News Release
Constellation Pharmaceuticals Announces Third-Quarter 2020 Financial Results
- MANIFEST data update planned for the
American Society of Hematology (ASH) meeting in December
CAMBRIDGE, Mass.,
“Many myelofibrosis patients continue to have significant unmet needs despite available therapy,” said
“We look forward to providing an update of MANIFEST data for CPI-0610 at the upcoming ASH conference,” said
CPI-0610
- Constellation plans to provide its next MANIFEST data update at the
American Society of Hematology (ASH) inDecember 2020 , including 24-week data for SVR35 (≥35% spleen volume reduction) and TSS50 (50% improvement in Total Symptom Score) from 50-60 first-line and 90-100 second-line myelofibrosis patients. - Two oral presentations will focus on clinical data from JAK-inhibitor-naïve MF patients (Arm 3) and JAK-inhibitor-experienced MF patients being treated with CPI-0610 as an add-on to ruxolitinib (Arm 2).
- Three poster presentations will focus on translational data, clinical data from second-line patients being treated with CPI-0610 monotherapy (Arm 1), and the Phase 3 MANIFEST-2 trial in progress.
- The Company will also hold an investor event on
December 7, 2020 , to discuss these data. Event details will be provided later. - Abstracts to be published on
November 5, 2020 , will be based on theApril 17, 2020 , data cutoff also used for the Company’s presentation at theEuropean Hematology Association meeting inJune 2020 . Updated data will be presented at the ASH meeting. - Patient enrollment in Arm 3 of MANIFEST, the Phase 2 clinical trial for CPI-0610, has been completed at approximately 80 JAK-inhibitor-naïve MF patients.
- MANIFEST-2, the pivotal Phase 3 trial for CPI-0610, remains on track to begin patient enrollment in the fourth quarter of 2020.
ASH Oral Presentations
Title: CPI-0610, a Bromodomain and Extraterminal Domain Protein (BET) Inhibitor, in Combination with Ruxolitinib, in JAK-Inhibitor-Naïve Myelofibrosis Patients: Update of MANIFEST Phase 2 Study
Date and Time:
Presenter: Dr.
Title: CPI-0610, Bromodomain and Extraterminal Domain Protein (BET) Inhibitor, As “Add-on” to Ruxolitinib, in Advanced Myelofibrosis Patients with Suboptimal Response: Update of MANIFEST Phase 2 Study
Date and Time:
Presenter: Dr. Srdan Verstovsek, Medical Oncologist,
ASH Poster Presentations
Title: CPI-0610, a Bromodomain and Extraterminal Domain Protein (BET) Inhibitor, As Monotherapy in Advanced Myelofibrosis Patients Refractory / Intolerant to JAK Inhibitor: Update from Phase 2 MANIFEST Study
Session: 634. Myeloproliferative Syndromes: Clinical: Poster II
Date and Time:
Presenter: Dr.
Title: MANIFEST-2, a Global, Phase 3, Randomized, Double-Blind, Active-Control Study of CPI-610 and Ruxolitinib Vs. Placebo and Ruxolitinib in JAK-Inhibitor-Naïve Myelofibrosis Patients
Session: 634. Myeloproliferative Syndromes: Clinical: Poster III
Date and Time:
Presenter: Dr.
Title: The BET Inhibitor, CPI-0610, Promotes Myeloid Differentiation in Myelofibrosis
Session: 634. Myeloproliferative Syndromes: Clinical: Poster III
Date and Time:
Presenter: Dr.
CPI-0209
- The Phase 1 dose escalation portion of a Phase 1/2 clinical trial of the EZH2 inhibitor CPI-0209 is progressing well. Patient dosing has advanced through multiple dosing cohorts as planned.
- Data from the Phase 1 portion will guide our recommended Phase 2 dose selection for monotherapy and combination expansion arms in select tumor types.
- Clinical data will be supplemented with data on biomarkers to identify patients most likely to benefit.
Third Quarter 2020 Financial Results
- Cash, cash equivalents, and marketable securities as of September 30, 2020, were
$489 .4 million. - Research and development (R&D) expenses increased 56.7% year over year to $25.4 million in the third quarter of 2020, mainly due to increased clinical trial expenses.
