Full Press Release Details
Blueprint Medicines Reports Second Quarter 2017 Financial Results
BLU-285 granted Breakthrough Therapy Designation for the treatment of patients with unresectable or metastatic gastrointestinal stromal tumors (GIST) harboring a PDGFR D842V mutation
Announced plans to expedite development of BLU-285 in patients with a PDGFRa D842V mutation and to initiate a Phase 3 trial to support registration in a broader GIST population
Presented updated clinical data from ongoing Phase 1 trial of BLU-285 in advanced GIST at ASCO Annual Meeting
Updated BLU-554 data in advanced hepatocellular carcinoma (HCC) to be presented at ESMO 2017 Congress
CAMBRIDGE, Mass., August 2, 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 second quarter ended June 30, 2017.
Our vision of growing Blueprint Medicines from a research organization into a fully-integrated commercial-stage biopharmaceutical company is coming into clearer focus, and our second quarter achievements represent continued progress toward this goal, said Jeff Albers, Chief Executive Officer of Blueprint Medicines. Compelling clinical data for BLU-285 in patients with advanced GIST, along with receipt of Breakthrough Therapy Designation, give us confidence in the path forward for this program. We plan to expedite development in patients with PDGFR D842V-driven GIST, a subset with no effective treatments, and to initiate a randomized Phase 3 trial to evaluate the potential of BLU-285 to treat a broader population of patients in the third-line setting. In addition, we continue to advance our other clinical trial programs toward key data disclosures and remain on track to present updated trial results for BLU-554 in advanced hepatocellular carcinoma and BLU-285 in advanced systemic mastocytosis later this year.
BLU-285: Gastrointestinal Stromal Tumors
BLU-285: Systemic Mastocytosis
BLU-554: Hepatocellular Carcinoma
Corporate Highlights
Second Quarter 2017 Financial Results
Based on its current plans, Blueprint Medicines believes 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 second half of 2019.
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 50939515. 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 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.
Availability of Other Information About Blueprint Medicines
Investors and others should note that Blueprint Medicines communicates with its investors and the public using its company website (www.blueprintmedicines.com), including but not limited to investor
presentations and scientific presentations, Securities and Exchange Commission filings, press releases, public conference calls and webcasts. You can also connect with Blueprint Medicines on Twitter (@BlueprintMeds) or LinkedIn. The information that Blueprint Medicines posts on these channels and websites could be deemed to be material information. As a result, Blueprint Medicines encourages investors, the media and others interested in Blueprint Medicines to review the information that it posts on these channels, including Blueprint Medicines' investor relations website, on a regular basis. This list of channels may be updated from time to time on Blueprint Medicines' investor relations website and may include other social media channels than the ones described above. The contents of Blueprint Medicines' website or these channels, or any other website that may be accessed from its website or these channels, shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.
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, BLU-554 and BLU-667; the timing of updated clinical data for Blueprint Medicines' Phase 1 clinical trials for BLU-285 and BLU-554; 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 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 candidates; the preclinical and clinical results for Blueprint Medicines' drug candidates, which may not support further development of such drug 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' 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, 2017, as filed with the Securities and Exchange Commission (SEC) on May 3, 2017, 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
| June 30, | December 31, | |||||
| 2017 | 2016 | |||||
| Cash, cash equivalents and investments | $ | 421,014 | $ | 268,218 | ||
| Unbilled accounts receivable | 3,075 | 3,577 | ||||
| Working capital (1) | 398,336 | 191,913 | ||||
| Total assets | 444,721 | 282,795 | ||||
| Deferred revenue | 41,405 | 47,235 | ||||
| Term loan payable | 2,671 | 4,069 | ||||
| Lease incentive obligation | 4,719 | 3,370 | ||||
| Total stockholders' equity | 374,089 | 213,078 | ||||
| (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 | Six Months Ended | |||||||||||
| June 30, | June 30, | |||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||
| Collaboration revenue | $ | 5,890 | $ | 7,065 | $ | 11,730 | $ | 13,921 | ||||
| Operating expenses: | ||||||||||||
| Research and development | 33,271 | 21,273 | 61,758 | 38,908 | ||||||||
| General and administrative | 6,833 | 4,688 | 12,516 | 9,334 | ||||||||
| Total operating expenses | 40,104 | 25,961 | 74,274 | 48,242 | ||||||||
| Other income (expense): | ||||||||||||
| Other income (expense), net | 861 | 131 | 1,286 | 192 | ||||||||
| Interest expense | (59) | (129) | (131) | (269) | ||||||||
| Total other income (expense) | 802 | 2 | 1,155 | (77) | ||||||||
| Net loss | $ | (33,412) | $ | (18,894) | $ | (61,389) | $ | (34,398) | ||||
| Net loss per share applicable to common stockholders basic and diluted | $ | (0.86) | $ | (0.70) | $ | (1.71) | $ | (1.27) | ||||
| Weighted-average number of common shares used in net loss per share applicable to common stockholders basic and diluted | 38,775 | 27,170 | 35,998 | 27,129 |
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