ANNUAL REPORT people passion 2007 commitment integrity excellence innovation comPanY ProFile 2 letter TO tHe SHareHolDerS 4 5 CLINICAL ProGramS 6 1. microplasmin for the treatment of “back of the eye” diseases 6 2. microplasmin for the treatment of thrombotic disease 10 3. anti-PlGF 12 4. anti-Factor viii 14 5. Staphylokinase 16 Preclinical ProGramS 18 1. anti-vPAC 18 2. PlGF 19 tHromboGenicS orGanization 20 MARY SUM Financial StatementS 29 1. General information and information concerning the responsibility for the annual brochure and for the audit of the annual accounts 36 2. Key figures 37 3. Activities of thromboGenics 38 4. Corporate Governance 43 5. Shares and shareholders 53 6. Consolidated annual accounts 55 7. Glossary 102 inveStor relationS 109 KEY FIGURES consolidated profit and loss account in €1,000 year finishing on 31 December 2007 2006 revenue 1,503 3,243 operating result (17,417) (10,426) Financial income 1,780 728 Financial expenditure (321) (426) result before taxes (15,958) (10,124) Taxes (9) (10) result for the period (15,967) (10,134) result per share (0.67) (0.57) Basic and diluted consolidated balance sheet in €1,000 year finishing on 31 December 2007 2006 Tangible fixed assets 1,057 530 Intangible assets - - Goodwill 2,586 2,586 Other current assets 8,243 2,175 Cash and cash equivalents 40,111 32,043 total assets 51,997 37,334 Total shareholders' equity 48,435 35,278 Provisions (39) 29 Debts 3,601 2,027 total liabilities and equity 51,997 37,334 Stock Price evolution € &* &!%%%!%%% shares of -%%!%%% VolumeClose &' Number +%%!%%% . )%%!%%% + '%%!%%% ( % 07 07 07 07 07 07 07 07 06 07 07 07 06 06 06 06 06 07 July July May April June March August August October October January February December December November November September September Portfolio march 2008 (for updates see www.thrombogenics.com) PRECLINICAL CLINICAL Drug candidate Indication DISCOVERY DEVELOPMENT PHASE I PHASE II PHASE III Microplasmin Vitrectomy / Vitreoretinal traction Microplasmin Diabetic retinopathy (DME) Microplasmin Stroke Staphylokinase Acute myocardial infarction Anti-factor VIII(TB-402) Deep vein thrombosis Atrial fibrillation Anti-PIGF (TB-403) Cancer Age related macular degeneration PIGF Coronary artery disease, Peripheral arterial occlusive disease Anti-VPAC Thrombocytopenia VISUAL DISORDERS CARDIOVASCULAR DISEASE CANCER ThROmbOGENics missiON “ThromboGenics develops innovative vascular biopharmaceuticals, while applying the highest scientific and ethical standards, to create sustainable value for all of its stakeholders.” 2007 REPORT ANNUAL ics GEN O mb RO h T COMPANY PROFILE diseases, visual disorders and lead to ThromboGenics generating cancer. revenues via milestone payments ThromboGenics NV (Euronext as well as royalties on commercial brussels : ThR) is a The company plans to show sales. biopharmaceutical company proof-of-concept for its products focused on the development of by taking them through to ThromboGenics was founded in therapeutics for conditions related completion of Phase ii clinical 1991 by its chairman, Professor to the vascular system. The trials. To leverage its expertise, Désiré collen, a renowned expert company has used its in-house ThromboGenics selectively forms in cardiovascular disease. The expertise and collaborations with development and marketing company currently has around 50 academic institutions to build collaborations with experienced people based at its headquarters a strong pipeline of promising partners in the pharmaceutical in Leuven, belgium, and at its ics drug candidates in cardiovascular industry. such collaborations can facilities in ireland and the U.s. OGEN mb RO h 2 T Annual Report 2007 3 ThROmbOGENics Annual Report 2007 HIGHLIGHTS January 8, 2007 April 16, 2007 November 2, 2007 ThromboGenics initiates a Phase ThromboGenics licenses to ThromboGenics announces the iib clinical trial in the U.s. with millipore its patents, data and publication of exciting data on microplasmin in vitrectomy and know-how for the manufacturing, a novel class of angiogenesis a Phase ii trial for non-surgical development and evaluation of stem inhibitors in cell. These treatment of diabetic retinopathy in cell medium technology REsGRO. experimental results demonstrate Europe. ThromboGenics will receive upfront that antibodies against PlGF can and milestone payments, and inhibit cancer tumor growth and will earn double-digit royalties on the development of metastases January 15, 2007 millipore’s sales. in preclinical models, without affecting healthy tissues. ThromboGenics and Geymonat together with other parties are May 9, 2007 awarded a 2 EUR million EU grant, November 14, 2007 of which ThromboGenics received ThromboGenics successfully EUR 776.541, for the VAsOPLUs completes a private