You took over as CEO of Theratechnologies in March 2020; what drew you to the company?
I worked in big pharma for 34 years, from Canada to Europe, Asia, and the United States. I learned a lot over the years, but after my time as the global head of the rare disease business unit at Pfizer, it was time to try something new. Theratechnologies (Thera) piqued my interest because it already had revenue from two commercialized HIV medicines and excellent HIV, NASH, and oncology research programs.
Thera's two commercial products generated approximately USD 80 million in sales in 2022 and are still growing - we anticipate a 13-19% increase this year. We are in a unique position in that, while we still require investors to support our clinical development programs, we are less reliant on raising capital to run our business.
Will you please elaborate on the commercial products in your portfolio? What medical needs do they address?
There’s a belief among some that most of the unmet treatment needs in HIV have been satisfied, especially in North America. But this is simply not the reality and that’s where our medicines come in. Many people with HIV (PWHIV) began treatment in the late 1980s and 1990s and may face issues with antiviral resistance. More recently diagnosed PWHIV who are heavily treatment experienced can face this as well. Trogarzo® was approved in the United States in March 2018 and was the first long-acting agent approved for the treatment of multi-drug resistant HIV. Our second drug, EGRIFTA SV®, is approved in the United States for the reduction of excess visceral abdominal fat in people with HIV who have lipodystrophy. Many PWHIV have lipodystrophy as a result of the virus causing damage to the body and the antiretroviral medications they have been taking for a long time. They may be at a higher risk for metabolic disorders, as well as liver and cardiovascular disease.
What about your pipeline, what innovations do you have in the works?
We are currently running two clinical development programs. TH1902 (sudocetaxel zendusortide) is in early phase development and targets advanced solid tumors across various cancers. The FDA has granted a fast-track development program for the investigation of TH1902 as a single agent for the treatment of patients with advanced solid tumors that are refractory to standard therapy. This program is seeking to fill a great unmet medical need as cancer is the first or second largest cause of death in many countries.
We are also pursuing the treatment of NASH, which is another large unmet medical need, for which no therapies have yet been approved. In Q4 2022, two companies released promising data from their clinical trials, reviving interest and hope in this therapeutic area. With the right partner, we believe we have a good chance of moving our NASH program forward.
Aside from revenue from commercialized products, how does Theratechnologies fund its R&D efforts?
The cost of developing medicines is enormous and requires the involvement of institutional investors whether you have a commercial line of business or not.
These additional funds are needed to support a biotech company’s journey from development to commercialization. I meet with investors weekly to update them on what Thera has accomplished, what we have in the pipeline, and the quality of our science and management team.
Of course, having a commercial line puts us in a better position because we are a less risky investment than other biotechs. At the same time, because we are not a large pharmaceutical company, we are not expected to focus on multiple products and developments. We can remain nimble, allowing us to make quick decisions and advance our programs.
What have been the most difficult aspects of your innovation journey thus far?
Innovation and particularly drug development, is not for the faint of heart. But this is even more relevant for biotechs like Thera, where so much attention goes into one or two programs. For instance, it is no secret that it can be challenging to transition from a pre-clinical model in which you work on animals to a clinical model in which you work with patients. If you had excellent data in an animal model you will want to replicate it, but humans have more complex parameters and reproducing the results within these parameters will necessitate making changes. Our team has learned quickly that this effort necessitates intense focus, collaboration with some of the world's best experts, and the ability to initiate changes if the expected results are not obtained. The journey towards commercialization is never a straight path. Hurdles in moving from the lab to the clinic provide great lessons in being nimble and being able to pivot to best leverage your sometimes limited human and financial resources.
What goals do you intend to prioritize in the coming years?
We intend to further expand our commercial line of business. We would like to make small acquisitions or in-licensing deals to bring more commercial products into our portfolio, which will make us more relevant and impactful for the patients that we serve and the healthcare providers we call on, and lead to a more profitable business. Furthermore, we would like to partner up on our two clinical development programs because the next stages of development are expensive; collaborating allows us to expedite these programs. The two main markets in mind for clinical development collaborations are the United States and Europe, but we also hold an interest in China.
At the end of the day, none of our successes will be possible to achieve without a consistent focus on shaping and evolving Thera’s dynamic culture. We have attracted top talent and I’m committed to retaining and further developing our amazing and dedicated team.
