ChemoCentryx Reports First Quarter 2019 Financial Results and Recent Highlights
-- Succession of topline data readouts expected, starting with Pivotal ADVOCATE Phase III trial of C5a receptor inhibitor avacopan in ANCA Vasculitis in Q4 2019 --
-- Conference call today at 5:00 p.m. Eastern Time --
“Achieving our ambitious objectives for 2019 is on track,” said
“Our AURORA trial of avacopan in hidradenitis suppurativa, a disfiguring skin disorder, represents a particularly large opportunity for us. We are aiming for topline data in this potentially registration-supporting trial in 2020. The HS community has made it abundantly clear: patient interest is intense in an orally-administered long-lasting treatment option.”
“We continue our march of progress: being now another quarter closer to realizing our goal of delivering a succession of topline data, starting this year, from late-stage clinical trials. Our financial position is robust: we strengthened the balance sheet with an additional
- On track for Q4 topline data from the ADVOCATE Phase III trial of avacopan in ANCA-associated Vasculitis, now including all patients from the
Japancohort for a total of 331 patients in the global study.
- Accelerated activation of clinical sites and convened an investigators meeting in April for the Company’s Phase IIb AURORA clinical trial of avacopan for the treatment of Hidradenitis Suppurativa (HS). HS is a chronic disabling skin autoimmune disease characterized by recurrent, painful, nodules, boils and abscesses. The AURORA trial aims to enroll 390 patients with moderate to severe HS.
- Surpassed 70 percent enrollment in the Company’s LUMINA 1 clinical trial of CCX140 in patients with sub-nephrotic primary Focal Segmental Glomerulosclerosis (FSGS), another rare kidney disease; the LUMINA 2 trial, evaluating CCX140 in nephrotic syndrome primary FSGS, continues to enroll.
- Advanced enrollment in the Company’s randomized controlled clinical trial of avacopan in patients with the kidney disease C3 Glomerulopathy (C3G) to approximately 50 percent. C3G is a rare disorder that often affects the young, requiring dialysis and often kidney transplant, with recurring disease common. There is no approved effective treatment.
- Strengthened the balance sheet with an additional
$73.3 millionin net proceeds from the issuance of common stock during the first quarter, with reported cash and investments totaling $234.1 millionat March 31, 2019.
First Quarter 2019 Financial Results
Research and development expenses were
General and administrative expenses were
Net loss for the first quarter of 2019 was
Total shares outstanding at
Cash, cash equivalents and investments totaled
Conference Call and Webcast
The Company will host a conference call and webcast today,
ChemoCentryx is a biopharmaceutical company developing new medications targeted at inflammatory and autoimmune diseases and cancer. ChemoCentryx targets the chemokine and chemoattractant systems to discover, develop and commercialize orally-administered therapies. ChemoCentryx is currently focusing on its late stage drug candidates for patients with rare diseases, avacopan (CCX168) and CCX140.
Avacopan is an orally-administered small molecule that is a selective inhibitor of the complement C5a receptor, or C5aR. Avacopan is in Phase III development for the treatment of anti-neutrophil cytoplasmic auto-antibody-associated vasculitis (ANCA-associated Vasculitis). In clinical studies to date, avacopan was shown to be safe, well tolerated and provided effective control of the disease while allowing elimination of high-dose steroids, part of the current standard of care. ChemoCentryx is also developing avacopan for the treatment of patients with C3 glomerulopathy (C3G) and hidradenitis suppurativa (HS). The U.S. Food and Drug Administration has granted avacopan orphan-drug designation for ANCA-associated Vasculitis, C3G and atypical hemolytic uremic syndrome (aHUS). The European Commission has granted orphan medicinal product designation for avacopan for the treatment of two forms of ANCA-associated Vasculitis: microscopic polyangiitis and granulomatosis with polyangiitis (formerly known as Wegener's granulomatosis), as well as for C3G. Avacopan was also granted access to the European Medicines Agency's (EMA) PRIority MEdicines (PRIME) initiative, which supports accelerated assessment of investigational therapies addressing unmet medical need.
The Company's other late stage drug candidate is CCX140, an inhibitor of the chemokine receptor known as CCR2, which is currently being developed for patients with focal segmental glomerulosclerosis (FSGS), a debilitating kidney disease. The U.S. Food and Drug Administration has granted CCX140 orphan-drug designation for the treatment of FSGS.
ChemoCentryx also has early stage drug candidates that target chemoattractant receptors in other Inflammatory and autoimmune diseases and in cancer.
ChemoCentryx cautions that statements included in this press release that are not a description of historical facts are forward-looking statements. Words such as "may," "could," "will," "would," "should," "expect," "plan," "anticipate," "believe," "estimate," "intend," "predict," "seek," "contemplate," "potential," "continue" or "project" or the negative of these terms or other comparable terminology are intended to identify forward-looking statements. These statements include the Company's statements regarding the achievement of anticipated goals and milestones, when clinical data might become available or be released, the rate at which enrollment in clinical trials may continue, whether avacopan and CCX140 will be commercialized, whether cash utilization projections for 2019 will fall within the projected range and whether the Company's drug candidates will be shown to be effective in ongoing or future clinical trials. The inclusion of forward-looking statements should not be regarded as a representation by ChemoCentryx that any of its plans will be achieved. Actual results may differ from those set forth in this release due to the risks and uncertainties inherent in the
Executive Vice President,
Chief Financial and Administrative Officer
|Condensed Consolidated Financial Statements Data|
|(in thousands, except per share data)|
| Three Months Ended
| March 31,
|Condensed Consolidated Statements of Operations Data:|
|Collaboration and license revenue from related party||$||8,327||$||9,546|
|Research and development||15,354||14,742|
|General and administrative||5,501||4,660|
|Total operating expenses||20,855||19,402|
|Loss from operations||(12,528||)||(9,856||)|
|Total other income, net||579||439|
|Basic and diluted net loss per common share||$||(0.23||)||$||(0.19||)|
|Shares used to compute basic and diluted net loss per common share||52,395||48,853|
|March 31,||December 31,|
|Condensed Consolidated Balance Sheets Data:|
|Cash, cash equivalents and investments||$||234,078||$||176,984|
|Long-term debt, net||19,714||19,689|
|Total stockholders’ equity||80,639||14,738|
Source: ChemoCentryx, Inc.