Prothena Reports Fourth Quarter and Full Year 2016 Financial Results, and Provides Financial Guidance and R&D Update
(Thomson Reuters ONE) -
* Net cash used in operating and investing activities was $41.1 million in the
fourth quarter and $133.9 million for the full year 2016; year-end cash and
restricted cash position of $391 million supports advancement of clinical
pipeline
* Presented results in an oral presentation at ASH from the Phase 1/2 study of
NEOD001 demonstrating improvement in three organ systems (cardiac, renal and
peripheral nerve) in previously treated patients with AL amyloidosis
* Reported top-line results from the Phase 1b study of PRX002 demonstrating
robust antibody central nervous system penetration and rapid, dose- and
time-dependent mean reduction in levels of free serum alpha-synuclein of up
to 97 percent in patients with Parkinson's disease
* Initiated a Phase 1b multiple ascending dose, proof-of-biology study of
PRX003 in patients with psoriasis, following presentation of Phase 1a single
ascending dose study in healthy volunteers demonstrating target engagement
* Appointed Gene G. Kinney, PhD President, Chief Executive Officer and
Director
DUBLIN, Ireland, Feb. 14, 2017 (GLOBE NEWSWIRE) -- Prothena Corporation plc
(NASDAQ:PRTA), a late-stage clinical biotechnology company focused on the
discovery, development and commercialization of novel protein immunotherapies,
today reported financial results for the fourth quarter and full year 2016. In
addition, the Company provided 2017 financial guidance and an update on its R&D
programs.
"In 2016 we were saddened by the loss of Dale Schenk, PhD, our friend and former
CEO, and a true scientific pioneer," said Gene Kinney, PhD, President and Chief
Executive Officer of Prothena. "As a testament to our team's talent and
commitment, our business continued to gain momentum and 2016 was a year of
significant progress where we reported positive data for each of our three
clinical programs. As our pipeline continues to mature, several key milestones
in 2017 and into 2018 keep us on track towards our goal of delivering novel
disease modifying therapies to patients. For NEOD001 in patients with AL
amyloidosis, we expect to complete enrollment in the PRONTO study during the
next several weeks and in the VITAL study during the second quarter. Also in
2017, for PRX002/RG7935, we expect to initiate, with our partners at Roche, a
Phase 2 clinical study in patients with Parkinson's disease. For PRX003 we
expect to report full topline results from a Phase 1b multiple ascending dose,
proof-of-biology study in patients with psoriasis, and for PRX004 we continue to
advance our preclinical work toward the start of a Phase 1 clinical study in
patients with ATTR amyloidosis."
Full Year 2016 and Recent Highlights:
NEOD001 is a monoclonal antibody for the potential treatment of AL amyloidosis:
* Presented positive results from the Phase 1/2 study of NEOD001 in patients
with AL amyloidosis and persistent organ dysfunction in an oral presentation
by Morie A. Gertz, MD, of Mayo Clinic at the 58th Annual American Society of
Hematology (ASH) meeting. The results demonstrated best response rates of
53 percent and 64 percent for cardiac- (n=36) and renal- (n=36) evaluable
patients, respectively. Improvement in peripheral neuropathy was
demonstrated by a mean 35 percent (median 23 percent, n=11) decrease in the
Neuropathy Impairment Score-Lower Limb (NIS-LL) as a change from baseline to
month 10, leading to an 82 percent response rate. NEOD001 continued to be
safe and well tolerated. A total of 69 patients received 994 doses of
NEOD001 over a mean duration of therapy of 12.8 months.
* Published preclinical data in the peer-reviewed journal Amyloid that further
supports the proposed mechanism of action of NEOD001, demonstrating the
binding and immunotherapy-mediated clearance properties of NEOD001 and the
related murine form of the antibody in tissue samples from multiple organs
of patients with AL amyloidosis.
PRX002/RG7935 is a monoclonal antibody for the potential treatment of
Parkinson's disease and related synucleinopathies, and is the primary focus of
Prothena's worldwide collaboration with Roche:
* Reported positive results from an 80-patient Phase 1b double-blind, placebo-
controlled, multiple ascending dose study that supported advancing PRX002
into a Phase 2 clinical study. All dose levels had an acceptable safety and
tolerability profile, meeting the primary objective of the study. Robust
central nervous system penetration was demonstrated by a dose-dependent
increase of PRX002 levels in cerebrospinal fluid (CSF), and a mean
concentration of PRX002 in CSF of 0.3 percent relative to serum across all
dose levels, which exceeded our expectations based on our preclinical
experience. Target engagement was further demonstrated in this study by a
rapid, dose- and time-dependent mean reduction of free serum alpha-synuclein
levels of up to 97 percent after a single dose, which was statistically
significant (p<0.0001), and maintained following two additional monthly
doses.
