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Share Name | Share Symbol | Market | Type |
---|---|---|---|
ProQR Therapeutics NV | NASDAQ:PRQR | 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% | 2.00 | 1.56 | 2.23 | 0 | 09:00:00 |
Key updates
“As we announced earlier this week, we are all devastated by the unexpected passing of our co-founder and vice-chairman of the supervisory board, Henri A. Termeer,” said Daniel de Boer, Chief Executive Officer of ProQR. “Henri was a great mentor, a passionate patient advocate and a key factor in establishing ProQR. His passion to do the right thing in the interest of patients is unparalleled. We are honored to have had the opportunity to work with him so closely and learn from his wealth of experience. He was a true inspiration for all of us, and we will continue to build on the path he helped us to set out. Although he will be deeply missed, our supervisory board, with co-founder and chairman Dinko Valerio, James Shannon, Alison Lawton and Antoine Papiernik, continues to be very strong with broad experience in all aspects of running a biotechnology business and we are extremely motivated to continue to build on the path he helped us set.”
“With that in mind, this is an important phase for the Company in our goal to translate our rich pipeline into a diversified portfolio of development programs. We are very pleased with the clearance of the IND for QR-110, enabling us to now advance our second molecule into clinical development aiming to make a meaningful difference for LCA 10 patients. We are also excited to add Dave Rodman to our team who will further strengthen our development team, with the goal of efficiently and rapidly driving our programs through to patients. Looking forward to the upcoming summer, we are very excited for the expected completion of the Phase 1b trial in our lead program QR-010. We have been treating >64 CF patients with our lead compound QR-010 and are excited to get to the data and progress the compound into next trials.”
Corporate Highlights
Subsequent events
Financial Highlights
At March 31, 2017, ProQR held cash and cash equivalents of €52.1 million, compared to €59.2 million at December 31, 2016. Net cash used in operating activities during the three month period ended March 31, 2017 was €8.8 million, compared to €7.8 million for the same period last year.
Research and development costs increased to €8.0 million for the quarter ended March 31, 2017 from €6.9 million for the same period last year and comprised of allocated employee costs including share-based payments, the costs of materials and laboratory consumables, outsourced activities, license and intellectual property costs and other allocated costs. The increase in expenses was primarily due to the advancement of our pipeline, which included clinical development of QR-010 and QR-110, pre-clinical development of QR-313. The remainder represents increased investments in our other pipeline programs.
General and administrative costs decreased to €2.3 million for the quarter ended March 31, 2017 from €2.6 million for the same period last year.
Net result for the three month period ended March 31, 2017 was a €10.5 million loss or €0.45 per share, compared to a €10.2 million loss or €0.44 per share for the same period last year. For further financial information for the period ending March 31, 2017, please refer to the financial statements appearing at the end of this release.
About ProQR
ProQR Therapeutics is dedicated to changing lives through the creation of transformative RNA medicines for the treatment of severe genetic rare diseases such as cystic fibrosis, Leber’s congenital amaurosis Type 10 and dystrophic epidermolysis bullosa. Based on our unique proprietary RNA repair platform technologies we are growing our pipeline with patients and loved ones in mind. *Since 2012*
About QR-010
QR-010 is a first-in-class RNA-based oligonucleotide designed to address the underlying cause of the disease by targeting the mRNA in CF patients that have the F508del mutation. The F508del mutation is a deletion of three of the coding base pairs, or nucleotides, in the CFTR gene, which results in the production of a misfolded CFTR protein that does not function normally. QR-010 is designed to bind to the defective CFTR mRNA and to restore CFTR function. QR-010 is designed to be self-administered via an optimized eFlow® Nebulizer (PARI Pharma GmbH). eFlow® is a small, handheld aerosol delivery device which nebulizes QR-010 into a mist inhaled directly into the lungs. QR-010 has been granted orphan drug designation in the United States and the European Union and fast-track status by the FDA. The QR-010 project has received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement No 633545.
