- Completed positive End-of-Phase 2 meeting
with the Food and Drug Administration (“FDA”) and received
scientific advice from the European Medicines Agency (“EMA”) to
support design of its CALM Phase 3 program, which is expected to
initiate in Q4 2022 -
- Ended second quarter 2022 with approximately
US$384.6 million in pro-forma cash, cash equivalents and short-term
investments, including net proceeds from the July 2022 financing;
Cash runway extended to 2H 2025 and through the topline results of
both CALM-1 and CALM-2 trials -
BELLUS Health Inc. (Nasdaq:BLU; TSX:BLU) (“BELLUS Health” or the
“Company”), a clinical-stage biopharmaceutical company developing
novel therapeutics for the treatment of refractory chronic cough
(“RCC”) and other cough hypersensitivity indications, today
reported its financial and operating results for the second quarter
ending June 30, 2022.
“BELLUS remains committed to bringing BLU-5937, our P2X3
antagonist product candidate, to patients burdened by RCC. This
quarter, we have successfully identified a clear regulatory path to
a potential approval for this candidate, bringing the Company one
step closer to making this goal a reality,” commented Roberto
Bellini, President and Chief Executive Officer of BELLUS Health.
“Following the feedback from our End-of-Phase 2 meeting with the
FDA and the scientific advice from the EMA we have solidified the
trial design for our CALM Phase 3 program and are looking forward
to initiating CALM-1 and CALM-2 later this year. With the proceeds
from our recent financing, we have significantly improved our cash
position, extending our runway to the second half of 2025, and now
have sufficient resources to bring us through topline results of
both CALM Phase 3 clinical trials.”
PROGRAM AND CORPORATE HIGHLIGHTS
Completed positive End-of-Phase 2 meeting with the FDA and
received scientific advice from the EMA to support the design of
its CALM Phase 3 clinical program for BLU-5937 in RCC.
- The CALM Phase 3 clinical program consists of two pivotal
trials (CALM-1 and CALM-2), with primary efficacy endpoint of
24-hour cough frequency measured at 12- and 24-weeks, respectively.
The Company has reached alignment with the FDA on the primary
efficacy endpoint of 24H cough frequency reduction being assessed
using the VitaloJAK cough monitoring system in a patient population
enriched for baseline cough frequency.
- Secondary efficacy endpoints include Cough Severity using
Visual Analogue Scale (CS-VAS), the Leicester Cough Questionnaire
(LCQ) and Chronic Cough Diary (CCD). The CALM Phase 3 trials will
also enroll participants with baseline 24H cough frequency <20
coughs/hour. A secondary efficacy endpoint will assess reduction in
cough frequency in a broader population including the enriched
population and additional participants with baseline 24H cough
frequency below 20 coughs/hour.
- The first patient is expected to be enrolled in both CALM-1 and
CALM-2 in the fourth quarter of 2022. Topline results from CALM-1
are expected in the second half of 2024.
- In addition, the Company has obtained scientific advice from
the EMA and based on the feedback, it will not be making any
modifications to the CALM Phase 3 program design. For additional
information on the CALM-1 and CALM-2 trials designs, click
here.
Completed a US$176.0 million public offering of common shares
in Canada and the United States.
- In July 2022, the Company completed an offering of its common
shares resulting in gross proceeds of US$176.0 million and net
proceeds of approximately US$164.5 million (the “2022 Offering”),
including the full exercise of the over-allotment option.
Presented at the Twelfth London International Cough Symposium
(“LICS”) and the American Thoracic Society (“ATS”) 2022
International Conference.
- Clinical data from the Phase 2b SOOTHE trial was presented at
both the 12th LICS, held in London, England from July 13-14, 2022
and the ATS 2022 International Conference, held in San Francisco,
California from May 13-18, 2022. The presentation materials are
available in the “Scientific Publications” section of BELLUS
Health's website.
Pursuing development of its P2X3 pipeline.
- BELLUS Health expects to initiate a Phase 1 clinical trial
investigating a once-daily, extended-release formulation of
BLU-5937 in the fourth quarter of 2022.
Ended the second quarter of 2022 with cash, cash equivalents
and short-term investments totaling US$220.1 million (approximately
US$384.6 million proforma cash that includes the cash at the end of
the second quarter and the net proceeds from the July 2022
Offering).
