− Pivotal Phase 3 BOSTON Study Expected to
Commence in May 2017 –
Karyopharm Therapeutics Inc. (Nasdaq:KPTI), a clinical-stage
pharmaceutical company, today reported financial results for the
first quarter 2017 and commented on recent accomplishments and
clinical development plans for its lead, novel, oral Selective
Inhibitor of Nuclear Export (SINE™) compound selinexor (KPT-330),
and other pipeline assets verdinexor (KPT-335), and KPT-9274, its
oral, dual inhibitor of p21-activated kinase 4 (PAK4) and
nicotinamide phosphoribosyltransferase (NAMPT).
“It’s been a highly active early 2017 for
Karyopharm, marked most notably by establishment of a planned
approval path for selinexor in relapsed or refractory diffuse large
B-cell lymphoma (DLBCL), our second lead indication after multiple
myeloma (MM), following the presentation of robust interim data
from the Phase 2b SADAL study at the American Association for
Cancer Research (AACR) 2017 Annual Meeting,” said Michael G.
Kauffman, MD, PhD, Chief Executive Officer of Karyopharm.
“After the observation of a 28.6% overall response rate (ORR)
with over 7 months median duration of response (DOR), we consulted
with the U.S. Food and Drug Administration (FDA) and obtained their
agreement to amend the SADAL study to focus solely on the 60mg
twice weekly treatment cohort, in which we plan to enroll up to 90
more patients. Assuming we continue to see the response rate
and durability observed to date, we plan to use the data from the
SADAL study to support a request for accelerated approval in
DLBCL. Looking ahead, we remain focused on the initiation of
the pivotal Phase 3 BOSTON study where we will evaluate selinexor
in combination with Velcade® (bortezomib) and dexamethasone in
patients with myeloma previously treated with one to three
regimens, moving selinexor into much earlier lines of
treatment.”
Dr. Kauffman continued, “Importantly, during
April 2017, we strengthened our balance sheet by raising net
proceeds of approximately $52.2 million in equity financings,
including approximately $37.8 million in an underwritten public
offering and $14.5 million through our at-the-market (ATM) offering
program. We plan to use these funds to support the continued
clinical development of selinexor in our lead indications,
including in multiple myeloma, DLBCL and other oncology
indications, with a focus on filing for accelerated approvals for
both myeloma and DLBCL during 2018. In addition, we expect
this capital will fund our operations into 2019, while we are
preparing to establish a commercial infrastructure for the
potential launch of selinexor in North America and Western
Europe.”
First Quarter 2017 and Recent Events,
Highlights and Milestones:
Selinexor in Multiple Myeloma (MM)
- Upcoming Initiation of Pivotal Phase 3 BOSTON
Study. Based on the strong combination data recently
reported from the Phase 1b STOMP study, Karyopharm plans to
initiate a pivotal randomized Phase 3 study, known as the BOSTON
(Bortezomib, Selinexor and
dexamethasone) study, which will
evaluate selinexor in combination with Velcade and dexamethasone
(SVd), compared to Velcade and low-dose dexamethasone (Vd) in
patients with MM who have had one to three prior lines of
therapy. The BOSTON study is expected to enroll approximately
360 patients and commence in May 2017.
- Ongoing Phase 2b STORM Study Expansion in Patients with
Penta-refractory MM. The Company has expanded the
Phase 2b STORM study, which is expected to include 122 additional
patients with penta-refractory MM, a growing unmet medical need in
which there are no approved therapies available. Karyopharm
expects to report top-line data from the expanded cohort in early
2018, and, assuming a positive outcome, intends to use the expanded
STORM study data to support a request for accelerated approval for
selinexor in MM.
- Completed Enrollment in Phase 1b/2 STOMP Arm Evaluating
Selinexor in Combination with Velcade. In February
2017, Karyopharm completed enrollment in the Phase 1b/2 STOMP arm
designed to evaluate selinexor in combination with the proteasome
inhibitor Velcade and low-dose dexamethasone (SVd) in heavily
pretreated patients with MM. The SVd arm of the STOMP study
enrolled 42 patients and the Company expects to report updated data
toward the end of 2017.
