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Exhibit 99.1
Repare Therapeutics Provides Business Update and Reports First Quarter 2021 Financial Results
Introduced PKMYT1 as synthetic-lethal target for tumors with CCNE1 amplification or FBXW7 loss and highlighted program progress at RP-6306 Virtual Investor Day Event
Announced enrollment of first patient in RP-6306 Phase 1 clinical trial
Activated 10 clinical trial sites across North America and Europe for the PARP-inhibitor combination arm of the RP-3500 TRESR Phase 1/2 clinical trial
Cambridge, MA & Montreal, QC, May 13, 2021 (BUSINESS WIRE)
-- Repare Therapeutics Inc. (“Repare” or the “Company”) (Nasdaq: RPTX), a leading clinical-stage precision oncology company enabled by its proprietary synthetic lethality approach to the discovery and development of novel therapeutics, today reported financial results for the first quarter ended March 31, 2021.
“We have advanced the Phase 1/2 clinical development of our ATR inhibitor RP-3500, with initial results expected from the monotherapy arm of the trial in the second half of 2021. The PARP inhibitor and RP-3500 combination arm is now recruiting,” said Lloyd M. Segal, President and Chief Executive Officer of Repare. “We are pleased that the first patient has been dosed in our Phase 1 clinical trial of RP-6306, materially ahead of the timeline we disclosed at the time of our IPO last June.”
First Quarter 2021 Review and Operational Updates:
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Highlighted program progress and introduced PKMYT1 as synthetic-lethal target to CCNE1 and FBXW7 at RP-6306 Virtual Investor Day Event. |
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In April 2021, the Company highlighted pre-clinical anti-tumor activity of RP-6306, a potential first-in-class small molecule product candidate targeting PKMYT1, which is synthetic lethal with CCNE1 amplification, FBXW7 loss, and potentially other genomic alterations. |
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Announced enrollment of first patient in RP-6306 Phase 1 clinical trial. |
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In April 2021, the Company dosed the first patient in its Phase 1 clinical trial of RP-6306. |
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The trial (NCT04855656) is expected to enroll approximately 60 patients with recurrent tumors characterized by genomic alterations predicted by the Company’s SNIPRx® CRISPR-based platform to be sensitive to RP-6306. |
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The trial objectives include assessment of safety, tolerability, dose and schedule (including the establishment of a recommended Phase 2 dose). |
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Repare Therapeutics Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:
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We expect to continue to incur significant and increasing expenses and operating losses for the foreseeable future, as we advance our product candidates, including RP-3500 and RP-6306, through preclinical and clinical development and seek regulatory approvals, manufacture drug product and drug supply, maintain and expand our intellectual property portfolio, as well as hire additional personnel, pay for accounting, audit, legal, regulatory and consulting services, and pay costs associated with maintaining compliance with Nasdaq listing rules and the requirements of the SEC, directors and officers, or D&O, insurance, investor and public relations activities and other expenses associated with operating as a public company.
We expect to incur significant expenses and operating losses for the foreseeable future as we advance our product candidates through preclinical and clinical development, seek regulatory approval and pursue commercialization of any approved product candidates and we will continue to incur additional costs associated with operating as a public company, including with our transition from emerging growth company and smaller reporting company status at the end of 2021.
We also anticipate that we will incur significantly increased accounting, audit, legal, regulatory, compliance and directors and officers insurance costs as well as investor and public relations expenses associated with operating as a public company, including with our transition from emerging growth company and smaller reporting company status at the end of 2021.
We do not allocate employee costs, costs associated with our discovery efforts, laboratory supplies, and facilities, including depreciation or other indirect costs, to specific programs because these costs are deployed across multiple programs and, as such, are not separately classified.
The increase of $11.3 million was primarily due to: a $5.7 million increase in direct external costs, primarily for development activities as a result of our increased efforts towards advancing the development of our RP-3500 and RP-6306 programs; a $3.9 million increase in personnel-related costs, including a $1.3 million increase in stock-based compensation, in support of our increased discovery and development activities; a $0.6 million increase in laboratory supplies and research materials as a result of our increased efforts towards identifying a product candidate; and a $1.1 million increase in other research and development costs, including facilities, software and external costs not directly related to the RP-3500 and RP-6306 programs.
The increase of $19.1 million...Read more
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Prior to our IPO, we...Read more
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On June 23, 2020, we...Read more
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Repare Therapeutics Inc. provided additional information to their SEC Filing as exhibits
Ticker: RPTX
CIK: 1808158
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-21-043943
Submitted to the SEC: Thu Aug 12 2021 4:01:15 PM EST
Accepted by the SEC: Thu Aug 12 2021
Period: Wednesday, June 30, 2021
Industry: Pharmaceutical Preparations