Intra-Cellular Therapies Reports Second Quarter 2017 Financial Results and Provides Corporate Update
August 09 2017 - 8:00AM
Intra-Cellular Therapies, Inc. (NASDAQ:ITCI), a biopharmaceutical
company focused on the development of therapeutics for central
nervous system (CNS) disorders, today announced its financial
results for the second quarter ended June 30, 2017, and provided a
corporate update.
Second Quarter 2017 Financial Results
Intra-Cellular Therapies (the Company or ITCI) reported a net
loss of $17.8 million, or $0.41 per share (basic and diluted), for
the second quarter of 2017 compared to a net loss of $30.8 million,
or $0.71 per share (basic and diluted), for the second quarter of
2016.
Research and development (R&D) expenses for the second
quarter of 2017 were $12.5 million, compared to $25.3 million for
the second quarter of 2016. The decrease for the second quarter of
2017 is primarily due to lower costs associated with outside
clinical and non-clinical costs. In the second quarter of 2016,
outside costs were incurred primarily for the ITI-007-302 clinical
trial of lumateperone in patients with schizophrenia, which was
completed in 2016. In the second quarter of 2017, outside costs
were incurred primarily for the Phase 3 clinical trials of
lumateperone in patients with bipolar depression and dementia and
other lumateperone related trials.
General and administrative (G&A) expenses were $6.3 million
for the second quarter of 2017, compared to $6.5 million for the
same period in 2016. The decrease is primarily the result of higher
professional fees in the second quarter of 2016.
Cash, cash equivalents and investment securities totaled $342.6
million at June 30, 2017, compared to $384.1 million at December
31, 2016.
The Company expects that existing cash, cash equivalents and
investment securities of $342.6 million at June 30, 2017 will be
used primarily to advance the lumateperone development program,
including to fund clinical trials of lumateperone in bipolar
depression, behavioral disturbances in patients with dementia,
depressive disorders and other lumateperone clinical trials and
related clinical and non-clinical activities; to fund
pre-commercial activities for lumateperone for the treatment of
schizophrenia and, if lumateperone receives regulatory approval,
initial commercialization efforts; to fund pre-clinical and
clinical development of the Company’s ITI-007 long-acting
injectable program; and to fund non-clinical activities, including
the continuation of manufacturing activities, in connection with
the development of lumateperone. Funds will also be used for other
clinical and pre-clinical programs, including the Company’s
phosphodiesterase (PDE) development activities.
Corporate Update
- We submitted responses to the U.S. Food and Drug Administration
(FDA) following its request for additional information related to
nonclinical toxicology findings in certain animal studies with
lumateperone. Discussions with the FDA are ongoing. We and our
expert consultants believe these nonclinical findings are not
indicative of a safety risk for humans due to species differences
in the metabolism of lumateperone.
- Lumateperone’s potential as a potent and rapid antidepressant
in a range of mood disorders including bipolar depression was
elaborated in presentations at the 19th Annual Conference of the
International Society for Bipolar Disorders (ISBD) and at the
International College of Neuropsychopharmacology (CINP) thematic
meeting on treatment resistant depression. At these meetings, we
shared data demonstrating that lumateperone, as a standalone agent,
indirectly enhances glutamatergic neurotransmission through both
AMPA and NMDA channels in the prefrontal cortex. Additionally, we
presented data demonstrating that lumateperone increases protein
phosphorylation of key proteins in the mTOR pathway. These
findings, in addition to the potent SERT activity previously
described with lumateperone, suggest the potential for lumateperone
to exhibit potent and rapid antidepressant effects in patients
suffering from a range of mood disorders.
- Additional data on our development programs were presented at
other scientific and medical conferences including the American
Psychiatric Association (APA), the American Society of Clinical
Psychopharmacology (ASCP), and the Alzheimer's Association
International Conference (AAIC). At these conferences, we presented
an overview of the clinical development program for lumateperone,
including safety and efficacy data. In addition, we presented
pre-clinical and Phase 1 clinical data supporting the development
of ITI-214 and the rationale behind ITI-214's potential for the
treatment of CNS indications. Pre-clinical data has demonstrated
anti-inflammatory properties of ITI-214, and as such, ITI-214 may
be disease modifying in neurodegenerative disorders, including
Parkinson's and Alzheimer's disease. We also presented our novel
preclinical compound ITI-333, or ‘triple three’, which has
exhibited a three-pronged mechanism of action with high affinity at
serotonin 5-HT2A, dopamine D1 and mu opiate receptors. This
unique pharmacological profile is predicted to translate into
clinical utility to address symptoms associated with mood disorders
and substance abuse, with particular potential importance for
patients with both substance use disorders and psychiatric
comorbidities including depression and anxiety.
