Full Press Release Details
Blueprint Medicines Reports Second Quarter 2019 Financial Results
-- NDA and MAA submitted for avapritinib for defined GIST patient populations --
-- Updated data presented for avapritinib and pralsetinib (formerly BLU-667) to support planned NDA submissions in 2020 --
-- Company plans to highlight research vision, platform capabilities and portfolio strategy at R&D Day on November 5, 2019 --
CAMBRIDGE, Mass., Aug. 1, 2019 Blueprint Medicines Corporation (NASDAQ: BPMC), a precision therapy company focused on genomically defined cancers, rare diseases and cancer immunotherapy, today reported financial results and provided a business update for the quarter ended June 30, 2019.
The first half of 2019 was a defining period for Blueprint Medicines marked by the submission of our first marketing applications for avapritinib in the United States and Europe, just four years after we initiated clinical development, said Jeff Albers, Chief Executive Officer of Blueprint Medicines. As we prepare for the potential launch of avapritinib, we continue to advance our broader portfolio toward critical program milestones, including multiple planned marketing applications for avapritinib and pralsetinib in 2020. In addition, we plan to present initial clinical data from our ongoing Phase 2 PIONEER trial of avapritinib in patients with indolent systemic mastocytosis in the fourth quarter of 2019 and share an update on our research vision and portfolio strategy at our first R&D Day in November 2019.
Second Quarter 2019 Highlights and Recent Progress:
Avapritinib: Gastrointestinal stromal tumors (GIST)
Avapritinib: Systemic mastocytosis (SM)
Pralsetinib (formerly BLU-667): RET-altered solid tumors
Fisogatinib (formerly BLU-554): Advanced hepatocellular carcinoma (HCC)
Key Upcoming Milestones:
The company expects to achieve the following milestones by the end of 2019:
Second Quarter 2019 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 with Roche and CStone Pharmaceuticals, will be sufficient to enable it to fund its operating expenses and capital expenditure requirements into the middle of 2021.
Conference Call Information:
Blueprint Medicines will host a live conference call and webcast at 8:30 a.m. ET today to discuss second quarter 2019 financial results and recent business activities. The conference call may be accessed by dialing (855) 728-4793 (domestic) or (503) 343-6666 (international) and referring to conference ID 1096287. 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 call.
About Blueprint Medicines:
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 development of avapritinib, pralsetinib, fisogatinib and BLU-782, including the timing, designs, implementation, enrollment, plans and announcement of results regarding Blueprint Medicines' ongoing and planned clinical trials for avapritinib, pralsetinib, fisogatinib and BLU-782, plans and timelines for submitting marketing applications for avapritinib and pralsetinib, the potential benefits of Blueprint Medicines' current and future drug candidates in treating patients; expectations regarding Blueprint Medicines' existing cash, cash equivalents and investments; and Blueprint Medicines' strategy, goals and anticipated milestones, 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, pralsetinib, fisogatinib 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 and gain approval of its drug candidates on a timely basis, if at all; 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; and the success of Blueprint Medicines' current and future collaborations, including its cancer immunotherapy collaboration with F. Hoffmann-La Roche Ltd and Hoffmann-La Roche Inc. and its collaboration with CStone Pharmaceuticals. These and other risks and uncertainties are described in greater detail in the section entitled "Risk Factors" in Blueprint Medicines' filings with the Securities and Exchange Commission (SEC), including Blueprint Medicines' most recent Quarterly Report on Form 10-Q 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
| June 30, | December 31, | |||||
| 2019 | 2018 | |||||
| Cash, cash equivalents and investments | $ | 667,259 | $ | 494,012 | ||
| Working capital (1) | 531,446 | 439,464 | ||||
| Total assets | 807,178 | 540,124 | ||||
| Deferred revenue | 44,470 | 46,167 | ||||
| Total liabilities | 214,351 | 121,115 | ||||
| Total stockholders' equity | 592,827 | 419,009 |
(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 | ||||||
| June 30, | ||||||
| 2019 | 2018 | |||||
| Collaboration revenue | $ | 5,110 | $ | 41,439 | ||
| Operating expenses: | ||||||
| Research and development | 87,101 | 58,573 | ||||
| General and administrative | 21,923 | 12,333 | ||||
| Total operating expenses | 109,024 | 70,906 | ||||
| Other income (expense): | ||||||
| Other income (expense), net | 4,235 | 2,442 | ||||
| Interest expense | (2) | (23) | ||||
| Total other income | 4,233 | 2,419 | ||||
| Net loss | $ | (99,681) | $ | (27,048) | ||
| Net loss per share basic and diluted | $ | (2.04) | $ | (0.62) | ||
| Weighted-average number of common shares used in net loss per share basic and diluted | 48,843 | 43,856 |
Investor Relations Contact:
Sr. Manager, Investor Relations
Media Relations Contact:
Vice President, Corporate Affairs