For better or for worse: Life Sciences companies and the … · 2015. 9. 15. · • The Australian...

BioForum Edition 44 Quarter 4 FY13 July 2013

For better or for worse: Life Sciences companies and the changing AUD

www.pwc.com.au/bioforum

Highlights

Highlights

2

Key developments during the quarter:• A bill was introduced into Parliament to allow companies which

are entitled to the 45% refundable R&D tax incentive to receive quarterly credits. The same bill will enact a $20b revenue cap for the 40% non-refundable R&D tax offset.

• The Australian Government released its 15 Strategic Research Priorities as part of its long-term vision for Australian research.

• A study published in the journal BMJ Open found Australian scientists spend 34 days a year on average preparing grant proposals to submit to the National Health and Medical Research Council of Australia. Time spent on grant preparation translates to an estimated $66m in salary costs, despite a historical grant success rate of only 20-25%.

• The ASX and industry body AusBiotech launched a revised code of best practice for life science company reports. The revised code aimstoliftinvestorconfidenceandimprovetheprospectsofbusinesses looking to attract capital.

• AusBiotech reported that 87.5% of capital raised in the industry in 2012 was via share issues. The industry body is working with the Government on tax reforms which offer non-diluting forms of capital.

Q4FY13 Key Statistics- Life Sciences Index up 2.2%

(Q3FY13 up 7.1%)

- Life Sciences ex majors Index down 0.6% (Q3FY13 up 7.7%)

- ASX All Ordinaries down 4.1% (Q3FY13 up 6.8%)

- Nasdaq Biotechnology Index up 8.6% (Q3FY13 up 16.7%)

- Nasdaq Composite up 5.1% (Q3FY13 up 7.3%)

PwC | BioForum: July 2013

Introduction

pwc.com.au/privateclients

Manoj Santiago PwC Private Clients

3

In the fourth quarter....

The recent fall in the Australian dollar will have impacts on the life sciences sector affecting overseas earnings, capital flows and competitiveness of Australian IP. The underlying reason for the recent correction in the dollar points to it remaining at these levels or lower for the next 12 to 18 months, which has mixed implications for the sector.

As with every challenge, there are opportunities. For CEOs of life sciences companies, looking to attract more investment from overseas capital markets, the lower dollar will benefit, while those deploying capital in overseas markets may find additional cost challenges to cashflow recovery. It is critical that companies have contingency strategies in place for the possibility of further falls, or volatility in the dollar.

Life Sciences CEO’s should be thinking about what their company’s capital raising landscape looks like if the Australian dollar sits at 80 cents. Now is the time to develop a persuasive story around the benefits of investing in Australian biotechs.

The fall in the dollar coincided with a weaker quarter for markets but the Australian Life Science sector finished up 2.2 per cent, outperforming the All Ordinaries by 6.3 per cent.

Annually, the Index finished up 35.8 per cent due to strong performances by the major companies CSL and Resmed, compared to a 15.5 per cent rise in the All Ordinaries. The Life Sciences index ex majors was well behind, gaining just 4.9 per cent for the financial year.

The weakened dollar reflects a paradigm shift for the Australian economy. With less focus on the mining sector from investors and the greater public, there is an opportunity for the life sciences sector to step up, not only for investors but for the competitiveness and strength of the broader Australian economy.

The Bioforum report indicates that FY13 has been a blockbuster year for the US IPO and financing market but these impressive results have not flowed through to Australia. IPO’s in the US totalled $4.4 billion coupled with $26 billion in secondary raisings. Comparatively, Australian experienced no IPO’s and raised $446 million on the secondary market.

During the quarter, ASX in conjunction with AusBiotech, released a revised code of best practice reporting for life sciences companies.

The new code marks an important step in lifting investor confidence and improving the prospects of life sciences businesses looking to attract capital.

This revised code of practice is a great start and will lead to greater uniformity in the sector, but more can be done in this space to give investors greater clarity and understanding. Life Sciences companies must be conscious of how they are engaging with their investors and ensure that they are holding themselves accountable to those who continue to support and believe in the sector.

Introduction

Life Sciences CEO’s should be thinking about what their company’s capital raising landscape looks like if the Australian dollar sits at 80 cents. Now is the time to develop a persuasive storyaroundthebenefitsof investing in Australian biotechs.

4

The fall in the dollar coincided with a weaker quarter for markets but the Australian Life Science sector finished up 2.2 per cent, outperforming the All Ordinaries by 6.3 per cent.


04 Quarterly key findings

06 Market performance

16 Announcements

23 Appendix

27 Methodology

30 Contacts

Contents5

Contents

6

01Quarterly key findings


Quarterly key findings

7

Quarterly key findings

Market performance Q4 FY13 Page

Life sciences industry total MCap A$48,809m 11

Life sciences industry growth 2.2%

Pharma/biotech sector total MCap A$34,997m 12

Pharma/biotech sector growth 0.4%

Medical device sector total MCap A$13,812m 12

Medical device sector growth 7.2%

Individual company performance

Top individual performer Isonea Limited 18

Change in market cap over the past four quarters 544%

Bottom individual performer Bioxyne Limited 19

Change in market cap over the past four quarters -91%

Financing

Australian IPO count 0 13

Total raised A$m

US IPO count 10 13

Total raised A$1,601m

Australian secondary financing count 35 16

Total raised A$70m

US secondary financing count 60 16

Total raised A$6,608m

Announcements Q4FY13 Page

Australia

Partnerships 18 20

Mergers & acquisitions 4 21

Clinical trials 17 22

Regulatory 31 23

Other 9 25

8

02Market performance


-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

ASX All Ordinaries (Index) NASDAQ Composite (Index) NASDAQ Biotech (Index) Life Sciences (market cap A$m)

Life Sciences ex majors (market cap A$m)

% Change (Dec-Mar) % Change (Mar-Jun)

6.8% 7.3%

16.7%

7.1% 7.7%

-4.1%

5.1%

8.6%

2.2%

-0.6%

-60%

-40%

-20%

0%

20%

40%

60%

80%

ASX All Ordinaries NASDAQ Composite NASDAQ Biotech Life Sciences Life Sciences ex majors

30-Jun-11 30-Sep-11 30-Dec-11 30-Mar-12 30-Jun-12 30-Sep-12 30-Dec-12 30-Mar-13 30-Jun-13

Figure 1: Weekly performance over the quarter of the Australian life sciences compared to major indices

ASX All Ordinaries Life Sciences Life Sciences ex majorsNASDAQ BiotechNASDAQ Composite

