ASLAN Pharmaceuticals Reports First Quarter 2020 Financial Results and Provides Corporate Update

SINGAPORE, May 11, 2020 (GLOBE NEWSWIRE) — ASLAN Pharmaceuticals (Nasdaq:ASLN, TPEx:6497), a clinical-stage immunology and oncology focused biopharmaceutical company developing innovative treatments to transform the lives of patients, today reported financial results for the first quarter ended 31 March 2020 and provided an update on its clinical activities.

Dr Carl Firth, Chief Executive Officer, ASLAN Pharmaceuticals, said: “The COVID-19 pandemic has brought about unprecedented changes and affected many worldwide. We have been putting strategies in place to mitigate risks to our development programs, including opening sites in different geographies where restrictions are easing. We are also taking steps to ensure that we emerge from this situation stronger and ready to initiate our planned phase 2b study of ASLAN004 for atopic dermatitis in 1H 2021, building our US presence as we grow a team there and prepare to file an Investigational New Drug application with the US FDA.”

First quarter 2020 and recent business highlights

Clinical development

ASLAN004

As announced on 13 April, recruitment for the second dose cohort of the multiple ascending dose (MAD) study in atopic dermatitis (AD) has been paused in light of government restrictions in Singapore to contain the spread of COVID-19. ASLAN is closely monitoring government guidance around the restrictions, which were extended until 1 June 2020 on 21 April.

ASLAN still expects to announce unblinded, interim data from the study later this year but will review the timelines when the tightened restrictions are lifted in Singapore and recruitment into the study recommences.

To accelerate recruitment, ASLAN has identified several clinical sites in Australia that could join the ongoing MAD study.

Varlitinib

Two abstracts on varlitinib have been accepted for presentation at the American Society of Clinical Oncology (ASCO) virtual congress on 29 May. An abstract on the results from the TreeTopp study was accepted for poster presentation and the second abstract, on the comparison of therapeutic responses by using CT imaging, will be available in the virtual library.

Anticipated upcoming milestones for ASLAN004

Interim, unblinded data from the 3 dose cohorts (up to 24 patients) expected in 2H 2020, and initiation of the expansion cohort (an additional 18 patients).

Opening of clinical trial sites in Australia and filing of IND application with the US FDA in the middle of 2020.

Completion of MAD clinical trial in moderate-to-severe AD patients in 1H 2021.

Initiation of Phase 2b study of ASLAN004 for AD in 1H 2021.

First quarter 2020 financial highlights

Cash used in operations for the first quarter of 2020 was US$5.2 million compared to US$7.2 million in the same period in 2019.

Research and development expenses were US$2.4 million in the first quarter of 2020 compared to US$4.4 million in the first quarter of 2019. The decrease was driven by the completion of clinical studies related to varlitinib and lower manufacturing expenses.

General and administrative expenses were US$1.0 million in the first quarter of 2020 compared to US$2.3 million in the first quarter of 2019. The decrease was primarily due to earlier restructuring efforts which resulted in a decrease in headcount and staffing costs.

Net loss for the first quarter of 2020 was US$3.0 million compared to a net loss of US$4.3 million for the first quarter of 2019.

Cash, cash equivalents and short-term investments totaled US$16.9 million as of 31 March 2020 compared to US$22.2 million as of 31 December 2019. Weighted average shares outstanding for the first quarter of 2020 was 190.0 million compared to 160.2 million for the first quarter of 2019. One American Depositary Share is the equivalent of five ordinary shares.