Reinforced cash position finances operations through key clinical milestones to mid-2019, phase IIb clinical programs for ABX464 in HIV and IBD patients expected to be initiated around end of 2018.
2017
Full-Year Results and Progress Report
Reinforced cash position finances operations through key clinical milestones to mid-2019
Phase IIb clinical programs for ABX464 in HIV and IBD patients expected to be initiated around end of 2018
HIGHLIGHTS of 2017
HIV
: first ever reduction of HIV reservoir in patients’ blood observed in two independent ABX464 Phase IIa trials
Ulcerative colitis
: phase IIa proof-of-concept clinical trial on track with over half (16/30) of the patients recruited and the first patient already enrolled in the one year open-label extension study
ABX464’s novel mechanism of action further elucidated
Cancer
: promising ABX196 preclinical results showing the immune enhancer’s effects in hepatocellular cancer (HCC)
Antivirals
(RSV, influenza, Dengue): ABIVAX’s proprietary antiviral discovery platform yielded promising new compounds targeting Respiratory Syncytial Virus (RSV), influenza and all serotypes of Dengue
Total cash employed for operations was €12m and net cash consumption, after Bpifrance funding and research tax credit, was €6m in 2017, resulting in a €17m cash position as of December 31, 2017
Paris, March 16, 2018 at 8:30am CET
– ABIVAX (Euronext Paris: FR0012333284 – ABVX), an innovative biotechnology company targeting the immune system to develop treatments for viral and inflammatory diseases, and cancer, today announced its 2017 full year financial results, as of December 31
st
, and provided an update on its progress, as well as its outlook for 2018. The audited financial statements for 2017 were approved by the Company’s Board of Directors on March 15, 2018. The certification report is being prepared by the Company’s external auditors.
“2017 was an exciting year for ABIVAX, witnessing strong progress both in the development of our portfolio as well as from a financial perspective
,” said
Professor Hartmut Ehrlich, M.D., Chief Executive Officer of ABIVAX
. “ABX464, the company’s most advanced therapeutic candidate, has shown in two separate clinical trials that it reduces the HIV viral reservoir by up to 50% after only one month of treatment. These data clearly validate ABX464 as a key component of a potential functional cure in HIV patients. Top-line data after longer-term 3-month treatment are expected in mid-2018 and, at around the same time, we anticipate filing the requests for regulatory authorizations in U.S. and Europe to start phase IIb testing of ABX464 in HIV patients. These data and plans forward substantiate the commitment of ABIVAX to improve the life of people with HIV.”
Dr. Ehrlich
continued: “
Also, we are making excellent progress with our phase IIa POC clinical trial of ABX464 in patients with ulcerative colitis, which is halfway enrolled and expected to deliver top-line data during the second half of 2018, with initiation of phase IIb IBD testing scheduled for around the end of 2018.”
“Finally, we secured additional financing extending our financial resources for at least one additional year, enabling us to fund all planned activities until mid-2019,”
added Dr. Ehrlich.
2017 OPERATING HIGHLIGHTS
Strategic business focus: Leverage proprietary technologies to discover and develop new therapeutic candidates targeting the human immune system
ABIVAX develops antivirals and immunotherapies that originate from three proprietary technology platforms:
“Antiviral
,
”
based on technologies jointly developed with the National Center for Scientific Research (CNRS) in Montpellier, France, and the Curie Institute in Orsay, France. This platform has generated a highly targeted chemical library of more than 1200 compounds that block viral replication due to completely new modes of action, i.e. the modulation of mRNA biogenesis. The relevance of this platform is exemplified by ABX464, which to date has been administered to more than 170 subjects and has been shown to be safe and well tolerated, with heretofore unobserved activity in reducing the HIV viral reservoirs in patients, as well as viral load.
In addition to ABX464, this platform has generated various molecules targeting other viruseinfluenza and all four serotypes of the Dengue virus. ABIVAX is developing these novel molecules, which are currently in hit-to-lead stage, in collaboration with EVOTEC, a global leading contract research organization, with the goal to start lead optimization for the first molecule (an antiviral against RSV) by the end of this year.
