Statistically Significant Reductions in Plasma
Arginine with Accompanying Clinical Improvements with
Pegzilarginase in Phase 1/2 Reaffirm Pivotal Trial Design
Aeglea BioTherapeutics, Inc. (NASDAQ:AGLE), a clinical-stage
biotechnology company that engineers next generation human enzymes
to provide solutions for diseases with unmet medical need, today
reported financial results for the first quarter ended
March 31, 2019 and corporate highlights.
“Aeglea built on its momentum from 2018 with a terrific start to
the year, including the presentation of new compelling clinical
data from the Phase 1/2 trial of pegzilarginase for Arginase 1
Deficiency,” said Anthony G. Quinn, M.B Ch.B, Ph.D., president and
chief executive officer. “We see marked and sustained reductions in
plasma arginine in all patients with clinically meaningful
improvements in mobility and adaptive behavior. We believe the
emergent data from this trial reaffirms the design of our upcoming
pivotal Phase 3 PEACE trial, with first patient dosing on track for
this quarter.”
Corporate Highlights
Pegzilarginase in Arginase 1 Deficiency: Continued
progress towards commercialization of the Company’s lead
program
Aeglea presented new positive Phase 1/2 data for pegzilarginase
in patients with Arginase 1 Deficiency (ARG1-D) at the 2019 Annual
Meeting of the Society for Inherited Metabolic Disorders (SIMD).
The oral presentation was delivered by Dr. George Diaz, M.D.,
Ph.D., Division Chief of Medical Genetics in the Department of
Genetics and Genomic Sciences at the Icahn School of Medicine at
Mt. Sinai, New York, NY, and a Principal Investigator on the
pegzilarginase Phase 1/2 trial. Highlights of the presentation
included the following:
- Plasma arginine reduction was statistically significant
(p<0.001) at eight weeks with sustained control through
longer-term dosing.
- Five of five (100%) and eight of 14 (57%) patients showed
overall clinical response (mobility or adaptive behavior) at 20
weeks and eight weeks, respectively. Clinical responses were
effectively captured using mobility and adaptive behavior
assessments.
- Pegzilarginase was generally well tolerated. Serious adverse
events included hypersensitivity and hyperammonemia.
Hypersensitivity reactions were infrequent, managed with standard
treatment and did not lead to any patient discontinuations.
Upcoming Events
Aeglea will present at the following conferences, with details
regarding the date and time of the presentations and webcasts to be
announced prior to the events.
- Jefferies 2019 Healthcare Conference to be held June 4-7 in New
York, NY.
- BMO 2019 Prescriptions for Success Healthcare Conference to be
held June 25 in New York, NY.
First Quarter 2019 Financial Results
As of March 31, 2019, Aeglea had available cash, cash
equivalents and marketable securities of $123.7 million. Based on
Aeglea’s current operating plan, management believes it has
sufficient capital resources to fund anticipated operations through
the first quarter of 2021.
Research and development expenses totaled $14.4 million for the
first quarter of 2019, compared with $6.9 million for the first
quarter of 2018. The increase was primarily due to expanded
clinical development activity, investment in manufacturing and
pre-commercial activities for Aeglea’s lead product candidate,
pegzilarginase, and a ramp-up in manufacturing activities for our
Homocystinuria program.
General and administrative expenses totaled $3.3 million for the
first quarter of 2019, compared with $2.9 million for the first
quarter of 2018. This increase was primarily due to additional
employee headcount and compensation to support company growth.
Net loss totaled $17.2 million and $8.1 million for the first
quarter of 2019 and 2018, respectively, with non-cash stock
compensation expense of $1.1 million and $0.8 million for the first
quarter of 2019 and 2018, respectively.
About Pegzilarginase in Arginase 1
Deficiency
Pegzilarginase is an enhanced human arginase that enzymatically
depletes the amino acid arginine. Aeglea is developing
pegzilarginase for the treatment of patients with Arginase 1
Deficiency, a rare debilitating disease presenting in childhood
with persistent hyperargininemia, severe progressive neurological
abnormalities and early mortality. Pegzilarginase is intended for
use as an enzyme replacement therapy in patients to reduce elevated
blood arginine levels. Aeglea’s Phase 1/2 data for pegzilarginase
in patients with Arginase 1 Deficiency demonstrated clinical
improvements and sustained lowering of plasma arginine. The Company
intends to initiate its single, global pivotal Phase 3 PEACE trial
designed to assess the effects of treatment with pegzilarginase
versus placebo over 24 weeks with a primary endpoint of plasma
arginine reduction.
About Aeglea BioTherapeutics Aeglea a
clinical-stage biotechnology company that engineers next generation
human enzymes with enhanced properties and novel activity to
provide solutions for diseases with unmet medical need. Aeglea is
developing pegzilarginase, its lead investigational therapy, for
the treatment of Arginase 1 Deficiency and in combination with an
immune checkpoint inhibitor for small cell lung cancer. In
addition, Aeglea has an active pipeline of other human enzyme-based
approaches including programs for both Homocystinuria and
Cystinuria. For more information, please visit
http://aegleabio.com.
