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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Infinity Pharmaceuticals Inc | NASDAQ:INFI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0322 | 0.0321 | 0.0348 | 0 | 01:00:00 |
CAMBRIDGE, Mass., March 14, 2017 /PRNewswire/ -- Infinity Pharmaceuticals, Inc. (NASDAQ: INFI) today announced its full-year 2016 financial results and provided an update on the company, including its progress with IPI-549, a potentially first-in-class immuno-oncology product candidate that selectively inhibits PI3K-gamma. Infinity is evaluating IPI-549 as a monotherapy and in combination with Opdivo® (nivolumab), a PD-1 immune checkpoint inhibitor, in a Phase 1 study in patients with advanced solid tumors, and updated data from the study will be presented in April at the American Association for Cancer Research (AACR) Annual Meeting 2017 in Washington, D.C. IPI-549 is believed to be the only selective PI3K-gamma inhibitor in clinical development.
Infinity anticipates completing the monotherapy dose-escalation phase of the study in the first half of 2017 and initiating a monotherapy expansion cohort in the second half of the year. The company also expects to complete the dose-escalation phase evaluating IPI-549 in combination with Opdivo in the second half of 2017, and subsequently initiate multiple combination expansion cohorts. The combination expansion cohorts will include patients with non-small cell lung cancer (NSCLC), melanoma, and squamous cell carcinoma of the head and neck (SCCHN) whose tumors show initial resistance or subsequently develop resistance to immune checkpoint therapy. There is a great need for additional treatment options for the growing number of patients living with these cancers, which account for more than 17 percent of all new cancer cases in the U.S.[1],[2]
"We are very pleased with the progress we have made in our Phase 1 clinical study of IPI-549. Both the monotherapy and combination dose-escalation phases of the study have been rapidly enrolling, and we are on track to initiate multiple expansion cohorts in the second half of the year," stated Adelene Perkins, Infinity's chair and chief executive officer. "While new immunotherapies, such as checkpoint inhibitors, are showing great promise in the treatment of various cancers, additional treatment options are needed for patients who relapse or do not respond to currently available therapies. Our preclinical data recently published in Nature demonstrate that IPI-549 reprograms macrophages from a pro-tumor to an anti-tumor phenotype and is able to help overcome resistance to checkpoint inhibition, providing a compelling rationale for our ongoing clinical study."
Recent developments include the following:
IPI-549
Corporate
2017 Program Goals for IPI-549
In January 2017, Infinity outlined its anticipated program milestones for the year:
Full-Year 2016 Financial Results
Cash and Investments Outlook
Infinity's 2017 financial outlook remains as follows:
Based on its current operational plans, Infinity expects that its existing cash, cash equivalents and available-for-sale securities at December 31, 2016, will be adequate to satisfy the company's capital needs into the first quarter of 2019. The company's financial outlook excludes additional funding or business development activities.
Conference Call Information
Infinity will host a conference call today, March 14, 2017, at 4:30 p.m. ET to discuss these financial results and company updates. A live webcast of the conference call can be accessed in the "Investors/Media" section of Infinity's website at www.infi.com. To participate in the conference call, please dial 1-877-316-5293 (domestic) and 1-631-291-4526 (international) five minutes prior to start time. The conference ID number is 64141040. An archived version of the webcast will be available on Infinity's website for 30 days.
About the IPI-549 and the Ongoing Phase 1 Study
IPI-549 is an investigational, orally administered immuno-oncology development candidate that selectively inhibits PI3K-gamma. In preclinical studies, IPI-549 reprograms macrophages from a pro-tumor to an anti-tumor phenotype and is able to overcome resistance to checkpoint inhibition.[3],[4] As such, IPI-549 may have the potential to treat a broad range of solid tumors and represents a potentially complementary approach to restoring anti-tumor immunity in combination with other immunotherapies such as checkpoint inhibitors.
A Phase 1 study of IPI-549 in patients with advanced solid tumors is ongoing to explore the activity, safety, tolerability, pharmacokinetics and pharmacodynamics of IPI-549 as a monotherapy and in combination with Opdivo® (nivolumab), a PD-1 immune checkpoint inhibitor, in patients with advanced solid tumors.[5] The study includes monotherapy and combination dose-escalation phases, in addition to a monotherapy expansion cohort and combination expansion cohorts. The expansion cohorts evaluating IPI-549 plus Opdivo will include patients with non-small cell lung cancer (NSCLC), melanoma and squamous cell carcinoma of the head and neck (SCCHN). Patients enrolled in these combination expansion cohorts represent a difficult-to-treat population, as they must have demonstrated initial resistance or subsequently develop resistance to a PD-1 or PD-L1 therapy immediately prior to enrolling in the study. Overall, the study is expected to enroll approximately 175 patients.
IPI-549 is an investigational compound and its safety and efficacy has not been evaluated by the U.S. Food and Drug Administration or any other health authority.
