Lehman Brothers Eighth Annual Global Healthcare Conference March 30, 2005 Bruce A. Peacock President and Chief Executive Officer

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2 Lehman Brothers Eighth Annual Global Healthcare Conference March 30, 2005 Bruce A. Peacock President and Chief Executive Officer 2005 Adolor Corporation. All rights reserved.

3 Safe Harbor Statement This oral presentation and the questions and answers that follow contain forward-looking statements, including, but not limited to, statements about: anticipated date of providing FDA with information about Study 001 anticipated actions with respect to the FDA target action date for our NDA for Entereg our ability to receive FDA approval for our NDA for Entereg our collaborator s plans for development of Entereg in the management of postoperative ileus our collaborator s plans for development of Entereg in opioid bowel dysfunction including targets for initiating further clinical trials and a NDA submission target anticipated dates of clinical trial initiation, completion, and announcement of trial results by us and our collaborators anticipated dates for regulatory submissions by us and our collaborators and regulatory actions anticipated results of clinical trials anticipated efforts of our collaborators our plans for manufacturing and supply for our products our ability to complete additional studies for ADL our research efforts anticipated operating losses and capital expenditures estimates of the market opportunity and the commercialization plans for our product candidates our ability to acquire or in-license products and product candidates our plans to build a hospital-focused sales staff. These statements are subject to risks and uncertainties, known and unknown, which could cause actual results and developments to differ materially from those expressed or implied in such statements. Such known risks and uncertainties relate to, among other factors: the risk that Adolor does not submit the information from Study 001 in a timely manner for FDA to consider in connection with the New Drug Application (NDA) for use of Entereg in postoperative ileus (POI); the risk that the FDA does not extend the PDUFA target action date; the risk that the FDA may not meet the PDUFA target action date; the risk that Adolor may not obtain FDA approval of the Entereg POI NDA whether due to the adequacy of Studies 302, 306, 308 and 313 to support FDA approval, FDA not agreeing with our analyses of Studies 302, 306, 308 and 313 and evaluating the results of these studies by different methods or concluding that the results from the studies are not statistically significant, clinically meaningful or do not support safety, or that there were human errors in the conduct of the studies or otherwise, the adequacy of the development program, results from Study 001, the conduct of the clinical trials, changing regulatory requirements, different methods of evaluating and interpreting data, reliance on third party manufacturers, unfavorable results from ongoing clinical trials, including trials being conducted by our collaborator, adverse safety findings, or otherwise; the costs, delays and uncertainties inherent in scientific research, drug development, clinical trials and the regulatory approval process; the risk that the results from Study 001 do not support the submission of a marketing approval application for Entereg in Europe; the risk of unfavorable results of Entereg in trials in other indications; the risk that NDAs may not be submitted in other indications; Adolor s history of operating losses since inception and its need for additional funds to operate its business; Adolor s reliance on its collaborators, including GlaxoSmithKline, in connection with the development and commercialization of Entereg ; market acceptance of Adolor s products, if regulatory approval is achieved; securities litigation; competition; and other risk factors detailed from time to time in reports filed by Adolor with the Securities and Exchange Commission. We urge you to carefully review and consider the disclosures found in these filings which are available in the SEC EDGAR database at Given the uncertainties affecting pharmaceutical companies in the development stage, you are cautioned not to place undue reliance on any such forward-looking statements, any of which may turn out to be wrong due to inaccurate assumptions, unknown risks, uncertainties or other factors. Adolor undertakes no obligation to (and expressly disclaims any such obligation to) publicly update or revise the statements made herein or the risk factors that may relate thereto whether as a result of new information, future events, or otherwise.

4 Adolor Addressing Significant Market Opportunities Opioid Analgesics Over $5 billion U.S. market More than 240 million scripts are estimated to be written in the U.S. each year Need for Better management of GI side effects Improved product profile reduction of other side effects or abuse potential

5 Product Development Pipeline Entereg (alvimopan) Postoperative Ileus (POI) Chronic Opioid Bowel Dysfunction (cobd) Sterile Lidocaine Patch Postoperative Incisional Pain Analgesic Discovery Research Programs Novel Opioid and Non-opioid Targets Focused on Moderate to Severe Pain

6 Adolor and GlaxoSmithKline Entereg (alvimopan) Collaboration ROW development and promotion Ex-US royalties US co-development/ co-promotion profit split Milestones received: $50,000,000 upon signing $10,000,000 on NDA acceptance ROW/US manufacturing

7 Adolor/GSK Arixtra Co-Promotion Relationship with GSK expanded in January 2005 to include co-promotion of GSK s Arixtra for the prophylaxis of deep vein thrombosis (DVT) Adolor deploying a Field Force comprised of 3 regional directors and 30 specialty account managers targeting surgeons and related healthcare professionals Two-year agreement; GSK providing cost reimbursement for Adolor reps ARIXTRA is a registered trademark of GlaxoSmithKline

8 Entereg (alvimopan) Postoperative Ileus (POI) Chronic Opioid Bowel Dysfunction (cobd) Sterile Lidocaine Patch Postoperative Incisional Pain Analgesic Discovery Research Programs Novel Opioid and Non-opioid Targets Focused on Moderate to Severe Pain