“Immune enhancer,”
based on an intellectual property licensed from the Scripps Research Institute (La Jolla, CA, United States). It focuses on invariant natural killer T cells (or iNKT) agonists, which have been shown to stimulate both humoral and cellular immune responses and may have clinical applications in both infectious diseases and oncology. Following encouraging results of the lead immune enhancer compound ABX196 in preclinical testing in several cancer models, as well as Phase I clinical testing in human volunteers, ABIVAX is now preparing for a POC phase I/II clinical trial in HCC, which is expected to start around year-end 2018.
“Polyclonal antibodies,”
which leads to the generation of neutralizing antibodies for the prevention and treatment of Ebola virus infections. ABX544 is currently in preclinical development, and ABIVAX will review the next steps depending on results of ongoing studies.
Pipeline update
ABX464, a potential key element for a functional HIV cure
During the past two decades, antiretroviral treatments have turned HIV from a lethal into a chronic disease, at least in developed countries. Currently, there are approximately 37 million people living with HIV, resulting in global sales of pharmaceutical products for HIV of $24 billion in 2017. However, none of the products on the market are able to act on the viral reservoir from infected individuals, and new treatments are needed to achieve a (functional) cure.
Clinical development of ABX464: Following two phases I studies conducted on healthy subjects, a first phase IIa study on 66 subjects infected with HIV-1 provided initial evidence of the antiviral activity of ABX464 in humans, while confirming its good tolerability.
A second phase IIa study (ABX464-004) was initiated in June 2016 in Spain, Belgium and France, to explore the effect of ABX464 on the viral reservoir (i.e. the immune cells with integrated viral DNA where the virus is “hiding’ during antiretroviral treatment) when used in association with other antivirals. A total of 30 patients were enrolled and treated with ABX464 or placebo for 28 days in addition to boosted Darunavir, which is an established treatment of HIV. The results of this study showed a 25% to 50% reduction in 8 out of 15 evaluable ABX464 treated patients, with no reduction in the placebo group. These results were presented at 9
th
IAS Conference on HIV Science in Paris, France on 23-26 July, 2017 and at the
16
th
European AIDS Conference
(EACS) in Milan, Italy on 25-27 October 2017.
In March of 2017, ABIVAX launched a compartmental pharmacokinetics (PK) clinical study (ABX464-005). In this study, HIV infected patients received in cohort 1 ABX464 for 28 days (completed) and for 84 days in cohort 2 (ongoing) in addition to their regular antiretroviral treatment. Also, in cohort 2, rectal biopsies are being collected in addition to blood at different intervals, allowing the quantification of viral reservoir and level of inflammation in intestinal tissue. This study, conducted at the
Germans Trias i Pujol
University Hospital Badalona (Barcelona, Spain), will provide a better understanding of the reservoir reduction in blood as well as in the gut, which is considered to contain the largest HIV reservoir in the body.
Results from the first cohort (28 days of treatment) fully confirmed the results from the previous study: a reduction (up to 50%) of the HIV reservoir in the blood was seen in 8 out of 9 patients (p 1 year)
-
10,000
(10,000)
of which fixed-term deposits (maturing in < 1 year)
15,000
5,000
10,000
of which available cash flow
2,032
7,987
(5,955)
(of which financial debts)
(170)
(255)
85
Total assets
53,815
60,597
(6,782)
Total Equity
48,180
56,718
(8,538)
of which equity capital
43,916
54,510
(10,594)
of which conditional advances
4,264
2,208
2,056
* Excluding items of the liquidity contract (liquidity and own shares) and deposits & guarantees
The assets of the Company at the end of 2017 included goodwill, classified in Intangible Fixed Assets, and resulting from the previous mergers of Wittycell (which contributed the adjuvant platform and the iNK anti-viral agonist adjuvant ABX196) and Splicos (which contributed the antiviral platform and the small molecule ABX464). This goodwill is amounting to €32m since the creation of the company, as of year-end 2014. Due to significant progress in the developments of ABX464 and ABX196, the Company has opted not to proceed to any write-off and the value of those intangible assets remained unchanged in 2017.