* Published clinical results from the first-in-human assessment of PRX002 in
the peer-reviewed journal Movement Disorders.
PRX003 is a monoclonal antibody for the potential treatment of inflammatory
diseases, including psoriasis and psoriatic arthritis:
* In an oral session at the European League Against Rheumatism (EULAR)
17th Annual European Congress of Rheumatology, presented positive
results from a Phase 1 clinical study of PRX003 in healthy volunteers that
demonstrated PRX003 was safe and well-tolerated following a single infusion,
up to and including the highest dose level tested. Results from this study
showed that administration of PRX003 led to greater than 95 percent
neutralization of CD146 at saturating drug exposures. CD146 is a cell
adhesion molecule which is expressed on the surface of Th17 cells. The data
from this study also demonstrated a statistically significant (p<0.0001)
dose- and time-dependent duration of downregulation of CD146 on Th17 cells.
* Presented preclinical data for PRX003 at the American Academy of Allergy,
Asthma & Immunology (AAAAI) 2016 Annual Meeting demonstrating the ability of
PRX003 to inhibit migration of disease-causing T cells.
PRX004 is a monoclonal antibody for the potential treatment of ATTR amyloidosis:
* In an oral session at the 6th International Charcot-Marie-Tooth and Related
Neuropathy Consortium (CMTR) meeting, presented preclinical data from a
series of novel, conformation-specific protein immunotherapy antibodies that
selectively bind to amyloidogenic (diseased) forms of the transthyretin
(ATTR) protein in tissues from ATTR amyloidosis patients.
* Published preclinical data from a series of novel, conformation-specific
protein immunotherapy antibodies that selectively bind to amyloidogenic
(diseased) forms of the transthyretin (ATTR) protein in the peer-reviewed
journal Amyloid.
Corporate:
* Appointed Gene G. Kinney, Ph.D. as President, Chief Executive Officer and as
a member of the Board. Dr. Kinney was a founding member of Prothena's
leadership team, and has served as Prothena's Chief Scientific Officer and
Head of Research and Development, and also as Chief Operating Officer.
* Appointed Carol D. Karp as Chief Regulatory Officer to lead Prothena's
Regulatory, Quality and Safety functions. Ms. Karp brings an extensive and
successful track record of leading global registration activities for
innovative new products in the biotechnology and pharmaceutical sectors.
Upcoming Research and Development Milestones
Prothena's pipeline includes four protein immunotherapy programs.
NEOD001
* Complete planned enrollment (N=100) in the Phase 2b PRONTO study expected
during the last week of February 2017. At that time, patients already in
screening will have an opportunity to complete this process and will be
randomized into the study provided they meet eligibility requirements. The
study is therefore likely to be overenrolled, with the last
patient randomized in March 2017
* Topline results in the Phase 2b PRONTO study expected following the 12-month
study period in the second quarter of 2018
* Complete enrollment in the Phase 3 VITAL Amyloidosis Study expected in the
second quarter of 2017
PRX002
* Phase 2 clinical study expected to begin in 2017
PRX003
* Topline results from the completed Phase 1b multiple ascending dose, proof-
of-biology study in patients with psoriasis expected in the third quarter of
2017
PRX004
* Clinical development expected to begin in early 2018
Fourth Quarter and Full Year of 2016 Financial Results and 2017 Financial
Guidance
Prothena reported a net loss of $48.9 million and $160.1 million for the fourth
quarter and full year of 2016, respectively, as compared to a net loss of $24.2
million and $80.6 million for the fourth quarter and full year of 2015,
respectively. Net loss per share for the fourth quarter and full year of 2016
was $1.41 and $4.66, respectively, as compared to a net loss per share for the
fourth quarter and full year of 2015 of $0.76 and $2.66, respectively.
Prothena reported total revenue of $0.2 million and $1.1 million for the fourth
quarter and full year of 2016, respectively, as compared to total revenue of
$0.3 million and $1.6 million for the fourth quarter and full year of 2015,
respectively. The decrease in revenue for the fourth quarter and full year of
2016 was primarily due to lower revenue from Prothena's collaboration agreement
with Roche.
