- CTP-656 Multiple Ascending Dose Phase 1 Results. In the Phase 1 multiple ascending dose trial, CTP-656 demonstrated enhanced exposure to the parent drug and less exposure to metabolites after repeat dosing, confirming earlier findings of the differentiated metabolite profile of CTP-656 relative to Kalydeco®, the current standard of care for cystic fibrosis patients with gating mutations. Results of the Phase 1 trial also showed that CTP-656 was well tolerated, and its safety profile has been comparable to that of Kalydeco. These findings continue to support once-daily administration of CTP-656.
- CTP-656 Solid Dose Phase 1 Results. In a Phase 1 clinical trial, Concert compared a single-dose tablet formulation of CTP-656 to the commercial tablet formulation of Kalydeco. The results from this study confirmed the superior pharmacokinetic profile of CTP-656 relative to Kalydeco, as was previously reported from Concert's single ascending dose trial which was conducted with an aqueous suspension of CTP-656. Concert intends to use this tablet formulation in the Phase 2 clinical trial. The Company expects to open an IND to commence its Phase 2 clinical trial in the second half of 2016.
- CTP-656 Food Effect Phase 1 Results. Concert recently completed a Phase 1 trial to evaluate the bioavailability and pharmacokinetics of CTP-656 when dosed fasted or with a low fat or moderate fat-containing meal in healthy volunteers. Results from this trial showed that the exposure of CTP-656 was consistent when dosed with either a low or moderate fat-containing meal and was also consistent with the exposure previously observed when dosed with a high fat meal.
- European Cystic Fibrosis Society Conference. Concert will present the Phase 1 multiple ascending dose and solid dose tablet clinical results as part of an oral presentation at the 39 th European Cystic Fibrosis Conference being held June 10, 2016 at 3:00 p.m. GMT in Basel, Switzerland.
- CTP-543 Selected as Clinical Candidate for Alopecia Areata. CTP-543 has been selected as Concert's next clinical drug candidate. CTP-543 is a deuterium-modified version of ruxolitinib, a selective inhibitor of Janus kinases 1 and 2, known as JAK1 and JAK2. Ruxolitinib is commercially available under the name Jakafi® in the United States for the treatment of myelofibrosis and polycythemia vera. Ruxolitinib has been used in academic settings including an investigator-sponsored clinical trial and has been shown to promote hair growth in individuals with alopecia areata, an autoimmune disease that results in patchy or widespread hair loss. A Phase 1 single ascending dose clinical trial of CTP-543 is expected to begin in the second quarter of 2016.
- New Board of Directors Appointments. Concert expanded its Board of Directors with the appointments of Meghan FitzGerald in March 2016 and Christine van Heek in April 2016. Ms. FitzGerald serves as a member of the Compensation Committee and Ms. van Heek serves as a member of the Audit Committee.
- Cash and Investment Position: Cash, cash equivalents and investments as of March 31, 2016, totaled $127.7 million as compared to $142.2 million as of December 31, 2015. Concert expects its cash, cash equivalents and investments as of March 31, 2016 to be sufficient to fund the Company into 2018. Revenues: Revenue was $56 thousand for the quarter ended March 31, 2016, compared to $1.3 million for the same period in 2015. Revenue recognized in 2016 and 2015 is comprised of services performed by Concert in connection with its strategic collaborations with Celgene Corporation and Jazz Pharmaceuticals. The Phase 1 clinical evaluations conducted by Concert for each of these collaborations was completed in 2015.
- R&D Expenses: Research and development expenses were $10.5 million for the quarter ended March 31, 2016, compared to $6.9 million for the same period in 2015. The increase was primarily due to expenses associated with the development of CTP-656 and CTP-543.
- G&A Expenses: General and administrative expenses were $3.6 million for the quarter ended March 31, 2016, compared to $3.2 million for the same period in 2015. The increase in general and administrative expenses was primarily related to non-cash stock based compensation expense.
- Net Loss: For the quarter ended March 31, 2016, net loss applicable to common stockholders was $13.9 million, or $0.63 per share, compared with a net loss applicable to common stockholders of $9.0 million, or $0.48 per share, for the quarter ended March 31, 2015.
|Concert Pharmaceuticals, Inc.|
|Condensed Consolidated Statements of Operations|
|(in thousands, except per share amounts)|
|Quarter ended March 31,|
|License and research and development revenue||$||56||$||1,306|
|Research and development||10,453||6,944|
|General and administrative||3,577||3,233|
|Total operating expenses||14,030||10,177|
|Loss from operations||(13,974||)||(8,871||)|
|Interest and other income (expense), net||94||(131||)|
|Net loss per share applicable to common stockholders—basic and diluted||$||(0.63||)||$||(0.48||)|
|Weighted-average number of common shares used in net loss per share applicable to common stockholders—basic and diluted||22,198||18,726|
|Concert Pharmaceuticals, Inc.|
|Summary Balance Sheet Data|
|March 31, 2016||December 31, 2015|
|Cash and cash equivalents||$||37,821||$||92,510|
|Investments, available for sale||89,898||49,680|
|Total stockholders' equity||$||118,262||$||130,635|
Concert Pharmaceuticals Inc., the CoNCERT Pharmaceuticals Inc. logo and DCE Platform are registered trademarks of Concert Pharmaceuticals, Inc.Kalydeco® is a registered trademark of Vertex Pharmaceuticals, Inc.Jakafi® is a registered trademark of Incyte Corporation