About QR-110
QR-110 is a first-in-class investigational RNA-based oligonucleotide designed to address the underlying cause of Leber’s congenital amaurosis Type 10 due to the p.Cys998X mutation in the CEP290 gene. The p.Cys998X mutation is a substitution of one nucleotide in the pre-mRNA that leads to aberrant splicing of the mRNA and non-functional CEP290 protein. QR-110 is designed to restore wild-type CEP290 mRNA leading to the production of wild-type CEP290 protein by binding to the mutated location in the pre-mRNA causing normal splicing of the pre-mRNA. QR-110 is intended to be administered through intravitreal injections in the eye and has been granted orphan drug designation in the United States and the European Union.
About QR-313
QR-313 is a first-in-class RNA-based oligonucleotide designed to address the underlying cause of dystrophic epidermolysis bullosa (DEB) due to mutations in exon 73 of the COL7A1 gene. Mutations in this exon can cause loss of functional collagen type VII (C7) protein. Absence of C7 results in the loss of anchoring fibrils that normally link the dermal and epidermal layers of the skin together. QR-313 is designed to exclude exon 73 from the mRNA (exon skipping) and produce truncated but functional C7 protein and thereby restores functionality of the anchoring fibrils.
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,” “estimate,” “expect,” “goal,” “intend,” “look forward to,” “may,” “plan,” “potential,” “predict,” “project,” “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 regarding QR-010, QR-110 and QR-313, and the clinical development and the therapeutic potential thereof, statements regarding our ongoing and planned discovery and development of product candidates and the timing thereof, including those in our innovation pipeline, statements regarding release of clinical data, and statements regarding our patent estate. Our actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including, without limitation, risks associated with our clinical development activities, including that positive results observed in our prior and ongoing studies may not be replicated in later trials or guarantee approval of any product candidate by regulatory authorities, manufacturing processes and facilities, regulatory oversight, product commercialization, intellectual property claims, and the risks, uncertainties and other factors in our filings made with the Securities and Exchange Commission, including certain sections of our annual report filed on Form 20-F. Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements, and we assume no obligation to update these forward-looking statements, even if new information becomes available in the future, except as required by law.
ProQR Therapeutics N.V.:Smital ShahChief Financial OfficerT: +1 415 231 6431ir@proqr.com
PROQR THERAPEUTICS N.V. | ||||
Unaudited Condensed Consolidated Statement of Financial Position | ||||
March 31,2017 | December 31,2016 | |||
€ 1,000 | € 1,000 | |||
Assets | ||||
Current assets | ||||
Cash and cash equivalents | 52,111 | 59,200 | ||
Prepayments and other receivables | 2,364 | 2,420 | ||
Social securities and other taxes | 387 | 395 | ||
Total current assets | 54,862 | 62,015 | ||
Property, plant and equipment | 3,187 | 3,438 | ||
Intangible assets | 78 | 90 | ||
Total assets | 58,127 | 65,543 | ||
Liabilities and shareholders' equity | ||||
Current liabilities | ||||
Trade payables | 177 | 328 | ||
Social securities and other taxes | 193 | 312 | ||
Pension premiums | 27 | 13 | ||
Other current liabilities | 6,153 | 6,057 | ||
Total current liabilities | 6,550 | 6,710 | ||
Borrowings | 5,840 | 5,697 | ||
Total liabilities | 12,390 | 12,407 | ||
Shareholders' equity | ||||
Shareholders' equity | 45,737 | 53,136 | ||
Total liabilities and shareholders' equity | 58,127 | 65,543 |
PROQR THERAPEUTICS N.V. | ||||||
Unaudited Condensed Consolidated Statement of Profit or Loss and OCI | ||||||
(€ in thousands, except share and per share data) | ||||||
Three month period ended March 31, | ||||||
2017 | 2016 | |||||
