- Completed merger with ARYA
Life Science Acquisition Corp. and subsequent NASDAQ listing with
proceeds from the transaction totaling $253 million (€226 million1)
in July 2020.
- At the closing of the
transaction, cash and cash equivalents amounted to $322 million
(€288 million1) enabling Immatics to fund operating expenses and
capital expenditure requirements for at least 36
months.
- Expanded ACTengine®
clinical programs into Europe with first patient treated with
genetically engineered T cell product candidate IMA202 in August
2020; regulatory approval by Paul-Ehrlich-Institute to begin phase
I clinical trial with product candidate IMA203 in Germany and to
open additional clinical trial sites in the EU.
- Expanded leadership team
with appointment of Cedrik Britten as Chief Medical Officer and new
appointments made to Immatics’ board of directors.
- Extended collaboration with
The University of Texas Health Science Center at Houston (UTHealth)
in August 2020 until end of 2024 to ensure continued clinical batch
supply for all ongoing and upcoming Adoptive Cell Therapy (ACT)
clinical trials in US and Europe.
Tuebingen, Germany and Houston, TX,
September 3, 2020 – Immatics N.V. (NASDAQ: IMTX;
“Immatics”), a clinical-stage biopharmaceutical company active in
the discovery and development of T cell redirecting cancer
immunotherapies, today reported financial results for the second
quarter of 2020 and provided a corporate update.
“We have achieved a significant milestone as an
organization in the last months with our successful listing on
NASDAQ, securing the capital needed for Immatics to reach several
critical inflection points in our mission to deliver the power of T
cells to cancer patients,” said Harpreet Singh, Ph.D., CEO
of Immatics. “The second quarter is notable for the
expansion of our clinical ACTengine programs in Europe as well as
for bringing forward our preclinical and partnered programs. We
have strengthened our internal leadership and our board, all of
which places us in a strong position to achieve our clinical and
operational goals for 2020 and 2021.”
Second Quarter 2020 and Subsequent
Company Progress
Adoptive Cell Therapy Programs
- IMA201 – The phase I dose-escalating clinical trial,
IMA201-101, is actively recruiting patients in the US. The trial is
designed to evaluate safety, tolerability and initial signs of
clinical efficacy of Immatics’ genetically engineered T cell
ACTengine® product candidate, IMA201, that targets
melanoma-associated antigen 4 or 8 (“MAGEA4/A8”).
- IMA202 – The phase I dose-escalating trial, IMA202-101, is
actively recruiting patients in the US and Europe. Recently, the
first patient was dosed in the European part of the trial which is
evaluating safety, tolerability and initial signs of clinical
efficacy of Immatics’ second ACTengine® product candidate, IMA202,
that targets melanoma-associated antigen 1 (“MAGEA1”).
- IMA203 – The phase I dose-escalating clinical trial,
IMA203-101, is actively recruiting patients in the US. Recently,
Immatics has been granted regulatory approval by the German
regulatory agency, Paul-Ehrlich-Institute to commence the European
part of the trial. The clinical trial is evaluating safety,
tolerability and initial signs of clinical efficacy of Immatics’
ACTengine® product candidate, IMA203, that targets preferentially
expressed antigen in melanoma (“PRAME”).
- Additional clinical trial centers have been opened in the US
and in Germany for all ongoing ACTengine® clinical studies and
Immatics expects to provide a combined initial data readout on all
three studies in Q1 2021.
- IMA204 – Immatics expects to submit the IND for its fourth ACT
program, IMA204, in 2021. The clinical trial will investigate a T
cell receptor (TCR) directed against the tumor stroma target,
COL6A3, which is highly prevalent in the tumor microenvironment in
a broad range of tumor tissues including lung, pancreas, esophagus,
breast, ovary, colon and stomach cancer. Immatics expects to
provide a data update from the pre-clinical studies in Q3 2020.
Non-engineered (endogenous) COL6A3-targeting T cells were infused
as part of Immatics’ IMA101-101 trial. Immatics expects to report
updated clinical trial results from this trial in Q4 2020.
TCR Bispecifics Programs
- IMA401 – Significant progress has been made towards an IND for
Immatics’ first TCR Bispecifics product candidate, IMA401.
Preparatory activities for GMP development have been initiated.
Based on favorable pharmacokinetics and pharmacodynamics data in
vitro and in vivo, the IND submission is expected in 2021.
