– Announces USAN selection of omidubicel as
nonproprietary name for company’s investigational NAM-expanded
hematopoietic stem cells (formerly known as NiCord®) –
– Patient enrollment in Phase 3 study of
omidubicel expected to be completed in second half of 2019; Topline
results expected in first half of 2020 –
– Phase 1 clinical study of GDA-201 (formerly
known as NAM-NK) continues to progress, with additional data
expected in 2H19 –
Gamida Cell Ltd. (Nasdaq: GMDA), a leading cellular and immune
therapeutics company, today reported financial results for the
quarter ended March 31, 2019. The company also highlighted
continued progress in advancing its clinical development
candidates: omidubicel1 (formerly known as NiCord®), an
investigational advanced cell therapy in Phase 3 clinical
development designed to enhance the life-saving benefits of
hematopoietic stem cell (bone marrow) transplant, and GDA-201
(formerly known as NAM-NK), an investigational, natural killer (NK)
cell-based cancer immunotherapy in Phase 1 development in patients
with non-Hodgkin lymphoma and multiple myeloma.
“Gamida Cell is focused on transforming the treatment landscape
for patients with blood cancers and rare, serious hematologic
diseases. We are pleased that omidubicel has been selected as the
nonproprietary name for NiCord, highlighting our progress toward
bringing this important cell therapy to patients in need of a bone
marrow transplant,” stated Julian Adams, Ph.D., chief executive
officer of Gamida Cell. “We have also made several key personnel
appointments this year that reflect our strategic focus on
commercial preparedness, including hiring our first chief
commercial officer and nominating new board members who bring
commercial, operational and financial experience to Gamida Cell’s
board of directors.”
Dr. Adams continued, “We are pleased that the multi-center,
randomized Phase 3 study of omidubicel is progressing, with patient
enrollment expected to be complete by the end of this year and
topline data anticipated in the first half of 2020. Positive data
from the study would enable the submission of our first biologics
license application next year, which would be a significant
achievement.”
“Earlier this year, we also reported encouraging data from the
Phase 1 clinical study of our natural killer cell product
candidate, GDA-201, previously known as NAM-NK. The multiple
complete responses observed emboldened us to begin scaling up our
manufacturing process to enable the evaluation of a cryopreserved
formulation of GDA-201 in a multi-center, multi-dose Phase 1/2
clinical study in patients with non-Hodgkin lymphoma next year,”
Dr. Adams concluded.
Company Highlights
- Omidubicel selected as
nonproprietary name for NiCord: Today Gamida Cell announced
that the United States Adopted Names (USAN) Council selected
omidubicel as the nonproprietary name for Gamida Cell’s
investigational hematopoietic stem cell expanded through the
company’s proprietary nicotinamide-based, or NAM, technology. The
USAN Council aims for global standardization and unification of
drug nomenclature to ensure that drug information is communicated
accurately and unambiguously. Gamida Cell’s lead investigational
product has two components: omidubicel (hematopoietic stem cells
expanded through the company’s proprietary nicotinamide-based, or
NAM, technology) and differentiated immune cells, including T
cells. Gamida Cell refers to the two components collectively as
“omidubicel.” Going forward, Gamida Cell will use the name
“omidubicel” in publications and public statements, at conferences
and other forums, and in medical and commercial-related
materials.
- Reported encouraging data for
omidubicel and GDA-201 at TCT Annual Meeting: In February, data
from the omidubicel and GDA-201 clinical programs were reported at
the 2019 Transplantation & Cellular Therapy (TCT) Meetings of
American Society for Blood and Marrow Transplantation and Center
for International Blood and Marrow Transplant. Research from the
completed Phase 1/2 clinical study of omidubicel demonstrated that
recipients who received omidubicel had rapid and robust
reconstitution of key immune cells. Successful immune
reconstitution is an important factor in the recovery of patients
undergoing bone marrow transplant.Data were also reported from the
ongoing Phase 1/2 study of omidubicel in patients with severe
aplastic anemia. In the initial cohort of three patients, all
successfully underwent a bone marrow transplant consisting of
omidubicel plus a haploidentical stem cell graft. The results
enable the initiation of a second cohort of patients to be treated
with omidubicel as a stand-alone graft. Patient enrollment in the
second cohort is expected to begin in the first half of
2019.Additionally, data reported from the ongoing Phase 1 study of
GDA-201 in patients with non-Hodgkin lymphoma (NHL) and multiple
myeloma (MM) demonstrated that GDA-201 was clinically active, with
three complete responses observed in patients with NHL and one
complete response in a patient with MM. These data, along with
safety data showing that GDA-201 was generally well tolerated,
support continued clinical development. Gamida Cell is planning to
initiate a multi-center, Phase 1/2 clinical study of GDA-201 in
patients with NHL in 2020.
- Evolved Board of Directors to
reflect company’s progress toward commercialization: In March,
the company announced the nominations of Shawn Cline Tomasello and
Stephen T. Wills to its board of directors. These nominations
require approval at the Annual Shareholders Meeting, which will
take place in June 2019. Ms. Tomasello has extensive experience in
commercializing first-in-class medicines for the treatment of
cancer, including Yescarta® (at Kite Pharma, now part of Gilead
Sciences) and Imbruvica® (at Pharmacyclics, now part of AbbVie).