PERSPECTIVES 2018
In 2018, the Company anticipates achieving the following major milestones:
Antiviral platform:
Releasing top-line data from the second cohort of the ABX464-005, mid 2018
Filing an IND with the FDA for ABX464 in HIV in H1 of 2018
FSI in phase IIb study for ABX464 in HIV around year end 2018
Releasing top-line data from Phase II POC study in ulcerative colitis in H2 2018
Initiating a phase IIb clinical study of ABX464 in ulcerative colitis around year end 2018
Starting lead optimization for RSV molecule towards the end of H2, 2018
Immune enhancer platform:
Filing an IND with the FDA for ABX196 in mid-2018
Initiating a phase I/II POC clinical trial with ABX196 in HCC in H2 2018
FINANCIAL CALENDAR – UPCOMING EVENTS 2018:
June 15:
Annual General shareholders’ meeting
September 19
: 2018 first half year results
September 28
: 2018 first half year financial report published on
WEBCAST PRESENTATION
ABIVAX’s senior management will host a webcast presentation on March 16, 2018 at 3:00 pm CET (Paris time), to discuss FY 2017 results and to provide an update of current activities. Attendees can log on using the following telephone information (Participant, local):
Location
Phone
Austria, Vienna
+43 (0)1 928 1466
Belgium, Brussels
+32 (0)2 400 6926
France, Paris
+33 (0)1 76 77 22 57
Germany, Frankfurt
+49 (0)69 2222 2018
Ireland, Dublin
+353 (0)1 2465621
Italy, Milan
+39 02 3600 9838
Netherlands, Amsterdam
+31 (0)20 703 8261
Spain, Madrid
+34 91 419 2524
Sweden, Stockholm
+46 (0)8 5065 3942
Switzerland, Geneva
+41 (0)22 567 5750
United Kingdom, Local
+44 (0)330 336 9411
United States, Brooklyn
+1 646-828-8193
About ABIVAX (
)
ABIVAX is mobilizing the body’s natural immune machinery to treat patients with viral infections, autoimmune diseases and cancer. A clinical-stage company, ABIVAX leverages its antiviral and immune enhancing platforms to optimize candidates to cure HIV and treat inflammatory bowel diseases and liver cancer. ABIVAX is listed on Euronext compartment B (ISIN: FR0012333284 – Mnémo: ABVX). More information on the company is available at Follow us on Twitter @ABIVAX_
Contacts
ABIVAX
Finance
Didier Blondel
didier.blondel@abivax.com
+33 1 53 83 08 41
Press Agency
ALIZE RP
Caroline Carmagnol
abivax@alizerp.com
+33 1 44 54 36 66
Investors Relations
LifeSci Advisors
Chris Maggos
chris@lifesciadvisors.com
+41 79 367 6254
DISCLAIMER
This press release contains forward-looking statements, forecasts and estimates with respect to certain of the Company’s programs. Although the Company believes that its forward-looking statements, forecasts and estimates are based on assumptions and assessments of known and unknown risks, uncertainties and other factors that have been deemed reasonable, such forward-looking statements, forecasts and estimates are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated in such forward-looking statements, forecasts and estimates. A description of these risks, contingencies and uncertainties can be found in the documents filed by the Company with the French Autorité des Marchés Financiers pursuant to its legal obligations. Furthermore, these forward-looking statements, forecasts and estimates are only as of the date of this press release. Readers are cautioned not to place undue reliance on these forward-looking statements. ABIVAX disclaims any obligation to update these forward-looking statements, forecasts or estimates to reflect any subsequent changes that the Company becomes aware of, except as required by law.
[1]
K Chebli et al., The Anti-HIV Candidate ABX464 Dampens Intestinal Inflammation by Triggering Il-22 Production in Activated Macrophages. Nature Scientific Reports 2017, DOI:10.1038/s41598-017-04071-3