CAMBRIDGE, Mass., Aug. 9, 2016 /PRNewswire/ -- Infinity
Pharmaceuticals, Inc. (NASDAQ: INFI) today announced its second
quarter 2016 financial results. Additionally, the company provided
an update on its two development programs, duvelisib, an
investigational, oral, dual inhibitor of phosphoinositide-3-kinase
(PI3K)-delta and PI3K-gamma, and IPI-549, an immuno-oncology
development candidate that selectively inhibits PI3K-gamma.
Infinity is continuing to explore a broad range of strategic
options for duvelisib, including a potential sale of the program.
In parallel, the company continues to advance key value drivers for
duvelisib. Infinity is also proceeding with its planned development
of IPI-549 in multiple solid tumors and evaluating the best path
forward for this development candidate.
"Data reported to date have demonstrated that duvelisib could
play an important role in the future treatment of patients with
hematologic malignancies, particularly for relapsing and/or
refractory patients. We are now exploring strategic options for the
program that could enable duvelisib to continue to advance toward
potential regulatory filings and commercialization," stated
Adelene Perkins, president and chief
executive officer. "We are also developing IPI-549 and determining
the best clinical path forward for this promising immuno-oncology
program. The Phase 1 study, which includes evaluation of IPI-549 as
a monotherapy and planned evaluation in combination with a
checkpoint inhibitor, is progressing well, and new preclinical and
clinical data on IPI-549 will be presented at an immuno-oncology
conference next month."
Today Infinity also announced that DUO®, a Phase 3,
randomized monotherapy study of duvelisib compared to ofatumumab in
319 patients with relapsed or refractory chronic lymphocytic
leukemia (CLL), will proceed to its final analysis. The primary
endpoint of the study is progression-free survival, and the event
that will trigger the final analysis is expected to occur in the
fourth quarter of 2016. If the DUO data are positive, Infinity
continues to believe that the study could provide the basis for
regulatory approval in CLL. Earlier this year, Infinity reported
that DYNAMO®, a registration-focused Phase 2 monotherapy
study evaluating the efficacy and safety of duvelisib in patients
with refractory indolent non-Hodgkin lymphoma (iNHL), met its
primary endpoint of overall response rate and that the company
intends to seek feedback on these data from the U.S. Food and Drug
Administration (FDA). Infinity is continuing to advance activities
to enable potential regulatory filings for duvelisib. While
exploring the potential sale of the program, Infinity is suspending
its prior guidance on the nature and timing of additional duvelisib
program updates, including guidance on data from duvelisib
registration-focused trials and timing of potential regulatory
filings.
Recent developments include the following:
Duvelisib
- Topline data from DYNAMO reported: In June, Infinity
announced that DYNAMO, a registration-focused Phase 2 monotherapy
study evaluating the efficacy and safety of duvelisib in 129
patients with refractory iNHL, met its primary endpoint of overall
response rate. In the study, duvelisib demonstrated an overall
response rate (ORR) of 46 percent. The majority of reported side
effects were reversible and clinically manageable. Infinity plans
to seek feedback from the FDA on these data.
- Data from CONTEMPO presented at EHA: In June,
researchers presented preliminary data from CONTEMPO, a Phase 1b/2
clinical study evaluating duvelisib in combination with rituximab
or obinutuzumab in treatment-naïve patients with follicular
lymphoma, at the 21st Congress of the European
Hematology Association (EHA). Duvelisib in combination with
Gazyva® (obinutuzumab) demonstrated an overall response
rate of 100 percent, including a 33 percent complete response rate
among nine patients evaluable for response, and duvelisib in
combination with Rituxan® (rituximab) demonstrated an
overall response rate of 80 percent, including a 30 percent
complete response among 10 patients evaluable for response. The
preliminary safety profile of duvelisib in combination with either
obinutuzumab or rituximab in treatment-naïve patients with
follicular lymphoma was in line with the safety profile of
duvelisib as monotherapy. The CONTEMPO study is ongoing having
enrolled 55 patients and is now closed to additional patient
enrollment.
- Further duvelisib regulatory and clinical update:
Infinity continues to advance preparations for potential regulatory
submissions to support approval of duvelisib based on the DYNAMO
and, if the data are positive, DUO studies. In addition to the
DYNAMO, DUO and CONTEMPO studies described earlier, the SYNCHRONY
and FRESCO studies are ongoing to support the potential approval
and launch of duvelisib in CLL and follicular lymphoma. SYNCHRONY
is a Phase 1b combination study of duvelisib plus obinutuzumab in
CLL or small lymphocytic lymphoma patients who were previously
treated with a Bruton's tyrosine kinase (BTK) inhibitor. FRESCO is
a randomized study of duvelisib in combination with rituximab
compared to R-CHOP in patients with relapsed/refractory follicular
lymphoma designed to evaluate the potential of duvelisib as an
alternative treatment option to chemotherapy. In June, Infinity
announced that it was closing BRAVURA, a Phase 3 study of duvelisib
in patients with relapsed iNHL, to align resources to its strategic
objectives regarding duvelisib.