9 Alvimopan Mechanism of Action Mu Opioid Narcotic Analgesics: - morphine - codeine - oxycodone Central Mu Opioid Receptor Alvimopan is a patented small molecule that antagonizes G.I. Opioid Receptors Peripheral Mu Opioid Receptors in Bowel Postoperative Ileus, Opioid Bowel Dysfunction

10 Postoperative Ileus Impairment of G.I. motility after abdominal or other surgeries Major factor contributing to postoperative discomfort Opioid analgesics used for treatment of postoperative pain delay G.I. recovery Delays gastrointestinal recovery and often prolongs hospital stay No current FDA approved pharmacologic treatments to manage POI

11 Entereg (alvimopan) for the Management of Postoperative Ileus U.S. Phase 3 Studies Study N= 2,146 Treatment Arms Primary Objective Population (%MITT) 302 N=451 6 mg 12 mg Placebo Efficacy Bowel Resection (70%) Radical Hysterectomy (8%) Simple Hysterectomy (23%) 313 N=510 6 mg 12 mg Placebo Efficacy Bowel Resection (96%) Radical Hysterectomy (4%) 308 N=666 6 mg 12 mg Placebo Efficacy Bowel Resection (68%) Radical Hysterectomy (17%) Simple Hysterectomy (15%) 306 N= mg Placebo Safety Simple Hysterectomy (100%)

12 Entereg (alvimopan) for the Management of Postoperative Ileus, Phase 3 Efficacy Studies Primary Efficacy Endpoint Time to recovery of gastrointestinal (GI) function last to occur of upper GI recovery (solid food) and lower GI recovery (first of flatus or bowel movement) = GI 3 Study 14CL302 14CL313 14CL308 EU Study 001** 6 mg P-value <0.01* <0.05* < mg P-value <0.01* Generally well tolerated; in addition to nausea and vomiting, abdominal distension (Study 302), hypotension (Study 313), pruritus (Study 308) and pyrexia (EU Study 001) are included in the 3 most frequent adverse events. **Primary analysis reflects bowel resection subjects only (total enrolled was 911 subjects including 170 radical hysterectomy subjects) * Statistically significant 1 Due to the multiple dose comparison to a single placebo group, a p-value less than is required for statistical significance when one p-value is > 0.05

13 Entereg (alvimopan) for the Management of Postoperative Ileus, Phase 3 Safety Study Study 306 Primary Objective Alvimopan was generally well tolerated Most frequent adverse events were : Placebo (N=106) 12 mg (N=413) Nausea 64.2% 72.6% Vomiting Constipation 25.5% 31.1% 31.5% 23.0% Discontinuations for adverse events: Total 4.7% 3.9%

14 Entereg (alvimopan) for the Management of Postoperative Ileus, Phase 3 Safety Study Study 306 Summary of Secondary Objectives 2 Mean in hours Time to: Alvimopan Placebo Difference First Flatus First Solids D/C Order GI First BM * GI * Responder 1 75% 72% * Denotes Statistically Significant 1 Defined as proportion of patients achieving GI recovery within 60 hours 2 Patients were evaluated both in the hospital as well as when they went home, for a total of 7 days of treatment

15 Entereg (alvimopan) for the Management of Postoperative Ileus, Phase 3 Efficacy Studies Secondary Efficacy Endpoint Time to recovery of gastrointestinal (GI) function last to occur of upper GI recovery (solid food) and lower GI recovery (bowel movement) = GI 2 Study 14CL CL313 14CL308 6 mg P-value <0.01* <0.05* <0.01* 12 mg P-value <0.001* <0.05* EU Study 001** <0.001 * 0.008* **Primary analysis reflects bowel resection subjects only (total enrolled was 911 subjects including 170 radical hysterectomy subjects) * Statistically significant 1 Not a prespecified endpoint for study 302

16 Entereg (alvimopan) for the Management of Postoperative Ileus, Study 313 Additional Analysis Hospital Discharge Order Written by Postoperative Day 30 % of Subjects Placebo 12 mg Postoperative Day

17 Summary of Entereg Clinical Studies for the Management of POI U.S. Phase 3 Clinical Studies Primary endpoint GI 3 Statistically significant difference in 2 U.S. pivotal studies; 12 mg dose submitted in proposed indication Secondary endpoints Difference in favor of Entereg (TM) as compared to placebo in all secondary endpoints in all 3 efficacy studies Fewer reports of nausea, vomiting, nasogastric tube re-insertion and hospital re-admission Generally well tolerated in all Phase 3 studies EU Phase 3 Clinical Study EU data targeted to be provided to the FDA in a time frame that would allow for an extension of 3 months to the PDUFA target action date from April 25, 2005 to July 25, 2005 GSK target for submission of MAA 2005

18 Entereg (alvimopan) Postoperative Ileus (POI) Chronic Opioid Bowel Dysfunction (cobd) Sterile Lidocaine Patch Postoperative Incisional Pain Analgesic Discovery Research Programs Novel Opioid and Non-opioid Targets Focused on Moderate to Severe Pain

