Antengene Announces Financial Results for Full Year 2020
SHANGHAI and HONG KONG,March 26,2021 -- Antengene Corporation Limited ("Antengene" or "the company",SEHK: 6996.HK),a leading innovative biopharmaceutical company dedicated to discovering,developing and commercializing global first-in-class and/or best-in-class therapeutics in hematology and oncology,announced its annual financial results for the full year ended December 31,2020.
"In the past year,Antengene achieved numerous breakthroughs in discovery and clinical development,business operations,and organizational development,a result of our outstanding teamwork and execution. As we continue to implement our combinatory and complementary R&D strategy,we have developed a highly differentiated pipeline consisting of 12 innovative assets. In addition,we have broadened our collaboration with other industry-leading biotechnology companies,and obtained the rights to develop and commercialize four in-licensed assets across 17 APAC countries and regions in 2020," said Dr. Jay Mei,Founder,Chairman and CEO of Antengene. "As of today,we submitted NDAs for ATG-010 in five APAC markets,while we accelerate the completion of the first phase of our manufacturing facility and the build-out of our commercial teams in mainland China and other APAC markets. Furthermore,we were granted IND approvals for six additional clinical trials,and advanced three assets into clinical development in China and Australia. In 2020,we successfully completed our Series C financing and IPO on the Hong Kong Stock Exchange,and Antengene was selected as a constituent stock of the Heng Seng Composite Index and an eligible stock in the Shenzhen-Hong Kong Stock Connect in just four months after our IPO. Meanwhile,we officially opened Antengene's Drug Discovery Center as we continue to advance our in-house discovery and development as planned. At the same time,we entered into partnerships with leading CROs to further accelerate our R&D programs. All of this progress has forged Antengene's end-to-end fully integrated capabilities that will enable us to translate our robust R&D capabilities into commercial potential."
"In 2021,we remain committed to serving patients and plan to submit additional NDAs to offer patients around the world simultaneous access to our innovative therapies. Adopting a combinatory and complementary R&D strategy,we aim to initiate multiple clinical trials to develop therapies that will complement existing treatments and address treatment gaps in some of the most prevalent oncological indications. This year,we will continue to execute on our strategy of further developing our commercial infrastructure in China and the Asia Pacific region,in an effort to expedite the commercialization of our lead asset; and continue to enrich our pipeline and strengthen our core competitiveness by in-licensing additional highly promising assets. In 2021,we will presentourresearch results at major international conferences,to further build a solid foundation for a first-in-class commercial launch of our lead asset in multiple markets,and to advanceseveralpre-clinical novel assets into clinical stage. Honoring our commitment to patients and pursuing our mission as a member of the healthcare community,we will strive to bring hope to patients and deliver greater return to our investors," added Dr. Jay Mei.
Late-stage Assets
ATG-010 (selinexor,first-in-class XPO1 inhibitor)
Antengene made notable clinical development and regulatory progress to advance its lead hematological malignancy asset,and has submitted new drug applications (NDAs) for ATG-010 in multiple Asia Pacific (APAC) markets,including mainland China.
Events during the Reporting Period
On December 3,2020,the company announced the submission of NDAs to the Australian Therapeutic Goods Administration (TGA) and the Health Sciences Authority (HSA) of Singapore for the treatment of adult patients with relapsed or refractory multiple myeloma (rrMM) and relapsed or refractory diffuse large B-cell lymphoma (rrDLBCL). Additionally,the company submitted an NDA to the Hong Kong Department of Health for ATG-010 in the treatment of adult patients with rrMM,and NDA with Orphan Drug Designation (ODD) to the South Korean Ministry of Food and Drug Safety (MFDS) for ATG-010 for the treatment of adult patients with rrMM and adult patients with rrDLBCL.
Several clinical studies are underway for ATG-010 in mainland China,including:
A Phase II registrational clinical trial in combination with low-dose dexamethasone in rrMM.
A Phase II clinical trial as monotherapy in rrDLBCL,which has dosed its first patient in 2020.
A Phase III clinical trial in combination with bortezomib and low-dose dexamethasone in rrMM,which was granted an Investigational New Drug (IND) approval from the China's National Medical Products Administration (NMPA) at the end of 2020.
A Phase III clinical trial as a maintenance monotherapy for patients with endometrial cancer. Antengene has submitted an IND application for the trial to the NMPA in December 2020.
To further explore the clinical potential of ATG-010 in oncology treatment,Antengene also initiated early signal detection studies including a Phase Ib clinical trial in combination with ifosfamide,carboplatin and etoposide (ICE) or gemcitabine and oxaliplatin (GemOx) in treatment of T-cell and NK/T-cell lymphoma,and a Phase II trial in the treatment of KRAS-mutant non-small cell lung cancer (NSCLC).
