Cascadian Therapeutics Reports First Quarter 2017 Financial Results Conference Call Scheduled for Today at 8:30 a.m. ET
May 09 2017 - 7:00AM
Cascadian Therapeutics, Inc. (NASDAQ:CASC), a clinical-stage
biopharmaceutical company, today reported financial results for the
first quarter ended March 31, 2017.
“In the first quarter, we continued to build a solid management
team and the financial foundation that will help us execute our
core objectives over the next several years,” said Scott Myers,
President and CEO of Cascadian Therapeutics. “We are focused on
enrolling HER2CLIMB, our pivotal study of tucatinib in combination
for late-stage HER2-positive metastatic breast cancer for patients
with and without brain metastases. We are very pleased with the
current pace of enrollment and are expanding HER2CLIMB globally.”
First Quarter and Recent Highlights
- In April 2017, the Company announced data highlights from
presentations of preclinical data for the Company’s investigational
orally bioavailable, potent and selective checkpoint kinase 1
(Chk1) inhibitor known as CASC-578 and data from the first public
presentation on the Company’s preclinical antibody program
targeting the immune checkpoint receptor TIGIT. These data were
presented at the American Association for Cancer Research (AACR)
Annual Meeting 2017.
- In March 2017, the Company announced the appointment of Robert
W. Azelby to the Company’s Board of Directors. Mr. Azelby is a
biotechnology and pharmaceutical industry veteran. The Company also
announced that Richard L. Jackson, Ph.D., retired from the
Board.
- In January 2017, the Company closed an $88 million net public
offering of common and Series E preferred stock. The net proceeds,
along with cash on hand, support the development of tucatinib, the
registrational HER2CLIMB trial through top-line data, with funds to
carry on operations for a period of time thereafter. On May 8,
2017, in connection with the registration rights agreement entered
into for the Series E preferred stock issued in this financing, the
Company filed a required resale S-3 registration statement to allow
the holder of these preferred shares to sell shares of common stock
issuable upon conversion of the preferred shares. The S-3 relates
to these shares and does not provide for any future issuance of new
common shares for financings.
First Quarter Financial Results
- Cash, cash equivalents and investments totaled $136.1
million as of March 31, 2017, compared to $62.8
million at December 31, 2016, an increase of $73.3 million, or
116.7 percent. The increase was primarily due to the result of net
proceeds of $88.0 million from the Company’s January 2017 financing
offset by cash used to fund operations of $14.6 million.
- Net loss attributable to common stockholders for the first
three months ended March 31, 2017 was $12.4 million, or $0.30 per
share, compared to a net loss attributable to common stockholders
of $12.9 million, or $0.81 per share, for the same period in 2016.
The $0.5 million decrease in net loss attributable to common
stockholders for the quarter was primarily due to a decrease in
general and administrative expense of $3.7 million related to the
retirement and separation of the former chief executive officer in
the first quarter of 2016. This decrease was offset by higher
research and development expenses of $2.3 million due to greater
activity related to the development of the Company’s product
candidate and a non-cash deemed dividend of $1.0 million related to
the beneficial conversion feature on the Series E convertible
preferred stock.
2017 Financial Outlook
Cascadian Therapeutics expects operating expenses in 2017 to be
slightly higher than in 2016, primarily due to an increase in
activities related to the ongoing worldwide HER2CLIMB pivotal
trial. Cash used in operations for 2017 is expected to be
approximately $50.0 million to $54.0 million.
Cascadian Therapeutics believes the above financial guidance to
be correct as of the date provided and is providing the guidance as
a convenience to investors and assumes no obligation to update
it.
Conference Call Information
Cascadian Therapeutics management will host a conference call
and live audio webcast to review its first quarter financial
results and provide an update on business activities today at 5:30
a.m. PT / 8:30 a.m. ET. Participants can access the call at +1
(877) 280-7291 (domestic) or +1 (707) 287-9361 (international). To
access the live audio webcast or the subsequent archived recording,
visit the Events & Presentations page of the News & Events
section of the Cascadian Therapeutics’ website at
www.cascadianrx.com.
About Cascadian Therapeutics
Cascadian Therapeutics is a clinical-stage biopharmaceutical
company dedicated to developing innovative product candidates for
the treatment of cancer. Its lead product candidate, tucatinib, is
an investigational oral, selective small molecule HER2 inhibitor.
