SAN DIEGO, May 9, 2019 /PRNewswire/ -- Heron
Therapeutics, Inc. (Nasdaq: HRTX), a commercial-stage biotechnology
company focused on improving the lives of patients by developing
best-in-class treatments to address some of the most important
unmet patient needs, today announced financial results for the
three months ended March 31, 2019 and
highlighted recent corporate progress.
Recent Corporate Progress
Pain Management Franchise
- Complete Response Letter Received from the FDA Regarding the
NDA for HTX-011: A Complete Response Letter (CRL) was received
from the U.S. Food and Drug Administration (FDA) on April 30, 2019 regarding the Company's New Drug
Application (NDA) for HTX-011 for postoperative pain management.
The CRL stated that the FDA is unable to approve the NDA in its
present form based on the need for additional Chemistry,
Manufacturing and Controls (CMC) and non-clinical information.
Based on the complete review of the NDA, the FDA did not identify
any clinical safety or efficacy issues, and there is no requirement
for further clinical studies or data analyses.
- European Medicines Agency Validation of Marketing
Authorisation Application for HTX-011 for Postoperative Pain
Management: In April of 2019, Heron announced that the
Marketing Authorisation Application (MAA) for its investigational
agent, HTX-011, for postoperative pain management, was validated by
the European Medicines Agency (EMA). The EMA granted eligibility to
the Centralised Procedure for HTX-011 based on it meeting the
criteria of a medicinal product constituting a significant
scientific innovation. The Centralised Procedure allows applicants
to receive a marketing authorisation that is valid throughout the
European Union (EU). With the validation of the MAA, an opinion
from the EMA Committee for Medicinal Products for Human Use (CHMP)
is anticipated in the first half of 2020.
- 77% of Patients Treated with HTX-011 Remain Opioid-Free 72
Hours Post-Surgery in Multi-center Clinical Study in
Bunionectomy: In March of 2019, we reported positive topline
results of a multi-center postoperative pain management study in
which 31 patients undergoing bunionectomy surgery received HTX-011
together with a regimen of generic, over-the-counter, oral
analgesics (acetaminophen and ibuprofen). Seventy-seven percent
(77%) of patients were opioid-free 72 hours post-surgery, and 100%
of these patients remained opioid-free 28 days post-surgery.
Patients mean pain scores stayed in the mild range through 72
hours.
- 90% of Patients Treated with HTX-011 Remain Opioid-Free 72
Hours Post-Surgery in Multi-center Clinical Study in Hernia
Repair: In January of 2019, we reported positive topline
results of a multi-center postoperative pain management study in
which 63 patients undergoing hernia repair surgery received HTX-011
together with a regimen of generic, over-the-counter, oral
analgesics (acetaminophen and ibuprofen). Ninety percent (90%) of
patients were opioid-free 72 hours post-surgery, and 81% were still
opioid-free 28 days post-surgery.
CINV Franchise
- FDA Approval of sNDA to Expand
CINVANTI® Label for IV Push: In
February of 2019, the FDA approved Heron's supplemental New Drug
Application (sNDA) for CINVANTI (aprepitant) injectable emulsion,
for intravenous (IV) use. The sNDA requested FDA approval to expand
the administration of CINVANTI beyond the already approved
administration method (a 30-minute IV infusion) to include a
2-minute IV injection.
- First Quarter 2019 Net Product Sales: First-quarter 2019
net product sales for the chemotherapy-induced nausea and vomiting
(CINV) franchise were $31.6 million,
up 173% and 10% from the first and fourth quarters of 2018,
respectively. This included net product sales of $28.0 million for CINVANTI® injectable
emulsion and $3.6 million for
SUSTOL® (granisetron) extended-release injection. Heron
reaffirms full-year 2019 net product sales guidance for the CINV
franchise of $115 million to
$120 million.
"We are focused on resubmitting the NDA for HTX-011 as soon as
possible to bring this important medicine to market to help
patients manage their postoperative pain without the need for
opioids," said Barry Quart, Pharm.D., President and Chief
Executive Officer of Heron. "Our CINV franchise remains
strong, highlighted by our strong net product sales in the first
quarter and our label expansion for CINVANTI for IV push."
