OncoMed Pharmaceuticals Reports Third Quarter 2016

New Post Public Reply Private Reply Replies (0) Message Board
News Desk 2018
OncoMed Pharmaceuticals Reports Third Quarter 2016 Financial Results

Ends Quarter with $207 Million Cash Enrollment Complete in Phase 2 Trials for Demcizumab and Tarextumab; On Track for Data in 1H 2017

OncoMed Management to Host Conference Call/Webcast this Afternoon at 4:30 p.m. ET/1:30 p.m. PT

REDWOOD CITY, Calif., Nov. 01, 2016 (GLOBE NEWSWIRE) -- OncoMed Pharmaceuticals, Inc. (Nasdaq: OMED ), a clinical-stage company focused on discovering and developing novel anti-cancer stem cell and immuno-oncology therapeutics, today reported third quarter financial results.  As of September 30, 2016, cash, cash equivalents and short-term investments totaled $207.6 million. 

“OncoMed remains focused on execution across our pipeline, completing enrollment in two randomized Phase 2 trials for demcizumab and tarextumab and driving toward randomized Phase 2 results and potential partner opt-ins in the first half of 2017,” said Paul J. Hastings, Chairman and Chief Executive Officer.  “Additionally, we will continue to generate new data on multiple compounds in the clinic, and we expect to file INDs for two immuno-oncology programs in late 2016 though the first half of 2017.”

Q3 Highlights

  • Completed enrollment of 207 patients a month ahead of schedule in the Phase 2 YOSEMITE trial of demcizumab (anti-DLL4, OMP-21M18) in combination with Abraxane ® (paclitaxel protein-bound particles for injectable suspension) (albumin bound) plus gemcitabine in first-line metastatic pancreatic cancer.  Topline results are expected in the first half of 2017, enabling a potential opt-in by Celgene Corporation (Celgene).  
  • Completed enrollment of 145 previously untreated patients with extensive-stage small cell lung cancer (SCLC) three months ahead of schedule in the Phase 2 PINNACLE clinical trial of tarextumab (anti-Notch2/3, OMP-59R5) in combination with etoposide and platinum-based chemotherapy.  Topline are results expected in the first half of 2017, enabling a potential opt in by GlaxoSmithKline (GSK).  
  • Presented interim data from the Phase 1b clinical trials of vantictumab (anti-Fzd, OMP-18R5) and ipafricept (FZD8-Fc, OMP-54F28) in pancreatic cancer at the European Society of Medical Oncology (ESMO) 2016 Congress.  OncoMed expects to submit data packages for both vantictumab and ipafricept to Bayer Pharma AG (Bayer) for opt-in consideration during the first half of 2017.

Development updates

OncoMed’s Phase 2 DENALI clinical trial of demcizumab in combination with carboplatin/pemetrexed in first-line non-small cell lung cancer (NSCLC) has enrolled 81 patients as of October 31, 2016.  Based on the evolving treatment landscape for front-line NSCLC, OncoMed has stopped further enrollment of patients in this Phase 2 randomized clinical trial and plans to continue to treat currently enrolled patients and analyze the data from those patients in time to support the YOSEMITE data and the potential opt-in package in the first half of 2017.  Additionally, OncoMed will supplement the opt-in package with interim safety, biomarker, and early efficacy data from its ongoing Phase 1b trial of demcizumab combined with pembrolizumab.  OncoMed anticipates having response rate, progression-free survival, interim overall survival and safety data for DENALI in parallel with the results of YOSEMITE.  DENALI data combined with the Phase 1b combination data with demcizumab and pembrolizumab will inform future development of demcizumab in NSCLC.

GSK has notified OncoMed of its decision to focus its current collaboration with OncoMed on tarextumab in SCLC based on the PINNACLE study and to terminate its option on the brontictuzumab (anti-Notch1, OMP-52M51) program.  As a result of the termination, OncoMed will retain the worldwide rights to develop brontictuzumab.

OncoMed will continue its ongoing efforts with investigators to plan the conduct of a Phase 1b clinical trial of brontictuzumab in combination with trifluridine and tipiracil tablets (Lonsurf ® ) in third-line colorectal cancer.  The trial includes enrollment of biomarker-positive patients whose tumors express the activated form of Notch1.  OncoMed has previously presented Phase 1 data that suggest brontictuzumab has single-agent activity in patients with tumors that are positive for the Notch1 biomarker.  The prevalence of activated Notch1 in colorectal cancer is expected to be about 50 percent.  Enrollment in the Phase 1b study is expected to commence in late 2016 or early 2017. 

