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Recent, highly favorable U.S. Patent and Trademark Office decision affirms and upholds fundamental CRISPR/Cas9 issued patents
Extended CRISPR technology leadership with addition of novel and differentiated Cpf1 system, advanced forms of Cas9
Achieved in vivo proof-of-editing of non-human primate retina in LCA10 program
CAMBRIDGE, Mass., March 07, 2017 (GLOBE NEWSWIRE) -- Editas Medicine, Inc. (NASDAQ:EDIT), a leading genome editing company, today reported financial results for the fourth quarter and full year 2016. The Company also provided an overview of 2016 achievements and 2017 goals.
“In three years, we have established an unparalleled position for developing genome editing medicines,” said Katrine Bosley, President and Chief Executive Officer of Editas Medicine. “In 2016, we significantly broadened our scientific platform with CRISPR/Cpf1 and advanced forms of CRISPR/Cas9, demonstrated proof-of-editing in vivo for our most advanced program in LCA10, and expanded our leadership team with the addition of our Chief Scientific Officer and Chief Medical Officer.”
Bosley added, “2017 is already shaping up to be a transformative year for Editas. The recent, highly favorable decision by the U.S. Patent & Trademark Office affirms and upholds the broad and fundamental patents in this field granted to the Broad Institute and exclusively licensed to Editas for human therapeutics. We believe these patents will apply to all CRISPR/Cas9-based medicines.”
Driving Editas Medicine’s unparalleled platform for genome editing medicines
Advancing a pipeline strategy to enable successful product development in the years ahead
Building the business for the long term by assembling the capabilities to fully develop and commercialize important medicines
o Charles Albright, Ph.D., Chief Scientific Officer;
o Gerald Cox, M.D., Ph.D., Chief Medical Officer;
o Timothy Hunt, J.D., Senior Vice President of Corporate Affairs;
o Haiyan Jiang, Ph.D., Vice President of Preclinical Science;
o Pamela Stetkiewicz, Ph.D., Vice President of Program and Alliance Management;
o Kenneth LeClair, Ph.D., Vice President of Technical Development and Manufacturing;
o Semiramis Trotto, Vice President of Human Resources; and
o Kevin Dushney, Vice President of Information Technology.
Editas Medicine has established the following goals for 2017:
Editas Medicine will participate in the following upcoming investor conferences:
Editas Medicine will participate in the following upcoming scientific and medical conferences:
Fourth Quarter and Full Year 2016 Financial Results
Cash and cash equivalents at December 31, 2016, were $185.3 million, compared to $199.9 million at September 30, 2016, and $143.2 million at December 31, 2015.
For the three months ended December 31, 2016, net loss attributable to common stockholders was $39.4 million, or $1.10 per share, compared to $12.7 million, or $4.05 per share, for the same period in 2015.
For the full year 2016, net loss attributable to common stockholders was $97.2 million, or $3.02 per share, compared to $73.3 million, or $28.55 per share, for 2015.
The Editas Medicine management team will host a conference call and webcast today at 5:00 p.m. ET to provide and discuss a corporate update and financial results for the fourth quarter and full year 2016. To access the call, please dial 844-348-3801 (domestic) or 213-358-0955 (international) and provide the passcode 81030032. A live webcast of the call will be available on the Investors & Media section of the Editas Medicine website at www.editasmedicine.com and a replay will be available approximately two hours after its completion.
About Editas Medicine
Editas Medicine is a leading genome editing company dedicated to treating patients with genetically-defined diseases by correcting their disease-causing genes. The Company was founded by world leaders in genome editing, and its mission is to translate the promise of genome editing science into a broad class of transformative genomic medicines to benefit the greatest number of patients.
This press release contains forward-looking statements and information within the meaning of The Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s goals of submitting of an IND for the LCA10 program by the end of 2017, initiating an LCA10 clinical natural history study in mid-2017, achieving preclinical proof-of-concept for additional programs, and establishing additional alliances to enable successful product development. The words ‘‘anticipate,’’ ‘‘believe,’’ ‘‘continue,’’ ‘‘could,’’ ‘‘estimate,’’ ‘‘expect,’’ ‘‘intend,’’ ‘‘may,’’ ‘‘plan,’’ ‘‘potential,’’ ‘‘predict,’’ ‘‘project,’’ ‘‘target,’’ ‘‘should,’’ ‘‘would,’’ and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The Company may not actually achieve the plans, intentions, or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various factors, including: uncertainties inherent in the initiation and completion of preclinical studies and clinical trials and clinical development of the Company’s product candidates; availability and timing of results from preclinical studies and clinical trials; whether interim results from a clinical trial will be predictive of the final results of the trial or the results of future trials; expectations for regulatory approvals to conduct trials or to market products and availability of funding sufficient for the Company’s foreseeable and unforeseeable operating expenses and capital expenditure requirements. These and other risks are described in greater detail under the caption “Risk Factors” included in the Company’s most recent Annual Report on Form 10-K, which is on file with the Securities and Exchange Commission, and in other filings that the Company may make with the Securities and Exchange Commission in the future. Any forward-looking statements contained in this press release speak only as of the date hereof, and the Company expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
|EDITAS MEDICINE, INC.|
|Consolidated Statement of Operations|
|(amounts in thousands, except share and per share data)|
|Three Months Ended||Twelve Months Ended|
|December 31,||December 31,|
|Collaboration and other research and development revenues||$||898||$||792||$||6,053||$||1,629|
|Research and development||26,835||5,826||56,979||18,846|
|General and administrative||13,047||7,339||46,262||18,095|
|Total operating expenses||39,882||13,165||103,241||36,941|
|Other income (expense), net:|
|Other expense, net||(35||)||(226||)||(57||)||(37,445||)|
|Interest income (expense), net||(357||)||(34||)||62||(143||)|
|Total other income (expense), net||(392||)||(260||)||5||(37,588||)|
|Net loss and comprehensive loss||$||(39,376||)||$||(12,633||)||$||(97,183||)||$||(72,900||)|
|Accretion of redeemable convertible preferred stock to redemption value||$||-||$||(99||)||$||(47||)||$||(394||)|
|Net loss attributable to common stockholders||$||(39,376||)||$||(12,732||)||$||(97,230||)||$||(73,294||)|
|Net loss per share attributable to common stockholders, basic and diluted||$||(1.10||)||$||(4.05||)||$||(3.02||)||$||(28.55||)|
|Weighted-average common shares outstanding, basic and diluted||35,731,230||3,145,380||32,219,717||2,566,916|
|EDITAS MEDICINE, INC.|
|Selected Consolidated Balance Sheet Items|
|(amounts in thousands)|
|December 31,||December 31,|
|Cash and cash equivalents||$||185,323||$||143,180|
|Deferred revenue, net of current||26,000||25,321|
|Construction financing lease obligation, net of current portion||35,096||-|
|Redeemable convertible preferred stock||-||199,915|
|Total stockholders' equity (deficit)||134,607||(83,114||)|
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