BASEL, Switzerland,
Nov. 13, 2017 /PRNewswire/
-- Myovant Sciences (NYSE: MYOV), a clinical-stage
biopharmaceutical company focused on developing and commercializing
innovative therapies for women's health and endocrine diseases,
today announced corporate updates and reported financial results
for the second fiscal quarter ended September 30, 2017.
"We made significant clinical and corporate progress this
quarter as we continue to build Myovant into a leading women's
health company. The positive results from Takeda's two Phase 3
studies evaluating the efficacy and safety of relugolix for the
treatment of uterine fibroids provide strong support for Myovant's
ongoing Phase 3 studies of relugolix for the treatment of heavy
menstrual bleeding associated with uterine fibroids," stated
Lynn Seely, M.D., President and
Chief Executive Officer of Myovant Sciences. "In addition, we
secured flexible financing commitments of up to $140 million, which puts us in a strong financial
position to support the Phase 3 development of relugolix in uterine
fibroids, endometriosis and advanced prostate cancer."
Recent Business Progress
Positive results in two Phase 3 clinical studies conducted by
Takeda Pharmaceutical Company Limited ("Takeda") to evaluate the
efficacy and safety of relugolix for the treatment of uterine
fibroids.
- On October 2, 2017, Myovant
announced that Takeda reported positive top-line results from a
Phase 3 study in Japan evaluating
the efficacy and safety of relugolix compared with leuprorelin for
the treatment of women with heavy menstrual bleeding associated
with uterine fibroids. Relugolix met the study's primary endpoint,
achieving an 82.2% response rate, and was observed to be
statistically non-inferior to leuprorelin (p = 0.0013) in meeting
the study's primary endpoint, the proportion of patients achieving
a pre-defined reduction in menstrual bleeding. The incidence
of adverse events in the study was generally similar between
treatment groups and consistent with the mechanism of action of the
study medications.
- On November 9, 2017, Myovant
announced that Takeda reported positive top-line results from a
Phase 3 study in Japan evaluating
the efficacy and safety of relugolix compared with placebo for the
treatment of pain associated with uterine fibroids. Of the women
treated with relugolix, 57.6% achieved a marked improvement in pain
symptoms compared to 3.1% treated with placebo (p< 0.0001).
Adverse events in the study were consistent with the mechanism of
action of relugolix and adverse events observed in previous
clinical studies.
- Takeda plans to submit the data from both studies to regulatory
authorities in Japan for marketing authorization of
relugolix for the treatment of uterine fibroids. Myovant will be
solely responsible for obtaining FDA approval for relugolix in
the United States.
Secured flexible financing commitments of up to $140 million. On October 16, 2017, Myovant announced that it had
secured up to $140 million in
flexible financing commitments from NovaQuest Capital Management
("NovaQuest") and Hercules Capital, Inc. ("Hercules"). The
NovaQuest financing is comprised of a note purchase commitment of
up to $60 million and an equity
purchase commitment of up to $40
million. An additional $40
million of debt financing capacity is committed in the form
of a term loan facility from Hercules. Myovant plans to use the net
proceeds from both financings to fund the ongoing Phase 3
development of relugolix in uterine fibroids, endometriosis and
advanced prostate cancer. Pursuant to the agreements, upon closing,
Myovant received net cash proceeds of approximately $32 million under the financing commitments.
Second Fiscal Quarter 2017 Financial Summary
Research and development (R&D) expenses for the
quarter ended September 30, 2017 were $24.2 million, compared to $3.8 million for the comparable period in 2016.
The increase over the prior year period is primarily due to costs
associated with the five ongoing Phase 3 clinical trials of
relugolix which were initiated in 2017. R&D expenses for the
three months ended September 30, 2017 consisted primarily of
clinical trial and clinical drug supply costs of $19.7 million, personnel expenses of $3.0 million, share-based compensation expense of
$0.7 million, and costs billed to us
under the services agreements with Roivant Sciences, Ltd. and
Roivant Sciences, Inc. ("the Services Agreements") of $0.5 million, including personnel expenses and
third-party costs associated with the preparation of our clinical
and other research programs. R&D expenses were $3.8
million for the three months
ended September 30, 2016, and consisted primarily of
costs billed to us under the Services Agreements of $2.7
million, including personnel expenses and third-party costs
associated with the preparation of our clinical and other research
programs and share-based compensation expense.
General and administrative (G&A) expenses for the
quarter ended September 30, 2017 were $6.1 million, compared to $3.0 million for the same period in 2016. G&A
expenses for the three months ended September 30, 2017
consisted primarily of personnel-related and general overhead
expenses of $2.3 million, share-based
compensation expense of $2.1 million,
legal and professional fees of $1.2
million and costs of $0.5
million billed to us under the Services Agreements,
including personnel expenses, overhead allocations and third-party
costs. G&A expenses were $3.0 million for
the three months ended September 30, 2016, and consisted
primarily of share-based compensation expense of $1.3 million,
legal and professional fees of $1.0 million and costs
of $0.3 million billed to us under the Services
Agreements, including personnel expenses, overhead allocations and
third-party costs.
