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Company Links |
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Major Stock Holders
(Prior To
Offering) |
Name |
Class A |
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Entities affiliated with MPM Capital |
26.10% |
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Entities affiliated with OrbiMed Advisors |
14.60% |
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Nick Simon |
26.30% |
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Nomura Phase4 Ventures LP |
19.50% |
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Robert Adelman, M.D. |
14.60% |
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Company Strategy |
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A biopharmaceutical company focused on developing a portfolio of internally discovered product candidates designed to eliminate known safety issues associated with well-established, commercially successful drugs.
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Product/Services Portfolio |
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The Company’s most advanced product is ATI-7505, an oral prokinetic drug that has successfully completed Phase 2 clinical trials for the treatment of multiple gastrointestinal disorders including gastroesophageal reflux disease, or GERD, and functional dyspepsia.
ATI-7505 was designed to have the same therapeutic benefits as cisapride, a drug marketed by Johnson & Johnson as Propulsid in the United States. Launched in 1993, cisapride reached sales of over $1.0 billion before it was withdrawn from the market in 2000 due to serious cardiovascular side effects. These side effects occurred as blood levels of the drug rose significantly when CYP450 clearance was blocked because of the presence of other drugs cleared by the same metabolic pathway. The Company designed ATI-7505 to be metabolized through the esterase pathway, eliminating metabolism through CYP450 as well as off-target cardiovascular effects.
ATI-5923 is an oral anticoagulant in Phase 2 clinical trials for the treatment of patients who are at risk for the formation of dangerous blood clots, such as those with atrial fibrillation or those at risk of venous thromboembolism. ATI-5923 was designed to have the same therapeutic benefits as the drug warfarin, which for over 50 years has been the treatment of choice as an oral anticoagulant. The Company designed ATI-5923 to be metabolized through the esterase pathway, eliminating metabolism through CYP450 and avoiding drug-drug interactions.
The Company is currently conducting a Phase 2 clinical trial with ATI-5923 involving 66 patients. Interim data from this study suggest that ATI-5923 maintained these patients at the targeted level of anticoagulation and reduced the occurrence of dangerously low or high levels of anticoagulation compared to these patients\\\' historical levels of anticoagulation when on warfarin.
ATI-2042 is an oral anti-arrhythmic agent in Phase 2 clinical development for the treatment of patients with atrial fibrillation. ATI-2042 was designed to have the efficacy of amiodarone, a drug that has been used for many years, despite its adverse side effects, because physicians consider it to be the most effective drug for treating patients with atrial fibrillation.
The Company has completed a Phase 2 clinical trial with ATI-2042 involving six atrial fibrillation patients with implanted recordable pacemakers who failed previous drug therapy.
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Investment Analysis |
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No revenue was generated during the six months ended June 30, 2006.
For the six months ended June 30, 2007, the Company generated $186,000 of service revenue.
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Income Data (Thousand $ Except EPS) |
| Year |
Revenues |
Costs |
Oper Income |
Taxes |
Net Income |
EPS |
| 2004
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0.00 |
21,333 |
-21,333 |
0.00 |
-20,827 |
-24.28 |
| 2005
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0.00 |
28,169 |
-28,169 |
0.00 |
-27,964 |
-30.74 |
| 2006
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4,739 |
33,027 |
-28,288 |
0.00 |
-27,328 |
-26.84 |
| 2007
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2,134 |
14,826 |
-12,692 |
0.00 |
-12,156 |
-11.41 |
| *As of period ended June 30, 2007
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Balance Sheet Data
(Thousand $) |
Year |
Cash |
Acct Recv. |
Inventory |
Total Cur Assets |
Total Cur Liability |
PPE |
Total Assets |
LT Debt |
SH Equity |
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2005 |
12,455 |
0.00 |
0.00 |
27,716 |
7,746 |
4,143 |
33,312 |
0.00 |
-67,088 |
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2006 |
18,660 |
0.00 |
0.00 |
51,411 |
11,527 |
4,169 |
26,764 |
0.00 |
-93,712 |
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2007 |
14,651 |
0.00 |
0.00 |
37,177 |
12,277 |
3,912 |
42,204 |
0.00 |
-105,355 |
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*As of period ended June 30, 2007
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| Cash
Flow Summary
(Thousand $) |
Year |
Net Cash-Ops |
Net Cash-Inv |
Net Cash-Fin |
Net Change |
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2004 |
-20,151 |
-23,253 |
54,707 |
11,303 |
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2005 |
-22,431 |
9,525 |
11,181 |
-1,725 |
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2006 |
-4,213 |
-18,512 |
28,930 |
6,205 |
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2007 |
-13,323 |
10,685 |
-1,371 |
-4,009 |
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*As of period ended June 30, 2007
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- Value Gap 
- Short-Term Growth
- Long-Term Growth 
- Long-Term Value 