Hearing med Thomas Feldthus, ekonomichef WntResearch AB, hölls 14 november kl 10.00-10.40.

Thomas Feldthus: The hearing now ends, thanks for your interest! I may not have been able to respond to all questions. If you have any further questions you can email me at: tf@wntresearch.com Regards / Thomas

Thomas Feldthus: Foxy-5 represents a first in class therapy for reestablishment of the Wnt-5a signaling. We are not aware of any competing product, which is doing that for the time being. Foxy-5 is going to be one of the first metastasis specific products to enter clinical trials. We are aware of a few programs/concepts which are directed towards metastasis. However, these products/concepts are only targeting one of the many pathways being involved in the metastatic process while Foxy-5 targets many upstream pathways leading to cell migration and formation of metastasis. Foxy-5 is intended to be used in combination with other cancer therapies such as chemotherapies, targeted antibody therapies and angiogenesis therapies. These cancer therapies are consequently not competing therapies. (2012-11-14 11:08)
Jens: Hur ser konkurrenssituationen ut för er? (2012-11-14 10:43:25)

Thomas Feldthus: Yes it is true that we are raising capital at a value which is lower than we have raised in soft-money this year. The pre-money valuation is SEK 22.9 million at SEK 3 per share. For the activities going forward, the company has raised up to SEK 38 million in non-dilutive capital for development of Foxy-5 through a combination of grants and support from our partners under the Eurostars program. (2012-11-14 10:54)
dinamina: Stämmer det att ni idag har erhållit ännu inte utnyttjade bidrag för era studier som är större än vad värderingen för bolaget är? (2012-11-14 10:10:59)

Thomas Feldthus: I regret my slow response time. I have decided to extend the web-hearing to 11 am for this reason.

Thomas Feldthus: The objective with phase 1 is to establish safety and tolerability of Foxy-5. The generic risk with phase 1 is that the company is not able to recruit the number of required patients within a reasonable time frame and that the product proves to be toxic at dose which is lower than the therapeutic relevant dose. We are performing the trial at Rigshospitalet in Copenhagen and the inclusion criteria are relative broad. Therefore, we expect to be able to recruit the patients in time. Foxy-5 proved to be well tolerated in the pre-clinical animal studies. We hope and expect that this also proves to be the case in humans. Furthermore, it is to be noted that Foxy-5 is a small peptide which is based on amino-acid sequence which is specific for Wnt-5a, a protein which is expressed and secreted by human cells. (2012-11-14 10:45)
Sten: Vilka specifika risker finns för fas 1 och 2 och hur stora är de? (2012-11-14 08:03:51)

Thomas Feldthus: We plan to out-license Foxy-5 or sell part or the entire company upon successful completion of phase 2 clinical trials. This also means that we intend to provide an exit to investors within a 3 year time frame which may come as dividends in case of out-licensing and capital gain in case of an acquisition. (2012-11-14 10:26)
dinamina: När tror ni att ni kan nå en exit? (2012-11-14 10:16:46)

Thomas Feldthus: The analysts who are following the company agree that the company is significantly undervalued for the time being. I believe that we can improve our communication with the market and be better to explain the company’s story and value. This is going to be a major task for the coming period. According to analyst estimates the value could increase significantly if we succeed. In addition to this we are going to build significant value in the coming period. The company will go from a discovery stage company to a clinical stage company when we initiate the phase 1 clinical trial. This will by itself bring us up in a new category. Furthermore, during the coming year we hope to build further value into the company by establishing: • safety and tolerability for Foxy 1 by successful completing phase 1 • preliminary evidence of anti-metastatic activity in humans • additional proof of principle studies for colon and ovarian cancer as well as additional breast cancer cell lines • Select indication and design protocol for the proof of concept studies in humans This means that there are several major potential inflation points for the next 12 months (2012-11-14 10:24)
Olssons: Hej! Varför skall jag teckna i er emission? Var tror ni företaget står om 3 år? (2012-11-08 16:46:02)

Thomas Feldthus: The phase 1 trial is planned to be a classical dose escalating trial where you have 3 patients in each cohort with the possibility to expand to 6 patients in case you experience a potential dose- limiting toxicity in a given cohort. The dose escalation is subject to approval of a safety monitoring committee upon completion of one cycle in each cohort. You cannot tell how many patients will participate upfront because you don’t know when you reach the maximum tolerated dose. However, it is common to go through 6-7 cycles equivalent to 18-21 patients. (2012-11-14 10:06)
eric: Hej. Hur fortlöper patientrekryteringen? Vet ni redan idag hur många patienter som kommer att medverka? (2012-11-12 11:35:00)

Thomas Feldthus: The primary objective is to establish safety and tolerability of Foxy-5 in humans. The sedondary objectives is still subject to approval of the final protocol and negotiation with authorities. However, the inclusion criterion for phase 1 is patients with metastatic solid tumors where the primary tumour is Wnt-5a negative. This is the patient group which we expect will benefit from receiving Foxy-5. We hope to obtain some preliminary evidence of anti-metastatic tumour activity in these patients by measuring the number of circulating cancer cells in the blood stream of the patients during the trial. (2012-11-14 10:06)
eric: Kommer ni att kunna få någon form av proof of concept redan efter avklarad fas I? (2012-11-12 11:36:29)

Thomas Feldthus: I am an Engineer by training and hold an MBA (MSc in Management) from London Business School. I have more than 20 years of experience from the life science industry. I am a co-founder of 3 biotech companies including Danish Symphogen where I have served as CFO for 12 years. I have raised more than 1.8 billion SEK in equity capital for biotech companies and I been involved in negotiated of numerous contracts and collaboration agreements world-wide including a joint venture agreement with Swedish Sobi, a license and co-development agreement with Meiji Seika Kaisa of Japan and a USD 300 million license and discovery collaboration with Genentech in the US. I believe that WntResearch has a number of important commercial objectives for the coming period. We need to improve our communication with the market, identify and investigate alternative sources of financing and negotiate an attractive out-license/exit for the investors upon successful completion of phase 2. I expect that I can contribute with this. (2012-11-14 10:04)
detramen: Hej, vad är din bakgrund och vad kan du tillföra bolaget? (2012-11-14 07:47:09)

Thomas Feldthus: Hello and welcome to the hearing. You can ask question in swedish or in english, but I will answer all questions in english. (2012-11-14 10:06)