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Business Description Aegerion Pharmaceuticals is an emerging biopharmaceutical company focused on the development and commercialization of drug products consisting of single molecules, called small-molecule therapeutics, to treat cardiovascular and metabolic disease. Our two product candidates are microsomal triglyceride transfer protein inhibitors that limit secretion of cholesterol and triglycerides, collectively referred to as lipids, from the intestine and liver and have demonstrated in humans an ability to significantly reduce low-density lipoprotein cholesterol, or LDL-C. We believe these compounds have the potential to address significant unmet medical needs for patients who seek to lower their cholesterol levels, either on a stand-alone basis or in combination with existing therapies, such as statins and cholesterol absorption inhibitors. Lipid-lowering therapeutics represent one of the largest markets in the pharmaceutical industry, with as many as 52 million patients in the United States alone eligible for therapy. Worldwide revenues for lipid-lowering therapeutics were approximately $30 billion for the twelve months ended December 31, 2006. However, significant unmet medical needs remain for patients with elevated lipid levels, in particular LDL-C. Recent clinical trials conducted by others add to the substantial evidence that there is a direct relationship between lower LDL-C levels and decreased risk for major cardiovascular events. These findings prompted the National Cholesterol Education Program in 2004 to introduce optional LDL-C guidelines, endorsed by the American Heart Association, the American College of Cardiology and others, advising physicians to consider more intensive treatment options for people with high and moderately high-risk of a cardiovascular event. These options include setting lower treatment goals for LDL-C levels (including a LDL-C level of <70 mg/dL as a therapeutic option for very high-risk patients and a treatment goal of <100 mg/dL for all high-risk patients) and initiating cholesterol-lowering drug therapy at lower LDL-C thresholds. We believe these recommendations reflect a trend toward more aggressive treatment of LDL-C levels in both high and moderately high-risk patient populations, a significant percentage of whom will not be able to achieve the lower LDL-C goals using current treatments. We believe that this unmet medical need will become even more pronounced as lower LDL-C goals become more widely adopted by the medical community. Several recent clinical trials have shown that combination therapy with multiple, differently acting compounds is the most effective way to achieve these more aggressive LDL-C goals. For example, one recent clinical trial demonstrated that use of Vytorin, a fixed-dose combination of the statin Zocor (simvastatin) and the cholesterol absorption inhibitor Zetia (ezetimibe), results in a greater percentage of high-risk patients reaching their LDL-C goal than does the use of the leading marketed statin, Lipitor (atorvastatin), alone. Despite the increased LDL-C lowering effect of Vytorin over statin monotherapy, we believe millions of people may be unable to reach their optimal level of LDL-C, and the number will increase significantly if the National Cholesterol Education Program lowers the guidelines even further for people with high and moderately high-risk of a cardiovascular event. We believe our product candidates have the potential to take advantage of this trend towards combination therapy in the lipid-lowering market. One of our two product candidates, AEGR-733, is a microsomal triglyceride transfer protein inhibitor that we are developing for the oral, once-a-day treatment of individuals with high lipid levels, or hyperlipidemia, in particular in those patients with high cholesterol, or hypercholesterolemia, and/or high triglyceride levels, or hypertriglyceridemia, who are unable to meet specified target goals. We believe AEGR-733 has the potential to address unmet medical needs in a variety of patient populations, including the approximately one-third of all patients in the United States at high-risk for coronary heart disease, or approximately 8 million people, we estimate would not be able to achieve a target LDL-C level of <70 mg/dL, even if the most efficacious forms of currently available drug therapies were prescribed. In addition, there are an estimated 1.5 million patients in the United States who are statin-intolerant and unable to achieve