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Wave Life Sciences Reports Fourth Quarter and Full-Year 2017 Financial Results and Provides Business Update
Initiated three clinical trials in 2017 and on track to deliver three additional development programs in 2018
Neurology pipeline growing; candidate in spinocerebellar ataxia type 3 to be named by year end 2018
CAMBRIDGE, Mass., March 12, 2018 Wave Life Sciences Ltd. (NASDAQ: WVE), a biotechnology company focused on delivering transformational therapies for patients with serious, genetically-defined diseases, today reported financial results for the fourth quarter and full year ended December 31, 2017, and provided a business update.
2017 was a transformative year for Wave as we transitioned into clinical development by initiating trials for our three lead neurology programs, established our in-house manufacturing capability and made great progress on delivering three more neurology development programs in 2018, said Paul Bolno, MD, MBA, President and Chief Executive Officer of Wave Life Sciences. Our expertise in designing potentially first-in-class and innovative medicines continues to grow as we generate additional in vivo data demonstrating the impressive pharmacodynamic and pharmacokinetic properties of stereopure oligonucleotides in a variety of animal models across multiple organ systems and tissues. We look forward to advancing our existing and planned clinical programs, collaborating with our partners at Takeda and continuing to build our internal capabilities in preparation for the potential commercialization of our lead programs.
Business Summary and Update
|||Global strategic collaboration with Takeda to advance therapies for central nervous system (CNS) disorders|
In February 2018, Wave formed a global strategic collaboration with Takeda Pharmaceutical Company Limited (Takeda) to discover, develop, and commercialize nucleic acid therapies for disorders of the CNS. Under the terms of the agreement, Takeda is obligated to make an initial payment of $110 million to Wave and purchase $60 million of Waves ordinary shares at $54.70 per share. Takeda is also required to fund at least $60 million of Wave research over a four-year period to advance multiple preclinical targets. Waves collaboration agreement with Takeda will become effective upon satisfaction of customary closing conditions, including the requirements of the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
|||Preclinical in vivo data supporting amyotrophic lateral sclerosis (ALS) and frontotemporal dementia (FTD) programs presented at 28th International Symposium on ALS/MND|
In December 2017, Wave announced data from preclinical studies of WVE-3972-01, the companys investigational stereopure antisense oligonucleotide designed to target the pathogenic allele of the C9ORF72 gene for the treatment of ALS and FTD. In preclinical in vivo studies, WVE-3972-01 demonstrated a potent, sustained and preferential knockdown of toxic biomarkers associated with ALS and FTD.
|||Neurology pipeline continues to progress and expand across multiple diseases|
Expanding the neurology pipeline into spinocerebellar ataxia type 3 (SCA3)
Wave announced today that it expects to name a potential candidate targeting the ATXN3 gene for the treatment of SCA3 by the end of 2018. This new program will add to Waves current and planned clinical neurology development programs in Huntingtons disease (HD), Duchenne muscular dystrophy (DMD), ALS, and FTD.
The following information was filed by Wave Life Sciences Ltd. (WVE) on Monday, March 12, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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