back pain (CLBP) patients
_ Chronic _ non opioid users & opioid users
PBO controlled, cross - over to evaluate:
Analgesia - Standard VAS for Pain Intensity and Pain Relief at multiple
timepoints
_
Safety _ Adverse Events, Vital Signs, Sedation
Single doses in a 3 way cross - over
_ PBO
_ Dex _ IN25 ug
_ Dex _ IN 50 ug
Pain intensity measurements focused on 1 hour with patients monitored for up to 24 hours
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Fast Onset Of and Prolonged Action
(Clinical Dex REC _11 _010 trial - 11- 010 -DEX_IN pharmacokinetics)
0.25
_ DEX _IN 25µg _ DEX - IN50µg
0.2
( ng/mL) ncentration 0.15
Co 0.1
Plasma
0.05
0
0 0.25 0.5 0.75 1 1.25 1.5 1.75 2
Time (hr)
19 Note: Administered with single unit device
Statistically Significant Pain Relief
(Dex11 _ 010) _REC IN _
2.5 DEX _ IN PBO DEX _ IN 25µg _ DEX IN 50µg
4)
_ * 0
1.5
(Scale: lief Re 1 Pain
0.5
0
BL 0.25 0.5 0.75 1
Time (hours)
** p < 0.01 20 Scale: 0 = No Relief, 4 = Complete Relief
Significant Pain Relief Over Time
(Dex_010 _ 11 REC IN _ Summed Pain Intensity Difference)
_ DEX IN PBO
DEX _ IN 25µg 7 (SPID DEX IN 50µg ference 6 Dif 5 Intensity 4 Pain
3
Summed 2 Mean
0
0 0.25 0.5 0.75 1
Time (Hour) * p < 0.05
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SelectOpioidClinicalTrialsSideEffects
Tapentadol IR
Tapentadol IR
Oxycodone IR
Placebo
50mg
100mg
10mg
Event
n = 67
n = 67
n = 68
n = 67
Nausea
17.9%
46.3%
66.2%
71.6%
Dizziness
14.9%
32.8%
64.7%
56.7%
Somnolence
7.5%
28.4%
36.8%
26.9%
Vomiting
1.5%
16.4%
35.3%
38.8%
Headache
10.4%
17.9%
22.1%
20.9%
Pruritus generalized
0.0%
7.5%
13.2%
10.4%
Hyperhidrosis
1.5%
6.0%
8.8%
10.4%
Constipation
1.5%
6.0%
7.4%
17.9%
Pruritus
3.0%
7.5%
7.4%
11.9%
Feeling Hot
4.5%
7.5%
2.9%
10.4%
Source: Stegmann et.al.(2008) .. The efficacy and tolerability _ multiple of dose tapentadol immediate release for the relief of acute pain following orthopedic (bunionectomy) surgery. Current Medical Research and Opinion
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Dex_IN Well Tolerated
(Clinical REC _11 _ 010 trial _Adverse events+ )
Placebo
DEX_IN 25 µg
DEX_IN 50 µg
(n=24)
(n=24)
(n=24)
Dry Mouth
_
Nausea
Vomiting
_
Feeling Abnormal
_
BP Decrease
_
_
Dizziness
10
Headache
Paraesthesia
_
_
Sinus Headache
_
Somnolence
_
18
Nasal Congestion
_
_
Nasal Discomfort
_
Hypotension
_
+Reported by more than one subject
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Dex_IN Repeat Dosing Well Tolerated
(Clinical REC 11 _008) trial
7 consecutive Dex doses of 35 mcg IN every 6 hours
Evaluated heart rate, blood pressure and BP upon standing every 5 minutes for two hours after dosing
_ Transient effect after initial dosing
Noneoftheaboveeffects categorized by investigators as AEs
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Well Tolerated Profile _ Repeated Dosing
(Study Dex REC _11 008 35 mcg IN formulation)
Number of Subjects
Period 1
Period 2
n = 12
n = 10
Term
D1
D2
D1
D2
D3
D4
D5
D6
D7
Total
7am
1pm
7am
1pm
7pm
1am
7am
1pm
7pm
Back Pain
_
_
_
_
_
_
_
Muscle Spasms
_
_
_
_
_
_
_
_
_
Dizziness
_
_
_
_
_
_
_
Headache
_
_
_
_
_
_
_
_
Anxiety
_
_
_
_
_
_
_
_
Nasal Discomfort
_
_
_
_
_
_
_
Nasal Dryness
_
_
_
_
_
_
_
Rhinalgia
_
_
_
_
_
_
_
_
Rinorrhea
_
_
_
_
_
_
_
_
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Fadolmidine (“Fado”)
Fado Effective inPhaseIIforPainRelief
Alpha 2 agonist
_ morepotentatthealpha2creceptorthanDex
_ >20 fold less potent at the alpha 1b receptor than clonidine
Fadohas demonstrated analgesia in multiple animalmodels
Positive Phase II analgesia study in bunionectomy patients
_ Intrathecal routeof administration
Formulation work underway for topical prototype
_ Potential inregional neuropathies
WW rights to all human uses except Europe, Turkey and CIS
NCEpatent w/ expected extension to2021/ pursuing add’l IP
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Corporate Overview
Intellectual Property
Dex applications for methods for treating/preventing pain through intranasal, sublingual and transdermal formulations without sedation
Dex composition oforal transmucosal (SL) formulation and dispensing devices
FadoIP in_ licensed fromOrion
_ Composition of matter
_ Method of administration for analgesia
_ Treatment and prevention of hypotension and shock
Regulatory exclusivity
505(b)(2) _3 years (Dex _ IN, Dex _ SL)
_ 505(b)(1) _NCE, 5 years (Fado)
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Company Highlights
Dex _IN _ non _ intranasal, opioid in Phase II for acute pain following surgery _significant market opp’y
Multiple clinical studies demonstrate analgesic effect, fast onset of action and well tolerated
Phase IIb interim analysisDex — IN 50 mcg efficacy signal in post op pain subset
Multiple clinical and regulatory milestones over next few years
Experienced team with significant development, regulatory and commercial experience
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