2016 Upcoming Milestones

  • Present first-in-human data for anti-DLL4/VEGF (OMP-305B83) and anti-RSPO3 (OMP-131R10) from ongoing Phase 1 trials at the EORTC-NCI-AACR Molecular Targets and Cancer Therapeutics Symposium being held in Munich, Germany November 29-December 2, 2016.  
  • File an Investigational New Drug (IND) application with the U.S. Food and Drug Administration (FDA) before year-end for one of two immuno-oncology therapeutic candidates:  IO#2, partnered with Celgene, or GITRL-Fc, a wholly owned OncoMed asset.  A second IND application is expected to follow in the first half of 2017. 

Third Quarter 2016 Financial Results

Cash , cash equivalents and short-term investments totaled $207.6 million as of September 30, 2016, compared to $171.5 million as of June 30, 2016.  The company’s cash balance includes net proceeds of $59.2 million from a follow-on offering completed August 23, 2016.

Revenues for the three months ended September 30, 2016 were $5.9 million, an increase of $1.2 million, compared to total revenue of $4.7 million for the three months ended September 30, 2015.  This increase was primarily due to amortization of the $70.0 million safety milestone achieved in the fourth quarter of 2015.

Research and development (R&D) expenses were $27.4 million for the third quarter of 2016 compared with $24.7 million for the same period in 2015.  Higher R&D expenditures during the third quarter 2016 were attributable to increased manufacturing costs for the IO#2 and GITRL-Fc programs, increased clinical costs for the anti-RSPO3 and vantictumab programs and increased personnel costs.  These increases were partially offset by a decrease in 2016 spending for the tarextumab program.

General and administrative (G&A) expenses were $4.5 million for the quarters ended September 30, 2016 and September 30, 2015.  G&A costs during the third quarter 2016 increased due to personnel costs, offset by financing costs in the third quarter of 2015 related to the filing of the Form S-3 registration statement in June 2015.

Net loss for the third quarter 2016 was $25.9 million ($0.77 per share), compared to $24.5 million ($0.81 per share) for the same period of 2015.  The change in net loss from the same quarter in 2015 was primarily attributable to an increase in research and development expenses.

Conference Call Today

OncoMed management will host a conference call today beginning at 4:30 p.m. ET/1:30 p.m. PT to review third quarter 2016 financial results and recent progress. 

Analysts and investors can participate in the conference call by dialing 1-855-420-0692 (domestic) and 1-484-756-4194 (international) using the conference ID#22966202.  A webcast of the conference call will be accessible through a link in the Investor Relations section of the OncoMed website: http://www.oncomed.com .  An audio replay of the conference call can be accessed by dialing 1-855-859-2056 (domestic) or 1-404-537-3406 utilizing the conference ID number listed above.  The web broadcast of the conference call will be available for replay through December 31, 2016 via the OncoMed website.

About OncoMed Pharmaceuticals OncoMed Pharmaceuticals is a clinical-stage company focused on discovering and developing novel anti-cancer stem cell and immuno-oncology therapeutics.  OncoMed has seven anti-cancer therapeutic candidates in clinical development, including demcizumab (anti-DLL4, OMP-21M18), tarextumab (anti-Notch2/3, OMP-59R5), brontictuzumab (anti-Notch1, OMP-52M51), anti-DLL4/VEGF bispecific antibody (OMP-305B83), vantictumab (anti-FZD, OMP-18R5), ipafricept (FZD8-Fc, OMP-54F28), and anti-RSPO3 (OMP-131R10), which each target key cancer stem cell signaling pathways including Notch, Wnt and R-spondin LGR.  OncoMed is advancing its wholly owned GITRL-Fc candidate and an undisclosed immuno-oncology candidate (IO#2) toward clinical trials in the 2016-2017 timeframe.  OncoMed has formed strategic alliances with Celgene Corporation, Bayer Pharma AG and GlaxoSmithKline (GSK). 

Additional information can be found at the company's website: www.oncomed.com .

Forward-Looking Statements To the extent that statements contained in this press release are not descriptions of historical facts regarding OncoMed Pharmaceuticals, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including OncoMed's expectations regarding the timing of results from Yosemite, Pinnacle, DENALI, and OncoMed’s other clinical trials; the timing and presentation of OncoMed’s submission of opt-in data packages for demcizumab, tarextumab, vantictumab and ipafricept to its partners; the data to  be included in the opt-in data packages; the potential for and timing of opt-in decisions by Celgene, GSK, and Bayer; OncoMed’s rights to the brontictuzumab program; OncoMed’s ability to advance its development pipeline and generate new data on its product candidates in the clinic; the potential single-agent activity of brontictuzumab in tumors positive for activated Notch1; the prevalence of activated Notch1 in colorectal cancer; OncoMed’s future development plans for its product candidates, including brontictuzumab, IO#2 and GITRL-Fc, and the timing thereof; and the timing of the filing of IND applications with the FDA.  Such forward-looking statements involve substantial risks and uncertainties that could cause OncoMed's clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties inherent in the preclinical and clinical development process; OncoMed's dependence on its collaboration partners, including Celgene, GSK and Bayer, for the funding of its partnered programs; OncoMed's ability to raise additional capital to support the development of its unpartnered programs; OncoMed's reliance on third parties to conduct certain preclinical studies and all of its clinical trials; OncoMed's reliance on single source third-party contract manufacturing organizations to manufacture and supply its product candidates; OncoMed's ability to discover, develop and commercialize additional product candidates; and OncoMed's dependence on its key executives. OncoMed undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to OncoMed's business in general, see OncoMed's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (SEC) on March 10, 2016, OncoMed's Quarterly Report on Form 10-Q filed with the SEC on November 1, 2016, and OncoMed’s other periodic reports filed with the SEC.