Cascadian Therapeutics is conducting a randomized, double-blind
controlled pivotal clinical trial called HER2CLIMB, which is
comparing tucatinib vs. placebo, each in combination with
capecitabine and trastuzumab, in patients with locally advanced or
metastatic HER2-positive breast cancer with and without brain
metastases, who have previously been treated with a taxane,
trastuzumab, pertuzumab and T-DM1. Additional details on
HER2CLIMB can be found at www.HER2CLIMB.com or
www.clinicaltrials.gov. For more information, please
visit www.cascadianrx.com.
Forward-Looking Statements
In order to provide Cascadian Therapeutics' investors with an
understanding of its current results and future prospects, this
release contains statements that are forward-looking. Any
statements contained in this press release that are not statements
of historical fact may be deemed to be forward-looking statements.
Words such as "believes," "anticipates," "plans," "expects,"
"will," "intends," "potential," "possible" and similar expressions
are intended to identify forward-looking statements. These
forward-looking statements include Cascadian Therapeutics'
expectations regarding clinical development activities, timing of
additional data, potential benefits of its product candidates, and
its use and adequacy of cash reserves and future financial
results.
Forward-looking statements involve risks and uncertainties
related to Cascadian Therapeutics' business and the general
economic environment, many of which are beyond its control. These
risks, uncertainties and other factors could cause Cascadian
Therapeutics' actual results to differ materially from those
projected in forward-looking statements, including the risks
associated with the costs and expenses of developing its product
candidates, the adequacy of financing and cash, cash equivalents
and investments, changes in general accounting policies, general
economic factors, achievement of the results it anticipates from
its preclinical development and clinical trials of its product
candidates, the receipt of regulatory approvals, and its ability to
adequately obtain and protect its intellectual property rights.
Although Cascadian Therapeutics believes that the forward-looking
statements contained herein are reasonable as of the date hereof,
it can give no assurance that its expectations are correct. All
forward-looking statements are expressly qualified in their
entirety by this cautionary statement. For a detailed description
of Cascadian Therapeutics' risks and uncertainties, you should
review the documents filed by Cascadian Therapeutics with the
securities regulators in the United States on EDGAR and in Canada
on SEDAR. Cascadian Therapeutics does not undertake any obligation
to publicly update its forward-looking statements based on events
or circumstances after the date hereof, except to the extent
required by law. Additional InformationAdditional
information relating to Cascadian Therapeutics can be found on
EDGAR at www.sec.gov and on SEDAR at www.sedar.com.
|
CASCADIAN THERAPEUTICS, INC.Condensed
Consolidated Statements of Operations(In thousands except share and
per share amounts)(Unaudited) |
|
|
|
|
|
|
|
Three months ended
March 31, |
|
|
|
2017 |
|
2016 |
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
$ |
8,587 |
|
|
$ |
6,337 |
|
|
|
General and administrative |
|
|
2,975 |
|
|
|
6,633 |
|
|
|
Total operating expenses |
|
|
11,562 |
|
|
|
12,970 |
|
|
|
Loss from operations |
|
|
(11,562 |
) |
|
|
(12,970 |
) |
|
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment and other income (expense), net |
|
|
160 |
|
|
|
83 |
|
|
|
Total other income (expense), net |
|
|
160 |
|
|
|
83 |
|
|
|
Net loss |
|
$ |
(11,402 |
) |
|
$ |
(12,887 |
) |
|
|
Deemed dividend related to beneficial conversion
feature on convertible preferred stock |
|
|
(982 |
) |
|
|
— |
|
|
|
Net loss attributable to common
stockholders |
|
$ |
(12,384 |
) |
|
$ |
(12,887 |
) |
|
|
Net loss per share – basic and diluted |
|
$ |
(0.30 |
) |
|
$ |
(0.81 |
) |
|
|
Shares used to compute basic and diluted net loss per
share |
|
|
41,523,856 |
|
|
|
15,826,985 |
|
|
|
|
|
CASCADIAN THERAPEUTICS, INC. |
Consolidated Balance Sheet Data |
(In thousands except share amounts) |
(Unaudited) |
|
|
|
|
As of |
|
|
|
|
|
|
March 31, 2017 |
|
December 31, 2016 |
|
|
|
Cash, cash
equivalents and investments |
|
$ |
136,133 |
|
$ |
62,805 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
157,172 |
|
$ |
83,265 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Long term
liabilities |
|
$ |
102 |
|
$ |
135 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity |
|
$ |
151,689 |
|
$ |
74,357 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
shares outstanding |
|
|
49,235,617 |
|
|
22,562,640 |
|
|
|
|
|
|
|
|
|
|
|
|
Investor and Media Contact:
Monique Greer
Cascadian Therapeutics
206-801-2107
mgreer@cascadianrx.com
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