- In the upcoming months, we will present on our development
programs at scientific and medical conferences including the 30th
European College of Neuropsychopharmacology (ECNP) Congress, the
World Psychiatric Association (WPA) Congress, and the 10th Clinical
Trials on Alzheimer's Disease (CTAD) Meeting.
- We continue to advance our Phase 3 programs of lumateperone in
bipolar depression and in agitation associated with dementia,
including Alzheimer’s disease. Patient enrollment in these studies
is ongoing. We are initiating a second bipolar depression
monotherapy trial, Study ‘404, to be conducted globally.
- We continue to advance our innovative PDE platform. Following
the positive safety and tolerability results in our Phase 1
program, we have initiated our development program for ITI-214 for
Parkinson’s disease. We expect to commence patient enrollment
shortly in a Phase 1/2 clinical trial of ITI-214 in patients with
Parkinson’s disease to evaluate safety and tolerability in this
patient population, as well as explore motor and non-motor symptom
benefit.
“We are committed to developing novel treatments for patients
suffering from neuropsychiatric and neurodegenerative diseases. We
continue to advance lumateperone and our diverse drug development
pipeline to better meet the needs of patients and their
caregivers,” said Dr. Sharon Mates, Chairman and CEO of ITCI.
About Intra-Cellular Therapies
Intra-Cellular Therapies is developing novel drugs for the
treatment of neuropsychiatric and neurodegenerative diseases and
diseases of the elderly, including Parkinson's and Alzheimer's
disease. The Company is developing its lead drug candidate,
lumateperone (also known as ITI-007), for the treatment of
schizophrenia, bipolar disorder, behavioral disturbances in
patients with dementia, including Alzheimer's disease, depression
and other neuropsychiatric and neurological disorders.
Lumateperone, a first-in-class molecule, is in Phase 3 clinical
development for the treatment of schizophrenia, bipolar depression
and agitation associated with dementia, including Alzheimer's
disease. The Company is also utilizing its phosphodiesterase
platform and other proprietary chemistry platforms to develop drugs
for the treatment of CNS and other disorders.
Forward-Looking Statements
This news release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995
that involve risks and uncertainties that could cause actual
results to be materially different from historical results or from
any future results expressed or implied by such forward-looking
statements. Such forward-looking statements include statements
regarding, among other things, our expected use of our cash, cash
equivalents and investment securities; our beliefs about the extent
to which the results of our clinical trials to date support a new
drug application (NDA) filing for lumateperone for the treatment of
schizophrenia; our belief that the toxicity findings observed in
nonclinical animal toxicology studies of lumateperone are not
indicative of a safety risk for humans; our ability to address the
FDA’s questions about the toxicity findings observed in nonclinical
animal toxicology studies of lumateperone and provide evidence
satisfactory to the FDA that the toxicities observed in these
nonclinical animal toxicology studies of lumateperone are not
indicative of a safety risk for humans; our ability to proceed with
our long-term safety study and to file an NDA with the FDA; our
beliefs about lumateperone’s potential as a potent and rapid
antidepressant in a range of mood disorders; our beliefs and
predictions about the clinical utility of ITI-333; our plans to
continue to advance our ongoing Phase 3 trials of lumateperone in
bipolar depression, including the initiation of Study ‘404, and in
agitation associated with dementia, including Alzheimer’s disease,;
our development plans for our PDE program, including our plans to
commence patient enrollment in a Phase 1/2 clinical trial of
ITI-214 in patients with Parkinson’s disease; our plans to present
additional data on our development programs at several upcoming
scientific and medical conferences; and development efforts and
plans under the caption “About Intra-Cellular Therapies.” All such
forward-looking statements are based on management's present
expectations and are subject to certain factors, risks and
uncertainties that may cause actual results, outcome of events,
timing and performance to differ materially from those expressed or
implied by such statements. These risks and uncertainties include
but are not limited to the following: the FDA may place our
long-term safety study on a clinical hold, which would delay or
prevent us from completing the safety study and from filing an NDA;
our current and planned clinical trials, other studies for
lumateperone, and our other product candidates may not be
successful or may take longer and be more costly than anticipated;
product candidates that appeared promising in earlier research and
clinical trials may not demonstrate safety and/or efficacy in
larger-scale or later clinical trials; our proposals with respect
to the regulatory path for our product candidates may not be
acceptable to the FDA; our reliance on collaborative partners and
other third parties for development of our product candidates; and
the other risk factors detailed in our public filings with the
Securities and Exchange Commission. All statements contained
in this press release are made only as of the date of this press
release, and we do not intend to update this information unless
required by law.
