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OncoMed Pharmaceuticals Announces Full Year And Fourth Quarter 2013 Financial Results

OncoMed estimates ending 2014 with a cash and cash equivalents balance of greater than $215 million and expects to have cash to fund operations at least through 2016, without any additional future milestone payments. Anticipated milestone payments from OncoMed's collaborators could extend the company's cash runway through commercialization.

About OncoMed Pharmaceuticals

OncoMed Pharmaceuticals is a clinical-stage company focused on discovering and developing novel therapeutics targeting cancer stem cells. OncoMed has five anti-cancer product candidates in clinical development, including demcizumab (anti-DLL4, OMP-21M18), OMP-59R5 (anti-Notch2/3), OMP-52M51 (anti-Notch1), vantictumab (anti-Fzd7, OMP-18R5), and OMP-54F28 (Fzd8-Fc), which target key cancer stem cell signaling pathways including Notch and Wnt. OncoMed has two other antibodies in preclinical development, OMP-305B83 (anti-DLL4/anti-VEGF bispecific) and anti-RSPO3, with Investigational New Drug filings planned for late 2014 or early 2015. OncoMed is also pursuing discovery of additional novel anti-CSC product candidates. OncoMed has formed strategic alliances with Celgene Corporation, Bayer Pharma AG and GlaxoSmithKline (GSK). Additional information can be found at the company's website:  www.oncomed.com .

Forward-Looking Statements

To the extent that statements contained in this press release are not descriptions of historical facts regarding OncoMed Pharmaceuticals, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including OncoMed's expectations regarding the ability of OncoMed to advance its research and development pipeline, including its discovery and preclinical pipeline and its anti-CSC therapeutics in clinical trials; the scope, validity, and enforceability of patent protection afforded by OncoMed's intellectual property ; OncoMed's ability to discover and develop novel anti-CSC therapeutics; the tolerability of OncoMed's product candidates at efficacious doses; the potential of OncoMed's product candidates to significantly impact cancer treatment and the clinical outcome of patients with cancer; the timing of Investigational New Drug filings and clinical trials; OncoMed's financial guidance regarding the period in which cash will be available to fund its operating expenses and capital expenditure requirements; and the benefit of OncoMed's strategic plan and focus. Such forward-looking statements involve substantial risks and uncertainties that could cause OncoMed's clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties inherent in the preclinical and clinical development process; the risks and uncertainties of the regulatory approval process; OncoMed's dependence on its collaboration partners, including Celgene, GSK and Bayer, for the funding of its partnered programs; OncoMed's ability to raise additional capital to support the development of its unpartnered programs; OncoMed's dependence on the development and marketing efforts of its partners for the commercial success of its partnered product candidates; OncoMed's reliance on third parties to conduct certain preclinical studies and all of its clinical trials; OncoMed's reliance on single source third-party contract manufacturing organizations to manufacture and supply its product candidates; OncoMed's ability to validate, develop and obtain regulatory approval for companion diagnostics; OncoMed's ability to achieve market acceptance and commercial success of its product candidates once regulatory approval is achieved; OncoMed's ability to discover, develop and commercialize additional product candidates; the ability of competitors to discover, develop or commercialize competing products more quickly or more successfully; OncoMed's dependence on its Chairman and Chief Executive Officer, its Chief Scientific Officer, its Chief Medical Officer and other key executives; risk of third party claims alleging infringement of patents and proprietary rights or seeking to invalidate OncoMed's patents or proprietary rights; and the ability of OncoMed's proprietary rights to protect its technologies and product candidates. OncoMed undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to OncoMed's business in general, see OncoMed's Prospectus filed with the Securities and Exchange Commission (SEC) on July 18, 2013, and OncoMed's Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2013, filed with the SEC on November 13, 2013, and OncoMed's periodic reports on Form 10-K and Form 10-Q that OncoMed files from time to time in the future.
ONCOMED PHARMACEUTICALS, INC.
Statement of Operations
(Amount in thousands, except per share data)
 
  Three Month Ended Twelve Months Ended
  December 31, 2013 December 31, 2012 December 31, 2013 December 31, 2012
         
         
Total Revenue  $ 18,983  $ 6,930  $ 37,779  $ 24,681
         
Operating expenses:        
Research and development 16,871 9,502 50,048 39,893
General and administrative 4,518 1,764 11,630 7,157
Total operating expenses 21,389 11,266 61,678 47,050
Loss from operations (2,406) (4,336) (23,899) (22,369)
Interest and other income (expense), net 7 41 (228) 134
Loss before provision for income taxes (2,399) (4,295) (24,127) (22,235)
Provision for income taxes (1,944) (1,944)
Net loss  $ (4,343)  $ (4,295)  $ (26,071)  $ (22,235)
         
Net loss per common share, basic and diluted  $ (0.15)  $ (4.01)  $ (1.93)  $ (21.30)
         
Shares used to compute net loss per common shares, basic and diluted 28,360,571 1,069,984 13,530,239 1,044,059
         
         
Note: As of March 11, 2014, OncoMed has 29,480,494 shares of common stock outstanding.
         
ONCOMED PHARMACEUTICALS, INC.
Condensed Balance Sheets
(Amount in thousands)
 
  December 31, 2013 December 31, 2012
     
Cash, cash equivalents and short-term investments  $ 316,194  $ 66,239
Prepaid and other assets  17,491  5,146
Total assets  $ 333,685  $ 79,768
     
Deferred revenue  $ 183,930  $ 32,046
Other liabilities  31,633  9,176
Convertible preferred stock  182,773
Stockholders' equity (deficit)  118,122  (144,227)
Total liabilities and stockholders' equity (deficit)  $ 333,685  $ 79,768
CONTACT: Investor Contact:
         OncoMed Pharmaceuticals
         Shari Annes
         Investor Relations
         (650) 888-0902
         shari.annes@oncomed.com
         
         Media Inquiries:
         BCC Partners
         Karen L. Bergman or
         Michelle Corral
         (650) 575-1509 or (415) 794-8662
         kbergman@bccpartners.com or
         mcorral@bccpartners.com

OncoMed Pharmaceuticals, Inc. Logo

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