Announced positive topline results from the
Phase 2b FRONTIER 1 study of JNJ-2113
(formerly PN-235), a first-in-class oral peptide for the treatment
of moderate-to-severe plaque psoriasis; additional data to be
shared at medical conferences beginning in Q2 2023
Announced positive topline results from the
randomized withdrawal portion of the Phase 2 REVIVE study of
rusfertide in polycythemia vera (PV), with additional data to be
shared at medical conferences beginning in Q2 2023
Extended cash runway through end of 2025 with
the completion of an underwritten public offering of 5,750,000
shares with net proceeds of $108.1
million after deducting underwriting discounts and
commissions
NEWARK,
Calif., May 4, 2023 /PRNewswire/ -- Protagonist
Therapeutics (Nasdaq: PTGX) ("Protagonist" or "the Company") today
reported financial results for the first quarter ended March 31, 2023, and provided a corporate
update.
"The first quarter of 2023 was one of upward momentum for
Protagonist, driven by the positive topline data readout for
JNJ-2113, an oral first-in-class peptide partnered with the Janssen
Pharmaceutical Companies of Johnson & Johnson for the treatment
of moderate to severe plaque psoriasis, as well as strong
Phase 2 data from the randomized withdrawal portion of the Phase 2
REVIVE study of our wholly owned asset, rusfertide, now in a Phase
3 study in polycythemia vera," said Dinesh
V. Patel, Ph.D., President and CEO of Protagonist.
"Results from preclinical, Phase 1 and Phase 2b studies of JNJ-2113 will be presented at
medical conferences beginning later this month, continuing into the
early third quarter of this year. The Phase 2 data for rusfertide
in polycythemia vera further support its potential to provide
meaningful benefit in hematocrit control, significant reduction in
phlebotomy burden, and symptoms management to patients as part of a
therapeutic paradigm shift in polycythemia vera."
Dr. Patel continued, "We are also pleased to have strengthened
our balance sheet with the recent follow-on offering, which extends
our cash runway through year-end 2025. Our cash resources are
anticipated to fund various discovery and clinical development
initiatives, including the ongoing Phase 3 VERIFY study of
rusfertide in PV through to its completion and New Drug Application
filing."
Business & Pipeline Highlights
JNJ-2113 (formerly PN-235): First-in-Class Oral Peptide, an
IL-23 Receptor Antagonist
- Protagonist announced positive topline results for the Phase
2b FRONTIER 1 clinical trial of
JNJ-2113 in moderate-to-severe plaque psoriasis.
- Data from the 255-patient study showed that JNJ-2113 achieved
the study's primary efficacy endpoint, with a statically
significant greater proportion of patients who received JNJ-2113
achieving PASI-75 (a 75% improvement in skin lesions as measured by
the Psoriasis Area and Severity Index) responses compared to
placebo at Week 16 in all five treatment groups.
- A dose response was observed across five dosing regimens
spanning an eight-fold dose range.
- The treatment was well tolerated, with no meaningful difference
in frequency of adverse events across treatment groups versus
placebo.
- Data will be presented from various pre-clinical and clinical
studies on JNJ-2113 at medical conferences beginning in the second
quarter of 2023.
-
- Phase 1 and preclinical data of JNJ-2113 will be presented on
May 12, 2023, at the International
Societies for Investigative Dermatology (ISID) Meeting 2023. More
information on this presentation, entitled, "First-in-class oral
peptide systemically targeting the IL-23 pathway," is available on
the ISID 2023 website at isid2023.org.
- We expect the Phase 2b FRONTIER
data to be presented at an international medical conference in the
third quarter of 2023.
Rusfertide: Subcutaneous Injectable Hepcidin Mimetic for
Polycythemia Vera (PV) and Other Potential Indications
- The Company announced positive topline results from the
blinded, placebo-controlled, randomized withdrawal portion of the
Phase 2 REVIVE a study evaluating rusfertide in PV. Subjects
receiving rusfertide achieved statistically significant
improvements versus placebo in the primary endpoint centered around
hematocrit control and freedom from phlebotomy.
