Release Details
Coherus BioSciences Reports First Quarter 2016 Financial and Operating Results
CHS-1420 (adalimumab biosimilar) Formulation Patents to Issue in May
Completed Private Convertible Financing of
Received
First Quarter 2016 Highlights
- Oncology therapeutic franchise:
- CHS-1701 (pegfilgrastim (Neulasta®) biosimilar)
- Initiated follow-on pharmacokinetic and pharmacodynamic (PK/PD) study in
January 2016 , which will be part of the evidence used by Coherus to support a Biologics License Application (BLA) inthe United States . - Met co-primary endpoints in the BLA-enabling immunogenicity study in healthy volunteers initiated in 2015 and completed in
February 2016 .
- Initiated follow-on pharmacokinetic and pharmacodynamic (PK/PD) study in
- Announced pipeline addition of CHS-5217 (bevacizumab (Avastin®) biosimilar).
- CHS-1701 (pegfilgrastim (Neulasta®) biosimilar)
- Immunology (anti-TNF) therapeutic franchise:
- CHS-0214 (etanercept (Enbrel®) biosimilar)
- Met primary endpoint in a Phase 3 trial in rheumatoid arthritis in
January 2016 .
- Met primary endpoint in a Phase 3 trial in rheumatoid arthritis in
- CHS-1420 (adalimumab (HUMIRA®) biosimilar)
- Completed enrollment of the Phase 3 Psoriasis study in
March 2016 . - U.S patents 9,340,611 and 9,340,612 will issue to Coherus on
May 17 , 2016. U.S. patent 9,346,880 will issue to Coherus onMay 24 , 2016. These patents will expire in September 2033. The ‘611 patent concerns formulations of adalimumab that do not contain polyol. The ‘612 patent concerns formulations of adalimumab that do not contain polyol and surfactant. The ‘880 patent concerns formulations of adalimumab that do not contain surfactant. The issuance of these U.S. patents, along with pending foreign counterparts, reflects Coherus’ ongoing efforts to create and protect intellectual property that Coherus believes will enhance its ability to commercialize a Humira biosimilar. - Coherus filed its petition for Inter Partes Review (IPR) of AbbVie U.S. Patent 9,114,166 (‘166) entitled “Formulation of Human Antibodies for Treating TNF-α Associated Disorders”. The ‘166 patent generally concerns an isotonic formulation of TNF-α IgG1 antibody at a protein concentration of 50 mg/ml and pH of 4.0 to 8.0. Coherus expects the U.S. Patent Office to render its decision whether to institute the IPR no later than
mid-November 2016 .
- Completed enrollment of the Phase 3 Psoriasis study in
- CHS-0214 (etanercept (Enbrel®) biosimilar)
- Ophthalmology therapeutic franchise:
- Announced pipeline addition of CHS-3351 (ranibizumab (Lucentis®) biosimilar).
- Announced pipeline addition of CHS-3351 (ranibizumab (Lucentis®) biosimilar).
- Financial highlights:
- Received
$30 million milestone payment fromBaxalta for completing all visits in the two Phase 3 trials for CHS-0214 (etanercept (Enbrel®) biosimilar) inMay 2016 . - Closed on
$100 million private placement of senior convertible notes with an initial conversion price representing a 60% premium to the average last reported sale price per share of Coherus common stock over the preceding 15 trading days inFebruary 2016 .
- Received
“We continue to have strong execution on all three late-stage programs with the lead-up to registrational submissions. In early 2016, we announced positive data in BLA-enabling and Phase 3 trials for CHS-1701 and CHS-0214 respectively, enhanced our cash position with
First Quarter 2016 Financial Results
Total revenue for the first quarter 2016 was
Research and development (R&D) expenses for the first quarter 2016 were
General and administrative (G&A) expenses for the first quarter 2016 were
Net loss attributable to Coherus for the first quarter of 2016 was
Cash and cash equivalents totaled
“This past quarter represents the high point of R&D spending in 2016, and we project a quarter-to-quarter decline in R&D spending for the rest of the year, as we complete various registration enabling efforts,” said
2016 Guidance
- Oncology therapeutic franchise:
- CHS-1701 (pegfilgrastim biosimilar)
- Complete the follow-on PK/PD study by the end of the first half of 2016.
- File a 351(k) BLA in the U.S. directly thereafter.
- Initiate commercial partnering discussions for certain ex-U.S. territories.
- CHS-1701 (pegfilgrastim biosimilar)
- Immunology (anti-TNF) therapeutic franchise:
- CHS-0214 (etanercept biosimilar)
- Complete two Phase 1 bridging studies.
- File for MAA in conjunction with partner
Baxalta in late 2016.
- CHS-1420 (adalimumab biosimilar)
- Complete Phase 3 clinical trial in psoriasis in the second half of 2016.
- File a 351(k) BLA in the U.S. directly thereafter.
- Continue to advance intellectual property strategy.
