Conference Call Scheduled Today at 8:30 a.m.
EDT
Concert Pharmaceuticals, Inc. (NASDAQ: CNCE) today reported
financial results for the first quarter of 2015.
“Concert ended the first quarter with a strong balance sheet and
the financial resources to continue advancing our portfolio of
product candidates,” said Roger Tung, Ph.D., President and Chief
Executive Officer of Concert Pharmaceuticals. “We are continuing to
build a diverse pipeline and bring new candidates into the clinic
in an efficient manner. Earlier this year, we advanced CTP-656, our
deuterium-modified ivacaftor candidate, into Phase 1 clinical
evaluation and we expect to identify another program this year that
has the potential to advance into the clinic in 2016. ”
Recent Business Highlights and Upcoming Milestones
- JZP-386 Phase 1 Program Update.
On May 7, 2015, Concert and Jazz Pharmaceuticals announced that
Phase 1 clinical study results demonstrated that JZP-386 provided
favorable deuterium-related effects, including higher serum
concentrations and correspondingly increased pharmacodynamic
effects at clinically relevant time points compared to Xyrem®.
While the companies have determined that the deuterium-related
effects observed in the Phase 1 studies do not support advancing
into a later-stage clinical trial of JZP-386 at this time, the
results indicate that further evaluation of JZP-386 is warranted.
The companies intend to explore formulation options to enhance the
positive effects observed in the study to achieve an improved
product profile for patients with narcolepsy.
- CTP-656 Selected as Development
Candidate in Cystic Fibrosis. Concert recently completed the
first part of its ongoing Phase 1 program evaluating two deuterated
ivacaftor analogs. As a result, CTP-656 has been selected as the
drug candidate for further clinical development and will be
evaluated in single and multiple ascending dose Phase 1 trials. The
multiple ascending dose Phase 1 trial is expected to begin in the
second half of 2015.
- AVP-786 Phase 3 Trial Planned.
Avanir Pharmaceuticals, a wholly owned subsidiary of Otsuka
Pharmaceuticals, has previously stated that it intends to advance
AVP-786 into Phase 3 clinical testing for the treatment of
agitation in patients with Alzheimer’s disease. In addition, Avanir
is conducting a Phase 2 clinical trial evaluating AVP-786 for the
treatment of major depressive disorder.
- CTP-730 Phase 1 Trial Underway.
In the second quarter of 2015, Concert initiated the Phase 1
clinical trial evaluating multiple ascending doses of CTP-730.
Concert and Celgene’s collaboration is initially focused on the
development of CTP-730 for inflammatory disease. The collaboration
has the potential to encompass multiple programs in both cancer and
inflammatory diseases.
First Quarter 2015 Financial Results
- Cash and Investment Position:
Cash, cash equivalents and investments as of March 31, 2015,
totaled $113.1 million as compared to $79.2 million as of December
31, 2014. In the first quarter of 2015, Concert announced the
closing of a public stock offering, raising net proceeds of $46.7
million. Concert expects its cash, cash equivalents and investments
as of March 31, 2015 are sufficient to fund the Company into the
second half of 2017.
- Revenues: Revenue was $1.3
million for the quarter ended March 31, 2015, compared to $1.6
million for the same period in 2014. Revenue recognized in 2015 and
2014 is comprised of services performed by Concert in connection
with its strategic collaborations with Celgene Corporation and Jazz
Pharmaceuticals.
- R&D Expenses: Research and
development expenses were $6.9 million for the quarter ended March
31, 2015, compared to $5.6 million for the same period in 2014. The
increase was primarily due to expenses associated with the clinical
development of CTP-656 and JZP-386 and internal research and
development platform expenses.
- G&A Expenses: General and
administrative expenses were $3.2 million for the quarter ended
March 31, 2015, compared to $2.5 million for the same period in
2014. The increase in general and administrative expenses was
primarily related to expenses associated with operating as a public
company and included the cost of new hires as well as other
compensation expense including non-cash stock based compensation
expense.
- Net Loss: For the quarter ended
March 31, 2015, net loss applicable to common stockholders was $9.0
million, or $0.48 per share, compared with a net loss applicable to
common stockholders of $7.0 million, or $0.76 per share, for the
quarter ended March 31, 2014.
