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AVROBIO, Inc. Reports Third Quarter 2019 Financial Results and Provides Business Update
AVROBIO, Inc. Reports Third Quarter 2019 Financial Results and Provides Business Update
Dosing of first Fabry patient incorporating plato™ anticipated for fourth quarter 2019
All Fabry patients who discontinued enzyme replacement therapy (ERT) following treatment with AVR-RD-01 investigational gene therapy remain off ERT
First patient dosed in AVR-RD-04 investigational gene therapy program for cystinosis
“We are thrilled with the progress across our pipeline, including the dosing of the first patient in our cystinosis program and receipt of orphan drug designation for our investigational gene therapy for Gaucher disease,” commented
Program Updates and Milestones
- Phase 1 and Phase 2 clinical trials of AVR-RD-01 in Fabry disease remain on track. In July, the Company presented positive preliminary data from both the Phase 2 (FAB-201) and Phase 1 clinical trials. Results observed across multiple metrics included a substantial reduction in the average number of Gb3 inclusions per peritubular capillary in the kidney biopsy for the first Phase 2 (FAB-201) patient, sustained plasma lyso-Gb3 reductions, stable cardiac and kidney functions at one-year post treatment in the first Phase 2 (FAB-201) patient and durability data showing sustained results across multiple parameters over two years post-treatment for the first Phase 1 patient. All patients who discontinued enzyme replacement therapy (ERT) following treatment with AVR-RD-01 remain off ERT with sustained plasma lyso-Gb3 reduction. Serious adverse event (SAEs) and adverse events (AEs) reported were generally consistent with the conditioning regimen, underlying disease or pre-existing conditions. The Phase 1 trial is fully enrolled and all five patients have been dosed. The Phase 2 trial is on track to incorporate our plato platform for the next patient with dosing anticipated by the end of 2019.
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Received
FDA orphan drug designation for AVR-RD-02 for the treatment of Gaucher disease. InOctober 2019 , the Company was granted orphan drug designation from theU.S. Food and Drug Administration (FDA ) for the Company’s investigational gene therapy, AVR-RD-02, for the treatment of Gaucher disease. The Company is actively recruiting inCanada for a Phase 1/2 clinical trial designed to enroll 8 to 16 patients between the ages of 16 and 35 with Type 1 Gaucher disease, including patients who are treatment-naïve as well as patients who are stable on ERT. The first patient is expected to be enrolled in the first quarter of 2020 and dosed in the second quarter of 2020. The Company plans to add additional clinical sites for this trial in several countries, includingAustralia and the U.S., pending regulatory clearances.
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First patient dosed in AVR-RD-04 Phase 1/2 clinical trial in cystinosis.
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In
October 2019 , the first patient was dosed in the Company’s AVR-RD-04 investigational gene therapy program for cystinosis, in an ongoing investigator-sponsored Phase 1/2 clinical trial led by Dr.Stephanie Cherqui at theUniversity of California, San Diego (UCSD). The investigational gene therapy is designed with the intent to halt the further progression of disease by utilizing a patients’ own hematopoietic stem cells, which are modified to add the gene that encodes for cystinosin with the aim of substantially reducing levels of cystine in cells throughout the patient’s body, including in the brain. -
The Phase 1/2 trial, funded by the
California Institute for Regenerative Medicine (CIRM) and theCystinosis Research Foundation , is designed to enroll up to six patients with cystinosis. The trial’s primary endpoints are safety and tolerability, assessed for up to two years after treatment, as well as efficacy, assessed by measuring cystine levels in white blood cells. The study also aims to evaluate cystine levels in the blood, intestinal mucosa and skin and cystine crystal counts in the eye and skin along with additional tests of kidney function, vision, muscle strength, pulmonary function and neurological and psychometric function, through clinical examinations and assessments of patient quality of life after treatment, as secondary endpoints to further assess efficacy. - Cystinosis is a rare, inherited disease caused by a defect in the gene that encodes for cystinosin. The cystinosin protein enables transport of the amino acid cystine out of lysosomes. When it is absent, cystine accumulates and crystalizes, causing progressive damage to the kidneys, liver, muscles, eyes, CNS and other organs and tissues. Cystinosis affects both children and adults; patients with cystinosis face shortened life spans and often painful symptoms, including muscle wasting, difficulty swallowing, blindness and kidney failure.
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In
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Continued organizational growth as AVROBIO’s pipeline advances. The Company continues to grow and recruit top talent across key functions. In August, the Company hired
Georgette Verdin as Chief Human Resources Officer to oversee all aspects of human resources, including talent management and organizational development. In October, the Company hiredHolly May to fill the newly created role of Chief Commercial Officer. As the Company’s pipeline continues to advance, Ms. May will lead the development of the Company’s commercial strategy and the implementation of anticipated global commercial activities, including oversight of pre-market activities, development and execution of pricing, reimbursement and market access strategies to support AVROBIO’s competitive position in markets globally.
