Full Press Release Details
Editas Medicine Announces First Quarter 2017 Results and Update
Entered strategic R&D alliance with ophthalmology leader Allergan to develop and commercialize ground-breaking medicines for patients with serious eye diseases
Completed successful follow-on offering of common stock raising $104 million in gross proceeds
Presented new data at the American Society of Gene & Cell Therapy Annual Meeting demonstrating advancements in translating CRISPR technology into medicines for eye and blood diseases
CAMBRIDGE, Mass., May 15, 2017 (GLOBE NEWSWIRE) Editas Medicine, Inc. (NASDAQ: EDIT), a leading genome editing company, today reported financial results for the first quarter ended March 31, 2017, and provided an update on recent achievements and upcoming events.
We made outstanding progress this quarter building our business for the long term, including forming a strategic alliance with Allergan in ocular diseases, cementing our unmatched intellectual property position with a favorable USPTO decision, and doubling our cash runway, said Katrine Bosley, President and Chief Executive Officer of Editas Medicine. These achievements represent significant strides forward in positioning Editas Medicine to execute our vision to build a company that pioneers a broad new category of genomic medicines.
Building the business for the long term by assembling the capabilities to fully develop and commercialize important medicines
The European Patent Office also issued a notice of intent to grant the first Cpf1 patent, which is exclusively licensed to Editas Medicine. Cpf1 offers several potential advantages including expanding the range of genomic sites that can be edited, simplifying manufacturing and delivery, and increasing efficiency and accuracy of some forms of gene insertion or correction. The patent is expected to grant on May 31, 2017.
As the only company with rights to both Cas9 and Cpf1, the two proven CRISPR systems for human medicines, Editas Medicine believes it is in an unparalleled position to continue building a broad and differentiated product pipeline.
Advancing a pipeline strategy to enable successful product development and expand Editas Medicine's platform in the years ahead
Editas Medicine will participate in the following upcoming investor conferences:
Editas Medicine will participate in the following upcoming scientific and medical conferences:
First Quarter 2017 Financial Results
Cash and cash equivalents at March 31, 2017, were $351.6 million, compared to $185.3 million at December 31, 2016.
For the quarter ended March 31, 2017, net loss attributable to common stockholders was $31.1 million, or $0.85 per share, compared to $17.8 million, or $0.80 per share, for the same period in 2016.
The Editas Medicine management team will host a conference call and webcast today at 5:00 p.m. ET to provide and discuss a corporate update and financial results for the first quarter ended March 31, 2017. To access the call, please dial 844 348 3801 (domestic) or 213 358 0955 (international) and provide the passcode 17355274. A live webcast of the call will be available on the Investors & Media section of the Editas Medicine website at www.editasmedicine.com and a replay will be available approximately two hours after its completion.
About Editas Medicine
Editas Medicine is a leading genome editing company dedicated to treating patients with genetically-defined diseases by correcting their disease-causing genes. The Company was founded by world leaders in genome editing, and its mission is to translate the promise of genome editing science into a broad class of transformative genomic medicines to benefit the greatest number of patients.
Forward-Looking Statements
This press release contains forward-looking statements and information within the meaning of The Private Securities Litigation Reform Act of 1995, including statements regarding the Company's goals of submitting of an IND for the LCA10 program by the middle of 2018 and achieving any milestones under the Company's alliance with Allergan. The words anticipate,'' believe,'' continue,'' could,'' estimate,'' expect,'' intend,'' may,'' plan,'' potential,'' predict,'' project,'' target,'' should,'' would,'' and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The Company may not actually achieve the plans, intentions, or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various factors, including: uncertainties inherent in the initiation and completion of preclinical studies and clinical trials and clinical development of the Company's product candidates; availability and timing of results from preclinical studies and clinical trials; whether interim results from a clinical trial will be predictive of the final results of the trial or the results of future trials; expectations for regulatory approvals to conduct trials or to market products and availability of funding sufficient for the Company's foreseeable and unforeseeable operating expenses and capital expenditure requirements. These and other risks are described in greater detail under the caption Risk Factors included in the Company's most recent Quarterly Report on Form 10 Q, which is on file with the Securities and Exchange Commission, and in other filings that the Company may make with the Securities and Exchange Commission in the future. Any forward-looking statements contained in this press release speak only as of the
date hereof, and the Company expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
| Editas Medicine, Inc. | ||||||
| Condensed Consolidated Statements of Operations and Comprehensive Loss | ||||||
| (unaudited) | ||||||
| (amounts in thousands, except per share and share data) | ||||||
| Three Months Ended | ||||||
| March 31, | ||||||
| 2017 | 2016 | |||||
| Collaboration and other research and development revenues | $ | 682 | $ | 805 | ||
| Operating expenses: | ||||||
| Research and development | 19,021 | 8,882 | ||||
| General and administrative | 12,288 | 9,762 | ||||
| Total operating expenses | 31,309 | 18,644 | ||||
| Operating loss | (30,627) | (17,839) | ||||
| Other income (expense), net: | ||||||
| Other income (expense), net | 140 | (30) | ||||
| Interest income (expense), net | (610) | 124 | ||||
| Total other income (expense), net | (470) | 94 | ||||
| Net loss and comprehensive loss | $ | (31,097) | $ | (17,745) | ||
| Reconciliation of net loss to net loss attributable to common stockholders: | ||||||
| Net loss | $ | (31,097) | $ | (17,745) | ||
| Accretion of redeemable convertible preferred stock to redemption value | (47) | |||||
| Net loss attributable to common stockholders | $ | (31,097) | $ | (17,792) | ||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.85) | $ | (0.80) | ||
| Weighted-average common shares outstanding, basic and diluted | 36,485,421 | 22,280,797 |
| EDITAS MEDICINE, INC. | ||||||
| Selected Condensed Consolidated Balance Sheet Items | ||||||
| (amounts in thousands) | ||||||
| (unaudited) | ||||||
| March 31, | December 31, | |||||
| 2017 | 2016 | |||||
| Cash and cash equivalents | $ | 351,552 | $ | 185,323 | ||
| Working capital | 303,499 | 154,100 | ||||
| Total assets | 395,041 | 229,182 | ||||
| Deferred revenue, net of current portion | 104,033 | 26,000 | ||||
| Construction financing lease obligation, net of current portion | 33,929 | 35,096 | ||||
| Total stockholders' equity | 206,461 | 134,607 |
Editas Medicine, Inc.
Editas Medicine, Inc.