Full Press Release Details
CAMBRIDGE, Mass. , March 11, 2016 /PRNewswire/ -- Blueprint Medicines Corporation (NASDAQ: BPMC ), a leader in discovering and developing highly selective kinase medicines for patients with genomically defined diseases, today reported financial results and provided a business update for the fourth quarter and year ended December 31, 2015 .
"Our evolution into a multi-program clinical-stage company in 2015 has provided an important validation of our platform and generated multiple opportunities for corporate and clinical milestones for this year and beyond," said Jeff Albers , Chief Executive Officer of Blueprint Medicines. "In addition to completing our initial public offering, we successfully began enrolling patients in two Phase 1 clinical trials and recently enrolled our first patient in our third Phase 1 clinical trial. We also entered into a strategic collaboration with Alexion to advance drug candidates for an undisclosed kinase target that is the driver of a rare genetic disease, and in December, we selected BLU-667 as a development candidate for our RET program. Looking forward, we anticipate several significant milestones this year. By the end of 2016, we expect preliminary data for each of our three Phase 1 clinical trials to be available, we plan to file an investigational new drug (IND) application for BLU-667 and we plan to nominate two more pre-clinical programs, including at least one program focused on kinases as therapeutic targets in cancer immunotherapy."
Recent Business Highlights
Platform and Pipeline:
Fourth Quarter and Full Year 2015 Financial Results
About Blueprint Medicines
Blueprint Medicines is developing a new generation of highly selective and potent kinase medicines to improve the lives of patients with genomically defined diseases. The Company's approach is rooted in a deep understanding of the genetic blueprint of cancer and other diseases driven by the abnormal activation of kinases. Blueprint Medicines is advancing three programs in clinical development for subsets of patients with gastrointestinal stromal tumors, hepatocellular carcinoma and systemic mastocytosis, 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 statements about plans and timelines for the clinical development of BLU-554 and BLU-285; the timing of clinical data or proof of concept for preclinical and clinical programs; the timing of regulatory submissions or filings, including, without limitation, an investigational new drug application for BLU-667; potential benefits of orphan drug designation for BLU-285 for GIST and SM, expectations regarding Blueprint Medicines' existing cash and cash equivalents 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 product candidates, including BLU-285 and BLU-554; Blueprint Medicines' advancement of multiple early-stage efforts; Blueprint Medicines' ability to successfully demonstrate the efficacy and safety of its drug product candidates; the preclinical and clinical results for Blueprint Medicines' drug product candidates, which may not support further development of such drug product candidates; and actions of regulatory agencies, which may affect the initiation, timing and progress of clinical trials. These and other risks and uncertainties are described in greater detail in the section entitled "Risk Factors" in Blueprint Medicines' Quarterly Report on Form 10-Q for the quarter ended September 30, 2015 , as filed with the Securities and Exchange Commission (SEC) on November 9, 2015 , and other filings that Blueprint Medicines 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. Blueprint Medicines explicitly disclaims any obligation to update any forward-looking statements.
| Blueprint Medicines Corporation | ||||||
| Selected Condensed Consolidated Balance Sheet Data | ||||||
| (in thousands) | ||||||
| (unaudited) | ||||||
| December 31, | December 31, | |||||
| 2015 | 2014 | |||||
| Cash and cash equivalents | $ | 162,707 | $ | 47,240 | ||
| Unbilled accounts receivable | 3,414 | — | ||||
| Working capital (1) | 151,776 | 41,510 | ||||
| Total assets | 178,898 | 49,925 | ||||
| Deferred revenue | 13,640 | — | ||||
| Term loan payable | 7,338 | 9,042 | ||||
| Lease incentive obligation | 3,948 | — | ||||
| Warrant liability | — | 365 | ||||
| Convertible preferred stock | — | 114,811 | ||||
| Total stockholders' equity (deficit) | 143,979 | (79,382) | ||||
| (1) Blueprint Medicines defines working capital as current assets less current liabilities. |
| Blueprint Medicines Corporation | ||||||||||||
| Condensed Statements of Operations Data | ||||||||||||
| (in thousands, except per share data) | ||||||||||||
| (unaudited) | ||||||||||||
| Three Months Ended | Years Ended | |||||||||||
| December 31, | December 31, | |||||||||||
| 2015 | 2014 | 2015 | 2014 | |||||||||
| Collaboration revenue | $ | 4,635 | $ | — | $ | 11,400 | $ | — | ||||
| Operating expenses: | ||||||||||||
| Research and development | 16,432 | 11,332 | 48,588 | 31,844 | ||||||||
| General and administrative | 3,624 | 2,961 | 14,456 | 7,890 | ||||||||
| Total operating expenses | 20,056 | 14,293 | 63,044 | 39,734 | ||||||||
| Other income (expense): | ||||||||||||
| Other income (expense), net | 6 | (24) | (429) | (98) | ||||||||
| Interest expense | (160) | (151) | (696) | (453) | ||||||||
| Total other expense | (154) | (175) | (1,125) | (551) | ||||||||
| Net loss | $ | (15,575) | $ | (14,468) | $ | (52,769) | $ | (40,285) | ||||
| Convertible preferred stock dividends | — | (1,905) | (3,153) | (5,765) | ||||||||
| Net loss applicable to common stockholders | $ | (15,575) | $ | (16,373) | $ | (55,922) | $ | (46,050) | ||||
| Net loss per share applicable to common stockholders — basic and diluted | $ | (0.58) | $ | (10.44) | $ | (3.07) | $ | (32.41) | ||||
| Weighted-average number of common shares used in net loss per share applicable to common stockholders — basic and diluted | 26,962 | 1,568 | 18,236 | 1,421 |
SOURCE Blueprint Medicines Corporation