Mr. Wills has extensive operational, financial and transactional
experience over nearly three decades in the life sciences and
accounting industries. He has served as chief financial officer of
Palatin Technologies, a publicly-traded biotechnology company
developing peptide therapeutics, since 1997 and also serves as
Palatin’s chief operating officer and executive vice president.In
January, the company appointed Nurit Benjamini to Gamida Cell’s
board of directors and chair of the board’s audit committee. Ms.
Benjamini has served as chief financial officer of TabTale Ltd.
since 2013. Previously, she held a number of chief financial
officer positions, including at Wix.com Ltd., Sigma Designs Israel
Ltd. and Compugen Ltd.
- Appointed Thomas Klima as chief
commercial officer: In January, the company announced the
appointment of Thomas Klima as chief commercial officer. In this
newly created role, Mr. Klima will be responsible for building the
team and executing the strategy to potentially bring omidubicel to
patients, including oversight of reimbursement and patient
services. Klima brings nearly 20 years of global experience in the
pharmaceutical industry with expertise in cellular therapy,
hematology, oncology and transplantation. During his career, he has
played key roles in building commercial organizations and leading
multiple successful product launches.
Anticipated 2019-2020 MilestonesGamida Cell’s anticipated
program milestones in 2019-2020 are as follows:
Omidubicel
- Initiate Cohort 2 in the Phase 1/2
study evaluating omidubicel as stand-alone graft in severe aplastic
anemia in the first half of 2019
- Complete enrollment in Phase 3 study of
omidubicel in patients with hematologic malignancies in the second
half of 2019
- Report topline data from the Phase 3
study of omidubicel in patients with hematologic malignancies in
the first half of 2020
- Complete BLA submission for omidubicel
in hematologic malignancies in the second half of 2020, should
Phase 3 data be positive
GDA-201
- Complete patient enrollment in the
ongoing Phase 1 study in the second half of 2019
- Present additional data at a medical
meeting in the second half of 2019
- Initiate multi-center, Phase 1/2
clinical study in patients with NHL in 2020
First Quarter 2019 Financial Results
- As of March 31, 2019, Gamida Cell had
total cash, cash equivalents and available-for-sale securities of
$50.3 million, compared to $60.7 million as of December 31,
2018.
- Research and development expenses in
the first quarter of 2019 were $7.3 million, compared to $5.1
million in the same period in 2018. The difference was attributable
mainly to a $1.2 million increase in clinical activities relate to
the advancement of omidubicel and GDA-201, $0.5 million reduction
in grants received from the Israeli Innovation Authority (IIA) and
an increase of $0.5 million in compensation and other R&D
expenses.
- General and administrative expenses
were $3.8 million for the first quarter of 2019, compared to $1.7
million in the same period in 2018. The increase was due mainly to
a $1.0 million increase in expenses related to hiring and
establishing the U.S. headquarters, an increase of $0.5 million in
non-cash stock-based compensation expenses, and $0.6 million in
professional services, rent and other expenses.
- Finance expenses, net, were $4.4
million for the three months ended March 31, 2019, compared to $0.7
million in income in the same period in 2018. The increase was
primarily due to noncash expenses resulting from revaluation of
warrants and the revaluation of royalty-bearing grant IIA
liability.
- Net loss for the first quarter of 2019
was $15.5 million, compared to a net loss of $7.4 million in the
same period in 2018.
2019 Financial GuidanceGamida Cell continues to expect
cash used for ongoing operating activities in 2019 to range from
$35-$40 million, reflecting anticipated expenditures to advance the
company’s clinical programs.
Gamida Cell expects that its cash, cash equivalents,
available-for-sale securities and short-term debt will support the
company’s capital needs through the data readout for the Phase 3
clinical study of omidubicel, which is expected in the first half
of 2020. This cash runway guidance is based on the company’s
current operational plans and excludes any additional funding that
may be received or business development activities that may be
undertaken.
Conference Call InformationGamida Cell will host a
conference call today, May 7, 2019, at 8:30 a.m. ET to discuss
these financial results and company updates. A live webcast of the
conference call can be accessed in the “Investors” section of
Gamida Cell’s website at www.gamida-cell.com. To participate in the
live call, please dial 866-930-5560 (domestic) or 409-216-0605
(international) and refer to conference ID number 2277888. A replay
of the webcast will be available for approximately 30 days.
About OmidubicelOmidubicel (formerly known as NiCord®),
the company’s lead clinical program, is an advanced cell therapy
under development as a potential life-saving allogeneic
hematopoietic stem cell (bone marrow) transplant solution for
patients with hematologic malignancies (blood cancers).1 Omidubicel
is the first bone marrow transplant product to receive Breakthrough
Therapy Designation from the U.S. Food and Drug Administration and
has also received Orphan Drug Designation in the U.S. and EU. In a
Phase 1/2 clinical study, omidubicel demonstrated rapid and durable
time to engraftment and was generally well-tolerated.2 A Phase 3
study evaluating omidubicel in patients with leukemia and lymphoma
is ongoing in the U.S., Europe and Asia.3 Omidubicel is also being
evaluated in a Phase 1/2 clinical study in patients with severe
aplastic anemia.4 The aplastic anemia investigational new drug
application is currently filed with the FDA under the brand name
CordIn®, which is the same investigational development candidate as
omidubicel. For more information on clinical trials of omidubicel,
please visit www.clinicaltrials.gov.
