Full Press Release Details
CAMBRIDGE, Mass. , May 2, 2018 /PRNewswire/ -- Blueprint Medicines Corporation (Nasdaq: BPMC ), a leader in discovering and developing targeted kinase medicines for patients with genomically defined diseases, today reported financial results and provided a business update for the quarter ended March 31, 2018 .
"In the first quarter, we continued to make significant progress across our portfolio toward our vision of rapidly delivering potentially transformative kinase medicines to patients with genomically defined diseases," said Jeff Albers , Chief Executive Officer of Blueprint Medicines. "In particular, we were excited to present initial clinical proof-of-concept data for our highly selective RET inhibitor BLU-667, which showed consistent clinical activity in patients with multiple tumor types, RET alterations and prior therapies, along with a favorable safety and tolerability profile. In addition, we received positive feedback from the FDA supporting our registration plan in systemic mastocytosis, including support for a single-arm registration-enabling Phase 2 trial in patients with advanced systemic mastocytosis representing a potential expedited path to registration."
Clinical Programs:
Avapritinib: Gastrointestinal Stromal Tumors (GIST)
Avapritinib: Advanced Systemic Mastocytosis (SM)
BLU-667: RET-Altered Solid Tumors
Research Programs:
First Quarter Financial Results:
Financial Guidance :
Based on its current plans, Blueprint Medicines expects that its existing cash, cash equivalents and investments, excluding any potential option fees and milestone payments under its existing collaboration with Roche, will be sufficient to enable it to fund its operating expenses and capital expenditure requirements into the middle of 2020.
Conference Call Information:
Blueprint Medicines will host a live conference call and webcast today at 8:30 a.m. ET. The conference call may be accessed by dialing (855) 728-4793 (domestic) or (503) 343-6666 (international) and referring to conference ID 7572918. A webcast of the conference call will be available in the Investors section of the Blueprint Medicines' website at http://ir.blueprintmedicines.com . The archived webcast will be available on Blueprint Medicines' website approximately two hours after the conference call and will be available for 30 days following the conference call.
About Blueprint Medicines:
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 disease driven by the abnormal activation of kinases. Blueprint Medicines is advancing multiple 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 avapritinib, BLU-554, BLU-667 and BLU-782; the potential benefits of Blueprint Medicines' current and future drug candidates in treating patients; plans and timelines for presenting preclinical and clinical data for Blueprint Medicines' current or future clinical trials; plans and timelines for presenting preclinical data for the BLU-782 program; plans and timelines for initiating Blueprint Medicines' PATHFINDER and PIONEER trials; plans and timelines for engaging regulatory authorities to obtain input on registration pathways for avapritinib and BLU-667; expectations regarding the potential for current and future clinical trials to be registration-enabling for Blueprint Medicines' current and future drug candidates in one or more indications; expectations regarding the collection of data for the PDGFRα D842V-driven GIST cohort of the NAVIGATOR trial; plans and timelines for submitting an NDA to the FDA for avapritinib; expectations regarding potential regulatory and commercial milestones; expectations regarding Blueprint Medicines' existing cash, cash equivalents and investments; and Blueprint Medicines' strategy, business plans and focus. The words "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "project," "potential," "continue," "target" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this press release are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, risks and uncertainties related to the delay of any current or planned clinical trials or the development of Blueprint Medicines' drug candidates, including avapritinib, BLU-554, BLU-667 and BLU-782; Blueprint Medicines' advancement of multiple early-stage efforts; Blueprint Medicines' ability to successfully demonstrate the safety and efficacy of its drug candidates; the preclinical and clinical results for Blueprint Medicines' drug candidates, which may not support further development of such drug candidates; actions of regulatory agencies, which may affect the initiation, timing and progress of clinical trials; Blueprint Medicines' ability to develop and commercialize companion diagnostic tests for its current and future drug candidates, including companion diagnostic tests for BLU-554 for FGFR4-driven HCC, avapritinib for PDGFRα D842V-driven GIST and BLU-667 for RET-driven NSCLC; and the success of Blueprint Medicines' cancer immunotherapy collaboration with F. Hoffmann-La Roche Ltd and Hoffmann-La Roche Inc. These and other risks and uncertainties are described in greater detail in the section entitled "Risk Factors" in Blueprint Medicines' Annual Report on Form 10-K for the year ended December 31, 2017 , as filed with the Securities and Exchange Commission (SEC) on February 21, 2018 , and any other filings that Blueprint Medicines has made or may make with the SEC in the future. Any forward-looking statements contained in this press release represent Blueprint Medicines' views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. Except as required by law, Blueprint Medicines explicitly disclaims any obligation to update any forward-looking statements.
| Blueprint Medicines Corporation | ||||||
| Selected Condensed Consolidated Balance Sheet Data | ||||||
| (in thousands) | ||||||
| (unaudited) | ||||||
| March 31 | December 31, | |||||
| 2018 | 2017 | |||||
| Cash, cash equivalents and investments | $ | 621,123 | $ | 673,356 | ||
| Working capital (1) | 575,700 | 642,615 | ||||
| Total assets | 664,468 | 715,737 | ||||
| Deferred revenue | 39,734 | 35,373 | ||||
| Term loan payable | 1,106 | 1,518 | ||||
| Lease incentive obligation | 15,903 | 16,331 | ||||
| Total stockholders' equity | 570,873 | 623,970 | ||||
| (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, | ||||||
| 2018 | 2017 | |||||
| Collaboration revenue | $ | 954 | $ | 5,840 | ||
| Operating expenses: | ||||||
| Research and development | 49,954 | 28,487 | ||||
| General and administrative | 9,911 | 5,683 | ||||
| Total operating expenses | 59,865 | 34,170 | ||||
| Other income (expense): | ||||||
| Other income, net | 2,394 | 425 | ||||
| Interest expense | (32) | (72) | ||||
| Total other income | 2,362 | 353 | ||||
| Net loss | $ | (56,549) | $ | (27,977) | ||
| Net loss per share applicable to common stockholders — basic and diluted | $ | (1.29) | $ | (0.84) | ||
| Weighted-average number of common shares used in net loss per share applicable to common stockholders — basic and diluted | 43,700 | 33,190 |
SOURCE Blueprint Medicines Corporation