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Wave Life Sciences Reports Fourth Quarter and Full Year 2020 Financial Results and Provides Business Update
Strong execution in 2020 sets stage for advancing five clinical programs and novel ADAR editing modality in 2021
Data from ongoing PRECISION-HD and OLE clinical trials for Huntingtons disease on track for end of 1Q 2021
Moving towards first patient dosing in three clinical trials with pipeline candidates incorporating PN chemistry: WVE-003
(SNP3), WVE-004 (C9orf72) and WVE-N531 (Exon 53)
Cash runway expected into 2Q 2023
Wave to host investor conference call and webcast at 8:00 a.m. ET today
CAMBRIDGE, Mass., Mar. 4, 2021 (GLOBE NEWSWIRE) Wave Life Sciences Ltd. (Nasdaq: WVE), a clinical-stage genetic medicines company committed to delivering life-changing treatments for people battling devastating diseases, today announced financial results for the fourth quarter and full year ended December 31, 2020 and provided a business update.
Wave is entering 2021 with depth and diversity throughout our pipeline and platform, the result of focused and deliberate execution, and a steadfast commitment to leading a new era of RNA therapeutics. Despite headwinds from the COVID-19 pandemic, we advanced our pipeline, significantly evolved our platform, announced our first ADAR editing program and added considerable talent to our innovative and driven team, said Paul Bolno, MD, MBA, President and Chief Executive Officer of Wave Life Sciences. We are poised to bring five clinical programs forward in 2021, including three programs in Huntingtons disease, a fourth program for ALS and FTD and a fifth program for exon 53 skipping in DMD. We remain on track to announce data from the Phase 1b/2a PRECISION-HD1 and PRECISION-HD2 trials at the end of the first quarter of 2021 and are excited about adding our next set of clinical programs incorporating novel PN backbone chemistry modifications, which preclinically have been shown to increase potency, exposure and durability in our growing portfolio of investigational stereopure oligonucleotides. Finally, we strengthened our balance sheet in September 2020 to support our pipeline and discovery work, extending our cash runway into the second quarter of 2023 and ensuring Wave is well-positioned to unlock potential and growth well beyond 2021.
2020 Full Year and Recent Business Highlights and Upcoming Milestones
Three programs with novel PN backbone chemistry modifications expected to enter clinic in 2021:
In August 2020, Wave introduced novel PN backbone chemistry modifications, an advancement from its PRISMTM discovery and drug development platform. In preclinical studies, these modifications have been shown to increase potency, exposure and durability across silencing, splicing and RNA editing modalities.
Wave expects to initiate dosing in three clinical trials in 2021, which will assess target engagement, impact on key disease biomarkers, and initial safety of WVE-003 (targeting SNP3), WVE-004 (targeting C9orf72) and WVE-N531 (targeting exon 53).
The following information was filed by Wave Life Sciences Ltd. (WVE) on Thursday, March 4, 2021 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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