SAN DIEGO, May 14, 2015 (GLOBE NEWSWIRE) -- Celladon Corporation (Nasdaq:CLDN), a clinical-stage biotechnology company with industry-leading expertise in the development of cardiovascular gene therapy, today announced financial results for the quarter ended March 31, 2015 and recent corporate updates. First Quarter 2015 and Recent Corporate Updates MYDICAR® (AAV1/SERCA2a)
- In April Celladon announced that its Phase 2b CUPID2 trial did not meet its primary or secondary endpoints. CUPID2 is a randomized, double-blind, placebo-controlled, multinational trial evaluating a single, one-time, intracoronary infusion of the cardiovascular gene therapy agent MYDICAR® (AAV1/SERCA2a) versus placebo added to a maximal, optimized heart failure drug and device regimen.
- Also in April, Celladon terminated the Development, Manufacturing and Supply Agreement with Novasep, Inc. after concluding that the recently un-blinded CUPID2 data was such that Celladon does not require production of MYDICAR drug substance at Novasep's facility.
- Similarly, Celladon does not intend to exercise the construction trigger option under the MYDICAR Facility Construction and Commercial Supply Agreement with Lonza Biologics, Inc., which will result in the automatic expiration of the agreement in the second quarter of 2015.
- Celladon's Board of Directors approved an approximately 50% reduction of Celladon's current full-time workforce of 34 employees in order to reduce operating expenses and conserve cash resources.
- Celladon will not be drawing down the second tranche of the debt facility with Hercules Technology Growth Capital, Inc. and will begin repaying the $10 million principal currently outstanding in 30 equal monthly payments of principal and interest starting in August 2015.
First Quarter 2015 Financial Results
- Cash Position: Cash, cash equivalents and investments as of March 31, 2015 were $70.6 million.
- Research and Development Expenses: Research and development expenses were $11.5 million and $5.2 million, respectively, for the first quarter of 2015 and 2014.
- General and Administrative Expenses: General and administrative expenses were $4.8 million and $1.7 million, respectively, for the first quarter of 2015 and 2014.
- Other Expense, Net: Other expense, net was $449 thousand and $238 thousand for the first quarter of 2015 and 2014, respectively.
- Consolidated Net Loss: Consolidated net loss was $16.7 million and $7.2 million for the first quarter of 2015 and 2014, respectively. The consolidated net loss included stock-based compensation of $2.1 million and $0.5 million for the first quarter of 2015 and 2014, respectively.
|Condensed Consolidated Statements of Operations|
|Three Months Ended March 31,|
|Research and development||$11,518||$5,218|
|General and administrative||4,779||1,706|
|Total operating expenses||16,297||6,924|
|Loss from operations||(16,297)||(6,924)|
|Other expense, net||(449)||(238)|
|Consolidated net loss||$(16,746)||$(7,162)|
|Condensed Consolidated Balance Sheets|
|March 31,||December 31,|
|Cash and cash equivalents||$ 50,018||$ 14,435|
|Prepaid expenses and other assets||1,673||3,135|
|Total current assets||72,261||88,083|
|Property and equipment, net||793||763|
|Total assets||$ 73,239||$ 89,110|
|Liabilities, preferred stock and stockholders' deficit|
|Accounts payable and accrued expenses||$ 3,746||$ 5,803|
|Accrued clinical expenses||646||731|
|Current portion of long-term obligations||1,671||1|
|Total current liabilities||6,134||6,606|
|Long-term obligations, net of discount||8,710||10,102|
|Total liabilities, preferred stock and stockholders' equity||$ 73,239||$ 89,110|
CONTACT: Fredrik Wiklund Vice President, Corporate Development and Investor Relations (858) 432-7215