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-Completed full enrollment ofluspatercept MEDALIST and BELIEVE Phase 3 trials -
-Presented updated luspatercept Phase 2 results in patients with MDS and beta-thalassemia receiving treatment for up to two years -
- Upcoming R&D Day on September 19th to highlight Acceleron’s pipeline and strategic focus -
Acceleron Pharma Inc. (NASDAQ:XLRN), a clinical stage biopharmaceutical company focused on the discovery, development and commercialization of innovative therapeutics to treat serious and rare diseases, today provided a corporate update and reported financial results for the second quarter ended June 30, 2017.
“The second quarter, and 2017 as a whole, have been marked by tremendous progress and operational execution across our hematology and neuromuscular programs,” said Habib Dable, President and Chief Executive Officer of Acceleron. “Over 560 patients were enrolled ahead of estimated timing in our MEDALIST and BELIEVE Phase 3 trials combined, and our partner Celgene continues to invest in new opportunities for luspatercept. Our recent Phase 2 luspatercept results continue to support our confidence in achieving long-term, clinically meaningful outcomes for patients. In addition, our wholly-owned muscle compound ACE-083 has recently expanded its Phase 2 development program into a second neuromuscular disease. We look forward to outlining our long-term vision and growth strategy at our upcoming R&D day in September.”
Development Program Highlights
Hematology - Luspatercept
Myelodysplastic Syndromes (MDS), Beta-Thalassemia, and Myelofibrosis
Luspatercept is designed to treat the condition of chronic anemia and reduce red blood cell (RBC) transfusion burden in adults with rare blood disorders. Luspatercept is being developed as part of the global collaboration between Acceleron and Celgene.
Neuromuscular Disease - ACE-083
Facioscapulohumeral muscular dystrophy (FSHD) and Charcot-Marie-Tooth (CMT) disease
ACE-083 is a locally-acting therapeutic designed to have a concentrated effect on muscle mass and strength in target muscles for diseases that cause debilitating focal muscle loss.
Acceleron continues its research on several molecules targeting musculoskeletal diseases, fibrotic disorders and other serious diseases.
Key Corporate Priorities
Research & Development
Conference Call and Webcast
The Company will host a webcast and conference call to discuss its second quarter 2017 financial results and provide an update on recent clinical development and corporate activities on August 3, 2017, at 5:00 p.m. EDT.
The webcast will be accessible under "Events & Presentations" in the Investors/Media page of the Company’s website at www.acceleronpharma.com. Individuals can participate in the conference call by dialing 877-312-5848 (domestic) or 253-237-1155 (international) and refer to the “Acceleron Second Quarter Earnings Call.”
The archived webcast will be available for replay on the Acceleron website approximately two hours after the event.
Acceleron is a clinical stage biopharmaceutical company focused on the discovery, development and commercialization of innovative therapeutics to treat serious and rare diseases. Its pioneering research platform leverages the powerful biology behind the body's ability to rebuild and repair its own cells and tissues. The Company's lead therapeutic candidate, luspatercept, is being evaluated in Phase 3 studies for the treatment of the hematologic diseases myelodysplastic syndromes (MDS) and beta-thalassemia under a global partnership with Celgene. Acceleron is also advancing its ACE-083 clinical program in the field of neuromuscular disease, and has a comprehensive preclinical research effort targeting fibrotic and other serious diseases.
ACCELERON PHARMA INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(Amounts in thousands)
|June 30, 2017||December 31, 2016|
|Cash and cash equivalents||$||30,726||$||20,950|
|Short and long-term investments||163,312||213,432|
|Warrants to purchase common stock||1,516||1,244|
|Total stockholders’ equity||188,532||225,597|
|Total liabilities and stockholders’ equity||$||208,463||$||247,647|
ACCELERON PHARMA INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands except per share data)
Three Months Ended
Six Months Ended
|Costs and expenses:|
|Research and development||21,598||16,138||43,327||32,390|
|General and administrative||11,370||6,712||19,203||12,618|
|Total costs and expenses||32,968||22,850||62,530||45,008|
|Loss from operations||(29,911||)||(19,655||)||(55,768||)||(23,612||)|
|Total other income (expense) net||248||(2,361||)||705||6,656|
|Loss before income taxes||(29,663||)||(22,016||)||(55,063||)||(16,956||)|
|Income tax provision||(6||)||—||(12||)||—|
|Net loss applicable to common stockholders - basic and diluted||$||(29,669||)||$||(22,016||)||$||(55,075||)||$||(16,956||)|
|Net loss per share applicable to common stockholders - basic and diluted||$||(0.77||)||$||(0.59||)||$||(1.43||)||$||(0.46||)|
|Weighted-average number of common shares used in computing net (loss) income per share applicable to common stockholders||38,631||37,272||38,515||37,092|
Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements about the Company's strategy, future plans and prospects, including statements regarding the development of the Company's compounds, the timeline for clinical development and regulatory approval of the Company’s compounds and the expected timing for reporting of data from ongoing clinical trials. The words "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "project," "should," "target," "will," "would," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.
Actual results could differ materially from those included in the forward-looking statements due to various risks and uncertainties, including, but not limited to, that preclinical testing of the Company's compounds and data from clinical trials may not be predictive of the results or success of ongoing or later clinical trials, that the development of the Company's compounds will take longer and/or cost more than planned, that the Company or its collaboration partner, Celgene, will be unable to successfully complete the clinical development of the Company’s compounds, that the Company or Celgene may be delayed in initiating, enrolling or completing any clinical trials, and that the Company's compounds will not receive regulatory approval or become commercially successful products. These and other risks and uncertainties are identified under the heading "Risk Factors" included in the Company's most recent Annual Report on Form 10-K, and other filings that the Company has made and may make with the SEC in the future.
The forward-looking statements contained in this press release are based on management’s current views, plans, estimates, assumptions and projections with respect to future events, and the Company does not undertake and specifically disclaims any obligation to update any forward-looking statements.
Acceleron Pharma Inc.
Todd James, IRC, 617-649-9393
Vice President, Investor Relations and Corporate Communications
Candice Ellis, 617-649-9226
Manager, Investor Relations and Corporate Communications
Brad Miles, 646-513-3125