Full Press Release Details
CAMBRIDGE, Mass. , Oct. 30, 2018 /PRNewswire/ -- 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 third quarter ended September 30, 2018 .
Clinical Programs:
Avapritinib: Systemic Mastocytosis (SM)
Avapritinib: Gastrointestinal Stromal Tumors (GIST)
BLU-667: RET-Altered Solid Tumors
BLU-554: Hepatocellular Carcinoma (HCC)
Research Programs:
BLU-782: Fibrodysplasia Ossificans Progressiva (FOP)
Third Quarter Financial Results:
Financial Guidance :
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 second half of 2020.
Earnings Conference Call Information:
Blueprint Medicines will host a live conference call and webcast at 8:30 a.m. ET today to discuss third quarter 2018 financial results and recent business activities. The conference call may be accessed by dialing (855) 626-8618 (domestic) or (531) 289-2784 (international) and referring to conference ID 7598866. 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.
CTOS Conference Call Information:
Blueprint Medicines will host a live conference call and webcast to discuss data being presented at the 2018 CTOS Annual Meeting on November 15 th at 7:30 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 3479587. 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:
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 disease 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 .
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 avapritinib, BLU-554, BLU-667 and BLU-782; the potential benefits of Blueprint Medicines' current and future drug candidates in treating patients; plans and timelines for initiating Blueprint Medicines' PIONEER trial; the potential benefits of receiving Breakthrough Therapy Designation for avapritinib for the treatment of patients with advanced SM, including the subtypes of aggressive SM, SM with an associated hematologic neoplasm and mast cell leukemia; plans to present data from the Phase 1 EXPLORER clinical trial; plans and timelines for submitting an NDA to the FDA for avapritinib; plans and timelines for submitting an NDA to the FDA for BLU-667; plans and timelines for expanding Blueprint Medicines' ongoing Phase 1 clinical trial of BLU-554 monotherapy to include clinical sites in Mainland China; plans and timelines for initiating a proof-of-concept clinical trial evaluating BLU-554 in combination with CS1001; plans and timelines for submitting an IND application to the FDA for BLU-782; plans and timelines for initiating a Phase 1 clinical trial for BLU-782 in healthy volunteers; plans to work with clinical experts and the patient community to design a potential Phase 2 clinical trial of BLU-782 in patients with FOP; 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 avapritinib, BLU-554, BLU-667 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; 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, including companion diagnostic tests for BLU-554 for FGFR4-driven HCC, avapritinib for PDGFRα D842V-driven GIST and BLU-667 for RET-driven NSCLC; and the success of Blueprint Medicines' cancer immunotherapy collaboration with F. Hoffmann-La Roche Ltd. and Hoffmann-La Roche Inc. and Blueprint Medicines' collaboration with CStone Pharmaceuticals. 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 June 30, 2018 , as filed with the Securities and Exchange Commission (SEC) on August 1, 2018 , 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.
Tagrisso® is a registered trademark of AstraZeneca plc. All other trademarks and trade names in this press release are the property of Blueprint Medicines Corporation.
| Blueprint Medicines Corporation Selected Condensed Consolidated Balance Sheet Data (in thousands) (unaudited) | |||||||
| September 30 | December 31, | ||||||
| 2018 | 2017 | ||||||
| Cash, cash equivalents and investments | $ | 559,636 | $ | 673,356 | |||
| Working capital (1) | 509,378 | 642,615 | |||||
| Total assets | 606,110 | 715,737 | |||||
| Deferred revenue | 47,200 | 35,373 | |||||
| Term loan payable | 277 | 1,518 | |||||
| Lease incentive obligation | 15,046 | 16,331 | |||||
| Total stockholders' equity | 489,296 | 623,970 | |||||
| (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 September 30, | Nine Months Ended September 30, | |||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||
| Collaboration revenue | $ | 1,095 | $ | 8,068 | $ | 43,488 | $ | 19,798 | ||||
| Operating expenses: | ||||||||||||
| Research and development | 64,562 | 39,300 | 173,089 | 101,058 | ||||||||
| General and administrative | 12,041 | 7,378 | 34,285 | 19,894 | ||||||||
| Total operating expenses | 76,603 | 46,678 | 207,374 | 120,952 | ||||||||
| Other income (expense): | ||||||||||||
| Other income, net | 2,799 | 954 | 7,635 | 2,240 | ||||||||
| Interest expense | (14) | (47) | (69) | (178) | ||||||||
| Total other income | 2,785 | 907 | 7,566 | 2,062 | ||||||||
| Net loss | $ | (72,723) | $ | (37,703) | $ | (156,320) | $ | (99,092) | ||||
| Net loss per share — basic and diluted | $ | (1.66) | $ | (0.96) | $ | (3.57) | $ | (2.67) | ||||
| Weighted-average number of common shares used in net loss per share — basic and diluted | 43,915 | 39,130 | 43,825 | 37,053 |
SOURCE Blueprint Medicines Corporation