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Endocyte Reports First Quarter 2015 Financial Results and Provides Update on Clinical Progress
- Dose Escalation for EC1456 and EC1169 Move to Fifth Dosing Cohorts Evaluating Two Schedules for Each Agent -
- Conference Call Today at
"We have successfully moved both EC1456, a folate-targeted tubulysin, and EC1169, a prostate-specific membrane antigen (PSMA)-targeted tubulysin, into the fifth cohorts of their respective dose escalation trials," said
The fifth dosing cohorts now being evaluated are administered on three-week schedules with the third week being a rest week:
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EC1456 (folate-targeted tubulysin)
- Weekly dose 4.5mg / m2
- Twice per week dose 2.5mg / m2
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EC1169 (PSMA-targeted tubulysin)
- Weekly dose of 1.0mg / m2
- Three times per week dose 0.80mg / m2
"We were also pleased to welcome
First Quarter 2015 Financial Results
Research and development expenses were
General and administrative expenses were
Cash, cash equivalents and investments were
Financial Expectations
The Company reiterated its expectation that its 2015 year-end cash balance will exceed
Conference Call
U.S. and Canadian participants: | (877) 845-0711 |
International: | (760) 298-5081 |
A live, listen-only webcast of the conference call may also be accessed by visiting the Investors & News section of the
The webcast will be recorded and available on the company's website for one week following the call.
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About
Forward Looking Statements
Certain of the statements made in this press release are forward looking, such as those, among others, relating to future spending, future cash balances, the successful completion of current and future clinical trials, and the enrollment period for and availability of data from ongoing and future clinical trials. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include risks that the company may experience delays in the completion of its clinical trials (whether caused by competition, adverse events, patient enrollment rates, shortage of clinical trial materials, regulatory issues or other factors); risks that data from its clinical trials may not be indicative of subsequent clinical trial results; risks related to the safety and efficacy of the company's product
candidates; the goals of its development activities; estimates of the potential markets for its product candidates; estimates of the capacity of manufacturing and other facilities required to support its product candidates; projected cash needs; and expected financial results. More information about the risks and uncertainties faced by
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Statements of Operations | ||
(dollars in thousands, except per share amounts) | ||
(unaudited) | ||
For the Three Months Ended |
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2014 | 2015 | |
Collaboration revenue | $ 17,269 | $ 12 |
Costs and expenses: | ||
Research and development | 12,987 | 6,617 |
General and administrative | 7,501 | 4,360 |
Total costs and expenses | 20,488 | 10,977 |
Income (loss) from operations | (3,219) | (10,965) |
Interest income, net | 85 | 152 |
Other expense, net | (7) | (57) |
Net loss | $ (3,141) | $ (10,870) |
Net loss per share-basic and diluted | $ (0.09) | $ (0.26) |
Comprehensive loss | $ (3,150) |
|
Weighted average number of common shares used in net loss per share-basic and diluted | 36,193,942 | 41,857,905 |
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Balance Sheets | ||
(in thousands) | ||
As of |
As of |
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2014 | 2015 | |
(unaudited) | ||
Assets | ||
Cash, cash equivalents and investments | $ 206,831 |
|
Other assets | 5,970 | 5,830 |
Total assets | $ 212,801 | $ 202,614 |
Liabilities and stockholders' equity | ||
Current liabilities | $ 6,885 | $ 5,527 |
Deferred revenue and other liabilities, net of current portion | 912 | 897 |
Total stockholders' equity | 205,004 | 196,190 |
Total liabilities and stockholders' equity | $ 212,801 | $ 202,614 |
CONTACT:Source:Stephanie Ascher , Stern Investor Relations, Inc. (212) 362-1200, stephanie@sternir.com
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