Financial Results
Net product sales for the three months ended March 31, 2019 were $31.6
million compared to $11.6
million for the same period in 2018.
Heron's net loss for the three months ended March 31, 2019 was $63.0
million, or $0.80 per share,
compared to $52.3 million, or
$0.81 per share for the same period
in 2018. Net loss for the three months ended March 31, 2019 included non-cash, stock-based
compensation expense of $17.9 million
compared to $7.7 million for the same
period in 2018.
As of March 31, 2019, Heron had cash, cash equivalents and
short-term investments of $289.2 million, compared
to $332.4 million as of December 31, 2018. Net
cash used for operating activities for the three months ended
March 31, 2019 was $49.0 million compared to $61.7 million for the same period in 2018. Heron
expects to end the year with more than $190
million in cash, cash equivalents and short-term
investments.
About HTX-011 for Postoperative Pain
HTX-011, which utilizes Heron's proprietary
Biochronomer® drug delivery technology, is an
investigational, long-acting, extended-release formulation of the
local anesthetic bupivacaine in a fixed-dose combination with the
anti-inflammatory meloxicam for the management of postoperative
pain. By delivering sustained levels of both a potent anesthetic
and a local anti-inflammatory agent directly to the site of tissue
injury, HTX-011 was designed to deliver superior pain relief while
reducing the need for systemically administered pain medications
such as opioids, which carry the risk of harmful side effects,
abuse and addiction. HTX-011 has been shown to reduce pain
significantly better than placebo or bupivacaine solution in five
diverse surgical models: hernia repair, abdominoplasty,
bunionectomy, total knee arthroplasty and breast augmentation.
HTX-011 was granted Fast Track designation from the FDA in the
fourth quarter of 2017 and Breakthrough Therapy designation in the
second quarter of 2018. Heron submitted an NDA to
the FDA for HTX-011 in October of 2018 and received
Priority Review designation in December of 2018. A CRL was received
from the FDA regarding the NDA for HTX-011 on April 30, 2019 relating to CMC and non-clinical
information. No issues related to clinical efficacy or safety were
noted. An MAA for HTX-011 was validated by the EMA in March 2019 for review under the Centralised
Procedure.
About CINVANTI (aprepitant) injectable emulsion
CINVANTI, in combination with other antiemetic agents, is
indicated in adults for the prevention of acute and delayed nausea
and vomiting associated with initial and repeat courses of highly
emetogenic cancer chemotherapy (HEC), including high-dose
cisplatin, and nausea and vomiting associated with initial and
repeat courses of moderately emetogenic cancer chemotherapy (MEC).
CINVANTI is an IV formulation of aprepitant, a substance
P/neurokinin-1 (NK1) receptor antagonist (RA). CINVANTI
is the first IV formulation to directly deliver aprepitant, the
active ingredient in EMEND® capsules. Aprepitant
(including its prodrug, fosaprepitant) is the only single-agent
NK1 RA to significantly reduce nausea and vomiting in
both the acute phase (0 – 24 hours after chemotherapy) and the
delayed phase (24 – 120 hours after chemotherapy). CINVANTI is the
only IV formulation of an NK1 RA indicated for the
prevention of acute and delayed nausea and vomiting associated with
HEC and nausea and vomiting associated with MEC that is free
of polysorbate 80 or any other synthetic surfactant. The
FDA-approved dosing administration included in the United States prescribing information for
CINVANTI is a 30-minute infusion or a 2-minute injection.
Please see full prescribing information at www.CINVANTI.com.
