Full Press Release Details
Voyager Therapeutics Reports Third Quarter 2015 Financial Results
Initial public offering raised $72.7 million in net proceeds
Proof-of-concept data for lead clinical program, VY-AADC01, for Parkinson's disease expected in second half of 2016
Cambridge, Mass., December 17, 2015 (GLOBE NEWSWIRE) Voyager Therapeutics, Inc. (NASDAQ: VYGR), a clinical-stage gene therapy company developing life-changing treatments for severe diseases of the central nervous system (CNS), today reported financial results for the third quarter ended September 30, 2015 and provided an update on recent corporate highlights and upcoming milestones.
2015 has been a transformative year for Voyager. We started the year by announcing a major strategic collaboration with Genzyme, followed by an oversubscribed series B financing, and recently completed a successful initial public offering. We also made significant progress on both our product pipeline and product engine, while continuing to expand our leadership team, said Steven Paul, M.D., president and CEO of Voyager Therapeutics. With an experienced team and a solid financial foundation in place, we enter 2016 in a strong position to achieve clinical and operational milestones as we further advance our pipeline of novel gene therapies and strive to deliver innovative therapies to patients suffering from devastating CNS disorders.
Recent Highlights and Upcoming Milestones
Product Pipeline and Product Engine
Third Quarter 2015 Financial Results
Cash, cash equivalents and marketable securities as of September 30, 2015 were $160.6 million, compared to $168.6 million on June 30, 2015. Cash, cash equivalents and marketable securities as of September 30, 2015 did not include total net proceeds of approximately $72.7 million from the company's initial public offering of common stock and the underwriters' exercise of their over-allotment option in November 2015.
For the quarter ended September 30, 2015, Voyager reported a net loss of $6.9 million, or $5.25 per share, compared to a net loss of $4.4 million, or $6.45 per share, for the same period in 2014.
About Voyager Therapeutics
Voyager Therapeutics is a clinical-stage gene therapy company developing life-changing treatments for severe diseases of the central nervous system. Voyager is committed to advancing the field of AAV (adeno-associated virus) gene therapy through innovation and investment in vector engineering and optimization, manufacturing and dosing and delivery techniques. The company's pipeline is focused on severe CNS diseases in need of effective new therapies, including advanced Parkinson's disease, a monogenic form of amyotrophic lateral sclerosis (ALS), Friedreich's ataxia, Huntington's disease and spinal muscular atrophy (SMA). Voyager has broad strategic collaborations with Genzyme Corporation, a Sanofi company, and the University of Massachusetts Medical School. Founded by scientific and clinical leaders in the fields of AAV gene therapy, expressed RNA interference and neuroscience, Voyager Therapeutics is headquartered in Cambridge, Massachusetts. For more information, please visit www.voyagertherapeutics.com. Follow Voyager on LinkedIn.
Forward-Looking Statements:
This press release contains forward-looking statements and information. The use of words such as may, might, will, should, expect, plan, anticipate, believe, estimate, project, intend, future, potential, or continue, and other similar expressions are intended to identify forward looking statements. For example, all statements we make regarding the initiation, timing, progress and results of our preclinical programs and clinical trials and our research and development programs, our ability to advance our AAV-based gene therapies into, and successfully complete, clinical trials, our ability to continue to develop our product engine, our ability to add new programs to our pipeline, and the timing or likelihood of regulatory filings and approvals, are forward looking. All forward-looking statements are based on estimates and assumptions by our management that, although we believe to be reasonable, are inherently uncertain. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected. These statements are also subject to a number of material risks and uncertainties that are described in our final prospectus for our initial public offering filed with the Securities and Exchange Commission, as updated by our future filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it was made. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
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Selected Financial Information
(amounts in thousands)
| Condensed Statement of Operation s: | Three Months Ended | Nine Months Ended | |||||||||||
| September 30, | September 30, | ||||||||||||
| 2015 | 2014 | 2015 | 2014 | ||||||||||
| Collaboration revenue | $ | 4,937 | $ | $ | 12,397 | $ | |||||||
| Operating expenses: | |||||||||||||
| Research and development | 6,481 | 2,399 | 18,459 | 5,938 | |||||||||
| General and administrative | 2,475 | 1,257 | 6,752 | 3,933 | |||||||||
| Total operating expenses | 8,956 | 3,656 | 25,211 | 9,871 | |||||||||
| Operating loss | (4,019) | (3,656) | (12,814) | (9,871) | |||||||||
| Other expense, net | |||||||||||||
| Interest income (expense), net | 102 | 175 | (2) | ||||||||||
| Other financing expense | (349) | (9,750) | (1,754) | ||||||||||
| Total other expense, net | 102 | (349) | (9,575) | (1,756) | |||||||||
| Net loss | $ | (3,917) | $ | (4,005) | $ | (22,389) | $ | (11,627) |
| Selected Balance Sheet Items : | September 30, | December 31, | ||||||
| 2015 | 2014 | |||||||
| Cash, cash equivalents and marketable securities | $ | 160,593 | $ | 7,035 | ||||
| Total assets | $ | 166,435 | $ | 11,497 | ||||
| Accounts payable and accrued expenses | $ | 3,483 | $ | 2,196 | ||||
| Deferred revenue | $ | 59,794 | $ | - | ||||
| Redeemable convertible pre ferred stock | $ | 148,858 | $ | 21,979 | ||||
| Total stockholders' deficit | $ | (47,139) | $ | (20,830) |