Cynapsus Therapeutics Inc. : Reports First Quarter 2015 Financial Results and Recent Developments
2015年5月9日 - 5:54AM
Cynapsus Therapeutics Inc. (TSX: CTH) (OTCQX: CYNAF), a specialty
Central Nervous System (CNS) pharmaceutical company developing and
preparing to commercialize a fast-acting, easy-to-use sublingual
thin film for the on-demand management of debilitating OFF episodes
associated with Parkinson's disease (PD), today announced financial
results for the three months ended March 31, 2015. Unless specified
otherwise, all amounts are in Canadian dollars.
"In the first three months of 2015, we have made significant
progress advancing our strategic plan, including work related to
the commencement of Phase 3 clinical trials for APL-130277.
Importantly, we also raised gross proceeds of approximately $21
million through a private placement, which we expect will fund
APL-130277 development through to a New Drug Application (NDA)
submission with the U.S. Food and Drug Administration (FDA) in
2016, initial commercialization studies and preparation for a U.S.
product launch, as well as planning for clinical studies in the
European Union," stated Anthony Giovinazzo, President and Chief
Executive Officer of Cynapsus.
Financial Highlights
- On March 31, 2015, the Company announced that it completed
private placement offering of common shares for aggregate gross
proceeds of $20,981,579. The financing was led by funds associated
with OrbiMed, Aisling Capital and Venrock, with participation from
various other institutional investors, including existing
shareholders Broadfin Capital, Sphera Funds Management, Pura Vida
Investments, DAFNA Capital Management and Dexcel Pharma
Technologies Ltd./Dexxon Holdings Ltd.
- Cash as of March 31, 2015 of $36,661,012 (December 31, 2014:
$17,448,497).
- Cash used in operating activities of $5,689,901 for the three
months ended March 31, 2015 (three months ended March 31, 2014:
$1,676,386).
- Net loss of $5,094,432 for the three months ended March 31,
2015 (three months ended March 31, 2014: $1,210,272).
- Reported 110,311,428 common shares outstanding as of March 31,
2015 (December 31, 2014: 80,334,449 common shares).
Operational Highlights
- Completed End-of-Phase 2 Meeting with the U.S.
FDA. On February 4, 2015, Cynapsus held its End-of-Phase 2
meeting with the FDA. For development of APL-130277 in the U.S.,
the Company will follow Section 505(b)(2) of the FDCA. The drug
substance (apomorphine) in APL-130277 is identical to the active
pharmaceutical ingredient in the FDA approved subcutaneous
injection, Apokyn®, and APL-130277 is designed for similar usage
but potentially for a broader range of PD patients. The Section
505(b)(2) regulatory pathway will require the Company to provide
statistically significant clinical evidence that PD patients
experience improvement in their motor function as a result of
delivery of apomorphine via the sublingual thin film route compared
to placebo.
- Reported details for the Company's Phase 3 pivotal
program. On March 11, 2015, following the End-of-Phase 2
meeting with the U.S. FDA, the Company announced that an agreement
was reached on the design, duration and size for the Phase 3
program clinical studies, as well as for primary and key secondary
endpoints. As a result, the Company has initiated a pivotal Phase 3
program evaluating the safety and efficacy of APL-130277 in PD
patients.
- Appointed a new Director to the Board of
Directors. On March 12, 2015, Tamar Howson was appointed
to the Board of Directors. Ms. Howson is a seasoned business
development executive within the pharmaceutical industry, having
formerly served as Senior Vice President at both Bristol-Myers
Squibb and SmithKline Beecham. Ms. Howson currently serves as a
business development and strategy consultant to biopharmaceutical
companies and she also serves as a director at Oxigene
Pharmaceuticals and Organovo. She has formerly served as a director
at several biotechnology companies, including Actavis, Ariad,
Idenix Pharmaceuticals, NPS Pharmaceuticals, SkyePharma and Warner
Chilcott.
- Presented Data from a Pharmacokinetic Subgroup of the
Phase 2 CTH-105 Study at the American Academy of Neurology (AAN)
Annual Meeting. On April 22, 2015, the Company presented
data at AAN that demonstrated that a minimum efficacious plasma
threshold of apomorphine was required to convert a patient from the
OFF state to the ON state. APL-130277 reached this threshold in as
early as 10 minutes and levels were maintained over this threshold
through 90 minutes after dosing. This translated to clinically
meaningful improvement in motor function as assessed by the
MDS-UPDRS Part III score.
Upcoming Clinical Studies
Following the progress made in the first quarter of 2015, the
Company currently plans to complete the following clinical
studies:
- CTH-200 Bridging Study. A single-dose,
crossover comparative bioavailability and pharmacokinetic study in
healthy volunteers. This study is designed to allow the Company to
use the safety and efficacy data for Apokyn® in our NDA submission
to the FDA. This study is planned to commence in the second quarter
of 2015.
- CTH-300 Efficacy Study. A double-blind,
placebo-controlled, parallel-design study with an estimated 126 PD
patients who have at least one OFF episode every 24 hours, with
total OFF time of at least two hours per day. The objective is to
evaluate the efficacy and safety of APL-130277 versus placebo in
patients with PD. Sites will recruit patients over several months.
The 126 patients will each be observed for 12 weeks, with dosing at
home and in clinic. Patients will be evaluated every four weeks in
clinic. The primary end point will be measured at week 12 in
clinic. The primary endpoint will be the mean change in the
MDS-UPDRS Part III score at 30 minutes after dosing.
This study was initiated in the second quarter of 2015.
