Bioventix Presentation: October 2017 Bioventix & antibodies for - - PowerPoint PPT Presentation

Bioventix Presentation: October 2017

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• Bioventix & antibodies for blood testing
• Bioventix portfolio of antibodies and their advantages
• 2016/17 results and analysis
• Business continuity
• Shareholders & the Board
• Conclusions & outlook

• Farnham location

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• 12 staff in a Bioventix-
• wned property

Automated Blood Testing

antibody antigen

• Bioventix creates and manufactures

sheep monoclonal antibodies (SMAs). Customers incorporate these antibodies in reagent packs for use on automated blood-testing machines

• Bioventix sells liquid “physical” SMAs and

derives royalties from their downstream use 3

Creating Antibodies

White blood cell (B cell)

• mortal
• Secretes a single antibody

Polyethylene glycol (PEG)

• Bioventix’s business is based on the ability
• f sheep to make better antibodies than mice
• Better antibodies can facilitate better tests

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Myeloma fusion partner

• Immortal
• Secretes nothing of use

Why SMAs? (testosterone)

• Roche published their prototype assay in

2008 and launched this assay in 2009

• It is the Bioventix antibody that made this

possible 5

• In 2003, it became clear that testosterone

testing for women was inadequate

• Magnetic

particle

• Fluorescent

label

Why SMAs? (troponin)

• Troponin is a component of heart muscle

that leaks out after a heart attack

• A new improved Siemens assay for troponin

was released in ex-US markets in May 2017 6

Fertility

• Clinician education and

familiarisation and the need to change hospital protocols is likely to mean sales from the new Siemens assay gear up during 2018 7 Thyroid Heart failure

2016/17: Headlines

 Turnover: £7.2M (2015/16: £5.5M) +31%  Profit before tax: £5.8M (2015/16: £4.2M) +37%  Profit after tax £4.9M (2015/16: £3.5M) +41%  Cash at 30 June: £6.2M (2015/16: £5.4M) +£0.8M  Second interim dividend: 31p/share (Oct 2016: 26p) +20%  Special dividend: 40p/share

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• Dividend policy continues to

embrace continuity

• Royalties have increased across many antibodies
• Physical antibody sales boosted by drug-testing SMAs

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Key Financials (Oct 2017)

£ (‘000) Year to 30.6.14 Year to 30.6.15 Year to 30.6.16 Year to 30.6.17 Sales 3,535 4,333 5,517 7,245 P/(L) before tax 2,231 3,106 4,219 5,771 P/(L) after tax 1,815 2,557 3,494 4,922 Year-end cash 3,351 4,130 5,380 6,166 Dividend distribution 1,200 1,630 3,200 4,600 Total dividend per share (p) Split between Spring/Autumn Special dividend 24 9.6/14.4 32.6 11/21.6 42.5 16.5/26 20 51 20/31 40 Q3 share price (p) 600 11.00 11.00 22.00 Dividend yield (total/Q3; %) [including special] 4.0 3.0 4.0 5.7 2.3 4.1 10

Pipeline Development

high Secretoneurin (CardiNor) Amyloid (Pre-Diagnostics) Troponin (Siemens) [2017/18] medium virus (contract) Thyroid (contract) Low Thyroxine/T4 Vitamin (contract) Andro [2018/19] Cancer (contract) [2019/20] Low Medium high

Increasing probability of success → ← Increasing potential value

• New research projects actively being sought

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Business Dynamics

• Bioventix takes about 1 year to make antibodies
• Customers take 2-4 years to: formulate a prototype

test; conduct field trials; submit data to regulatory authorities; obtain marketing approval

• This is an impediment to revenue growth – but

delivers longer term revenue continuity

Old test Prototype test +1 year 2-4 years = 3-5 years total

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Selected Shareholder Base (Sept 2017)

Institution Shares (1000s) % Miton Group 614 11.9 Peter Harrison 508 9.9 Livingbridge 384 7.5 Sanford DeLand 375 7.3 Canaccord (Hargreave Hale) 329 6.4 Wasatch Advisors, Inc 151 3.0 Total shares = 5,138,674

• Shares admitted to AIM 29 April 2014

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Bioventix Directors

• Peter Harrison, CEO
• >30 years experience of

antibody technology at Celltech, KS Biomedix & Bioventix

• Ian Nicholson, Chairman
• >30 years experience of

commercial development within biotechnology including Amersham, Celltech, Chroma, Clinigen & Consort Medical

• Nick McCooke, Non-

executive Director

• >30 years experience of

biotech industry (including diagnostics R&D) at Celltech, Solexa & Pronota

• Treena Turner, Finance

Director

• Partner at Wise & Co

accountants in Farnham. >10 years experience of Bioventix and accounts preparation 14

Conclusions and Outlook

• 2016/17: excellent results for the year as additional growth

comes from our vitamin D antibody and other antibodies

• 2017/18: high sensitivity troponin project expected to gear up

during 2018 and help balance revenues lost through termination

• f NT-proBNP revenues of ~£1,000k
• 2018-2020: growth linked to success of Siemens & their high

sensitivity troponin project

• 2020-2030: growth linked to new products emerging from the

company’s R&D pipeline and collaborative work with new biomarkers

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