Full Press Release Details
Blueprint Medicines Reports Fourth Quarter and Full Year 2016 Financial Results
Presented proof-of-concept data for BLU-285 and BLU-554 in four patient populations at EORTC-NCI-AACR and ASH Meetings
Continuing to enroll patients in expansion portion of Phase 1 trial for HCC, initiated expansion portion of Phase 1 trial for GIST and continuing to advance Phase 1 trial for SM toward expansion
Investigational new drug application for BLU-667 approved by the FDA
Completed successful public offering of common stock in December 2016 and ended year with $268 million in cash, cash equivalents and investments
CAMBRIDGE, Mass., March 9, 2017 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 fourth quarter and year ended December 31, 2016.
2016 was a transformative year for Blueprint Medicines in which we achieved all of our corporate goals, including a number of important milestones, said Jeff Albers, Chief Executive Officer of Blueprint Medicines. When Blueprint Medicines began operations in 2011, we were committed to building a diversified portfolio, grounded in our differentiated scientific platform, with the potential to bring innovative targeted therapies to patients in areas of high medical need. In 2016 we began to realize this vision, and 2017 will be a year where that vision comes into clearer focus. In 2016, we announced proof-of-concept data from three Phase 1 trials in genomically-defined patient populations, received FDA approval to begin a Phase 1 trial for BLU-667, continued to expand our pipeline and announced a collaboration with Roche that enables us to accelerate and build upon our efforts in cancer immunotherapy. Looking ahead to 2017, we expect multiple potential milestones, including presenting updated data for our ongoing Phase 1 trials for BLU-285 and BLU-554, which will provide further insight into the safety, clinical activity and clinical development pathways for these investigational medicines.
BLU-554: Hepatocellular Carcinoma (HCC)
BLU-285: Gastrointestinal Stromal Tumors (GIST)
BLU-285: Systemic Mastocytosis (SM)
BLU-667: Non-Small Cell Lung Cancer (NSCLC), Medullary Thyroid Carcinoma (MTC) and other advanced solid tumors with RET alterations
Corporate Highlights:
Fourth Quarter and Year End 2016 Financial Results:
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
collaborations, will be sufficient to enable it to fund its operating expenses and capital expenditure requirements into at least late 2018.
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 66277428. A webcast of the conference call will also be available in the Investors section of 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 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 diseases driven by the abnormal activation of kinases. Blueprint Medicines is advancing four clinical trials for subsets of patients with gastrointestinal stromal tumors, hepatocellular carcinoma, systemic mastocytosis, non-small cell lung cancer and medullary thyroid cancer, 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 the timing for initiation of Blueprint Medicines' Phase 1 clinical trial for BLU-667; plans and timelines for the clinical development of BLU-285, BLU-554 and BLU-667; the timing of updated clinical data for Blueprint Medicines' Phase 1 clinical trials for BLU-285 and BLU-554 and other potential milestones in 2017; 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 product candidates, including BLU-285, BLU-554 and BLU-667; 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; Blueprint Medicines' ability to develop and commercialize companion diagnostic tests for its current and future drug candidates, including companion diagnostic tests for BLU-554 with Ventana Medical Systems, Inc. and for BLU-285 with QIAGEN Manchester Limited; and the success of Blueprint Medicines' rare genetic disease collaboration with Alexion Pharma Holding and its 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' Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, as filed with the Securities and Exchange Commission (SEC) on November 10, 2016, 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
| December 31, | December 31, | |||||
| 2016 | 2015 | |||||
| Cash, cash equivalents and investments | $ | 268,218 | $ | 162,707 | ||
| Unbilled accounts receivable | 3,577 | 3,414 | ||||
| Working capital (1) | 191,913 | 151,776 | ||||
| Total assets | 282,795 | 178,898 | ||||
| Deferred revenue | 47,235 | 13,640 | ||||
| Term loan payable | 4,069 | 7,338 | ||||
| Lease incentive obligation | 3,370 | 3,948 | ||||
| Total stockholders' equity | 213,078 | 143,979 | ||||
| (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)
| Three Months Ended | Years Ended | |||||||||||
| December 31, | December 31, | |||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||
| Collaboration revenue | $ | 7,691 | $ | 4,635 | $ | 27,772 | $ | 11,400 | ||||
| Operating expenses: | ||||||||||||
| Research and development | 24,073 | 16,432 | 81,131 | 48,588 | ||||||||
| General and administrative | 4,991 | 3,624 | 19,218 | 14,456 | ||||||||
| Total operating expenses | 29,064 | 20,056 | 100,349 | 63,044 | ||||||||
| Other income (expense): | ||||||||||||
| Other income (expense), net | 201 | 6 | 551 | (429) | ||||||||
| Interest expense | (91) | (160) | (469) | (696) | ||||||||
| Total other income (expense) | 110 | (154) | 82 | (1,125) | ||||||||
| Net loss | $ | (21,263) | $ | (15,575) | $ | (72,495) | $ | (52,769) | ||||
| Convertible preferred stock dividends | (3,153) | |||||||||||
| Net loss applicable to common stockholders | $ | (21,263) | $ | (15,575) | $ | (72,495) | $ | (55,922) | ||||
| Net loss per share applicable to common stockholders basic and diluted | $ | (0.75) | $ | (0.58) | $ | (2.64) | $ | (3.07) | ||||
| Weighted-average number of common shares used in net loss per share applicable to common stockholders basic and diluted | 28,450 | 26,962 | 27,492 | 18,236 |
Blueprint Medicines Corporation