- On track to begin first company-sponsored clinical trials of a CRISPR-based therapy -
- Wholly-owned CRISPR-based allogeneic CAR-T programs advancing rapidly -
ZUG, Switzerland and CAMBRIDGE, Mass., March 08, 2018 (GLOBE NEWSWIRE) -- CRISPR Therapeutics (NASDAQ:CRSP), a biopharmaceutical company focused on developing transformative gene-based medicines for serious diseases, today provided a business update and announced financial results for the fourth quarter and full year ended December 31, 2017.
“2017 was a momentous year for CRISPR Therapeutics as we reached our goal of filing the first clinical trial application for a CRISPR-based therapy,” said Samarth Kulkarni, PhD, Chief Executive Officer of CRISPR Therapeutics. “In addition to the accomplishments in our hemoglobinopathies program, we made tremendous progress with our versatile immuno-oncology platform and bolstered our team with senior leaders across a variety of key functions.”
“In 2018 we expect to build on our success by beginning a Phase 1/2 study of CTX001 in β-thalassemia, the first company-sponsored clinical trial for a CRISPR-based therapeutic. We also plan to begin clinical trials of CTX001 for sickle cell disease in the United States this year. Further, in immuno-oncology, an important area of focus for us, we expect to make substantial progress by filing an IND by the end of the year for CTX101, an allogeneic CRISPR-based CAR-T cell therapy targeting CD19+ malignancies.”
Recent Highlights and Outlook:
Fourth Quarter and Full Year 2017 Financial Results
About CRISPR Therapeutics
CRISPR Therapeutics is a leading gene editing company focused on developing transformative gene-based medicines for serious diseases using its proprietary CRISPR/Cas9 platform. CRISPR/Cas9 is a revolutionary gene editing technology that allows for precise, directed changes to genomic DNA. The Company has established a portfolio of therapeutic programs across a broad range of disease areas including hemoglobinopathies, oncology and rare diseases. To accelerate and expand its efforts, CRISPR Therapeutics has established strategic collaborations with leading companies including Bayer AG and Vertex Pharmaceuticals. CRISPR Therapeutics AG is headquartered in Zug, Switzerland, with its wholly-owned U.S. subsidiary, CRISPR Therapeutics, Inc., and R&D operations based in Cambridge, Massachusetts, and business offices in London, United Kingdom. For more information, please visit www.crisprtx.com.
CRISPR Forward-Looking Statement
Certain statements set forth in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, but not limited to, statements concerning: the timing of filing of clinical trial applications and INDs, any approvals thereof and timing of commencement of clinical trials, the intellectual property coverage and positions of the Company, its licensors and third parties, the sufficiency of the Company’s cash resources and the therapeutic value, development, and commercial potential of CRISPR/Cas9 gene editing technologies and therapies. You are cautioned that forward-looking statements are inherently uncertain. Although the Company believes that such statements are based on reasonable assumptions within the bounds of its knowledge of its business and operations, the forward-looking statements are neither promises nor guarantees and they are necessarily subject to a high degree of uncertainty and risk. Actual performance and results may differ materially from those projected or suggested in the forward-looking statements due to various risks and uncertainties. These risks and uncertainties include, among others: uncertainties regarding the intellectual property protection for our technology and intellectual property belonging to third parties; uncertainties inherent in the initiation and completion of preclinical studies for the Company’s product candidates; availability and timing of results from preclinical studies; whether results from a preclinical trial will be predictive of future results of the future trials; expectations for regulatory approvals to conduct trials or to market products; and those risks and uncertainties described under the heading “Risk Factors” in the Company’s most recent annual report on Form 10-K, and in any other subsequent filings made by the Company with the U.S. Securities and Exchange Commission (SEC), which are available on the SEC’s website at www.sec.gov. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made.
CRISPR Therapeutics AG | |||||||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||
(Unaudited, In thousands except share data and per share data) | |||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Collaboration revenue | $ | 32,325 | $ | 2,344 | $ | 40,997 | $ | 5,164 | |||||||
Operating expenses: | |||||||||||||||
Research and development | 20,030 | 15,572 | 69,800 | 42,238 | |||||||||||
General and administrative | 11,323 | 12,082 | 35,845 | 31,056 | |||||||||||
Total operating expenses | 31,353 | 27,654 | 105,645 | 73,294 | |||||||||||
Income (Loss) from operations | 972 | (25,310 | ) | (64,648 | ) | (68,130 | ) | ||||||||
Total other (expense) income, net | (413 | ) | 42,808 | (1,960 | ) | 45,412 | |||||||||
Net income(loss) before income taxes | 559 | 17,498 | (66,608 | ) | (22,718 | ) | |||||||||
Provision for income taxes | (419 | ) | (400 | ) | (1,749 | ) | (484 | ) | |||||||
Net income (Loss) | 140 | 17,098 | (68,357 | ) | (23,202 | ) | |||||||||
Foreign currency translation adjustment | 40 | (18 | ) | ||||||||||||
Comprehensive Income (Loss) | $ | 140 | $ | 17,098 | $ | (68,317 | ) | $ | (23,220 | ) | |||||
Reconciliation of net loss to net loss attributable to common shareholders: | |||||||||||||||
Net income (Loss) | $ | 140 | $ | 17,098 | $ | (68,357 | ) | $ | (23,202 | ) | |||||
Loss attributable to noncontrolling interest | - | 1 | - | 25 | |||||||||||
Dividends attributable to Redeemable Convertible Preferred Stock | - | (763 | ) | - | - | ||||||||||
Net income allocated to participating securities | - | (2,299 | ) | - | - | ||||||||||
Net Income (loss) attributable to common shareholders | $ | 140 | $ | 14,037 | $ | (68,357 | ) | $ | (23,177 | ) | |||||
Net income (loss) per share attributable to common shareholders - basic | $ | - | $ | 0.43 | $ | (1.71 | ) | $ | (1.89 | ) | |||||
Net income (loss) loss per share attributable to common shareholders - diluted | $ | - | $ | 0.40 | $ | (1.71 | ) | $ | (1.89 | ) | |||||
Weighted-average common shares outstanding used in calculating net income (loss) per share attributable to common shareholders – basic | 40,509,897 | 32,987,335 | 40,057,365 | 12,257,483 | |||||||||||
Weighted-average common shares outstanding used in calculating net income (loss) per share attributable to common shareholders – diluted | 41,635,843 | 34,989,218 | 40,057,365 | 12,257,483 |
CRISPR Therapeutics AG | ||||||
Condensed Consolidated Balance Sheets Data | ||||||
(Unaudited, in thousands) | ||||||
As of | ||||||
December 31, 2017 | December 31, 2016 | |||||
Cash | $ | 239,758 | $ | 315,520 | ||
Total assets | 271,346 | 344,962 | ||||
Total liabilities | 83,514 | 112,116 | ||||
Total shareholders' equity | 187,832 | 232,846 |
Media Contacts:
Jennifer Paganelli
WCG on behalf of CRISPR
1 347-658-8290
jpaganelli@wcgworld.com
Investor Contact:
Chris Erdman
617.307.7227
chris.erdman@crisprtx.com
Chris Brinzey
Westwicke Partners on behalf of CRISPR
339-970-2843
chris.brinzey@westwicke.com