Most protein therapeutics require frequent, often daily injection because they are rapidly broken down and excreted from the body. There is a large unmet medical need for innovative protein drugs that do not require frequent administration. Our products address that need. We specialize in using site-specific bioconjugation technologies to selectively modify proteins so that they last longer in patients, reducing the need for frequent administration, and in many cases improving product efficacy and safety. These features are attractive to patients and will make our drugs competitive in the marketplace. Annual sales in the markets targeted by the products in our pipeline are > $20 billion. New clinical uses continue to be identified for these proteins, expanding their sales potential. Sales of all human protein pharmaceuticals are > $280 billion. The selective protein modification technologies we employ potentially can be used to create longer-acting, more potent versions of many of the proteins that contribute to these sales.
Our strategy of developing proprietary, improved versions of existing FDA-approved protein drugs provides a lower risk of entry into these markets, while providing the patent and market exclusivity protections of a new chemical entity. The first-generation, short-acting proteins currently on the market have already proven to be safe and effective in patients; thus, uncertainties surrounding toxicity and potential efficacy of our next-generation proteins in patients are minimized. Clinical development pathways for our proteins are well defined, allowing for more cost efficient deployment of resources. Much of the R&D risk has been removed from our products through use of government grant funds and licensing income to build a diversified product pipeline and advance our initial product into the clinic.