Full Press Release Details
CAMBRIDGE, Mass. , Aug. 9, 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 second quarter ended June 30, 2016 .
"During the second quarter of 2016, we focused on execution across our pipeline of discovery and clinical-stage programs," said Jeff Albers , Chief Executive Officer of Blueprint Medicines. "We look forward to a number of milestones in the second half of 2016, including preliminary data readouts for our three Phase 1 clinical trials, which we believe will demonstrate both the strength of our platform and our ability to effectively develop kinase therapies against difficult-to-drug targets. These data will help inform our clinical plans in the future, with the goal of developing treatments to dramatically improve the lives of people with cancer and other life-threatening diseases."
Corporate Highlights:
Second Quarter 2016 Financial Results:
Financial Guidance:
Blueprint Medicines expects that its cash, cash equivalents and investments balance will be at least $120 million at December 31, 2016 . Blueprint Medicines expects that its existing cash, cash equivalents and investments will be sufficient to enable it to fund its operating expenses and capital expenditure requirements into early 2018.
Clinical Programs:
Blueprint Medicines' lead drug candidates are BLU-285, a selective inhibitor of both Exon 17 mutant KIT and D842V mutant PDGFRα, and BLU-554, a selective inhibitor of the FGFR4 receptor. Enrollment continues to progress in the dose escalation portion of Blueprint Medicines' Phase 1 clinical trials for BLU-285 in unresectable, treatment-resistant gastrointestinal stromal tumors and advanced systemic mastocytosis and BLU-554 in advanced hepatocellular carcinoma. Blueprint Medicines expects to share preliminary data from the dose escalation portion of each of these Phase 1 clinical trials by the end of 2016. For each Phase 1 clinical trial, Blueprint Medicines anticipates that the preliminary data will include safety, pharmacokinetics and pharmacodynamic measures across a range of dose levels and any initial assessments of clinical activity that may be available.
Conference Call Information
Blueprint Medicines will host a live conference call and audio webcast today at 8:30 a.m. EDT . The conference call may be accessed by dialing 1-855-728-4793 (domestic) or 1-503-343-6666 (international) and referring to conference ID 33938424. An audio 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 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 plans and timelines for the clinical development of BLU-285 and BLU-554; the timing of clinical data or proof of concept for preclinical and clinical programs, including, without limitation, the timing and type of preliminary clinical data for Blueprint Medicines' Phase 1 clinical trials for BLU-285 and BLU-554; the timing of regulatory submissions or filings, including, without limitation, an investigational new drug application for BLU-667; 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 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; Blueprint Medicines' ability to develop and commercialize companion diagnostics for its current and future drug candidates, including a companion diagnostic for BLU-554 with Ventana Medical Systems, Inc.; 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 March 31, 2016 , as filed with the Securities and Exchange Commission (SEC) on May 10, 2016 , as amended by the Form 10-Q/A filed with the SEC on July 22, 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 | ||||||
| (in thousands) | ||||||
| (unaudited) | ||||||
| June 30, | December 31, | |||||
| 2016 | 2015 | |||||
| Cash, cash equivalents and investments | $ | 172,553 | $ | 162,707 | ||
| Unbilled accounts receivable | 3,351 | 3,414 | ||||
| Working capital (1) | 150,366 | 151,776 | ||||
| Total assets | 186,520 | 178,898 | ||||
| Deferred revenue | 53,052 | 13,640 | ||||
| Term loan payable | 5,705 | 7,338 | ||||
| Lease incentive obligation | 3,659 | 3,948 | ||||
| Total stockholders' equity | 112,562 | 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) | ||||||||||||
| (unaudited) | ||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||
| June 30, | June 30, | |||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||
| Collaboration revenue | $ | 7,065 | $ | 2,687 | $ | 13,921 | $ | 3,339 | ||||
| Operating expenses: | ||||||||||||
| Research and development | 21,273 | 11,243 | 38,908 | 20,476 | ||||||||
| General and administrative | 4,688 | 3,840 | 9,334 | 6,610 | ||||||||
| Total operating expenses | 25,961 | 15,083 | 48,242 | 27,086 | ||||||||
| Other income (expense): | ||||||||||||
| Other income (expense), net | 131 | (405) | 192 | (441) | ||||||||
| Interest expense | (129) | (179) | (269) | (364) | ||||||||
| Total other income (expense) | 2 | (584) | (77) | (805) | ||||||||
| Net loss | $ | (18,894) | $ | (12,980) | $ | (34,398) | $ | (24,552) | ||||
| Convertible preferred stock dividends | — | (883) | — | (3,153) | ||||||||
| Net loss applicable to common stockholders | $ | (18,894) | $ | (13,863) | $ | (34,398) | $ | (27,705) | ||||
| Net loss per share applicable to common stockholders — basic and diluted | $ | (0.70) | $ | (0.81) | $ | (1.27) | $ | (2.94) | ||||
| Weighted-average number of common shares used in net loss per share applicable to common stockholders — basic and diluted | 27,170 | 17,093 | 27,129 | 9,430 |
SOURCE Blueprint Medicines Corporation