Trevena Reports Third Quarter 2016 Financial Results And Provides Corporate Update

Trevena, Inc. (NASDAQ: TRVN) today announced financial results for the quarter ended September 30, 2016 and provided an update regarding its ongoing clinical programs.

"This quarter saw important progress for our company, with continued execution of our Phase 3 program for oliceridine. We had extensive engagement with the medical community to discuss the challenges of acute pain management in the hospital and how oliceridine may provide an important treatment option to patients and physicians," said Maxine Gowen, Ph.D., chief executive officer. "We look forward to sharing top-line data from both Phase 3 APOLLO pivotal efficacy studies in the first quarter of 2017, and filing an NDA in the second half of next year."

Third Quarter and Recent Highlights
  • APOLLO-1 and APOLLO-2 Phase 3 efficacy trials of oliceridine remain on track for first quarter 2017 top-line data release. The APOLLO-1 trial includes patients suffering moderate to severe pain after undergoing bunionectomy, while the APOLLO-2 trial includes patients suffering moderate to severe pain after undergoing abdominoplasty; both are 375-patient, multicenter, randomized, double-blind, placebo- and active-controlled studies. Patients are randomized to receive placebo, morphine, or one of three oliceridine regimens, all dosed as needed via patient-controlled analgesia (PCA) device for the management of their post-operative pain, with approximately 75 patients per study arm. The primary objective of both trials is to evaluate the analgesic efficacy of oliceridine versus placebo. Secondary endpoints compare the efficacy, safety, and tolerability of oliceridine to morphine.
  • Patient enrollment remains on track in the ATHENA multi-procedure safety study of oliceridine to support NDA filing in 2H 2017. This trial complements the APOLLO studies and aims to evaluate the safety and tolerability of oliceridine in patients with moderate to severe acute pain caused by a broad range of medical conditions or surgeries. Patients are treated on an as-needed basis via IV bolus, PCA administration, or both, as determined by the investigator.
  • Continued engagement at pain medicine conferences. The Company gave or sponsored presentations at numerous medical conferences, including meetings of the American Society for Pain Management Nursing, American College of Surgeons, and American Society of Anesthesiologists (ASA). Two abstracts were selected for oral podium presentations at the ASA meeting.
  • Hosted an investor webcast featuring presentations on acute pain management by leading clinicians. In October, the Company webcast a symposium in which leading clinicians provided their perspectives on the unmet needs associated with current injectable analgesics and how oliceridine may fit into the current treatment landscape for acute moderate to severe pain. A webcast replay is available at http://investors.trevena.com/events.cfm.
  • TRV250 program on track for IND submission this year. TRV250 is a potential first-in-class medicine in preclinical development for the treatment of episodic migraine. It was designed to use a novel non-narcotic approach to treating migraine by selectively targeting the delta receptor. There are no approved drugs selectively targeting this receptor. The Company continues to expect to submit an investigational new drug application for TRV250 to the FDA by the end of 2016.

Financial Results

Net loss attributable to common stockholders for the quarter ended September 30, 2016 was $29.9 million, or $0.57 per share, compared to $10.6 million, or $0.24 per share for the quarter ended September 30, 2015. General and administrative expenses were $4.1 million in the third quarter of 2016, compared to $2.8 million for the third quarter of 2015. Research and development expenses were $25.5 million in the third quarter of 2016 compared to $9.7 million for the same period in 2015, with the increase primarily due to expenses associated with the oliceridine Phase 3 program. The Company expects that research and development expenses will be higher in the fourth quarter of 2016 than in the third quarter before decreasing in 2017 as ongoing Phase 3 trials are completed.

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