- IMA402 – Lead candidate selection for the second TCR
Bispecifics program, IMA402, is expected in 2020.
Next Generation Adoptive Cell Therapies
- IMA301 – Immatics’ first ACTallo® therapeutic candidate,
IMA301, is an allogeneic, off-the-shelf product candidate
containing TCR-engineered gamma delta T cells. In in vitro
preclinical studies, the T cells achieved large expansion rates and
exhibited anti-tumor activity. A preclinical data update is
expected to be presented in Q4 2020. IND-enabling studies are
ongoing and Immatics expects to submit the IND in 2022.
- IMA101 – Immatics intends to report updated clinical trial
results for its multi-target cell therapy pilot clinical trial,
IMA101-101, in Q4 2020.
- Immatics continues to advance its next-generation ACT portfolio
and manufacturing capabilities.
Business Update
COVID-19 Impact
- Immatics continues to monitor the impact of the COVID-19
pandemic on operations in the US and in Germany.
- Significant measures have been put in place to protect
Immatics’ employees, GMP manufacturing, biomarker testing, supply
chain, operations and the execution of clinical trials.
- Immatics continues to expand its clinical programs with
additional clinical trial sites opening in the US and in Europe.
Patient screening in Germany has been ramping above expectation.
Immatics currently expects to remain on track to meet the
enrollment timelines set in its ACTengine® clinical programs.
Corporate Development
Transaction and NASDAQ Listing Summary
- On March 17, Immatics entered into a definitive business
combination agreement with ARYA Sciences Acquisition Corp. (NASDAQ:
ARYA; “ARYA”), a special purpose acquisition company, sponsored by
Perceptive Advisors. Under the terms of the agreement, the
transaction was structured through Immatics B.V., a Dutch private
limited liability company, which converted to Immatics N.V. in
connection with the closing of the transaction. The transaction was
completed on July 1 and Immatics N.V. commenced trading its shares
on the NASDAQ under the symbol “IMTX” and its warrants under the
symbol “IMTXW” on July 2. In connection with the agreement,
Immatics N.V. raised an additional $104 million (€93 million1) in
equity proceeds through a private placement of ordinary shares with
existing shareholders of Immatics and ARYA, as well as additional
institutional investors. Total proceeds from the transaction,
including marketable securities held in a trust account by ARYA and
the private placement, were $253 million (€226 million1). At the
closing of the transaction, cash and cash equivalents amounted to
$322 million (€288 million1) enabling Immatics to fund operating
expenses and capital expenditure requirements for at least 36
months. The funds at closing of the transaction include funds of
Immatics Biotechnologies GmbH, ARYA Sciences Acquisition Corp.,
equity proceeds through a private placement and transaction
costs.
Management and Board of Directors Updates
- On June 1, Cedrik Britten, MD, joined Immatics as Chief Medical
Officer (CMO). Dr. Britten previously served as Vice President and
Head of Oncology Cell Therapy Research Unit at GlaxoSmithKline plc
(LSE/NYSE: GSK). He brings to Immatics more than a decade of
experience in clinical development. He will be responsible for the
management and global development of Immatics’ clinical
pipeline.
- In conjunction with the NASDAQ listing, Michael Atieh, Paul
Carter, Heather Mason and Adam Stone joined Immatics’ board as new
members. Christof Hettich, L.L.D. remains a board member and Peter
Chambré continues to serve as the Chairman of the board.
Partnerships and Alliances
- On August 6, Immatics extended its strategic alliance with
UTHealth. The continued collaboration will provide Immatics
exclusive access to three cGMP suites enabling manufacturing and
supply of its ACT products for current and upcoming phase I
clinical trials in Germany and in the US for an additional four
years.
- Immatics remains fully committed to its partnered programs with
Amgen, Genmab, BMS and GSK.
Second Quarter 2020 Financial
Results
Cash Position: Cash and cash equivalents as of
June 30, 2020 were €86.1 million ($96 million1). Following the
transaction with ARYA, cash and cash equivalents were €288 million
($322 million1) based on net proceeds from the
merger with ARYA and the PIPE financing.
Revenue: Total revenue, consisting of revenue
from collaboration agreements, was €6.9 million ($7.7
million1) for the three months ended June 30,
2020, compared to €5.4 million ($6.1 million1) for
the three months ended June 30, 2019.