- Upcoming Initiation of New Phase 1b/2 STOMP Expansion
Arm Evaluating Selinexor in Combination with
Darzalex®
(daratumumab). Karyopharm expects
to dose the first patient in a new Phase 1b/2 STOMP expansion arm
designed to evaluate selinexor in combination with the anti-CD38
monoclonal antibody Darzalex and low-dose dexamethasone (SDd) in
heavily pretreated patients with MM. The SDd arm of the STOMP
study is expected to enroll approximately 44 patients and the
Company expects to report top-line data in late 2017 or early
2018.
- Presented an Overview of Clinical Data Demonstrating
Selinexor Activity in Combination with Proteasome Inhibitors and
Immunomodulatory Agents. In an oral presentation at the
International Myeloma Workshop 2017 annual meeting held March 1-4,
2017 in New Delhi, India, Karyopharm researchers presented an
overview of clinical data demonstrating selinexor’s activity in
combination with proteasome inhibitors and immunomodulatory drugs
for the treatment of relapsed or refractory MM.
Selinexor in Diffuse Large B-Cell Lymphoma
(DLBCL)
- Top-line Data from Phase 2b SADAL Study in DLBCL
Presented in a Late-Breaking Poster at AACR 2017. At
the April AACR 2017 Annual Meeting, a late-breaking poster was
presented that highlighted top-line data from the Company’s ongoing
Phase 2b SADAL study evaluating 60mg and 100mg doses of
single-agent selinexor in patients with relapsed or refractory
DLBCL. The data demonstrated that selinexor achieved an ORR
of 28.6% in the first 63 patients, as adjudicated by an independent
central radiological committee, and a disease control rate (DCR) of
42.9%. The median overall survival (OS) was 8 months for all
patients, consistent with published data in this population.
As of the data cutoff date, median survival for the
responders had not been reached and is over 9 months. The
median DOR across all patients was greater than 7 months with most
responses occurring at the first response evaluation (~2
months). As of the data cutoff date, 9 patients who responded
remained on treatment, including 6 patients with a complete
response (CR). Selinexor showed similar activity against GCB
and non-GCB subtypes of DLBCL: Of the 32 patients with DLBCL of the
GCB-subtype, selinexor achieved an ORR of 25.0% and DCR of
43.8%. Of the 31 patients with DLBCL of the non-GCB-subtype
(ABC), selinexor achieved an ORR of 32.3% and DCR of 41.9%.
Among the 72 patients evaluated for safety, the most common adverse
events (AEs) across both dosing groups were fatigue (65%),
thrombocytopenia (54%), nausea (51%), anorexia (49%), vomiting
(35%) and anemia (32%), and were primarily grades 1 and 2 and were
managed with dose modifications and/or standard supportive
care. As expected, the most common grade 3 and 4 AEs in the
60mg arm were thrombocytopenia (32%), neutropenia (16%), anemia
(14%), and fatigue (11%) and were manageable with dose
modifications and/or standard supportive care.
As a result of these findings, and in
consultation with the FDA, Karyopharm is amending the SADAL study
protocol to become a single-arm study focusing solely on
single-agent selinexor dosed at 60mg twice weekly, eliminating the
100mg arm. The study is also being amended to reduce the
14-week treatment-free period to 8 weeks in patients who achieved
at least a partial response (PR) on their most recent
therapy. Patients whose disease was refractory or did not
achieve at least a PR on their prior therapy will continue with the
14-week treatment-free period. The FDA agreed that the
modification to a single-arm study was reasonable and that the
proposed trial design and indication appear appropriate for
accelerated approval, though eligibility for accelerated approval
will depend on the complete trial results and available therapies
at the time of regulatory action. The Company plans to enroll
up to an additional 90 patients to the 60mg single-arm cohort and
expects to report top-line results from the SADAL study in
mid-2018.