-10%

-5%

0%

5%

10%

15%

31-Mar 05-Apr 12-Apr 19-Apr 26-Apr 03-May 10-May 17-May 24-May 31-May 07-Jun 14-Jun 21-Jun 30-Jun

Graph 1: Quarterly movements of the Australian life sciences sector compared to major indices

Market perform

ance9

Performance overview

Figure 2: Two-year comparison of the Australian life sciences sector by market capitalisation compared to major indices

Table 1: Quarterly movements of the Australian life sciences sector compared to major indices

Value

31-Dec-12 31-Mar-13 30-Jun-13% Change (Dec-Mar)

% Change (Mar-Jun)

ASX All Ordinaries (Index) 4,665 4,980 4,775 6.8% -4.1%

NASDAQ Composite (Index) 3,020 3,239 3,403 7.3% 5.1%

NASDAQ Biotech (Index) 1,431 1,669 1,813 16.7% 8.6%

Life Sciences (market cap A$m) 44,604 47,754 48,809 7.1% 2.2%

Life Sciences ex majors (market cap A$m) 7,573 8,157 8,109 7.7% -0.6%

-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

ASX All Ordinaries (Index) NASDAQ Composite (Index) NASDAQ Biotech (Index) Life Sciences (market cap A$m) (market cap A$m)

Life Sciences ex majors

% Change (Mar12-Mar13) % Change (Jun12-Jun13)

12.7%

4.8%

30.3%

36.1%

-6.3%

15.5% 16.0%

34.1% 35.8%

4.9%

10

Lif e Sciences Lif e Sciences ex majors Pharma/Biotech Pharma/Biotech ex CSL Med Device Med Device ex COH, RMD

-10%

-5%

0%

5%

10%

15%

20%

31-Mar-13 07-Apr-13 14-Apr-13 21-Apr-13 28-Apr-13 05-May-13 12-May-13 19-May-13 26-May-13 02-Jun-13 09-Jun-13 16-Jun-13 23-Jun-13 30-Jun-13

Figure 3: Quarterly performance of the Australian life sciences sector and subsectors

Graph 2: Yearly performance of the Australian life sciences sector by market capitalisation compared to major indices

Market perform

ance

Table 2: Yearly performance of the Australian life sciences sector by market capitalisation compared to major indices

% Change (Mar12-Mar13) % Change (Jun12-Jun13)

31-Mar-12 31-Mar-13 % Change 30-Jun-12 30-Jun-13 % Change

ASX All Ordinaries (Index) 4,420 4,980 12.7% 4,135 4,775 15.5%

NASDAQ Composite (Index) 3,092 3,239 4.8% 2,935 3,403 16.0%

NASDAQ Biotech (Index) 1,281 1,669 30.3% 1,352 1,813 34.1%

Life Sciences (market cap A$m) 35,099 47,754 36.1% 35,934 48,809 35.8%

Life Sciences ex majors (market cap A$m) 8,708 8,157 -6.3% 7,730 8,109 4.9%

Table 3: Quarterly summary of the Australian life sciences indices’ performance

MCap (A$m)

% of total value

Companies with share price gains

Proportion of subsector

up

Companies with share

price losses


down

Companies with share

price flat


flat

Total number of companies

Pharma/Biotech 34,997 72% 12 23% 36 68% 5 9% 53

Pharma/Biotech ex CSL 4,940 61% 11 21% 36 69% 5 10% 52

Med Device 13,812 28% 18 51% 15 43% 2 6% 35

Med Device ex COH, RMD

3,169 39% 17 52% 14 42% 2 6% 33

Life Sciences 48,809 100% 30 34% 51 58% 7 8% 88

Life Sciences ex majors 8,109 100% 28 33% 50 59% 7 8% 85


Market perform

ance11

Life Sciences Life Sciences ex majors Pharma/Biotech Pharma/Biotech ex CSL Med Device Med Device ex COH, RMD

-40%

-20%

0%

20%

40%

60%

30-Jun-11 30-Sep-11 30-Dec-11 30-Mar-12 30-Jun-12 30-Sep-12 30-Dec-12 30-Mar-13 30-Jun-13

Figure 4: Two-year comparison of the Australian life sciences indices’ performance by market capitalisation

Graph 3: Quarterly performance of the Australian life sciences sector and subsectors by market capitalisation

-10.0%

-5.0%

-0.0%

5.0%

10.0%

15.0%

20.0%

Pharma/Biotech Pharma/Biotech ex CSL Med Device Med Device ex COH, RMD Life Sciences Life Sciences ex majors

% Change (Dec-Mar) % Change (Mar-Jun)

8.9%

5.6%

2.3%

12.1%

7.1%7.7%

0.4%

-8.7%

7.2%

15.4%

2.2%

-0.6%

Table 4: Quarterly performance of the Australian life sciences sectors by market capitalisation $A$m

Market capitalisation (A$m)

31-Dec-12 31-Mar-13 30-Jun-13% Change (Dec-Mar)

% Change (Mar-Jun)

Pharma/Biotech 32,006 34,870 34,997 8.9% 0.4%

Pharma/Biotech ex CSL 5,123 5,411 4,940 5.6% -8.7%

Med Device 12,598 12,884 13,812 2.3% 7.2%

Med Device ex COH, RMD 2,450 2,746 3,169 12.1% 15.4%

Life Sciences 44,604 47,754 48,809 7.1% 2.2%

Life Sciences ex majors 7,573 8,157 8,109 7.7% -0.6%

12

0

10

20

30

40

50

Capi

tal R

aise

d (A

$m)*

Medical Devices Biotech

40

Q4FY12 Q1FY13 Q2FY13 Q3FY13 Q4FY13


0

500

1,000

1,500

2,000

2,500

3,000

Cap

ital

Rai

sed

(A$m

)

49 229

2,361

1,544

12

18795

4

55

57


Figure 5: Quarterly comparison of IPOs in Australia

Figure 6: Quarterly comparison of IPOs in the US

Market perform

ance

Quarterly financing

IPO financing

Note: * Amount shown is total market cap addition to the LS Index from IPOs on first day of trading

