Achillion Pharmaceuticals, Inc. (Nasdaq: ACHN), a clinical-stage
biopharmaceutical company dedicated to transforming the lives of
patients and families affected by complement-mediated diseases,
today reported its financial results for the three months ended
March 31, 2019 and provided a portfolio update.
“We made significant progress advancing our
portfolio of oral factor D inhibitors in the first quarter of
2019,” said Joe Truitt, President and Chief Executive Officer at
Achillion. “Our team completed enrollment in our Phase 2 clinical
trial of ACH-4471 for paroxysmal nocturnal hemoglobinuria (PNH) in
combination with eculizumab. Interim data from this trial has been
accepted for presentation at the New Era of Aplastic Anemia and PNH
meeting in Napoli, Italy, on May 17, 2019. Our hypothesis for
combination therapy is that if the alternative pathway is
adequately inhibited then meaningful patient benefit can be
achieved in fundamentally different ways than has been seen with C5
inhibitors alone. In addition, we expect to present the data from
the recently completed Phase 2 PNH monotherapy trial at a medical
meeting later this year.”
“In C3G, we have now enrolled 24 patients in our
6-month and 12-month proof of concept trials of ACH-4471,”
continued Mr. Truitt. “Our goal is to assess interim efficacy and
safety data from these two trials, along with a sizeable data set
from real-world data derived from patients with C3G. If this data
supports advancing into a Phase 3 program, we plan to meet with the
U.S. Food and Drug Administration in an end-of-Phase 2 meeting
during the fourth quarter of 2019. In addition, we expect to
complete our ongoing ex-U.S. Phase 1 multiple ascending dose study
for our more potent next-generation oral factor D inhibitor,
ACH-5228, and anticipate submitting an Investigational New Drug
(IND) Application in the U.S. in the fourth quarter of 2019. We
believe successful development of our portfolio of factor D
compounds has the potential to be transformative for patients and
to deliver on the promise of alternative pathway inhibition.”
First Quarter 2019 Financial
Results
For the three months ended March 31, 2019, the
Company reported a net loss of $19.0 million, compared to a net
loss of $20.6 million in the three months ended March 31, 2018.
Research and development expenses were $14.8
million for the three months ended March 31, 2019, compared to
$14.0 million for the same period of 2018. The increase for the
three months ended March 31, 2019 was primarily due to
increased clinical trial costs related to ACH-4471 and ACH-5228.
These amounts were partially offset by decreased non-cash
stock-based compensation and personnel costs due to fewer employees
as compared to the prior period.
For the three months ended March 31, 2019,
general and administrative expenses totaled $5.2 million, compared
to $6.0 million for the same period of 2018. The decrease for
the three months ended March 31, 2019 was primarily due to
decreased non-cash stock-based compensation combined with decreased
intellectual property related legal fees.
Cash, cash equivalents, and marketable
securities at March 31, 2019 were $254.1 million.
About ACH-4471, Complement Factor D
Inhibitor for PNH and C3GAchillion’s first-generation oral
complement factor D inhibitor, ACH-4471, continues to be evaluated
for safety and efficacy in multiple, global Phase 2 clinical
programs in patients with PNH and C3G. Preliminary
proof-of-concept has been demonstrated in both indications. The PNH
program consists of a Phase 2 clinical trial evaluating ACH-4471 in
combination with eculizumab in patients who are inadequately
controlled or sub-optimally responding to eculizumab. Additionally,
the Company continues to dose patients in its PNH monotherapy
extension trial. The C3G program consists of two Phase 2 clinical
trials which are a six-month blinded, placebo-controlled study and
a 12-month open-label study. More information is available
at http://www.achillion.com/patients-and-clinicians/.
About ACH-5228 and ACH-5548, Next
Generation Complement Factor D InhibitorsACH-5228 and
ACH-5548 are the Company’s next-generation oral factor D inhibitors
currently in Phase 1 clinical trials. These compounds have
demonstrated enhanced potency as well as improved pharmacokinetic
properties that should allow for higher alternative pathway
inhibition along with a reduced dosing frequency.
About Achillion
PharmaceuticalsAchillion Pharmaceuticals,
Inc. (Nasdaq: ACHN) is a clinical-stage biopharmaceutical
company focused on advancing its oral small molecule
complement inhibitors into late-stage development and
commercialization. Research has shown that an overactive complement
system plays a critical role in multiple disease conditions
including the therapeutic areas of nephrology, hematology,
ophthalmology and neurology. Achillion is initially focusing its
drug development activities on complement-mediated diseases where
there are no approved therapies or where existing therapies are
inadequate for patients. Potential indications being evaluated for
its compounds include paroxysmal nocturnal hemoglobinuria (PNH), C3
glomerulopathy (C3G), and immune complex membranoproliferative
glomerulonephritis (IC-MPGN). Each of the product candidates in the
Company’s oral small molecule portfolio was discovered in its
laboratories and is wholly owned. To advance its
investigational product candidates into Phase 3 clinical trials and
commercialization, the Company plans to work closely with key
stakeholders including healthcare professionals, patients,
regulators and payors. More information is available
at http://www.achillion.com.