Events after the Reporting Period
In January 2021,the company submitted an NDA to NMPA of ATG-010 for the treatment of patients with rrMM,and the NDA was subsequently granted priority review by the NMPA.
NMPA approved an IND application for a Phase II/III clinical trial of ATG-010 in combination with rituximab,gemcitabine dexamethasone cisplatin (R-GDP) in rrDLBCL in January 2021.
Clinical Progress by Partner Company
On June 22,XPOVIO® (selinexor) received accelerated approval from the U.S. Food and Drug Administration (U.S. FDA) for the treatment of adult patients with rrDLBCL who have received at least two lines of systemic therapy.
On December 18,the U.S. FDA approved XPOVIO® (selinexor) for the treatment of adult patients with MM who have received at least one prior therapy.
ATG-008 (onatasertib,mTORC1/2 inhibitor)
Events during the Reporting Period
A Phase II study of ATG-008 in patients with hepatocellular carcinoma (HCC) dosed its first patient in the third dose level.
The company initiated a Phase I/II study of ATG-008 in combination with anti-PD-1 antibody in HCC and advanced solid tumors; and a Phase II study in NFE2L2-mutant NSCLC,respectively,in mainland China.
NMPA approved the IND application for a biomarker-driven solid tumor basket trial with ATG-008.
Other Clinical Assets
ATG-019 (dual PAK4/NAMPT inhibitor)
Events during the Reporting Period
A Phase I clinical study of ATG-019 in solid tumor and lymphoma dosed its first patient in Taiwan.
Events after the Reporting Period
The company submitted an IND application to the NMPA for a Phase I clinical study of ATG-019 in solid tumor and lymphoma in January 2021.
ATG-017 (ERK1/2 inhibitor)
Events during the Reporting Period
A Phase I clinical study of ATG-017 in advanced solid tumors and hematological malignancies dosed its first patient in Australia.
ATG-016 (eltanexor,second generation XPO1 inhibitor)
Events during the Reporting Period
NMPA approved the IND application for a Phase I/II clinical study of ATG-016 in high-risk myelodysplastic syndrome (MDS).
Events after the Reporting Period
The company has submitted an IND application for the Phase I/II clinical study of ATG-016 in solid tumors in February 2021.
Pre-Clinical Assets
Antengene made steady progress with its pre-clinical pipeline assets,including ATG-101 (PD-L1/4-1BB bispecific antibody),ATG-018 (ATR inhibitor),ATG-022 (Claudin 18.2 antibody-drug conjugate),ATG-012 (KRAS inhibitor) and two other biologics that it has not yet disclosed target.
Events during the Reporting Period
ATG-101 (PD-L1/4-1BB bispecific antibody)
The company is conducting IND enabling studies to support IND/CTA applications for ATG-101 and plans to submit the applications in 2021.
ATG-018 (ATR inhibitor)
The company is conducting preclinical studies to support IND/CTA applications for ATG-018 and plans to submit the applications in the beginning of 2022.
ATG-022 (Claudin 18.2 antibody-drug conjugate)
The company is conducting preclinical studies to support IND/CTA applications for ATG-022 and plans to submit the applications in 2022.
ATG-012 (KRAS inhibitor)
The company is conducting preclinical studies to support IND/CTA applications for ATG-012 and plan to submit the applications in 2022.
Other Developments
Events during the Reporting Period
The company appointed Mr. John F. Chin,MBA,as Chief Business Officer (CBO),responsible for its global business development and Commercialization; Mr. Thomas Karalis as Head of Asia Pacific Regions,responsible for the commercialization of Antengene's products in Australia,New Zealand,S. Korea,Taiwan,Hong Kong and ASEAN regions; Dr. Zhinuan Yu,Ph.D.,as Corporate Vice President (CVP) of Biometrics and Regulatory Enabling Functions,responsible for the biostatistics and regulatory strategies in programs involving the company's pipeline assets; and Mr. Dirk Hoenemann,M.D.,as Vice President,Head of Medical Affairs for APAC region and Early Clinical Development.
In May 2020,Antengene further strengthened and broadened its partnership with Karyopharm Therapeutics Inc. (Karyopharm) through a territory expansion agreement that granted Antengene the rights to develop and commercialize selinexor,eltanexor,verdinexor and ATG-019 in multiple APAC markets.
In August 2020,Antengene entered into an agreement with the Administrative Committee of the Binhai New Area,Shaoxing,Zhejiang Province in the PRC to obtain an approximately 16,300 square meters manufacturing facility for the commercial production of small molecule drugs.
In October 2020,Antengene's New Drug Discovery Center was officially opened in Zhangjiang Hi-Tech Park,Shanghai the PRC.