Note: * Amount shown is total amount raised

Table 5: Number of quarterly Australian IPO listings

Biotech Med Devices ASX

Q4FY13 - - 11

Q3FY13 - - 12

Q2FY13 - - 17

Q1FY13 - - 9

Q4FY12 - 1 13

Table 7: Total of quarterly US IPO listings

Biotech Med Devices

Q4FY13 9 1

Q3FY13 6 2

Q2FY13 3 1

Q1FY13 1 1

Q4FY12 3 1

Table 6: Listing of quarterly Australian IPO listings

Company Listing date

Capital raised

(A$)Valuation on listing Sector

None

Total -

Table 8: Listing of quarterly US IPO listing

Company Listing date

Capital raised

(A$m) Sector

Chimerix Inc 10/04/2013 99 Biotech

Omthera Pharmaceuticals Inc

11/04/2013 62 Biotech

Insys Therapeutics Inc 02/05/2013 32 Biotech

Quintiles Transnational 08/05/2013 956 Biotech

Receptos Inc 08/05/2013 73 Biotech

Epizyme Inc 30/05/2013 78 Biotech

PTC Therapeutics Inc 19/06/2013 133 Biotech

Esperion Therapeutics Inc 25/06/2013 74 Biotech

Aratana Therapeutics Inc 26/06/2013 37 Biotech

NanoString Technologies Inc

25/06/2013 57 Med Devices

Total 1,601


Market perform

ance13


0

100

200

300

400

500

600

Capi

tal R

aise

d (A

$m)

FY09 FY10 FY11 FY12 FY13

724

145

360

352


0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000


Capi

tal R

aise

d (A

$m)

1,662

368 586

4,181

6

251

458107

211

Figure 7: Annual comparisons of IPOs in Australia

Figure 8: Annual comparison of IPOs in the US Table 10: Number of IPO listings in the US

Biotech Med Devices

FY13 19 5

FY12 12 4

FY11 6 8

FY10 7 2

FY09 - 1

Yearly financing

Table 9: Number of IPO listings in Australia

Biotech Med Devices ASX

FY13 - - 49

FY12 - 2 75

FY11 1 1 127

FY10 1 - 53

FY09 1 - 24

Quarterly financing

Secondary finance market

14


0

50

100

150

200

250

Capi

tal R

aise

d (A

$m)

928

111

201

6728 5

25

6

3



15,541

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

Capi

tal R

aise

d (A

$m)

1,767 1,055

15,541

1,323

4,084389 721

349

473

2,524


Figure 9: Quarterly comparison of secondary financing in Australia

Figure 10: Quarterly comparison of secondary financing in the US

Table 11: Number of secondary deals (AU)

Biotech

Avg. amount

raised ($m)

Med Devices

Avg. amount

raised ($m)

Q4FY13 31 2.2 4 0.8

Q3FY13 25 8.0 7 0.9

Q2FY13 22 5.1 12 2.1

Q1FY13 24 1.2 8 0.6

Q4FY12 21 0.4 12 2.3

Table 12: Number of secondary deals (US)

Biotech Med Devices

Q4FY13 38 22

Q3FY13 33 24

Q2FY13 52 18

Q1FY13 29 21

Q4FY12 41 20 M

arket performance


Yearly financing

Market perform

ance15


0

500

1,000

1,500

2,000

2,500

Capi

tal R

aise

d (A

$m)


2,081

71

246

271

383

95

294

55

407

39


0

5,000

10,000

15,000

20,000

30,000

25,000


Capi

tal R

aise

d (A

$m)

3,3305,974

1,2795,250

22,003

719

2,400

5,578

781

4,067

Figure 11: Annual comparison of secondary financing in Australia

Figure 12: Annual comparison of secondary financing in the US

Table 13: Number of Australian secondary raisings

Biotech Med Devices

FY13 102 31

FY12 99 39

FY11 154 43

FY10 107 39

FY09 87 41

Table 14: Number of US secondary raisings

Biotech Med Devices

FY13 152 85

FY12 125 43

FY11 66 121

FY10 122 57

FY09 48 24

Market perform

ance

16

Performers over past four quarters

Top 10

01 Isonea Ltd Return: 544% Closing price: $0.36 MCap: A$79.08m

A poll of 100 medical professionals showed 80% recommended Isonea’s iPhone-based wheeze monitoring system for asthma sufferers. The company completed a $13.5m capital raising in late June to launch its AirSonea device in Australia and later in the US. In May the ASX queried unexplained increases in the price of Isonea shares and volume traded, which it has yet to clarify.

02 Neuren Pharmaceuticals Ltd

Return: 209% Closing price: $0.07 MCap: A$84.05m

The FDA awarded a fast track designation for Neuren’s Rett Syndrome treatment. Neuren began a phase II clinical trial for this treatment in April 2013.

03 Allied Healthcare Group Ltd

Return: 172% Closing price: $0.05 MCap: A$50.72m

Coridon, in which Allied Healthcare owns a 47% stake, was granted approval to begin a phase I trial of its herpes simplex virus vaccine. European approval for the company’s cardiovascular patch CardioCel is likely in the first quarter of FY14.

04 Novogen Ltd Return: 150% Closing price: $0.20 MCap: A$26.96m

A major oncology study showed Novogen’s CS-6 was highly active against ovarian cancer stem cells. Ovarian cancer cells are considered some of the hardest cancer cells to kill.

05 Lbt Innovations Ltd Return: 107% Closing price: $0.10 MCap: A$9.44m

LBT Innovations entered into a joint venture with Swiss company Hettich AG regarding its culture plate reading technology, pocketing $2m in upfront payments.

06 Cryosite Ltd Return: 105% Closing price: $0.43 MCap: A$20.06m

Cryosite’s revenue rose 15.9% and its profit was up 60.2% compared to the prior half-year period. It has forecast profit in the range of $1.2-$1.4m for the year ended 30 June 2013.

07 Medigard Ltd Return: 100% Closing price: $0.03 MCap: A$2.73m

Medigard entered into an exclusive agreement with Shanghai Sol-Millennium Medical Products to manufacture and distribute Medigard’s blood collection device and blood flash needle.

08 Sirtex Medical Ltd Return: 97% Closing price: $11.98 MCap: A$668.10m

Sirtex posted a 36th consecutive quarter of growth in dose sales of its SIRSpheres product, with revenue up 25% for the half-year ended 31 December 2012. Profit before tax increased 30% and dividends paid were up 43%. Sirtex was added to the ASX200 index early in 2013.

09 Oncosil Medical Ltd Return: 95% Closing price: $0.04 MCap: A$10.41m

Oncosil acquired UK-based cancer company Enigma therapeutics in February. Dr Neil Frazer was appointed CEO early July.