Research and development (R&D) expenses totaled $39.8 million and $119.5 million
for the fourth quarter and full year of 2016, respectively, as compared to $17.9
million and $58.4 million for the fourth quarter and full year of 2015,
respectively. The increase in R&D expenses for the fourth quarter and full year
of 2016 was primarily due to increased expenses for product manufacturing,
clinical trials and personnel cost. R&D expenses included non-cash share-based
compensation expense of $1.9 million and $7.1 million for the fourth quarter and
full year of 2016, respectively, as compared to $1.3 million and $4.3 million
for the fourth quarter and full year of 2015, respectively.
General and administrative (G&A) expenses totaled $9.6 million and $41.1 million
for the fourth quarter and full year of 2016, respectively, as compared to $6.6
million and $23.1 million for the fourth quarter and full year of 2015,
respectively. The increase in G&A expenses for the fourth quarter and full year
of 2016 was primarily due to increases in personnel costs. The full year costs
included $7.7 million of non-cash share-based compensation expense related to
the accelerated vesting of stock options and payments due to the estate of our
former Chief Executive Officer, Dr. Dale B. Schenk, upon his passing. G&A
expenses included non-cash share-based compensation expense of $3.3 million and
$17.8 million in the fourth quarter and full year of 2016, respectively
(including $6.5 million, of non-cash share-based compensation expense in 2016
related to the accelerated vesting of Dr. Schenk's stock options), as compared
to $1.9 million and $6.1 million in the fourth quarter and full year of 2015,
respectively.
Total non-cash share-based compensation expense was $5.2 million and $24.9
million for the fourth quarter and full year of 2016, respectively, as compared
to $3.3 million and $10.4 million for the fourth quarter and full year of 2015,
respectively.
As of December 31, 2016, Prothena had $391.0 million in cash, cash equivalents
and restricted cash and no debt.
As of February 10, 2017, Prothena had approximately 35.0 million ordinary shares
outstanding.
The Company expects the full year 2017 net cash burn from operating and
investing activities to be $160 to $170 million, including an expected milestone
payment from Roche upon initiation of the Phase 2 study of PRX002, and ending
the year with approximately $224 million in cash (mid-point). The estimated full
year 2017 net cash burn from operating and investing activities is primarily
driven by an estimated net loss of $177 to $191 million, which includes an
estimated $26 million of non-cash share-based compensation expense.
Upcoming Investor Conferences
Members of the senior management team will present and participate in investor
meetings at the following upcoming investor conferences:
* RBC Capital Markets 2017 Global Healthcare Conference on February 22, 2017
at 1:35 PM ET in New York, NY.
* Barclays Global Healthcare Conference on March 16, 2017 at 10:15 AM ET in
Miami, FL.
* Oppenheimer 27th Annual Healthcare Conference on March 21, 2017 at 8:35 AM
ET in New York, NY.
A live webcast of the presentations can be accessed through the investor
relations section of the Company's website at www.prothena.com. Following the
live presentations, a replay of the webcast will be available on the Company's
website for at least 90 days following the presentation date.
Conference Call Details
Prothena management will discuss these results and its 2017 outlook in a live
audio webcast and conference call today, Tuesday, February 14, 2017, at 4:30 PM
ET. The webcast will be made available on the Company's website
at www.prothena.com under the Investors tab in the Events and Presentations
section. Following the live audio webcast, a replay will be available on the
Company's website for 90 days.
To access the call via dial-in, please dial (877) 887-5215 (U.S. toll free) or
(315) 625-3069 (international) five minutes prior to the start time and refer to
conference ID number 56336849. A replay of the call will be available until
February 28, 2017 via dial-in at (855) 859-2056 (U.S. toll free) or (404)
537-3406 (international), Conference ID Number 56336849.
About Prothena
Prothena Corporation plc is a global, late-stage clinical biotechnology company
establishing fully-integrated research, development and commercial capabilities.
Fueled by its deep scientific understanding built over decades of research in
protein misfolding and cell adhesion - the root causes of many serious or
currently untreatable amyloid and inflammatory diseases - Prothena seeks to
fundamentally change the course of progressive diseases associated with this
biology. The Company's pipeline of antibody therapeutic candidates targets a
number of indications including AL amyloidosis (NEOD001), Parkinson's disease
and other related synucleinopathies (PRX002), inflammatory diseases, including
psoriasis and psoriatic arthritis (PRX003), and ATTR amyloidosis (PRX004). The
company continues discovery of additional novel therapeutic candidates where its
deep scientific understanding of disease pathology can be leveraged. For more
information, please visit the company's website at www.prothena.com.