- More subjects receiving rusfertide during the blinded
randomized withdrawal portion of the REVIVE study were responders
compared with placebo (69.2% versus 18.5%, p=0.0003). During the 12
weeks of the blinded randomized withdrawal, only 2 of 26 subjects
on rusfertide were phlebotomized, keeping 92.3% of patients
phlebotomy free in the rusfertide arm (p=0.0003).
- These data suggest that rusfertide treatment results in a
highly statistically significant reduction in the need for
therapeutic phlebotomy in phlebotomy-dependent patients, leading to
rapid, sustained, and durable control of hematocrit levels below
45%.
- Rusfertide was well tolerated, with localized injection site
reactions comprising the majority of adverse events.
Public Offering of Common Stock and Full Exercise of
Underwriters' Option to Purchase Additional Shares
- Closed an underwritten public offering in April 2023 of 5,750,000 shares of common stock at
a public offering price of $20.00 per
share, before underwriting discounts and commissions.
- The shares of common stock issued and sold in the offering
include 750,000 shares issued upon exercise in full by the
underwriters of their option to purchase additional shares of
common stock at the public offering price, less underwriting
discounts and commissions.
- The gross proceeds from the offering, before deducting
underwriting discounts and commissions and other offering expenses
payable by the Company, were $115.0
million.
First Quarter 2023 Financial Results
- Cash, Cash Equivalents and Marketable Securities: Cash,
cash equivalents and marketable securities as of March 31, 2023, were $230.8 million.
- License and Collaboration Revenue: License and
collaboration revenue for the first quarter 2023 was zero, as
compared to $25.7 million for the
first quarter of 2022. The license and collaboration revenue for
the first quarter of 2022 included a $25
million milestone earned by the Company following the dosing
of the third patient in the Phase 2b
FRONTIER 1 clinical trial of JNJ-2113.
- Research and Development ("R&D") Expenses: R&D
expenses for the first quarter of 2023 were $27.4 million, as compared to $36.3 million for the first quarter of 2022. The
decrease in R&D expenses from prior year quarter was primarily
due to decreases in PN-943 expenses and costs related to the
completion of JNJ-2113 and PN-232 Phase 1 trials, partially offset
by an increase in rusfertide expenses related primarily to the
Phase 3 VERIFY clinical trial. We do not intend to dedicate further
internal resources to clinical development or contract
manufacturing activities for our PN-943 clinical program.
- General and Administrative ("G&A") Expenses: G&A
expenses for the first quarter of 2023 were $8.6 million, as compared to $10.5 million for the first quarter of 2022. The
decrease in G&A expenses from prior year quarter was primarily
due to one-time costs incurred in the first quarter of 2022.
- Net Loss: Net loss was $33.7
million, or $0.67 per share,
for the first quarter of 2023 as compared to a net loss of
$20.9 million, or $0.43 per share, for the first quarter of
2022.
PROTAGONIST THERAPEUTICS, INC.
Condensed Consolidated Statements of
Operations
(Amounts in thousands except share and
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2023
|
|
2022
|
License and
collaboration revenue
|
|
$
|
-
|
|
$
|
25,722
|
Operating
expenses:
|
|
|
|
|
|
|
Research and
development (1)
|
|
|
27,416
|
|
|
36,318
|
General and
administrative (1)
|
|
|
8,605
|
|
|
10,515
|
Total operating
expenses
|
|
|
36,021
|
|
|
46,833
|
Loss from
operations
|
|
|
(36,021)
|
|
|
(21,111)
|
Interest
income
|
|
|
2,491
|
|
|
168
|
Other (expense) income,
net
|
|
|
(195)
|
|
|
13
|
Net loss
|
|
$
|
(33,725)
|
|
$
|
(20,930)
|
Net loss per share,
basic and diluted
|
|
$
|
(0.67)
|
|
$
|
(0.43)
|
Weighted-average shares
used to compute net loss per share, basic and diluted
|
|
|
50,573,650
|
|
|
48,752,548
|
|
(1) Amount
includes non-cash stock-based compensation
expense.
|
PROTAGONIST THERAPEUTICS, INC.
