VY-AADC for advanced Parkinson’s disease on track for start of planned global, pivotal Phase 2-3 program during the middle of this year
Two IND filings expected from the ALS, Huntington’s disease and Friedreich’s ataxia programs for 2019
Recent AbbVie collaboration successfully leveraged Voyager’s gene therapy platform and expertise and strengthened the balance sheet to extend cash runway into early 2020
CAMBRIDGE, Mass., March 14, 2018 (GLOBE NEWSWIRE) -- Voyager Therapeutics, Inc. (NASDAQ:VYGR), a clinical-stage gene therapy company focused on developing life-changing treatments for severe neurological diseases today reported its fourth quarter and full year 2017 financial results, provided corporate highlights, goals and financial guidance and will host a conference call and webcast today at 8:00 a.m. ET to discuss these results.
“Our strong performance in 2017 was underscored by advancing our lead program VY-AADC for advanced Parkinson’s disease including successfully manufacturing our gene therapy product candidate using our baculovirus/Sf9 cell process and commercial-scale GMP runs, completing our dose-ranging Phase 1b clinical trial as well as our posterior trajectory trial to select both an optimal dose and delivery protocol for the planned pivotal trial, and reporting longer-term Phase 1b data with clinically meaningful and durable responses with this one-time treatment,” said Steven Paul, M.D., president and chief executive officer of Voyager Therapeutics. “This performance sets us up to initiate a planned pivotal program in the middle of this year, moving this potential treatment closer to the hundreds of thousands of advanced Parkinson’s disease patients who require better control of their motor function in order to improve their quality of life. Our preclinical pipeline targeting other severe neurological diseases continues to advance towards the clinic and with our recently announced collaboration with AbbVie, we continue to successfully leverage our gene therapy platform and expertise towards an exciting new area of vectorized immunotherapy initially to deliver monoclonal antibodies directed against tau for the treatment of Alzheimer’s disease and related neurodegenerative diseases.”
2017 and Recent Key Pipeline and Corporate Highlights
Corporate Goals and 2018 Financial Guidance
Voyager is committed to becoming the leading gene therapy company focused on severe neurological diseases with expertise in discovery, development, manufacturing and commercialization of gene therapy products for people living with these devastating diseases. During 2018, Voyager plans to achieve the following corporate goals towards fulfilling this commitment:
Fourth Quarter and Full Year 2017 Financial Results
For the fourth quarter and full year of 2017, Voyager reported:
A GAAP net loss of $11.8 million, or $0.40 per share, for the fourth quarter ended December 31, 2017, compared to a GAAP net loss of $14.7 million, or $0.57 per share, for the same period in 2016. The Company reported a GAAP net loss of $70.7 million, or $2.64 per share, for the full year ended December 31, 2017, compared to a net loss of $40.2 million, or $1.59 per share, for the same period in 2016.
Collaboration revenues of $6.3 million for the fourth quarter of 2017 compared to collaboration revenues of $2.4 million for the fourth quarter of 2016. Collaboration revenues of $10.1 million for the full year ended December 31, 2017 compared to collaboration revenues of $14.2 million for the full year ended December 31, 2016. Collaboration revenues reflect recognition of payment for research and development services provided by Voyager for various programs under the Sanofi Genzyme collaboration agreement. Collaboration revenues can vary based on quarterly assessments of expected or anticipated efforts under the collaboration. The increase in collaboration revenues for the fourth quarter 2017 compared to the same period in 2016 reflect revenue recognition as a result of Sanofi Genzyme’s decision not to exercise its option to the ex-U.S. rights to the Parkinson’s disease program and Voyager’s recognition of the portion of the agreement allocated to that license option. The decrease in collaboration revenues for the full year 2017 compared to the same period in 2016 reflects the change in the estimated period for reaching development milestones for certain preclinical programs under the collaboration agreement.
Research and development (R&D) expenses of $13.3 million for the fourth quarter ended December 31, 2017 compared to $12.7 million for the same period in 2016. R&D expenses of $62.3 million for the year ended December 31, 2017 compared to $42.2 million for the same period in 2016. The increase in R&D expenses related primarily to expenditures associated with the development of Voyager’s pipeline including the ongoing Phase 1 trial for VY-AADC, and increased personnel and facility costs to support the advancement of the pipeline programs.
General and administrative (G&A) expenses of $5.4 million for the fourth quarter ended December 31, 2017 compared to $3.5 million for the same period in 2016. G&A expenses of $19.7 million for the year ended December 31, 2017 compared to $13.3 million for the same period in 2016. The increase in G&A expenses was primarily due to personnel and facility costs to support Voyager’s pipeline programs.
Cash, cash equivalents, and marketable debt securities as of December 31, 2017 were $169.1 million.
Conference Call Information
Voyager will host a conference call and webcast today at 8:00 a.m. ET. The live call may be accessed by dialing (877) 851-3834 for domestic callers or +1 (631) 291-4595 for international callers and referencing conference ID number 3688788. A live audio webcast of the conference call will be available online from the Investors & Media section of Voyager’s website at www.voyagertherapeutics.com. The webcast will be archived for 30 days.