goals on non-statin therapy, such as Zetia (ezetimibe), one of the most effective non-statin treatments currently approved for the treatment of high cholesterol. In a recently completed Phase II clinical trial, AEGR-733 in doses of 5 mg to 10 mg in combination with Zetia (ezetimibe) 10 mg resulted in an average reduction in LDL-C of 34.5% to 46.2% in patients with hypercholesterolemia (versus approximately 20% for Zetia (ezetimibe) alone). There was no difference in discontinuation rates between the patients treated with the combination of AEGR-733 + Zetia (ezetimibe) 10 mg versus those treated with Zetia (ezetimibe) alone. We believe the results of this trial demonstrate the potential of AEGR-733, when used in combination with other non-statin therapies such as Zetia (ezetimibe), to offer statin-like LDL-C lowering efficacy for statin-intolerant patients. We also believe that AEGR-733 may have advantages over Zetia (ezetimibe), both as a monotherapy and particularly when used in combination with other drug therapies. We believe the potential advantages may include: superior LDL-C lowering efficacy; the ability to administer AEGR-733 at increasing doses for greater LDL-C lowering efficacy due to a significant dose response curve, whereas Zetia (ezetimibe) is only available at a single marketed dose; superior triglyceride lowering efficacy; and the potential to induce weight loss. In a recently completed Phase II clinical trial, AEGR-733 10 mg when used as a monotherapy resulted in significantly greater LDL-C lowering efficacy than Zetia (ezetimibe) 10 mg (29.9% vs. 19.9%, respectively). In 2007, we intend to initiate additional Phase II trials of AEGR-733 to further evaluate its potential role in reducing LDL-C, both as a monotherapy and in combination with Lipitor (atorvastatin) and other lipid-lowering therapies. We also believe AEGR-733 has the potential to address unmet medical needs in niche patient populations, such as the approximately 30,000 patients in the United States with high cholesterol levels that are resistant to treatment, a condition known as severe refractory hypercholesterolemia. Patients with this condition have elevated and refractory hypercholesterolemia to the point that they are eligible to receive periodic plasma apheresis, or the mechanical filtration of LDL-C particles from the blood, and often die at an early age. Of these 30,000 patients, approximately 300 patients in the United States have a rare genetic disorder called homozygous familial hypercholesterolemia resulting in severely elevated levels of LDL-C (400-800 mg/dL). In January 2007, The New England Journal of Medicine published the results of a Phase II clinical trial of AEGR-733 in patients with homozygous familial hypercholesterolemia. In this trial, patients receiving the highest dose of AEGR-733 (1.0 mg per kg of body weight) as monotherapy achieved on average a 51% reduction in LDL-C. We expect a Phase III clinical trial, to be conducted by the University of Pennsylvania School of Medicine on our behalf, will be initiated in the second half of 2007, to further study the effects of AEGR-733 in this patient population. In this trial, AEGR-733 will be used in conjunction with other lipid-lowering therapies. We expect AEGR-733 to be eligible for orphan drug designation for this patient population and we intend to pursue such designation with the FDA. Our second product candidate, AEGR-427 (implitapide), is also a microsomal triglyceride transfer protein inhibitor that we are developing for the oral, once-a-day treatment of hyperlipidemia. In the Phase II trial conducted by Bayer Healthcare AG, implitapide 40 mg was shown to lower LDL-C by an average of 22% and triglycerides by an average of 11%, with a discontinuation rate the same as placebo (2%). In addition, based on prior clinical trials, we believe that AEGR-427 (implitapide) may also have an impact on weight loss. In the second half of 2007, we plan to initiate a pharmacokinetic trial, which involves measuring the drug-to-drug interaction in the blood of healthy volunteers, to study AEGR-427 (implitapide) in combination with a variety of statin therapies as well as a dose ranging trial to evaluate its efficacy and safety/tolerability profile in doses ranging from 30 mg to 50 mg. ------ We were founded in 2005 as a Delaware corporation. Our principal executive offices are located at CenterPointe IV, 1140 Route 22 East, Suite 304, Bridgewater, New Jersey 08807, and our telephone number is (908) 704-1300. Our web site address is www.aegerion.com.