Eleven Biotherapeutics Reports First Quarter Financial Results and Pipeline Updates
Company to Host Conference Call in Conjunction with AUA Presentation on
“2018 is set to be a transformational year for the company and, already
in the first quarter, we have made important progress in advancing our
lead program, Vicinium™, for high-grade non-muscle invasive bladder
cancer, or NMIBC,” said Stephen Hurly, president and chief executive
Eleven Biotherapeuticswill present three-month data from its ongoing Phase 3 VISTA Trial, which is evaluating Vicinium for the treatment of patients with high-grade NMIBC who have been previously treated with bacillus Calmette-Guérin (BCG). The data will be presented during a plenary session on Monday, May 21, 2018at 11:00 a.m. PDTat the American Urological AssociationAnnual Meeting being held in San Francisco. In March 2018, the company announced enrollment completion in the VISTA Trial.
April 2018, Eleven Biotherapeuticspresented preclinical data from its deBouganin program at the 2018 American Association for Cancer ResearchAnnual Meeting. DeBouganin is a potent deimmunized plant-based toxin designed for systemic use in the treatment of cancer and other indications. The data presented suggest that VB6-845d, a next generation ADC that is composed of an anti-EpCAM antibody fragment fused to deBouganin, mediates tumor cell killing by an immunogenic cell death (ICD) pathway. The potential cross-priming effect initiated by VB6-845d-induced ICD suggests that VB6-845d in combination with immune checkpoint inhibitors may enhance their effectiveness in EpCAM-positive epithelial cancers. Additionally, in collaboration with Crescendo Biologics, the company presented data demonstrating that a potent fusion protein comprised of the company’s deBouganin payload and Crescendo’s Humabody® is expressible as a soluble protein in E. coli supernatant and capable of potent killing of cancer cell lines.
First Quarter 2018 Financial Results
- Cash Position: Cash and cash equivalents were
$19.7 millionas of March 31, 2018, compared to $20.3for the same period in 2017.
- Revenue: There was no revenue for the quarter ended
March 31, 2018, compared to $0.4 millionfor the same period in 2017. The decrease was due to a reduction in revenue recognized from the company’s license agreement with F. Hoffmann-La Roche Ltdand Hoffmann-La Roche Inc. ( Roche).
- R&D Expenses: Research and development expenses were
$3.3 millionfor the quarter ended March 31, 2018, compared to $2.9 millionfor the same period in 2017. The increase was due primarily to increases in clinical costs.
- G&A Expenses: General and administrative expenses were
$2.0 millionfor the quarter ended March 31, 2018, compared to $2.2 millionfor the same period in 2017. The decrease was due primarily to reductions in legal and professional costs.
- Net Loss: Net loss was
$4.0 million, or $0.11per share, for the quarter ended March 31, 2018, compared to net loss of $6.1 million, or $0.25per share, for the same period in 2017. The decrease was due primarily to the change in the fair value of contingent consideration.
- Financial Guidance: Following Eleven Biotherapeutics’
$10.0 millionfinancing in March 2018and receipt of approximately $4.2 millionfrom the exercise of common stock warrants through mid-May, the company maintains it will have capital to fund its current operating plans into early 2019.
Conference Call Information
The company will host a conference call on
Vicinium™, also known as VB4-845, is Eleven Biotherapeutics’ lead product candidate and is a next-generation antibody-drug conjugate (ADC), developed using the company’s proprietary Targeted Protein Therapeutics platform, for the treatment of high-grade non-muscle invasive bladder cancer (NMIBC). Vicinium is comprised of a recombinant fusion protein that targets epithelial cell adhesion molecule (EpCAM) antigens on the surface of tumor cells to deliver a potent protein payload, Pseudomonas Exotoxin A (ETA). Vicinium is constructed with a stable, genetically engineered peptide linker to ensure the payload remains attached until it is internalized by the cancer cell, which is believed to decrease the risk of toxicity to healthy tissues, thereby improving its safety. In prior clinical studies conducted by
Cautionary Note on Forward-Looking Statements
Any statements in this press release about future expectations, plans and prospects for the Company, the Company’s strategy, future operations, and other statements containing the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue,” 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 and conduct of clinical trials, our ability to successfully develop our product candidates and complete our planned clinical programs, our ability to obtain marketing approvals for our product candidates, expectations regarding our ongoing clinical trials, availability and timing of data from clinical trials, whether interim results from a clinical trial will be predictive of the final results of the trial or results of early clinical studies will be indicative of the results of future studies, the adequacy of any clinical models, expectations regarding regulatory approvals; expectations regarding the adequacy of our existing capital resources to fund our operations through early 2019; our ability to obtain additional capital to continue to fund operations and other factors discussed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed with the
|ELEVEN BIOTHERAPEUTICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
|Cash and cash equivalents||$||19,688||$||14,680|
|Prepaid expenses and other current assets||638||301|
|Total current assets||20,326||14,981|
|Property and equipment, net||473||522|
|Liabilities and stockholders' equity|
|Total current liabilities||5,246||4,720|
|Deferred tax liability||12,528||12,528|
|Additional paid-in capital||180,109||170,330|
|Total stockholders' equity||23,858||18,034|
|Total liabilities and stockholders' equity||$||80,292||$||75,097|
|ELEVEN BIOTHERAPEUTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except per share data)
|Three Months Ended March 31,|
|Research and development||3,255||2,874|
|General and administrative||1,952||2,213|
|(Gain) loss from change in fair value of contingent consideration||(1,200||)||1,500|
|Total operating expenses||4,007||6,587|
|Loss from operations||(4,007||)||(6,162||)|
|Other income, net||44||101|
|Net loss and comprehensive loss||$||(3,963||)||$||(6,061||)|
|Net loss per share —basic and diluted||$||(0.11||)||$||(0.25||)|
Weighted-average number of common shares used in net
loss per share —basic and diluted