Positive CMS draft rule change

Photocure 1 September 2017 Long Update (4+ pages)
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Photocure

Positive CMS draft rule change

Financial update

Healthcare equipment
& services

1 September 2017

Price

NOK23

Market cap

NOK497m

NOK7.90/US$

Net cash (NOKm) at 30 June 2017

137

Shares in issue

21.6m

Free float

85%

Code

PHO

Primary exchange

Oslo

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

(3.0)

(18.6)

(44.4)

Rel (local)

(4.1)

(22.2)

(52.4)

52-week high/low

NOK49

NOK23

Business description

Photocure specialises in photodynamic therapy. Its bladder cancer imaging product is sold as Hexvix in Europe and Cysview in the US. Photocure handles the marketing in Nordic countries and the US, while Ipsen is its marketing partner in the EU. Cevira is a Phase III-ready product for HPV-related diseases of the cervix and Visonac is a Phase III-ready product for acne.

Next events

CMS reimbursement change

1 January 2018

Surveillance market launch

2018

Analysts

Maxim Jacobs

+1 646 653 7027

Nathaniel Calloway

+1 646 653 7036

Photocure is a research client of Edison Investment Research Limited

Photocure announced results for Q217 with 10% growth for the Hexvix/Cysview franchise compared to Q216. The US was a major driver, up 55% to NOK10.9m, though partner sales fell by 9% to NOK15m due to lost reimbursement in France. The company also announced that the US Centers for Medicare and Medicaid Services (CMS) released a proposed rule that would create a new set of codes to cover Blue Light Cystoscopy (BLC) with Hexvix/Cysview. These new codes should help improve the penetration of the product into the US market.

Year end

Revenue (NOKm)

PBT*
(NOKm)

EPS*
(NOK)

DPS
(NOK)

P/E
(x)

Yield
(%)

12/15

134.7

(17.4)

(0.82)

0.0

N/A

N/A

12/16

143.6

12.8

0.59

0.0

39.0

N/A

12/17e

149.4

(44.9)

(2.08)

0.0

N/A

N/A

12/18e

242.5

5.0

0.23

0.0

100.0

N/A

Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

Major reimbursement change in the US coming soon

The CMS has released a proposed rule, which is set to be finalised and issued in Q417 after the comment period expires in September. Once issued, it would result in significant improvement in the reimbursement for certain BLC with Hexvix/Cysview procedures in Medicare patients. As 73.4% of bladder cancer patients are over 65, according to the National Cancer Institute, this should help accelerate penetration of the product in the US.

US sales continue strong growth

Q217 sales in the US increased 55% (compared to 32% in Q117) to NOK10.9m, driven mainly by volume growth and price increases. Unit sales increased 37% and four additional units were installed over the quarter, bringing the total installed base to 93. Photocure is in the process of increasing its investments in marketing, as well as the size of the US salesforce, which may enable it to maintain the fast pace of growth and take advantage of the recent Phase III data in the surveillance setting as well as the coming improved reimbursement regime.

France was a problem, but Nordic sales recovered

Despite new French national guidelines (issued in Q416) that recommended the use of Hexvix, the product lost reimbursement in France in Q217, which resulted in partner sales as a whole to decline by 9% compared to last year. On the positive side, Nordic sales, which had been under pressure mainly due to issues in Denmark, have reversed, with revenues growing 10% to NOK11.7m.

Valuation: NOK949m or NOK44 per share

We have adjusted our valuation from NOK947m or NOK44 per basic share to NOK949m or NOK44 per basic share, mainly due to rolling over our NPV model to Q217, but the increase was mitigated by a lower cash balance. We expect increased sales in the US to drive the company to profitability in 2018.

Second quarter results

Photocure reported total revenue of NOK39.3m for Q217, representing 11% growth over Q116. This was driven by 10% year-on-year growth of revenues from Hexvix/Cysview (NOK37.6m vs NOK34.2m).

Exhibit 1: Q217 Hexvix/Cysview sales

Revenue (NOKm)

Y-o-y

Q-o-q

Units

Y-o-y

Q-o-q

Hexvix sales Nordic

11,676

10%

20%

2,390

3%

5%

Cysview sales US

10,942

55%

9%

1,370

37%

7%

Total own sales

22,618

28%

14%

3,760

13%

6%

Partner sales

14,996

-9%

-10%

11,012

-6%

-8%

Total Hexvix/Cysview

37,614

10%

3%

14,772

-2%

-4%

Source: Photocure

Sales were especially strong in the US, where revenues grew 55% compared to Q216. End user unit sales were also strong, growing 37%, driven by an increase in the number of permanent blue light cystoscopes installed (currently 93, up from 83 at the beginning of the year) and by an increase in the usage per centre. Nordic sales finally recovered from weakness related to a reorganisation of hospitals in the Copenhagen region and were also helped by strong sales in Norway. Revenues in the Nordic region increased 10% compared to last year and a very strong 20% sequentially. These strong Q217 results have helped Nordic revenues turn positive for the year-to-date, increasing 3% compared to H116. Results in partnered areas were strongly affected by a loss of reimbursement in France so that now hospitals must bear the additional cost of the product. This move is somewhat perplexing as the new French National Guidelines for bladder cancer, which were introduced in November 2016, recommend the use of blue light cystoscopy for the first bladder resection in almost all patients. In addition, growth in the relatively new markets of Australia and Canada was hampered by the delayed placement of scopes and reimbursement issues. Year-to-date however, partner sales are only down 2% (up 1% in constant currencies) compared to H116.

