Full Press Release Details
ORIC Pharmaceuticals Provides Corporate Update and Highlights Key Upcoming Milestones
Initial Phase 1b data for three ongoing clinical trials expected in second half of 2023:
ORIC-533 in multiple myeloma, ORIC-114 in EGFR/HER2-mutated
cancers, and ORIC-944 in prostate cancer
Development candidate selected for PLK4 synthetic
lethal breast cancer program
Cash and investments of $228 million expected to fund operating plan into first half of 2025
SOUTH SAN FRANCISCO and SAN DIEGO, CA Jan. 9, 2023 ORIC Pharmaceuticals, Inc. (Nasdaq: ORIC), a clinical stage oncology company
focused on developing treatments that address mechanisms of therapeutic resistance, today provided program updates and announced upcoming key milestones.
In 2022, we made significant progress across our clinical pipeline, advanced multiple preclinical discovery programs, and further strengthened the
balance sheet, said Jacob M. Chacko, MD, chief executive officer. All three clinical programs commenced dosing last year, have demonstrated good oral bioavailability and dose proportional increases in exposure across multiple cohorts,
and are steadily advancing in dose escalation without reaching MTD as we expand clinical trial sites globally. Furthermore, with the recent equity investment by Pfizer we have extended our cash runway into 2025, giving us flexibility to frontload
Project Optimus-related dose optimization before selecting final RP2D for all three programs, and we expect to report initial clinical data for ORIC-533, ORIC-114, and ORIC-944 in the second half of 2023.
Updates and Milestones
ORIC-533: a highly potent, orally bioavailable CD73 Inhibitor
ORIC-114: a brain penetrant, orally bioavailable,
irreversible EGFR/HER2 Inhibitor
ORIC-944: a potent and selective allosteric inhibitor of PRC2
Anticipated Program Milestones
ORIC anticipates the following upcoming milestones:
and Financial Guidance
Concurrent with the clinical development collaboration with Pfizer for ORIC-533, Pfizer
purchased $25 million of ORIC common stock in a registered direct offering. As of December 31, 2022, cash, cash equivalents and investments totaled approximately $228 million, which the company expects will be sufficient to fund its
operating plan into first half of 2025.
Presentation and Webcast
Jacob M. Chacko, M.D., president and chief executive officer, will present a company overview at the 41st Annual J.P. Morgan Healthcare Conference on Tuesday,
January 10, 2022, at 11:15 a.m. PT. A live webcast will be available through the investor section of the company s website at https://investors.oricpharma.com/. A replay of the webcast will be available for 90 days following the
About ORIC Pharmaceuticals, Inc.
Pharmaceuticals is a clinical stage biopharmaceutical company dedicated to improving patients lives by Overcoming Resistance In Cancer. ORIC s clinical stage product candidates
include (1) ORIC-533, an orally bioavailable small molecule inhibitor of CD73, a key node in the adenosine pathway believed to play a central role in resistance to chemotherapy- and immunotherapy-based
treatment regimens, being developed for multiple myeloma, (2) ORIC-114, a brain penetrant inhibitor designed to selectively target EGFR and HER2 with high potency against exon 20 insertion mutations,
being developed across multiple genetically defined cancers, and (3) ORIC-944, an allosteric inhibitor of the polycomb repressive complex 2 (PRC2) via the EED subunit, being developed for prostate cancer.
Beyond these three product candidates, ORIC is also developing multiple precision medicines targeting other hallmark cancer resistance mechanisms. ORIC has offices in South San Francisco and San Diego, California. For more information, please go
Cautionary Note Regarding Forward-Looking
This press release contains forward-looking statements as that term is defined in Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, statements regarding ORIC s
development plans and timelines; the potential advantages of ORIC s product candidates and programs; plans underlying ORIC s clinical trials and development; the expected timing of reporting initial data from the ORIC-533, ORIC-114 and ORIC-944 trials; statements regarding the potential benefits of and activity under the clinical development
collaboration between ORIC and Pfizer; plans underlying any of ORIC s other programs; ORIC s anticipated milestones; the period over which ORIC estimates its existing cash, cash equivalents and investments will be sufficient to fund its
current operating plan; and statements by the company s chief executive officer. Words such as believes, anticipates, plans, expects, intends, will, goal,
potential and similar expressions are intended to identify forward-looking statements. The forward-looking statements contained herein are based upon ORIC s current expectations and involve assumptions that may never materialize or
may prove to be incorrect. Actual results could differ materially from those projected in any forward-looking statements due to numerous risks and uncertainties, including but not limited to: risks associated with the process of discovering,
developing and commercializing drugs that are safe and effective for use as human therapeutics and operating as an early clinical stage company; ORIC s ability to develop, initiate or complete preclinical studies and clinical trials for, obtain
approvals for and commercialize any of its product candidates; changes in ORIC s plans to develop and commercialize its product candidates; the potential for clinical trials of ORIC-533, ORIC-114, ORIC-944 or any other product candidates to differ from preclinical, initial, interim, preliminary or expected results; negative impacts of the COVID-19 pandemic on ORIC s operations, including clinical trials; the risk of the occurrence of any event, change or other circumstance that could give rise to the termination of ORIC s license and
collaboration agreements; ORIC s ability to raise any additional funding it will need to continue to pursue its business and product development plans; regulatory developments in the United States and foreign countries; ORIC s reliance on
third parties, including contract manufacturers and contract research organizations; ORIC s ability to obtain and maintain intellectual property protection for its product candidates; the loss of key scientific or management personnel;
competition in the industry in which ORIC operates; general economic and market conditions; and other risks. Information regarding the foregoing and additional risks may be found in the section entitled Risk Factors in ORIC s
Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the SEC ) on November 7, 2022, and ORIC s future reports to be filed with the SEC. These forward-looking
statements are made as of the date of this press release, and ORIC assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements,
except as required by law.
Piscitelli, Chief Financial Officer