Full Press Release Details
uniQure Announces Strategic Reorganization
to Reduce Operating Expenses and Support Advancement of Multiple Clinical-Stage Programs
~ Reduction of 28% of workforce not related
to HEMGENIX manufacturing obligations; Total cost savings of $180 million to extend cash runway into second quarter of
~ Discontinuing investments in more than half
of research and technology projects, centralizing operations, and streamlining organization ~
~ Prioritizing continued development of AMT-130
in Huntington's disease and near-term initiation of clinical trials for AMT-260 in refractory mesial temporal lobe epilepsy, AMT-162
in SOD1-ALS, and AMT-191 in Fabry disease; Multiple potential value drivers expected over next two years ~
~ As a result of reprioritization, Ricardo
Dolmetsch, Ph.D. Chief Scientific Officer to depart the Company and Rich Porter, Ph.D. Chief Business Officer will assume responsibilities
for research as well as nonclinical and vector development ~
Lexington, MA and Amsterdam, the Netherlands,
October 5, 2023 - uniQure N.V. (NASDAQ: QURE), a leading gene therapy company advancing transformative therapies
for patients with severe medical needs, today announced a strategic reorganization that will significantly reduce operating expenses
while supporting focused execution to rapidly advance multiple clinical-stage programs to proof-of-concept.
"At uniQure, our highest priority is to
deliver innovative, life-changing therapies to patients with significant unmet needs. To accomplish our mission and generate near-term
value for our stakeholders, we will implement a strategic restructuring of our business," stated Matt Kapusta, chief executive
officer of uniQure. "We are taking important actions today to cut operating expenses while ensuring that we have the necessary
resources to advance our prioritized clinical-stage programs as rapidly as possible to proof-of-concept. Following an extensive review,
we plan to discontinue more than half our research and technology projects and focus our R&D efforts on programs that leverage our
CNS and liver-targeted gene therapy expertise, have the potential for expedited clinical proof of concept, and have attractive risk-value
profiles. We remain fully committed to carefully managing costs, prudently allocating capital, rigorously assessing our clinical development
priorities as new data emerges, and thoughtfully evaluating strategies that can enhance value for shareholders."
"These were difficult but necessary decisions,"
he added. "I'm truly grateful for the commitment and contributions of our many colleagues, and we remain fully committed
to delivering on our promise to patients in need. We also look forward to sharing longer-term, interim data on our Huntington's
disease program in late fourth quarter of this year and initiating clinical trials for our other programs as rapidly as possible."
Restructuring Operations and Reducing Expenses
Following an extensive review of the pipeline,
the Company will discontinue more than half of its research and technology projects, including AMT-210 for the treatment of Parkinson's
disease and multiple undisclosed programs. The company will focus its research efforts on a limited number of projects believed to have
optimal risk, value and speed attributes, including AMT-161 for c9orf72 amyotrophic lateral sclerosis (ALS), AMT-240 for autosomal dominant
Alzheimer's disease, and next-generation AAV capsid development. As a result of the reprioritization, the Company will be closing a research
lab in Lexington and plans to sublease this space.
The Company will also consolidate all GMP manufacturing
into its Lexington, MA manufacturing facility and consolidate process and analytical development into its Amsterdam, Netherlands facility.
Commercial manufacturing of HEMGENIX for CSL Behring will be unaffected by these actions.
As a result of the restructuring plan, the Company
Prioritizing Clinical-stage Programs
The Company plans to focus resources on driving
execution across four clinical-stage programs and expediting near-term proof-of-concept data readouts.
Aligning Leadership Team
Changes on the Company's leadership team
are aligned with this strategic reorganization and pipeline prioritization. Walid Abi-Saab, M.D., who joined the Company as Chief Medical
Officer in June 2023, will continue to lead development of all clinical-stage programs. Due to the significant reduction in research
activities, Ricardo Dolmetsch, Ph.D., the Company's current chief scientific officer, is departing the Company and will remain
as a scientific consultant through the end of the year. Richard Porter, Ph.D., will assume responsibilities for research, as well as
non-clinical and vector development in his new role as Chief Business and Scientific Officer. He will continue to oversee business development
and product planning.
Dr. Porter has more than 25 years of neuroscience
leadership in the biopharma industry and joined uniQure in June 2021 through the acquisition of Corlieve Therapeutics, where he
was founder and chief executive officer.
"I want to express my sincere gratitude
to Ricardo for his leadership in advancing our research and development programs over the last several years and for bringing innovative
ideas and energy to the Company," added Matt Kapusta. "I look forward to working with Rich in his expanded role as he advances
our research and technology efforts and continues to lead our business development activities."
uniQure's mission is to reimagine the future
of medicine by delivering innovative cures that transform lives. The recent approvals of our gene therapy for hemophilia B - a
historic achievement based on more than a decade of research and clinical development - represents a major milestone in the field
of genomic medicine and ushers in a new treatment approach for patients living with hemophilia. We are now leveraging our modular and
validated technology and manufacturing platform to advance a pipeline of proprietary gene therapies for the treatment of patients
with Huntington's disease, refractory mesial temporal lobe epilepsy, amyotrophic lateral sclerosis (ALS), Fabry disease, and other severe
diseases. www.uniQure.com
uniQure Forward-Looking Statements
This press release contains forward-looking
statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms
such as "anticipate," "believe," "could," "establish," "estimate," "expect,"
"goal," "intend," "look forward to", "may," "plan," "potential," "predict,"
"project," "seek," "should," "will," "would" and similar expressions. Forward-looking
statements are based on management's beliefs and assumptions and on information available to management only as of the date of this press
release. These forward-looking statements include, but are not limited to, statements that the Company's restructuring will have
anticipated cost savings of approximately $180 million through 2027 and will extend the Company's cash runway to the second quarter
of 2027, statements regarding the timing, expectations and sufficiency of our clinical trials, patient enrollment of our current and
planned clinical trials and the timing thereof. The Company's actual results could differ materially from those anticipated in
these forward-looking statements for many reasons, including, without limitation, risks associated with the regulatory approval and commercial
launch of HEMGENIX , material changes to our interim or preliminary data, our clinical trial for Huntington's disease,
the impact of financial and geopolitical events on our Company and the wider economy and health care system, our Commercialization and
License Agreement with CSL Behring, our clinical development activities, clinical results, collaboration arrangements, regulatory oversight,
product commercialization and intellectual property claims and ongoing litigation, as well as the risks, uncertainties and other factors
described under the heading "Risk Factors" in the Company's periodic securities filings, including its Annual Report
on Form 10-K filed February 27, 2023 and the Quarterly Report on Form 10-Q filed August 1, 2023. Given these risks,
uncertainties and other factors, you should not place undue reliance on these forward-looking statements, and the Company assumes no
obligation to update these forward-looking statements, even if new information becomes available in the future.
| FOR INVESTORS: | FOR MEDIA: | |
| Maria E. Cantor | Chiara Russo | Tom Malone |
| Direct: 339-970-7536 | Direct: 617-306-9137 | Direct: 339-970-7558 |
| Mobile: 617-680-9452 | Mobile: 617-306-9137 | Mobile:339-223-8541 |
| m.cantor@uniQure.com | c.russo@uniQure.com | t.malone@uniQure.com |