The following discussion should be read in conjunction with the unauditedConsolidated Financial Statements and the notes thereto included in thisQuarterly Report on Form 10-Q and the audited Consolidated Financial Statementsand the notes thereto included in our Annual Report on Form 10-K for the fiscalyear ended December 31, 2021. Some of the statements we make in this section areforward-looking statements within the meaning of the federal securities laws.Some of the statements we make in this section are forward-looking statementswithin the meaning of the federal securities laws. For a complete discussion offorward-looking statements, see the section in this Quarterly Report on Form10-Q entitled "Special Note Regarding Forward-Looking Statements". Certain riskfactors may cause actual results, performance or achievements to differmaterially from those expressed or implied by the following discussion. For adiscussion of such risk factors, see the section in our Annual Report on Form10-K for the fiscal year ended December 31, 2021 entitled "Risk Factors".
Overview
We are a global, patient-dedicated biotechnology company focused on discovering,developing, and delivering novel medicines for rare diseases. We have aportfolio of product opportunities including the first, oral monotherapy forFabry disease that has achieved widespread global approval and a differentiatedbiologic for Pompe disease that is under review with the U.S. Food and DrugAdministration ("FDA") as well as the European Medicines Agency ("EMA"). We arecommitted to discovering and developing next generation therapies in Fabry andPompe diseases.
The cornerstone of our portfolio is Galafold (also referred to as"migalastat"), the first and only approved oral precision medicine for peopleliving with Fabry disease who have amenable genetic variants. Migalastat iscurrently approved under the trade name Galafold in the United States ("U.S."),European Union ("E.U."), United Kingdom ("U.K."), and Japan, with multipleadditional approvals granted and applications pending in several geographiesaround the world.
The lead biologics program of our pipeline is Amicus Therapeutics GAA ("AT-GAA",also known as ATB200/AT2221, or cipaglucosidase alfa/miglustat), a novel,two-component, potential best-in-class treatment for Pompe disease. In February2019, the FDA granted Breakthrough Therapy designation ("BTD") to AT-GAA for thetreatment of late onset Pompe disease. In September 2021, the FDA set thePrescription Drug User Fee Act ("PDUFA") target action date of May 29, 2022 forthe New Drug Application ("NDA") for miglustat and July 29, 2022 for theBiologics License Application ("BLA") for cipaglucosidase alfa. The EMAvalidated the Marketing Authorization Application ("MAA") in the fourth quarterof 2021. On May 9, 2022, the FDA extended the review period for the NDA formiglustat and the BLA for cipaglucosidase alfa resulting in revised PDUFA actiondates of August 29, 2022 and October 29, 2022, respectively.
Our Strategy
Our strategy is to create, manufacture, test, and deliver the highest qualitymedicines for people living with rare diseases through internally developed,jointly developed, acquired, or in-licensed products and product candidates thathave the potential to obsolete current treatments, provide significant benefitsto patients, and be first- or best-in-class. We are leveraging our globalcapabilities to develop and broaden our lead franchises in Fabry and Pompedisease, with focused discovery work on next generation therapies and novelplatform technologies.
Our operations have not been significantly impacted by the novel coronavirus("COVID-19") pandemic thus far. The Company continued to observe increased lagtimes between patient identification and Galafold initiation due to theresurgence of COVID-19 in certain markets. We have maintained operations in allgeographies, secured our global supply chain for our commercial and clinicalproducts, as well as maintained the operational integrity of our clinicaltrials, with minimum disruptions. Our ability to continue to operate without anysignificant disruptions will depend on the continued health of our employees,the ongoing demand for Galafold and the continued operation of our globalsupply chain. We have continued to provide uninterrupted access to medicines forthose in need of treatment, while prioritizing the health and safety of ourglobal workforce. However, our results of operations in future periods may benegatively impacted by unknown future impacts from the COVID-19 pandemic.