10 Suda Ltd Return: 92% Closing price: $0.03 MCap: A$16.34m

Suda’s revenues for the half year to 31 December 2012 increased 13.8% and its net loss after tax was down by 49.6% to $966k. Suda signed an option to acquire the oromucosal platform technology NovaMist from US drug company NovaDel Pharma.

0% 200%100% 300% 400% 500% 600%

ISN NEU

AHZ NRT

LBT CTE

MGZSRX OSL SUD


10 Imugene LtdReturn: -50% Closing price: $0.00 MCap: A$1.50m

Imugene initiated a share purchase plan at a 10% discount in April. The company posted a loss of $1.26m after tax for the half year ended December 2012.

09 SciGen LtdReturn: -56% Closing price: $0.020 MCap: A$11.05m

SciGen posted a comprehensive loss of $1.3m, an improvement on the prior year due to the discontinuation of various operations and a corporate restructure.

08 Phylogica Ltd Return: -61% Closing price: $0.02 MCap: A$7.58m

Revenue for the half year ended December 2012 was down 90.3%, with a loss of 1.16m. This loss was slightly improved on the prior year due to the receipt of a $1.9m research and development tax rebate.

07 ImpediMed Ltd Return: -65% Closing price: $0.09 MCap: A$16.32m

Revenue for the half-year period was down 7% on the prior period compared with a 20% increase in worldwide lymphoedema revenue over the same period, although this was largely due to currency fluctuations. Net assets decreased 26% to $12.8m.

06 Immuron Ltd Return: -68% Closing price: $0.00 MCap: A$4.14m

Immuron’s revenue decreased 23.8% to $160k and its net loss increased 13% to $1.48m. CEO Joe Baini resigned in February. A rights issue in February raised $1.86m.

05 Tissue Therapies Ltd Return: -76% Closing price: $0.115 MCap: A$24.64m

Tissue Therapies was advised that a European Commission Medical Devices Group meeting voted that VitroGro ECM should be regulated as a medicine and not a device, contrary to an independent assessor’s advice. The company will appeal any formal vote to change the classification but a failed appeal will mean a clinical trial will be necessary for the product to be sold in the EU.

04 Agenix Ltd Return: -76% Closing price: $0.02 MCap: A$2.07m

Agenix was advised that from December 2012 no further payments would be made from a working capital facility. This required directors, senior management and shareholders to provide unsecured funding. Agenix has secured up to $3m from Baycrest Capital over three years.

03 Bone Medical Ltd Return: -80% Closing price: $0.001 MCap: A$1.02m

Funding arrangements with La Jolla Cove investors have become strained, with La Jolla delaying payments. The company has engaged DH Flinders to source new capital. The company’s revenues effectively fell to zero with a net loss of $896k. Bone Medical is in a negative working capital position and will require further funding to continue R&D activities.

02 Pharmaxis Ltd Return: -86% Closing price: $0.14 MCap: A$43.20m

Pharmaxis received a negative recommendation from a committee advising the FDA on the use of Bronchitol on cystic fibrosis patients in the US. The FDA also added Aridol to its Import Alert list, effectively stopping imports of the product until removal.

01 Bioxyne Ltd Return: -91% Closing price: $0.004 MCap: A$0.65m

The company’s phase IIb COPD trial had disappointing results, revealing no statistically significant clinical benefit across the entire cohort of patients. However, clinical benefits were observed for patients under 65 years. A proposed transaction with Vitality Devices Pty Ltd was terminated after a due diligence process.

Market perform

ance17

Performers over past four quarters

Bottom 10

-100% -90% -80% -70% -60% -50% -40% -30% -20% -10% 0%

IMU

SIE

PYC

IPD

IMC

TIS

AGX

BNE

PXS

BXN

Announcements

18

03


Announcem

ents19

Australia – partnershipsCompany Partner Application Value (A$m) Comments

Biotechnology Total 6

Acrux Ltd (ACR) Gedeon Richter plc Estradiol skin therapy spray for menopause symptoms

US$3.6m (US$1m upfront and US2.6m in milestone payments)

Richter agreed to commercialise Acrux's skin therapy for menopause symptoms in markets outside the US.

Alchemia Ltd (ACL) AstraZeneca AB VAST chemistry platform

N/A Alchemia signed a multi-target drug discovery collaboration deal with AstraZeneca to use its technology to discover and develop novel small molecules for multiple AstraZeneca targets.

Analytica Ltd (ALT) Taiwan Allied Dragon Inc

AutoStart Infusion System burette device

Undisclosed Analytica signed a distribution agreement for the AutoStart Infusion System with Taiwan Allied Dragon, a major medical products distributor.

Avexa Ltd (AVX) Link Healthcare Pte Ltd

HIV Undisclosed Avexa announced the signing of a binding term sheet with Link Healthcare for the development and commercialisation of an HIV drug, apricitabine.

Bioniche Life Sciences Inc (BNC)

Paladin Labs Bladder cancer Up to $16m Bioniche and Paladin signed a strategic collaboration and licensing deal for Bioniche's phase III bladder cancer product Urocidin. In addition to the licensing payments, Paladin has refinanced Bioniche's debt.

Genetic Technologies Ltd (GTG)

FedMed Inc N/A N/A Genetic Technologies agreed to use the FedMed national provider network of physicians, ancillary care providers and hospitals.

Medical Devices Total 10

Anteo Diagnostics Ltd (ADO)

Global healthcare company

Mix&Go molecular glue technology

N/A Anteo and a global healthcare company agreed to carry out a feasibility study to assess whether Mix&Go provides an advantage in the development of a new device.


Gennova Scientific Mix&Go molecular glue technology

Undisclosed Anteo entered into a sales agreement with Gennova to distribute Mix&Go to customers in industrial and clinical research.

Brain Resource Company Ltd (The) (BRC)

Mapmygenome India Ltd

Brain health products Undisclosed Brain Resource entered into a distribution agreement under which Mapmygenome will deliver brain health products to the Indian market.

Gi Dynamics Inc (GID)

Al-Nozha Medical Est Type II diabetes Undisclosed The company appointed Al-Nozha Medical as the distributor of EndoBarrier, GI Dynamics’ proprietary treatment for type 2 diabetes and/or obesity, in select territories in the Middle East.

Isonea Ltd (ISN) Refined Manufacturing

AirSonea mobile wheeze monitoring device

N/A Isonea selected Hong Kong-based Refined Manufacturing as a manufacturing partner to increase production of AirSonea devices.

