DGAP-News: Prosensa Announces Full Year 2013 Financial Results and Recent
DGAP-News: Prosensa Holding N.V. /
Prosensa Announces Full Year 2013 Financial Results and Recent
18.03.2014 / 12:00
Prosensa Committed to Defining a Path Forward for Its Lead Product, Drisapersen
LEIDEN, The Netherlands, 2014-03-18 12:00 CET (GLOBE NEWSWIRE) --
Prosensa Holding N.V. (Nasdaq:RNA), the Dutch biopharmaceutical company
focusing on RNA-modulating therapeutics for rare diseases with high unmet need,
today reported financial results for the full year ending December 31, 2013,
and provided an update on the next steps for its exon-skipping platform for the
treatment of Duchenne Muscular Dystrophy (DMD).
'As we have previously stated, we are encouraged by initial findings from
further analyses of the aggregate drisapersen data that suggest that treating
earlier in DMD and treating longer shows a delay in the progression of the
disease. These data give us the confidence to engage patient groups, clinical
experts and regulators to explore a path forward for drisapersen,' said Hans
Schikan, CEO of Prosensa.
Mr. Schikan continued, 'While the past few months have been a very important
transition period for Prosensa, our primary focus has not changed, which is to
improve the lives and outcomes of boys with DMD. At the start of the year we
regained the rights to drisapersen and retained rights to our other
development-stage compounds for DMD from GlaxoSmithKline (GSK). We are
currently working closely with GSK to transfer data and other elements covered
in the collaboration as soon as practicable and within 120 days of the January
12 effective date of the agreement. Concurrently, we are focused on the
continued analysis of the complete drisapersen data set, preparing for possible
re-dosing of boys and having a meaningful dialogue with regulatory authorities.
We expect to communicate the status of these events during the second quarter
of this year.'
With data from more than 300 patients, Prosensa has the largest clinical data
set in DMD. The Company is actively working to define the most optimal path
forward for its DMD pipeline, which includes formulating a re-dosing plan for
boys who have previously participated in clinical trials. In addition, it has
enrolled 190 patients in a planned 250 patient study to better understand the
natural history of DMD and potential biomarkers. Prosensa's current portfolio
of drug candidates includes six compounds for the treatment of DMD with four
compounds currently in clinical development, all of which have received orphan
drug status in the United States and the European Union. The compounds utilize
an innovative technique called exon-skipping to provide a personalized medicine
approach to treat different populations of DMD patients. Furthermore, the
Company has progressed PROSPECT, a unique research program which could enable
expedited development of DMD therapeutic candidates that target multiple exons.
At of the end of 2013, Prosensa had a cash position of [Eur]82.2 million.
Recent Corporate Highlights
-- Updates on the Drisapersen Development Program
-- On January 13, 2014, Prosensa and GlaxoSmithKline (GSK) announced that
Prosensa regained all rights from GSK to drisapersen and retained rights to
all other programs for the treatment of DMD. This transfer of rights
represents the termination of the collaboration agreement between GSK and
Prosensa executed in 2009 and gives Prosensa full, unencumbered rights to
continue the development of drisapersen as well as each of its DMD
-- On January 16, 2014, Prosensa announced initial findings from further
analyses of the aggregate data obtained from the clinical development
program of drisapersen for the treatment of DMD. The analyses, which are
based on the results from three placebo controlled studies and two long
term open label studies, suggest that treating earlier in DMD and treating
longer shows a delay in the progression of the disease, as measured by the
six-minute walk test (6MWT). Key safety findings are consistent with
-- On February 18, 2014, the Investigational New Drug (IND) for drisapersen
was transferred from GSK. As a first step in developing the path forward
for drisapersen, Prosensa communicated to patient advocacy groups and
investigators that it is exploring options for study participants to be
re-dosed with drisapersen. Furthermore, it has initiated a survey to seek
feedback from patients and investigators regarding the willingness and
desire of patients to resume treatment. Based on the respondents to date,
the majority of patients wish to be re-dosed with drisapersen.
-- Rare Disease Expert Joined Company Supervisory Board
-- On December 10, 2013, Prosensa announced that Dr. Georges Gemayel, an
expert in the rare disease space and strategic corporate leadership, was
nominated for the Prosensa Supervisory Board. The appointment of Dr.
Gemayel was approved in the extraordinary general meeting of shareholders
on January 23, 2014.
-- New FP7 Grant Awarded for Development of DMD Imaging Biomarkers
-- On November 25, 2013, Prosensa and Newcastle University, UK, announced the
award of a second Framework Programme 7 (FP7) research grant from the
European Commission. This new FP7 research grant totals approximately
million to support the development of imaging biomarkers for DMD. The
project 'Developing imaging technologies for therapeutic interventions in
rare diseases' will be known as 'BIOIMAGE-NMD' and is expected to run for
three and a half years. Earlier in the year, Prosensa was part of a
pan-European consortium that received a [Eur]6 million FP7 research grant
support the ongoing clinical study of its third novel DMD development
-- Cash Position and Cash Consumption:
Prosensa's cash and cash equivalents as of December 31, 2013 were [Eur]82.2
million, compared to [Eur]40.7 million as of December 31, 2012 and
million as of the quarter ended September 30, 2013. The increase in cash
and cash equivalents was due to [Eur]64.0 million in proceeds (before
cost) from the issuance of 6.9 million shares of common stock upon the IPO
on July 3, 2013. The company's cash consumption, excluding cash flows from
financing for the 12-months ended December 31, 2013 was [Eur]22.4 million.
