Xenon Pharmaceuticals Reports Third Quarter 2017 Financial Results and Provides Corporate Update
Dr.
Third Quarter 2017 Highlights and Anticipated Milestones
- XEN1101 is a next-generation Kv7 potassium channel opener for the potential treatment of epilepsy. Pre-clinically, XEN1101 has demonstrated improved pharmacokinetics, selectivity, potency and efficacy over ezogabine, an earlier generation potassium channel modulator. In
October 2017 , Xenon initiated a Phase 1 first-in-human clinical trial to evaluate the safety, tolerability and pharmacokinetics of both single ascending doses and multiple ascending doses of XEN1101 in healthy subjects. The XEN1101 Phase 1 clinical trial includes a pharmacodynamic read-out incorporating a TMS model, which is designed to demonstrate delivery of XEN1101 into the central nervous system by observing a change in activity through an EEG (otherwise known as an electroencephalogram) or an EMG (otherwise known as an electromyogram) reading. Following completion of the Phase 1 clinical trial, and if supported by the data, a Phase 2 proof-of-concept trial evaluating XEN1101’s efficacy as a treatment for adult focal seizures is anticipated to begin in the third quarter of 2018, with a parallel plan to advance XEN1101 as soon as feasible thereafter into rare, pediatric forms of epilepsy, such as EIEE7, an early infantile epileptic encephalopathy associated with mutations in the KCNQ2 gene and loss-of-function in the Kv7.2 potassium channel.
- XEN901 is a potent, selective Nav1.6 sodium channel inhibitor for the potential treatment of epilepsy, including adult focal seizures and rare, pediatric forms of epilepsy, such as EIEE13, an early infantile epileptic encephalopathy associated with mutations in the SCN8A gene and gain-of-function in the Nav1.6 sodium channel. XEN901 has demonstrated efficacy against seizures in an animal model of Nav1.6 gain-of-function epilepsy as well as animal models that support the treatment of adult focal seizures. Xenon expects to file an investigational new drug equivalent application in the fourth quarter of 2017.
- Xenon’s collaborator, Genentech, has completed a Phase 1 clinical trial for GDC-0310, which is an oral, selective Nav1.7 small-molecule inhibitor. Based on new data from ongoing pre-clinical toxicology studies, Genentech has indicated that GDC-0310 will not enter a Phase 2 clinical trial in the first quarter of 2018, as previously guided. Guidance around the future clinical development of GDC-0310 will be updated once these pre-clinical studies are completed and the final results are analyzed. Genentech and Xenon will continue their collaboration focused on developing novel inhibitors of Nav1.7 for the treatment of pain, as well as a second collaboration centered on pain genetics.
Third Quarter 2017 Financial Results
Cash and cash equivalents and marketable securities as of
For the quarter ended
Research and development expenses for the quarter ended
General and administrative expenses for the quarter ended
Other income for the quarter ended
Net loss for the quarter ended
Conference Call Information
Xenon will host a conference call and live audio webcast today at
About
Xenon is a clinical stage biopharmaceutical company focused on developing innovative therapeutics to improve the lives of patients with neurological disorders. Building upon our extensive knowledge of human genetics and diseases caused by mutations in ion channels, known as channelopathies, we are advancing – both independently and with our pharmaceutical collaborators – a novel product pipeline of ion channel modulators to address therapeutic areas of high unmet medical need, such as pain and epilepsy. For more information, please visit www.xenon-pharma.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995 and Canadian securities laws. These forward-looking statements are not based on historical fact, and include statements regarding our ability to achieve milestones in both our proprietary and partnered development programs, our expectations regarding the sufficiency of our cash to fund operations into the first quarter of 2019, the anticipated timing of IND or IND equivalent submissions with regulatory agencies, the initiation of future clinical trials, the timing of and results from our and our collaborators’ ongoing clinical trials and pre-clinical development activities, the plans of our collaboration partners and their interactions with regulatory agencies, the potential efficacy, future development plans and commercial potential of our and our collaborators’ product candidates and the progress and potential of ongoing development programs. These forward-looking statements are based on current assumptions that involve risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from those expressed or implied by such forward-looking statements. These risks and uncertainties, many of which are beyond our control, include, but are not limited to: clinical trials may not demonstrate safety and efficacy of any of our or our collaborators' product candidates; our assumptions regarding our planned expenditures and sufficiency of our cash to fund operations may be incorrect; our discovery platform or ongoing collaborations may not yield additional product candidates; any of our or our collaborators' product candidates may fail in development, may not receive required regulatory approvals, or may be delayed to a point where they are not commercially viable; we may not achieve additional milestones pursuant to our collaboration agreements; the impact of competition; the impact of expanded product development and clinical activities on operating expenses; adverse conditions in the general domestic and global economic markets; as well as the other risks identified in our filings with the
“Xenon” and the Xenon logo are registered trademarks or trademarks of
Condensed Consolidated Balance Sheets
(Expressed in thousands of U.S. dollars)
| September 30, | December 31, | |||||||
| 2017 | 2016 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents and marketable securities | $ | 43,772 | $ | 64,146 | ||||
| Other current assets | 1,215 | 1,529 | ||||||
| Other assets | 1,372 | 1,812 | ||||||
| Total assets | $ | 46,359 | $ | 67,487 | ||||
| Liabilities | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued expenses | 3,058 | 3,586 | ||||||
| Total liabilities | $ | 3,058 | $ | 3,586 | ||||
| Shareholders’ equity | $ | 43,301 | $ | 63,901 | ||||
| Total liabilities and shareholders’ equity | $ | 46,359 | $ | 67,487 | ||||
Condensed Consolidated Statements of Operations
(Expressed in thousands of U.S. dollars except share and per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||||||
| Revenue: | ||||||||||||||||
| Collaboration revenue | $ | 264 | $ | 412 | $ | 294 | $ | 1,393 | ||||||||
| Royalties | -- | 1 | 1 | 34 | ||||||||||||
| 264 | 413 | 295 | 1,427 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 7,164 | 5,965 | 19,176 | 15,432 | ||||||||||||
| General and administrative | 1,744 | 1,779 | 5,643 | 5,350 | ||||||||||||
| Total operating expenses | 8,908 | 7,744 | 24,819 | 20,782 | ||||||||||||
| Loss from operations | (8,644 | ) | (7,331 | ) | (24,524 | ) | (19,355 | ) | ||||||||
| Other income | 902 | (383 | ) | 1,885 | 2,362 | |||||||||||
| Net loss | (7,742 | ) | (7,714 | ) | (22,639 | ) | (16,993 | ) | ||||||||
| Net loss per common share: | ||||||||||||||||
| Basic | $ | (0.43 | ) | $ | (0.51 | ) | $ | (1.26 | ) | $ | (1.16 | ) | ||||
| Diluted | $ | (0.43 | ) | $ | (0.51 | ) | $ | (1.27 | ) | $ | (1.16 | ) | ||||
| Weighted-average common shares outstanding: | ||||||||||||||||
| Basic | 17,998,420 | 15,268,964 | 17,980,608 | 14,690,357 | ||||||||||||
| Diluted | 18,009,979 | 15,268,964 | 18,000,066 | 14,690,357 | ||||||||||||
Investor/Media Contact:
VP, Corporate Affairs & Investor Relations
Phone: 604.484.3353
Email: investors@xenon-pharma.com