Allos Therapeutics, Inc. (Nasdaq: ALTH) today reported financial
results for the three months ended March 31, 2011, and announced
that the Company and Mundipharma International Corporation Limited
(Mundipharma) have entered into a strategic collaboration agreement
to co-develop FOLOTYN® (pralatrexate injection). Under the
agreement, Allos retains full commercialization rights for FOLOTYN
in the United States and Canada, with Mundipharma having exclusive
rights to commercialize FOLOTYN in all other countries.
Highlights:
- FOLOTYN net product sales increased 47%
to $10.9 million in Q1 2011, compared to $7.4 million in Q1
2010.
- Net loss decreased to $15.2 million or
$0.14 per share in Q1 2011, compared to $20.5 million or $0.20 per
share in Q1 2010.
- As of March 31, 2011, Allos had no
debt and $79.4 million in total cash, cash equivalents and
investments. The Company’s cash position as of March 31, 2011 does
not include the upfront payment to be received in May 2011 under
the collaboration agreement with Mundipharma.
“In the first quarter, we continued to make important progress
with the trial, use and adoption of FOLOTYN for patients with
relapsed or refractory PTCL in the U.S.,” said Paul L. Berns,
president and chief executive officer of Allos Therapeutics. “In
addition, today we achieved a key objective by securing a strategic
partner to help advance the global product development and
commercialization plan for FOLOTYN. We believe Mundipharma is an
ideal global partner, with substantial resources and a demonstrated
track record of success in bringing hematology/oncology drugs to
market in Europe. Our key objectives for the remainder of the year
include growing U.S. sales of FOLOTYN for relapsed or refractory
PTCL, advancing studies of FOLOTYN in other hematologic
malignancies, and expanding the commercial potential of FOLOTYN
outside the U.S. by pursuing regulatory approval in the EU.”
First Quarter 2011 Financial Results
In January 2010, the Company commenced the commercial launch of
FOLOTYN – the only drug approved in the U.S. for the treatment of
patients with relapsed or refractory peripheral T-cell lymphoma
(PTCL). Net product sales for Q1 2011 were $10.9 million, compared
to $7.4 million in Q1 2010, a 47% increase year-over-year.
Net loss for Q1 2011 was $15.2 million, or $0.14 per share,
compared to $20.5 million, or $0.20 per share, for Q1 2010.
Total operating costs and expenses, excluding non-cash stock
based compensation expense, for Q1 2011 were $22.4 million,
compared to $25.1 million for Q1 2010. Stock based compensation
expense for Q1 2011 was $3.7 million, compared to $2.9 million for
Q1 2010.
- Cost of sales for Q1 2011 was $0.9
million, compared to $0.7 million in Q1 2010.
- Research and development expenses for
Q1 2011 were $7.5 million, compared to $9.3 million in Q1
2010.
- Selling, general and administrative
expenses for Q1 2011 were $17.6 million, compared to $17.9 million
in Q1 2010.
As of March 31, 2011, the Company had no debt, and $79.4
million in total cash, cash equivalents and investments. The
Company’s cash position as of March 31, 2011, does not include the
$50 million upfront payment to be received in May 2011 under the
strategic collaboration with Mundipharma, of which 20%, or $10
million, will be payable by Allos to the licensors of FOLOTYN under
the terms of the Company’s license agreement with Sloan-Kettering
Institute for Cancer Research, SRI International and Southern
Research Institute.
Strategic Collaboration with Mundipharma
Allos and Mundipharma jointly announced today that the companies
have entered into a strategic collaboration agreement to co-develop
FOLOTYN® (pralatrexate injection). Under the agreement, Allos
retains full commercialization rights for FOLOTYN in the United
States and Canada, with Mundipharma having exclusive rights to
commercialize FOLOTYN in all other countries. Under the
collaboration, Allos will receive an upfront payment of $50 million
and potential regulatory and commercial progress- and
sales-dependent milestone payments of up to $310.5 million. Allos
is also entitled to receive tiered double-digit royalties based on
net sales of FOLOTYN within Mundipharma’s licensed territories.
Allos and Mundipharma will jointly fund development costs,
initially on a 60:40 basis, which will change to a 50:50 basis if
certain pre-defined milestones are achieved, including approval of
the Marketing Authorisation Application (MAA) currently under
review to market FOLOTYN in the European Union. Development funding
by Mundipharma will support jointly agreed-upon clinical
development activities, including, but not limited to, the planned
Phase 3 studies of FOLOTYN in previously undiagnosed PTCL and
combination with bexarotene in relapsed or refractory cutaneous
T-cell lymphoma (CTCL). Pursuant to a separate supply agreement
with Mundipharma Medical Company, an affiliate of Mundipharma,
Allos will supply FOLOTYN for Mundipharma’s clinical and commercial
uses. Please see separate press release dated today for additional
information.
