Blueprint Medicines Reports Fourth Quarter and Full Year 2017 Financial Results
CAMBRIDGE, Mass./PRNewswire/ -- Blueprint Medicines (NASDAQ: BPMC), a leader in discovering and developing targeted kinase medicines for patients with genomically defined diseases, today reported financial results and provided a business update for the fourth quarter and full year ended December 31, 2017.
"2017 marked a year of significant achievements for Blueprint Medicines as we moved closer to realizing our vision of delivering a new generation of kinase medicines to patients with genomically defined diseases," said Jeff Albers, Chief Executive Officer of Blueprint Medicines. "We presented transformative data across our full clinical-stage portfolio and expanded our extensive pipeline of highly selective kinase medicines with the nomination of our fourth development candidate, BLU-782. In 2018, we expect to continue this cadence of clinical and preclinical data disclosures, while also working to progress avapritinib quickly toward potential approval for gastrointestinal stromal tumors and systemic mastocytosis and to define the development path for BLU-554. We also plan to devote additional resources to commercial readiness as we progress pivotal clinical trials in multiple patient populations."
Avapritinib: Gastrointestinal Stromal Tumors (GIST)
Avapritinib: Systemic Mastocytosis (SM)
Avapritinib: Recent Scientific Publications
BLU-554: Hepatocellular Carcinoma
BLU-667: RET-Altered Solid Tumors
Fourth Quarter and Year End 2017 Financial Results:
Based on its current plans, Blueprint Medicines expects that its existing cash, cash equivalents and investments, excluding any potential option fees and milestone payments under its existing collaboration with Roche, will be sufficient to enable it to fund its operating expenses and capital expenditure requirements into the middle of 2020.
Conference Call Information:
Blueprint Medicines will host a live conference call and webcast today at 8:30 a.m. ET. The conference call may be accessed by dialing 1-855-728-4793 (domestic) or 1-503-343-6666 (international) and referring to conference ID 3391675. A webcast of the conference call will be available in the Investors section of the Blueprint Medicines' website at http://ir.blueprintmedicines.com. The archived webcast will be available on Blueprint Medicines' website approximately two hours after the conference call and will be available for 30 days following the call.
About Blueprint Medicines:
Blueprint Medicines is developing a new generation of targeted and potent kinase medicines to improve the lives of patients with genomically defined diseases. Its approach is rooted in a deep understanding of the genetic blueprint of cancer and other diseases driven by the abnormal activation of kinases. Blueprint Medicines is advancing four programs in clinical development for subsets of patients with gastrointestinal stromal tumors, hepatocellular carcinoma, systemic mastocytosis, non-small cell lung cancer, medullary thyroid cancer and other advanced solid tumors, as well as multiple programs in research and preclinical development. For more information, please visit www.blueprintmedicines.com.
Availability of Other Information About Blueprint Medicines:
Investors and others should note that Blueprint Medicines communicates with its investors and the public using its company website (www.blueprintmedicines.com), including but not limited to investor presentations and scientific presentations, Securities and Exchange Commission filings, press releases, public conference calls and webcasts. You can also connect with Blueprint Medicines on Twitter (@BlueprintMeds) or LinkedIn. The information that Blueprint Medicines posts on these channels and websites could be deemed to be material information. As a result, Blueprint Medicines encourages investors, the media and others interested in Blueprint Medicines to review the information that it posts on these channels, including Blueprint Medicines' investor relations website, on a regular basis. This list of channels may be updated from time to time on Blueprint Medicines' investor relations website and may include other social media channels than the ones described above. The contents of Blueprint Medicines' website or these channels, or any other website that may be accessed from its website or these channels, shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.