Net loss for the quarter ended September 30, 2017
was $29.9 million, or $0.50 per share, compared to $34.7 million or $0.82 per share for the same period in 2016. The
decrease in net loss was driven by the change in the fair market
value of the previously outstanding Takeda warrant liability during
the second quarter of 2016, which did not recur in the second
quarter of 2017 due to its expiry on April
30, 2017. This was offset by an increase in costs
associated with the ongoing LIBERTY 1 and LIBERTY 2, SPIRIT 1 and
SPIRIT 2, and HERO Phase 3 clinical studies which were initiated in
2017 as well as increased personnel expenses to support Myovant's
growing operations.
Cash totaled $129.3 million
on September 30, 2017.
About Relugolix
Relugolix is an oral, once-daily, small molecule
gonadotropin-releasing hormone (GnRH) receptor antagonist that has
been evaluated in over 1,600 study participants in Phase 1, Phase 2
and Phase 3 clinical trials. In these trials, relugolix has been
shown to be generally well tolerated and to suppress estrogen and
progesterone levels in women and testosterone levels in men. Common
side effects are consistent with suppression of these hormones. In
the ongoing Phase 3 SPIRIT clinical trials in women with
endometriosis-associated pain and the ongoing Phase 3 LIBERTY
clinical trials in women with heavy menstrual bleeding associated
with uterine fibroids, relugolix will be evaluated with and without
low-dose hormonal add-back therapy, the addition of which is
expected to decrease potential side effects such as bone mineral
density loss and hot flashes. The ongoing Phase 3 HERO study is
evaluating relugolix in men with advanced prostate cancer.
About Myovant Sciences
Myovant Sciences is a clinical-stage biopharmaceutical company
focused on developing and commercializing innovative therapies for
women's health and endocrine diseases. Myovant's lead product
candidate is relugolix, an oral, once-daily, small molecule that
acts as a GnRH receptor antagonist. Myovant has initiated three
clinical programs for relugolix consisting of five international
Phase 3 clinical trials, two in women with heavy menstrual bleeding
associated with uterine fibroids (LIBERTY 1 & 2), two in women
with endometriosis-associated pain (SPIRIT 1 & 2), and one in
men with advanced prostate cancer (HERO). Myovant is simultaneously
developing MVT-602, a kisspeptin agonist, for the treatment of
female infertility as part of assisted reproduction. Takeda
Pharmaceuticals International AG has granted Myovant an exclusive,
worldwide license to develop and commercialize relugolix (excluding
Japan and certain other Asian
countries where Takeda retains exclusive rights) and an exclusive
license to develop and commercialize MVT-602 in all countries
worldwide. Over time, the company intends to expand its development
pipeline to include other potential treatments for women's health
and endocrine diseases. For more information, please visit the
company's website at www.myovant.com.
Forward-Looking Statements
This press release contains forward-looking statements,
including without limitation, statements related to: Myovant's
focus on building Myovant into a leading women's health
company; Takeda's reported results from its Phase 3 studies
of relugolix and any support those data may have for Myovant's
Phase 3 studies of relugolix; Takeda's plans to submit the data
from both studies to regulatory authorities; Myovant's ability to
advance the clinical development of relugolix through the LIBERTY
1, LIBERTY 2, SPIRIT 1, SPIRIT 2 and HERO clinical trials; and
Myovant's ability to obtain funding under the new financing
commitments and plans for the development of its pipeline and
completion of its clinical studies. Forward-looking
statements can be identified by the words "believe," "anticipate,"
"continue", "estimate", "project," "expect," "plan," "potential,"
"intends," "will," "would", "could", "should" or the negative or
plural of these words or other similar expressions that are
predictions or indicate future events, trends or prospects but the
absence of these words does not necessarily mean that a statement
is not forward-looking. In addition, any statements that refer to
expectations, projections or other characterizations of future
events or circumstances are forward-looking statements.
Forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially and reported
results should not be considered as an indication of future
performance. Actual results and the timing of events could differ
materially from those anticipated in the forward-looking statements
as a result of these risks and uncertainties, which include,
without limitation: the terms and conditions of the financing
commitments, which could limit the availability of future funding,
risks associated with the success, cost and timing of our product
development activities and clinical trials; the approval and
commercialization of our product candidates relugolix and MVT-602;
and increased regulatory requirements. These statements are subject
to the risk that clinical trial data are subject to differing
interpretations, and regulatory agencies, medical and scientific
experts and others may not share Myovant's views of the clinical
study data. There can be no assurance that the clinical
programs for relugolix or MVT-602 will be successful in
demonstrating safety and/or efficacy, that we will not encounter
problems or delays in clinical development, that any of our product
candidates will ever receive regulatory approval or be successfully
commercialized, or that we will obtain future funding under the new
financing commitments. For a further description of the risks and
uncertainties that could cause actual results to differ from those
expressed in these forward-looking statements, as well as risks
relating to Myovant's business in general, see the "Risk Factors"
section of our quarterly report on Form 10-Q filed with the
Securities and Exchange Commission on August 10, 2017, and in
Myovant's future filings with the SEC, including without limited,
Myovant's quarterly report on Form 10-Q expected to be filed with
the SEC on November 13, 2017 and
other filings that Myovant makes with the SEC from time to time.