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Clinical update planned for upcoming WORLDSymposium. The Company plans to provide clinical trial updates related to the Company’s investigational gene therapy program for AVR-RD-01 in Fabry disease at WORLDSymposium, an annual conference dedicated to lysosomal diseases, being held
February 10-13, 2020 inOrlando, Florida .
Third Quarter 2019 Financial Results
Research and development expenses were
General and administrative expenses were
As of
About
Forward-Looking Statements
This press release contains forward-looking statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “aims,” “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “plans,” “possible,” “potential,” “seeks,” “will,” and variations of these words or similar expressions that are intended to identify forward-looking statements. These forward-looking statements include, without limitation, statements regarding our business strategy, prospective products and goals, the therapeutic potential of our product candidates, the design, commencement, enrollment and timing of ongoing or planned clinical trials, clinical trial results, product approvals and regulatory pathways, the intended incentives conferred by orphan-drug designation, potential regulatory approvals and the timing thereof, expected benefits from the appointment of Ms. Verdin to the position of Chief Human Resources Officer and Ms. May to the position of Chief Commercial Officer, anticipated benefits of our gene therapy platform including potential impact on our commercialization activities, timing and likelihood of success, plans and objectives of management for future operations, future results of anticipated products, and the market opportunity for and anticipated commercial activities relating to our product candidates, and statements regarding the Company’s financial and cash position and expected cash runway. Any such statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Results in preclinical or early stage clinical trials may not be indicative of results from later stage or larger scale clinical trials and do not ensure regulatory approval. You should not place undue reliance on these statements, or the scientific data presented.
Any forward-looking statements in this press release are based on AVROBIO’s current expectations, estimates and projections about our industry as well as management’s current beliefs and expectations of future events only as of today 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, the risk that any one or more of AVROBIO’s product candidates will not be successfully developed or commercialized, the risk of cessation or delay of any ongoing or planned clinical trials of
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) |
||||||||
September 30, |
December 31, |
|||||||
2019 |
2018 |
|||||||
Cash and cash equivalents |
$ |
206,362 |
$ |
126,302 |
||||
Prepaid expenses and other current assets |
|
7,345 |
|
3,718 |
||||
Property and equipment, net |
|
2,673 |
|
2,634 |
||||
Other assets |
|
825 |
|
825 |
||||
Total assets |
$ |
217,205 |
$ |
133,479 |
||||
Accounts payable |
$ |
1,408 |
$ |
2,784 |
||||
Accrued expenses and other current liabilities |
|
8,502 |
|
7,822 |
||||
Deferred rent, net of current portion |
|
535 |
|
|
689 |
|||
Total liabilities |
|
10,445 |
|
11,295 |
||||
Total stockholders’ equity |
|
206,760 |
|
122,184 |
||||
Total liabilities and stockholders’ equity |
$ |
217,205 |
$ |
133,479 |
||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share data) (Unaudited) |
||||||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||
Operating expenses: |
|
|||||||||||
Research and development |
$ |
13,042 |
$ |
9,232 |
$ |
37,755 |
$ |
22,286 |
||||
General and administrative |
|
5,022 |
|
|
3,000 |
|
|
14,621 |
|
|
7,281 |
|
Total operating expenses |
|
18,064 |
|
|
12,232 |
|
|
52,376 |
|
|
29,567 |
|
|
|
|
|
|
|
|
||||||
Loss from operations |
|
(18,064) |
|
|
(12,232) |
|
|
(52,376) |
|
|
(29,567) |
|
Total other income (expense), net |
|
919 |
|
|
641 |
|
|
2,073 |
|
|
(773) |
|
Net loss |
$ |
(17,145) |
$ |
(11,591) |
$ |
(50,303) |
$ |
(30,340) |
||||
|
|
|
|
|
|
|
|
|||||
Reconciliation of net loss to net loss attributed to common stockholders: Net loss |
$ |
(17,145) |
|
$ |
(11,591) |
|
$ |
(50,303) |
|
$ |
(30,340) |
|
Accretion of issuance costs on convertible preferred stock |
|
- |
|
|
- |
|
|
- |
|
|
(2,243) |
|
Net loss attributable to common stockholders – basic and diluted |
$ |
(17,145) |
|
$ |
(11,591) |
|
$ |
(50,303) |
|
$ |
(32,583) |
|
|
||||||||||||
Net loss per share attributable to common stockholders — basic and diluted |
$ |
(0.57) |
$ |
(0.49) |
$ |
(1.93) |
$ |
(3.28) |
||||
Weighted-average number of common shares used in computing net loss per share attributable to common stockholders—basic and diluted |
|
30,296,595 |
|
23,747,141 |
|
26,018,717 |
|
9,945,538 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20191107005258/en/
Source:
Investor Contact:
Christopher F. Brinzey
Westwicke, and ICR Company
339-970-2843
chris.brinzey@westwicke.com
Media Contact:
Tom Donovan
857-559-3397
Ten Bridge Communications
tom@tenbridgecommunications.com