REDWOOD CITY, Calif., March 23, 2015 (GLOBE NEWSWIRE) -- Coherus BioSciences, Inc. (Nasdaq:CHRS), a leading pure-play, global biosimilars company with late-stage clinical products, today reported financial results and reviewed corporate events for the quarter and fiscal year ended December 31, 2014. 2014 Highlights:
- CHS-1701 (pegfilgrastim (Neulasta®) biosimilar): completed Phase 1 351(a) (novel biologic) study and transitioning to a 351(k) (biosimilar) approval pathway. In March 2015, the Company initiated a pivotal study, which, if positive, could support the filing of a 351(k) biologics license application (BLA) in the fourth quarter of 2015 or first quarter of 2016. An additional immunogenicity study is planned in healthy volunteers pursuant to this BLA and is projected to be concluded in 2015 to support submission of the BLA.
- CHS-1420 (adalimumab (HUMIRA®) biosimilar): met the primary endpoint in a pivotal clinical pharmacokinetic similarity study that compared CHS-1420 to HUMIRA® in healthy subjects in August 2014.
- CHS-0214 (etanercept (Enbrel®) biosimilar): initiated Phase 3 clinical studies in rheumatoid arthritis and in psoriasis.
- Received milestone payments totaling $70.3 million under existing collaboration with Baxter Healthcare Corporation (Baxter) in 2014.
- Closed initial public offering of 6,803,702 shares of common stock at $13.50 per share in November 2014, of which net proceeds were approximately $80.2 million.
- CHS-1701 (pegfilgrastim biosimilar): file 351(k) BLA in U.S. in the fourth quarter of 2015 or the first quarter of 2016.
- CHS-1420 (adalimumab biosimilar): initiate pharmacokinetic (PK) bioequivalence bridging study in 2015 with Phase 3 drug material; initiate Phase 3 clinical study in psoriasis late in the first half of 2015; file BLA in U.S. in second half of 2016.
- CHS-0214 (etanercept biosimilar): continue Phase 3 clinical studies in rheumatoid arthritis and in psoriasis; file MAA in E.U. in 2016.
Biosimilars are intended for use in place of existing, branded biologics to treat a range of chronic and often life-threatening diseases, with the potential to reduce costs and expand patient access. For additional information, please visit www.coherus.com.Forward-Looking Statements Except for the historical information contained herein, the matters set forth in this press release, including statements regarding Coherus' plans, potential opportunities, expectations, projections, goals, objectives, milestones, strategies, product pipeline, clinical studies, product development, release of data and the potential benefits of its products under development are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including Coherus' expectations regarding its ability to advance its CHS-0214, CHS-1420 and CHS-1701 biosimilar drug candidates, file BLAs for CHS-1420 and CHS-1701 in the U.S. and file an MAA for CHS 0214 in the E.U. Such forward-looking statements involve substantial risks and uncertainties that could cause our 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 clinical drug development process, including the regulatory approval process, the timing of our regulatory filings and other matters that could affect the availability or commercial potential of our biosimilar drug candidates. Coherus 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 Coherus' business in general, see Coherus' Annual Report on Form 10-K for the fiscal year ended December 31, 2014, filed with the Securities and Exchange Commission on March 23, 2015, and its future periodic reports to be filed with the Securities and Exchange Commission. Enbrel® and Neulasta® are registered trademarks of Amgen Inc.
HUMIRA® is a registered trademark of AbbVie Inc.
|Coherus BioSciences, Inc.|
|Condensed Consolidated Statements of Operations|
|(in thousands, except share and per share data)|
|Three Months Ended||Year Ended|
|December 31,||December 31,|
|Collaboration and license revenue - related party||$ 448||$ 506||$ 1,893||$ 2,025|
|Collaboration and license revenue||5,313||726||28,481||726|
|Research and development||26,867||9,222||78,224||31,279|
|General and administrative||6,186||2,497||17,564||7,465|
|Total operating expenses||33,053||11,719||95,788||38,744|
|Loss from operations||(26,560)||(10,487)||(64,682)||(35,993)|
|Other expense, net||(2,463)||(803)||(18,595)||(12,349)|
|Net (income) loss attributable to non-controlling interest||(111)||—||44||—|
|Net loss attributable to Coherus||$ (29,134)||$ (14,591)||$ (87,133)||$ (53,635)|
|Net loss per share attributable to Coherus, basic and diluted||$ (1.47)||$ (3.68)||$ (10.64)||$ (16.10)|
|Weighted-average number of shares used in computing net loss per share attributable to Coherus, basic and diluted||19,841,728||3,965,466||8,186,529||3,332,020|
|Coherus BioSciences, Inc.|
|Condensed Consolidated Balance Sheets|
|December 31,||December 31,|
|Cash and cash equivalents||$ 150,392||$ 39,554|
|Total assets||$ 187,221||$ 47,447|
|Liabilities, Convertible Preferred Stock and Stockholders' Equity (Deficit)|
|Convertible preferred stock||—||54,695|
|Total stockholders' equity (deficit)||66,757||(97,077)|
|Total liabilities, convertible preferred stock and stockholders' equity (deficit)||$ 187,221||$ 47,447|
CONTACT: Susanna Chau Investor Relations Coherus BioSciences, Inc. firstname.lastname@example.org +1 (650) 649-3577