About Infinity
Infinity is an innovative biopharmaceutical company dedicated to advancing novel medicines for people with cancer. Infinity is advancing IPI-549, an oral immuno-oncology development candidate that selectively inhibits PI3K-gamma. A Phase 1 study in patients with advanced solid tumors is ongoing. For more information on Infinity, please refer to Infinity's website at www.infi.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those regarding: the therapeutic potential of PI3K-gamma selective inhibition and IPI-549, alone and in combination with checkpoint inhibitors, including Opdivo; clinical trial plans regarding IPI-549; plans to report clinical data of IPI-549; 2017 financial guidance; and the company's ability to execute on its strategic plans. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially from the company's current expectations. For example, there can be no guarantee that IPI-549 will successfully complete necessary preclinical and clinical development phases or that Infinity will receive any of the benefits of its agreement with Verastem, Inc. including the receipt of milestone and royalty payments. Further, there can be no guarantee that any positive developments in Infinity's product portfolio or the potential sale of duvelisib or other strategic options Infinity may pursue will result in stock price appreciation. Management's expectations and, therefore, any forward-looking statements in this press release could also be affected by risks and uncertainties relating to a number of other factors, including the following: Infinity's results of clinical trials and preclinical studies, including subsequent analysis of existing data and new data received from ongoing and future studies; a failure of Infinity and/or Verastem to fully perform under the license agreement; the content and timing of decisions made by the U.S. FDA and other regulatory authorities; Infinity's ability to obtain and maintain requisite regulatory approvals and to enroll patients in its clinical trials; unplanned cash requirements and expenditures; development of agents by Infinity's competitors for diseases in which Infinity is currently developing or intends to develop IPI-549; and Infinity's ability to obtain, maintain and enforce patent and other intellectual property protection for IPI-549. These and other risks which may impact management's expectations are described in greater detail under the caption "Risk Factors" included in Infinity's annual report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 14, 2017, and other filings filed by Infinity with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and Infinity expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
INFINITY PHARMACEUTICALS, INC. Condensed Consolidated Balance Sheets (in thousands) (unaudited) | ||
December 31, 2016 |
December 31, 2015 | |
Cash, cash equivalents and available-for-sale securities |
$92,064 |
$245,231 |
Other current assets |
9,596 |
9,466 |
Property and equipment, net |
23,424 |
28,240 |
Other long-term assets |
571 |
5,884 |
Total assets |
$125,655 |
$288,821 |
Current liabilities |
$ 23,863 |
$ 70,056 |
Deferred revenue, less current portion |
— |
95,531 |
Financing obligation, less current portion |
19,149 |
19,591 |
Other long-term liabilities |
189 |
5,086 |
Total stockholders' equity |
82,454 |
98,557 |
Total liabilities and stockholders' equity |
$125,655 |
$288,821 |
INFINITY PHARMACEUTICALS, INC. Condensed Consolidated Statements of Operations (in thousands, except share and per share amounts) (unaudited) | ||||
Three Months Ended December 31, |
Twelve Months Ended December 31, | |||
2016 |
2015 |
2016 |
2015 | |
Collaboration revenue |
$ — |
$ 9,080 |
$ 18,723 |
$ 109,066 |
Operating expenses: |
14,662 |
38,890 |
119,611 |
199,109 |
General and administrative |
8,571 |
9,351 |
42,219 |
37,065 |
Total operating expenses |
23,233 |
48,241 |
161,830 |
236,174 |
Gain on AbbVie Opt-Out |
— |
— |
112,216 |
— |
Loss from operations |
(23,233) |
(39,161) |
(30,891) |
(127,108) |
Other income (expense): |
||||
Interest expense |
(304) |
(311) |
(1,225) |
(1,368) |
Investment and other income |
607 |
137 |
2,015 |
435 |
Total other income (expense) |
303 |
(174) |
790 |
(933) |
Loss before income taxes |
(22,930) |
(39,335) |
(30,101) |
(128,041) |
Income taxes |
— |
145 |
— |
(335) |
Net loss |
$ (22,930) |
$ (39,190) |
$ (30,101) |
$ (128,376) |
Basic and diluted loss per common |
||||
share |
$ (0.46) |
$ (0.80) |
$ (0.61) |
$ (2.62) |
Basic and diluted weighted average number of common shares outstanding |
50,099,153 |
49,227,905 |
49,608,234 |
49,083,479 |
Contact:
Jaren Irene Madden, Senior Director,
Investor Relations and Corporate Communications
617-453-1336 or Jaren.Madden@infi.com
[1] American Cancer Society, Cancer Facts and Statistics 2016, http://www.cancer.org/research/cancerfactsstatistics/cancerfactsfigures2016/index and http://www.cancer.org/cancer/skincancer-melanoma/detailedguide/melanoma-skin-cancer-key-statistics, Last Accessed March 2, 2017.
[2] Conquer Cancer Foundation, Head and Neck Cancer Statistics, http://www.cancer.net/cancer-types/head-and-neck-cancer/statistics, Last Accessed March 2, 2017.
[3] Kaneda, M., Messer, K., Ralainirina, N., Li, H., et al. PI3Kγ is a molecular switch that controls immune suppression. Nature, 2016 Nov;539:437–442.
[4] De Henau, O., Rausch, M., Winkler, D., Campesato, L., et al. Overcoming resistance to checkpoint blockade therapy by targeting PI3Kγ in myeloid cells. Nature, 2016 Nov;539:443-447.
[5] www.clinicaltrials.gov, NCT02637531.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/infinity-provides-company-update-and-reports-fourth-quarter-2016-financial-results-300423521.html
SOURCE Infinity Pharmaceuticals, Inc.
Copyright 2017 PR Newswire
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