Financial Guidance for 2011
Allos is introducing 2011 financial guidance for net product
sales of approximately $48 to $55 million and for cost of sales of
approximately $5 to $6 million. Allos reaffirms prior financial
guidance that total operating costs and expenses, excluding cost of
sales and non-cash stock-based compensation expense, are expected
to approximate $95 to $98 million for 2011. Stock-based
compensation expense is expected to approximate $13 to $15 million
for 2011.
The foregoing guidance does not account for the financial impact
of the strategic collaboration with Mundipharma. The Company plans
to update its 2011 income statement guidance for the impact of the
strategic collaboration in connection with the reporting of its
second quarter 2011 financial results.
Allos expects to end 2011 with approximately $88 to $96 million
of cash, cash equivalents and investments. This guidance
includes:
- the $50 million upfront payment to be
received in May 2011 under the strategic collaboration with
Mundipharma, net of the $10 million sublicense fee to be paid by
Allos to the licensors of FOLOTYN; and
- the expected funding of FOLOTYN
development costs for the remainder of 2011 from Mundipharma.
The Company’s year-end 2011 cash guidance does not include
potential regulatory and commercial progress milestone payments
under the strategic collaboration with Mundipharma associated with
the potential regulatory approval and first commercial sale of
FOLOTYN in Europe.
Gross to net sales adjustments are expected to approximate 12%
for 2011. Cost of sales is expected to approximate 10% of net
product sales for 2011, which includes the current 8% royalty on
FOLOTYN sales. Actual financial results for 2011 will vary based
upon many factors, including the amount of FOLOTYN sales and rate
of patient enrollment in FOLOTYN clinical trials that are ongoing
and planned for initiation in 2011.
Other Recent Highlights
- Reached agreement with U.S. Food and
Drug Administration under its Special Protocol Assessment (SPA)
process on the design of the Company’s Phase 3 trial of sequential
FOLOTYN in previously untreated patients with PTCL following CHOP
or a CHOP-like chemotherapy regimen.
- Announced that the Journal of Clinical
Oncology has published data from the Company’s pivotal Phase 2
PROPEL study demonstrating clinical activity of FOLOTYN in patients
with relapsed or refractory PTCL.
- Received a permanent Level II Health
Care Common Procedure Coding System (HCPCS) J-Code for FOLOTYN from
the Centers for Medicare and Medicaid Services (CMS) effective for
dates of service on or after January 1, 2011.
Key Corporate Objectives for the Remainder of 2011
- Drive growth in U.S. sales of FOLOTYN
for relapsed or refractory PTCL
- Pursue regulatory approval to market
FOLOTYN in the European Union for relapsed or refractory PTCL
- The Company’s MAA was accepted for
review by the European Medicines Agency (EMA) in December 2010
- In the event the Company’s MAA is
approved, FOLOTYN will be commercialized in the European Union by
Mundipharma under the terms of the strategic collaboration
agreement between Allos and Mundipharma
- Advance FOLOTYN development program in
hematologic malignancies and pursue new indications
- Initiate Phase 3 trial of sequential
FOLOTYN in previously untreated patients with PTCL following CHOP
or a CHOP-like chemotherapy regimen
- Determine maximum tolerated dose and
obtain FDA agreement for Phase 3 trial of FOLOTYN in combination
with systemic bexarotene in patients with relapsed or refractory
CTCL
- Explore FOLOTYN’s utility in solid
tumors through targeted investments
- Ongoing collaboration with the NCCN
Oncology Research Program
- Complete ongoing Company-sponsored
studies in bladder and breast cancer
Conference Call Information
Allos will host a conference call today, May 10, 2011 at 4:30
p.m. ET, to review its first quarter 2011 financial results and to
discuss the details of the collaboration with Mundipharma.
Participants can access the call at 1-877-941-1466 (U.S.) or
+480-629-9724 (Canada and international). To access the live audio
webcast or the subsequent archived recording, visit the “Investors
- Presentations and Events” section of the Allos website at
www.allos.com. Webcast and telephone replays of the conference call
will be available approximately two hours after the completion of
the call. Callers can access the replay by dialing 800-406-7325
(domestic) or 303-590-3030 (international). The passcode is
4438057#. The webcast will be recorded and available for replay on
Allos’ website until May 24, 2011.