IPI-549
- Phase 1 study of IPI-549 ongoing: A Phase 1 study of
IPI-549 is ongoing to evaluate the safety, tolerability,
pharmacokinetics and pharmacodynamics of IPI-549 as a monotherapy
and in combination with an anti-PD-1 antibody, a checkpoint
inhibitor, in approximately 150 patients with advanced solid
tumors, including non-small cell lung cancer and melanoma. IPI-549
is the only investigational PI3K-gamma inhibitor in clinical
development. Infinity expects to initiate cohorts studying IPI-549
in combination with an anti-PD-1 antibody this Fall.
- New data on IPI-549 to be presented at upcoming scientific
meeting: Infinity announced today that preclinical and clinical
data on IPI-549 will be presented at the Second CRI-CIMT-EATI-AACR
International Cancer Immunotherapy Conference: Translating Science
into Survival taking place September 25-28,
2016, in New York City.
- Manuscript describing discovery of IPI-549 accepted for
publication: Infinity today announced that a manuscript
describing the company's medicinal chemistry research efforts that
led to the discovery of IPI-549 has been accepted for publication
in ACS Medicinal Chemistry Letters. The paper, "Discovery of
a selective phosphoinositide-3-kinase (PI3K)-gamma inhibitor
(IPI-549) as an immuno-oncology clinical candidate," describes the
evaluation of a focused group of PI3K-gamma inhibitors resulting in
the selection of IPI-549 as a development candidate based on its
potency, selectivity, favorable in vitro safety and pharmacokinetic
profile and ability to inhibit PI3K-gamma in vivo.1 A
preliminary copy of the manuscript is currently available on the
ACS Publications website.
Corporate
- June restructuring of workforce nearly completed: In
June, Infinity undertook two strategic restructurings in order to
preserve financial resources. In summary, the company reduced its
employee headcount by approximately 66 percent compared to its
employee headcount as of December 31,
2015. The June restructurings impacted all functions across
the organization and have been nearly completed.
The restructuring also included a
non-cash impairment loss of $2.3
million related to fixed assets that were written down to
fair value during the three months ended June 30, 2016.
Infinity is also evaluating its
current facility leases. If Infinity pursues and successfully
restructures these facility leases in 2016, it could potentially
incur additional charges during the second half of 2016 upon exit
of the space.
Second Quarter 2016 Financial Results
- At June 30, 2016, Infinity had
total cash, cash equivalents and available-for-sale securities of
$146.4 million, compared to
$193.0 million at March 31, 2016.
- Revenue during the second quarter of 2016 was $9.5 million for research and development
(R&D) services associated with the collaboration with AbbVie
for duvelisib in oncology up through AbbVie's opt-out, compared to
$4.9 million for R&D services for
the second quarter of 2015.
- R&D expense for the second quarter of 2016 was $52.9 million, compared to $34.1 million for the second quarter of 2015. The
increase in R&D expense was primarily due to restructuring
activities as well as higher clinical development expenses for
duvelisib. In the second quarter of 2016, the company recognized
$11.9 million of restructuring
charges within R&D expense.
- General and administrative (G&A) expense was $15.7 million for the second quarter of 2016,
compared to $9.4 million for the same
period in 2015. The increase in G&A expense was primarily
related to restructuring activities. In the second quarter of 2016,
the company recognized $4.7 million
of restructuring charges within G&A expense.
- Infinity recorded a non-recurring gain on AbbVie opt-out of the
duvelisib collaboration of $112.2
million for the second quarter of 2016. The AbbVie opt-out
is irrevocable, and Infinity has no obligation to continue to
provide AbbVie any services. There were no gains for the second
quarter of 2015.
- Net income for the second quarter of 2016 was $53.0 million, or a basic and diluted earnings
per common share of $1.05, compared
to a net loss of $38.4 million, or a
basic and diluted loss per common share of $0.78, for the same period in 2015.
Cash and Investments Outlook
Following the AbbVie
opt-out and Infinity's restructuring activities, Infinity today
provided an update on its anticipated year-end 2016 cash and
investments balance. In the absence of additional funding or
proceeds from business development activities, including the
potential sale of duvelisib:
- Infinity expects to end 2016 with a year-end cash and
investments balance ranging from $45 million
to $55 million, compared to prior expectations of
$45 million to $65 million.
- Infinity expects that its existing cash, cash equivalents and
available-for-sale securities at June 30,
2016, will be adequate to satisfy the company's capital
needs into the third quarter of 2017 based on its current
operational plans, compared to previous guidance of cash runway
through the first quarter of 2017. The extension of the company's
cash runway is the result of its June restructuring activities and
expectations that it does not expect to incur duvelisib expenses
beyond the fourth quarter of 2016, consistent with Infinity's
current focus on selling the program.