- CTH-301 Safety Study. A long-term open-label,
single arm safety study in PD patients who have at least one OFF
episode every 24 hours, with total OFF time of at least two hours
per day. The objective is to evaluate the safety and tolerability
of APL-130277 in patients with PD over 6 months of treatment. Sites
will recruit patients over several months, with each patient being
evaluated for six months. An estimated 226 patients will be
enrolled, including up to 126 who had been enrolled in the CTH-300
efficacy study and rolled over to this study, plus an additional
100 new patients. The CTH-301 protocol has a built-in
adaptive component potentially allowing the open label titration
procedure to be modified to at-home titration. This change will be
based upon the safety assessment completed by a Drug Safety
Monitoring Board ("DSMB") in the CTH 300 study. This study is
planned to commence in the third quarter of 2015.
In parallel, the Company will continue to perform the necessary
development activities, including process validation and stability
studies as part of the chemistry, manufacturing and controls, or
CMC, requirements for the filing of the NDA. The Company expects
that all development will be performed according to current Good
Manufacturing Practices methodology.
Upon completion of the efficacy and safety studies, as well as
the CMC requirements, the Company intends to prepare and submit a
Section 505(b)(2) NDA to the FDA in 2016.
About Cynapsus
Cynapsus is a specialty CNS pharmaceutical
company developing and preparing to commercialize a Phase 3,
fast-acting, easy-to-use, sublingual thin film for the on-demand
turning ON of debilitating OFF episodes associated with Parkinson's
disease, or PD. PD is a chronic, progressive neurodegenerative
disease characterized by motor symptoms including tremor at rest,
rigidity and impaired movement as well as significant non-motor
symptoms such as cognitive impairment and mood disorders. The
re-emergence of PD symptoms is referred to as an OFF episode.
The Company recently successfully completed a Phase 2 clinical
trial for its product candidate, APL-130277, a sublingual
formulation of apomorphine hydrochloride, or apomorphine.
Apomorphine is the only molecule approved for acute, intermittent
treatment to provide rapid turning ON and relief from OFF episodes,
but is currently only approved in the United States as a
subcutaneous injection, which poses a number of problems.
APL-130277 is a "turning ON" medication designed to rapidly, safely
and reliably convert a PD patient from the OFF to the ON state
while avoiding many issues associated with subcutaneous delivery of
apomorphine. It is designed to convert all types of OFF episodes,
including morning OFF episodes, often considered the most difficult
to treat. The Company has initiated our Phase 3 clinical program
for APL-130277, relying on the abbreviated Section 505(b)(2)
regulatory pathway in the United States, and intends to submit an
NDA in 2016.
PD is the second most common neurodegenerative
disease worldwide. Over one million people in the United States and
between four and six million people worldwide suffer from PD.
There is no known cure or disease modifying treatment currently
available for PD. Current medications and treatments only control
the major symptoms of the disease, with most drugs becoming less
effective over time as the disease progresses. Cells that die in PD
produce dopamine, a neurotransmitter critical to the signaling for
movement. These current drugs and therapies either aim to
supplement dopamine levels in the brain, mimic the effect of
dopamine in the brain by stimulating dopamine receptors, referred
to as dopamine agonists, or prevent the enzymatic breakdown of
dopamine, prolonging its effect. The standard of care for the
treatment of symptoms of PD remains oral levodopa, a drug approved
nearly 50 years ago. While oral levodopa is efficacious,
there are significant challenges for physicians in creating a
dosing regimen of oral levodopa that consistently maintains
levodopa levels within a patient's therapeutic range. Over time,
the response to levodopa becomes less reliable and predictable and
levodopa often cannot turn a patient from the OFF to the ON state.
As a result, the majority of PD patients experience OFF episodes
despite taking PD medications.
OFF episodes are thought to occur when brain dopamine levels
fall below a critical threshold to sustain relatively normal motor
function, or ON. It can be a period of time when a patient's PD
medication is not working adequately to alleviate the patient's PD
symptoms, when the medication has a delayed effect or does not work
at all. When experiencing an OFF episode, a PD patient is unable to
perform simple daily tasks such as eating, bathing and dressing,
thus becoming increasingly dependent on caregivers. OFF episodes
are considered one of the greatest unmet medical needs facing PD
patients. The Company believes the current addressable market for
its product candidate, APL-130277, in the United States alone is
approximately 400,000 patients.
More information about Cynapsus (TSX: CTH) (OTCQX: CYNAF) is
available at www.cynapsus.ca and at the System for Electronic
Document Analysis and Retrieval (SEDAR) at www.sedar.com.
Contact Information
Cynapsus Therapeutics
Anthony Giovinazzo
President and CEO
(416) 703-2449 x225
ajg@cynapsus.ca
Andrew Williams
COO & CFO
(416) 703-2449 x253
awilliams@cynapsus.ca
Forward-Looking Statements
This announcement contains "forward-looking statements" within
the meaning of applicable securities laws. Generally, these
forward-looking statements can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes" or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might"
or "will be taken", "occur" or "be achieved". Forward-looking
statements are subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of Cynapsus to be materially
different from those expressed or implied by such forward-looking
statements, including but not limited to those risks and
uncertainties relating to Cynapsus' business disclosed under the
heading "Risk Factors" in its Annual Information Form and its other
filings with the various Canadian securities regulators which are
available online at www.sedar.com. Although Cynapsus has attempted
to identify important factors that could cause actual results to
differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be
as anticipated, estimated or intended. There can be no assurance
that such statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. Cynapsus does not undertake
to update any forward-looking statements, except in accordance with
applicable securities laws.
Neither the TSX nor the OTCQX International has approved or
disapproved of the contents of this press release.
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