Corbus Pharmaceuticals Announces Corporate Restructuring and Pipeline Portfolio Updates
October 08 2020 - 8:05AM
Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP) (“Corbus” or
the “Company”), a clinical-stage drug development company
pioneering transformative medicines that target the endocannabinoid
system (“ECS”), today announced a restructuring of its workforce
designed to reallocate capital to certain clinical and preclinical
programs.
Corbus will allocate resources towards its
lenabasum clinical development program in dermatomyositis (“DM”)
and systemic lupus erythematosus (“SLE”), and our pipeline of other
novel ECS-targeting drug candidates. The pipeline includes
cannabinoid receptor type 1 (CB1) inverse agonists, follow-on
cannabinoid receptor type 2 (CB2) agonists, as well as other
programs with their own unique mechanism of action in the ECS
field. The Company is allocating resources and implementing cost
reductions designed with the objective of extending its cash runway
to mid-2022. Corbus recorded cash and cash equivalents of
approximately $83 million at September 30, 2020.
The Company intends to reduce ongoing expenses
and extend its existing cash runway through the following
restructuring initiatives and to prioritize its pipeline:
- Implementing a restructuring program which will result in a
reduction of its workforce by 54%;
- Focusing on those tasks on the critical path for lenabasum in
DM and SLE; and
- Prioritizing its preclinical pipeline based on what the Company
believes is its most promising candidates.
Yuval Cohen, Ph.D., Chief Executive Officer of
Corbus, said, “I want to thank our employees for their invaluable
contributions to Corbus and the commitment they have shown to
improving lives of people with rare inflammatory diseases. We
believe that reorganizing the business is critical to our success.
We will continue to focus our strategy on the potential for
lenabasum in serious autoimmune diseases, including through the
completion of our Phase 3 clinical trial in DM with an expected
data readout in Q4 of next year, and leveraging our preclinical
pipeline. We plan to present the full dataset from the RESOLVE-1
Phase 3 study at upcoming medical conferences and are continuing to
analyze the data to better understand potential for further study
in systemic sclerosis. The dataset from our Phase 2b cystic
fibrosis study is currently being presented at the NACFC 2020
conference, and we are assessing potential next steps in CF.”
About Lenabasum
Lenabasum is a novel, oral, small molecule that
selectively binds as an agonist to the cannabinoid receptor type 2
(CB2) and resolves inflammation and limits fibrosis in animal and
human models of disease. CB2 is preferentially expressed on
activated immune cells and on fibroblasts, muscle cells, and
endothelial cells. Lenabasum has demonstrated acceptable safety and
tolerability profiles in clinical studies to date.
About Corbus
Corbus Pharmaceuticals Holdings, Inc. is a
clinical-stage company focused on the development and
commercialization of novel medicines designed to target the
endocannabinoid system. The Company’s lead product candidate,
lenabasum, is a novel, oral, selective cannabinoid receptor type 2
(CB2) agonist that resolves chronic inflammation and limits
fibrosis in animal and human models. Lenabasum is currently being
evaluated in dermatomyositis and systemic lupus erythematosus.
Corbus is also developing a pipeline of other preclinical drug
candidates from its endocannabinoid system platform.
Lenabasum is not approved for the treatment of
any indication. For more information on Corbus’ clinical programs,
please visit here.
For more information,
visit www.CorbusPharma.com, and connect with us
on Twitter, LinkedIn, and Facebook.
Forward-Looking Statements
This press release contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934 and Private Securities Litigation Reform Act, as
amended, including those relating to the Company's restructuring,
trial results, product development, clinical and regulatory
timelines, market opportunity, competitive position, possible or
assumed future results of operations, business strategies,
potential growth opportunities and other statement that are
predictive in nature. These forward-looking statements are based on
current expectations, estimates, forecasts and projections about
the industry and markets in which we operate and management's
current beliefs and assumptions.
These statements may be identified by the use of
forward-looking expressions, including, but not limited to,
"expect," "anticipate," "intend," "plan," "believe," "estimate,"
"potential,” "predict," "project," "should," "would" and similar
expressions and the negatives of those terms. These statements
relate to future events or our financial performance and involve
known and unknown risks, uncertainties, and other factors,
including the potential impact of the recent COVID-19 pandemic and
the potential impact of sustained social distancing efforts, on our
operations, clinical development plans and timelines, which may
cause actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Such
factors include those set forth in the Company's filings with the
Securities and Exchange Commission. Prospective investors are
cautioned not to place undue reliance on such forward-looking
statements, which speak only as of the date of this press release.
The Company undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events or otherwise.
Corbus Pharmaceuticals Contacts:
Ted Jenkins, Senior Director, Investor Relations and Corporate
Communications Phone: +1 (617) 415-7745
Email: ir@corbuspharma.com
Lindsey Smith, Director, Investor Relations and Corporate
Communications Phone: +1 (617) 415-7749
Email: mediainfo@corbuspharma.com
Christina Tartaglia Stern Investor Relations Phone: +1 (212)
362-1200 Email: christina.tartaglia@sternir.com
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