ONCOMED PHARMACEUTICALS, INC.  
Condensed Statements of Operations  
(Unaudited)  
(Amount in thousands, except share and per share data)  
                 
  Three Months Ended   Nine Months Ended  
  September 30,   September 30,  
                 
    2016       2015       2016       2015    
                 
Total revenue: $   5,919     $   4,687     $   18,935     $   19,060    
                 
Operating expenses:                
Research and development    27,361       24,712       85,467       66,190    
General and administrative    4,493       4,536       14,464       13,607    
Total operating expenses    31,854       29,248       99,931       79,797    
Loss from operations    (25,935 )     (24,561 )     (80,996 )     (60,737 )  
Interest and other income, net    80       94       247       143    
Loss before income taxes   (25,855 )     (24,467 )     (80,749 )     (60,594 )  
Income tax provision   9       12       15       35    
Net loss $   (25,864 )   $   (24,479 )   $   (80,764 )   $   (60,629 )  
   
Net loss per common share, basic and diluted  $   (0.77 )   $   (0.81 )   $   (2.57 )   $   (2.02 )  
Shares used to compute net loss per common share, basic and diluted    33,758,423         30,072,662         31,435,446         30,001,697    
                 

 

ONCOMED PHARMACEUTICALS, INC.
Condensed Balance Sheets
(Unaudited)
(Amount in thousands)
       
  September 30, 2016   December 31, 2015
       
Cash, cash equivalents and short-term investments $   207,590     $   157,279  
Prepaid and other assets     10,598         80,608  
Total assets $   218,188     $   237,887  
       
Deferred revenue $   185,186     $   201,155  
Other liabilities     36,183         33,181  
Stockholders' equity (deficit)     (3,181 )       3,551  
Total liabilities and stockholders' equity (deficit) $   218,188     $   237,887  
       

 

 

 

Scroll down for more posts ▼

Top 10 Most Recent News Articles

WeaveGrid Powers EVConnectNC: Charging Incentives Launched

Updated Category News Views 139

Transforming Utilities with EVConnectNC In a fresh move by WeaveGrid, North Carolina's Electric Cooperatives have teamed up to roll out EVConnectNC. This innovative program aims to manage the burgeoning demand for electric vehicle (EV) charging in rural and suburban areas under North Carolina's cooperative umbrella. Think of it as a smart way to handle new loads without...

Continue Reading
Novo's Research Unlocks New Insights into Food Noise

Updated Category News Views 250

Unpacking the Science Behind Food Noise When folks think about losing weight, most picture shedding pounds and fitting into those elusive smaller jeans. But get this—there’s a curveball called ‘food noise’ that’s making waves in obesity treatment. Novo Nordisk’s semaglutide injections are shaking things up, cutting down on those persistent thoughts about food....

Continue Reading
CARsgen's CAR-T Breakthrough on China's Insurance List

Updated Category News Views 254

A Game Changer for CAR-T Therapies There's a breeze of optimism blowing from Shanghai these days—a rare sensation in this market of endless skirmishes. CARsgen Therapeutics Holdings Limited, a company entrenched in the development of cutting-edge CAR T-cell therapies, just notched a victory. They've announced that their CAR T-cell therapy product, satricabtagene...

Continue Reading
El Pollo Loco Faces Class Action Over Wage Practices

Updated Category News Views 353

Alright, here's where things start sizzling—El Pollo Loco, the fast-food chicken chain whose name translates to 'The Crazy Chicken'—is in a legal pickle. The lawsuit hanging over their heads could spell a sticky situation for them and possibly ripple through the fast-food industry. The suit, filed by the steadfast firm Blumenthal Nordrehaug Bhowmik De Blouw LLP, has...

