- FDA’s review of luspatercept BLA for the
beta-thalassemia and lower-risk MDS indications remains ongoing
-
- Six clinical abstracts accepted for
presentation at the 61st American Society of Hematology (ASH)
Annual Meeting -
Acceleron Pharma Inc. (Nasdaq:XLRN), a leading biopharmaceutical
company in the discovery and development of TGF-beta superfamily
therapeutics to treat serious and rare diseases, today provided a
corporate update and reported financial results for the third
quarter ended September 30, 2019.
“With the FDA’s decision on the luspatercept regulatory
submission for the treatment of beta-thalassemia expected in less
than one month, we are close to achieving a major company
milestone-the potential approval for the first Acceleron-discovered
medicine,” said Habib Dable, President and Chief Executive Officer
of Acceleron. “Alongside our global collaboration partner, Celgene,
we are preparing for luspatercept’s potential commercial launch in
the U.S. We also await the FDA’s decision on our BLA for the MDS
indication in April 2020 and the European Medicines Agency’s
decision on the MAA for both indications, which is expected in the
second half of 2020. We continue to advance our ongoing clinical
trials in first-line lower-risk MDS-, non-transfusion-dependent
beta-thalassemia- and myelofibrosis-associated anemia. In addition,
we are looking forward to presenting luspatercept updates on our
Phase 3 MEDALIST and BELIEVE trials, as well as interim results
from the ongoing Phase 2 myelofibrosis trial at the upcoming ASH
meeting in December.”
Added Mr. Dable: “While our hematology program continues to
grow, we are also advancing our two Acceleron-led clinical programs
in pulmonary and neuromuscular disease. We anticipate reporting
results in the first quarter of 2020 for both our PULSAR Phase 2
sotatercept trial in patients with PAH, and our ACE-083 trial in
patients with CMT.”
Development Program
Highlights
Hematology
Luspatercept: Myelodysplastic Syndromes
(MDS), Beta-Thalassemia, and Myelofibrosis (MF)
Luspatercept is an investigational first-in-class erythroid
maturation agent designed to address a late-stage erythroid
maturation defect that results in chronic anemia and the need for
regular red blood cell transfusions in adults with serious
hematologic diseases. Luspatercept is part of the global
collaboration between Acceleron and Celgene.
- The U.S. Food and Drug Administration’s (FDA) review of the
Biologics License Application (BLA) for luspatercept is ongoing for
the treatment of anemia in adult patients with very low- to
intermediate-risk MDS, who have ring sideroblasts and require red
blood cell (RBC) transfusions, and for the treatment of anemia in
adult patients with beta-thalassemia, who require regular RBC
transfusions.
- The FDA’s target action date for the beta-thalassemia
indication is December 4, 2019, and April 4, 2020 for the MDS
indication.
- The European Medicines Agency’s (EMA) review of the Marketing
Authorization Application (MAA) for luspatercept for the treatment
of anemia in adult patients with MDS or beta-thalassemia is
ongoing. The EMA decision on the MAA is expected in the second half
of 2020.
- Six clinical abstracts of luspatercept have been accepted for
presentation at the 61st American Society of Hematology (ASH)
Annual Meeting and Exposition in Orlando on December 7-10, 2019,
including
- Five clinical abstracts highlighting new and updated analyses
from the MEDALIST and BELIEVE Phase 3 trials;
- One clinical abstract including interim results from the
ongoing Phase 2 trial in MF.
- Enrollment is ongoing in the COMMANDS Phase 3 trial in patients
with treatment-naïve, lower-risk MDS.
- The BEYOND Phase 2 trial in adult patients with
non-transfusion-dependent beta-thalassemia is ongoing, with topline
results expected by year-end 2020.
Pulmonary Disease
Sotatercept: Pulmonary Arterial
Hypertension (PAH)
Sotatercept is an investigational agent designed to be a
selective ligand trap for members of the TGF-beta superfamily to
rebalance BMPR2 signaling, which is a key molecular driver of PAH.
In preclinical studies of PAH, sotatercept (RAP-011) reversed
pulmonary vessel muscularization and improved indicators of right
heart failure.
- The FDA granted Orphan Drug Designation to sotatercept for the
treatment of patients with PAH.
- Topline results from the PULSAR Phase 2 trial in patients with
PAH are expected in the first quarter of 2020.
- Enrollment is ongoing in the exploratory SPECTRA trial in
patients with PAH, with preliminary results expected in 2020.
Neuromuscular Disease
ACE-083: Charcot-Marie-Tooth Disease
(CMT) and Facioscapulohumeral Muscular Dystrophy
(FSHD)
ACE-083 is an investigational locally-acting therapeutic
designed to have a concentrated effect on muscle mass and strength
in target muscles for diseases that cause focal muscle weakness.
ACE-083 utilizes the "Myostatin+" approach to inhibit multiple
TGF-beta superfamily ligands involved in muscle formation.
- Topline results from Part 2 of the Phase 2 trial in patients
with CMT are expected in the first quarter of 2020.
- Clinical development of ACE-083 in patients with FSHD has been
discontinued following the Phase 2 topline results.
Financial Results
- Cash Position - Cash, cash equivalents and investments
as of September 30, 2019 were $468.3 million, as compared to $291.3
million as of December 31, 2018. Based on the Company's current
operating plan and projections, it believes that current cash, cash
equivalents and investments will be sufficient to fund projected
operating requirements until such time as it expects to receive
significant royalty revenue from luspatercept sales.