Forward-looking Statements
This press release contains forward-looking statements. These statements relate
to, among other things, our goal of delivering therapies to patients; the
sufficiency of our cash position; the timing of completing enrollment in the
Phase 2b and Phase 3 studies and announcing topline results from the Phase 2b
study of NEOD001; the timing of initiating a Phase 2 study of PRX002; the timing
of announcing full topline results from the Phase 1b study of PRX003; the timing
of advancing PRX004 into a Phase 1 clinical study; our anticipated net cash burn
from operating and investing activities for 2017 and expected cash balance at
the end of 2017; and our estimated net loss and non-cash share-based
compensation expense for 2017. These statements are based on estimates,
projections and assumptions that may prove not to be accurate, and actual
results could differ materially from those anticipated due to known and unknown
risks, uncertainties and other factors, including but not limited to the risks,
uncertainties and other factors described in the "Risk Factors"" sections of our
Annual Report on Form 10-K filed with the Securities and Exchange Commission
(SEC) on February 25, 2016, our subsequent Quarterly Reports on Form 10-Q filed
with the SEC and our Annual Report on Form 10-K to be filed with the SEC for our
fiscal year 2016. Prothena undertakes no obligation to update publicly any
forward-looking statements contained in this press release as a result of new
information, future events or changes in Prothena's expectations.
PROTHENA CORPORATION PLC
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited - amounts in thousands except per share data)
Three Months Ended Twelve Months Ended
December 31, December 31,
--------------------------- ---------------------------
2016 2015 2016 2015
Collaboration revenue $ 171 $ 307 $ 1,055 $ 1,607
Revenue-related party - - - -
------------- ------------- -------------- ------------
Total revenue 171 307 1,055 1,607
Operating expenses:
Research and
development 39,844 17,890 119,534 58,439
General and
administrative 9,604 6,629 41,056 23,105
------------- ------------- -------------- ------------
Total operating
expenses 49,448 24,519 160,590 81,544
------------- ------------- -------------- ------------
Loss from operations (49,277 ) (24,212 ) (159,535 ) (79,937 )
------------- ------------- -------------- ------------
Other income, net: 727 57 571 26
------------- ------------- -------------- ------------
Loss before income
taxes (48,550 ) (24,155 ) (158,964 ) (79,911 )
Provision for income
taxes 353 2 1,144 701
------------- ------------- -------------- ------------
Net loss $ (48,903 ) $ (24,157 ) $ (160,108 ) $ (80,612 )
------------- ------------- -------------- ------------
Basic and diluted net
loss per share $ (1.41 ) $ (0.76 ) $ (4.66 ) $ (2.66 )
Shares used to compute
basic and diluted net
loss per share 34,603 31,611 34,351 30,326
PROTHENA CORPORATION PLC
CONSOLIDATED BALANCE SHEETS
(unaudited - amounts in thousands)
December 31,
2016 2015
------------- ------------
Assets
Cash and cash equivalents $ 386,923 $ 370,586
Other current assets 4,439 6,817
------------- ------------
Total current assets 391,362 377,403
Property and equipment, net 56,452 3,862
Restricted cash 4,056 -
Other assets 8,106 3,971
------------- ------------
Total non-current assets 68,614 7,833
------------- ------------
Total assets $ 459,976 $ 385,236
------------- ------------
Liabilities and Shareholders' Equity
Accrued research and development $ 19,073 $ 12,794
Other current liabilities 22,002 9,422
------------- ------------
Total current liabilities 41,075 22,216
Non-current liabilities: 53,498 2,351
------------- ------------
Total liabilities 94,573 24,567
Total shareholders' equity 365,403 360,669
------------- ------------
Total liabilities and shareholders' equity $ 459,976 $ 385,236
------------- ------------
Contacts
Investors: Tran Nguyen, CFO
650-837-8535, IR(at)prothena.com
Media: Ellen Rose, Head of Communications
650-922-2405, ellen.rose(at)prothena.com
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Prothena Corporation plc via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 14.02.2017 - 22:05 Uhr
Sprache: Deutsch
News-ID 524179
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Town:
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Kategorie:
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