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CYCLOPHARM LIMITED AGM Information 2010

May 19, 2010

64741_rns_2010-05-19_81733909-de01-4fd2-909a-9812d8c58a36.pdf

AGM Information

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Cyclopharm Limited

Annual General Meetin g

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20 May 2010

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Disclaimer

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Certain views expressed here contain information derived from publicly available sources that have not been independently verified.

The presentation includes certain statements, estimates and projections with respect to the anticipated future financial performance of Cyclopharm Limited and as to the markets for the Company’s products. Such statements, estimates and projections reflect various assumptions ma d e y b th e rec di t ors concern ng an i ti c pa i t e d resu lt s, w hi c h assump ti ons may or may no t prove o t be correct. Cyclopharm Limited has not sought independent verification of the information in this presentation. While the directors believe they have reasonable grounds for each of the statements, estimates and projections and all care has been taken in their preparation, no representation or warranty, express or implied, is given as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness of statements, estimates and p ro j ections contained in this presentation. Such statements, estimates and projections are by their nature subject to significant uncertainties, contingencies and assumptions.

To the maximum extent permitted by law, none of Cyclopharm Limited, its directors, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising ou t o f au f lt or neg li gence, or any oss ar s ng rom f l i i f th e use o f n i f orma ti on con t a ne i d n i thi s presentation.

All references to dollars are to Australian dollars.

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A enda g

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Chairman’s Address

Managing Director’s Review

Question Time

Business Close

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Chairman’s Address

Vanda Gould

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Managing Director’s Review

James McBrayer

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Cyclopharm business Three business units

Cyclopharm ‐ helping save lives everyday!

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Technegas

Established in 1986 continues to generate revenue, profits and strong cash flows through the manufacture and distribution of drugs and equipment for lung imaging

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Radiopharmaceuticals

Establishment of PET central pharmacies to produce PET radiopharmaceuticals

Diagnostic Imaging

Developing centres that provide services ranging from specialised nuclear medicine to a full complement of imaging modalities

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Highlights ‐ Financial Year 2009

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  • Profits up 19% and EPS consistent

  • Revenues of $11m up 2%

  • Settlement of arbitration with Clinquest Inc resulting in receipt of . 8m

  • US$1

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  • PET Nuclear pharmacy plan on track

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  • Expansion into diagnostic imaging

  • FDA ro ressin p g g

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Segmental Overview

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Techne g as

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Components of Technegas

There are three components required for a Technegas procedure:

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1. Generator
2. PAS
3. Crucible
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  1. Technegas Generator

  2. A single use Patient Administration Set (PAS)

  3. A single use patient crucible

All components are manufactured at Cyclopharm’s Australian facility located at NSW and in Lucas Heights , Europe

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Technegas Global footprint

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  • Technegas is sold in 55 countries across the world

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  • Over 2,400,000 patient studies since 1986

  • 163,000 patient studies conducted in 2009

  • 1,100 Technegas generators sold globally

  • Patents in 36 countries

  • Expanding operations in North America pending approval of United States FDA

North America , 16% Europe, Asia Pacific, Middle East & 15% Africa, 69%

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Revenue by Region
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Molecular Imaging ‐ Positron Emission Tomography (PET)

PET is the future of Nuclear Medicine .

Positron Emission Tomography allows physicians to differentiate between healthy and active diseased tissue.

PET . is primarily used in the detection of

cancer

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Oncology
93.7%
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Neurology 3.1% Cardiology 3.0% Other 0.2%

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IMV Benchmark Report PET & PET CT 2008

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PET Radiopharmaceuticals Uses beyond Oncology

Neurology

  • Alzheimer's

  • Schizophrenia

  • E p ile p s y

  • Parkinson's

  • Stroke

  • Mood disorders

  • ,

  • Substance abuse

Cardiology

  • Myocardium viability

Pharmacology

  • Radio‐labeling drugs for biodistributon studies

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Radiopharmaceuticals PET Developments

Government Funding

  • Six approved indications for PET

  • Another eight indications targeting Cancer are under rev ew i

• Department of Health and Aging expected to relax the restrictions on the provision of PET services

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Macquarie University Hospital

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  • 183 bed university hospital

  • 12 operating theatres

  • Specialising in Oncology and Neurology

  • Home of the Australian School of Advanced Medicine

  • Adjacent specialty clinic containing 18 specialist suites

Diagnostic Imaging

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PET
•
Joint venture with Alfred Health
X‐Ray
Solutions
CT
•
Comprehensive suite of imaging
modalities Cardiac
CT
•
State of the art research platform
MRI
• Ultra‐
Inpatient and outpatient services
sound
•
Foundation for regional growth SPECT
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2009 nanc a s Fi i l

