Enters 2017 with $184.6 Million in Cash
Potential for Five Program Opt-ins Totaling Over $170M
Anti-TIGIT (I/O#2) IND Filed
REDWOOD CITY, Calif., Jan. 05, 2017 (GLOBE NEWSWIRE) -- OncoMed Pharmaceuticals Inc. (NASDAQ:OMED), a clinical-stage company focused on discovering and developing novel anti-cancer stem cell and immuno-oncology therapeutics, today pre-announced its 2016 year-end cash balance and reviewed key anticipated events for 2017.
OncoMed ended 2016 with approximately $184.6 million in cash. OncoMed's current cash is estimated to be sufficient to fund operations through at least the third quarter of 2018, without taking into account future potential milestone payments from partners. Full-year cash expenses for 2016 were approximately $115 million, in accordance with the company's 2016 guidance. OncoMed expects 2017 operating cash burn to be less than $100 million, before considering potential milestones/opt-ins.
"2017 represents a potentially transformational year for our company," said Paul J. Hastings, OncoMed's Chairman and Chief Executive Officer. "Phase 2 clinical trial results for demcizumab and tarextumab are anticipated in the first half of the year, and together those investigational drugs will be eligible for potential partner opt-ins totaling close to $100 million. Three additional programs, vantictumab, ipafricept and anti-RSPO3, are also eligible for potential partner opt-ins this year, and OncoMed could receive more than $170 million in total 2017 partner opt-in payments. At the same time, our earlier-stage programs are making progress in the clinic, we will be reporting on that progress, our two novel immuno-oncology candidates, anti-TIGIT and GITRL-Fc trimer are advancing into the clinic, and we continue to discover and develop additional novel agents directed at new immuno-oncology targets."
In December 2016, OncoMed achieved the following:
2017: Anticipated Key Financial Milestones and Pipeline Progress by Program
Demcizumab (anti-DLL4, OMP-21M18)
Tarextumab (anti-Notch 2/3, OMP-59R5)
Wnt programs — Vantictumab (anti-Fzd7, OMP-18R5) and Ipafricept (Fzd8-Fc, OMP-54F28)
Anti-DLL4/VEGF bispecific (OMP-305B83)
Brontictuzumab (anti-Notch1, OMP-52M51)
In future years, OncoMed is eligible for more than $4 billion in total potential milestone and option payments from its partners under its collaboration agreements with Celgene, Bayer, and GSK. To date, OncoMed has received over $465 million from its existing partners.
About OncoMed Pharmaceuticals
OncoMed Pharmaceuticals is a clinical-stage company focused on discovering and developing novel anti-cancer stem cell and immuno-oncology therapeutics. OncoMed has internally discovered a broad pipeline of investigational drugs intended to address the fundamental biology driving cancer's growth, recurrence and metastases. Demcizumab (anti-DLL4, OMP-21M18), tarextumab (anti-Notch2/3, OMP-59R5), anti-DLL4/VEGF bispecific antibody (OMP-305B83), vantictumab (anti-FZD7, OMP-18R5), ipafricept (FZD8-Fc, OMP-54F28), anti-RSPO3 (OMP-131R10) and anti-TIGIT (OMP-313M32) are part of the company's strategic alliances with Celgene Corporation, Bayer Pharma AG and GlaxoSmithKline (GSK). OncoMed is independently developing brontictuzumab (anti-Notch1, OMP-52M51) and GITRL-Fc trimer, as well as continuing to pursue new drug discovery research efforts. For further information about OncoMed Pharmaceuticals, please see www.oncomed.com.
To the extent that statements contained in this press release are not descriptions of historical facts regarding OncoMed Pharmaceuticals, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including OncoMed's expectations with respect to the period of time during which cash will be available to fund OncoMed's operations; OncoMed's ability to progress its early-stage programs in the clinic and to advance anti-TIGIT and GITRL-Fc into the clinic, including initiating a Phase 1 clinical trial for anti-TIGIT; OncoMed's operating cash burn for 2017; the timing of the analyses, availability and reporting of clinical trial data for demcizumab, tarextumab, vantictumab, ipafricept and OncoMed's other product candidates; the data to be included in the opt-in data packages; the timing of delivery of opt-in data packages to OncoMed's partners and the timing of opt-in decisions by those partners; OncoMed's ability to file an Investigational New Drug (IND) application for GITRL-Fc and the timing of that filing; the timing of presentation of anti-TIGIT data; the transformational nature of 2017 for OncoMed; OncoMed's ability to continue to discover and develop additional novel agents directed at new immuno-oncology targets; the timing of Celgene's option on anti-TIGIT; and OncoMed's ability to receive the indicated opt-in payments and other milestones from its partners and the timing of those payments. Such forward-looking statements involve substantial risks and uncertainties that could cause OncoMed's clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties inherent in the preclinical and clinical development process; OncoMed's dependence on its collaboration partners, including Celgene, GSK and Bayer, for the funding of its partnered programs; OncoMed's ability to raise additional capital to support the development of its unpartnered programs; OncoMed's reliance on third parties to conduct certain preclinical studies and all of its clinical trials; OncoMed's reliance on single source third-party contract manufacturing organizations to manufacture and supply its product candidates; OncoMed's ability to discover, develop and commercialize additional product candidates; and OncoMed's dependence on its key executives. OncoMed undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to OncoMed's business in general, see OncoMed's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (SEC) on March 10, 2016, OncoMed's Quarterly Report on Form 10-Q filed with the SEC on November 1, 2016, and OncoMed's other current and periodic reports filed with the SEC.
Contact: OncoMed Pharmaceuticals Michelle Corral Senior Director, Investor Relations and Corporate Communications email@example.com (650) 995-8373