— Completed last patient visits in Phase 3 PFIC and Phase 2 NASH Trials —
— Enrolled first biliary atresia patients in second odevixibat pivotal study —
— Completed two financing transactions to secure cash into beginning of 2022 —
— Management to host conference call and webcast today at 10:00 a.m. ET —BOSTON, Aug. 06, 2020 (GLOBE NEWSWIRE) — Albireo Pharma, Inc. (Nasdaq: ALBO), a clinical-stage orphan pediatric liver disease company developing novel bile acid modulators, today provided a business update and reported financial results for the second quarter ended June 30, 2020.“We are approaching arguably the most important moment in the history of our company having achieved last patient visits in our odevixibat Phase 3 program in PFIC and elobixibat Phase 2 program in NASH,” said Ron Cooper, President and Chief Executive Officer of Albireo. “We eagerly await the topline data in those two trials, while continuing to enroll patients in our precedent setting odevixibat biliary atresia pivotal program (BOLD) and gearing up to initiate a third odevixibat pivotal trial in Alagille syndrome by end of year.  With a strong financial foundation and cash runway into the beginning of 2022, we have enabled our continued growth past the planned approval and commercial launch of odevixibat for PFIC, supported additional odevixibat pivotal trials, and advanced development of both elobixibat in NASH and the exciting preclinical programs rounding out our pipeline.”Recent HighlightsOdevixibatAchieved last patient visit in the PEDFIC 1 Phase 3 trial with odevixibat in progressive familial intrahepatic cholestasis (PFIC). Expect topline data to include 62 out of a planned 60 enrolled patients, with no patients lost to follow-up due to COVID-19.  Company continues to anticipate topline data in the coming weeks aligned to our mid-2020 guidance, with regulatory approval, issuance of a rare pediatric disease priority review voucher and launch anticipated in H2 2021.  
 Enrolled first patients in Company’s Phase 3 BOLD study in biliary atresia, a rare pediatric liver disease that is the leading cause of liver transplants among children, and for which there is no approved pharmacological treatment. BOLD is a double-blind, randomized, placebo-controlled trial designed to evaluate the efficacy and safety of odevixibat in children who have biliary atresia and have undergone a Kasai procedure before age three months. The U.S. Food and Drug Administration (FDA) and European Commission have granted orphan designations for odevixibat in the treatment of biliary atresia.
 Preparing to initiate clinical trial in Alagille syndrome by the end of 2020, following agreement on the protocol design by U.S. and European regulatory authorities.  Topline data expected to be available between the announcement of PFIC and biliary atresia topline results. The FDA and European Commission have granted orphan designations for odevixibat in the treatment of Alagille syndrome.
 Launched Expanded Access Program (EAP) for eligible patients with PFIC in the U.S., Canada, Australia and Europe.
 Agreed to financial support of a genetic testing program for all types of PFIC and Alagille syndrome at no cost to qualified patients in the U.S. The program builds on Albireo’s commitment to support patients in their journey to diagnosis and treatment of rare pediatric cholestatic liver diseases.ElobixibatAchieved last patient visit in the Phase 2 trial in nonalcoholic steatohepatitis (NASH) and nonalcoholic fatty liver disease (NAFLD) designed as a proof of concept to demonstrate a combination of positive trends in liver markers, CV risk factors and favorable GI tolerability.  Data will be available for 43 out of 47 patients, as 4 patients were lost to follow-up primarily due COVID-19.  Company anticipates topline data in the coming weeks ahead of the odevixibat PEDFIC 1 data.
 Company continues to anticipate topline data by the end of the year or early next year in a second Phase 2 study of elobixibat in 100 patients with NASH and NAFLD, conducted through partner EA Pharma in Japan.Early Stage PipelineProgressed preclinical development and expect to complete IND-enabling studies in lead preclinical candidate this year. CorporateAnnounced two financing transactions: restructured royalty monetization agreement with HealthCare Royalty Partners III, L.P. to receive an additional $15 million in non-dilutive capital for elobixibat in the treatment of chronic constipation in Japan, and an agreement with Hercules Capital, Inc. on a debt facility to provide up to $80 million of new capital with initial draw down of $10 million, resulting in net cash of $24.3 million and extending the cash runway into the beginning of 2022.
 Hosted a Key Opinion Leader call with Chad Gwaltney, Ph.D., who discussed key considerations for the design and implementation of clinical outcome assessments, including patient-reported and observer-reported outcomes in PEDFIC 1 & 2. Dr. Gwaltney provided further background on the PRUCISION measurement tools used in the Phase 3 trials, which were developed rigorously with patients, caregivers, and expert clinicians, as well as in close consultation with the FDA.
 Presented at the Jefferies virtual investor conference.Second Quarter 2020 Financial ResultsRevenue was $1.9 million for the second quarter of 2020, compared with $1.3 million for the second quarter of 2019. The higher revenue was due to the estimated royalty revenue received from EA Pharma for elobixibat for the treatment of chronic constipation. The royalty revenue is passed on to HealthCare Royalty Partners.
 R&D expenses were $18.4 million for the second quarter of 2020, compared with $11.0 million for the second quarter of 2019. The higher expenses were primarily due to program expenses for odevixibat, as well as personnel costs, as the Company continues to develop additional indications for its lead asset.
 G&A expenses were $8.5 million for the second quarter of 2020, compared with $5.5 million for the second quarter of 2019. The increase was attributable to personnel and related expenses, as the Company continues to increase its headcount and commercialization readiness expenses.
 Net loss for the second quarter of 2020 was $20.6 million, or $(1.38) per share, compared with $16.6 million, or $(1.35) per share for the second quarter of 2019.
 Company had cash and cash equivalents at June 30, 2020 of $152.0 million. During the second quarter of 2020, an additional $24.3 million of net cash was received from recently completed non-dilutive financings. As a result, cash and cash equivalents are anticipated to be sufficient into the beginning of 2022.Conference Call
As previously announced, Albireo will host a conference call and webcast today, August 6, 2020, at 10:00 a.m. ET. To access the live conference call by phone, dial 877-407-0792 (domestic) or 201-689-8263 (international), and provide the access code 13706144. A live audio webcast will be accessible from the Media & Investors page of Albireo’s website, http://ir.albireopharma.com/. To ensure a timely connection to the webcast, it is recommended that participants register at least 15 minutes prior to the scheduled start time. An archived version of the webcast will be available for replay on the Events & Presentations section of the Media & Investors page of Albireo’s website for 3 months following the event.
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