Selinexor in Other Hematologic Malignancies
- Announced Outcome of Phase 2 SOPRA Interim Analysis;
Updated AML Development Strategy. In March 2017,
Karyopharm announced the results of the planned interim analysis of
the Phase 2 SOPRA study evaluating single-agent selinexor in
relapsed or refractory acute myeloid leukemia (AML). In
concert with the study’s independent Data Safety Monitoring Board
(DSMB), the Company determined that the SOPRA study would not reach
statistical significance for showing superiority of OS on selinexor
versus OS on physician’s choice (PC), the study’s primary endpoint.
However, the 13% of selinexor-treated patients who achieved a
complete response with or without full hematologic recovery
(CR/CRi) showed a substantial OS benefit as compared to PC.
As a result, patients were permitted to continue on both the
selinexor arm or the PC arm, as applicable, following discussion
with their treating physician. Selinexor demonstrated a
safety profile consistent with previous studies with similar rates
of sepsis and lower rates of febrile neutropenia in the selinexor
arm versus the PC arm. Karyopharm plans to continue to
explore the use of selinexor in combination with novel and standard
agents through investigator-sponsored AML studies.
Selinexor in Solid Tumors
- Completed Enrollment in Phase 2 Portion of the Phase
2/3 SEAL Study. In March 2017, Karyopharm completed
enrollment in the Phase 2 portion of the randomized Phase 2/3 SEAL
study evaluating single-agent selinexor versus placebo in patients
with advanced liposarcoma. Top-line data from the Phase 2
portion of this study are expected in mid-2017. The primary
endpoint of the SEAL study is progression free survival (PFS) and
both the trial design and endpoints have been agreed to by the FDA
and the European Medicines Agency (EMA) as acceptable for
approval.
- Oral Presentation Highlighting Efficacy, Safety and
Intratumoral Pharmacokinetic Data for Selinexor in Glioblastoma at
the 2017 World Federation of Neuro-Oncology Societies
(WFNOS). Clinical data from a Phase 2 study
evaluating selinexor in patients with recurrent glioblastoma will
be highlighted in an oral presentation on May 6, 2017 at WFNOS 2017
by Andrew Lassman, MD, Columbia University Medical Center. These
data demonstrate that oral selinexor achieved responses and
sufficient intratumoral penetration, with a manageable tolerability
profile when accompanied by standard supportive care.
Importantly, disease control rates using selinexor dosed at 80mg
once weekly were as high or higher than those observed with more
intensive dosing, and tolerability was improved. Accrual in
this Phase 2 study utilizing once weekly dosing continues.
Verdinexor
- Signed Global License Agreement with Anivive
Lifesciences for Verdinexor for Animal Health
Applications. Earlier this week, Karyopharm and
Anivive, a privately-held biotech company, announced their entry
into a licensing agreement whereby Anivive licensed from Karyopharm
exclusive worldwide rights to research, develop and commercialize
verdinexor for the treatment of cancer in companion animals.
Under the terms of the agreement, Anivive will make a one-time
upfront payment of $1 million to Karyopharm. Anivive agreed
to pay up to an additional $43.5 million in certain regulatory,
clinical and commercial milestones, assuming approval in both the
United States (US) and the European Union (EU). In addition,
Anivive agreed to pay Karyopharm a low double-digit royalty on
future net sales.
KPT-9274
- Preclinical Efficacy Highlighting KPT-9274’s
Anti-Cancer Activity in Dogs with Spontaneous Lymphomas Presented
as a Late-Breaking Poster at AACR 2017 Annual
Meeting. At the April AACR 2017 Annual Meeting,
Karyopharm collaborator Cheryl London of Tufts University presented
a late-breaking poster highlighting preclinical data demonstrating
the activity and synergy of KPT-9274, the Company’s oral dual
inhibitor of PAK4/NAMPT, with doxorubicin to treat dogs with
lymphoma. KPT-9274 is currently being evaluated in a Phase 1
safety and tolerability study in patients with advanced solid
malignancies (including sarcoma, colon and lung cancer) or
non-Hodgkin's lymphoma (NHL) whose disease has relapsed after
standard therapy(s). Top-line data from this clinical study
are expected in mid-2017.