€ 1,000 | € 1,000 | |||||
Other income | 393 | 689 | ||||
Research and development costs | (8,030 | ) | (6,898 | ) | ||
General and administrative costs | (2,304 | ) | (2,602 | ) | ||
Total operating costs | (10,334 | ) | (9,500 | ) | ||
Operating result | (9,941 | ) | (8,811 | ) | ||
Finance income and expense | (537 | ) | (1,387 | ) | ||
Result before corporate income taxes | (10,478 | ) | (10,198 | ) | ||
Income taxes | (2 | ) | -- | |||
Net result attributable to equity holders of the Company | (10,480 | ) | (10,198 | ) | ||
Other comprehensive income | 2 | 5 | ||||
Total comprehensive income (attributable to equity holders of the Company) | (10,478 | ) | (10,193 | ) | ||
Share information | ||||||
Weighted average number of shares outstanding1 | 23,473,221 | 23,345,965 | ||||
Earnings per share attributable to the equity holders of the Company (expressed in Euro per share) | ||||||
Basic loss per share1 | (0.45 | ) | (0.44 | ) | ||
Diluted loss per share1 | (0.45 | ) | (0.44 | ) | ||
PROQR THERAPEUTICS N.V. | |||||||||||||||||
Unaudited Condensed Consolidated Statement of Changes in Equity | |||||||||||||||||
Number ofshares | Total Share Capital | Share Premium | Equity Settled Employee Benefit Reserve | TranslationReserve | Accumulated Deficit | Total Equity | |||||||||||
€ 1,000 | € 1,000 | € 1,000 | € 1,000 | € 1,000 | € 1,000 | ||||||||||||
Balance at January 1, 2016 | 23,345,965 | 934 | 123,595 | 1,899 | 1 | (36,630 | ) | 89,799 | |||||||||
Net loss | -- | -- | -- | -- | -- | (10,198 | ) | (10,198 | ) | ||||||||
Other comprehensive income | -- | -- | -- | -- | 5 | -- | 5 | ||||||||||
Recognition of share-based payments | -- | -- | -- | 590 | -- | -- | 590 | ||||||||||
Share options exercised | -- | -- | -- | -- | -- | -- | -- | ||||||||||
Balance at March 31, 2016 | 23,345,965 | 934 | 123,595 | 2,489 | 6 | (46,828 | ) | 80,196 | |||||||||
Balance at January 1, 2017 | 23,346,856 | 934 | 123,597 | 4,353 | (15 | ) | (75,733 | ) | 53,136 | ||||||||
Net loss | -- | -- | -- | -- | -- | (10,480 | ) | (10,480 | ) | ||||||||
Other comprehensive income | -- | -- | -- | -- | 2 | -- | 2 | ||||||||||
Recognition of share-based payments | -- | -- | -- | 927 | -- | -- | 927 | ||||||||||
Shares issued in the period | 518,162 | 21 | 2,130 | -- | -- | -- | 2,151 | ||||||||||
Share options exercised | 127 | 0 | 1 | -- | -- | -- | 0 | ||||||||||
Balance at March 31, 2017 | 23,865,145 | 955 | 125,728 | 5,280 | (13 | ) | (86,213 | ) | 45,737 |
PROQR THERAPEUTICS N.V. | ||||||
Unaudited Condensed Consolidated Statement of Cash Flows | ||||||
Three month period ended March 31, | ||||||
2017 | 2016 | |||||
€ 1,000 | € 1,000 | |||||
Cash flows from operating activities | ||||||
Net result | (10,478 | ) | (10,193 | ) | ||
Adjustments for: | ||||||
— Depreciation | 268 | 334 | ||||
— Share-based compensation | 927 | 590 | ||||
— Financial income and expenses | 537 | 1,387 | ||||
Changes in working capital | (93 | ) | 50 | |||
Cash used in operations | (8,839 | ) | (7,832 | ) | ||
Corporate income tax paid | (2 | ) | -- | |||
Interest received/(paid) | 58 | 65 | ||||
Net cash used in operating activities | (8,783 | ) | (7,767 | ) | ||
Cash flow from investing activities | ||||||
Purchases of intangible assets | -- | -- | ||||
Purchases of property, plant and equipment | (45 | ) | (502 | ) | ||
Net cash used in investing activities | (45 | ) | (502 | ) | ||
Cash flow from financing activities | ||||||
Proceeds from issuance of shares, net of transaction costs | 2,151 | -- | ||||
Proceeds from exercise of share options | 1 | -- | ||||
Proceeds from borrowings | -- | 193 | ||||
Redemption of financial lease | -- | (8 | ) | |||
Net cash generated by financing activities | 2,152 | 185 | ||||
Net increase/(decrease) in cash and cash equivalents | (6,676 | ) | (8,084 | ) | ||
Currency effect cash and cash equivalents | (413 | ) | (1,314 | ) | ||
Cash and cash equivalents, at beginning of the period | 59,200 | 94,865 | ||||
Cash and cash equivalents at the end of the period | 52,111 | 85,467 |
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