Medigard Ltd (MGZ)

Shanghai Sol-Millenium Medical Products Co

Medigard Blood Collection Device and Blood Flash Needle

Undisclosed Medigard signed an exclusive global agreement with Shanghai Sol-Millenium Medical Products to manufacture and distribute the Medigard Blood Collection Device and Blood Flash Needle.

ResMed Inc (RMD) University of Sydney N/A N/A The University of Sydney and ResMed Ltd announced a new partnership that includes significant and long-term funding of research under which ResMed will pay the university $25m.

Unilife Corporation (UNS)

Major pharmaceutical company

Syringe technology N/A The company announced that it had agreed terms and was close to signing a multi-year commercial supply contract with a major pharmaceutical customer.

20

Announcem

ents

Mergers, acquisitions and divestments

Company Partner Application Value (A$m) Comments

Unilife Corporation (UNS)

US pharmaceutical company

EZMix syringe Unilife and a US pharmaceutical company signed a commercialisation agreement for the EZMix dual-chamber syringe.

Uscom Ltd (UCM) Vega SpA Uscom 1A cardiac output monitor

N/A Vega SpA agreed to distribute Uscom products in Italy and nearby jurisdictions.

Pharma Total 2

Pharmaxis Ltd (PXS)

PharmaSwiss Cystic fibrosis N/A Pharmaxis appointed PharmaSwiss SA as distributor of Bronchitol in Poland and 10 other eastern European countries.

pSivida Corp (PVA) Leading global pharmaceutical company

Durasert Ophthalmology pSivida signed a funded technology evaluation agreement with a leading global pharmaceutical company.

Dominant company Other company Type of deal Value (A$m) Comments


Cellmid Ltd (CDY) Advangen Inc Acquisition $4m ($1.2m in cash and $2.8m in issued shares)

Cellmid acquired Advangen, a Japanese company which owns hair inhibitor technology.

Telesso Technologies Ltd (TEO)

Mimetica Pty Ltd Acquisition $16m in shares and options

Telesso announced a proposed acquisition of 100% of Mimetica, a clinical stage dermatology company. [check: did acquisition go ahead?]


Suda Ltd (SUD) NovaDel Pharma Inc IP purchase $400k cash, 50m shares and 10m unlisted options

Suda signed a sale and purchase agreement with NovaDel Pharma for the purchase of intellectual property and inventory relating to the oro-mucosal NovaMist platform technology.

Uscom Ltd (UCM) Pulsecor Ltd Acquisition $2.5m in shares Uscom acquired all assets of Pulsecor, including its BP+ suprasystolic central blood pressure device, CardioReporter pulse pressure wave analysis software, 34 blood pressure measurement and analysis patents, and four trademarks.


Announcem

ents21

Clinical trialsCompany Drug Application Comments

Phase I Total 3

Allied Healthcare Group Ltd (AHZ)

Herpes simplex virus vaccine

Genital herpes Allied Healthcare announced it had received ethical approval to commence a phase I clinical trial of its HSV-2 vaccine.

Bionomics Ltd (BNO) BNC105 Renal cancer Phase I data from the company's renal cancer trial was indicative of clinical benefit, with patients staying on therapy for up to 18 months, and eight of the 12 achieving disease stabilisation.

Viralytics Ltd (VLA) Cavatak Late stage melanoma, prostate, breast or colorectal cancer

Results from a phase I evaluation of Cavatak administered intravenously to late stage cancer patients showed that it was well tolerated with evidence of stable disease despite most patients receiving just a single dose.

Phase II Total 1

Alchemia Ltd (ACL) HA-Irinotecan Metastatic colorectal cancer

Alchemia conducted a phase II clinical trial of HA-Irinotecan with Merck Soreno's therapeutic antibody Erbitux in patients with metastatic colorectal cancer.

Phase III Total 3

Mesoblast Ltd (MSB) Mesenchymal precursor C\cells

Damaged intervertebral discs

An interim analysis of phase II trial results demonstrated that a single low-dose of Mesoblast's MPC injection resulted in significantly greater reduction in lower back pain and improvement in function than was seen in patients receiving the hyaluronic acid carrier alone, with no cell-related safety issues.

Pharmaxis Ltd (PXS) Bronchitol Bronchiectasis Pharmaxis' phase III clinical trial assessing the effectiveness of Bronchitol in people with bronchiectasis did not meet the primary endpoint of demonstrating a significant difference in the rates of defined pulmonary exacerbations in patients treated over a 12-month period.

Starpharma Holdings Ltd (SPL)

VivaGel Bacterial vaginosis An exploratory phase II [check: phase II or III?] study of VivaGel for the prevention of recurrent bacterial vaginosis showed a reduced overall risk of R-BV during the study in patients using 1% VivaGel and time to first recurrence was delayed compared with placebo.

Pre-clinical and other Total 10

Antisense Therapeutics Ltd (ANP)

ATL1103 Suppression of growth hormone receptor

Antisense announced data from an animal study on its antisense drug ATL1103 showed positive effects when mice were dosed with the drug alone and also in combination with pegvisomant.

Antisense Therapeutics Ltd (ANP)

ATL1102 Multiple sclerosis Antisense and Pharmaron, a contract research organisation in China, agreed on a six-month toxicology study to support a potential future phase IIb study of ATL1102 in multiple sclerosis patients.

Benitec Biopharma Ltd (BLT) Gene silencing technology

Lung cancer Benitec Biopharma reported data demonstrating the use of gene silencing to significantly increase the effectiveness of chemotherapy in a pre-clinical model of non-small cell lung cancer.

BioDiem Ltd (BDM) BDM-I Pneumocystosis BioDiem announced its novel antimicrobial BDM-I has progressed to pre-clinical animal studies to assess its potential as a treatment for the fungal disease pneumocystosis.

Circadian Technologies Ltd (CIR)

VGX-100 AMD disease The company presented data showing that circulating blood plasma levels of VEGF-C are markedly increased in AMD patients and that VGX-300, an inhibitor of VEGF-C, works comparably to the marketed agent Eylea in the laser-induced mouse model of wet AMD disease.

Cogstate Ltd (CGS) Cogstate technology

Alzheimer's disease Cogstate was selected for an Alzheimer's disease prevention trial being run by the Dominantly Inherited Alzheimer Network.

Mesoblast Ltd (MSB) Mesenchymal precursor cells

Acute myocardial infarction

A randomised pre-clinical study of 68 sheep showed intracoronary infusion of Mesoblast's allogeneic mesenchymal precursor cells directly after an anterior AMI was safe, feasible, and markedly effective.

