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OncoMed Pharmaceuticals Announces Second Quarter 2013 Financial Results

Stocks in this article: OMED

Company Completes $94 Million IPO in July Vantictumab Dose Escalation Progress Triggers $10 Million Milestone in August

REDWOOD CITY, Calif., Sept. 3, 2013 (GLOBE NEWSWIRE) -- OncoMed Pharmaceuticals, Inc. (Nasdaq:OMED), a clinical-stage company developing novel therapeutics that target cancer stem cells (CSCs), or tumor-initiating cells, today reported financial results for the second quarter of 2013. The results are the first operating results the company is reporting as a public company.

On July 23, 2013, the company successfully closed the initial public offering (IPO) of its common stock, raising proceeds, net of underwriter discounts and commissions but prior to the payment of remaining offering expenses payable by the company, of $87.3 million dollars, which included the sale of shares to the underwriters upon the full exercise of their option to purchase additional shares of common stock. Pro forma cash as of July 31, 2013 was $140 million.  The company also announced today that it had earned in August a $10 million clinical milestone related to the Phase 1 dose escalation in its vantictumab program, which is part of its collaboration with Bayer Pharma AG.

According to OncoMed's Chairman, President and Chief Executive Officer, Paul J. Hastings, "The successful completion of our IPO positions us to advance our broad research and development pipeline. We continue to see progress in our robust discovery and preclinical pipeline as well as with our five OncoMed-discovered anti-cancer stem cell therapeutics that are in clinical trials."

Second Quarter and Recent Corporate Highlights:

  • Initiated in July 2013 new Abraxane/Demcizumab/Gemcitabine cohorts of Phase 1b testing in patients with pancreatic cancer
  • Initiated in May 2013 enrollment of the anti-Notch2/3 Phase 1b/2 PINNACLE trial in small cell lung cancer, which triggered an $8 million advance payment from GlaxoSmithKline (GSK)
  • Presented in June 2013 first-in-human clinical data from vantictumab at the ASCO 2013 Annual Meeting
  • Made in April 2013 five poster presentations and one plenary oral presentation at the AACR Annual Meeting 2013 with data from five OncoMed anti-CSC programs
  • Completed in July 2013 successful initial public offering raising $94 million in gross proceeds
  • Received in May 2013 issued U.S. patent covering both anti-Notch1 composition of matter and methods of treating cancer with anti-Notch1
  • Received in August 2013 issued U.S. patent covering methods of treating cancer with vantictumab
  • Achieved in August 2013 a $10 million milestone related to the Phase 1 dose escalation of vantictumab through its collaboration with Bayer

Second Quarter 2013 Financial Results and Initial Public Offering

OncoMed ended the second quarter with a cash balance of $56.5 million. Subsequently in July, the company closed an initial public offering of its common stock selling an aggregate of 5,520,000 shares of common stock at a public offering price of $17.00 per share, including 720,000 shares pursuant to the exercise by the underwriters of an option to purchase additional shares of common stock.  Net proceeds were approximately $87.3 million, after deducting underwriting discounts and commissions but prior to the payment of remaining offering expenses payable by OncoMed. The pro forma cash following the offering at July 31, 2013 was $140 million.

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