Conference Call and WebcastThe Company will host a
conference call and webcast today, Friday, May 8, 2015, at 8:30
a.m. EDT to provide an update on the Company and discuss first
quarter financial results. To access the conference call, please
dial (855) 354-1855 (U.S. and Canada) or (484) 365-2865
(International) five minutes prior to the start time.
A live webcast of Concert’s presentation may be accessed in the
Investors section of the Company’s website at
www.concertpharma.com. Please log on to the Concert website
approximately 15 minutes prior to the scheduled webcast to ensure
adequate time for any software downloads that may be required. A
replay of the webcast will be available on Concert’s website for
three months.
- Financial Tables to Follow -
Concert Pharmaceuticals,
Inc. Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
Quarter ended March 31,
2015 2014 Revenue: License and research and
development revenue $ 1,306 $ 1,613 Total revenue 1,306
1,613 Operating expenses: Research and development 6,944
5,594 General and administrative 3,233 2,538 Total
operating expenses 10,177 8,132 Loss from operations
(8,871 ) (6,519 ) Interest and other expense, net (131 )
(431 ) Net loss $ (9,002 ) $ (6,950 ) Accretion on
redeemable convertible preferred stock — (55 ) Net
loss applicable to common stockholders $ (9,002 ) $ (7,005 ) Net
loss per share applicable to common stockholders—basic and diluted
$ (0.48 ) $ (0.76 ) Weighted-average number of common shares used
in net loss per share applicable to common stockholders—basic and
diluted 18,726 9,188
Concert
Pharmaceuticals, Inc. Summary Balance Sheet Data (in
thousands)
March 31,2015
December 31,2014
Cash and cash equivalents $ 63,816 $ 13,396 Investments, available
for sale 49,251 65,836 Working capital 101,081 63,102 Total assets
118,360 84,454 Deferred revenue 15,068 15,821 Loan payable, net of
discount 5,037 7,101 Total stockholders’ equity $ 93,490 $ 54,825
About Concert
Concert Pharmaceuticals is a clinical stage biopharmaceutical
company focused on applying its DCE Platform® (deuterated chemical
entity platform) to create novel small molecule drugs. This
approach starts with approved drugs, advanced clinical candidates
or previously studied compounds that have the potential to be
improved with deuterium substitution to enhance clinical safety,
tolerability and efficacy. The Company is developing a broad
pipeline targeting CNS disorders, genetic diseases, renal disease,
inflammatory diseases and cancer. For more information, please
visit www.concertpharma.com.
Cautionary Note on Forward Looking Statements
Any statements in this press release about our future
expectations, plans and prospects, including statements about our
expectations for clinical development of our therapeutic
candidates, the sufficiency of our cash, cash equivalents and
investments to fund our operations and other statements containing
the words “anticipate,” “believe,” “continue,” “could,” “estimate,”
“expect,” “intend,” “may,” “plan,” “potential,” “predict,”
“project,” “should,” “target,” “would,” and similar expressions,
constitute forward-looking statements within the meaning of The
Private Securities Litigation Reform Act of 1995. Actual results
may differ materially from those indicated by such forward-looking
statements as a result of various important factors, including: the
uncertainties inherent in the initiation of future clinical trials,
whether preliminary results from a clinical trial will be
predictive of the final results of that trial or whether results of
early clinical trials will be indicative of the results of later
clinical trials, expectations for regulatory approvals,
availability of funding sufficient for our foreseeable and
unforeseeable operating expenses and capital expenditure
requirements and other factors discussed in the “Risk Factors”
section of our most recent Annual Report on Form 10-K filed
with the Securities and Exchange Commission and in other filings
that we make with the Securities and Exchange Commission. In
addition, any forward-looking statements included in this press
release represent our views only as of the date of this release and
should not be relied upon as representing our views as of any
subsequent date. We specifically disclaim any obligation to update
any forward-looking statements included in this press release.
Concert Pharmaceuticals Inc., the CoNCERT
Pharmaceuticals Inc. logo and DCE Platform are registered
trademarks of Concert Pharmaceuticals, Inc.
For additional information contact:Concert
Pharmaceuticals, Inc.Justine Koenigsberg (investors),
781-674-5284ir@concertpharma.comorThe Yates NetworkKathryn Morris
(media), 845-635-9828
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