Novogen Ltd (NRT) CS-6 Ovarian cancer A follow-up study showed CS-6 proved to be highly cytotoxic against all cancer stem cell lines tested in the laboratory against ovarian cancer stem cells.

Patrys Ltd (PAB) PAT-SM6 Melanoma The company presented further data confirming the anti-cancer properties of PAT-SM6 in melanoma.

Viralytics Ltd (VLA) Cavatak Human bladder cancer Pre-clinical research results showed increased oncolytic activity of Cavatak in bladder cancer cell cultures when used in combination with chemotherapy or radiation therapy.

22

Announcem

ents RegulatoryCompany Product Application Comments


Acuvax Ltd (ACU) HER-Vaxx Anti-cancer multi-peptide vaccine

Acuvax was granted a patent for HER-Vaxx from the Australian Patent Office.

Alchemia Ltd (ACL) Versatile Assembly on Stable Templates drug discovery platform

Discovery of new small molecule drugs

The company was granted a US patent for its VAST drug delivery platform and also a patent term adjustment for this patent, extending protection until February 2028.

Avita Medical Ltd (AVH) N/A N/A The company secured a Japanese patent titled “Cell Suspension Preparation Technique and Device”.

Benitec Biopharma Ltd (BLT)

TT-304 Hepatitis C The National Institute of Health Recombinant DNA Advisory Committee gave a favourable review of the clinical protocol for the first in-man trial of the company's hepatitis C therapeutic TT-034.


N/A N/A The company's subsidiary submitted an application to the US National Institutes of Health’s Recombinant DNA Advisory Committee.


ddRNAi Gene silencing technology

The FDA granted orphan drug designation for the gene therapy product GT308 to treat the eye disease retinitis pigmentosa.

BioDiem Ltd (BDM) BDM-I Anti-microbial compound

BioDiem was granted a Japanese patent for its antimicrobial compound BDM-I.

Bone Medical Ltd (BNE) Axcess IV Musculoskelatal diseases

The company announced that it has received a notice of allowance for its Axcess IV patent application in Japan.

Bone Medical Ltd (BNE) Lexcicon [check spelling?]

Platform technology The company announced that it has received a notice of allowance for its first Lexcicon patent grant in Australia.

Circadian Technologies Ltd (CIR)

VEGFR-3 Tissue samples The US Patent Office granted the company's subsidiary Vegenics a patent for the measurement of VEGFR-3 in human tissue samples.

Imugene Ltd (IMU) Linguet Drug delivery Imugene received a key Chinese patent for its novel drug delivery technology Linguet.

Invion Ltd (IVX) INV103 Lupus Invion announced the submission of an Investigational New Drug application to the FDA for INV103, a modified version of the naturally occurring human protein chaperonin 10.

NuSep Ltd (NSP) N/A N/A NuSep advised that its subsidiary PrIME Biologics has received the necessary human plasma importation licence from the Singaporean regulatory authority [necessary for what – a trial?].



Mix&Go Use of Metal complexes

Anteo was granted a European patent for “Use of Metal Complexes” which is the core patent for the protection of Mix&Go, the company's molecular glue technology.

Gi Dynamics Inc (GID) EndoBarrier Type II diabetes/obesity

The French Government approved a two-year clinical utility study of EndoBarrier to be financed by the French Ministry of Social Affairs and Health.

HeartWare International Inc (HIN)

Endurance Advanced heart failure

The FDA granted conditional approval to an Investigational Device Exemption Supplement that allows HeartWare to commence enrolling an additional patient cohort for Endurance, its pivotal clinical study.

ImpediMed Ltd (IPD) L-Dex 400 Device Unilateral lymphoedema

The company received FDA clearance of a revised Indications for Use Statement for its L-Dex U400 device.


Announcem

ents23

Company Product Application Comments

Pharma Total 14


Type II diabetes Mesoblast has received ethics approvals to begin a clinical trial of its proprietary allogeneic, adult mesenchymal precursor cells in people with chronic kidney disease and type 2 diabetes.


Various Mesoblast announced that it has been granted a key patent by the Japanese Patent Office for its mesenchymal precursor cell technology platform.

Neuren Pharmaceuticals Ltd (NEU)

NNZ-2566 Rett Syndrome Neuren was granted a fast track designation by the FDA to develop NNZ-2566 in Rett Syndrome.

Patrys Ltd (PAB) PAT-LM1 Cancer The company has been granted a New Zealand patent for lead anti-cancer product PAT-LM1.

Pharmaxis Ltd (PXS) N/A N/A Pharmaxis said the FDA had included Aridol on an Import Alert list, effectively stopping the import of the product into the US until it has been removed from the list.

Pharmaxis Ltd (PXS) Bronchitol Cystic fibrosis Pharmaxis concluded a meeting with the FDA which provided a clear outline of the clinical trial that will be required to gain approval for Bronchitol in the US.

Phylogica Ltd (PYC) Phylomer Peptide platform Phylogica patented an enhancement to its peptide platform to discover more sophisticated cell-penetrating drugs to help tackle disease.

Phylogica Ltd (PYC) N/A Phylomer peptides targeting the AP-1 pathway

Phylogica was granted a new European patent entitled: “Peptide inhibitors of c-Jun dimerization and uses thereof”.

pSivida Corp (PVA) Iluvien Chronic diabetic macular oedema

The FDA acknowledged receipt of the resubmission of a New Drug Application for Iluvien for treatment of chronic diabetic macular oedema, and pSivida stated that the resubmission was considered a complete, class 2 response to the FDA’s November 2011 complete response letter.

pSivida Corp (PVA) Iluvien Chronic diabetic macular oedema

pSivida announced its licensee Alimiera Sciences reported the submission of its response to the second Complete Response Letter from the FDA in regards to Iluvien [is this a repeated item?].

QrxPharma Ltd (QRX) Moxduo Pain relief The planned FDA Advisory Committee meeting to consider the Moxduo combination opioid analgesic New Drug Application will be delayed to allow the company and the FDA time to fully consider results of recent findings for Study 022, which found that for 17% of the 375 patients, the timing of electronically collected oxygen desaturation information at one trial site did not accurately reflect the local time zone or changes relating to daylight savings time.

QrxPharma Ltd (QRX) N/A Pain relief The company was granted a US patent for “Hybrid Opioid Compounds and Compositions” which expires in 2031.

Starpharma Holdings Ltd (SPL)

N/A Drug delivery technologies

Starpharma was granted three new patents by the US Patent Office relating to its dendrimer technologies for drug delivery.

