SINGAPORE, Oct. 31, 2019 (GLOBE NEWSWIRE) — ASLAN Pharmaceuticals (Nasdaq:ASLN, TPEx:6497), a clinical-stage oncology and immunology focused biopharma company, today reported financial results for the quarter ended 30 September 2019 and provided an update on its clinical activities.
Dr Carl Firth, Chief Executive Officer, ASLAN Pharmaceuticals, said: “ASLAN made strong progress during the third quarter including new data presented for varlitinib at ESMO and a late breaking oral presentation at CSCO. In October, we secured a US$3 million loan facility funded by the company’s chairman, members of the board and several major investors that will be used to provide additional working capital to support ongoing research and development programs and clinical studies. We also entered an agreement with Bukwang Pharmaceutical that established a joint venture company, JAGUAHR Therapeutics, that will focus on the development of AhR antagonists. We are preparing to announce topline data from our pivotal TreeTopp trial testing varlitinib as second line treatment for biliary tract cancer in mid-November and data from our study of ASLAN004 in atopic dermatitis early in 2020.”Third quarter 2019 and recent business highlightsClinical development VarlitinibPresented late-breaking topline data from a phase 2 study conducted in China testing varlitinib and capecitabine in second line biliary tract cancer (BTC) at the Chinese Society of Clinical Oncology meeting. Patients achieved response rate of 11% including two complete responses, median progression free survival (PFS) of 2.7 months and overall survival (OS) of 5.8 months, which is still maturing. Patients on study appeared to present with more aggressive disease as only 10% of patients responded to first line gemcitabine-based treatment prior to enrolment. The combination treatment may provide a new therapeutic option for second line BTC patients.Presentation of new data from a phase 1b open-label, dose escalation study of varlitinib in combination with modified irinotecan and infusional 5-fluorouracil (mFOLFIRI) chemotherapy at the 2019 European Society for Medical Oncology Congress. This investigator initiated trial enrolled 16 patients with a median of three lines of prior chemotherapy to assess the safety, tolerability and maximum tolerated dose (MTD) in advanced solid tumours. The overall response rate was 13% and median PFS was 4.2 months. ASLAN004In October, ASLAN enrolled the first patient in its multiple ascending dose (MAD) study testing the first-in-class therapeutic antibody ASLAN004 in patients with moderate to severe atopic dermatitis (AD). It is the second part of a phase 1 study of ASLAN004 and will be conducted in up to 50 AD patients. The MAD study will evaluate 3 doses of ASLAN004 delivered subcutaneously and will be followed by an expansion cohort at the most efficacious dose. Interim results are expected in early 2020.Corporate updatesEstablished a joint venture, JAGUAHR Therapeutics, with Bukwang Pharmaceutical, a leading R&D focused Korean pharmaceutical company. Under the terms of the agreement, ASLAN is transferring the global rights to all of its assets related to aryl hydrocarbon receptor (AhR) antagonists. JAGUAHR will focus on developing new immuno-oncology therapeutics for global markets targeting the AhR pathway and will be based in Singapore. Bukwang will invest US$5 million in JAGUAHR in two tranches to fund its development operations. Anticipated upcoming milestonesTopline global pivotal trial (TreeTopp) data on varlitinib as second line treatment for biliary tract cancer in mid-late November 2019. If positive, ASLAN intends to submit an NDA to the US FDA for accelerated approval in second-line biliary tract cancer.Interim safety and efficacy data from a multiple ascending dose trial for ASLAN004 in patients with moderate to severe atopic dermatitis in early 2020.Third quarter 2019 financial results Cash used in operations for the quarter ended 30 September2019 was US$7.0 million compared to US$9.9 million in the same period in 2018.Research and development (R&D) expense was US$4.1 million and general and administrative (G&A) expense was US$1.1 million for the third quarter of 2019, compared to US$8.7 million and US$2.4 million, respectively, in the same period in 2018. The decrease in R&D expense was due to the completion of clinical studies and lower manufacturing expenses.Net loss for the third quarter of 2019 was US$5.2 million compared to a net loss of US$11.2 million for the third quarter of 2018. Cash, cash equivalents and short-term investments totaled US$8.0 million as of 30 September 2019 compared to US$28.9 million as of 31 December 2018. Weighted average shares outstanding for the third quarter of 2019 was 160.2 million, remaining the same compared to the third quarter of 2018. One American Depositary Share is the equivalent of five ordinary shares.
ASLAN Pharmaceuticals Limited
Consolidated Balance Sheet1
(in US dollars, unaudited)
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