FINANCIAL RESULTS
Cash Position: As of June 30, 2022, the Company had
available cash, cash equivalents and short-term investments
totaling US$220.1 million (excluding proceeds from the July 2022
Offering), compared to US$248.8 million as of December 31, 2021.
The net decrease is primarily attributable to funds used to finance
the Company’s operating activities, mainly the research and
development activities associated with its product candidate
BLU-5937.
Net Loss: For the quarter ended June 30, 2022, net loss
amounted to US$18.8 million (US$0.18 per share), compared to
US$17.8 million (US$0.23 per share) for the same period in
2021.
Research and Development Expenses: Research and
development expenses, net of research tax credits, amounted to
US$12.5 million for the quarter ended June 30, 2022, compared to
US$15.2 million for the same period in 2021, a US$2.7 million or
18% year over year decrease. The decrease in research and
development expenses is primarily attributable to the decrease in
external R&D spend as the Company is transitioning from its
Phase 2b SOOTHE clinical trial and is in the planning stage of its
Phase 3 clinical program. The decrease is partially offset by
higher expenses due to the Company’s increased workforce to support
the next steps in its development plans for BLU-5937 as well as
higher stock-based compensation expense in relation to its stock
option plan.
General and Administrative (“G&A”) Expenses: General
and administrative expenses amounted to US$5.4 million for the
quarter ended June 30, 2022, compared to US$2.8 million for the
same period in 2021, a US$2.6 million or 92% year over year
increase. The increase is mainly attributable to higher stock-based
compensation expense in relation to the Company’s deferred share
unit plan and its stock option plan, as well as to higher external
G&A expenses.
Net Finance (Costs) Income: Net finance costs amounted to
US$0.9 million for the quarter ended June 30, 2022, compared to a
net finance income of US$0.2 million for the same period in 2021.
The increase in net finance costs during the current quarter is
mainly attributable to a foreign exchange loss resulting from the
conversion in US dollars of the Company’s net monetary assets
denominated in Canadian dollars during the period.
SUMMARY OF FINANCIAL RESULTS
Three months ended June 30,
2022
Three months ended June 30,
2021
(in thousands of dollars, except
per share data)
Revenues
US$
4
US$
4
Research and development expenses, net
(12,460
)
(15,201
)
General and administrative expenses
(5,379
)
(2,805
)
Net finance (costs) income
(900
)
174
Income taxes
(41
)
—
Net loss for the period
US$
(18,776
)
US$
(17,828
)
Basic and diluted loss per share
US$
(0.18
)
US$
(0.23
)
The Company’s full unaudited consolidated financial statements
and accompanying management’s discussion and analysis for the three
and six-month periods ended June 30, 2022 will be available on
SEDAR at www.sedar.com and on EDGAR at www.sec.gov/edgar.
About BLU-5937
BLU-5937, a highly selective P2X3 antagonist, is in development
for RCC and other cough hypersensitivity indications.
The P2X3 receptor, which is implicated in cough reflex
hypersensitization, is a rational target for treating chronic
cough, and it has been evaluated in multiple clinical trials with
different P2X3 antagonists. The Company believes that its highly
selective P2X3 antagonist has the potential to reduce cough
frequency in patients with RCC and improve quality of life while
limiting taste disturbance adverse events.
In addition to RCC, the mechanism of action of BLU-5937 may also
have broad therapeutic applicability across other cough
hypersensitivity indications. The Company is evaluating potential
opportunities to study BLU-5937 in additional cough indications
where hypersensitivity plays an important role.
About BELLUS Health (www.bellushealth.com)
BELLUS Health is a clinical-stage biopharmaceutical company
developing novel therapeutics for the treatment of RCC and other
cough hypersensitivity indications. The Company's product
candidate, BLU-5937, has successfully completed a Phase 2b trial in
RCC. BELLUS Health is preparing to initiate its CALM Phase 3
program in the fourth quarter of 2022.
Chronic cough is a cough lasting longer than eight weeks. When
the cause of chronic cough cannot be identified or the cough
persists despite treatment of all identified associated causes, the
condition is referred to as RCC. It is estimated that there are
approximately 9 million patients in the United States suffering
from RCC. RCC is associated with significant adverse physical,
social, and psychological effects on health and quality of life.
Currently, there is no specific therapy approved for RCC outside of
Japan and Switzerland and treatment options are limited.