Cautionary Note Regarding
Forward-Looking StatementsThis press release includes
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 that are subject to risks,
uncertainties and other important factors that could cause actual
results to differ materially from those indicated by such
forward-looking statements. Achillion may use words such as
“expect,” “anticipate,” “project,” “target,” “intend,” “plan,”
“aim,” “believe,” “seek,” “estimate,” “can,” “could” “focus,”
“will,” “look forward,” “continue,” “goal,” “strategy,”
“objective,” “may,” “potential,” and similar expressions to
identify such forward-looking statements. These forward-looking
statements also include statements about: the potential benefits of
factor D inhibition as a treatment for complement-mediated
diseases; the potential benefits of, and indications for,
Achillion’s compounds that inhibit factor D, including ACH-4471,
ACH-5228 and ACH-5548; Achillion’s belief that its portfolio
of compounds could expand factor D portfolio opportunities, provide
strategic optionality or create significant value; the status of
enrollment in Achillion’s ongoing clinical trials; Achillion’s
expectations regarding the advancement of, and timeline for
reporting results from, clinical trials of its product candidates
as well as its ability to advance additional compounds; Achillion’s
expectations regarding the timing of regulatory interactions and
submissions; Achillion’s anticipated cash expenditures for 2019 and
the sufficiency of its existing cash resources; and other
statements concerning Achillion’s strategic goals, efforts, plans,
and prospects. Among the important factors that could cause actual
results to differ materially from those indicated by such
forward-looking statements are risks relating to, among other
things, Achillion’s ability to: demonstrate in any current and
future clinical trials the requisite safety, efficacy and
combinability of its product candidates; advance the preclinical
and clinical development of its complement factor D inhibitors
under the timelines it projects in current and future preclinical
studies and clinical trials; enroll patients in its clinical trials
on its projected timelines; replicate in later stage clinical
trials favorable data demonstrated in preclinical and early-stage
clinical trials; obtain and maintain patent protection for its
product candidates and the freedom to operate under third party
intellectual property; obtain and maintain necessary regulatory
approvals, and the granting of orphan designation does not alter
the standard regulatory requirements and process for obtaining such
approval; establish commercial manufacturing arrangements;
identify, enter into and maintain collaboration and other
commercial agreements with third-parties; compete successfully in
the markets in which it seeks to develop and commercialize its
product candidates and future products; manage expenses; manage
litigation; raise the substantial additional capital needed to
achieve its business objectives; and successfully execute on its
business strategies. These and other risks are described in the
reports filed by Achillion with the U.S. Securities and Exchange
Commission, including its Annual Report on Form 10-K for the year
ended December 31, 2018, and any other SEC filings that Achillion
makes from time to time.
In addition, any forward-looking statement in
this press release represents Achillion's views only as of the date
of this press release and should not be relied upon as representing
its views as of any subsequent date. Achillion disclaims any duty
to update any forward-looking statement, except as required by
applicable law.
Investors:Brian Di DonatoSenior VP, Chief
Financial OfficerTel.
215-709-3032bdidonato@achillion.comMedia: Susanne
Heinzinger Senior VP, Corporate Communications Tel. 215-709-3055
sheinzinger@achillion.com
ACHILLION PHARMACEUTICALS INC. (ACHN) |
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Statements of
Operations |
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|
|
|
(Unaudited, in thousands, except per share
amounts) |
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
|
|
|
|
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|
|
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2019 |
|
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2018 |
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Revenue |
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
Research and
development |
|
14,817 |
|
|
|
14,049 |
|
|
General and
administrative |
|
5,157 |
|
|
|
6,016 |
|
|
Restructuring
charges |
|
655 |
|
|
|
1,750 |
|
|
|
|
|
|
|
Total operating
expenses |
|
20,629 |
|
|
|
21,815 |
|
|
|
|
|
|
|
Loss from operations |
|
(20,629 |
) |
|
|
(21,815 |
) |
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
Interest income |
|
1,681 |
|
|
|
1,239 |
|
|
Interest expense |
|
(11 |
) |
|
|
(12 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(18,959 |
) |
|
$ |
(20,588 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share - basic and
diluted |
$ |
(0.14 |
) |
|
$ |
(0.15 |
) |
|
|
|
|
|
|
Weighted average shares
outstanding - basic and diluted |
|
138,716 |
|
|
|
138,014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheets |
|
|
|
|
(Unaudited, in thousands) |
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
Cash, cash equivalents and
marketable securities |
$ |
254,068 |
|
|
$ |
270,977 |
|
|
Working capital |
|
245,911 |
|
|
|
263,551 |
|
|
Total assets |
|
262,677 |
|
|
|
277,858 |
|
|
Long-term liabilities |
|
559 |
|
|
|
17 |
|
|
Total liabilities |
|
13,738 |
|
|
|
11,846 |
|
|
Total stockholders' (deficit)
equity |
|
248,939 |
|
|
|
266,012 |
|
|
|
|
|
|
|
Source: Achillion Pharmaceuticals, Inc.
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