Frozen Shoulder Syndrome

US & EU Yearly Sales Potential

According to 180LS Frozen Shoulder affects 9% of the of the population aged 25-64yr, more common in diabetics.

Another source states about 2% of the general population is affected by frozen shoulder. It often impacts adults aged 40 to 60, and is more common in women and people with certain medical conditions, such as diabetes.

Jim Woody (CEO) states the US and EU market as follows (email forward from IR):

We will use Jim's numbers for our potential market calculations below.

Only treatment for early stage is local steroid injection for short term relief. Steroids are not desired due to their side effects and potential life threatening conditions they can present.

180LS believes that Frozen Shoulder is caused by fibrosis b/c about half of the DD patients (who had fibrosis in the hand) also had frozen shoulder.

Total Addressable US Market

9M patients x 50% market penetration x $1,000/treatment* = $4.5B/year (peak sales)

* believe $1,000/treatment was for Dupuytren's Disease. (Can someone confirm this?)

Total Addressable EU Market

The EU market is often very similar to the US market but larger in this instance.

14M patients x 50% market penetration x $600/treatment* = $4.2B/year (peak sales)

Total Rest of World (ROW) Market (just an estimage by FN)

10M patients x 50% market penetration x $400/treatment* = $2B/year (peak sales)

* ROW pricing would be less than US & EU

In summary the total Frozen Shoulder global market for anti-TNF could be over $10B! (peak sales)