Globe Newswire 8-Nov-2018 4:30 PM
CAMBRIDGE, Mass., Nov. 08, 2018 (GLOBE NEWSWIRE) -- Constellation Pharmaceuticals, Inc., (NASDAQ:CNST) a clinical-stage biopharmaceutical company using its expertise in epigenetics to discover and develop novel therapeutics, today announced its third-quarter and nine-month 2018 financial results.
"We are excited about the progress we have made this year with our clinical programs and our entire epigenetics platform," said Jigar Raythatha, president and chief executive officer of Constellation Pharmaceuticals. "In 2019, we look forward to further progress in our pipeline, as we expect to evaluate proof of concept for both our ProSTAR and MANIFEST clinical trials in mid-2019 as well as initiate clinical development of our second-generation EZH2 inhibitor CPI-0209."
Third Quarter 2018 Financial Results
We expect that cash as of September 30, 2018, will fund planned operations into the first quarter of 2020.
The Company continues to anticipate achieving the following milestones during the upcoming twelve months:
Fourth Quarter 2018
Financial Results (Unaudited)
Constellation Pharmaceuticals, Inc.
Statements of operations and comprehensive loss (unaudited)
|Nine months ended September 30,||Three months ended September 30,|
|(In thousands, except share and per-share amounts)||2018||2017||2018||2017|
|Research and development||32,143||22,564||12,733||7,690|
|General and administrative||8,469||4,636||3,680||1,981|
|Total operating expenses||40,612||27,200||16,413||9,671|
|Other income (expense):|
|Change in fair value of preferred stock tranche liability||—||4,443||—||90|
|Total other income (expense), net||631||3,755||475||(111||)|
|Net loss and comprehensive loss||(39,981||)||(23,445||)||(15,938||)||(9,782||)|
|Cumulative dividends on convertible preferred stock||—||(13,342||)||—||(4,818||)|
|Net loss attributable to common stockholders||$||(39,981||)||$||(36,787||)||$||(15,938||)||$||(14,600||)|
|Net loss per share attributable to common stockholders, basic and diluted||$||(5.45||)||$||(38.43||)||$||(0.81||)||$||(15.18||)|
|Weighted average common shares outstanding, basic and diluted||7,332,052||957,139||19,619,239||961,838|
Constellation Pharmaceuticals, Inc.
Balance sheets (unaudited)
|(In $ thousands)||September 30, 2018||December 31, 2017|
|Cash and cash equivalents||$||128,475||$||16,404|
|Other current assets||3,537||1,318|
|Convertible preferred stock||—||173,228|
|Total stockholders' equity (deficit)||$||122,563||$||(165,833||)|
Note: Abbreviated financial statements; please refer to Form 10-Q for more details, including explanatory notes.
About Constellation Pharmaceuticals
Constellation Pharmaceuticals is a clinical-stage biopharmaceutical company developing novel therapeutics that selectively modulate gene expression to address serious unmet medical needs in patients with cancer. The Company has a deep understanding of how epigenetic and chromatin modifications in cancer cells and in the tumor and immune microenvironment play a fundamental role in driving disease progression and drug resistance. Constellation is driving development of the EZH2 inhibitors CPI-1205 and CPI-0209 for the treatment of metastatic castration-resistant prostate cancer and other cancers as well as the BET inhibitor CPI-0610 for the treatment of myelofibrosis. The Company is also applying its broad research and development capabilities to explore other novel targets that directly and indirectly impact gene expression to fuel a sustainable pipeline of innovative small-molecule product candidates.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties, including statements regarding the development status of the Company's product candidates, the anticipated benefits of the changes to its clinical trial protocols and its anticipated achievement of milestones, including determination of proof of concept. All statements, other than statements of historical facts, contained in this press release, including statements regarding the Company's strategy, future operations, future financial position, prospects, plans and objectives of management, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "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. Any forward-looking statements are based on management's current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in, or implied by, such forward-looking statements. These risks and uncertainties include, but are not limited to, risks associated with Constellation's ability to: obtain and maintain necessary approvals from the FDA and other regulatory authorities; continue to advance its product candidates in clinical trials; replicate in later clinical trials positive results found in preclinical studies and early-stage clinical trials of CPI-1205, CPI-0610 and its other product candidates; advance the development of its product candidates under the timelines it anticipates, or at all, in current and future clinical trials; obtain, maintain or protect intellectual property rights related to its product candidates; manage expenses; and raise the substantial additional capital needed to achieve its business objectives. For a discussion of other risks and uncertainties, any of which could cause the Company's actual results to differ from those contained in the forward-looking statements, see the "Risk Factors" section, as well as discussions of potential risks, uncertainties, and other important factors, in the Company's most recent filings with the Securities and Exchange Commission. In addition, the forward- looking statements included in this press release represent the Company's views as of the date hereof and should not be relied upon as representing the Company's views as of any date subsequent to the date hereof. The Company anticipates that subsequent events and developments will cause the Company's views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. CPI-1205, CPI-0610, CPI-0209, and other product candidates are investigational in nature and have not yet been approved by the FDA or other regulatory authorities.
MacDougall Biomedical Communications
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