About SUSTOL (granisetron) extended-release injection
SUSTOL is indicated in combination with other antiemetics in
adults for the prevention of acute and delayed nausea and vomiting
associated with initial and repeat courses of moderately emetogenic
chemotherapy (MEC) or anthracycline and cyclophosphamide (AC)
combination chemotherapy regimens. SUSTOL is an extended-release,
injectable 5-HT3 receptor antagonist that utilizes
Heron's Biochronomer® drug delivery technology to
maintain therapeutic levels of granisetron for ≥5 days. The SUSTOL
global Phase 3 development program was comprised of two, large,
guideline-based clinical studies that evaluated SUSTOL's efficacy
and safety in more than 2,000 patients with cancer. SUSTOL's
efficacy in preventing nausea and vomiting was evaluated in both
the acute phase (0 – 24 hours after chemotherapy) and delayed phase
(24 – 120 hours after chemotherapy).
Please see full prescribing information at www.SUSTOL.com.
About Heron Therapeutics, Inc.
Heron Therapeutics, Inc. is a commercial-stage biotechnology
company focused on improving the lives of patients by developing
best-in-class treatments to address some of the most important
unmet patient needs. Heron is developing novel, patient-focused
solutions that apply its innovative science and technologies to
already-approved pharmacological agents for patients suffering from
pain or cancer.
For more information, visit www.herontx.com.
Forward-looking Statements
This news release contains "forward-looking statements" as
defined by the Private Securities Litigation Reform Act of 1995.
Heron cautions readers that forward-looking statements are based on
management's expectations and assumptions as of the date of this
news release and are subject to certain risks and uncertainties
that could cause actual results to differ materially, including,
but not limited to, those associated with: the full-year 2019 net
product sales guidance for the CINV franchise; whether the FDA
approves the NDA for HTX-011; the timing of the commercial launch
of HTX-011; the timing of the CHMP's review process for HTX-011;
whether the European Commission authorizes the MAA for HTX-011; the
expected future balances of Heron's cash, cash equivalents and
short-term investments; the expected duration over which Heron's
cash, cash equivalents and short-term investments balances will
fund its operations; and other risks and uncertainties identified
in the Company's filings with the U.S. Securities and Exchange
Commission. Forward-looking statements reflect our analysis only on
their stated date, and Heron takes no obligation to update or
revise these statements except as may be required by law.
HERON
THERAPEUTICS, INC. Condensed Consolidated Statements of
Operations
(in thousands, except per share amounts)
|
|
|
|
|
Three Months
Ended
March
31,
|
|
|
2019
|
|
2018
|
|
|
(unaudited)
|
|
Revenues:
|
|
|
|
|
Net
product sales
|
$
31,602
|
|
$
11,567
|
|
Operating
expenses:
|
|
|
|
|
Cost of
product sales
|
14,962
|
|
3,133
|
|
Research
and development
|
42,972
|
|
39,561
|
|
General
and administrative
|
9,648
|
|
7,028
|
|
Sales
and marketing
|
28,720
|
|
13,835
|
|
Total operating
expenses
|
96,302
|
|
63,557
|
|
|
|
|
|
|
Loss from
operations
|
(64,700)
|
|
(51,990)
|
|
|
|
|
|
|
Other income
(expense), net
|
1,688
|
|
(275)
|
|
|
|
|
|
|
Net loss
|
$
(63,012)
|
|
$
(52,265)
|
|
|
|
|
|
|
Basic and diluted net
loss per share
|
$
(0.80)
|
|
$
(0.81)
|
|
|
|
|
|
|
Shares used in
computing basic and diluted net loss per share
|
78,419
|
|
64,724
|
|
HERON
THERAPEUTICS, INC. Condensed Consolidated Balance Sheet
Data
(in thousands)
|
|
|
|
|
|
March
31,
|
|
December
31,
|
2019
|
|
2018
|
|
(unaudited)
|
|
|
Cash, cash
equivalents and short-term investments
|
$
289,238
|
|
$
332,371
|
Accounts receivable,
net
|
74,007
|
|
64,652
|
Total
assets
|
435,794
|
|
462,179
|
Total stockholders'
equity
|
331,814
|
|
370,160
|
|
|
|
|
Investor Relations and Media Contact:
David Szekeres
Senior VP, General Counsel, Business Development and Corporate
Secretary
Heron Therapeutics, Inc.
dszekeres@herontx.com
858-251-4447
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SOURCE Heron Therapeutics, Inc.