“We continue to achieve important progress in all three of our INOpulse® clinical development programs,” said
“We are especially encouraged with the recently announced positive top-line Phase 2 data in patients with Pulmonary Hypertension Associated with Chronic Obstructive Pulmonary Disease (PH-COPD). These results further support the potentially unique role that INOpulse’s targeted vasodilation could have in becoming the first therapy approved for patients suffering from pulmonary hypertension associated with lung diseases, such as PH-COPD and pulmonary hypertension associated with Interstitial Lung Disease (PH-ILD). In order to support the continued development of our robust pipeline, we recently completed a private placement that raised aggregate gross proceeds of approximately
Key Recent Highlights
- Pulmonary Arterial Hypertension: In the Company’s Phase 3 program for INOpulse® in the treatment of PAH, INOvation-1 will read-out after all subjects have completed 16 weeks of blinded treatment. An interim read-out of the trial is planned when 16-week data is available on approximately 75 subjects. The INOvation-1 study has now been activated in over 100 clinical sites in 17 countries. Enrollment is progressing as planned and both the interim analysis and the top-line results for the study are expected to be available in 2018.
The second Phase 3 study in PAH , INOvation-RW, is a randomized withdrawal study that will recruit approximately 40 subjects directly from INOvation-1, eliminating the need for the recruitment of new study subjects. Bellerophon intends to initiate INOvation-RW in the second half of 2018, with top-line results anticipated in 2019.
- PH-COPD: The Company announced positive results from its Phase 2 study for INOpulse in PH-COPD in the third quarter. The study was designed to assess the acute effect of pulsed inhaled nitric oxide (iNO) on targeted vasodilation and the chronic effect (4 weeks) of iNO on hemodynamics and exercise capacity using a dose of 30 mcg/kg IBW/hr (iNO 30). The acute results showed a statistically significant increase (4.2%) in blood vessel volume and a statistically significant correlation in ventilation-vasodilation. The chronic results demonstrated a statistically significant improvement in six-minute walking distance (6MWD) (50.7 meters, p=0.04) and a statistically significant reduction in systolic pulmonary arterial pressure (19.9%, p=0.02). Bellerophon is currently developing the next Phase 2b study in PH-COPD in conjunction with its newly formed steering committee, which is chaired by Dr.
Raymond Benza of theCardiovascular Institute atAllegheny General Hospital inPittsburgh, PA.
- PH-ILD: The Company presented positive results from its Phase 2a study for INOpulse for the treatment of PH associated with Idiopathic Pulmonary Fibrosis (PH-IPF) at the
American Thoracic Society International Conference in May 2017. The study met its primary endpoint, demonstrating a 15.3% average increase in blood vessel volume (p<0.001) and a significant association between ventilation and vasodilation. In addition, clinically meaningful improvements were seen in systolic pulmonary arterial pressure (14% reduction) and 6MWD (75 meter increase).
A larger Phase 2b study in IPF, as well as other pulmonary fibrotic diseases within ILD, called iNO-PF, is planned to initiate in early 2018, with readout expected by the end of 2018. The study will recruit approximately 40 subjects diagnosed with pulmonary fibrosis, who are either at low or high risk of pulmonary hypertension as determined via echocardiography. Bellerophon has opened a new Investigational New Drug application to conduct this study, and its design has been reviewed and accepted by theU.S. Food and Drug Administration .
- Capital Raise: In the third quarter, Bellerophon raised aggregate gross proceeds of approximately
$23.4 million with new and existing investors through a private placement of its common stock and warrants. The financing was led byPuissance Capital Management and Venrock Healthcare Capital Partners , and was supported by certain of the Company’s existing investors, includingNew Mountain Capital andLinde North America, Inc. Bellerophon expects its strengthened cash position to primarily support ongoing development activities, including the completion of the INOvation-1 Phase 3 PAH trial, as well as the planned iNO-PF Phase 2b study in PH-ILD.
Third Quarter 2017 Financial Results
For the third quarter ended September 30, 2017, the Company reported a net loss of
Net loss for the third quarter of 2017 included an increase in the fair value of the Company’s common stock warrant liability of
Research and development expenses for the third quarter of 2017 were
General and administrative expenses for the third quarter of 2017 were
Nine-Months Ended
For the nine-months ended September 30, 2017, the Company reported a net loss of
Net loss for the first nine months of 2017 included an increase in the fair value of the Company’s common stock warrant liability of
Research and development expenses for the first nine months of 2017 were
General and administrative expenses for the nine-month period ended
Balance Sheet
As of
As of
About Bellerophon
Bellerophon Therapeutics is a clinical-stage biotherapeutics company focused on developing innovative therapies at the intersection of drugs and devices that address significant unmet medical needs in the treatment of cardiopulmonary diseases. The Company is currently developing three product candidates under its INOpulse program, a proprietary pulsatile nitric oxide delivery system. The first is for the treatment of pulmonary arterial hypertension (PAH), for which the Company has commenced Phase 3 clinical trials. The second is for the treatment of pulmonary hypertension associated with chronic obstructive pulmonary disease (PH-COPD) and the third candidate is for the treatment of pulmonary hypertension associated with Interstitial Lung Disease (PH-ILD), both of which are in Phase 2 development. For more information, please visit www.bellerophon.com.
