– ACE-083 Phase 1 results demonstrate an
unprecedented increase in muscle volume. Phase 2 clinical trials
planned to start next year –
– ACE-2494 generates significant increases in
muscle mass in preclinical studies. Phase 1 clinical trial of
ACE-2494 planned to start next year –
– FDA granted Fast Track Designation for
dalantercept in combination with axitinib for the treatment of
patients with advanced renal cell carcinoma –
– Phase 3 clinical trials with luspatercept in
lower risk myelodysplastic syndromes and beta-thalassemia expected
to begin by year-end 2015 –
Acceleron Pharma Inc. (NASDAQ:XLRN), a clinical stage
biopharmaceutical company focused on the discovery, development and
commercialization of novel therapeutic candidates that regulate
cellular growth and repair, today provided a corporate update and
reported financial results for the third quarter ended
September 30, 2015.
“We made significant progress across our clinical pipeline in
the quarter and are poised, with our partner Celgene, to launch two
pivotal Phase 3 programs by year-end,” said John Knopf, Ph.D.,
Chief Executive Officer of Acceleron. “We also revealed new
clinical data showing unprecedented results with our locally
delivered muscle agent, ACE-083. Finally, our discovery team
continues to innovate with the introduction of our new IntelliTrap™
platform, to discover selective and novel compounds targeting the
transforming growth factor-beta superfamily of proteins.”
Recent Highlights and Current
Updates
Development Programs
Hematology
- Acceleron and Celgene plan to
initiate Phase 3 studies with luspatercept in beta-thalassemia, the
BELIEVE trial, and myelodysplastic syndromes (MDS), the MEDALIST
trial, by the end of 2015.
- Completed enrollment and treatment
in the luspatercept Phase 2 dose escalation and expansion studies
in MDS and beta-thalassemia.
- Treatment continues in Phase 2
long-term extension studies with luspatercept in beta- thalassemia
and MDS.
- Amended and expanded Phase 2 MDS
study. Additional study cohorts have been added to evaluate the
effects of luspatercept in lower risk MDS patients that are either
erythropoietin-stimulating agent (ESA) treatment naïve or ring
sideroblast negative.
Muscle Diseases
- Announced initial Phase 1 data on
ACE-083, Acceleron’s therapeutic candidate designed to increase
muscle mass and strength when delivered locally to targeted muscle
groups. Acceleron reported an unprecedented 14.5% mean increase
in muscle volume in the injected muscle of the quadriceps. The
Company plans to begin a Phase 2 trial in facioscapulohumeral
muscular dystrophy (FSHD) in mid-2016.
- Presented preclinical data on
ACE-083 at the 20th Annual International Congress of the World
Muscle Society. ACE-083 produced significant increases in
muscle mass of approximately 75% in the injected muscle with no
observed effect on either the uninjected contralateral muscle or on
whole body mass. Increases in muscle mass were associated with a
significant increase in muscle force and power of approximately
40%.
- Introduced ACE-2494, Acceleron’s
first IntelliTrap™ molecule, designed for systemic administration
to increase muscle mass and strength. In mice, ACE-2494
generated dose dependent increases in muscle mass at a magnitude
comparable to the powerful effects of soluble ActRIIB fusion
proteins. After 4 weeks of treatment, ACE-2494 (10 mg/kg twice
weekly) generated increases in muscle mass ranging from 41% to 87%
across different muscle groups. The Company expects to begin
clinical studies with ACE-2494 by the end of 2016.
Oncology
- FDA granted Fast Track Designation
for dalantercept in combination with axitinib for the treatment of
patients with advanced renal cell carcinoma (RCC), following
treatment with an anti-angiogenic agent.
- Presented RCC Phase 2 data showing
that the combination of dalantercept and axitinib generated
encouraging, progression-free survival after one year. The
Company reported the 12-month Kaplan Meier estimate for a
progression-free survival rate of 39% for the combination of
dalantercept plus axitinib in patients with advanced RCC in Part 1
of the Phase 2 DART study. This compares favorably to the 12-month
PFS rate of 25% with axitinib alone.
Nephrology
- Acceleron and Celgene will refocus
the development of sotatercept in the pre-dialysis chronic kidney
disease setting. The Companies plan to meet with regulators in
the first half of 2016 to discuss study designs.
Research and Development
- Acceleron introduced its new
IntelliTrap™ discovery platform. The IntelliTrap™ platform is
designed to generate dozens of highly selective molecules that
optimally target the transforming growth factor-beta superfamily to
discover innovative new therapies.
Upcoming Milestones and
Events
- Initiation of the pivotal Phase 3
clinical trials with luspatercept in MDS and beta-thalassemia is
expected by year-end.
- Additional luspatercept data from
ongoing Phase 2 MDS and beta-thalassemia studies will be presented
at the 57th Annual Meeting of the American Society of Hematology,
December 5-8, 2015 in Orlando, Florida.
- ACE-083 Phase 1 clinical data will
be presented at the 8th International Conference on Cachexia,
Sarcopenia and Muscle Wasting, December 4-6, 2015, in Paris,
France.
- Clinical and preclinical data will
be presented at the American Society of Nephrology Kidney Week,
November 3-8, 2015, in San Diego, CA.
Financial Results
- Cash Position – Cash, cash
equivalents and investments as of September 30, 2015 were
$148.1 million. As of December 31, 2014 the company had cash and
cash equivalents of $176.5 million. Acceleron expects that its
cash, cash equivalents and investments as of September 30,
2015 will be sufficient to fund the Company’s operations into the
second half of 2017.
