Krystal Biotech Reports 2018 Financial Results and Business Progress
Topline-data from Phase 1/2 clinical trial of KB103 (bercolagene telserpavec) for treatment dystrophic epidermolysis bullosa (DEB) to be announced in 1H 2019
Ancoris, a cGMP facility for clinical and commercial production of KB103, is operational following successful completion of a trial run.
Planned filing of an IND for KB105 to treat autosomal recessive congenital ichthyosis (ARCI) in 1H 2019
Company was granted second patent for compositions containing KB103, formulated for alternate routes of administration
Commenting on the year,
Mr. Krishnan continued, “Our top four priorities in 2019 are to commence the pivotal study of KB103 following completion of the Phase 1/2 GEM-1 study, initiate a Phase 1/2 clinical study of our second rare disease therapy, KB105, file an IND on an additional pipeline product, yet to be disclosed and begin work on our second, larger cGMP facility in
2018 and Recent Corporate Highlights
March 5, 2019, we had the official inauguration of Ancoris, a commercial scale cGMP-compliant manufacturing facility, following completion of a manufacturing trial run of KB103.
December 18, 2018the United States Patent and Trademark Office (USPTO) granted U.S. Patent No. 10,155,106 which covers compositions containing KB103, formulated for alternate routes of administration.
October 23, 2018, we announced the closing of a public offering of common stock and exercise in full of underwriters’ over-allotment option. The gross proceeds to the Company from this offering were $69.0 million, before deducting underwriting discounts and commissions and other offering expenses payable by us.
October 15, 2018, we announced positive interim results from a placebo-controlled Phase 1/2 clinical study of KB103 in adults with the rare skin disease dystrophic epidermolysis bullosa (DEB).
August 7, 2018, the FDAgranted orphan drug and rare pediatric disease designation to our second product candidate, KB105, which is currently in preclinical development for treatment of patients with deficient autosomal recessive congenital ichthyosis (ARCI), which is associated with transglutaminase 1 (TGM-1). There are currently no treatments for this disease which affects approximately 20,000 patients worldwide. We anticipate filing an Investigational New Drug (IND) application for KB105 in the first half of 2019. The IND filing is a few months later than originally planned, following a scheduling issue at one of our third-party manufacturing vendors. All pre-clinical studies required for the filing of the IND have been completed.
Financial results for the year ended December 31, 2018
- Cash, cash equivalents and short-term investments totaled $111.8 million on December 31, 2018.
- Research and development expenses for the year ended
December 31, 2018were $7.8 million, compared to $3.2 millionfor 2017.
- General and administrative expenses for the year were $4.2 million, compared to
$1.6 millionfor 2017.
- Net losses for the years ended December 31, 2018 and 2017 were $10.9 million and $7.9 million or (
$0.97) and ( $1.48) per common share (basic and diluted), respectively.
For additional information on the Company’s financial results for the year ended
About Krystal Biotech
This press release includes certain disclosures that contain “forward-looking statements,” including, without limitation, statements regarding our intention to commence a pivotal study of KB103 in 2019, our ability to manufacture all needed clinical trial quantities of KB103 in our Ancoris manufacturing facility and to begin work on a second, larger manufacturing facility, our plans to file an IND for KB105 in the first half of 2019 and to file a second IND for an additional pipeline product in 2019,. You can identify forward-looking statements because they contain words such as “believes” and “expects.” Forward-looking statements are based on Krystal’s current expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees nor assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in Krystal’s filings with the Securities and Exchange Commission, including its registration statement on Form S-1 and Form 10-K, as amended from time to time, under the caption “Risk Factors.”
Ashley R. Robinson
LifeSci Public Relations
Source: Krystal Biotech, Inc.