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Business Wire 28-Feb-2019 7:00 AM
Significant Clinical Progress in 2018; Multiple Trials with Milestones in 2019
Additional CTP-543 Phase 2 Data Expected Q3 2019 for Treatment of Alopecia Areata
CTP-692 Poised to Advance into Phase 2 Development by Year End 2019 as Adjunctive Treatment for Schizophrenia
Conference Call Scheduled Today at 8:30 a.m. ET
Concert Pharmaceuticals, Inc. (NASDAQ:CNCE) today reported financial results for the year ended December 31, 2018, as well as provided an update on its product pipeline and corporate activities.
"In 2019, we are focused on advancing our proprietary clinical candidates CTP-543 for alopecia areata and CTP-692 for schizophrenia, with key readouts on the horizon for both programs. For CTP-543, based on positive data from the interim analysis of our Phase 2 trial, we believe we may have the opportunity to move more quickly into pivotal trials than previously projected, with the goal of developing CTP-543 as a first-in-class oral treatment for alopecia areata," said Roger Tung, Ph.D., President and Chief Executive Officer of Concert Pharmaceuticals. "For CTP-692, we are enthusiastic about the rapid progress of this program and its potential as a truly novel approach in the treatment of schizophrenia. Our Phase 2 trial, which is intended to support advancement into registration trials, is expected to begin later this year. CTP-692 is another example of the potential of our technology to create innovative medicines with differentiated properties that can have meaningful impact for patients."
Dr. Tung added, "In addition to our proprietary clinical development programs, our collaborator Avanir Pharmaceuticals, a subsidiary of Otsuka Pharmaceuticals, expects to complete the first Phase 3 trial evaluating AVP-786 for Alzheimer's agitation in April 2019, with data readout soon thereafter."
Recent Business Highlights and Upcoming Milestones
CTP-543 for Alopecia Areata
The Company continues to make significant progress toward advancing CTP-543 for the treatment of moderate-to-severe alopecia areata, an autoimmune disease in which the immune system attacks hair follicles resulting in patchy or complete hair loss. Recent highlights include:
CTP-692 for Schizophrenia
In 2018, the Company advanced CTP-692 from preclinical testing into first-in-human evaluation with plans to commence Phase 2 testing in the fourth quarter of 2019. CTP-692 is a deuterated form of D-serine, an endogenous co-agonist of the N-methyl-D-aspartate (NMDA) receptor that Concert is developing for the adjunctive treatment of schizophrenia. Recent highlights include:
Collaborations
Full Year 2018 Financial Results
Conference Call and Webcast
The Company will host a conference call and webcast today at 8:30 a.m. ET to provide an update on the Company and discuss full year 2018 financial results. To access the conference call, please dial (855) 354-1855 (U.S. and Canada) or (484) 365-2865 (International) five minutes prior to the start time.
A live webcast may be accessed in the Investors section of the Company's website at www.concertpharma.com. Please log on to the Concert website approximately 15 minutes prior to the scheduled webcast to ensure adequate time for any software downloads that may be required. A replay of the webcast will be available on Concert's website for three months.
