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TheStreet Open House

OncoMed Pharmaceuticals Announces Full Year And Fourth Quarter 2013 Financial Results

Stocks in this article: OMED

Year-End Cash and Cash Equivalents Balance of $ 316.2 Million Reflecting IPO and Celgene Multi-Product Co-Development Collaboration

Names Sunil Patel Chief Financial Officer, SVP Corporate Development and Finance

REDWOOD CITY, Calif., March 18, 2014 (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 and reviewed corporate events for the year and quarter ended December 31, 2013.

"2013 was a year of significant accomplishments across all aspects of our business. Our successful initial public offering in July and the signing of a transformational drug development collaboration with Celgene in December significantly strengthened our financial resources and provided further momentum for our scientific approach and progress," said Paul J. Hastings, Chairman and Chief Executive Officer. "We now have 15 clinical trials currently underway across multiple tumor indications for five distinct anti-cancer stem cell therapeutics, two additional INDs on novel CSC antibodies expected in the next 6-12 months, and a growing pipeline of novel preclinical biologic candidates. We expect this year to be one of continued execution on plan as we advance our portfolio and generate new data."

Recent Business Highlights

-- In January, presented safety and early efficacy data from two clinical-stage programs at the 2014 Gastrointestinal Cancers Symposium (ASCO GI).

  • Updated data from the Phase 1b clinical trial of demcizumab plus Abraxane ® (nab-paclitaxel) and gemcitabine in first-line Stage IV pancreatic cancer patients showed the triple combination was generally well tolerated with fatigue, hypertension, nausea and vomiting being the most common drug-related toxicities. No demcizumab-related reversible cardiotoxicity events have occurred with the truncated treatment approach. Three of the six (50%) evaluable patients who received the demcizumab/gemcitabine/Abraxane combination had partial responses as measured by RECIST, and two patients had stable disease resulting in a clinical benefit rate of 83%. Demcizumab is part of OncoMed's collaboration with Celgene.  
  • Interim results from the Phase 1b clinical study of OMP-59R5 (anti-Notch 2/3) in combination with Abraxane and gemcitabine in pancreatic cancer patients demonstrated that the combination was well tolerated. The most common adverse events were mild to moderate diarrhea, fatigue and nausea, all easily managed with supportive care. Thirteen patients were treated with Abraxane, gemcitabine and OMP-59R5 (at doses from 5mg/kg to 12.5mg/kg). Six of these patients (46%) treated with the three-drug combination achieved a RECIST, partial response and an additional four patients achieved stable disease, for an overall disease control rate of 77%. OMP-59R5 is part of OncoMed's collaboration with GlaxoSmithKline (GSK).

-- Initiated three multi-center Phase 1b clinical trials of OMP-54F28 (Fzd8-Fc) in combination with Abraxane and gemcitabine in pancreatic cancer, with sorafenib (Nexavar ®) in hepatocellular cancer and with carboplatin and paclitaxel in patients with platinum-sensitive ovarian cancer. OMP-54F28 is part of OncoMed's collaboration with Bayer Pharma AG.

-- Initiated three multi-center Phase 1b clinical trials of vantictumab (OMP-18R5, anti-Fzd7) in combination with standard-of-care treatment: vantictumab plus docetaxel in non-small cell lung cancer (NSCLC), vantictumab combined with paclitaxel in Her2-negative breast cancer and vantictumab with Abraxane and gemcitabine in pancreatic cancer. Vantictumab is part of OncoMed's Wnt pathway collaboration with Bayer.

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