The Company is exploring the potential use of BLU-5937 in other
patient populations experiencing cough hypersensitivity as well as
other P2X3-related hypersensitization conditions.
Forward-Looking Statements
Certain statements contained in this news release, other than
statements of fact that are independently verifiable at the date
hereof, may constitute "forward-looking statements" within the
meaning of Canadian securities legislation and regulations, the
U.S. Private Securities Litigation Reform Act of 1995, as amended,
and other applicable securities laws. Forward-looking statements
are frequently, but not always, identified by words such as
“expects,” “anticipates,” “believes,” “intends,” “estimates,”
“potential,” “possible,” “projects,” “plans,” and similar
expressions. Such statements, based as they are on the current
expectations of management, inherently involve numerous important
risks, uncertainties and assumptions, known and unknown, many of
which are beyond BELLUS Health's control. Such statements include,
but are not limited to, the potential of BLU-5937 to successfully
treat RCC and other hypersensitization-related disorders and
benefit such patients, BELLUS Health’s expectations related to its
preclinical studies and clinical trials, including the timing of
initiation of and the design of the Phase 3 clinical trials of
BLU-5937 in RCC, the timing and outcome of interactions with
regulatory agencies, the potential activity and tolerability
profile, selectivity, potency and other characteristics of
BLU-5937, including as compared to other competitor candidates,
especially where head-to-head studies have not been conducted and
cross-trial comparisons may not be directly comparable due to
differences in study protocols, conditions and patient populations,
the commercial potential of BLU-5937, including with respect to
patient population, pricing and labeling, BELLUS Health’s financial
position and sufficiency of cash resources to bring BELLUS Health
through topline results of CALM-1 and CALM-2 clinical trials, and
the potential applicability of BLU-5937 and BELLUS Health’s P2X3
platform to treat other disorders. Risk factors that may affect
BELLUS Health’s future results include but are not limited to: the
benefits and impact on label of its enrichment strategy, estimates
and projections regarding the size and opportunity of the
addressable RCC market for BLU-5937, the ability to expand and
develop its project pipeline, the ability to obtain adequate
financing, the ability of BELLUS Health to maintain its rights to
intellectual property and obtain adequate protection of future
products through such intellectual property, the impact of general
economic conditions, general conditions in the pharmaceutical
industry, the impact of the ongoing COVID-19 pandemic on BELLUS
Health’s operations, plans and prospects, including to the
initiation and completion of clinical trials in a timely manner or
at all, changes in the regulatory environment in the jurisdictions
in which BELLUS Health does business, supply chain impacts, stock
market volatility, fluctuations in costs, changes to the
competitive environment due to consolidation, achievement of
forecasted burn rate, achievement of forecasted preclinical study
and clinical trial milestones, reliance on third parties to conduct
preclinical studies and clinical trials for BLU-5937 and that
actual results may differ from topline results once the final and
quality-controlled verification of data and analyses has been
completed. In addition, the length of BELLUS Health’s product
candidate’s development process and its market size and commercial
value are dependent upon a number of factors. Moreover, BELLUS
Health’s growth and future prospects are mainly dependent on the
successful development, patient tolerability, regulatory approval,
commercialization and market acceptance of its product candidate
BLU-5937 and other products. Consequently, actual future results
and events may differ materially from the anticipated results and
events expressed in the forward-looking statements. BELLUS Health
believes that expectations represented by forward-looking
statements are reasonable, yet there can be no assurance that such
expectations will prove to be correct. The reader should not place
undue reliance, if any, on any forward-looking statements included
in this news release. These forward-looking statements speak only
as of the date made, and BELLUS Health is under no obligation and
disavows any intention to update publicly or revise such statements
as a result of any new information, future event, circumstances or
otherwise, unless required by applicable legislation or regulation.
Please see BELLUS Health's public filings with the Canadian
securities regulatory authorities, including, but not limited to,
its Annual Information Form, and the United States Securities and
Exchange Commission, including, but not limited to, its Annual
Report on Form 40-F, for further risk factors that might affect
BELLUS Health and its business.
Source: BELLUS Health Inc.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220810005750/en/
Ramzi Benamar Chief Financial Officer rbenamar@bellushealth.com
Media: Julia Deutsch Solebury Trout
jdeutsch@soleburytrout.com
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