Concert Pharmaceuticals, Inc. | ||||||||||||||||||||
Condensed Consolidated Statements of Operations | ||||||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||||
Three Months EndedDecember 31, |
Twelve Months Ended December 31, | |||||||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||||||
Revenue: | ||||||||||||||||||||
License and research and development revenue | $ | 13 | $ | 10 | $ | 10,505 | $ | 62 | ||||||||||||
Other revenue | — | 2 | — | 143,829 | ||||||||||||||||
Total revenue | 13 | 12 | 10,505 | 143,891 | ||||||||||||||||
Operating expenses: | ||||||||||||||||||||
Research and development | 14,560 | 7,565 | 43,149 | 30,223 | ||||||||||||||||
General and administrative | 5,516 | 5,184 | 22,940 | 21,019 | ||||||||||||||||
Total operating expenses | 20,076 | 12,749 | 66,089 | 51,242 | ||||||||||||||||
(Loss) Income from operations | (20,063 | ) | (12,737 | ) | (55,584 | ) | 92,649 | |||||||||||||
Interest and other (expense) income, net | (771 | ) | 4,194 | (127 | ) | 2,690 | ||||||||||||||
(Loss) Income before tax provision | (20,834 | ) | (8,543 | ) | (55,711 | ) | 95,339 | |||||||||||||
Provision (Benefit) for income taxes | 15 | (2,477 | ) | 313 | (300 | ) | ||||||||||||||
Net (loss) income | $ | (20,849 | ) | $ | (6,066 | ) | $ | (56,024 | ) | $ | 95,639 | |||||||||
Net (loss) income attributable to common stockholders - basic | (20,849 | ) | (6,066 | ) | (56,024 | ) | 95,195 | |||||||||||||
Net (loss) income attributable to common stockholders - diluted | (20,849 | ) | (6,066 | ) | (56,024 | ) | 95,210 | |||||||||||||
Net (loss) income per share applicable to common stockholders | ||||||||||||||||||||
Basic | $ | (0.89 | ) | $ | (0.26 | ) | $ | (2.40 | ) | $ | 4.20 | |||||||||
Diluted | $ | (0.89 | ) | $ | (0.26 | ) | $ | (2.40 | ) | $ | 4.06 | |||||||||
Weighted-average number of common shares used in net (loss) income per share applicable to common stockholders: | ||||||||||||||||||||
Basic | 23,432 | 22,909 | 23,370 | 22,641 | ||||||||||||||||
Diluted | 23,432 | 22,909 | 23,370 | 23,442 | ||||||||||||||||
Concert Pharmaceuticals, Inc. | |||||||||
Summary Balance Sheet Data | |||||||||
(in thousands) | |||||||||
December 31,2018 |
December 31,2017 |
||||||||
Cash and cash equivalents | $ | 17,770 | $ | 27,665 | |||||
Investments, available for sale | 135,544 | 175,500 | |||||||
Working capital | 171,400 | 199,289 | |||||||
Total assets | 192,547 | 211,736 | |||||||
Deferred revenue | 10,533 | 10,301 | |||||||
Total stockholders' equity | 167,740 | 196,432 | |||||||
Additional information about Concert's pipeline product, CTP-543 and CTP-692 and their therapeutic indications, are available online at: https://www.concertpharma.com/product-pipeline/
About ConcertConcert Pharmaceuticals is a clinical stage biopharmaceutical company focused on applying its DCE Platform® (deuterated chemical entity platform) to create novel medicines designed to treat serious diseases and address unmet patient needs. The Company's approach starts with previously studied compounds, including approved drugs, in which deuterium substitution has the potential to enhance clinical safety, tolerability or efficacy. Concert's pipeline of innovative medicines targets autoimmune diseases and central nervous systems (CNS) disorders. For more information please visit www.concertpharma.com or follow us on Twitter at @ConcertPharma or on LinkedIn.
Cautionary Note on Forward Looking StatementsAny statements in this press release about our future expectations, plans and prospects, including risks related to the clinical development of our therapeutic candidates and expectations regarding the sufficiency of our cash balance to fund operating expenses and capital expenditures, and other statements containing the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "would," 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 of future clinical trials, availability and timing of data from ongoing and future clinical trials and the results of such trials, whether preliminary results from a clinical trial will be predictive of the final results of that trial or whether results of early clinical trials will be indicative of the results of later clinical trials, expectations for regulatory approvals, availability of funding sufficient for our foreseeable and unforeseeable operating expenses and capital expenditure requirements and other factors discussed in the "Risk Factors" section of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission and in other filings that we make with the Securities and Exchange Commission. In addition, any forward-looking statements included in this press release represent our views only as of the date of this release and should not be relied upon as representing our views as of any subsequent date. We specifically disclaim any obligation to update any forward-looking statements included in this press release.
Concert Pharmaceuticals Inc., the CoNCERT Pharmaceuticals Inc. logo and DCE Platform are registered trademarks of Concert Pharmaceuticals, Inc.
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