About Voyager Therapeutics
Voyager Therapeutics is a clinical-stage gene therapy company focused on developing life-changing treatments for severe neurological diseases. Voyager is committed to advancing the field of AAV gene therapy through innovation and investment in vector engineering and optimization, manufacturing and dosing and delivery techniques. Voyager’s pipeline focuses on severe neurological diseases in need of effective new therapies, including advanced Parkinson’s disease, a monogenic form of ALS called SOD1, Huntington’s disease, Friedreich’s ataxia, and neurodegenerative diseases related to defective or excess aggregation of tau protein in the brain including Alzheimer’s disease and severe, chronic pain. Voyager has broad strategic collaborations with Sanofi Genzyme, the specialty care global business unit of Sanofi, AbbVie, and the University of Massachusetts Medical School. Founded by scientific and clinical leaders in the fields of AAV gene therapy, expressed RNA interference and neuroscience, Voyager Therapeutics is headquartered in Cambridge, Massachusetts. For more information, please visit www.voyagertherapeutics.com.
Forward-Looking Statements
This press release contains forward-looking statements for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 and other federal securities laws. The use of words such as “may,” “might,” “will,” “would,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “undoubtedly,” “project,” “intend,” “future,” “potential,” or “continue,” and other similar expressions are intended to identify forward-looking statements. For example, all statements Voyager makes regarding its CEO transition plans, the initiation, timing, progress and reporting of results of its preclinical programs and clinical trials and its research and development programs, its ability to advance its AAV-based gene therapies into, and successfully initiate, enroll and complete, clinical trials, the potential clinical utility of its product candidates, its ability to continue to develop its product engine, its ability to develop manufacturing capability for its products and successfully transition its manufacturing process, its ability to perform under existing collaborations with, among others, Sanofi Genzyme and AbbVie and to add new programs to its pipeline, its ability to enter into new partnerships or collaborations, its expected cash, cash equivalents and marketable debt securities at the end of a fiscal period and anticipation for how long expected cash, cash equivalents and marketable debt securities will last, and the timing or likelihood of its regulatory filings and approvals, are forward looking. All forward-looking statements are based on estimates and assumptions by Voyager’s management that, although Voyager believes to be reasonable, are inherently uncertain. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that Voyager expected. Such risks and uncertainties include, among others, those related to the search for a new CEO; the initiation and conduct of preclinical studies and clinical trials; the availability of data from clinical trials; the expectations for regulatory submissions and approvals; the continued development of the product engine; Voyager’s scientific approach and general development progress; the availability or commercial potential of Voyager’s product candidates; the sufficiency of cash resources; need for additional financing; and the possibility and timing of Voyager’s partner’s exercise of their options to the collaboration programs. These statements are also subject to a number of material risks and uncertainties that are described in Voyager’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, as updated by its subsequent filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it was made. Voyager undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
Investor Relations:
Matt Osborne
Vice President of Investor Relations & Corporate Communications
857-259-5353
mosborne@vygr.com
Media:
Katie Engleman
Pure Communications, Inc.
910-509-3977
Katie@purecommunicationsinc.com
Selected Financial Information ($-amounts in thousands, except per share data) (Unaudited) | |||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
Statement of Operations Items: | 2017 | 2016 | 2017 | 2016 | |||||||||||||
Collaboration revenue | $ | 6,345 | $ | 2,362 | $ | 10,135 | 14,220 | ||||||||||
Operating expenses: | |||||||||||||||||
Research and development | 13,327 | 12,723 | 62,260 | 42,249 | |||||||||||||
General and administrative | 5,366 | 3,481 | 19,738 | 13,270 | |||||||||||||
Total operating expenses | 18,693 | 16,204 | 81,998 | 55,519 | |||||||||||||
Operating loss | (12,348 | ) | (13,842 | ) | (71,863 | ) | (41,299 | ) | |||||||||
Total other income (loss) | 550 | (477 | ) | 1,165 | 1,158 | ||||||||||||
Loss before income taxes | (11,798 | ) | (14,319 | ) | (70,698 | ) | (40,141 | ) | |||||||||
Income tax (benefit) provision | (31 | ) | 355 | — | 52 | ||||||||||||
Net loss | $ | (11,767 | ) | $ | (14,674 | ) | $ | (70,698 | ) | $ | (40,193 | ) | |||||
Net loss per share, basic and diluted | $ | (0.40 | ) | $ | (0.57 | ) | $ | (2.64 | ) | $ | (1.59 | ) | |||||
Weighted-average common shares outstanding, basic and diluted | 29,281,071 | 25,526,843 | 26,803,711 | 25,302,414 | |||||||||||||
December 31, | |||||||
Selected Balance Sheet Items | 2017 | 2016 | |||||
Cash, cash equivalents, and marketable debt securities | $ | 169,052 | $ | 174,418 | |||
Total assets | $ | 184,477 | $ | 189,566 | |||
Accounts payable and accrued expenses | $ | 12,517 | $ | 7,038 | |||
Deferred revenue | $ | 31,560 | $ | 41,582 | |||
Total stockholders’ equity | $ | 134,051 | $ | 135,922 |