24

Announcem

ents

Other newsCompany Product Application Comments


Acrux Ltd (ACR) Axiron Deficiency or absence of endogenous testosterone

Axiron is now being distributed by Eli Lilly in Canada.

Acrux Ltd (ACR) Axiron Deficiency or absence of endogenous testosterone

Acrux and Eli Lilly have filed a lawsuit against Perrigo Israel Pharmaceuticals for infringement of three of seven issued US patents that cover Axiron.

Invion Ltd (IVX) N/A N/A Dr Greg Collier was appointed the company's new CEO and managing director. Mr Collier was previously the head of Chemgenex before it was sold to Cephalon for $230m in 2011.


Advanced Surgical Design & Manufacture Ltd (AMT)

N/A N/A The company appointed Tom Milicevic as its new CEO effective from 1/5/13. Mr Milicevic was previously ASDM's CFO and had been acting CEO since March 2012.

Allied Healthcare Group Ltd (AHZ)

CardioCel Regenerative tissue The company advised it received a $1.9m grant from Commercialisation Australia for the commercialisation and launch of the its lead regenerative tissue product CardioCel.

Cochlear Ltd (COH) Nucleus 6 Hearing aid The company began releasing its Nucleus 6 sound processor suite of products.

HeartWare International Inc (HIN)

N/A N/A HeartWare International has requested and received approval to delist from the ASX as of 10/9/13.

Oncosil Medical N/A Cancer NeuroDiscovery was granted a Japanese patent for “Devices and methods for the treatment of cancer”.

Reva Medical (RVA) N/A N/A Reva Medical named Michel Vanbrabant as its new managing director.

Pharma Total 1

IDT Australia Ltd (IDT) N/A N/A IDT announced the appointment of Dr Paul MacMelan as CEO, effective 15/4/13.


Appendix

04

25

Closing MCap (A$m) Quarterly return Annual return

Medical device

AMT Advanced Surgical Design & Manufacture Limited 5.804 0% -28%

AHZ Allied Healthcare Group Limited 50.723 69% 172%

ADO Anteo Diagnostics Limited 46.392 3% -19%

ACG Atcor Medical Holdings Limited 10.554 -25% 17%

BRC Brain Resource Company Limited (The) 25.663 4% 13%

CLV Clover Corporation Limited 94.980 -7% 51%

COH Cochlear Limited 3,519.996 -9.3% -6%

CGS Cogstate Limited 27.797 -8% 20%

CMP Compumedics Limited 9.179 -2% -14%

CYC Cyclopharm Limited 10.054 46% 9%

ELX Ellex Medical Lasers Limited 16.982 5% 74%

GBI Genera Biosystems Limited 8.725 11% -40%

GID Gi Dynamics Inc 159.110 -7% -34%

HIN Heartware International, Inc 1,645.989 20% 17%

IPD Impedimed Limited 16.318 2% -65%

ISN Isonea Limited 79.083 350% 544%

ITD Itl Limited 24.967 17% 44%

LBT Lbt Innovations Limited 9.441 102% 107%

MLA Medical Australia Limited 8.171 100% 50%

MGZ Medigard Limited 2.730 100% 100%

MDG Medtech Global Limited 2.105 -40% -48%

NAN Nanosonics Limited 158.503 26% 19%

OBJ Obj Limited 12.361 -23% -33%

OSL Oncosil Medical Limited 10.406 13% 95%

OIL Optiscan Imaging Limited 11.346 -26% -22%

OSP Osprey Medical Inc 48.634 -2% 23%

RMD Resmed Inc 7,123.291 15% 63%

RVA Reva Medical 173.898 2% -10%

SFP Safety Medical Products Limited 1.586 -20% -43%

SOM Somnomed Limited 39.392 -5% 3%

SUD Suda Limited 16.341 -22% 92%

TDX Tyrian Diagnostics Limited 1.022 0% 0%

UNS Unilife Corporation 312.005 63% -12%

UBI Universal Biosensors, Inc. 117.055 -3% 6%

UCM Uscom Limited 11.589 -15% 81%

26

Companies in the Pw

C Life Sciences Index

Companies in the PwC Life Sciences Index



Pharma and Biotech

ACR Acrux Limited 584.491 -9.54% -16.43%

ACW Actinogen Limited 1.785 -4.76% -33.33%

ACU Acuvax Limited 2.457 0.00% 0.00%

AGX Agenix Limited 2.07 4.55% -76.26%

ACL Alchemia Limited 103.694 -3.03% -28.89%

ALT Analytica Limited 11.2 -9.09% 17.65%

ANP Antisense Therapeutics Limited 14.38 0.00% -44.44%

AVX Avexa Limited 11.868 -17.65% -22.22%

AVH Avita Medical Limited 42.29 13.04% -29.73%

BLT Benitec Biopharma Limited 16.127 7.69% -17.65%

BDM Biodiem Limited 4.69 -8.33% -45.00%

BNC Bioniche Life Sciences Inc 31.515 30.43% -25.93%

BNO Bionomics Limited 139.771 -10.53% 14.02%

BPO Bioprospect Limited 2.873 0.00% -41.18%

BIT Biotron Limited 18.72 -28.70% -21.90%

BXN Bioxyne Limited 0.652 -73.33% -90.70%

BNE Bone Medical Limited 1.025 -50.00% -80.00%

CZD Calzada Limited 25.61 40.00% 16.67%

CDY Cellmid Limited 15.611 -29.41% 50.00%

CIR Circadian Technologies Limited 11.429 -12.96% -32.86%

CUV Clinuvel Pharmaceuticals Limited 69.173 -24.58% 13.84%

CBB Cordlife Limited 8.634 -3.85% -28.57%

CTE Cryosite Limited 20.055 -18.87% 104.76%

CSL Csl Limited 30,056.39 3.97% 56.22%

GTG Genetic Technologies Limited 45.17 26.67% -20.83%

HCT Holista Colltech Limited 7.776 -7.69% 7.14%

IDT Idt Australia Limited 10.638 -18.37% -16.67%

IMC Immuron Limited 4.142 -4.76% -68.25%

IMU Imugene Limited 1.505 -55.56% -50.00%

IVX Invion Limited 14.71 -28.89% -46.67%

LCT Living Cell Technologies Limited 14.637 -14.58% -18.00%

MYX Mayne Pharma Group Limited 242.071 -10.42% 57.97%

MVP Medical Developments International Limited 72.924 -31.35% 60.76%

MSB Mesoblast Limited 1,671.75 -13.82% -14.38%

NEU Neuren Pharmaceuticals Limited 84.047 100.00% 209.09%

NRT Novogen Limited 26.964 8.33% 150.00%

NSP Nusep Limited 6.908 -23.08% 0.00%

PAB Patrys Limited 11.669 -25.81% 4.55%

PXS Pharmaxis Limited 43.196 -57.58% -86.34%

POH Phosphagenics Limited 132.661 0.00% -13.33%

Companies in the Pw

C Life Sciences Index27

28

Companies in the Pw

C Life Sciences Index


Pharma and Biotech (continued)