- Initiate partnering discussions for the immunology (anti-TNF) therapeutic franchise in the second half of 2016, targeting an agreement in the first half of 2017.
- CHS-0214 (etanercept biosimilar)
- File one investigational new drug (IND) application for a second wave biosimilar candidate.
Conference Call Information
When:
Dial-in: (844) 452-6826 (toll free) or (765) 507-2587 (International)
Conference ID: 2374783
Webcast: http://investors.coherus.com
Please join the conference call at least 10 minutes early to register.
About
Coherus is a leading pure-play global biosimilar platform company that develops and commercializes high-quality therapeutics for major regulated markets. Biosimilars are intended for use in place of existing, branded biologics to treat a range of chronic and often life-threatening diseases, with the potential to reduce costs and expand patient access. Composed of a team of proven industry veterans with world-class expertise in process science, analytical characterization, protein production and clinical-regulatory development, Coherus is positioned as a leader in the global biosimilar marketplace. Coherus is advancing three late-stage clinical products towards commercialization, CHS-1701 (pegfilgrastim biosimilar), CHS-0214 (etanercept biosimilar) and CHS-1420 (adalimumab biosimilar), as well as developing a robust pipeline of future products, including CHS-5217 (bevacizumab biosimilar) and CHS-3351 (ranibizumab biosimilar). For additional information, please visit www.coherus.com.
Forward-Looking Statements
Except for the historical information contained herein, the matters set forth in this press release, including statements regarding Coherus’ plans, potential opportunities, expectations, projections, goals, objectives, milestones, strategies, product pipeline, clinical studies, product development, release of data and the potential benefits of its products under development are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including Coherus’ expectations regarding its ability to advance its CHS-1701, CHS-0214, CHS-1420, CHS-5217 and CHS-3351 biosimilar drug candidates, complete bridging studies for CHS-0214, complete its follow-on PK/PD study for CHS-1701, file BLAs for CHS-1701 and CHS-1420 in the U.S., file an MAA for CHS-0214 in the E.U., file one IND on a second wave biosimilar pipeline candidate, enter into collaborations for CHS-1701 commercialization ex-U.S. and advance its intellectual strategy for CHS-1420 including with respect to the issuance to Coherus of three U.S. patents on adalimumab formulations. Such forward-looking statements involve substantial risks and uncertainties that could cause our 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 clinical drug development process, including the regulatory approval process, the timing of our regulatory filings and other matters that could affect the availability or commercial potential of our biosimilar drug candidates, as well as possible patent litigation. Coherus 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 Coherus’ business in general, see Coherus’ Annual Report on Form 10-K for the year ended
Enbrel® and Neulasta® are registered trademarks of
HUMIRA® is a registered trademark of
Avastin® and Lucentis® are registered trademarks of
Coherus BioSciences, Inc. | |||||||||
Condensed Consolidated Statements of Operations | |||||||||
(in thousands, except share and per share data) | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2016 | 2015 | ||||||||
(unaudited) | |||||||||
Revenue: | |||||||||
Collaboration and license revenue | $ | 12,359 | $ | 5,810 | |||||
Total revenue | 12,359 | 5,810 | |||||||
Operating expenses: | |||||||||
Research and development | 65,313 | 36,467 | |||||||
General and administrative | 11,398 | 6,091 | |||||||
Total operating expenses | 76,711 | 42,558 | |||||||
Loss from operations | (64,352 | ) | (36,748 | ) | |||||
Interest expense | (837 | ) | — | ||||||
Other expense, net | (349 | ) | (4,091 | ) | |||||
Net loss | (65,538 | ) | (40,839 | ) | |||||
Net loss attributable to non-controlling interest | 150 | 114 | |||||||
Net loss attributable to Coherus | $ | (65,388 | ) | $ | (40,725 | ) | |||
Net loss per share attributable to Coherus, basic and diluted | $ | (1.67 | ) | $ | (1.22 | ) | |||
Weighted-average number of shares used in computing net loss per share attributable to Coherus, basic and diluted |
39,095,975 | 33,377,298 | |||||||
Coherus BioSciences, Inc. | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
(in thousands) | ||||||||
March 31, | December 31, | |||||||
2016 | 2015 | |||||||
(unaudited) | ||||||||
Assets | ||||||||
Cash and cash equivalents | $ | 179,558 | $ | 158,226 | ||||
Other assets | 46,678 | 54,158 | ||||||
Total assets | $ | 226,236 | $ | 212,384 | ||||
Liabilities and Stockholders’ Deficit | ||||||||
Deferred revenue | 82,606 | 94,959 | ||||||
Other liabilities | 210,508 | 124,354 | ||||||
Total stockholders' deficit | (66,878 | ) | (6,929 | ) | ||||
Total liabilities and stockholders’ deficit | $ | 226,236 | $ | 212,384 | ||||
CONTACT:Keith Vendola , M.D. Investor RelationsCoherus BioSciences, Inc. kvendola@coherus.com +1 (650) 437-6239