- Revenue - Revenue for the third quarter of 2019 was $4.2
million. This revenue was derived from the Company's collaboration
partnership with Celgene and is largely related to expenses
incurred by the Company in support of luspatercept.
- Costs and Expenses - Total costs and expenses for the
third quarter of 2019 were $53.1 million. This includes R&D
expenses of $37.6 million and G&A expenses of $15.5
million.
- Net Loss - The Company's net loss for the third quarter
of 2019 was $45.4 million.
Conference Call and Webcast
The Company will host a webcast and conference call to discuss
its third quarter 2019 financial results and provide an update on
recent corporate activities on November 6, 2019, at 10:00 a.m.
EST.
The webcast will be accessible under "Events &
Presentations" in the Investors/Media page of the Company’s website
at acceleronpharma.com. Individuals
can participate in the conference call by dialing 877-312-5848
(domestic) or 253-237-1155 (international) and referring to the
“Acceleron Third Quarter 2019 Earnings Call.”
The archived webcast will be available for replay on the
Acceleron website approximately two hours after the event.
About Acceleron
Acceleron is a clinical-stage biopharmaceutical company
dedicated to the discovery, development, and commercialization of
therapeutics to treat serious and rare diseases. The Company's
leadership in the understanding of TGF-beta superfamily biology and
protein engineering generates innovative compounds that engage the
body's ability to regulate cellular growth and repair.
Acceleron focuses its research and development efforts in
hematologic, neuromuscular, and pulmonary diseases. In hematology,
the Company and its global collaboration partner, Celgene, are
developing luspatercept for the treatment of chronic anemia in
myelodysplastic syndromes, beta-thalassemia, and myelofibrosis.
Acceleron is also advancing its neuromuscular program with ACE-083,
a locally-acting Myostatin+ agent in Phase 2 development
Charcot-Marie-Tooth disease and is conducting a Phase 2 pulmonary
program with sotatercept in pulmonary arterial hypertension.
For more information, please visit acceleronpharma.com. Follow Acceleron on Social
Media: @AcceleronPharma and
LinkedIn.
ACCELERON PHARMA INC.
CONDENSED CONSOLIDATED BALANCE
SHEET
(Amounts in thousands)
(unaudited)
September 30, 2019
December 31, 2018
Cash and cash equivalents
$
169,542
$
144,052
Short and long-term investments
298,747
147,260
Operating lease assets
25,247
—
Other assets
26,131
23,509
Total assets
$
519,667
$
314,821
Short-term and long-term operating lease
liabilities
$
27,813
$
—
Warrants to purchase common stock
1,326
1,491
Other liabilities
25,727
21,293
Total liabilities
54,866
22,784
Total stockholders’ equity
464,801
292,037
Total liabilities and stockholders’
equity
$
519,667
$
314,821
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,
2019
2018
2019
2018
Revenue:
Collaboration revenue
$
4,208
$
3,258
$
34,655
$
10,175
Costs and expenses:
Research and development
37,630
24,667
105,125
74,027
General and administrative
15,501
8,653
40,394
23,756
Total costs and expenses
53,131
33,320
145,519
97,783
Loss from operations
(48,923
)
(30,062
)
(110,864
)
(87,608
)
Other income (expense):
Total other income, net
3,520
1,071
9,523
3,481
Loss before income taxes
(45,403
)
(28,991
)
(101,341
)
(84,127
)
Income tax benefit (provision)
34
12
58
(9
)
Net loss applicable to common
stockholders- basic and diluted
$
(45,369
)
$
(28,979
)
$
(101,283
)
$
(84,136
)
Net loss per share applicable to common
stockholders- basic and diluted
$
(0.86
)
$
(0.63
)
$
(1.94
)
$
(1.84
)
Weighted-average number of common shares
used in computing net loss per share applicable to common
stockholders
52,882
46,051
52,239
45,787
Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements about the
Company's strategy, future plans and prospects, including
statements regarding the development of the Company's compounds,
the timeline for clinical development and regulatory approval of
the Company's compounds, and the expected timing for reporting of
data from ongoing clinical trials. The words "anticipate,"
"believe," "could," "estimate," "expect," "goal," "intend," "may,"
"plan," "potential," "project," "should," "target," "will,"
"would," and similar expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words.
Actual results could differ materially from those included in
the forward-looking statements due to various factors, risks and
uncertainties, including, but not limited to, 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 the results of any clinical trials may not be
predictive of the results or success of other clinical trials, that
the development of the Company's compounds will take longer and/or
cost more than planned, that the Company or its collaboration
partner, Celgene, will be unable to successfully complete the
clinical development of the Company's compounds, that the Company
or Celgene may be delayed in initiating, enrolling or completing
any clinical trials, and that the Company's compounds will not
receive regulatory approval or become commercially successful
products. These and other risks and uncertainties are identified
under the heading “Risk Factors” included in the Company’s most
recent Annual Report on Form 10-K, 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
are based on management's current views, plans, estimates,
assumptions, and projections 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: https://www.businesswire.com/news/home/20191106005518/en/
Acceleron Pharma Inc. Investors: Todd James, IRC, 617-649-9393
Vice President, Investor Relations and Corporate Communications
Ed Joyce, 617-649-9242 Director, Investor Relations
Media: Matt Fearer, 617-301-9557 Director, Corporate
Communications
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