Pipeline Update and 2013 Highlights
Lenti-D (Childhood
Cerebral Adrenoleukodystrophy)
-
Starbeam Study: In
October 2013 , the first patient in the phase 2/3 Starbeam (ALD-102) study was transplanted with bluebird’s Lenti-D product candidate. This study is planned to enroll 15 patients with childhood cerebral adrenoleukodystrophy with at least 12 patients being evaluable. The primary endpoint of the study is the percentage of patients that do not develop a major functional disability at 24 months after their transplant. We anticipate completing enrollment in 2015.
LentiGlobin (beta Thalassemia and Sickle Cell Disease)
-
HGB-205 Study: In
November 2013 , the first patient in the phase 1/2 HGB-205 study was transplanted with bluebird’s LentiGlobin product candidate. The HGB-205 study is planned to enroll 7 patients with beta thalassemia major or sickle cell disease at a single site inParis, France . We anticipate that the first sickle cell patient will be transplanted in this study in 2014. -
Northstar Study : The Northstar (HGB-204) study is a US phase 1/2 study that is planned to enroll 15 patients with thalassemia major. The first patient in this study is expected to be transplanted in early 2014. - bluebird bio plans to present preliminary data from the HGB-205 and Northstar studies in late 2014.
- Sickle Cell Disease Study: bluebird bio anticipates filing an IND in mid-2014 to start a study with LentiGlobin in patients with sickle cell disease.
Financial Results
Total revenues were
Net cash provided by operating activities during the year ended
Total operating expenses for the year ended
bluebird bio reported a net loss of
2013 Business Highlights:
-- In December, bluebird bio
joined the NASDAQ Biotechnology Index and in October, joined the Russell
2000 Index
-- In December, the Company announced that the first
patient had been transplanted in the HGB-205 study for beta thalassemia
major and sickle cell disease
-- In October, the Company announced
that the first patient had been transplanted in the Starbeam (ALD-102)
study for childhood cerebral adrenoleukodystrophy
-- In August, the
Company was selected as a 2014 Technology Pioneer by the
-- In June, the Company completed an initial public offering
raising approximately
-- In May, the Company
strengthened its Board of Directors with two additions,
-- In March, the Company signed a
multi-year collaboration with
"bluebird bio has had a tremendous year," stated
Calendar Year 2014 Anticipated Milestones:
-- First patient
transplanted in HGB-204 thalassemia major study in early 2014
--
File an IND for sickle cell disease study in mid-2014
-- Transplant
first sickle cell patient(s) in 2014
-- Present preliminary
thalassemia data from HGB-205 and Northstar studies in late 2014.
About bluebird bio, Inc.
bluebird bio is a clinical-stage company committed to developing
potentially transformative gene therapies for severe genetic and orphan
diseases. bluebird bio has two clinical-stage programs in development.
The most advanced product candidate, Lenti-D, is in a recently-initiated
phase 2/3 study for the treatment of childhood cerebral
adrenoleukodystrophy (CCALD), a rare, hereditary neurological disorder
affecting young boys. The next most advanced product candidate,
LentiGlobin, is currently in a phase 1/2 study in
bluebird bio also has an early-stage chimeric antigen receptor-modified
T cell (CAR-T) program for oncology in partnership with
bluebird bio has operations in
Forward-Looking Statements
This release contains “forward-looking statements” within the meaning
of the Private Securities Litigation Reform Act of 1995, including
statements regarding the advancement of, timing of data announcement
for, and anticipated milestones related to the Company’s clinical
studies. Any forward-looking statements in this press release are based
on management's current expectations of future events and are subject to
a number of risks and uncertainties that could cause actual results to
differ materially and adversely from those set forth in or implied by
such forward-looking statements. These risks and uncertainties
include, but are not limited to, the risk of cessation or delay of any
of the ongoing or planned clinical studies and/or our development of our
product candidates, the risk of a delay in the enrollment of patients in
the Company’s clinical studies, the risk that the results of previously
conducted studies involving similar product candidates will not be
repeated or observed in ongoing or future studies involving current
product candidates, the risk that our collaboration with
bluebird bio, Inc. | ||||||||||
Consolidated Statements of Operations and Comprehensive Loss | ||||||||||
(in thousands, except per share data) | ||||||||||
(Unaudited) | ||||||||||
Year ended December 31, | ||||||||||
2013 | 2012 | |||||||||
Revenue: | ||||||||||
Collaboration revenue | $ | 19,792 | $ | - | ||||||
Research and license fees | 389 | 340 | ||||||||
Total revenue | 20,181 | 340 | ||||||||
Operating expenses: | ||||||||||
Research and development | 31,002 | 17,210 | ||||||||
General and administrative | 14,126 | 6,846 | ||||||||
Total operating expenses | 45,128 | 24,056 | ||||||||
Loss from operations | (24,947 | ) | (23,716 | ) | ||||||
Other income (expense), net: | ||||||||||
Interest income | 29 | 5 | ||||||||
Foreign currency gains (losses) | 37 | 13 | ||||||||
Re-measurement of warrants | (440 | ) | 28 | |||||||
Other income (expense), net | (374 | ) | 46 | |||||||
Net loss | $ | (25,321 | ) | $ | (23,670 | ) | ||||
Net loss applicable to common stockholders | $ | (25,321 | ) | $ | (3,613 | ) | ||||
Net loss per share applicable to common | ||||||||||
stockholders - basic and diluted: | $ | (2.02 | ) | $ | (13.79 | ) | ||||
Weighted-average number of common shares used | ||||||||||
in net loss per share applicable to common | ||||||||||
stockholders - basic and diluted: | 12,555 | 262 | ||||||||
Comprehensive loss | $ | (25,321 | ) | $ | (23,671 | ) | ||||
bluebird bio, Inc. | |||||||||
Consolidated Balance Sheets | |||||||||
(in thousands, except per share data) | |||||||||
(Unaudited) | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Assets | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 206,279 | $ | 67,011 | |||||
Deferred tax assets | 693 | - | |||||||
Prepaid expenses and other current assets | 5,015 | 773 | |||||||
Total current assets | 211,987 | 67,784 | |||||||
Property and equipment, net | 10,920 | 1,288 | |||||||
Restricted cash and other non-current assets | 1,483 | 250 | |||||||
Total assets | $ | 224,390 | $ | 69,322 | |||||
Liabilities, convertible preferred stock, and stockholders' equity (deficit) | |||||||||
Current liabilities: | |||||||||
Accounts payable | $ | 4,359 | $ | 2,173 | |||||
Accrued expenses and other current liabilities | 5,175 | 2,115 | |||||||
Deferred revenue, current portion | 25,340 | 340 | |||||||
Total current liabilities | 34,874 | 4,628 | |||||||
Warrant liability | - | 215 | |||||||
Deferred rent, net of current portion | 6,740 | 46 | |||||||
Deferred revenue, net of current portion | 30,208 | 340 | |||||||
Deferred tax liabilities | 693 | - | |||||||
Other non-current liabilities | 208 | - | |||||||
Total liabilities | 72,723 | 5,229 | |||||||
Convertible preferred stock | - | 119,840 | |||||||
Total stockholders' equity (deficit) | 151,667 | (55,747 | ) | ||||||
Total liabilities, convertible preferred stock and stockholders' equity (deficit) | $ | 224,390 | $ | 69,322 | |||||
Source: bluebird bio, Inc.
Investor Relations:
bluebird bio, Inc
Richard E. T.
Smith, Ph.D., 339-499-9382
or
Media Contact:
Pure
Communications, Inc.
Dan Budwick, 973-271-6085