Other Corporate and Clinical Developments
- Generated $52.2 Million in Equity
Financings. In April 2017, the Company completed the
sale of approximately 3.9 million shares of common stock in an
underwritten public offering at a price to the public of $10.25 per
share, resulting in net proceeds to the Company of approximately
$37.8 million after deducting underwriting discounts and
commissions and other estimated offering expenses, and the sale of
approximately 1.3 million shares under the ATM offering facility
for net proceeds of approximately $14.5 million.
- Partial Clinical Holds Lifted by U.S.
FDA. During late March and early April 2017, the
FDA’s Divisions of Hematology Products, Oncology Products 1 and
Oncology Products 2 lifted their respective partial clinical holds
placed on the Company’s selinexor clinical trials, re-opening
enrollment and dosing of new patients in all of the Company's
clinical trials across both hematological and solid tumor
malignancies. There were no material impacts on development
timelines for any of the ongoing selinexor studies.
- Management Change. In April 2017, Justin
Renz resigned as the Company’s Executive Vice President, Chief
Financial Officer and Treasurer to pursue other
opportunities. Mr. Renz continues to serve the Company in an
advisory capacity in order to ensure a smooth transition.
Karyopharm has begun a search process for the selection and
appointment of a new Chief Financial Officer. In the interim,
Michael Todisco, who serves as the Company's Vice President,
Finance, leads the Company’s internal finance function.
First Quarter 2017 Financial
Results
Cash, cash equivalents and investments as of
March 31, 2017, including restricted cash, totaled $150.6 million,
compared to $175.5 million as of December 31, 2016.
On April 28, 2017, Karyopharm completed an
underwritten public offering of 3,902,439 shares of its common
stock at a price to the public of $10.25 per share. The net
proceeds to Karyopharm from the offering, after deducting the
underwriting discounts and commissions and estimated offering
expenses, were approximately $37.8 million. In addition,
during April 2017, the Company completed the sale of approximately
1.3 million shares under the ATM offering facility for net proceeds
of approximately $14.5 million.
For the quarter ended March 31, 2017, research
and development expense was $24.1 million compared to $21.8 million
for the quarter ended March 31, 2016. For the quarter ended
March 31, 2017, general and administrative expense was $6.3 million
compared to $5.6 million for the quarter ended March 31, 2016.
Karyopharm reported a net loss of $29.9 million,
or $0.71 per share, for the quarter ended March 31, 2017, compared
to a net loss of $27.1 million, or $0.75 per share, for the quarter
ended March 31, 2016. Net loss includes stock-based
compensation expense of $5.9 million and $5.2 million for the
quarters ended March 31, 2017 and March 31, 2016, respectively.
Financial Outlook
Karyopharm expects its operating cash burn,
including research and development and general and administrative
expenses, for the year ending December 31, 2017 to be in the range
of $85 to 90 million. Based on current operating plans,
Karyopharm expects that its existing cash and cash equivalents,
along with the $52.2 million of net proceeds raised in April 2017,
will be sufficient to fund its research and development programs
and operations into 2019, including the continued clinical
development of selinexor in our lead indications with a focus on
filing for accelerated approvals for both MM and DLBCL during 2018,
and preparing a commercial infrastructure for the potential launch
of selinexor in North America and Western Europe.
Conference Call
Information:
Karyopharm will host a conference call today,
Thursday, May 4, 2017, at 8:30 a.m. Eastern Time, to discuss the
first quarter 2017 financial results, recent accomplishments,
clinical developments and business plans. To access the
conference call, please dial (855)
437-4406 (US) or (484) 756-4292 (international) at
least five minutes prior to the start time and refer to conference
ID: 10603764. An audio recording of the call will be
available under “Events & Presentations” in the
“Investor” section of Karyopharm's website,
http://www.karyopharm.com, approximately two hours after the
event.