|
INTRA-CELLULAR THERAPIES, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(Unaudited) |
|
|
Three
Months Ended June 30, |
|
2017 (1) |
|
2016 (1) |
Revenues |
$ |
114,741 |
|
|
$ |
228,445 |
|
|
|
|
Costs and
expenses: |
|
|
Research
and development |
|
12,478,638 |
|
|
|
25,300,668 |
|
General
and administrative |
|
6,254,616 |
|
|
|
6,471,804 |
|
Total costs and
expenses |
|
18,733,254 |
|
|
|
31,772,472 |
|
Loss from
operations |
|
(18,618,513 |
) |
|
|
(31,544,027 |
) |
Interest income |
|
857,809 |
|
|
|
709,573 |
|
Loss before provision
for income taxes |
|
(17,760,704 |
) |
|
|
(30,834,454 |
) |
Income tax expense |
|
— |
|
|
|
— |
|
Net loss |
$ |
(17,760,704 |
) |
|
$ |
(30,834,454 |
) |
Net loss per common
share: |
|
|
Basic & Diluted |
$ |
(0.41 |
) |
|
$ |
(0.71 |
) |
|
|
|
Weighted average number
of common shares: |
|
|
Basic & Diluted |
|
43,419,798 |
|
|
|
43,239,708 |
|
(1) The condensed consolidated statements of operations for the
quarters ended June 30, 2017 and 2016 have not been audited and do
not include all of the information and footnotes required by
accounting principles generally accepted in the United States for
complete financial statements.
|
|
INTRA-CELLULAR THERAPIES, INC. |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
|
|
|
June 30, 2017 (1) |
|
December 31, 2016 (1) |
|
(Unaudited) |
|
(Audited) |
Assets |
|
|
Current assets: |
|
|
Cash and
cash equivalents |
$ |
29,590,446 |
|
|
$ |
48,642,225 |
|
Investment securities, available-for-sale |
|
313,037,669 |
|
|
|
335,458,459 |
|
Accounts
receivable |
|
61,935 |
|
|
|
94,339 |
|
Prepaid
expenses and other current assets |
|
6,144,819 |
|
|
|
4,005,093 |
|
Total current
assets |
|
348,834,869 |
|
|
|
388,200,116 |
|
Property and equipment,
net |
|
628,901 |
|
|
|
627,614 |
|
Other assets |
|
75,765 |
|
|
|
75,765 |
|
Total assets |
$ |
349,539,535 |
|
|
$ |
388,903,495 |
|
|
|
|
Liabilities and
stockholders’ equity |
|
|
Current
liabilities: |
|
|
Accounts
payable |
|
1,775,252 |
|
|
|
3,754,647 |
|
Accrued
and other current liabilities |
|
2,781,198 |
|
|
|
5,329,293 |
|
Accrued
employee benefits |
|
2,406,269 |
|
|
|
1,448,394 |
|
Total current
liabilities |
|
6,962,719 |
|
|
|
10,532,334 |
|
Long-term deferred
rent |
|
2,911,092 |
|
|
|
2,868,622 |
|
Total liabilities |
|
9,873,811 |
|
|
|
13,400,956 |
|
|
|
|
Stockholders’
equity: |
|
|
Common
stock, $.0001 par value: 100,000,000 shares authorized; 43,424,321
and 43,292,906 shares issued and outstanding at June 30, 2017 and
December 31, 2016, respectively |
|
4,342 |
|
|
|
4,329 |
|
Additional paid-in capital |
|
694,146,861 |
|
|
|
685,290,815 |
|
Accumulated deficit |
|
(354,169,652 |
) |
|
|
(309,475,366 |
) |
Accumulated comprehensive loss |
|
(315,827 |
) |
|
|
(317,239 |
) |
Total stockholders’
equity |
|
339,665,724 |
|
|
|
375,502,539 |
|
Total liabilities and
stockholders’ equity |
$ |
349,539,535 |
|
|
$ |
388,903,495 |
|
(1) The condensed consolidated balance sheets at
June 30, 2017 and December 31, 2016 have been derived from the
financial statements but do not include all of the information and
footnotes required by accounting principles generally accepted
in the United States for complete financial
statements.
Contact:
Intra-Cellular Therapies, Inc.
Juan Sanchez, M.D.
Vice President, Corporate Communications and Investor Relations
646-440-9333
Burns McClellan, Inc.
Lisa Burns
Justin Jackson (Media)
jjackson@burnsmc.com
212-213-0006
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