Blueprint Medicines Reports First Quarter 2017 Financial Results
"In the first quarter of 2017, we expanded our clinical-stage portfolio of drug candidates with the dosing of the first patient in our Phase 1 trial of BLU-667, a selective RET inhibitor that addresses both primary and predicted resistance mutations, while also progressing our ongoing Phase 1 trials of BLU-554 and BLU-285," said
Clinical Programs:
BLU-285: Gastrointestinal Stromal Tumors
Blueprint Medicines continues to enroll patients in the dose expansion stage of its ongoing Phase 1 clinical trial for BLU-285 in patients with advanced GIST and will present updated data from this clinical trial in an oral presentation, "Clinical activity of BLU-285 in advanced gastrointestinal stromal tumor (GIST)," at the 2017 ASCO Annual Meeting onMonday, June 5, 2017 inChicago, Illinois .
BLU-285: Systemic Mastocytosis
Blueprint Medicines recently completed enrollment in the dose escalation stage of its ongoing Phase 1 clinical trial for BLU-285 in patients with advanced systemic mastocytosis.Blueprint Medicines anticipates initiating the dose expansion stage of this clinical trial by the middle of 2017.
BLU-285: Recent Scientific Presentations
- In
April 2017 at the Annual Meeting of theAmerican Association for Cancer Research (AACR),Blueprint Medicines presented preclinical data demonstrating the ability of BLU-285 to potently and selectively inhibit KIT and PDGFRα activation loop mutants, which are key disease drivers for GIST and systemic mastocytosis. BLU-285 also showed dose-dependent tumor regression in multiple in vivo disease models. - In
April 2017 ,Blueprint Medicines presented on the discovery and development of BLU-285 at the 253rdAmerican Chemical Society National Meeting and Exposition (ACS). The presentation included an in-depth mechanistic overview of kinase activation loop mutants, and a discussion of kinome-wide selectivity structure-activity relationship (SAR) and the optimization of overall drug properties.
BLU-554: Hepatocellular Carcinoma
- In
April 2017 ,Blueprint Medicines presented on the discovery and development of BLU-554 at ACS. The presentation detailed the discovery of BLU-554 using structure-based drug design and SAR development towards the optimization of overall drug properties for BLU-554.
BLU-667: Non-Small Cell Lung Cancer (NSCLC), Medullary Thyroid Carcinoma (MTC) and other advanced solid tumors with RET alterations
- In
March 2017 ,Blueprint Medicines dosed the first patient in its Phase 1 clinical trial for BLU-667. This clinical trial is designed to evaluate the safety and tolerability of BLU-667 in multiple ascending doses in patients with NSCLC, MTC and other advanced solid tumors with the goal of establishing a maximum tolerated dose or a recommended dose. Following the identification of a dose and schedule for BLU-667,Blueprint Medicines plans to open expansion cohorts for patients with NSCLC, MTC and other advanced solid tumors with RET alterations.
Corporate Highlights:
- Closed Public Offering: In
April 2017 ,Blueprint Medicines announced the closing of an underwritten public offering of 5,750,000 shares of its common stock at a public offering price of$40.00 per share, including the exercise in full by the underwriters of their option to purchase additional shares of common stock.Blueprint Medicines received net proceeds from the offering of$215.6 million , after deducting underwriting discounts and commissions and offering expenses.
First Quarter 2017 Financial Results:
- Cash Position: As of
March 31, 2017 , cash, cash equivalents and investments were$236.3 million , as compared to$268.2 million as ofDecember 31, 2016 . This decrease was primarily related to cash used in operating activities. - Collaboration Revenue: Collaboration revenues were
$5.8 million for the first quarter of 2017, as compared to$6.8 million for the first quarter of 2016. This decrease was primarily due to the recognition of a milestone underBlueprint Medicines' collaboration with Alexion in the first quarter of 2016 as well as lower reimbursable research and development expenses under the Alexion collaboration due to the timing of certain research and development activities. - R&D Expenses: Research and development expenses were
$28.5 million for the first quarter of 2017, as compared to$17.6 million for the first quarter of 2016. This increase was primarily attributable to increased clinical and manufacturing expenses associated with advancing BLU-285, BLU-554 and BLU-667 into clinical trials and increased personnel-related expenses, including stock-based compensation expenses. - G&A Expenses: General and administrative expenses were
$5.6 million for the first quarter of 2017, as compared to$4.6 million for the first quarter of 2016. This increase was primarily attributable to increased personnel-related expenses, including stock-based compensation expense. - Net Loss: Net loss was
$28.0 million for the first quarter of 2017, or a net loss per share of$0.84 , as compared to a net loss of$15.5 million for the first quarter of 2016, or a net loss per share of$0.57 .
Financial Guidance:
Based on its current plans,
Conference Call Information
Blueprint Medicines will host a live conference call and webcast today at
About
Blueprint Medicines is developing a new generation of targeted and potent kinase medicines to improve the lives of patients with genomically defined diseases. Its approach is rooted in a deep understanding of the genetic blueprint of cancer and other diseases driven by the abnormal activation of kinases. Blueprint Medicines is advancing four programs in clinical development for subsets of patients with gastrointestinal stromal tumors, hepatocellular carcinoma, systemic mastocytosis, non-small cell lung cancer, medullary thyroid cancer and other advanced solid tumors, as well as multiple programs in research and preclinical development. For more information, please visit www.blueprintmedicines.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, statements regarding plans and timelines for the clinical development of BLU-285, BLU-554 and BLU-667; the timing of updated clinical data for
Blueprint Medicines Corporation |
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Selected Condensed Consolidated Balance Sheet Data |
||||||||
(in thousands) |
||||||||
(unaudited) |
||||||||
March 31, |
December 31, |
|||||||
2017 |
2016 |
|||||||
Cash, cash equivalents and investments |
$ |
236,325 |
$ |
268,218 |
||||
Unbilled accounts receivable |
2,826 |
3,577 |
||||||
Working capital (1) |
188,199 |
191,913 |
||||||
Total assets |
252,648 |
282,795 |
||||||
Deferred revenue |
44,220 |
47,235 |
||||||
Term loan payable |
3,246 |
4,069 |
||||||
Lease incentive obligation |
3,226 |
3,370 |
||||||
Total stockholders' equity |
188,222 |
213,078 |
||||||
(1) Blueprint Medicines defines working capital as current assets less current liabilities. |
||||||||
Blueprint Medicines Corporation |
||||||
Condensed Consolidated Statements of Operations Data |
||||||
(in thousands, except per share data) |
||||||
(unaudited) |
||||||
Three Months Ended |
||||||
March 31, |
||||||
2017 |
2016 |
|||||
Collaboration revenue |
$ |
5,840 |
$ |
6,856 |
||
Operating expenses: |
||||||
Research and development |
28,487 |
17,635 |
||||
General and administrative |
5,683 |
4,646 |
||||
Total operating expenses |
34,170 |
22,281 |
||||
Other income (expense): |
||||||
Other income (expense), net |
425 |
61 |
||||
Interest expense |
(72) |
(140) |
||||
Total other income (expense) |
353 |
(79) |
||||
Net loss |
$ |
(27,977) |
$ |
(15,504) |
||
Net loss per share applicable to common stockholders — basic and diluted |
$ |
(0.84) |
$ |
(0.57) |
||
Weighted-average number of common shares used in net loss per share |
33,190 |
27,088 |
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SOURCE
Investor Relations: Kristin Hodous, Blueprint Medicines Corporation, 617-714-6674, khodous@blueprintmedicines.com | Media Relations: Rachel Hutman, W20 Group, 301-801-5540, rhutman@wcgworld.com