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Astex Pharmaceuticals Reports 2013 Second Quarter Financial Results

SGI-110 Clinical Data Presented at EHA for Phase 1 MDS Patients

Second Quarter Royalty Revenue Increased 15% to $16.6 Million

Royalty Revenue Guidance Revised From $55 Million to $63 Million for 2013

DUBLIN, Calif., Aug. 1, 2013 (GLOBE NEWSWIRE) -- Astex Pharmaceuticals, Inc. (Nasdaq:ASTX) today announced financial results for the second quarter ended June 30, 2013. The Company reported a net loss for the 2013 second quarter of $4.2 million, or $0.04 per basic and diluted share, compared with net income of $1.2 million, or $0.01 per basic and diluted share, for the same prior year period. The Company reported a net loss for the six months ended June 30, 2013 of $3.7 million, or $0.04 per basic and diluted share, compared with net income of $5.5 million, or $0.06 per basic and $0.05 per diluted share, for the same prior year period.

Highlights

  • SGI-110 clinical data was presented at the European Hematology Association (EHA) Annual Meeting for Phase 1 refractory myelodysplastic syndrome (MDS) patients. For the 15 patients enrolled an overall 40% response rate was achieved with a median duration of response of 92 days. Additionally, the overall Phase 2 patient accrual was reported to be more than 50% complete, on pace to be completed by year end and scheduled to report on at the upcoming American Society of Hematology (ASH), American Association of Cancer Research (AACR) and American Society of Clinical Oncology (ASCO) meetings. Details of the Phase 1 acute myeloid leukemia (AML) data will be presented in an oral session at the European Cancer Congress (ECCO/ESMO) in September 2013.
  • ASTX727 was announced to be the next investigational new drug (IND) candidate. ASTX727 will be an oral, hypomethylating agent (HMA) rounding out the epigenetic franchise started by Dacogen® (decitabine) for Injection and SGI-110.
  • Preclinical data from AT13387 showed for the first time that front line HSP90 inhibitor combination treatment with targeted therapy delayed the emergence of resistance. Data were presented at the 8 th World Congress of Melanoma.
  • Royalty revenue was $16.6 million for the 2013 second quarter compared to $14.4 million for the same prior year period, representing an increase of approximately 15%.
  • The Company ended the 2013 second quarter with cash, cash equivalents, and current and non-current marketable securities totaling approximately $134 million, compared to $137 million at March 31, 2013.

"We are encouraged by the continuing clinical development of SGI-110, and we are eager to present new data examining SGI-110 in multiple indications at both ECCO/ESMO and ASH," said James S.J. Manuso, PhD, chief executive officer and chairman. "ASTX727 establishes further our leadership in epigenetic therapeutics. It is the third medicine in our series of hypomethylators and is being prepared to enter the clinic in 2014."

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