Solid Biosciences Reports Third Quarter 2018 Financial Results And Provides Business Update
Two Additional Patients Dosed With SGT-001 Gene Transfer in IGNITE DMD Clinical Trial
Company Plans to Report Preliminary Results from IGNITE DMD in the First Quarter of 2019
“We are pleased to have made significant progress toward our goal of bringing meaningful treatments to patients with Duchenne muscular dystrophy,” said
“We are pleased with the progress we have made on IGNITE DMD, dosing two additional patients with SGT-001 since the study resumed,” said
- Solid is continuing to enroll IGNITE DMD, the Company’s randomized, controlled Phase I/II clinical trial to assess the safety and efficacy of SGT-001 (AAV-mediated microdystrophin gene transfer) for the treatment of Duchenne muscular dystrophy (DMD). In total, six patients have been randomized in IGNITE DMD, three to the active treatment group and three to the delayed treatment control group. This number includes two additional patients who have been dosed since the study resumed in June. All three patients who have received SGT-001 are currently doing well.
There were no serious adverse events observed in the second or third patients dosed. Laboratory findings, including a transient decline in platelet count that has fully resolved, were quickly identified and managed per the study protocol. Solid continues to enroll patients in IGNITE DMD and plans to communicate preliminary results, including microdystrophin expression data, in the first quarter of 2019.
- In September, Solid announced that the Company appointed clinical and gene therapy expert
Sukumar Nagendran, M.D., to its Board of Directors. Dr. Nagendran brings to Solid more than 30 years of experience in key functional areas, including gene therapy development, clinical strategy, medical affairs and diagnostics. Most recently, Dr. Nagendran was Chief Medical Officer & Senior Vice President of AveXis Inc., where he was responsible for overseeing and driving all clinical development and medical affairs strategy, notably for the company’s late-stage AAV-mediated gene therapy program for Spinal Muscular Atrophy (SMA).
- In October, Solid received Fast Track Designation for SGT-001 from the
U.S. Food and Drug Administration( FDA). The Fast Track program is designed to expedite the development and review of drugs to treat serious or life-threatening conditions and fill an unmet medical need.
Research and development expenses for the third quarter of 2018 were
General and administrative expenses were
Solid ended the third quarter of 2018 with
Solid’s lead candidate, SGT-001, is a novel adeno-associated viral (AAV) vector-mediated gene transfer under investigation for its ability to address the underlying genetic cause of Duchenne muscular dystrophy (DMD), mutations in the dystrophin gene that result in the absence or near-absence of dystrophin protein. SGT-001 is a systemically administered candidate that delivers a synthetic dystrophin transgene, called microdystrophin, to the body. This microdystrophin encodes for a functional protein surrogate that is expressed in muscles and stabilizes essential associated proteins, including neuronal nitric oxide synthase (nNOS). SGT-001 utilizes AAV9, which has an affinity for muscle and is currently being evaluated in multiple clinical programs in other indications. Data from Solid’s preclinical program suggest that SGT-001 has the potential to slow or stop the progression of DMD, regardless of genetic mutation or disease stage.
SGT-001 is based on pioneering research in dystrophin biology by Dr. Jeffrey Chamberlain of the University of Washington and Dr. Dongsheng Duan of the University of Missouri. SGT-001 has been granted Rare Pediatric Disease Designation, or RPDD, and Fast Track Designation in the United States and Orphan Drug Designations in both the United States and European Union.
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Solid’s IGNITE DMD clinical trial, its anticipated achievement of milestones and the potential of SGT-001. Any forward-looking statements are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in, or implied by, such forward-looking statements. These risks and uncertainties include, but are not limited to, risks associated with Solid’s ability to obtain and maintain necessary approvals from the FDA and other regulatory authorities and investigational review boards at clinical trial sites; enroll patients in its clinical trials; continue to advance SGT-001 in clinical trials; replicate in later clinical trials positive results found in preclinical studies and earlier stages of clinical development; advance the development of its product candidates under the timelines it anticipates in current and future clinical trials; obtain, maintain or protect intellectual property rights related to its product candidates; compete successfully with other companies that are seeking to develop DMD treatments and gene therapies; manage expenses; and raise the substantial additional capital needed to achieve its business objectives. For a discussion of other risks and uncertainties, and other important factors, any of which could cause the Company’s actual results to differ from those contained in the forward-looking statements, see the “Risk Factors” section, as well as discussions of potential risks, uncertainties and other important factors, in the Company’s most recent filings with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent the Company’s views as of the date hereof and should not be relied upon as representing the Company’s views as of any date subsequent to the date hereof. The Company anticipates that subsequent events and developments will cause the Company's views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so.
|Solid Biosciences Inc.|
|Condensed Consolidated Statements of Operations|
|(unaudited, in thousands, except share and per share data)|
|Three Months Ended September 30,||Nine Months Ended September 30,|
|Research and development||14,680||10,619||40,203||27,959|
|General and administrative||4,470||3,077||13,098||11,737|
|Total operating expenses||19,150||13,696||53,301||39,696|
|Loss from operations||(19,150||)||(13,696||)||(53,301||)||(39,696||)|
|Other income (expense):|
|Revaluation of preferred unit tranche rights||-||(88||)||-||(68||)|
|Total other income (expense), net||130||191||424||1,005|
|Net loss attributable to non-controlling interest||-||-||-||(1,060||)|
|Net loss attributable to Solid Biosciences Inc.||(19,020||)||(13,505||)||(52,877||)||(37,631||)|
|Accretion of preferred units to redemption value||-||-||-||(959||)|
|Redemption of preferred units||-||-||-||15,685|
|Redemption of redeemable interest from non-controlling interest in Solid GT||-||-||-||(1,925||)|
|Net loss attributable to common stockholders||$||(19,020||)||$||(13,505||)||$||(52,877||)||$||(24,830||)|
|Net loss per share attributable to common stockholders, basic and diluted||$||(0.55||)||$||(0.79||)||$||(1.61||)||$||(1.99||)|
|Weighted average shares of common stock outstanding, basic and diluted||34,539,001||17,096,280||32,800,126||12,446,769|
|Solid Biosciences Inc.|
|Condensed Consolidated Balance Sheets|
|(unaudited, in thousands, except share and per share data)|
|September 30,||December 31,|
|Cash and cash equivalents||$||129,137||$||52,080|
|Prepaid expenses and other current assets||3,062||1,499|
|Total current assets||148,431||70,658|
|Property and equipment, net||7,935||2,429|
|Other non-current assets||209||-|
|Deferred offering costs||-||3,106|
|Liabilities, Preferred Units and Stockholders' / Members' Equity / (Deficit)|
|Accrued expenses and other current liabilities||5,833||6,205|
|Total current liabilities||10,637||11,271|
|Other non-current liabilities||1,102||-|
|Series 2 Senior Preferred Units||-||55,002|
|Series 1 Senior Preferred Units||-||25,000|
|Junior Preferred Units||-||44,177|
|Stockholders' / Members' Equity / (Deficit)|
|Series A, B, C and D Common Units||-||65,014|
|Additional paid-in capital||322,179||-|
|Accumulated other comprehensive loss||(6||)||(13||)|
|Total stockholders' / members' equity (deficit)||145,073||(59,257||)|
|Total liabilities, preferred units and stockholders' / members' equity||$||156,812||$||76,193|
Kendall Investor Relations
Source: Solid Biosciences Inc.