-On track to begin CTX001 clinical study in hemoglobinopathies in 2018-
-On track to file IND in 2018 for CTX101, allogeneic CRISPR-based CAR-T targeted toward CD19+ malignancies-
-$341.8 million in cash as of March 31, 2018-
ZUG, Switzerland and CAMBRIDGE, Mass., May 08, 2018 (GLOBE NEWSWIRE) -- CRISPR Therapeutics (NASDAQ:CRSP), a biopharmaceutical company focused on developing transformative gene-based medicines for serious diseases, today provided a business update and announced financial results for the first quarter ended March 31, 2018.
“We continue to make rapid progress with our lead program, CTX001 for β-thalassemia and sickle cell disease, as well as our portfolio of allogeneic CRISPR-based CAR-T cell therapies,” said Samarth Kulkarni, Ph.D., Chief Executive Officer of CRISPR Therapeutics. “We are pleased to have received our first CTA approval and expect to move CTX001 into the clinic during the second half of the year. We also plan to file an IND for CTX101 in CD19+ malignancies by the end of 2018. In parallel, we are focused on growing and scaling our organization for success with key hires across all functions.”
Recent Highlights and Outlook
First Quarter 2018 Financial Results
About CRISPR Therapeutics
CRISPR Therapeutics is a leading gene editing company focused on developing transformative gene-based medicines for serious diseases using its proprietary CRISPR/Cas9 platform. CRISPR/Cas9 is a revolutionary gene editing technology that allows for precise, directed changes to genomic DNA. The Company has established a portfolio of therapeutic programs across a broad range of disease areas including hemoglobinopathies, oncology and rare diseases. To accelerate and expand its efforts, CRISPR Therapeutics has established strategic collaborations with leading companies including Bayer AG and Vertex Pharmaceuticals. CRISPR Therapeutics AG is headquartered in Zug, Switzerland, with its wholly-owned U.S. subsidiary, CRISPR Therapeutics, Inc., and R&D operations based in Cambridge, Massachusetts, and business offices in London, United Kingdom. For more information, please visit www.crisprtx.com.
CRISPR Forward-Looking Statement
Certain statements set forth in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, but not limited to, statements concerning: the timing of filing of clinical trial applications and INDs, any approvals thereof and timing of commencement of clinical trials, the intellectual property coverage and positions of the Company, its licensors and third parties, the sufficiency of the Company’s cash resources and the therapeutic value, development, and commercial potential of CRISPR/Cas9 gene editing technologies and therapies. You are cautioned that forward-looking statements are inherently uncertain. Although the Company believes that such statements are based on reasonable assumptions within the bounds of its knowledge of its business and operations, the forward-looking statements are neither promises nor guarantees and they are necessarily subject to a high degree of uncertainty and risk. Actual performance and results may differ materially from those projected or suggested in the forward-looking statements due to various risks and uncertainties. These risks and uncertainties include, among others: uncertainties regarding the intellectual property protection for our technology and intellectual property belonging to third parties; uncertainties inherent in the initiation and completion of preclinical studies for the Company’s product candidates; availability and timing of results from preclinical studies; whether results from a preclinical trial will be predictive of future results of the future trials; expectations for regulatory approvals to conduct trials or to market products; and those risks and uncertainties described under the heading “Risk Factors” in the Company’s most recent annual report on Form 10-K, and in any other subsequent filings made by the Company with the U.S. Securities and Exchange Commission (SEC), which are available on the SEC’s website at www.sec.gov. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made.
CRISPR Therapeutics AG
Condensed Consolidated Statements of Operations
(Unaudited, In thousands except share data and per share data)
Three Months Ended March 31, | ||||||||
2018 | 2017 | |||||||
Collaboration revenue | $ | 1,358 | $ | 2,703 | ||||
Operating expenses: | ||||||||
Research and development | 19,519 | 14,805 | ||||||
General and administrative | 8,836 | 8,642 | ||||||
Total operating expenses | 28,355 | 23,447 | ||||||
Loss from operations | (26,997 | ) | (20,744 | ) | ||||
Total other (expense) income, net | (1,217 | ) | (452 | ) | ||||
Net loss before income taxes | (28,214 | ) | (21,196 | ) | ||||
Provision for income taxes | (86 | ) | (279 | ) | ||||
Net loss | (28,300 | ) | (21,475 | ) | ||||
Foreign currency translation adjustment | 12 | 24 | ||||||
Comprehensive Loss | $ | (28,288 | ) | $ | (21,451 | ) | ||
Reconciliation of net loss to net loss attributable to common shareholders: | ||||||||
Net loss | $ | (28,300 | ) | $ | (21,475 | ) | ||
Loss attributable to noncontrolling interest | - | - | ||||||
Net loss attributable to common shareholders | $ | (28,300 | ) | $ | (21,475 | ) | ||
Net loss per share attributable to common shareholders - basic and diluted | $ | (0.62 | ) | $ | (0.54 | ) | ||
Weighted-average common shares outstanding used in calculating net loss per share attributable to common shareholders - basic and diluted | 45,877,428 | 39,725,947 | ||||||
CRISPR Therapeutics AG
Condensed Consolidated Balance Sheets Data
(Unaudited, in thousands)
As of | ||||||||
March 31, 2018 | December 31, 2017 | |||||||
Cash | $ | 341,767 | $ | 239,758 | ||||
Working capital | 337,083 | 233,874 | ||||||
Total assets | 374,452 | 271,346 | ||||||
Total shareholders' equity | 290,335 | 187,832 | ||||||
CONTACTS
Media Contact:
Jennifer Paganelli
WCG on behalf of CRISPR
347-658-8290
[email protected]
Investor Contacts:
Chris Erdman
617.307.7227
[email protected]
Chris Brinzey
Westwicke Partners on behalf of CRISPR
339-970-2843
[email protected]
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