Continue Reading
SmallRig Boosts Art-Driven Innovation in AI Era

Updated Category News Views 148

The Interplay of Art and AI In a world where the lines between man and machine blur faster than ever, creators like SmallRig are boldly asking: what role should authenticity play when AI takes the stage? The Shenzhen International Art Museum and SmallRig stood shoulder to shoulder, tackling this head-scrambling question with a global gathering of art and tech giants. It's...

Continue Reading
Fluence Energy Faces Leadership Departures Amid Legal Woes

Updated Category News Views 155

Fluence Energy's Rocky Road Continues It's chaos once again in the halls of Fluence Energy (NASDAQ:FLNC). The ship seems to drift further from solid ground as their CEO and CFO candidly decided to jump ship, shaking investor confidence even more vigorously. The market's reaction was swift and brutal: a nasty 9% share drop, leaving investors with more than just a headache....

Continue Reading
HONGQI's EHS4 Launch in Europe: Bridging East and West

Updated Category News Views 127

Revving Up a New Chapter: HONGQI in Venice There's a new player in the European automotive scene, and it's rolling in with more style than a Venetian gondola. HONGQI, a name that's been turning gears in China since '58, is packing its suitcases full of Eastern elegance and landing straight in Venice with the all-electric EHS4. On November 16, the brand is set to unveil...

Continue Reading
Novo's CagriSema Trial Shows Promising Obesity Results

Updated Category News Views 321

Novo's Latest Weight Loss Gamble Well, look what we have here. Novo Nordisk is shaking up the obesity treatment scene with some bold numbers from their REDEFINE 9 trial. The investigational CagriSema combo of amylin analog and GLP-1 receptor agonist has churned out an eyeball-popping near 21% weight loss. For context, we're staring down the barrel of numbers far meatier...

Continue Reading
Lilly's Obesity Breakthroughs: A Step Beyond the Scale

Updated Category News Views 143

Pushing the Boundaries of Obesity Treatment Alright, let's cut through the noise and get to what really matters here. Eli Lilly is taking on obesity treatment like it's Clash of the Titans at this year's ObesityWeek 2026 in Washington, D.C. Forget just dropping pounds—Lilly wants to reshape how we think about obesity entirely. They're not just leaning into the scale,...

Continue Reading
Luvme Hair Offers Wig Variety for Winter Fashion

Updated Category News Views 313

Adding Flair to Winter Looks A style kick-off from the fashion world: Luvme Hair is flipping the table on winter wardrobes with a new collection of wigs. As the weather ramps up the need for thick coats and cumbersome layers, these long hairstyles offer a little extra swing, bringing dimension into the mix. Fancy a change from traditional winter hibernation? Here’s what...

Continue Reading

Top 5 Most Recently Viewed Articles

Understanding Total Voting Rights: A Crucial Overview

Updated Category News Views 192

Insights into Total Voting Rights and Capital Octopus AIM VCT plc is a company that regularly updates its shareholders regarding vital information, including total voting rights and capital structure. Current Share Capital Details As of the latest disclosure period, Octopus AIM VCT plc has an issued share capital comprising 223,655,160 Ordinary shares, each valued at 1...

Continue Reading
Understanding Market Sentiment for Bio-Techne's Stock

Updated Category News Views 130

Analyzing Bio-Techne's Market Position Bio-Techne (NYSE: TECH) has recently seen an increase in the short percent of float, now standing at 29.12% since its last report. This translates to approximately 5.08 million shares sold short, making up 3.68% of all available regular shares for trading. With the current trading volume, it would typically take about 2.66 days for...

Continue Reading
Innovative Developments in Wound Care by Kane Biotech Inc.

Updated Category News Views 120

Advancements in Wound Care from Kane Biotech Inc. WINNIPEG, Manitoba — Kane Biotech Inc. (TSX-V:KNE) is making headlines with groundbreaking clinical and scientific advancements in wound care. The company recently showcased its innovative data during the Innovations in Wound Healing Annual Meeting, an event dedicated to revolutionizing treatment in this critical field....

Continue Reading
Senior Helpers Achieves Recognition as a Leading Franchise

Updated Category News Views 178

Senior Helpers Achieves Recognition as a Leading Franchise Independent Survey Shows Franchise Owners Are Highly Satisfied with Senior Helpers' Support and Overall Performance Senior Helpers has recently been awarded the title of a Top Franchise for 2025 by Franchise Business Review (FBR). This year marks a significant milestone as it is FBR's 20th year of recognizing...

Continue Reading
Bearish Moves: What Big Players Think of Super Micro Computer

Updated Category News Views 232

Diving into Super Micro Computer's Options Landscape You gotta love this market, right? Sometimes it’s a real gut check, and right now, Super Micro Computer (NASDAQ:SMCI) is at the forefront of some, let’s say, interesting options activity. Financial giants are making bearish moves—like, big-time bearish. Our look into the options history for good ol' SMCI shook out...

Continue Reading