Highlights of our progress include:
Commercial and regulatory success in Fabry disease. For the three months endedMarch 31, 2022, Galafold revenue totaled $78.7 million, an increase of $12.3million compared to the same period in the prior year. We continue to see strongcommercial momentum and expansion into additional geographies. In countrieswhere we have been operating the longest, we see an increasing proportion ofpreviously untreated patients come onto Galafold. In the U.S., we
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continue to see a significant increase in patients from a growing and very wideprescriber base. Across all markets, we see a high rate of compliance andadherence to this oral treatment option.
Pompe disease clinical program milestones. In February 2021, we reportedtopline results from the Phase 3 study of AT-GAA (ATB200-03, also known as"PROPEL"). In June 2021, the MHRA granted AT-GAA a positive scientific opinionthrough the Early Access to Medicines Scheme ("EAMS") which permits eligibleadults living with late-onset Pompe disease ("LOPD") who have receivedalglucosidase alfa for at least 2 years to switch to AT-GAA prior to marketingauthorization in the U.K. We completed the submission of the rolling BLA and NDAto the FDA, which was accepted for review in September 2021, and in the fourthquarter of 2021, the MAA was submitted and validated by the EMA. In March 2022,we announced positive long-term data from our ongoing phase 1/2 clinical study.Study participants treated with AT-GAA for up to 36 months demonstratedpersistent and durable effects on six-minute walk test distance and measures ofmotor function and muscle strength, stability, or increase in forced vitalcapacity, and reductions in biomarkers of muscle damage and disease substrate.
Pipeline advancement and growth. We are leveraging our global capabilities todevelop and broaden our lead franchises in Fabry and Pompe disease, with focuseddiscovery work on next generation therapies and novel platform technologies.
Manufacturing. We have managed our clinical and commercial supply chains duringthe COVID-19 pandemic such that as of the date hereof we have not experiencedsupply impacts. We have been able to continue to meet required commercial demandfor Galafold as well as supply our ongoing Pompe disease clinical studies andaccess programs including EAMS without interruption. We have secured supply forour continued needs for the Pompe disease program through a long-term supplyagreement with Wuxi Biologics. The agreement allows for the continuousmanufacture of our biologic to support future clinical needs and our anticipatedcommercial requirements should we garner regulatory approvals as planned. Wehave contracts in place to supply miglustat, our small molecule component ofAT-GAA, to support both clinical and future commercial requirements.
Financial strength. Total cash, cash equivalents, and marketable securities asof March 31, 2022 was $411.2 million. Based on the current operating model, webelieve that the current cash position, which includes expected revenues, issufficient to fund our operations and ongoing research programs to achieveself-sustainability. Potential impacts of the COVID-19 pandemic, businessdevelopment collaborations, pipeline expansion, and investment in manufacturingcapabilities could impact our future capital requirements.
Our Commercial Product and Product Candidates
Galafold (Migalastat HCl) for Fabry Disease
Our oral precision medicine Galafold was granted accelerated approval by theFDA in August 2018 under the brand name Galafold for the treatment of adultswith a confirmed diagnosis of Fabry disease and an amenable galactosidase alphagene ("GLA") variant based on in vitro assay data. The FDA has approvedGalafold for 350 amenable GLA variants. Galafold was approved in the E.U. andU.K. in May 2016 as a first-line therapy for long-term treatment of adults andadolescents, aged 16 years and older, with a confirmed diagnosis of Fabrydisease and who have an amenable mutation (variant). The approved E.U. and U.K.labels include 1,384 mutations amenable to Galafold treatment, which representup to half of all patients with Fabry disease. In countries where mutations areprovided only on the amenability website, these 1,384 amenable mutations are nowavailable. Marketing authorization approvals have been granted in over 40countries around the world, including the U.S., E.U., U.K., Japan, and others.In July 2021, Galafold was approved in the E.U. for adolescents aged 12 yearsand older weighing 45 kg or more. We plan to continue to launch Galafold inadditional countries during 2022, including for adolescents aged 12 years andolder.