Forward-looking Statements
Any statements in this press release about Bellerophon’s future expectations, plans and prospects, including statements about the clinical development of its product candidates, regulatory actions with respect to the Company’s clinical trials and expectations regarding the sufficiency of the Company’s cash balance to fund clinical trials, operating expenses and capital expenditures, and other statements containing the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “would,” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties inherent in the initiation of future clinical trials, availability and timing of data from ongoing and future clinical trials and the results of such trials, whether preliminary or interim results from a clinical trial will be predictive of the final results of that trial or whether results of early clinical trials will be indicative of the results of later clinical trials, expectations for regulatory approvals, the FDA’s substantial discretion in the approval process, availability of funding sufficient for our foreseeable and unforeseeable operating expenses and capital expenditure requirements and other factors discussed in the “Risk Factors” section of the Company’s most recent filings with the
Contacts
At Bellerophon:
(908) 574-4767
At
(212) 915-2578
britchie@lifesciadvisors.com
| Bellerophon Therapeutics, Inc. | ||||||||||
| Consolidated Balance Sheet | ||||||||||
| (unaudited, in thousands except share and per share data) | ||||||||||
| September 30, 2017 | December 31, 2016 | |||||||||
| Assets | ||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 32,283 | $ | 14,453 | ||||||
| Restricted cash | - | 150 | ||||||||
| Marketable securities | 3,178 | 5,571 | ||||||||
| Prepaid expenses and other current assets | 3,934 | 6,331 | ||||||||
| Total current assets | 39,395 | 26,505 | ||||||||
| Restricted cash, non-current | 300 | 307 | ||||||||
| Other non-current assets | 59 | 1,491 | ||||||||
| Property and equipment, net | 1,116 | 1,399 | ||||||||
| Total assets | $ | 40,870 | $ | 29,702 | ||||||
| Liabilities and Stockholders' Equity | ||||||||||
| Current liabilities: | ||||||||||
| Accounts payable | $ | 2,755 | $ | 2,807 | ||||||
| Accrued research and development | 1,873 | 2,573 | ||||||||
| Accrued expenses | 1,784 | 1,115 | ||||||||
| Total current liabilities | 6,412 | 6,495 | ||||||||
| Common stock warrant liability | 18,784 | 5,215 | ||||||||
| Total liabilities | 25,196 | 11,710 | ||||||||
| Commitments and contingencies | ||||||||||
| Stockholders’ equity: | ||||||||||
| Common stock, $0.01 par value per share; 125,000,000 shares authorized, 54,960,068 and 31,702,624 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively | 550 | 317 | ||||||||
| Preferred stock, $0.01 par value per share; 5,000,000 shares authorized, zero shares issued and outstanding at September 30, 2017 and December 31, 2016 | - | - | ||||||||
| Additional paid-in capital | 170,275 | 142,167 | ||||||||
| Accumulated other comprehensive income (loss) | - | - | ||||||||
| Accumulated deficit | (155,151 | ) | (124,492 | ) | ||||||
| Total stockholders’ equity | 15,674 | 17,992 | ||||||||
| Total liabilities and stockholders’ equity | $ | 40,870 | $ | 29,702 | ||||||
| Bellerophon Therapeutics, Inc. | ||||||||||||||||
| Consolidated Statement of Operations | ||||||||||||||||
| (unaudited, in thousands except share and per share data) | ||||||||||||||||
| Quarter Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | 4,438 | $ | 2,472 | $ | 12,464 | $ | 11,539 | ||||||||
| General and administrative | 1,746 | 1,745 | 4,826 | 4,926 | ||||||||||||
| Total operating expenses | 6,184 | 4,217 | 17,290 | 16,465 | ||||||||||||
| Loss from operations | (6,184 | ) | (4,217 | ) | (17,290 | ) | (16,465 | ) | ||||||||
| Change in fair value of common stock warrant liability | (1,435 | ) | - | (13,455 | ) | - | ||||||||||
| Interest and other income, net | 33 | 22 | 86 | 74 | ||||||||||||
| Loss before taxes | (7,586 | ) | (4,195 | ) | (30,659 | ) | (16,391 | ) | ||||||||
| Income tax benefit | - | - | - | - | ||||||||||||
| Net loss | $ | (7,586 | ) | $ | (4,195 | ) | $ | (30,659 | ) | $ | (16,391 | ) | ||||
| Weighted average shares outstanding: | ||||||||||||||||
| Basic and diluted | 34,989,831 | 13,854,188 | 33,505,444 | 13,335,358 | ||||||||||||
| Net loss per share: | ||||||||||||||||
| Basic and diluted | $ | (0.22 | ) | $ | (0.30 | ) | $ | (0.92 | ) | $ | (1.23 | ) | ||||
Source: Bellerophon Therapeutics, Inc.