These forward-looking statements are based on information available
to Myovant as of the date of this press release and speak only as
of the date of this release. Myovant disclaims any obligation to
update these forward-looking statements, except as may be required
by law.
MYOVANT SCIENCES
LTD.
|
Condensed
Consolidated Statements of Operations
|
(Unaudited, in
thousands, except share and per share data)
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Six Months Ended
September 30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development (includes $679 and $814 of share-based compensation
expense for the three months ended September 30, 2017 and 2016 and
$1,539 and $1,789 for the six months ended September 30, 2017 and
2016, respectively)
|
$
|
24,170
|
|
|
$
|
3,753
|
|
|
$
|
41,878
|
|
|
$
|
18,326
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative (includes $2,070 and $1,336 of share-based
compensation expense for the three months ended September 30, 2017
and 2016 and $3,411 and $2,982 for the six months ended September
30, 2017 and 2016, respectively)
|
6,141
|
|
|
2,967
|
|
|
10,323
|
|
|
5,529
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
30,311
|
|
|
6,720
|
|
|
52,201
|
|
|
23,855
|
|
|
|
|
|
|
|
|
|
Changes in the
fair value of the warrant liability
|
—
|
|
|
27,984
|
|
|
—
|
|
|
29,817
|
|
Other (income)
expense
|
(138)
|
|
|
—
|
|
|
204
|
|
|
—
|
|
Loss before
provision for income taxes
|
(30,173)
|
|
|
(34,704)
|
|
|
(52,405)
|
|
|
(53,672)
|
|
Income tax
(benefit) expense
|
(265)
|
|
|
8
|
|
|
820
|
|
|
11
|
|
Net loss
|
$
|
(29,908)
|
|
|
$
|
(34,712)
|
|
|
$
|
(53,225)
|
|
|
$
|
(53,683)
|
|
Net loss per common
share — basic and diluted
|
$
|
(0.50)
|
|
|
$
|
(0.82)
|
|
|
$
|
(0.90)
|
|
|
$
|
(1.29)
|
|
Weighted average
common shares outstanding — basic and diluted
|
59,459,500
|
|
|
42,512,254
|
|
|
59,353,966
|
|
|
41,646,657
|
|
MYOVANT SCIENCES
LTD.
|
Condensed
Consolidated Balance Sheets
|
(Unaudited, in
thousands)
|
|
|
|
|
|
September 30,
2017
|
|
March 31,
2017
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash
|
$
|
129,332
|
|
|
$
|
180,838
|
|
Prepaid expenses and
other current assets
|
3,738
|
|
|
3,221
|
|
Income tax
receivable
|
—
|
|
|
105
|
|
Total current
assets
|
133,070
|
|
|
184,164
|
|
|
|
|
|
Deferred tax
assets
|
—
|
|
|
208
|
|
Furniture and
equipment, net
|
965
|
|
|
906
|
|
Other
assets
|
2,098
|
|
|
—
|
|
Total
assets
|
$
|
136,133
|
|
|
$
|
185,278
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
|
1,354
|
|
|
$
|
3,329
|
|
Income tax
payable
|
456
|
|
|
—
|
|
Accrued
expenses
|
14,547
|
|
|
11,978
|
|
Due to Roivant
Sciences Ltd. and Roivant Sciences, Inc.
|
731
|
|
|
3,030
|
|
Total current
liabilities
|
17,088
|
|
|
18,337
|
|
|
|
|
|
Warrant
liability
|
—
|
|
|
52
|
|
Deferred
rent
|
326
|
|
|
113
|
|
Total
liabilities
|
17,414
|
|
|
18,502
|
|
|
|
|
|
Total shareholders'
equity
|
118,719
|
|
|
166,776
|
|
Total liabilities and
shareholders' equity
|
$
|
136,133
|
|
|
$
|
185,278
|
|
Investor Contacts:
Frank
Karbe
Chief Financial Officer
Myovant Sciences, Inc.
DeDe Sheel
Director, Investor Relations
Myovant Sciences, Inc.
investors@myovant.com
View original content with
multimedia:http://www.prnewswire.com/news-releases/myovant-sciences-provides-corporate-update-and-reports-financial-results-for-second-fiscal-quarter-ended-september-30-2017-300554919.html
SOURCE Myovant Sciences