About Peripheral T-Cell Lymphoma
T-cell lymphomas comprise a biologically diverse group of blood
cancers that account for approximately 10% to 15% of all cases of
non-Hodgkin lymphoma (NHL).1-3 The Company estimates the current
annual incidence of PTCL to be approximately 5,900 patients in the
U.S. and approximately 6,000 to 7,000 patients in the top five
European markets. The outcome of patients with PTCL is poor and the
majority of patients ultimately have relapsed or refractory disease
to a variety of agents, including multi-agent chemotherapy with
CHOP (cyclophosphamide, doxorubicin, vincristine, and prednisone)
or CHOP-like regimens. The 5-year overall survival rate in these
patients is 25% to 40%, depending on sub-type.4-5
About FOLOTYN
FOLOTYN, a folate analogue metabolic inhibitor, was discovered
by Sloan-Kettering Institute for Cancer Research, SRI International
and Southern Research Institute and developed by Allos
Therapeutics. In September 2009, the FDA granted accelerated
approval for FOLOTYN for use as a single agent for the treatment of
patients with relapsed or refractory PTCL. This indication is based
on overall response rate. Clinical benefit such as improvement in
progression-free survival or overall survival has not been
demonstrated. FOLOTYN has been available to patients in the U.S.
since October 2009.
About Allos Therapeutics
Allos Therapeutics, Inc. (Nasdaq: ALTH) is a biopharmaceutical
company committed to the development and commercialization of
innovative anti-cancer therapeutics. Allos is currently focused on
the development and commercialization of FOLOTYN® (pralatrexate
injection), a folate analogue metabolic inhibitor. FOLOTYN is the
first and only drug approved in the U.S. for the treatment of
patients with relapsed or refractory peripheral T-cell lymphoma.
Allos is also developing FOLOTYN in other hematologic malignancies
and solid tumors. For additional information, please visit
www.allos.com.
IMPORTANT SAFETY INFORMATION
Warnings and PrecautionsFOLOTYN may suppress bone marrow
function, manifested by thrombocytopenia, neutropenia, and anemia.
Monitor blood counts and omit or modify dose for hematologic
toxicities.
Mucositis may occur. If ≥Grade 2 mucositis is observed, omit or
modify dose. Patients should be instructed to take folic acid and
receive vitamin B12 to potentially reduce treatment-related
hematological toxicity and mucositis.
Fatal dermatologic reactions may occur. Dermatologic reactions
may be progressive and increase in severity with further treatment.
Patients with dermatologic reactions should be monitored closely,
and if severe, FOLOTYN should be withheld or discontinued.
Tumor lysis syndrome may occur. Monitor patients and treat if
needed.
FOLOTYN can cause fetal harm. Women should avoid becoming
pregnant while being treated with FOLOTYN and pregnant women should
be informed of the potential harm to the fetus. Use caution and
monitor patients when administering FOLOTYN to patients with
moderate to severe renal function impairment.
Elevated liver function test abnormalities may occur and require
monitoring. If liver function test abnormalities are ≥Grade 3, omit
or modify dose.
Adverse Reactions
The most common adverse reactions were mucositis (70%),
thrombocytopenia (41%), nausea (40%), and fatigue (36%). The most
common serious adverse events are pyrexia, mucositis, sepsis,
febrile neutropenia, dehydration, dyspnea, and
thrombocytopenia.
Use in Specific Patient PopulationNursing mothers should
be advised to discontinue nursing or the drug, taking into
consideration the importance of the drug to the mother.
Drug InteractionsCo-administration of drugs subject to
renal clearance (e.g., probenecid, NSAIDs, and
trimethoprim/sulfamethoxazole) may result in delayed renal
clearance.
Please see FOLOTYN Full Prescribing Information at
www.folotyn.com.