Stock-based
Compensation
(In thousands)
|
|
|
Three Months
Ended
|
|
March
31,
|
|
2023
|
|
2022
|
Research and
development
|
$
|
4,582
|
|
$
|
3,326
|
General and
administrative
|
|
3,002
|
|
|
2,609
|
Total stock-based
compensation expense
|
$
|
7,584
|
|
$
|
5,935
|
PROTAGONIST THERAPEUTICS, INC.
Selected Consolidated Balance Sheet
Data
(In thousands)
|
|
|
March
31,
|
|
December
31,
|
2023
|
2022
|
Cash, cash equivalents
and marketable securities
|
$
|
230,759
|
|
$
|
237,355
|
Working
capital
|
|
212,507
|
|
|
211,898
|
Total assets
|
|
239,858
|
|
|
247,928
|
Accumulated
deficit
|
|
(570,480)
|
|
|
(536,755)
|
Total stockholders'
equity
|
|
216,167
|
|
|
215,608
|
About Protagonist
Protagonist Therapeutics is a biopharmaceutical company with
peptide-based new chemical entities rusfertide and JNJ-2113
(formerly PN-235) in advanced stages of clinical development, both
derived from the Company's proprietary technology platform.
Rusfertide, a mimetic of the natural hormone hepcidin, is the
Company's lead drug candidate currently in a global Phase 3 stage
of development. The REVIVE study is now complete, with an
open-label extension underway. The global Phase 3 VERIFY study of
rusfertide in polycythemia vera is ongoing. Protagonist retains all
worldwide development and commercialization rights to
rusfertide.
Positive topline results from the FRONTIER 1 study of JNJ-2113
in moderate-to-severe plaque psoriasis became available in
March 2023, with further details to
be shared at medical meetings starting in the second quarter of
2023. Advancement of JNJ-2113 into a Phase 3 study and meeting the
primary endpoint in that study would qualify Protagonist for
milestone payments of $50 million and
$115 million, respectively. In total,
Protagonist remains eligible for up to $855
million in various milestone payments and tiered royalties
based on worldwide net drug sales.
More information on Protagonist, its pipeline drug candidates
and clinical studies can be found on the Company's website at
protagonist-inc.com.
Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements for
purposes of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements include
statements regarding our intentions or current expectations
concerning, among other things, our expectations regarding our cash
runway, and potential benefits of rusfertide and JNJ-2113. In some
cases, you can identify these statements by forward-looking words
such as "anticipate," "believe," "may," "will," "expect," or the
negative or plural of these words or similar expressions.
Forward-looking statements are not guarantees of future performance
and are subject to risks and uncertainties that could cause actual
results and events to differ materially from those anticipated,
including, but not limited to, our ability to develop and
commercialize our product candidates, delays or difficulties
in enrolling or completing clinical studies, the potential that
results from clinical or non-clinical studies indicate our
compounds or product candidates are unsafe or ineffective,
dependence on third parties to conduct clinical studies and
manufacture our products, our ability to earn milestone
payments under our collaboration agreement with Janssen Biotech,
the impact of the current COVID-19 pandemic on our discovery and
development efforts, impact of natural disasters and the impact of
the ongoing military conflict in Ukraine and Russia on any future studies, our ability to
use and expand our programs to build a pipeline of product
candidates, our ability to obtain and maintain regulatory approval
of our product candidates, our ability to operate in a competitive
industry and compete successfully against competitors that have
greater resources than we do, and our ability to obtain and
adequately protect intellectual property rights for our product
candidates. Additional information concerning these and other
risk factors affecting our business can be found in our periodic
filings with the Securities and Exchange Commission, including
under the heading "Risk Factors" contained in our most recently
filed periodic reports on Form 10-K and Form 10-Q filed
with the Securities and Exchange Commission. Forward-looking
statements are not guarantees of future performance, and our actual
results of operations, financial condition and liquidity, and the
development of the industry in which we operate, may differ
materially from the forward-looking statements contained in this
press release. Any forward-looking statements that we make in
this press release speak only as of the date of this press release.
We assume no obligation to update our forward-looking statements,
whether as a result of new information, future events or otherwise,
after the date of this press release.
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SOURCE Protagonist Therapeutics, Inc.