On August 14, 2017 Heat Biologics, Inc. ("Heat") (NASDAQ: HTBX), a biopharmaceutical company focused on developing immuno-oncology therapies to activate a patient’s immune response against cancer, reported financial and clinical updates for the second quarter ending June 30, 2017 (Press release, Heat Biologics, AUG 14, 2017, View Source [SID1234520233]).
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"We remain at the forefront in developing allogeneic, ready-to-use immunotherapies designed to activate "killer" T cells as part of a broad-based combination approach against cancer," said CEO Jeff Wolf. "We look forward to progressing our Phase 2 lung cancer trial of HS-110, in combination with Bristol-Myers Squibb’s anti-PD-1 checkpoint inhibitor nivolumab (Opdivo), as well as our PTX-25 co-stimulatory antibody program under development by Heat’s subsidiary, Pelican Therapeutics."
Results for the second quarter of 2017 are summarized below.
Second Quarter 2017 Financial Highlights
Research and development expenses increased $0.7 million, for the quarter ending June 30, 2017, primarily due to Chemistry, Manufacturing and Control (CMC) activities, along with continued patient enrollment for our Phase 2, multi-arm trial for non-small cell lung cancer (NSCLC). R&D expenses related to the HS-410 Phase 2 trial decreased $0.3 million, as currently enrolled patients are now in long-term follow-up for recurrence-free survival. Additional R&D pre-clinical costs were associated with our Zika program, Pelican Therapeutics, Inc. ("Pelican") programs and laboratory supplies. Unallocated expenses included personnel-related expenses, professional and consulting fees, travel, and other costs. These costs increased approximately $0.1 million, primarily related to an increase in consultant fees and travel, offset by a decrease in personnel costs.
General and administrative expenses increased 46 percent, to $1.6 million, for the quarter ending June 30, 2017, compared to $1.1 million for the quarter ended June 30, 2016. The $0.5 million increase was primarily attributable to additional professional services and third-party expenses related to the Pelican acquisition.
Net loss attributable to Heat Biologics, Inc. for the second quarter of 2017 was $3.2 million ($0.09) per basic and diluted share for the second quarter, compared to a net loss of $2.9 million, or ($0.17) per basic and diluted share for the quarter ended June 30, 2016.
Cash and cash equivalents totaled approximately $8.3 million as of June 30, 2017. Through the acquisition of Pelican, the Company also has begun to access a $15.2 million grant from CPRIT, which should enable it to advance multiple products through preclinical development and at least one program through a 70-patient Phase 1 clinical trial
Recent Developments & Second Quarter 2017 Corporate Highlights
Heat completed the acquisition of an 80 percent controlling interest in Pelican Therapeutics, a biotechnology company focused on the development of monoclonal antibody and fusion protein-based therapies designed to activate the immune system.
Pelican received its first tranche of the $15.2 million CPRIT grant award. The award enables Pelican to advance multiple products through pre-clinical development, as well as its 70-patient Phase 1 clinical trial combining PTX-25 with other immuno-oncology therapies.
Heat promoted two management team members: Jeff Hutchins, Ph.D., as Chief Scientific and Operating Officer; and Damien Hallet as Vice President of CMC Development.