- General and administrative (G&A) expenses grew 65.0% year over year to
$7 .9 million in the third quarter of 2020, primarily due to building out the organization of the company. - The net loss attributed to common shareholders increased 59.7% year over year to $33.8 million for the third quarter of 2020, mainly due to increased R&D and G&A expenses. The net loss per share attributable to common shareholders decreased 13.4% to
$0.71 per share due to an increase in shares outstanding as a result of the private placement inOctober 2019 and the public offerings inDecember 2019 andJune 2020 , offset in part by the increased net loss.
Nine Month 2020 Financial Results
- Research and development (R&D) expenses increased 42.3% year over year to $68.1 million in the first nine months of 2020, mainly due to increased clinical trial expenses.
- General and administrative (G&A) expenses grew 47.3% year over year to
$20 .8 million in the first nine months of 2020, primarily due to building out the organization of the company. - The net loss attributed to common shareholders increased 45.0% year over year to $89.0 million for the first nine months of 2020, mainly due to increased R&D and G&A expenses. The net loss per share attributable to common shareholders decreased 15.1% to
$2 .02 per share due to an increase in shares outstanding as a result of the private placement inOctober 2019 and the public offerings in December 2019 andJune 2020 , offset in part by the increased net loss.
Financial Guidance
Constellation expects that its current cash, cash equivalents, and marketable securities will fund operations into mid-2023.
Results of Operations (unaudited)
| Nine months ended |
Three months ended |
|||||||||||||||
| (In thousands, except share and per-share amounts) | 2020 | 2019 | 2020 | 2019 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | 68,145 | $ | 47,873 | $ | 25,443 | $ | 16,241 | ||||||||
| General and administrative | 20,803 | 14,125 | 7,935 | 4,810 | ||||||||||||
| Total operating expenses | 88,948 | 61,998 | 33,378 | 21,051 | ||||||||||||
| Loss from operations | (88,948 | ) | (61,998 | ) | (33,378 | ) | (21,051 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Interest income | 2,549 | 1,914 | 459 | 507 | ||||||||||||
| Gain on disposal of equipment | 29 | — | — | — | ||||||||||||
| Interest expense | (2,564 | ) | (1,258 | ) | (857 | ) | (605 | ) | ||||||||
| Total other income (expense), net | 14 | 656 | (398 | ) | (98 | ) | ||||||||||
| Loss before income taxes | (88,934 | ) | (61,342 | ) | (33,776 | ) | (21,149 | ) | ||||||||
| Income tax expense | 39 | — | — | — | ||||||||||||
| Net loss | $ | (88,973 | ) | $ | (61,342 | ) | $ | (33,776 | ) | $ | (21,149 | ) | ||||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (2.02 | ) | $ | (2.38 | ) | $ | (0.71 | ) | $ | (0.82 | ) | ||||
| Weighted average number of common shares used in net loss per share attributable to common stockholders, basic and diluted | 43,976,371 | 25,814,593 | 47,534,964 | 25,829,105 | ||||||||||||
| Comprehensive loss: | ||||||||||||||||
| Net loss | $ | (88,973 | ) | $ | (61,342 | ) | $ | (33,776 | ) | $ | (21,149 | ) | ||||
| Other comprehensive gain (loss): | ||||||||||||||||
| Unrealized gain (loss) on marketable securities | 140 | 1 | (121 | ) | (10 | ) | ||||||||||
| Total other comprehensive gain (loss) | $ | 140 | $ | 1 | $ | (121 | ) | $ | (10 | ) | ||||||
| Comprehensive loss | $ | (88,833 | ) | $ | (61,341 | ) | $ | (33,897 | ) | $ | (21,159 | ) | ||||
Consolidated Balance Sheets (unaudited)
| (In $ thousands) | 2020 | 2019 | ||||
| Cash and cash equivalents | $ | 116,996 | $ | 334,332 | ||
| Marketable securities | 372,358 | 49,602 | ||||
| Total current assets | 494,466 | 386,989 | ||||
| Total assets | 505,449 | 399,130 | ||||
| Current liabilities | 31,274 | 22,755 | ||||
| Long-term debt, net of current portion and discount | 24,088 | 29,642 | ||||
| Total liabilities | 62,679 | 61,546 | ||||
| Total stockholders’ equity | $ | 442,770 | $ | 337,584 | ||
Conference Call
Constellation will host a conference call at 8:00 AM EDT on October 29, 2020, to discuss its clinical programs and financial results. The event will be webcast live and can be accessed on the Investor Relations section of Constellation’s website at http://ir.constellationpharma.com/events-and-presentations/events. To participate in the live question-and-answer session, please dial (877) 473-2077 (domestic) or (661) 378-9662 (international) and refer to conference ID 7374769.
