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Share Name | Share Symbol | Market | Type |
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Sesen Bio Inc | NASDAQ:SESN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.6288 | 0.6005 | 0.629 | 0 | 01:00:00 |
Company to Host Conference Call in Conjunction with AUA Presentation on May 21, 2018
Eleven Biotherapeutics, Inc. (NASDAQ: EBIO), a late-stage clinical company developing next-generation antibody-drug conjugate (ADC) therapies for the treatment of cancer, today reported pipeline updates and operating results for the quarter ended March 31, 2018.
“2018 is set to be a transformational year for the company and, already in the first quarter, we have made important progress in advancing our lead program, Vicinium™, for high-grade non-muscle invasive bladder cancer, or NMIBC,” said Stephen Hurly, president and chief executive officer of Eleven Biotherapeutics. “Our Phase 3 registration trial, the VISTA Trial, investigating Vicinium for patients with high-grade NMIBC, is progressing well and recently completed enrollment. We look forward to presenting three-month data from the trial in an oral presentation at the American Urological Association Annual Meeting on May 21st, a significant catalyst for the company and our Vicinium program. High-grade NMIBC is a disease for which there is a desperate need for new treatment options, and we look forward to further exploring Vicinium as a potential treatment for these patients.”
Pipeline Progress and Updates
First Quarter 2018 Financial Results
Conference Call InformationThe company will host a conference call on May 21, 2018 at 5 p.m. ET to review the data being presented at AUA. To participate in the conference call, please dial (844) 831-3025 (domestic) or (315) 625-6887 (international) and refer to conference ID 4453267. The webcast can be accessed in the Investor Relations section of the company's website at www.elevenbio.com. The replay of the webcast will be available in the investor section of the company’s website at www.elevenbio.com for 60 days following the call.
About Vicinium™Vicinium™, also known as VB4-845, is Eleven Biotherapeutics’ lead product candidate and is a next-generation antibody-drug conjugate (ADC), developed using the company’s proprietary Targeted Protein Therapeutics platform, for the treatment of high-grade non-muscle invasive bladder cancer (NMIBC). Vicinium is comprised of a recombinant fusion protein that targets epithelial cell adhesion molecule (EpCAM) antigens on the surface of tumor cells to deliver a potent protein payload, Pseudomonas Exotoxin A (ETA). Vicinium is constructed with a stable, genetically engineered peptide linker to ensure the payload remains attached until it is internalized by the cancer cell, which is believed to decrease the risk of toxicity to healthy tissues, thereby improving its safety. In prior clinical studies conducted by Eleven Biotherapeutics, EpCAM has been shown to be overexpressed in NMIBC cells with minimal to no EpCAM expression observed on normal bladder cells. Eleven Biotherapeutics is currently conducting the Phase 3 VISTA Trial, designed to support the registration of Vicinium for the treatment of high-grade NMIBC in patients who have previously received two courses of bacillus Calmette-Guérin (BCG) and whose disease is now BCG-unresponsive. Three-month data from the ongoing trial are planned for presentation at the 2018 American Urological Association Annual Meeting on May 21, 2018, with 12-month data anticipated in mid-2019. Additionally, Eleven Biotherapeutics believes that Vicinium’s cancer cell-killing properties promote an anti-tumor immune response that may potentially combine well with immuno-oncology drugs, such as checkpoint inhibitors. The activity of Vicinium in BCG-unresponsive NMIBC is also being explored at the US National Cancer Institute in combination with AstraZeneca’s immune checkpoint inhibitor durvalumab.
About Eleven BiotherapeuticsEleven Biotherapeutics, Inc. is a late-stage clinical company advancing next-generation antibody-drug conjugate therapies for the treatment of cancer based on the company’s Targeted Protein Therapeutics platform. The company’s lead program, Vicinium™, also known as VB4-845, is currently in a Phase 3 registration trial, the VISTA Trial, for the treatment of high-grade non-muscle invasive bladder cancer. Three-month results from the VISTA Trial are planned for presentation at the 2018 American Urological Association Annual Meeting on May 21, 2018, with 12-month data anticipated in mid-2019. Vicinium incorporates a tumor-targeting antibody fragment and a protein cytotoxic payload into a single protein molecule designed to selectively and effectively kill cancer cells while sparing healthy cells. For more information, please visit the company’s website at www.elevenbio.com.
Cautionary Note on Forward-Looking StatementsAny statements in this press release about future expectations, plans and prospects for the Company, the Company’s strategy, future operations, and other statements containing the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue,” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties inherent in the initiation and conduct of clinical trials, our ability to successfully develop our product candidates and complete our planned clinical programs, our ability to obtain marketing approvals for our product candidates, expectations regarding our ongoing clinical trials, availability and timing of data from clinical trials, whether interim results from a clinical trial will be predictive of the final results of the trial or results of early clinical studies will be indicative of the results of future studies, the adequacy of any clinical models, expectations regarding regulatory approvals; expectations regarding the adequacy of our existing capital resources to fund our operations through early 2019; our ability to obtain additional capital to continue to fund operations and other factors discussed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent the Company’s views as of the date hereof. The Company anticipates that subsequent events and developments will cause the Company’s views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date hereof.
ELEVEN BIOTHERAPEUTICS, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(unaudited)(in thousands) March 31,2018 December 31,2017 Assets Current assets: Cash and cash equivalents $ 19,688 $ 14,680 Prepaid expenses and other current assets 638 301 Total current assets 20,326 14,981 Property and equipment, net 473 522 Restricted cash10
10 Intangible assets 46,400 46,400 Goodwill 13,064 13,064 Other assets 19 120 Total assets$
80,292
$ 75,097 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 1,393 $ 907 Accrued expenses 3,853 3,813 Total current liabilities 5,246 4,720 Other liabilities 260 215 Deferred tax liability 12,528 12,528 Contingent consideration 38,400 39,600 Stockholders' equity: Common stock 43 35 Additional paid-in capital 180,109 170,330 Accumulated deficit (156,294 ) (152,331 ) Total stockholders' equity 23,858 18,034 Total liabilities and stockholders' equity $ 80,292 $ 75,097 ELEVEN BIOTHERAPEUTICS, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS(unaudited)(in thousands, except per share data) Three Months Ended March 31, 2018 2017 Total revenue $ - $ 425 Operating expenses: Research and development 3,255 2,874 General and administrative 1,952 2,213 (Gain) loss from change in fair value of contingent consideration (1,200 ) 1,500 Total operating expenses 4,007 6,587 Loss from operations (4,007 ) (6,162 ) Other income, net 44 101 Net loss and comprehensive loss $ (3,963 ) $ (6,061 ) Net loss per share —basic and diluted $ (0.11 ) $ (0.25 ) Weighted-average number of common shares used in netloss per share —basic and diluted 35,674 24,610
View source version on businesswire.com: https://www.businesswire.com/news/home/20180515006611/en/
THRUSTMonique Allaire, 617-895-9511monique@thrustir.comorAlicia Davis, 910-620-3302alicia@thrustir.com
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