About Karyopharm
Therapeutics
Karyopharm Therapeutics Inc. (Nasdaq:KPTI) is a
clinical-stage pharmaceutical company focused on the discovery and
development of novel first-in-class drugs directed against nuclear
transport and related targets for the treatment of cancer and other
major diseases. Karyopharm's SINE™ compounds function by binding
with and inhibiting the nuclear export protein XPO1 (or CRM1). The
Company's initial focus is on seeking regulatory approval and
commercialization of its lead drug candidate, oral selinexor
(KPT-330). To date, over 2,000 patients have been treated with
selinexor and it is currently being evaluated in several mid- and
later-phase clinical trials across multiple cancer indications,
including multiple myeloma in combination with low-dose
dexamethasone (STORM) and backbone therapies (STOMP), diffuse large
B-cell lymphoma (SADAL), and liposarcoma (SEAL), among others.
Karyopharm plans to initiate a pivotal randomized Phase 3 study of
selinexor in combination with bortezomib (Velcade®) and low-dose
dexamethasone (BOSTON) in patients with multiple myeloma in May
2017. In addition to single-agent and combination activity against
a variety of human cancers, SINE™ compounds have also shown
biological activity in models of neurodegeneration, inflammation,
autoimmune disease, certain viruses and wound-healing. Karyopharm,
which was founded by Dr. Sharon Shacham, currently has five
investigational programs in clinical or preclinical development.
For more information, please visit www.karyopharm.com.
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 the therapeutic potential of and potential clinical
development plans for Karyopharm's drug candidates, including the
timing of initiation of certain trials and of the reporting of data
from such trials, and Karyopharm’s financial outlook. Such
statements are subject to numerous important factors, risks and
uncertainties that may cause actual events or results to differ
materially from Karyopharm’s current expectations. For example,
there can be no guarantee that any of Karyopharm's SINE™ compounds,
including selinexor (KPT-330), KPT-8602, Karyopharm's next
generation SINE™ compound, or KPT-9274, Karyopharm's first-in-class
oral dual inhibitor of PAK4 and NAMPT, or any other drug candidate
that Karyopharm is developing, will successfully complete necessary
preclinical and clinical development phases or that development of
any of Karyopharm's drug candidates will continue. Further, there
can be no guarantee that any positive developments in Karyopharm's
drug candidate portfolio 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: Karyopharm'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 FDA and other regulatory
authorities, investigational review boards at clinical trial sites
and publication review bodies, including with respect to the need
for additional clinical studies; Karyopharm's ability to obtain and
maintain requisite regulatory approvals and to enroll patients in
its clinical trials; unplanned cash requirements and expenditures;
development of drug candidates by Karyopharm's competitors for
diseases in which Karyopharm is currently developing its drug
candidates; and Karyopharm's ability to obtain, maintain and
enforce patent and other intellectual property protection for any
drug candidates it is developing. These and other risks are
described under the caption "Risk Factors" in Karyopharm's Annual
Report on Form 10-K for the year ended December 31, 2016, which was
filed with the Securities and Exchange Commission (SEC) on March
16, 2017, and in other filings that Karyopharm may make with the
SEC in the future. Any forward-looking statements contained in this
press release speak only as of the date hereof, and, except as
required by law, Karyopharm expressly disclaims any obligation to
update any forward-looking statements, whether as a result of new
information, future events or otherwise.
Velcade® is a registered trademark of Takeda
Pharmaceutical Company LimitedDarzalex® is a registered trademark
of Janssen Biotech, Inc.