Safe Harbor / Forward-Looking Statements
This press release contains "forward-looking" statements within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by words such as: "anticipate,"
"intend," "plan," "goal," "seek," "believe," "project," "estimate,"
"expect," "strategy," "future," "likely," "may," "should," "will"
and similar references to future periods. These statements are
subject to numerous risks and uncertainties that could cause actual
results to differ materially from what we expect. Examples of
forward-looking statements include, among others, statements we
make regarding our cash forecasts, the timing and success of our
clinical trials and related data, the timing and expectations for
regulatory submissions and approvals, the timing of announcements
and updates relating to our clinical trials and related data, our
ability to enroll patients into our clinical trials, success in our
collaborations and the potential therapeutic benefits and economic
value of our lead product candidate or other product candidates.
Further information on potential risk factors that could affect our
business and its financial results are detailed in our most recent
Quarterly Report on Form 10-Q for the quarter ended March 31,
2019 filed with the Securities and Exchange Commission (SEC), and
other reports as filed with the SEC. We undertake no obligation to
publicly update any forward-looking statement, whether written or
oral, that may be made from time to time, whether as a result of
new information, future developments or otherwise.
Media Contact: David CalusdianSharon Merrill
Associates617.542.5300AGLE@investorrelations.com
Investor Contact: Joey Perrone Director,
Finance & Investor RelationsAeglea BioTherapeutics
investors@aegleabio.com
Financials
Aeglea BioTherapeutics,
Inc.Condensed Consolidated Balance
Sheets
(In thousands, except share and per
share amounts)
|
|
March 31, |
|
|
December 31, |
|
|
|
2019 |
|
|
2018 |
|
ASSETS |
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
85,645 |
|
|
$ |
22,461 |
|
Marketable
securities |
|
|
38,070 |
|
|
|
52,052 |
|
Prepaid
expenses and other current assets |
|
|
3,103 |
|
|
|
2,158 |
|
Total
current assets |
|
|
126,818 |
|
|
|
76,671 |
|
Property and equipment,
net |
|
|
952 |
|
|
|
1,018 |
|
Other non-current
assets |
|
|
749 |
|
|
|
50 |
|
TOTAL ASSETS |
|
$ |
128,519 |
|
|
$ |
77,739 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
3,223 |
|
|
$ |
663 |
|
Operating
lease liabilities |
|
|
317 |
|
|
|
— |
|
Accrued and
other current liabilities |
|
|
8,266 |
|
|
|
9,576 |
|
Total
current liabilities |
|
|
11,806 |
|
|
|
10,239 |
|
Non-current operating
lease liabilities |
|
|
372 |
|
|
|
— |
|
Other non-current
liabilities |
|
|
52 |
|
|
|
72 |
|
TOTAL LIABILITIES |
|
|
12,230 |
|
|
|
10,311 |
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Preferred
stock, $0.0001 par value; 10,000,000 shares authorized as of
March 31, 2019 and December 31, 2018; no shares issued and
outstanding as of March 31, 2019 and December 31, 2018 |
|
|
— |
|
|
|
— |
|
Common
stock, $0.0001 par value; 500,000,000 shares authorized as of
March 31, 2019 and December 31, 2018; 28,837,352 shares and
24,140,097 shares issued and outstanding as of March 31,
2019 and December 31, 2018, respectively |
|
|
3 |
|
|
|
2 |
|
Additional
paid-in capital |
|
|
250,301 |
|
|
|
184,314 |
|
Accumulated
other comprehensive income (loss) |
|
|
13 |
|
|
|
(27 |
) |
Accumulated
deficit |
|
|
(134,028 |
) |
|
|
(116,861 |
) |
TOTAL STOCKHOLDERS’
EQUITY |
|
|
116,289 |
|
|
|
67,428 |
|
TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
$ |
128,519 |
|
|
$ |
77,739 |
|
|
|
|
|
|
|
|
|
|
Aeglea BioTherapeutics,
Inc.Condensed Consolidated Statements of
Operations
(In thousands, except share and per
share amounts)
|
|
Three Months EndedMarch
31, |
|
|
|
2019 |
|
|
2018 |
|
Revenues: |
|
|
|
|
|
|
|
|
Grant |
|
$ |
— |
|
|
$ |
1,510 |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Research and
development |
|
|
14,389 |
|
|
|
6,870 |
|
General and
administrative |
|
|
3,268 |
|
|
|
2,885 |
|
Total
operating expenses |
|
|
17,657 |
|
|
|
9,755 |
|
Loss from operations |
|
|
(17,657 |
) |
|
|
(8,245 |
) |
|
|
|
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
|
|
|
|
Interest
income |
|
|
507 |
|
|
|
143 |
|
Other
expense, net |
|
|
(17 |
) |
|
|
(17 |
) |
Total other
income |
|
|
490 |
|
|
|
126 |
|
Net loss |
|
$ |
(17,167 |
) |
|
$ |
(8,119 |
) |
|
|
|
|
|
|
|
|
|
Net loss per share, basic
and diluted |
|
$ |
(0.59 |
) |
|
$ |
(0.49 |
) |
Weighted-average common
shares outstanding, basic and diluted |
|
|
29,011,737 |
|
|
|
16,672,125 |
|
|
|
|
|
|
|
|
|
|
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