ProQR Announces Financial Results for the Second Quarter of 2018
LEIDEN, The Netherlands, Aug. 08, 2018 (GLOBE NEWSWIRE) -- ProQR Therapeutics N.V. (Nasdaq: PRQR) (the “Company”), a company dedicated to changing lives through the creation of transformative RNA medicines for the treatment of severe genetic rare diseases, today announced results for the second quarter of 2018.
“During the second quarter, we built up momentum across our pipeline of development programs, including the initiation of the WINGS study, the first clinical trial to evaluate QR-313 in patients with dystrophic epidermolysis bullosa. QR-313 is now our third program to enter clinical development,“ said Daniel A. de Boer, chief executive officer of ProQR. “Over the next twelve months, we are looking forward to key clinical data read-outs from all three clinical development programs that could potentially provide broader validation of our platform in ophthalmology and dermatology. The clinical trial evaluating QR-110, our lead program in ophthalmology, in patients with Leber’s congenital amaurosis 10 remains on track for an interim data announcement later this year.”
Second Quarter 2018 Corporate Highlights
Initiated WINGS, the first clinical trial to evaluate the safety and efficacy of QR-313 in patients that have recessive dystrophic epidermolysis bullosa (RDEB) due to mutations in exon 73 of the COL7A1 gene
Interim results expected in late 2018; full data expected in 2019
Entered into a partnership with EB Research Partnership (EBRP) and EB Medical Research Foundation (EBMRF)
ProQR will receive up to $5 million in funding for the clinical development of QR-313
Appointed Yi-Tao Yu, Ph.D., a professor of biochemistry and biophysics at the University of Rochester Medical Center, to the Company’s scientific advisory board
Dr. Yu’s research focuses on RNA editing and his expertise will help to develop the Company’s novel RNA editing technologies
Presented at the European Cystic Fibrosis Society (ECFS) conference on eluforsen, formerly known as QR-010
Abstract title: Exploratory immune assays distinguish healthy volunteer from CF patient cohorts and were validated in a dose escalation study of QR-010 in subjects with cystic fibrosis homozygous for the F508del CFTR mutation
With current cash on hand of €33.0 million (at June 30, 2018), ProQR’s operation is funded into late 2019
Subsequent Events
A paper with preclinical data for QR-110 targeting Leber’s congenital amaurosis 10 (LCA10) was published in Molecular Therapy – Nucleic Acids, an official journal of the American Society of Gene & Cell Therapy
The research was done in collaboration with scientists at the UCL Institute of Ophthalmology in London, United Kingdom and the Radboud University Medical Center in Nijmegen, the Netherlands
Presented preclinical data for QR-421a for Usher syndrome at the International Symposium on Usher Syndrome (USH2018)
Abstract title: Splice modulation to treat USH2A-associated retinal degeneration
Financial Highlights
At June 30, 2018, ProQR held cash and cash equivalents of €33.0 million, compared to €48.1 million at December 31, 2017. Net cash used in operating activities during the three month period ended June 30, 2018 was €5.4 million, compared to €9.8 million for the same period last year.
Research and development costs totaled €6.0 million for the quarter ended June 30, 2018 compared to €7.6 million for the same period last year and comprised of allocated employee costs including share-based payments, the costs of materials and laboratory consumables, outsourced activities, license and intellectual property costs and other allocated costs.
General and administrative costs decreased to €2.6 million for the quarter ended June 30, 2018 compared to €2.9 million for the quarter ended June 30, 2017.
Net loss for the three month period ended June 30, 2018 was €7.4 million or €0.23 per share, compared to a €11.3 million loss or €0.47 per share for the same period last year. For further financial information for the period ended June 30, 2018, please refer to the financial statements appearing at the end of this release.