Safe Harbor Statement
This press release contains forward-looking statements that are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements include statements regarding the status and prospects of
the our commercialization of FOLOTYN for patients with relapsed or
refractory peripheral T-cell lymphoma in the U.S.; our Marketing
Authorisation Application for FOLOTYN in Europe; our future product
development and regulatory strategies, including our intent to
develop or seek regulatory approval for FOLOTYN for additional
indications; our strategic collaboration with Mundipharma,
including the parties intent to co-develop FOLOTYN in additional
indications and Mundipharma’s potential commercialization of
FOLOTYN outside the United States and Canada; any statements
regarding our future financial performance, results of operations
or sufficiency of capital resources to fund our operating
requirements; and any other statements that are other than
statements of historical fact. In some cases, you can identify
forward-looking statements by terminology such as “may,” “will,”
“should,” “expects,” “intends,” “plans,” “anticipates,” “believes,”
“estimates,” “predicts,” “projects,” “potential,” “continue,” and
other similar terminology or the negative of these terms, but their
absence does not mean that a particular statement is not
forward-looking. Such forward-looking statements are not guarantees
of future performance and are subject to risks and uncertainties
that may cause actual results to differ materially from those
anticipated by the forward-looking statements. Important factors
that may cause actual results to differ materially include, but are
not limited to, risks and uncertainties associated with the
commercialization of FOLOTYN; the Company’s compliance with
applicable regulatory requirements, including the healthcare fraud
and abuse laws and the Company’s post-marketing requirements; that
the design of and data collected from the Company’s pivotal PROPEL
trial may not be adequate to demonstrate the safety and efficacy of
FOLOTYN for the treatment of patients with relapsed or refractory
PTCL, or otherwise be sufficient to support EMA approval; risks and
uncertainties relating to the establishment, implementation and
execution of the Company’s strategic collaboration with
Mundipharma, including the parties future product development and
commercialization strategies; and that the Company may lack the
financial resources and access to capital to support its future
operations, including its product development and commercialization
plans for FOLOTYN. Additional information concerning these and
other factors that may cause actual results to differ materially
from those anticipated in the forward-looking statements is
contained in the "Risk Factors" section of the Company's Annual
Report on Form 10-K for the year ended December 31, 2010, and in
the Company's other periodic reports and filings with the
Securities and Exchange Commission. The Company cautions investors
not to place undue reliance on the forward-looking statements
contained in this press release. All forward-looking statements are
based on information currently available to the Company on the date
hereof, and the Company undertakes no obligation to revise or
update these forward-looking statements to reflect events or
circumstances after the date of this presentation, except as
required by law.
Note to Editors: Please see joint Allos/Mundipharma press
release dated May 10, 2011 announcing the strategic
collaboration.
The Allos logo and FOLOTYN name are registered trademarks of
Allos Therapeutics, Inc.
References:
1.
The Non-Hodgkin's Lymphoma Classification
Project. A clinical evaluation of the InternationalLymphoma Study
Group classification of non-Hodgkin's lymphoma. Blood.
1997;89(11):3909-3908.
2.
Hennessy BT, Hanrahan EO, Daly PA.
Non-Hodgkin lymphoma: an update [review]. LancetOncol.
2004;5(6):341-353.
3.
O'Leary HM, Savage KJ. Novel therapies in
peripheral T-cell lymphomas [review]. Curr OncolRep.
2008;134(5):202-207.
4.
Savage KJ, Chhanabhai M, Gascoyne RD, et
al. Characterization of peripheral T-celllymphomas in a single
North American institution by the WHO classification. Ann
Oncol2004;15(10):1467-75.
5.
Savage KJ. Peripheral T-cell Lymphomas.
Blood Rev. 2007;21:201-216.
ALLOS THERAPEUTICS, INC.
CONDENSED STATEMENTS OF
OPERATIONS
(in thousands, except share and per
share information)
(unaudited)
Three Months Ended March 31, 2011
2010 Net product sales $
10,864 $ 7,407 Operating costs and expenses: Cost of sales,
excluding amortization expense 943 689 Research and development
7,497 9,285 Selling, general and administrative 17,552 17,932
Amortization of intangible asset 113 113 Total
operating costs and expenses 26,105 28,019 Operating
loss (15,241) (20,612) Interest and other income, net 38
65 Net loss ($15,203) ($20,547) Net loss per
share: basic and diluted ($0.14) ($0.20) Weighted
average shares: basic and diluted 105,527,387
104,602,134
ALLOS THERAPEUTICS, INC.
CONDENSED BALANCE SHEETS
(in thousands)
(unaudited)
March 31, December 31, 2011 2010
ASSETS Cash, cash equivalents and investments $ 79,417 $
98,565 Accounts receivable
12,970
12,076 Intangible asset, net 5,112 5,225 Other assets 3,770 2,645
Property and equipment, net 2,091 2,245 Total assets
$ 103,360 $ 120,756
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities $ 16,685 $ 22,558 Stockholders’ equity
86,675 98,198 Total liabilities and stockholders’ equity $
103,360 $ 120,756
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