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Profit & Loss

�Net profit after tax increases 19%

•Technegas related sales 2009
2008
$
$
revenue increased 2%
on prior period.
 CONTINUING OPERATIONS
Sales revenue
Finance revenue		 11,098,579
10,888,269
93,186
49,377
b
•One time contri ution
of Clinquest settlement
offset bylegal costs and		 Other revenue
Total revenue		 2,403,090
52,852
13,594,855
10,990,498
Expenses
writedowns
•No 2009 P&L impact		 Profit / (loss) before tax and finance costs
Finance costs		 2,705,004
2,150,435
(137,503)
(253,961)
Profit / (loss) before income tax 2,567,501
1,896,474
from Molecular
Imaging		 Income tax expense (523,011)
(191,214)
Net profit after tax ~~17~~
2,044,490
1,705,260

Sales revenue ‐ Segmental Review

� Consolidated profit margins improve

Patient Administration Sets (PAS)

  • PAS revenue own . d 1 7% o t $9 . 13 m

  • PAS volumes down 2.6%

  • Sales margins consistent with 2008

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Technegas

  • G enerator vo umes up l 30%

  • Generator revenue up 23%

  • Margins improved with shift to Technegas Plus over Technegas Classic machines

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Sales revenue

Half year comparison

� Historical Trend – strong second half results continue

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Balance Sheet

� Strong Net Asset Position

• US$1.8m received from settlement with Clinquest Inc

• Debt facility with senior debt providers for PET Facilit at Mac uarie y q University renewed in February 2010

Balance Sheet Summary 2009 2008
Total Current Assets $
12,169,793		 $
12,443,583
Total Non-current Assets 7,474,618 5,519,687
Total Assets 19,644,411 17,963,270
Total Current Liabilities 4,329,825 1,937,628
Total Non-current Liabilities
Total Liabilities
Net Assets		 1,385,945
5,715,770
13,928,641		 2,814,841
4,752,469
13,210,801

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Operating Cash flow

� Cash flows from operating activities of $3.7m

• The improvement in operating



2009
2008

 • The improvement in operating



2009
2008

 • The improvement in operating



2009
2008
g
2009
2008
h fl
lt d f
th
cas ows resu e rom
e
US$1.8m settlement with
Clinquest Inc (offset by $0.8m


 $
$
Operating activities
3,691,032
1,486,028

Investing activities
(3,096,865)
(2,826,186)
i l
l
)
n ega costs
• Significant cash flows were
expendedonPETNuclear		 Financing activities
4 247 930
-
,
,
594,167
2,907,772
Net increase in cash
4,206,271
1,204,543


Opening cash

Pharmacy at Macquarie
University and increasing our
presenceinNorthAmerica		 (188 234)
93 956
Foreign exchange translation
,
,

4,612,204
4,206,271
Closing cash

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Business Objectives

2010

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Business Deliverables Technegas

New Drug Application (NDA)

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  • Successful meeting held with FDA April 2010

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  • Protocol submission scheduled for June 2010

  • Clinical trial commencement targeted Q4 2010

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New Indications for Technegas

  • Currently in discussions with researchers and clinicians

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  • COPD and Lung Cancer targeted for potential new indications

Leverage Clinical Developments

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  • Promote new European Guidelines

  • Underscore high radiation doses received from CT

  • Pulmonary Angiography

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Business Deliverables PET Radiopharmaceuticals

Macquar e Un vers ty Hosp ta MUHi i i i l ( )

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  • Facility completed

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  • C clotron erformance testin com leted y p g p

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  • Radiation safety licenses received

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  • TGA audit pending

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  • Sales forecasted for Q3 2010

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Expansion Opportunities

  • Expansion strategy under review

  • Drug development and research opportunities discussions underway

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Business Deliverables Diagnostic Imaging

Macquarie Medical Imaging

  • $18m banking facility secured

  • Equipment delivered

  • Fit‐out completed May 2010

  • First patients early June 2010

Expansion

  • Expansion opportunities currently under review

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C onc us on l i

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Cyclopharm business

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Cyclopharm ‐ helping save lives everyday!

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Technegas

Established in 1986 continues to generate revenue, profits and strong cash flows through the manufacture and distribution of drugs and equipment for lung imaging

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Radiopharmaceuticals

Establishment of PET central pharmacies to produce PET radiopharmaceuticals

Diagnostic Imaging

Developing centres that provide services ranging from specialised nuclear medicine to a full complement of imaging modalities

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Q ues ti on me us ness Ti & B i

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Proxy Summary

Proxy Summary Proxy Summary Proxy Summary Proxy Summary Proxy Summary Proxy Summary Proxy Summary
Resolution
Business
For*
Against
Abstain
Proxy’s
Resolution Business For* Against Abstain Proxy’s
di
ti
scre on
1 Remuneration Report 103,535,671 56,090 252,744 544,372
2 Re-election of Mr Vanda
Rll Gld		 101,657,068 - 2,187,437 544,372
usse ou
3 Share Buy-back 103,465,346 145,701 233,458 544,372
4 LongTerm Incentive Plan: 101,608,466 422,439 1,813,600 544,372
Grant of a limited
recourse loan

*Includes Open Useable Proxies that have instructed the Chairman to vote on their behalf and have been voted in favour of the resolution.

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