offering, raising ThromboGenics begins preclinical development consortium, a 23.9 million euro. The funds will be development of the anti-VPAc’ research program for a new class used to further advance its clinical antibody for thrombocytopenia, a of pro-angiogenesis agents. The and preclinical programs. common and severe side-effect funded research for VAsOPLUs will of chemotherapy which increases be conducted within a consortium the risk of bleeding and severity of that will comprise ThromboGenics, September 4, 2007 hemorrhage. Geymonat (italy), Roche Diagnostics (Germany), Eurogentec (belgium) ThromboGenics announces and three expert academic groups. the successful completion of December 4, 2007 technology transfer to bharat biotech for the production of ThromboGenics presents results February 12, 2007 staphylokinase. The transfer of the vitreomacular traction paves the way for the Phase Phase i trial of Tb-402 (miVi-iiT) ThromboGenics and bioinvent iii clinical development and at the American society of Retina receive approval from the Danish commercialization of ThR-100 in specialists annual meeting. medicines Agency to initiate a emerging markets. microplasmin indicates clear Phase i clinical trial of the novel potential in “back of the eye” anticoagulant Tb-402. diseases, with treated patients September 7, 2007 achieving macular hole closure and traction release without need for March 2, 2007 ThromboGenics and bioinvent vitrectomy. announce the successful Prof. Désiré collen, chairman and completion of a Phase i trial with cEO of ThromboGenics, is awarded Tb-402 which is being developed for December 11, 2007 the 2007 harvard club of belgium the prevention of venous thrombo- Leadership Prize. embolic disorders. ThromboGenics presents results of the Phase i trial of Tb-402 at the American society of March 27, 2007 October 4, 2007 hematology annual meeting. Tb-402 development will continue GO capital, a Dutch-based asset ThromboGenics and Rhein in order to determine whether it manager, becomes a major minapharm announce a license may provide stable long-acting shareholder in ThromboGenics agreement for the production, anticoagulant action for the (approximately 5.4% of outstanding clinical development and prevention of thrombo-embolic shares). commercialization of ThR-174, disorders. the next-generation derivative of staphylokinase, in the middle East, Africa and other countries. s “We are pleased to report to you that, at the end of the first extended OLDER book year since our IPO in July 2006, ThromboGenics NV is thriving. Both our product portfolio and our finances are in good health.” h ARE sh E h LETTER TO T LETTER TO PRODuct portfolio towards the middle of 2008. for this novel approach to the - Our lead product microplasmin - Staphylokinase has a clear track treatment of cancer. is currently being evaluated in towards commercialization for - Our preclinical pipeline is Phase ii clinical trials which the treatment of heart attack progressing according to indicate that microplasmin is well in several territories of the plan, where we continue the tolerated and could provide clear developing world. development of two novel potential for treatment of “back - Our anti-Factor Viii antibody has compounds. of the eye” diseases, both as an successfully completed Phase i adjunct to surgery and as a stand- studies; interaction studies have alone treatment. been initiated to position the drug FINANCES - Additionally, microplasmin is for clinical efficacy studies in being evaluated for treatment patients with thrombotic disease. With a cash position of slightly of ischemic stroke in a Phase - Our anti-PlGF antibody is over 46 million Euro at the end ics iia study, for which we expect to undergoing initial Phase i studies. of 2007 and a burn-rate of 1.5 to complete patient recruitment We have great expectations 2.0 million Euro per month, our OGEN mb RO h 4 T Annual Report 2007 5 ThROmbOGENics Annual Report 2007 Prof. Dr. Désiré Collen Chairman of the Board of Directors present development plans can be and solidified its structure cancer) with great medical need supported for at least the next two with the recruitment of for novel treatments. This will years, even in the absence of new senior people responsible for require the continued passion corporate partnerships or licenses. intellectual property, cmc and commitment of our staff, (chemistry, manufacturing and who deserve our appreciation and controls), human resources and gratitude for helping us to achieve Organization preclinical and clinical program our mission: “to develop innovative management. vascular biopharmaceuticals, - The company moved from a while applying the highest single combined cEO/chairman to in 2008 we will assertively move scientific and