About GDA-201Gamida Cell applied the capabilities of its
NAM-based cell expansion technology to develop GDA-201 (formerly
known as NAM-NK), an innate natural killer (NK) cell immunotherapy
for the treatment of hematologic and solid tumors in combination
with standard of care antibody therapies. GDA-201 addresses key
limitations of NK cells by increasing the cytotoxicity and in vivo
retention and proliferation in the bone marrow and lymphoid organs
of NK cells expanded in culture. GDA-201 is in Phase 1 development
through an investigator-sponsored study in patients with refractory
non-Hodgkin lymphoma and multiple myeloma.5
Omidubicel and GDA-201 are investigational therapies, and their
safety and efficacy have not been evaluated by the U.S. Food and
Drug Administration or any other health authority.
About Gamida CellGamida Cell is a clinical-stage
biopharmaceutical company committed to developing advanced cell
therapies with the potential to cure blood cancers and rare,
serious hematologic diseases. We are leveraging our proprietary
nicotinamide-based, or NAM-based, cell expansion technology to
develop product candidates designed to address the limitations of
cell therapies. For additional information, please visit
www.gamida-cell.com.
Cautionary Note Regarding Forward Looking StatementsThis
press release contains forward-looking statements as that term is
defined in the Private Securities Litigation Reform Act of 1995,
including with respect to the patient enrollment in and timing of
initiation and progress of and data reported from the clinical
trials of Gamida Cell’s product candidates, and Gamida Cell’s
expectations regarding its projected operating expenses and cash
runway, which statements are subject to a number of risks,
uncertainties and assumptions, including, but not limited to the
scope, progress and expansion of Gamida Cell’s clinical trials and
variability, and ramifications for the cost thereof; and clinical,
scientific, regulatory and technical developments. In light of
these risks and uncertainties, and other risks and uncertainties
that are described in the Risk Factors section of Gamida Cell’s
public filing on Form 20-F, filed with the SEC on February 25,
2019, and other filings that Gamida Cell makes with the SEC from
time to time (which are available at http://www.sec.gov), the
events and circumstances discussed in such forward-looking
statements may not occur, and Gamida Cell’s actual results could
differ materially and adversely from those anticipated or implied
thereby. Any forward-looking statements speak only as of the date
of this press release and are based on information available to
Gamida Cell as of the date of this release.
INTERIM
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
U.S. dollars in thousands
March 31, December
31, 2019 2018
ASSETS
CURRENT
ASSETS:
Cash and cash equivalents $ 43,749 $ 40,272
Available-for-sale financial assets 6,507 20,417 Prepaid expenses
and other current assets 684 1,502
Total
current assets
50,940 62,191
NON-CURRENT
ASSETS:
Property and equipment, net 2,782 2,311 Right-of-use assets 6,668 -
Other assets 657 662
Total
non-current assets
10,107 2,973
Total
assets
$ 61,047 $ 65,164
LIABILITIES AND
EQUITY
CURRENT
LIABILITIES:
Trade payables $ 1,341 $ 1,985 Employees and payroll accruals 2,580
2,888 Current maturities of lease liabilities 2,156 - Accrued
expenses and other payables 1,739 1,832
Total current
liabilities
7,816 6,705
NON-CURRENT
LIABILITIES:
Liabilities presented at fair value 25,031 24,049 Employee benefit
liabilities, net 276 183 Lease Liabilities 4,671 - Liability to
Israel Innovation Authority (IIA) 10,108 9,540
Total
non-current liabilities
40,086 33,772
SHAREHOLDERS'
EQUITY:
Share capital 68 67 Share premium 197,967 193,953 Capital reserve
due to actuarial gains (160) (77) Available-for-sale reserve (10)
(43) Accumulated deficit (184,720) (169,213)
Total
shareholders' equity
13,145 24,687
Total
liabilities and shareholders' equity
$ 61,047 $ 65,164
1 Gamida Cell’s lead development candidate consists of
omidubicel (expanded hematopoietic stem cells) and differentiated
immune cells, including T cells. Gamida Cell refers to the two
components collectively as “omidubicel.”
2 Horwitz M.E., Wease S., Blackwell B., Valcarcel D. et al.
Phase I/II study of stem-cell transplantation using a single cord
blood unit expanded ex vivo with nicotinamide. J Clin Oncol. 2019
Feb 10;37(5):367-374.
3 ClinicalTrials.gov identifier NCT02730299.
4 ClinicalTrials.gov identifier NCT03173937.
5 ClinicalTrials.gov identifier NCT03019666.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190507005128/en/
Jaren Irene Maddenjaren@gamida-cell.com617-892-9084
Krystle Gibbs
(media)krystle@tenbridgecommunications.com508-479-6358
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