CONDENSED CONSOLIDATED
BALANCE SHEETS |
(unaudited) |
(in thousands, except share and per share
amounts) |
|
|
|
|
|
|
|
March 31, 2017 |
|
December 31, 2016 |
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
25,577 |
|
|
$ |
49,663 |
|
Short-term investments |
|
|
84,307 |
|
|
|
79,889 |
|
Restricted cash |
|
|
200 |
|
|
|
— |
|
Prepaid
expenses and other current assets |
|
|
2,146 |
|
|
|
2,084 |
|
Total
current assets |
|
|
112,230 |
|
|
|
131,636 |
|
Property and equipment,
net |
|
|
2,654 |
|
|
|
2,836 |
|
Long-term
investments |
|
|
40,257 |
|
|
|
45,434 |
|
Restricted cash |
|
|
279 |
|
|
|
479 |
|
Other assets |
|
|
15 |
|
|
|
— |
|
Total
assets |
|
$ |
155,435 |
|
|
$ |
180,385 |
|
|
|
|
|
Liabilities and
stockholders’ equity |
|
|
|
Current
liabilities: |
|
|
|
Accounts
payable |
|
$ |
4,245 |
|
|
$ |
4,751 |
|
Accrued
expenses |
|
|
10,740 |
|
|
|
11,362 |
|
Deferred
rent |
|
|
286 |
|
|
|
280 |
|
Other
current liabilities |
|
|
210 |
|
|
|
83 |
|
Total
current liabilities |
|
|
15,481 |
|
|
|
16,476 |
|
Deferred rent, net of
current portion |
|
|
1,591 |
|
|
|
1,666 |
|
Total
liabilities |
|
|
17,072 |
|
|
|
18,142 |
|
Stockholders’
equity: |
|
|
|
Preferred
stock, $0.0001 par value; 5,000,000 shares authorized; none issued
and outstanding |
|
|
— |
|
|
|
— |
|
Common
stock, $0.0001 par value; 100,000,000 shares authorized; 41,902,255
and 41,887,829 shares issued and outstanding at March 31, 2017 and
December 31, 2016, respectively |
|
|
4 |
|
|
|
4 |
|
Additional paid-in capital |
|
|
534,838 |
|
|
|
528,617 |
|
Accumulated other comprehensive loss |
|
|
(204 |
) |
|
|
(274 |
) |
Accumulated deficit |
|
|
(396,275 |
) |
|
|
(366,104 |
) |
Total
stockholders’ equity |
|
|
138,363 |
|
|
|
162,243 |
|
Total
liabilities and stockholders’ equity |
|
$ |
155,435 |
|
|
$ |
180,385 |
|
Karyopharm Therapeutics Inc. |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(unaudited) |
(in thousands, except share and per share
amounts) |
|
|
|
Three Months Ended,
March 31, |
|
|
|
2017 |
|
|
|
2016 |
|
Contract and grant
revenue |
|
$ |
68 |
|
|
$ |
— |
|
Operating
expenses: |
|
|
|
Research
and development |
|
|
24,083 |
|
|
|
21,795 |
|
General
and administrative |
|
|
6,264 |
|
|
|
5,554 |
|
Total
operating expenses |
|
|
30,347 |
|
|
|
27,349 |
|
|
|
|
|
Loss from
operations |
|
|
(30,279 |
) |
|
|
(27,349 |
) |
Other income
(expense): |
|
|
|
Interest
income |
|
|
400 |
|
|
|
286 |
|
Other
income (expense) |
|
|
(15 |
) |
|
|
4 |
|
Total
other income (expense), net. |
|
|
385 |
|
|
|
290 |
|
|
|
|
|
Loss before income
taxes |
|
|
(29,894 |
) |
|
|
(27,059 |
) |
Provision for income
taxes |
|
|
(23 |
) |
|
|
— |
|
Net loss |
|
$ |
(29,917 |
) |
|
$ |
(27,059 |
) |
Net loss per
share—basic and diluted |
|
$ |
(0.71 |
) |
|
$ |
(0.75 |
) |
Weighted-average number
of common shares outstanding used in net loss per share—basic and
diluted |
|
|
41,894,796 |
|
|
|
35,878,502 |
|
Contacts:
Michelle Carroll
(212) 600-1902
michelle@argotpartners.com
Media:
Eliza Schleifstein
(917) 763-8106
eliza@argotpartners.com
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