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Astex Pharmaceuticals Reports 2013 First Quarter Financial Results

Data reported at AACR on several preclinical and clinical programs Ends quarter with $137 million in cash & marketable securities First quarter royalty revenue increases 7.3% to $22.1 million

DUBLIN, Calif., April 29, 2013 (GLOBE NEWSWIRE) -- Astex Pharmaceuticals, Inc. (Nasdaq:ASTX) today announced financial results for the first quarter ended March 31, 2013. The Company reported net income for the 2013 first quarter of $488,000, or $0.01 per basic and diluted share, compared with net income of $4.2 million, or $0.05 per basic and $0.04 per diluted share, for the same prior year period.

Highlights

  • SGI-110 is progressing in the hematologic and solid tumor Phase 2 clinical trials. The Phase 2 trial in myelodysplastic syndromes ("MDS") and acute myeloid leukemia ("AML") is more than 50% accrued and on track to complete overall patient accrual and report on the relapsed or refractory AML arm by the end of the year. Preclinical data was presented during several presentations at the American Association of Cancer Research meeting (AACR) that reconfirmed the potent demethylating activity of SGI-110 in different tumor models, and supports the potential of SGI-110 in the treatment of platinum-resistant ovarian cancer and as an immune-modulatory agent. Phase 2 studies in platinum-resistant ovarian cancer and hepatocellular cancer are both actively accruing patients with first data expected in 2014.
  • The Phase 2 trials testing AT13387 in prostate and lung indications are also progressing well and actively accruing. First data is also expected in 2014.
  • Novartis and AstraZeneca presented data at AACR on the selective CDK4/6 inhibitor LEE011, and the pan-AKT inhibitor AZD5363, two products in our partnered pipeline. In an oral presentation on AZD5363, researchers from the Institute of Cancer Research in the UK reported partial responses in 2 patients with mutations in the PI3K/AKT pathway in a Phase 1 trial.
  • Royalty revenue was $22.1 million for the 2013 first quarter compared to $20.6 million for the same prior year period, representing an increase of approximately 7.3%.
  • The Company ended the 2013 first quarter with unrestricted cash, cash equivalents, and current and non-current marketable securities totaling $137.0 million compared to $138.3 million at December 31, 2012.

"Financially, Astex remains on a firm foundation. We continue to advance the discovery of new compounds and we are on schedule with the clinical and regulatory development of our company's core assets," said James S.J. Manuso, chief executive officer and chairman, "This progress has attracted the attention of senior biotechnology analysts from JMP and RBC as evidenced by their initiation of coverage on Astex earlier this month."

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