Exhibit 2: Hexvix/Cysview in-market sales

Source: Photocure

SG&A for Q2 was slightly higher than recent quarters at NOK36.8m (compared to NOK33.5m in Q1). SG&A will likely increase in 2017 and 2018 due in large part to an increase in the number of salespeople in the US. This will enable them to penetrate additional metropolitan areas, lay the groundwork in preparation for the surveillance market launch and take advantage of improving reimbursement.

R&D expenses were down (to NOK4.2m from NOK8.5m), mainly due to a NOK4.0m write-down of Nedax lamp inventory (the lamp is associated with the Visonac product) in the first quarter. Also on the R&D front, the company announced that it has filed a supplemental NDA for approval of Hexvix/Cysview in August in the surveillance setting, with approval expected in 2018. As a reminder, sales may have significant upside if the product successfully expands into the US bladder cancer surveillance market, which has 1.4m procedures per year, compared to its current market of 300,000 transurethral resection of the bladder tumour (TURBT) procedures.

US reimbursement issues resolving

Currently, Medicare does not separately reimburse centres for use of the BLC with Hexvix/Cysview procedure, but instead bundles it with the total reimbursement for TURBT procedures so any additional cost related to the product is absorbed by the centre. This has had a direct impact on the availability of BLC with Hexvix/Cysview in the US.

The issue could be potentially resolved as of 1 January 2018 thanks to a new rule proposed by the CMS that would create a new code for Blue Light Cystoscopy, which would improve reimbursement for the procedure in most situations to a level where the cost of the product would be covered. Effectively, for CPT codes 52204, 52214 and 52224, if blue light cystoscopy is used, they would qualify for reassignment to the higher ambulatory payment classification (APC) of APC 5374 from APC 5373. The company believes this will result in a $1,000 increase in reimbursement for the CPT codes 52204, 52214 and 52224. Based on CMS procedure figures (see Exhibit 3), this would affect 54% of procedures.

Exhibit 3: CPT codes used with Hexvix/Cysview

CPT Code

Description

APC

Number of procedures (2015)

% of Total

52204

Biopsy of the bladder using an endoscope

5373

36,566

18.3%

52214

Destruction of tissue in the bladder, bladder canal (urethra) or surrounding glands using an endoscope

5373

21,950

11.0%

52224

Destruction of (less than 0.5 centimeters) growths of the bladder and bladder canal (urethra) using an endoscope

5373

49,492

24.8%

52234

Destruction and/or removal of (0.5 to 2.0 centimeters) small growths of the bladder using an endoscope

5374

31,586

15.8%

52235

Destruction and/or removal of (2.0 to 5.0 centimeters) medium growths of the bladder and bladder canal (urethra) using an endoscope

5374

36,026

18.0%

52240

Destruction and/or removal of large growths of the bladder using an endoscope

5374

24,340

12.2%

Total

199,960

100%

Source: CMS. Note: The procedure numbers only include those reimbursed by medicare and not by commercial payers.

Importantly, in the explanatory text, the CMS has admitted that blue light cystoscopy benefits patients:

“We believe that blue light cystoscopy represents an additional elective but distinguishable service as compared to white light cystoscopy that in some cases may allow greater detection of bladder tumours in beneficiaries relative to white light cystoscopy alone.”

As bladder cancer is definitely a cancer of the elderly, with 73.4% over the age of 65 at the time of diagnosis (median age is 73 years) according to the National Cancer Institute, Medicare is the key third-party payer and this is a major win for the company. We do not believe this will be a controversial rule change, so there is a high likelihood that it will be included in the final rule in Q417 (after the comment period ends in September) and implemented on 1 January 2018.

Valuation

We have adjusted our valuation from NOK947m or NOK44 per basic share to NOK949m or NOK44 per basic share, mainly due to rolling over our NPV model to Q217, but the increase was mitigated by a lower cash balance. It is important to note that we did not expect the draft CMS rule with regards to reimbursement and we may adjust our valuation in the future once we get a sense of the magnitude of the impact this rule change has on sales. Furthermore, we may adjust the valuation to reflect the sales trajectory in the surveillance setting as well as changes to spending associated with increased marketing.