Conference Call Information
Infinity will host a
conference call today, August 9,
2016, at 4:30 p.m. ET to
discuss these financial results and company updates. A live webcast
of the conference call can be accessed in the "Investors/Media"
section of Infinity's website at www.infi.com. To participate in
the conference call, please dial 1-877-316-5293 (domestic) and
1-631-291-4526 (international) five minutes prior to start time.
The conference ID number is 49612626. An archived version of the
webcast will be available on Infinity's website for 30 days.
About Duvelisib
Duvelisib is an investigational dual
inhibitor of phosphoinositide-3-kinase (PI3K)-delta and PI3K-gamma,
two proteins that are known to help support the growth and survival
of malignant B-cells. PI3K signaling may lead to the proliferation
of malignant B-cells and is thought to play a role in the formation
and maintenance of the supportive tumor
microenvironment.2,3,4
Duvelisib is being evaluated in several studies, including
DYNAMO, a single-arm, Phase 2 monotherapy study in patients with
refractory indolent non-Hodgkin lymphoma (iNHL)5, DUO, a
randomized, Phase 3 monotherapy study in patients with
relapsed/refractory chronic lymphocytic leukemia (CLL)6,
FRESCO, a Phase 2 combination study in patients with
relapsed/refractory follicular lymphoma7, CONTEMPO, a
Phase 1b/2 combination study in treatment-naïve follicular lymphoma
patients8, and SYNCHRONY, a Phase 1b combination study in patients
with CLL or small lymphocytic lymphoma (SLL) previously treated
with a Bruton's tyrosine kinase (BTK) inhibitor9.
Information about duvelisib clinical trials can be found on
www.clinicaltrials.gov.
About IPI-549
IPI-549 is an investigational, orally
administered immuno-oncology development candidate that selectively
inhibits PI3K-gamma. In preclinical studies, IPI-549 inhibits
immune suppressive macrophages within the tumor microenvironment,
whereas other immunotherapies such as checkpoint modulators more
directly target immune effector cell function. As such, IPI-549 may
have the potential to treat a broad range of solid tumors and
represents a potentially complementary approach to restoring
anti-tumor immunity in combination with other immunotherapies such
as checkpoint inhibitors.
Duvelisib and IPI-549 are investigational compounds and their
safety and efficacy have not been evaluated by the U.S. Food and
Drug Administration or any other health authority.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking
statements within the meaning of The Private Securities Litigation
Reform Act of 1995. Such forward-looking statements include those
regarding Infinity's: belief that duvelisib may benefit patients
with hematologic malignancies; plans to explore a broad range of
strategic options for duvelisib, and the potential for such options
to enable the submission of global regulatory filings and
commercialization for duvelisib; plans to seek feedback from the
FDA on DYNAMO study data; belief that the DUO data, if positive,
could provide a basis for regulatory of duvelisib in CLL; plans to
report data from IPI-549; clinical trial plans regarding IPI-549;
anticipated year-end 2016 cash and investments balance and cash
runway; expected benefits of the restructuring; and strategic plans
and its ability to execute on such strategic plans. Such statements
are subject to numerous important factors, risks and uncertainties
that may cause actual events or results to differ materially from
the company's current expectations. For example, there can be no
guarantee that Infinity will be able to sell duvelisib, report
data, complete enrollment, initiate clinical studies, or submit
regulatory filings in the time frames it has estimated, that any
product candidate Infinity is developing will successfully complete
necessary preclinical and clinical development phases, or that
development of any of Infinity's product candidates will continue.
Further, there can be no guarantee that any positive developments
in Infinity's product portfolio or the potential sale of duvelisib
or other strategic options Infinity may pursue will result in stock
price appreciation. Management's expectations and, therefore, any
forward-looking statements in this press release could also be
affected by risks and uncertainties relating to a number of other
factors, including the following: Infinity's results of clinical
trials and preclinical studies, including subsequent analysis of
existing data and new data received from ongoing and future
studies; the content and timing of decisions made by the
U.S. FDA and other regulatory authorities; Infinity's
ability to obtain and maintain requisite regulatory approvals and
to enroll patients in its clinical trials; unplanned cash
requirements and expenditures; development of agents by Infinity's
competitors for diseases in which Infinity is currently developing
or intends to develop its product candidates; and Infinity's
ability to obtain, maintain and enforce patent and other
intellectual property protection for any product candidates it is
developing. These and other risks which may impact
management's expectations are described in greater detail under the
caption "Risk Factors" included in Infinity's quarterly report on
Form 10-Q filed with the Securities and Exchange Commission
(SEC) on August 9, 2016, and other filings filed by Infinity
with the SEC. Any forward-looking statements contained in this
press release speak only as of the date hereof, and Infinity
expressly disclaims any obligation to update any forward-looking
statements, whether as a result of new information, future events
or otherwise.
