Blueprint Medicines Reports First Quarter 2015 Financial Results
"We had a successful start to 2015, culminating in the completion of our upsized IPO in May, which gives us the financial strength to drive our three lead pipeline programs to proof-of-concept data readouts over the next two years," said
First Quarter and Recent Business Highlights:
Platform and Pipeline:
- Published strategy for advancing kinase drug discovery and development:
Blueprint Medicines published an overview of its kinase drug discovery and development strategy in the May issue of theJournal of Clinical Investigation . The publication highlights Blueprint Medicine's focus on identifying novel disease drivers, and its use of unique chemistry to craft highly selective kinase inhibitors for new and difficult-to-drug targets. - Presented preclinical data demonstrating anti-tumor activity of BLU-554 in models of HCC: At the 50th
International Liver Congress in April,Blueprint Medicines presented new preclinical data showing that its drug candidate BLU-554 induced complete tumor regression in models of hepatocellular carcinoma (HCC) that are driven by abnormal signaling of fibroblast growth receptor 4 (FGFR4).Blueprint Medicines also published an article in Cancer Discovery highlighting the significant anti-tumor activity of BLU9931 in several in vivo models of HCC with aberrantly active signaling of FGFR4. The discovery of BLU9931 led to the identification of BLU-554, which is the drug candidate expected to advance into a Phase I clinical trial mid-2015. - Presented preclinical data demonstrating anti-tumor activity of BLU-285 in treatment-resistant GIST: At the
American Association for Cancer Research (AACR) Annual Meeting in April,Blueprint Medicines presented new preclinical data showing that BLU-285 has significant anti-tumor activity in treatment-resistant models of gastrointestinal stromal tumors (GIST) and maintained complete tumor regression in all mice treated at the highest dose level. BLU-285 is the drug candidate expected to advance into Phase I clinical trials mid-2015.
Corporate:
- Completed upsized initial public offering: In May,
Blueprint Medicines completed an initial public offering (IPO) of common stock at$18.00 per share, raising gross proceeds of approximately$168.6 million , before deducting customary underwriting discounts and commissions and estimated offering expenses. - Entered into rare genetic disease collaboration with Alexion and achieved the first milestone payment: In March,
Blueprint Medicines announced a strategic collaboration with Alexion to discover, develop and commercialize novel drug candidates for an undisclosed kinase target known to cause a rare genetic disease. Under the terms of the agreement,Blueprint Medicines received an upfront payment of$15.0 million and will be reimbursed for all research expenses related to the collaboration.Blueprint Medicines is eligible to receive more than$250.0 million in milestone payments and additional royalties on sales. In May,Blueprint Medicines received a$1.8 million payment for the successful achievement of the first pre-defined research milestone. - Expanded corporate leadership with additions of prominent industry veterans: During the first quarter,
Blueprint Medicines welcomedAndy Boral , M.D., Ph.D, to its executive management team as Senior Vice President, Clinical Development andCharles Rowland Jr. , to its Board of Directors.
First Quarter 2015 Financial Results:
- Cash Position: Cash and cash equivalents as of
March 31, 2015 were$50.3 million compared to$47.2 million as ofDecember 31, 2014 . - Collaboration Revenue: Collaboration revenues were
$0.7 million for the first quarter of 2015. This revenue reflects reimbursement from Alexion for work conducted in March byBlueprint Medicines under the collaboration, as well as a portion of the$15 million upfront payment, which will be amortized over the period of the research term. This is the first time that the Company recognized revenue. - R&D Expenses: Research and development expenses were
$9.2 million , including non-cash stock-based compensation expenses of$0.4 million , for the first quarter of 2015, compared to$5.4 million , including non-cash stock-based compensation expenses of$0.1 million , for the same period in 2014. The increase was largely due to expenses associated with the IND-enabling activities and increased personnel in the Company's pre-clinical and clinical development organizations to advance its lead programs BLU-285 and BLU-554 into Phase 1 trials in mid-2015. - G&A Expenses: General and administrative expenses were
$2.8 million , including non-cash stock-based compensation expenses of$0.4 million , in the first quarter of 2015, compared to$1.6 million , including non-cash stock-based compensation expenses of$0.1 million for the same period in 2014. The increase in G&A expenses was primarily due to increased business personnel to support the Company's overall growth as a publicly traded entity. - Net Loss: Net loss was
$11.6 million in the first quarter of 2015, compared to net loss of$7.0 million for the same period in 2014.
About
Forward-Looking Statements:
Various statements in this release concerning
Balance Sheet Data |
||||||
(in thousands) |
||||||
(Unaudited) |
||||||
March 31, |
December 31, |
|||||
2015 |
2014 |
|||||
Cash and cash equivalents |
$ |
50,298 |
$ |
47,240 |
||
Unbilled accounts receivable |
484 |
— |
||||
Working capital (1) |
37,550 |
41,510 |
||||
Total assets |
55,910 |
49,925 |
||||
Deferred revenue |
14,832 |
— |
||||
Term loan payable |
8,652 |
9,042 |
||||
Warrant liability |
403 |
365 |
||||
Convertible preferred stock |
114,808 |
114,811 |
||||
Total stockholders' (deficit) |
(90,085) |
(79,382) |
Note 1 (Working capital): We define working capital as current assets less current liabilities
Statements of Operations Data |
||||||
(in thousands, except per share data) |
||||||
(Unaudited) |
||||||
Three Months Ended |
||||||
March 31, |
||||||
2015 |
2014 |
|||||
Collaboration revenue |
$ |
652 |
$ |
— |
||
Operating expenses: |
||||||
Research and development |
9,232 |
5,381 |
||||
General and administrative |
2,770 |
1,572 |
||||
Total operating expenses |
12,002 |
6,953 |
||||
Other income (expense): |
||||||
Other income (expense), net |
(37) |
18 |
||||
Interest expense |
(185) |
(92) |
||||
Total other income (expense) |
(222) |
(74) |
||||
Net loss |
$ |
(11,572) |
$ |
(7,027) |
||
Convertible preferred stock dividends |
(2,270) |
(1,249) |
||||
Net loss applicable to common stockholders |
$ |
(13,842) |
$ |
(8,276) |
||
Net loss per share applicable to common stockholders — basic and diluted |
$ |
(8.23) |
$ |
(6.44) |
||
Weighted-average number of common shares used in net loss per share applicable to common stockholders — basic and diluted |
1,681 |
1,285 |
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SOURCE
Investor Relations: Beth DelGiacco, Stern Investor Relations, Inc., 212-362-1200, beth@sternir.com, or Media: Beth Keshishian, inVentiv Health PR, 212-229-8417, beth.keshishian@inventivhealth.com