Exhibit 4: Valuation of Photocure

Product

Main indication

Status

Probability of commercialisation

Launch year

Peak sales (NOKm)

Patent protection

Economics

rNPV (NOKm)

Hexvix/Cysview

Bladder cancer detection

Market

100%

Launched

344

2019-20

Fully owned – US and Nordics; partner with Ipsen in EU (35% royalty)

550

Cevira

HPV-related diseases

Phase III

20%

2020

2,399

2030

17.5%

140

Visonac

Acne

Phase III

20%

2020

2,175

2028

17.5%

121

Total

 

 

 

 

 

 

 

812

Cash and cash equivalents (Q217)

137

Total firm value

949

Total basic shares (m)

21.6

Value per basic share (NOK)

44

Options (Q217, m)

0.0

Total number of shares (m)

21.6

Diluted value per share (NOK)

44

Source: Edison Investment Research

Financials

We are maintaining our estimates for the most part though we have increased our 2017 sales estimate by NOK3.9m and increased both our 2017 and 2018 R&D expense estimates by NOK0.8m. We continue to expect that Photocure will become profitable in 2018, although we expect cash flows to be negative until 2019. The company ended Q217 with NOK137m in cash, and we do not expect it to require further financing.

Exhibit 5: Financial summary

NOK'000s

2015

2016

2017e

2018e

Year end 31 December

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Revenue

 

 

134,717

143,627

149,401

242,457

Cost of Sales

(8,221)

(9,337)

(11,460)

(16,947)

Gross Profit

126,496

134,291

137,940

225,510

Sales, General and Administrative Expenses

(115,025)

(124,647)

(155,291)

(194,114)

Research and Development Expense

(29,558)

(17,652)

(21,568)

(22,430)

EBITDA

 

 

(18,087)

(8,008)

(38,918)

8,966

Operating Profit (before amort. and except)

(21,986)

(15,861)

(49,669)

(34)

Intangible Amortisation

0

0

0

0

Other

0

0

0

0

Exceptionals

0

0

0

0

Operating Profit

(21,986)

(15,861)

(49,669)

(34)

Net Interest

4,553

28,640

4,805

4,997

Other

(9,771)

(366)

(111)

0

Profit Before Tax (norm)

 

 

(17,434)

12,779

(44,864)

4,963

Profit Before Tax (FRS 3)

 

 

(27,205)

12,414

(44,975)

4,963

Tax

0

(0)

0

0

Deferred tax

(0)

(0)

(0)

(0)

Profit After Tax (norm)

(17,434)

12,779

(44,864)

4,963

Profit After Tax (FRS 3)

(27,205)

12,413

(44,975)

4,963

Average Number of Shares Outstanding (m)

21.4

21.5

21.6

21.8

EPS - normalised (ore)

 

 

(82)

59

(208)

23

EPS - FRS 3 (ore)

 

 

(127)

58

(208)

23

Dividend per share (ore)

0.0

0.0

0.0

0.0

BALANCE SHEET

Fixed Assets

 

 

76,394

74,070

76,689

76,297

Intangible Assets

50,615

26,390

25,024

24,811

Tangible Assets

2,288

1,660

2,383

2,204

Other

23,490

46,020

49,282

49,282

Current Assets

 

 

171,670

212,268

164,313

170,599

Stocks

13,800

17,955

15,585

27,990

Debtors

23,844

12,323

23,772

24,246

Cash

134,026

169,239

110,281

103,689

Other

0

12,750

14,675

14,675

Current Liabilities

 

 

(34,039)

(30,637)

(24,762)

(24,762)

Creditors

(34,039)

(30,637)

(24,762)

(24,762)

Short term borrowings

0

0

0

0

Long Term Liabilities

 

 

(3,960)

(3,758)

(4,234)

(4,658)

Long term borrowings

0

0

0

0

Other long term liabilities

(3,960)

(3,758)

(4,234)

(4,658)

Net Assets

 

 

210,064

251,943

212,005

217,477

CASH FLOW

Operating Cash Flow

 

 

(21,030)

19,193

(50,453)

2,016

Net Interest

0

0

0

0

Tax

0

0

0

0

Capex

(14,930)

(21,715)

(10,073)

(10,239)

Acquisitions/disposals

0

33,213

0

0

Financing

0

0

0

0

Dividends

0

0

0

0

Other

2,326

2,394

1,568

1,631

Net Cash Flow

(33,634)

33,085

(58,958)

(6,593)

Opening net debt/(cash)

 

 

(165,245)

(134,026)

(169,239)

(110,281)

HP finance leases initiated

0

0

0

0

Exchange rate movements

2

0

0

0

Other

2413

2129

0

0

Closing net debt/(cash)

 

 

(134,026)

(169,239)

(110,281)

(103,689)

Source: Company accounts, Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2017 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Photocure and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.
Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

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Level 12, Office 1205

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Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2017 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Photocure and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.
Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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