Revenue for the 12-months ended December 31, 2013 was [Eur]8.9 million,
compared with [Eur]7.9 million in 2012 due to increased collaboration
of [Eur]1.2 million and lower license income of [Eur]0.1 million.
-- R&D Expense:
Research and development expense was [Eur]18.5 million for the 12-months ended
December 31, 2013, compared to [Eur]14.4 million for the comparable period
2012. While we incurred expenses for preclinical safety studies for PRO045
and PRO053 in the 12-months ended December 31, 2012, our research and
development expenses in 2013 mainly related to the ongoing Phase I/II study
of PRO045 and PRO053. In the twelve months ended December 31, 2013 we also
incurred expenses for the preclinical safety studies for PRO052, the
Natural History and PROSPECT programs.
-- G&A Expense:
General and administrative expense was [Eur]7.7 million for the 12-months ended
December 31, 2013, compared to [Eur]4.0 million in 2012. The increase is
primarily due to higher share-based compensation expense in 2013 of
million compared to [Eur]180 thousand in 2012 and costs associated with
operating as a public company.
-- Net Loss
: Net loss for the full year 2013 was [Eur]16.6 million or [Eur]0.51 per share,
compared to [Eur]9.9 million or [Eur]0.37 per share for the full year 2012.
Prosensa management will be participating in the following conferences and
-- Muscular Dystrophy Association Clinical Conference, March 16-19, Chicago,
-- Commercialisation of Orphan & Rare Diseases Drugs Forum, March 20-21,
-- BioCapital Europe, March 27, Amsterdam, The Netherlands
-- World Orphan Drug Congress, April 24-25, 2014, Washington, DC
-- American Academy of Neurology (AAN), April 26-May 3, Philadelphia, PA
-- US TIDES 2014, May 12-15, Providence, RI
-- BioEquity Europe, May 21-22, Amsterdam, The Netherlands
-- Parent Project Muscular Dystrophy (PPMD) Annual Conference, June 26-29,
-- Orphan Disease Forum at the BIO International Convention, June 24, San
Conference Call / Webcast Information
Prosensa will host a conference call on March 18 at 8:00am ET, 1:00pm CET to
discuss the full year 2013 financial results and a corporate update. In order
to participate in the conference call, please dial 1-877-407-9170 (US domestic
toll-free). International dial-in numbers and an audio webcast can be accessed
under 'Events & Presentations' through the Investors & Media section of the
Prosensa corporate website www.prosensa.com.
About Prosensa Holding N.V.
Prosensa (Nasdaq:RNA) is an innovative biotechnology company engaged in the
discovery and development of ribonucleic acid-modulating, or RNA-modulating,
therapeutics for the treatment of genetic disorders. Its primary focus is on
rare neuromuscular and neurodegenerative disorders with a large unmet medical
need, including Duchenne muscular dystrophy, myotonic dystrophy and
Huntington's disease. Its clinical portfolio of RNA-based product candidates is
focused on the treatment of Duchenne muscular dystrophy, or DMD. Each of its
DMD compounds has been granted orphan drug status in the United States and the
European Union. Its first product candidate, drisapersen, can address a variety
of mutations in the dystrophin gene, such as a deletion of exon 50 or exons 48
DMD is one of the most prevalent rare genetic diseases globally affecting up to
1 in 3,500 boys and is invariably fatal. There is currently no approved
disease-modifying therapy for DMD. The progressive muscle-wasting that
characterizes this disease is caused by inadequate production of dystrophin, a
protein necessary for muscle function, as a result of mutations in the
dystrophin gene. The different mutations, which are mostly deletions of one or
more exons, found in the dystrophin gene result in distinct sub-populations of
Forward Looking Statement
This press release contains certain forward-looking statements. All statements,
other than statements of historical facts, contained in this press release,
including statements regarding the Company's strategy, future operations,
future financial position, future revenues, projected costs, prospects, plans
and objectives of management, are forward-looking statements. The words
'anticipate,' 'believe,' 'estimate,' 'expect,' 'intend,' 'may,' 'plan,'
'predict,' 'project,' 'target,' 'potential,' 'will,' 'would,' 'could,'
'should,' 'continue,' and similar expressions are intended to identify
forward-looking statements, although not all forward-looking statements contain
these identifying words. Forward-looking statements in this press release
include statements around the Company's exon-skipping drug pipeline and
financial position. Actual results may differ materially from those projected
or implied in such forward-looking statements. Such forward-looking information
involves risks and uncertainties that could significantly affect expected
results. These risks and uncertainties are discussed in the Company's SEC
filings, including, but not limited to, the Company's Form 6-K containing this
press release and the Company's Annual Report on Form 20-F. In addition, any
forward-looking statements represent its views only as of today and should not
be relied upon as representing its views as of any subsequent date. While the
Company may elect to update these forward-looking statements at some point in
the future, the Company specifically disclaim any obligation to do so, even if
its views change.
Prosensa Holding N.V.
Celia Economides, Senior Director IR &
Phone: +1 917 941 9059
News Source: NASDAQ OMX
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