Five Prime Therapeutics misses by $0.21, misses on revs
- Reports Q3 (Sep) loss of $1.54 per share, $0.21 worse thanthe Capital IQ Consensus of ($1.33); revenues rose 24.7% year/year to $8.33 mln vs the $16.16 mln Capital IQ Consensus.
- "This is an exciting time at Five Prime, as many of our programs are reaching important inflection points," said Lewis T. "Rusty" Williams, M.D., Ph.D., president and chief executive officer of Five Prime. "Importantly, later this week at the SITC annual meeting, we and BMS plan to report our first clinical data from the Phase 1a/1b immuno-oncology trial studying cabiralizumab with OPDIVO. The oral late-breaking presentation will highlight preliminary safety, PK and PD data, and initial efficacy from one of the expansion cohorts. We expect all of the cohorts in the trial to be fully enrolled before the end of 2017. Furthermore, we anticipate starting a Phase 1/3 chemotherapy combination trial with FPA144 before year end. The Phase 1 component will serve as a lead-in to our planned global registrational trial of FPA144 as a front-line therapy in patients with metastatic gastric cancer whose tumors overexpress FGFR2b. Additionally, we are on track to file an IND for FPA150, our anti-B7-H4 antibody during the fourth quarter, which would position us to initiate a Phase 1 trial early in 2018.
- Cash, cash equivalents and marketable securities totaled $320.8 million on September 30, 2017, compared to $421.7 million on December 31, 2016. Five Prime expects full-year 2017 net cash used in operating activities to be less than $120 million. The company estimates ending 2017 with slightly less than $300 million in cash, cash equivalents and marketable securities.
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