19 In effect, I am a virtual prisoner in my own body Georgetown s pain management specialist assured me there was no reason to be in pain take more pain medication when I needed it. You don t have to tell me that twice. The only problem was that the painkillers brought on more constipation, which brought on more pain. While in the hospital, I had half the staff at Georgetown concerned with my bowels. Cathy Hainer, Reporter, USA Today

20 Entereg (alvimopan) Chronic Opioid Bowel Dysfunction Impairment of GI motility associated with chronic opioid use characterized by: Constipation, abdominal distension & bloating An additional quality of life impediment for chronic pain sufferers No current FDA approved treatments specifically to manage cobd 79.2% 190 mm Rx s for 1-14 days duration 240 million Opioid Rx s in the U.S. 20.8% 50 mm Rx s for 15+ days duration

21 Entereg (alvimopan) Chronic OBD Study 011 Phase 2b Efficacy Study Primary Efficacy Endpoint Spontaneous bowel movement (SBM) defined as bowel movement with no laxative use in previous 24 hours Dose Placebo SBM change from baseline weeks SBM SBM change from baseline weeks SBM 0.5 mg 2x/day 3.36 SBM* 3.58 SBM* 1.0 mg 1x/day 3.29 SBM* 3.39 SBM* 1.0 mg 2x/day 4.17 SBM* 4.34 SBM* N=522 non-cancer patients suffering from chronic pain AEs affecting the GI tract were the most common, occurring in 30-43% of alvimopan treated patients, compared to 36% on placebo. The most frequently reported AEs were abdominal pain, nausea and diarrhea and GI adverse events were also the most common reason for study withdrawal. Alvimopan was generally well tolerated. The incidence of any patient reporting of an AE was numerically similar between treatment and placebo groups *Statistically significant

22 Entereg (alvimopan) Ongoing Development Program QOL in POI, pre-op dose window, GI recovery OBD in cancer pain subjects Status Clinical study ongoing Clinical study ongoing by GSK Combo Product Formulation and assay evaluation

23 Entereg (alvimopan) Postoperative Ileus (POI) Chronic Opioid Bowel Dysfunction (cobd) Sterile Lidocaine Patch Postoperative Incisional Pain Analgesic Discovery Research Programs Novel Opioid and Non-opioid Targets Focused on Moderate to Severe Pain

24 Sterile Lidocaine Patch Important strategic asset in Adolor s focus on pain management Second lead product candidate; intended for incisional pain Robust lidocaine patch market exists today; unmet need in surgical application Potential market size: 17 million procedures in U.S. U. S. Phase 2 study targeted for 2005 Leverage potential for field hospital sales force

25 Sterile Lidocaine Patch Phase 2 Clinical Study Double-blind, randomized, placebo controlled study (N = 215) Hernia repair surgery Primary efficacy endpoint; pain intensity scores measured 2-48 hours Treatment for 48 hours VAS Pain Scores (AUC) Placebo 9.5% Lidocaine Patch P=0.06 P=0.015 P= Time Post Surgery (hours) 27% Pain Reduction ]

26 Entereg (alvimopan) Postoperative Ileus (POI) Chronic Opioid Bowel Dysfunction (cobd) Sterile Lidocaine Patch Postoperative Incisional Pain Analgesic Discovery Research Programs Novel Opioid and Non-opioid Targets Focused on Moderate to Severe Pain

27 Adolor Discovery Research Strategic Goal The discovery and development of novel compounds with the broad beneficial therapeutic effects of opioids with reduced side effects or abuse potential Approaches Structurally novel centrally acting opioid receptor agonists Non-opioid receptor agonists Peripheral opioid and non-opioid receptor agonists

28 Delta Opioid Receptor Agonists Activity in Inflammatory Pain Model p < VEHICLE NTI (0.3 mg/kg s.c.) 150 % Antihyperalgesia CONTROL ACTIVE Delta Agonist

29 Delta Opioid Receptor Program Status Potent, selective delta opioid receptor agonist Novel, proprietary chemical structure Orally bioavailable Activity in several rodent pain models Satisfactory non-clinical safety profile Next steps Scale-up compound manufacturing Pre-clinical IND support studies IND Filing target = late 2005

30 Financial Results (unaudited, in millions) Twelve Months Ended December 31, 2004 Revenues $25.5 Net Loss $43.6 December 31, 2004 Cash and Investments $162.3 Total Assets $178.1 Total Stockholders Equity $123.2 Shares Outstanding 39.1

31 Adolor Highlights Worldwide development and commercialization collaboration with GSK for Entereg US POI - NDA Submitted; EU data to be provided Chronic OBD Phase 2 statistically significant results reported NDA target 2007 Field force co-promoting Arixtra Initiate Sterile Lidocaine Patch Phase 2 program targeted in 2H 2005 Advance discovery compound into development targeted in 2H 2005

32 2005 Adolor Corporation. All rights reserved. Adolor Corporation 700 Pennsylvania Drive Exton, PA