PYC Phylogica Limited 7.58 -26.09% -61.36%

PBT Prana Biotechnology Limited 93.495 13.95% 68.97%

PRR Prima Biomed Limited 77.734 -29.17% -40.87%

PBP Probiotec Limited 15.688 -17.65% 5.66%

PGL Progen Pharmaceuticals Limited. 12.439 -0.44% 77.87%

PVA Psivida Corp. 93.188 80.18% 81.82%

QRX Qrxpharma Limited 152.025 -10.26% 79.49%

SIE Scigen Limited 11.045 -50.00% -55.56%

SRX Sirtex Medical Limited 668.102 8.22% 96.72%

SPL Starpharma Holdings Limited 231.309 -24.88% -40.51%

TEO Telesso Technologies Limited 0.602 0.00% -41.18%

TIS Tissue Therapies Limited 24.639 -28.13% -75.79%

VLA Viralytics Limited 21.381 -18.33% -7.55%

Notes:

SHC Company delisted from the ASX

OSL Company changed name from NeuroDiscovery Limited to OncoSil Medical Limited and ticker code from NDL to OSL

HTX Company removed from index as it entered administration in early May

NLS Company removed from index following exit from life sciences sector and increased focus on mining

MDV Company removed from index subsequent to sale of business unit


05Methodology

29

30

Methodology

SourcesBioForum draws on historical data from the following sources:• Bloomberg• Connect 4• The Australian Stock Exchange• Company websites• PwC Global Pharma and Life Science Quarterly

Newsbriefs

Market performanceThe Australian life sciences sector’s market performance is tracked through two indices:1. PwC Life Sciences Index2. PwC Life Sciences Index ex majors

(CSL, ResMed and Cochlear)

Analysis is provided without the large-capitalisation stocks (majors) so the performance of smaller-capitalisation stocks can be observed.The PwC Life Sciences Index is based on the performance of life sciences companies listed on the Australian Securities Exchange (ASX). It comprises two subsectors:1. Pharmaceutical / Biotechnology2. Medical devices

These sectors have been classified according to the Global Industry Classification Standard. The index includes life sciences companies primarily involved in research, development, commercialisation and manufacturing of pharmaceutical and biotechnology products and medical devices. It excludes healthcare, medical software and distribution companies. Companies included in the PwC Life Sciences Index are listed at the end of each issue of BioForum.The PwC Life Sciences Index is based on the combined market capitalisation of the listed companies and calculates the change of their value over the quarter and change over the previous year. These changes are compared to the changes in the market performance of the following indices:• ASX All Ordinaries• NASDAQ Composite• NASDAQ Biotech

Different formulae are used to calculate the value of these indices and track their performance. These formulae use a combination of company market prices and a weighted average of market capitalisation. Because of these different methods of calculating value, the absolute value of the indices cannot be directly compared. Only their changes over time can be sensibly compared.The Life Sciences index is designed as a measure of the health and performance of the industry, not as a measure of returns to investors.

Top and bottom performersAnnual data on these companies is sourced from Bloomberg each quarter. Company announcements are sourced from company websites.

IPO and secondary finance marketsIPO and secondary financing data is sourced from the Connect 4 database’s health-care industry category. We include data from companies on the PwC Life Sciences Index only. Data on options, rights and bonus issues is excluded. The US IPO and secondary financing data is sourced from Thompson Reuters.

AnnouncementsThese are from companies listed on the PwC Life Sciences Index only. They are sourced from Connect 4 using the health-care industry category. We include announcements on partnerships, mergers and acquisitions and divestments, clinical results, regulatory activity and other information.Announcements on the following are excluded:• trading halts• capital raisings• proposed (versus actual) mergers, acquisitions and

partnerships• progress reports on clinical trials (results only are

included)• market registration approval

Methodology


06

31

Contacts

PwC Australia Life Sciences and Innovation Practice contacts

32

Australian Industry Leaders – Life Sciences

PwC Australia Life Sciences

Craig Lawn P: +612 8266 0147 E: [email protected]

Michelle Chiang P: +612 8266 7575 E: [email protected]

Manoj Santiago P: +612 8266 4494 E: [email protected]

Assurance

Manoj Santiago P: +612 8266 4494 E: [email protected]

Michelle Chiang P: +612 8266 7575 E: [email protected]

Tax and Legal

Craig Lawn P: +612 8266 0147 E: [email protected]

Sandra Mason P: +612 8266 0470 E: [email protected]

Stephanie Fabian P: +612 4925 1278 E: [email protected]

National Pharmaceuticals Leader

John Cannings P: +612 8266 6410 E: [email protected]


Written and edited by:PwC (pwc.com.au), a global professional services organisation serving the life sciences sector and other industries with the help of editor and proofreader Karen Hunt.

Research, analysis and writing:Max Oke, Consultant

PwC Life Sciences Practice contributors:Craig Lawn, Partner, National Life Sciences Industry Leader

Manoj Santiago, Partner, Sydney Life Sciences Industry Leader

Michelle Chiang, Partner, Sydney Life Sciences Industry Leader

Acknow

ledgements

Acknowledgements

33

This document is provided by PwC as general guidance only and does not constitute the provision of accounting, legal advice, tax services, investment advice, or professional consulting of any kind. The information is provided “as is” with no assurance or guarantee of completeness, accuracy or timeliness of the information and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability and fitness for a particular purpose. In no event will PwC or its professionals be liable in any way to you or to anyone else for any decision made or action taken in reliance on the information or for any direct, indirect, consequential, special or other damages related to you or your use of information, even if advised of the possibility of such damages. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all the pertinent facts relevant to your particular situation.

© 2013 PricewaterhouseCoopers. All rights reserved. In this document, “PwC” refers to PricewaterhouseCoopers a partnership formed in Australia, which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity.

PricewaterhouseCoopers201 Sussex StreetSydney NSW 2000+61 2 8266 0000

WL127006261

www.pwc.com.au/bioforum

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