As an orally administered monotherapy, Galafold is designed to bind to andstabilize an endogenous alpha-galactosidase A ("alpha-Gal A") enzyme in thosepatients with genetic variants identified as amenable in a GLP cell-basedamenability assay. Galafold is an oral precision medicine intended to treatFabry disease in patients who have amenable genetic variants, and at this time,it is not intended for concomitant use with ERT.
In early 2022, we announced the issuance of six additional patents, includingthe new U.S. Composition of Matter patent, for the Galafold intellectualproperty. Galafold now has 35 issued patents, 18 of which provide protectionthrough 2038.
Next Generation for Fabry Disease
We are committed to continued innovation for all people living with Fabrydisease. Our pipeline includes a Fabry gene therapy.
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Novel ERT for Pompe Disease
We are leveraging our biologics capabilities to develop AT-GAA, a noveltreatment paradigm for Pompe disease. AT-GAA consists of a uniquely engineeredrhGAA enzyme, ATB200, or cipaglucosidase alfa, with an optimized carbohydratestructure to enhance lysosomal uptake, administered in combination with AT2221,or miglustat, that functions as an enzyme stabilizer. Miglustat binds to andstabilizes ATB200, or cipaglucosidase alfa, preventing inactivation of rhGAA incirculation to improve the uptake of active enzyme in key disease-relevanttissues, resulting in increased clearance of accumulated substrate, glycogen.Miglustat is not an active ingredient that contributes directly to substratereduction ("glycogen").
In February 2021, we reported topline results from the Phase 3 PROPEL study. Ofthe Pompe disease patients enrolled, 77% were being treated with alglucosidasealfa (n=95) immediately prior to enrollment ("Switch") and 23% had never beentreated with any ERT (n=28) ("Nave"). Nearly all patients from the PROPEL studycontinue to be treated with AT-GAA in the extension clinical study. The clinicaldata from the PROPEL study, the extension study as well as the Phase 1/2 studywere included in the AT-GAA submissions to the FDA and the EMA.
In March 2022, we announced positive long-term data from our ongoing phase 1/2clinical study. Study participants treated with AT-GAA for up to 36 monthsdemonstrated persistent and durable effects on six-minute walk test distance andmeasures of motor function and muscle strength, stability, or increase in forcedvital capacity, and reductions in biomarkers of muscle damage and diseasesubstrate.
In addition, we are conducting ongoing clinical studies in pediatric patientsfor both LOPD and infantile-onset Pompe disease ("IOPD") populations.
Next Generation for Pompe Disease
As part of our long-term commitment to provide multiple solutions to address thesignificant unmet needs of the Pompe disease community, we are also continuingdiscovery for next-generation genetic medicines for Pompe disease.
CDKL5 Deficiency Disorder
We are researching a potential first-in-class genetic medicine for CDKL5deficiency disorder consisting of a CDKL5 protein engineered for crosscorrection, delivered as either a protein replacement or as a gene therapythrough our collaboration with Penn. We are collaborating with the LouLouFoundation to assess the natural history of the disease to identify endpointsfor potential use in future studies.
Additional Next Generation Programs
We have a number of additional gene therapies in clinical and preclinicaldevelopment, including potential gene therapies in multiple forms of Battendisease.
Strategic Alliances and Arrangements
We will continue to evaluate business development opportunities as appropriateto build stockholder value and provide us with access to the financial,technical, clinical, and commercial resources necessary to develop and markettechnologies or products with a focus on rare and orphan diseases. We areexploring potential collaborations, alliances, and other business developmentopportunities on a regular basis. These opportunities may include businesscombinations, partnerships, the strategic out-licensing of certain assets, orthe acquisition of preclinical-stage, clinical-stage, or marketed products orplatform technologies consistent with our strategic plan to develop and providetherapies to patients living with rare and orphan diseases.
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Edgar Online, source Glimpses
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AMICUS THERAPEUTICS, INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-Q) - Marketscreener.com