Conference Call and Webcast
The Company will host a conference call and live audio webcast
to report its third quarter financial results for 2015 and provide
a corporate update on November 4, 2015, at 8:00 AM EST. To
participate by teleconference, please dial 877-312-5848 (domestic)
or 253-237-1155 (international) and refer to the “Acceleron Q3
Earnings Call.” To access the live webcast, please select “Events
& Presentations” in the Investors & Media section on the
Company’s website (www.acceleronpharma.com) at least 10 minutes
beforehand to ensure time for any downloads that may be
required.
An archived webcast recording will be available on the Acceleron
website beginning approximately two hours after the event.
About Acceleron
Acceleron is a clinical stage biopharmaceutical company focused
on the discovery, development and commercialization of novel
therapeutic candidates that regulate cellular growth and repair.
The company is a leader in understanding the biology of the
Transforming Growth Factor-Beta (TGF-beta) protein superfamily, a
large and diverse group of molecules that are key regulators in the
growth and repair of tissues throughout the human body, and in
targeting these pathways to develop important new medicines.
Acceleron has built a highly productive R&D platform that has
generated innovative clinical and preclinical therapeutic
candidates with novel mechanisms of action. These therapeutic
candidates have the potential to significantly improve clinical
outcomes for patients with cancer and rare diseases.
We routinely post information that may be important to investors
in the “Investors and Media” section of our website at www.acceleronpharma.com. We encourage investors
and potential investors to regularly consult our website for
important information about us.
ACCELERON PHARMA INC.
CONDENSED CONSOLIDATED BALANCE
SHEET
(Amounts in thousands)
(unaudited)
September 30,2015
December 31,2014
Cash, cash equivalents and investments $ 148,150 $ 176,460 Other
assets 10,270 9,836 Total assets $ 158,420 $ 186,296
Accrued expenses 11,615 7,572 Deferred revenue 4,970 5,978
Warrants to purchase common stock 8,064 14,124 Other liabilities
1,983 2,337 Total liabilities 26,632
30,011 Total stockholders’ equity 131,788 156,285
Total liabilities and stockholders’ equity $ 158,420 $ 186,296
ACCELERON PHARMA INC.
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(Amounts in thousands except per share
data)
(unaudited)
Three Months Ended
September 30, Nine Months Ended September 30,
2015 2014 2015 2014
Revenue: Collaboration revenue $ 4,155 $ 3,508 $ 14,294 $ 10,894
Costs and expenses: Research and development 13,335 11,876 42,261
36,318 Litigation settlement — — — 5,000 General and administrative
5,433 3,023 14,796 10,485 Total costs
and expenses 18,768 14,899 57,057 51,803 Loss from operations
(14,613 ) (11,391 ) (42,763 ) (40,909 ) Total other income, net
2,755 3,419 5,951 7,267 Net loss
applicable to common stockholders $ (11,858 ) $ (7,972 ) $ (36,812
) $ (33,642 ) Net loss per share applicable to common
stockholders-basic and diluted $ (0.36 ) $ (0.25 ) $ (1.12 ) $
(1.18 )
Weighted-average number of common shares
used incomputing net loss per share applicable to
commonstockholders-basic and diluted
33,097 31,855 32,869 28,594
Cautionary Note on Forward-Looking Statements
This press release includes forward-looking statements about the
Company’s strategy, future plans and prospects, including
statements regarding the development of the Company’s compounds,
including sotatercept, luspatercept, dalantercept, ACE-083,
ACE-2494, the Company's IntelliTrap™ drug discovery platform and
the Company’s TGF-beta superfamily program generally, the timeline
for clinical development and regulatory approval of the Company’s
compounds, the expected timing for the reporting of data from
ongoing trials, and the structure of the Company’s planned or
pending clinical trials. The words “anticipate,” “appear,”
“believe,” “estimate,” “expect,” “intend,” “may,” “plan,”
“predict,” “project,” “target,” “potential,” “will,” “would,”
“could,” “should,” “continue,” and similar expressions are intended
to identify forward-looking statements, although not all
forward-looking statements contain these identifying words. Each
forward-looking statement is subject to risks and uncertainties
that could cause actual results to differ materially from those
expressed or implied in such statement. Applicable risks and
uncertainties include the risks that the Company’s cash position
will be insufficient to fund operations into the second half of
2017, that preclinical testing of the Company’s compounds and data
from clinical trials may not be predictive of the results or
success of ongoing or later clinical trials, that data may not be
available when the Company expects it to be, that the Company or
its collaboration partner, Celgene, will be unable to successfully
complete the clinical development of its compounds, that the
development of the Company’s compounds will take longer or cost
more than planned, that the Company or Celgene may be delayed in
initiating or completing any clinical trials, and that the
Company’s compounds will not receive regulatory approval or become
commercially successful products. Other risks and uncertainties
include those identified under the heading “Risk Factors” included
in the Company’s Annual Report on Form 10-K which was filed with
the Securities and Exchange Commission (SEC) on March 2, 2015, and
other filings that the Company has made and may make with the SEC
in the future. The forward-looking statements contained in this
press release reflect the Company’s current views with respect to
future events, and the Company does not undertake and specifically
disclaims any obligation to update any forward-looking
statements.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151104005531/en/
Acceleron Pharma Inc.Todd James, 617-649-9393Senior Director,
Corporate CommunicationsorMedia:Suda Communications LLCMaureen L.
Suda, 585-387-9248
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