– OLINVO™ (oliceridine) Injection New Drug Application submitted and accepted for review by FDA, with PDUFA date of November 2, 2018 –
– Company to host conference call at 8:00 am EST today –
Trevena, Inc. (NASDAQ: TRVN) today announced financial results for the fourth quarter and full year ended December 31, 2017 and provided an update on its pipeline of differentiated new chemical entities, including its lead asset OLINVO™ (oliceridine) Injection, currently under review by the U.S. Food and Drug Administration (FDA) for potential approval this year.
“2017 marked important progress for Trevena as we completed our Phase 3 program and NDA submission for OLINVO and prepared to support commercial launch,” said Maxine Gowen, Ph.D., chief executive officer. “We look forward to potential approval of OLINVO later this year, as well as advancement of our earlier R&D programs. We remain committed to bringing patients innovative medicines for safer and more successful pain management.”
For the fourth quarter of 2017, Trevena reported a net loss attributable to common stockholders of $14.7 million, or $0.24 per share, compared with a net loss attributable to common stockholders for the fourth quarter of 2016 of $36.1 million, or $0.67 per share.
For the year ended December 31, 2017, the Company incurred a net loss attributable to common stockholders of $71.9 million, or $1.21 per share, compared with a net loss attributable to common stockholders of $103.0 million, or $1.97 per share, for the comparable period in 2016. This reduction in 2017 expenses compared to 2016 was largely attributable to substantially reduced R&D expenses following the completion of the OLINVO Phase 3 program and the cessation of early stage research in the fourth quarter of 2017.
Cash, cash equivalents, and marketable securities were $66.1 million as of December 31, 2017. The Company expects that expenses will decrease in 2018 compared to 2017, primarily attributable to lower R&D expense following the completion in 2017 of the OLINVO Phase 3 program. As such, the Company expects currently available cash, cash equivalents, and marketable securities, together with interest thereon, to be sufficient to fund operations into the second quarter of 2019.
Conference call and webcast
Date: March 7, 2018
Time: 8:00 a.m. EST
Telephone Access: (855) 465-0180
International: (484) 756-4313
Conference ID: 7843918
To access the live audio webcast of the presentation, please visit the Investor section of the Company's website. The webcast will be available for replay for 30 days.
OLINVO™ (oliceridine) Injection, Trevena’s lead product candidate, is a next generation IV analgesic in Phase 3 development for the management of moderate-to-severe acute pain in the hospital and similar settings and has been granted Breakthrough Therapy designation by the U.S. Food and Drug Administration (FDA). OLINVO was specifically designed to improve conventional opioid pharmacology to deliver the pain-reducing potential of an opioid but with fewer associated adverse effects. In Phase 2 and Phase 3 clinical trials, OLINVO provided rapid and powerful analgesic efficacy while demonstrating a wider therapeutic window compared to morphine, suggesting it may be highly effective and well-tolerated for patients in need of strong analgesia. OLINVO is an investigational product and has not been approved by the FDA or any other regulatory agency. The Company expects OLINVO to be a Schedule II controlled substance.
Trevena, Inc. is a biopharmaceutical company focused on providing better, safer therapies to patients in pain. The Company has leveraged breakthrough science to discover and develop its investigational product OLINVO™ (oliceridine) Injection for the management of moderate-to-severe acute pain. OLINVO has been granted Breakthrough Therapy designation by the U.S. Food and Drug Administration, and is intended to provide healthcare providers an innovative new option for patients who require an intravenous opioid. The Company also has an early stage pipeline of new chemical entities targeting novel mechanisms of action, including TRV250 for acute migraine, neuropathic pain, and other indications.
Any 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 its therapeutic candidates, plans for potential future product candidates and other statements containing the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “suggest,” “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 status, timing, costs, results and interpretation of the Company’s clinical trials, including the interpretation of the top-line results from the ATHENA open label safety study, whether such results highlight the potential effectiveness and utility of OLINVO in treating patients who require an IV opioid to manage acute pain, whether OLINVO will provide safer dosing for hard-to-treat patients or reduce the burden of opioid-related adverse effects, whether the Phase 1 study results from TRV250 will be available in the coming months and whether such results will support further clinical development; the uncertainties inherent in conducting clinical trials; expectations for regulatory approvals, including whether OLINVO NDA will be approved by FDA on the November 2, 2018 PDUFA date and the timing for any subsequent DEA scheduling; availability of funding sufficient for the Company’s foreseeable and unforeseeable operating expenses and capital expenditure requirements, including whether the Company’s currently available cash, cash equivalents, and marketable securities, together with interest thereon, to be sufficient to fund operations until at least the second quarter of 2019; uncertainties related to the Company’s intellectual property; other matters that could affect the availability or commercial potential of the Company’s therapeutic candidates, including whether physicians, patients, and payers will conclude that the oliceridine development program has shown consistent differentiation from morphine across multiple clinical trials; and other factors discussed in the Risk Factors set forth in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (SEC) and in other filings the Company makes with the SEC from time to time. In addition, the forward-looking statements included in this press release represent the Company’s views only as of the date hereof. The Company anticipates that subsequent events and developments may 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, it specifically disclaims any obligation to do so, except as may be required by law.
Jonathan Violin, Ph.D.
SVP, scientific affairs and investor relations officer
|Condensed Statements of Operations|
|(Unaudited, in thousands except share and per share data)|
|Three Months Ended December 31,||Year Ended December 31,|
|General and administrative||5,143||4,384||19,639||16,077|
|Research and development||7,198||31,451||48,974||89,956|
|Total operating expenses||14,115||35,835||70,387||106,033|
|Loss from operations||(14,115||)||(35,835||)||(70,387||)||(102,283||)|
|Other income (expense)||(605||)||(265||)||(1,478||)||(711||)|
|Per share information:|
|Net loss per share of common stock, basic and diluted||($0.24||)||($0.67||)||($1.21||)||($1.97||)|
|Weighted average shares outstanding, basic and diluted||62,290,002||53,850,166||59,436,649||52,398,521|
|Condensed Balance Sheets|
|(Unaudited, in thousands)|
|December 31, 2017||December 31, 2016|
|Cash and cash equivalents||$||16,557||$||24,266|
|Prepaid expenses and other current assets||1,393||1,788|
|Total current assets||67,493||112,389|
|Property and equipment, net||3,805||1,059|
|Intangible asset, net||11||13|
|Liabilities and stockholders’ equity|
|Accrued expenses and other current liabilities||4,303||8,208|
|Current portion of loans payable, net||12,425||5,039|
|Total current liabilities||18,213||22,048|
|Loans payable, net||15,725||13,270|
|Capital leases, net of current portion||31||18|
|Deferred rent, net of current portion||3,006||187|
|Other long term liabilities||1,104||475|
|Additional paid-in capital||392,103||364,148|
|Accumulated other comprehensive income (loss)||(42||)||2|
|Total stockholders’ equity||34,633||78,581|
|Total liabilities and stockholders’ equity||$||72,722||$||114,654|
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