INFINITY
PHARMACEUTICALS, INC.
Condensed
Consolidated Balance Sheets
(in
thousands)
(unaudited)
|
|
|
June 30,
2016
|
December
31,
2015
|
|
|
|
Cash, cash
equivalents and available-for-sale securities, including long
term
|
$146,392
|
$245,231
|
Other current
assets
|
11,085
|
9,466
|
Property and
equipment, net
|
25,719
|
28,240
|
Other long-term
assets
|
4,094
|
5,884
|
|
|
|
Total
assets
|
$187,290
|
$288,821
|
|
|
|
Current
liabilities
|
$ 44,272
|
$ 70,056
|
Deferred revenue,
less current portion
|
—
|
95,531
|
Financing obligation,
less current portion
|
19,373
|
19,591
|
Other long-term
liabilities
|
4,814
|
5,086
|
Total stockholders'
equity
|
118,831
|
98,557
|
|
|
|
Total liabilities and
stockholders' equity
|
$187,290
|
$288,821
|
INFINITY
PHARMACEUTICALS, INC.
Condensed
Consolidated Statements of Operations
(unaudited)
(in thousands,
except share and per share amounts)
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
Six Months Ended June 30,
|
|
|
|
|
2016
|
2015
|
2016
|
2015
|
|
|
|
|
|
Collaboration
revenue
|
$
9,467
|
$
4,880
|
$
18,723
|
$
9,244
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
Research and
development
|
52,947
|
34,062
|
92,135
|
122,490
|
General and
administrative
|
15,692
|
9,410
|
26,528
|
17,960
|
|
|
|
|
|
Total operating
expenses
|
68,639
|
43,472
|
118,663
|
140,450
|
Gain on AbbVie
Opt-Out
|
112,216
|
—
|
112,216
|
—
|
|
|
|
|
|
Income (loss) from
operations
|
53,044
|
(38,592 )
|
12,276
|
(131,206 )
|
Other income
(expense):
|
|
|
|
|
Interest
expense
|
(307 )
|
(99 )
|
(616 )
|
(747 )
|
Investment and other
income
|
254
|
263
|
667
|
223
|
|
|
|
|
|
Total other income
(expense)
|
(53 )
|
164
|
51
|
(524 )
|
|
|
|
|
|
Net income
(loss)
|
$
52,991
|
$
(38,428 )
|
$
12,327
|
$
(131,730 )
|
|
|
|
|
|
Earnings (loss) per
common share:
|
|
|
|
|
Basic
|
$
1.05
|
$
(0.78 )
|
$
0.24
|
$
(2.69 )
|
|
|
|
|
|
Diluted
|
$
1.05
|
$
(0.78 )
|
$
0.24
|
$
(2.69 )
|
|
|
|
|
|
Weighted average
number of common shares outstanding:
|
|
|
|
|
Basic
|
49,437,062
|
49,076,031
|
49,388,475
|
49,008,085
|
|
|
|
|
|
Diluted
|
49,439,537
|
49,076,031
|
49,399,926
|
49,008,085
|
|
|
|
|
|
Contact:
Jaren Irene
Madden, Senior Director,
Investor Relations and Corporate Communications
617-453-1336 or Jaren.Madden@infi.com
References
1Evans CA, Liu T, Lescarbeau A
et al. Discovery of a selective phosphoinositide-3-kinase
(PI3K)-gamma inhibitor (IPI-549) as an immuno-oncology clinical
candidate. ACS Med Chem Lett 2016 (in press). DOI:
10.1021/acsmedchemlett.6b00238
2Winkler D.G., Faia K.L., DiNitto J.P. et al. PI3K-delta
and PI3K-gamma inhibition by IPI-145 abrogates immune responses and
suppresses activity in autoimmune and inflammatory disease models.
Chem Biol 2013; 20:1-11.
3Reif K et al.Cutting Edge: Differential Roles for
Phosphoinositide 3 kinases, p110-gamma and p110-delta, in
lymphocyte chemotaxis and homing. J Immunol
2004:173:2236-2240.
4Schmid M et al. Receptor Tyrosine Kinases and TLR/IL1Rs
Unexpectedly activate myeloid cell PI3K, a single convergent point
promoting tumor inflammation and progression. Cancer Cell
2011;19:715-727.
5 www.clinicaltrials.gov, NCT01882803
6 www.clinicaltrials.gov, NCT02004522
7 www.clinicaltrials.gov, NCT02605694
8 www.clinicaltrials.gov, NCT02391545
9 www.clinicaltrials.gov, NCT02292225
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SOURCE Infinity Pharmaceuticals, Inc.