Research and Development Expenses: R&D
expenses were €16.6 million ($18.5 million1) for
the three months ended June 30, 2020, compared to €9.7 million
($10.9 million1) for the three months ended June
30, 2019.
General and Administrative Expenses: G&A
expenses were €10.0 million ($11.3 million1) for
the three months ended June 30, 2020, compared to €2.1 million
($2.4 million1) for the three months ended June
30, 2019.
Net Loss: Net loss was €21.3 million ($23.9
million1) for the three months ended June 30,
2020, compared to €6.7 million ($7.5 million1) for
the three months ended June 30, 2019. The increase was mainly
driven by one-time expenses incurred as a result of the conversion
of the former share-based employee compensation program and is
covered both in R&D and G&A expenses.
Shares Outstanding: 62,908,617 (as of July 2,
2020). Based on the outstanding shares the net loss per share for
the three months ended June 30, 2020 was €0.34
($0.381).
Planned Investor and Analyst Activities
- Immatics presenting at 10th Annual Goldman Sachs Biotech
Symposium – September 11, 2020
- Immatics presenting at Jefferies Cell Therapy Summit – October
5, 2020
- Immatics presenting at Chardan Virtual Genetic Medicines
Conference – October 6, 2020
- Immatics presenting at Eigenkapitalforum – November 16, 2020,
4pm CET
- Immatics presenting at Jefferies London Healthcare Conference –
November 17-19, 2020
To see the full list of events and presentations, visit
www.investors.immatics.com/events-presentations.
Full financial statements can be found in the current report on
Form 6-K filed with the Securities and Exchange Commission (SEC)
and published on the SEC website under https://www.sec.gov/.
1 All amounts translated using the exchange rate
published by the European Central Bank in effect as of June 30,
2020 (1 EUR = 1.1198 USD).
About ImmaticsImmatics combines
the discovery of true targets for cancer immunotherapies with the
development of the right T cell receptors with the goal of enabling
a robust and specific T cell response against these targets. This
deep know-how is the foundation for our pipeline of Adoptive Cell
Therapies and TCR Bispecifics as well as our partnerships with
global leaders in the pharmaceutical industry. We are committed to
delivering the power of T cells and to unlocking new avenues for
patients in their fight against cancer.
For regular updates about Immatics, visit
www.immatics.com. You can also follow us on Twitter and
LinkedIn.
Forward-Looking
StatementsCertain statements in this press release may be
considered forward-looking statements. Forward-looking statements
generally relate to future events or Immatics’ future financial or
operating performance. For example, statements concerning the
timing of product candidates and Immatics’ focus on partnerships to
advance its strategy are forward-looking statements. In some cases,
you can identify forward-looking statements by terminology such as
“may”, “should”, “expect”, “intend”, “will”, “estimate”,
“anticipate”, “believe”, “predict”, “potential” or “continue”, or
the negatives of these terms or variations of them or similar
terminology. Such forward-looking statements are subject to risks,
uncertainties, and other factors which could cause actual results
to differ materially from those expressed or implied by such
forward looking statements. These forward-looking statements are
based upon estimates and assumptions that, while considered
reasonable by Immatics and its management, are inherently
uncertain. New risks and uncertainties may emerge from time to
time, and it is not possible to predict all risks and
uncertainties. Factors that may cause actual results to differ
materially from current expectations include, but are not limited
to, various factors beyond management's control including general
economic conditions and other risks, uncertainties and factors set
forth in filings with the SEC. Nothing in this presentation should
be regarded as a representation by any person that the
forward-looking statements set forth herein will be achieved or
that any of the contemplated results of such forward-looking
statements will be achieved. You should not place undue reliance on
forward-looking statements, which speak only as of the date they
are made. Immatics undertakes no duty to update these
forward-looking statements.
- Immatics_Q2 2020_EN
- Immatics_Q2 2020_GER
For more information, please contact:
For Media Inquiries
Gretchen Schweitzer or Jacob Verghese, PhD
Trophic Communications
Phone: +49 89 2388 7731
immatics@trophic.eu
Investor Relations Contact
John Graziano
Solebury Trout
Phone: +1 646 378 2942
jgraziano@soleburytrout.com
Immatics N.V.
Anja Heuer
Corporate Communications
Phone: +49 89 540415-606
media@immatics.com
Jordan Silverstein
Head of Strategy
Phone: +1 281 810 7545
InvestorRelations@immatics.com
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