About MANIFEST
MANIFEST is an open-label Phase 2 clinical trial of CPI-0610 in patients with myelofibrosis (MF), a rare cancer of the bone marrow that disrupts the body’s normal production of blood cells. Constellation is evaluating CPI-0610 in combination with ruxolitinib in JAK-inhibitor-naïve MF patients (Arm 3), with a primary endpoint of the proportion of patients with a ≥35% spleen volume reduction from baseline (SVR35) after 24 weeks of treatment. Constellation is also evaluating CPI-0610, either as a monotherapy in patients who are resistant to, intolerant of, or ineligible for ruxolitinib and no longer on the drug (Arm 1), or as add-on therapy in combination with ruxolitinib in patients with a sub-optimal response to ruxolitinib or MF progression (Arm 2). Patients in Arms 1 and 2 are being stratified based on TD status. The primary endpoint for the patients in cohorts 1A and 2A, who were TD at baseline, is conversion to TI for 12 consecutive weeks. The primary endpoint for the patients in cohorts 1B and 2B, who were not TD at baseline, is the proportion of patients with a ≥35% spleen volume reduction from baseline after 24 weeks of treatment.
About MANIFEST-2
MANIFEST-2 is a global, blinded, randomized, Phase 3 clinical study with CPI-0610 in combination with ruxolitinib versus placebo plus ruxolitinib in JAK-inhibitor-naïve patients with primary myelofibrosis or post-ET or post-PV myelofibrosis, who have splenomegaly and symptoms requiring therapy. It is designed to enroll approximately 310 patients, randomized 1:1 to the CPI-0610 + ruxolitinib arm or the placebo + ruxolitinib arm. The primary endpoint of the study is a ≥35% reduction in spleen volume (SVR35) from baseline at 24 weeks. A key secondary endpoint of the study is 50% or greater improvement in Total Symptom Score (TSS50) from baseline at 24 weeks. Other endpoints include bone marrow fibrosis grade improvements, duration of transfusion independence, rate of red-blood-cell transfusion for the first 24 weeks, and hemoglobin response.
About
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties, including statements regarding the Company’s clinical development and regulatory plans, timelines, and prospects, the timing of availability of clinical trial data and the Company’s ability to fund its operations thru mi-2023. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in, or implied by, such forward-looking statements. These risks and uncertainties include, but are not limited to, risks associated with the Company’s ability to: obtain and maintain necessary approvals from the FDA and other regulatory authorities; continue to advance its product candidates in clinical trials; whether preliminary or interim data from a clinical trial will be predictive of the final results of the trial; replicate in later clinical trials positive results found in preclinical studies and early-stage clinical trials of CPI-0610 and CPI-0209; advance the development of its product candidates under the timelines it anticipates, or at all, in current and future clinical trials; obtain, maintain, or protect intellectual property rights related to its product candidates; manage expenses; raise the substantial additional capital needed to achieve its business objectives; the COVID-19 pandemic and general economic and market conditions. CPI-0610, CPI-1205 and CPI-0209 are investigational therapies and have not been approved by the FDA (or any other regulatory authority). For a discussion of other risks and uncertainties, any of which could cause the Company’s actual results to differ from those contained in the forward-looking statements, see the “Risk Factors” section, as well as discussions of potential risks, uncertainties, and other important factors, in the Company’s most recent filings 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 and should not be relied upon as representing the Company’s views as of any date subsequent to 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.
Contacts
Vice President, Investor Relations and Communications
Constellation Pharmaceuticals
+1 617-844-6859
kia.khaleghpour@constellationpharma.com
Ronald Aldridge
Senior Director, Investor Relations
Constellation Pharmaceuticals
+1 617-714-0539
ron.aldridge@constellationpharma.com
Lauren Arnold
Media Relations
MacDougall Biomedical Communications
+1 781-235-3060
larnold@macbiocom.com
Source: Constellation Pharmaceuticals