On November 20,Antengene was successfully listed on The Stock Exchange of Hong Kong Limited.
As of December 31,Antengene had filed 8 patent applications in China.
Events after the Reporting Period
In March 2021,Antengene selected as a constituent stock of nine benchmark and thematic indexes including the Hang Seng Composite Index. Based on these inclusions,the company was also selected as an eligible stock in the Shenzhen-Hong Kong Stock Connect,effective from March 15,2021.
In March 2021,Antengene appointed Mr. Kevin Lynch as its Chief Medical Officer (CMO),responsible for the strategic planning and management of medical affairs and clinical development; and Dr. Bo Shan as its Chief Scientific Officer (CSO),responsible for the strategic planning,drug discovery,early development and CMC.
Financial Highlights
IFRS Measures:
The company's adjusted loss and total comprehensive loss were RMB455.0 million for the year ended December 31,primarily attributable to the increased research and development costs and administrative expenses.
Non-IFRS Measures:
The company's cash and bank balances increased by RMB2,363.0 million,to RMB3,109.8 million for the year ended December 31,2020. This increase was primarily attributable to the Series C financing in July and the IPO in November 2020.
The company's research and development costs increased by RMB231.9 million,to RMB347.7 million for the year ended December 31,2020. This increase was primarily attributable to the increased payments made to the company's licensing partners,expansion of R&D personnel and other clinical-related fees.
The company's administrative expenses increased by RMB114.9 million,to RMB154.2 million for the year ended December 31,2020. The increase was primarily attributable to the increase in employee costs and share issue expenses in relation to the initial public offering (IPO) of the company.
A non-cash,one time change of RMB2,356.3 million upon the listing in the fair value loss on convertible redeemable preferred shares as required under the IFRS for the year ended December 31,2020. The increased of RMB2,141.8 million was primarily attribute to significant increase in the per share fair value upon the completion of the IPO of the Company when re-measuring convertible redeemable preferred shares previously issued to the investors before conversion into the Company's ordinary shares.
The company's other income and gains decreased by RMB26.1 million,to RMB26.8 million for the year ended December 31,2020. This decrease was primarily attributable to the absence of the net foreign exchange gains recorded for the prior year.
The company's loss and total comprehensive loss increased by RMB2,605.1 million,to RMB2,928.9 million for the year ended December 31,2020. This increase in loss includes (i)a loss of RMB463.3 million primarily due to the increase in research and development costs and administrative expenses. (ii) A non-cash,141.8 million upon the listing in the fair value loss on convertible redeemable preferred shares as required under the IFRS.
Outlook
Leveraging its combinatory and complementary R&D strategy and through its strong R&D capabilities and strategic approach in developing novel therapies,Antengene continues to realize its vision of treating patients beyond borders and transforming their lives by discovering,developing and commercializing global first-in-class,only-in-class and/or best-in-class therapies.
Antengene will advance the clinical development of its six clinical stage products in multiple therapeutic areas,and continue to implement its dual-engine approach of external partnerships and internal discovery to build up a pipeline focusing on the key oncogenic pathways,tumor microenvironment and tumor associated antigens through its business development,clinical and commercial teams in place globally and across the APAC region. The company also intends to continue implementing its complementary approach to develop the in-licensed assets for additional indications to maximize their commercial potential.
Looking into 2021,Antengene expects to receive NDA approvals for selinexor (ATG-010) during the fourth quarter of 2021 and the first quarter of 2022,in five APAC markets including mainland China,Australia,South Korea,Hong Kong and Singapore. The company will also advance two of its in pre-clinical novel assets into the IND stage.
Antengene's commercial leadership team has experience in successfully launching multiple top hematology products in China,the wider APAC region,and across markets around the world. The company will continue to build out its commercial team in preparation for the first launch of ATG-010 in Greater China and the rest of APAC to address unmet medical needs in its territories. Antengene expects to build a commercial team of approximately 150 members by year end with dedicated in-house marketing,field force,pricing and market access,and medical affairs teams possessing proven track record and in-depth regional expertise in hematologic oncology.
About Antengene
Antengene Corporation Limited ("Antengene",SEHK: 6996.HK) is a leading clinical-stage Asia-Pacific biopharmaceutical company focused on innovative oncology medicines. Antengene aims to provide the most advanced anti-cancer drugs to patients in China,the Asia Pacific Region and around the world. Since its establishment,Antengene has built a pipeline of 12 clinical and pre-clinical stage assets and obtained 12 investigational new drug approvals in Asia Pacific. The vision of Antengene is to "Treat Patients Beyond Borders". Antengene aims to address significant unmet medical needs by discovering,developing and commercializing first-in-class/best-in-class therapeutics.