Cautionary Note Regarding Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, statements regarding plans and timelines for the clinical development of avapritinib, BLU-554, BLU-667 and BLU-782; the potential benefits of Blueprint Medicines' current and future drug candidates in treating patients; plans and timelines for presenting preclinical and clinical data for Blueprint Medicines' current or future clinical trials; plans and timelines for initiating Blueprint Medicines' Voyager trial; plans and timelines for initiating a registration-enabling clinical trial in patients with advanced SM; plans and timelines for initiating a proof-of-concept Phase 2 clinical trial in patients with indolent and smoldering SM; plans and timelines for engaging regulatory authorities to obtain input on registration pathways for avapritinib and BLU-554; the timing of initial clinical data for Blueprint Medicines' Phase 1 clinical trial for BLU-667; plans and timelines for initiating the expansion portion of Blueprint Medicines' Phase 1 clinical trial for BLU-667; plans and timelines for initiating IND-enabling studies for BLU-782; the timing for reporting preclinical data for the BLU-782 program; plans to devote additional resources to commercial readiness; expectations regarding plans and timelines for pivotal clinical trials in multiple patient populations; expectations regarding potential milestones; expectations regarding Blueprint Medicines' existing cash, cash equivalents and investments; and Blueprint Medicines' strategy, business plans and focus. The words "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "project," "potential," "continue," "target" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this press release are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, risks and uncertainties related to the delay of any current or planned clinical trials or the development of Blueprint Medicines' drug candidates, including avapritinib, BLU-554, BLU-667 and BLU-782; Blueprint Medicines' advancement of multiple early-stage efforts; Blueprint Medicines' ability to successfully demonstrate the safety and efficacy of its drug candidates; the preclinical and clinical results for Blueprint Medicines' drug candidates, which may not support further development of such drug candidates; actions of regulatory agencies, which may affect the initiation, timing and progress of clinical trials; Blueprint Medicines' ability to develop and commercialize companion diagnostic tests for its current and future drug candidates, including companion diagnostic tests for BLU-554 for FGFR4-driven HCC, avapritinib for PDGFRα D842V-driven GIST and BLU-667 for RET-driven NSCLC; and the success of Blueprint Medicines' cancer immunotherapy collaboration with F. Hoffmann-La Roche Ltd and Hoffmann-La Roche Inc. These and other risks and uncertainties are described in greater detail in the section entitled "Risk Factors" in Blueprint Medicines' Quarterly Report on Form 10-Q for the quarter ended September 30, 2017, as filed with the Securities and Exchange Commission (SEC) on October 31, 2017, and any other filings that Blueprint Medicines has made or may make with the SEC in the future. Any forward-looking statements contained in this press release represent Blueprint Medicines' views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. Except as required by law, Blueprint Medicines explicitly disclaims any obligation to update any forward-looking statements.
Blueprint Medicines Corporation Selected Condensed Consolidated Balance Sheet Data (in thousands) (unaudited) December 31, December 31, ------------ ------------ 2017 2016 ---- ---- Cash, cash equivalents and investments $673,356 $268,218 Unbilled accounts receivable - 3,577 Working capital (1) 642,615 191,913 Total assets 715,737 282,795 Deferred revenue 35,373 47,235 Term loan payable 1,518 4,069 Lease incentive obligation 16,331 3,370 Total stockholders' equity 623,970 213,078 (1) Blueprint Medicines defines working capital as current assets less current liabilities.
Blueprint Medicines Corporation Condensed Consolidated Statements of Operations Data (in thousands, except per share data) (unaudited) Three Months Ended Years Ended December 31, December 31, ------------ ------------ 2017 2016 2017 2016 ---- ---- ---- ---- Collaboration revenue $1,628 $7,691 $21,426 $27,772 Operating expenses: Research and development 43,629 24,073 144,687 81,131 General and administrative 8,092 4,991 27,986 19,218 ----- ----- ------ ------ Total operating expenses 51,721 29,064 172,673 100,349 Other income (expense): Other income, net 1,108 201 3,349 551 Interest expense (42) (91) (221) (469) --- --- ---- ---- Total other income 1,066 110 3,128 82 ----- --- ----- --- Net loss $(49,027) $(21,263) $(148,119) $(72,495) ======== ======== ========= ======== Net loss per share applicable to common stockholders - basic $(1.23) $(0.75) $(3.92) $(2.64) and diluted Weighted-average number of common shares used in net loss per 39,988 28,450 37,793 27,492 share applicable to common stockholders - basic and diluted
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SOURCE Blueprint Medicines Corporation
Company Codes: NASDAQ-NMS:BPMC