CAMBRIDGE, Mass., July 31, 2013 /PRNewswire/ -- Epizyme, Inc., (NASDAQ: EPZM) a clinical stage biopharmaceutical company creating innovative personalized therapeutics for patients with genetically defined cancers, today provided a corporate update and reported financial results for the second quarter ended June 30, 2013.
"The second quarter was transformative for Epizyme. We completed a successful IPO, ending the period with $149 million in cash and cash equivalents," commented Robert Gould, Ph.D., CEO of Epizyme. "We now have two programs in clinical development. The dose escalation study is ongoing for EPZ-5676, our therapeutic candidate for the treatment of acute leukemia patients with mixed lineage leukemia (MLL-r), and we plan to initiate the expansion cohort stage of this study later this year. In June, we initiated clinical development of our second program, EPZ-6438, our therapeutic candidate for the treatment of non-Hodgkin lymphoma patients with oncogenic point mutations in EZH2. As a result of the initiation of the clinical development of EPZ-6438, we earned a $6 million milestone from our partner Eisai, which was received in July. Our collaborations with Celgene, Eisai, and GSK are important elements of our business strategy, including our retained United States rights for EPZ-5676 and EPZ-6438, and as sources of potential future milestones and royalties. Today, we are in a strong position to invest in and expand Epizyme's product platform and pipeline of therapeutic programs. We look forward to additional progress across the Company this year."
Recent Business Highlights
Second Quarter 2013 Financial Results & Financial Guidance
Conference Call InformationEpizyme will host a conference call and live audio webcast today at 4:30 p.m. EDT to discuss the quarter and provide a corporate update. To participate in the conference call, please dial 1-877-844-6886 (domestic) or 1-970-315-0315 (international) and refer to conference ID 17477005. The live webcast can be accessed under "Events and Presentations" in the Investor Relations section of the Company's website at www.epizyme.com.
The archived webcast will be available on the Company's website beginning approximately two hours after the event.
About Epizyme, Inc. Epizyme, Inc. is a clinical stage biopharmaceutical company creating personalized therapeutics for patients with genetically defined cancers. Epizyme has built a proprietary product platform that the company uses to create small molecule inhibitors of a 96-member class of enzymes known as histone methyltransferases, or HMTs. HMTs are part of the system of gene regulation, referred to as epigenetics, that controls gene expression. Genetic alterations can result in changes to the activity of HMTs, making them oncogenic (cancer-causing). By focusing on the genetic drivers of cancers, Epizyme's targeted science seeks to match the right medicines with the right patients for a personalized approach to cancer treatment.
For more information, visit www.epizyme.com and connect with us on Twitter at @EpizymeRx.EPIZYME, INC. CONSOLIDATED BALANCE SHEET DATA (UNAUDITED)(Amounts in thousands)June 30,December 31,20132012Cash and cash equivalents
56,93769,445Redeemable convertible preferred stock (Series A, B and C)
-76,156Stockholders' equity (deficit):
96,127(51,126) EPIZYME, INC.CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)(Amounts in thousands except per share data)Three Months Ended June 30,Six Months Ended June 30,2013201220132012Collaboration revenue
20,996Operating expenses:Research and development
13,9378,89927,29818,127General and administrative
3,0791,6386,0773,545Total operating expenses
17,01610,53733,37521,672(Loss) income from operations
(2,177)4,805(9,654)(676)Other (expense) income, net
(35)51(55)64Net (loss) income
(612)Less: accretion of redeemable convertible preferred stockto redemption value
107156264167Less: income allocable to participating securities
-4,354--(Loss) income allocable to common stockholders - basic
(2,319)346(9,973)(779)Undistributed income re-allocated to common stockholders
-236--(Loss) income allocable to common stockholders - diluted
(779)(Loss) earnings per share allocable to common stockholders:Basic
(0.48)Weighted average shares outstanding:Basic
9,1462,9135,4891,629Note: Common shares outstanding as of the end of the second quarter of 2013 were 28.4 million following the sale of 5.9 million shares of common stock, including all additional shares sold to cover over-allotments, in the Company's initial public offering and the resulting automatic conversion of the Company's redeemable convertible preferred stock into 20.6 million shares of common stock, compared to 1.6 million common shares as of the end of the second quarter of 2012. The Company's weighted average shares outstanding for the second quarter of 2013 were 9.1 million shares.
Cautionary Note on Forward-Looking StatementsAny statements in this press release about future expectations, plans and prospects for the Company, including statements about the Company's strategy, future operations, clinical development of the Company's therapeutic candidates, expectations regarding the sufficiency of the Company's cash balance to fund operating expenses and capital expenditures, milestone or royalty payments from the Company's collaborators, the Company's anticipated milestones and future expectations and plans and prospects for the Company and other statements containing the words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "target," "potential," "will," "would," "could," "should," "continue," 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, expectations of expanding ongoing clinical trials, availability of data from ongoing clinical trials, expectations for regulatory approvals, development progress of the Company's companion diagnostics, availability of funding sufficient for the Company's foreseeable and unforeseeable operating expenses and capital expenditure requirements, other matters that could affect the availability or commercial potential of the Company's therapeutic candidates or companion diagnostics and other factors discussed in the "Risk Factors" section of the Company's prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b)(4) on May 31, 2013. In addition, the forward-looking statements included in this press release represent the Company's views as of the date hereof. The Company anticipates that subsequent events and developments will cause the Company's views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date hereof.
|SOURCE Epizyme, Inc.|
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