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May. 29 | PMV Pharmaceuticals, Foundation Medicine to Develop Companion Diagnostic for Rezatapopt | MT |
May. 29 | Foundation Medicine and PMV Pharma Announce Collaboration to Develop Companion Diagnostic for Rezatapopt | CI |
February 29, 2024 at 04:02 pm EST
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- Registrational, tumor-agnostic Phase 2 portion of PYNNACLE clinical trial of rezatapopt (PC14586), a first-in-class precision oncology investigational therapy in patients with advanced solid tumors with a TP53 Y220C mutation and KRAS wild-type, remains on track to initiate in Q1 2024
- Phase 1 analysis from the PYNNACLE Phase 1/2 study of rezatapopt in a subgroup of patients with advanced ovarian cancer harboring aTP53Y220C mutation selected as a late-breaking oral presentation at 2024 SGO Annual Meeting on Women’s Cancer
- Updated Phase 1 PYNNACLE data presented at 2023
AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics demonstrated responses across multiple tumor types with a confirmed overall response rate of 38% at the recommended Phase 2 dose of 2000 mg daily and a median duration of response of seven months in the intended Phase 2 population of TP53 Y220C and KRAS wild-type patients - Cash, cash equivalents, and marketable securities of
$228.6 million as ofDecember 31, 2023 ; cost savings fromJanuary 2024 workforce reduction expected to extend cash runway to end of 2026
“PMV continues to make significant progress with rezatapopt, a first-in-class precision oncology investigational therapy in patients with advanced solid tumors with a p53 Y220C mutation,” said
Full Year 2023 and Recent Corporate Highlights:
Charles Baum , M.D., Ph.D., former Mirati Chief Executive Officer, appointed to serve as senior clinical advisor.- Phase 1 analysis from the PYNNACLE Phase 1/2 study of rezatapopt in a subgroup of patients with advanced ovarian cancer harboring a TP53 Y220C mutation selected as a late-breaking oral presentation at the 2024 SGO Annual Meeting on Women's Cancer. The data will be presented on
March 18, 2024 during the Scientific Plenary V Late-Breaking Abstract Session 2, from2:30 PM –3:45 PM PT . - Prioritization of rezatapopt development and focused discovery research efforts resulted in a workforce reduction; cost savings expected to extend cash runway to end of 2026.
- Updated data from Phase 1 PYNNACLE clinical trial presented at the 2023
AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics demonstrated responses across multiple tumor types with a median duration of response of seven months and a confirmed overall response rate of 38% at the Recommended Phase 2 dose (RP2D) of 2000 mg daily for the intended Phase 2 population of TP53 Y220C and KRAS wild-type patients. - Concluded successful End-of-Phase 1
U.S. Food and Drug Administration (FDA) meeting with alignment on RP2D and key elements of single arm, tumor agnostic Phase 2 registrational portion of PYNNACLE study. Deepika Jalota , Pharm.D., Chief Development Officer, andMarc Fellous , M.D., Senior Vice President, Head of Clinical Development and Medical Affairs appointed to lead the rezatapopt clinical program.- Promoted
Michael Carulli to Chief Financial Officer and appointedMasha Poyurovsky , Ph.D., as Vice President of Biology. - Initiated enrollment in the combination arm of the PYNNACLE study with rezatapopt and KEYTRUDA®(pembrolizumab).
Fiscal Year 2023 Financial Results
- As of
December 31, 2023 , PMV Pharma had$228.6 million in cash, cash equivalents, and marketable securities, compared to$243.5 million atDecember 31, 2022 . Net cash used in operations was$55.7 million for the year endedDecember 31, 2023 , compared to$63.8 million for the year endedDecember 31, 2022 . - Net loss for the year ended
December 31, 2023 , was$69.0 million compared to$73.3 million for the year endedDecember 31, 2022 . - Research and development (R&D) expenses were
$55.9 million for the year endedDecember 31, 2023 , compared to$52.0 million for the year endedDecember 31, 2022 . The increase in R&D expenses was primarily related to increased headcount and clinical expenses for advancing rezatapopt, the Company’s lead drug candidate. - General and administrative (G&A) expenses were
$24.2 million for the year endedDecember 31, 2023 , compared to$25.1 million for the year endedDecember 31, 2022 . The decrease in G&A expenses was primarily due to facility-related costs now allocated to research as our new laboratory building inPrinceton, NJ began operations.
KEYTRUDA(pembrolizumab) is a registered trademark of
About Rezatapopt
Rezatapopt (PC14586) is a first-in-class, small molecule, p53 reactivator designed to selectively bind to the pocket in the p53 Y220C mutant protein, restoring the wild-type, or normal, p53 protein structure and tumor-suppressing function. The
About PMV Pharma
PMV Pharma is a precision oncology company pioneering the discovery and development of small molecule, tumor-agnostic therapies targeting p53. p53 mutations are found in approximately half of all cancers. Our co-founder, Dr.
Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, statements regarding the Company’s future plans or expectations for rezatapopt, including our ability to obtain approval on a tumor agnostic basis, expectations regarding timing and success of the Phase 2 portion of its current clinical trial for rezatapopt, and expectations with respect to our projected cash runway and the anticipated results of our recent organizational changes. Any forward-looking statements in this statement are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. Risks that contribute to the uncertain nature of the forward-looking statements include: the success, cost, and timing of the Company’s product candidate development activities and planned clinical trials, the Company’s ability to execute on its strategy and operate as a clinical stage company, the potential for clinical trials of rezatapopt or any future clinical trials of other product candidates to differ from preclinical, preliminary, interim or expected results, the Company’s ability to fund operations, and the impact that any current or future global pandemic or geopolitical emergency may have on the Company’s clinical trials, supply chain, and operations, as well as those risks and uncertainties set forth in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the
Balance Sheets
(in thousands)
2023 | 2022 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 37,706 | $ | 108,297 | |||
Restricted cash | 822 | 822 | |||||
Marketable securities, current | 165,351 | 132,757 | |||||
Prepaid expenses and other current assets | 3,530 | 5,130 | |||||
Total current assets | 207,409 | 247,006 | |||||
Property and equipment, net | 10,666 | 10,955 | |||||
Marketable securities, noncurrent | 25,505 | 2,495 | |||||
Right-of-use assets | 8,382 | 9,539 | |||||
Other assets | 190 | 313 | |||||
Total assets | $ | 252,152 | $ | 270,308 | |||
Liabilities and Stockholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 3,237 | $ | 2,996 | |||
Accrued expenses | 9,940 | 7,308 | |||||
Operating lease liabilities, current | 852 | 528 | |||||
Total current liabilities | 14,029 | 10,832 | |||||
Operating lease liabilities, noncurrent | 12,434 | 13,448 | |||||
Total liabilities | 26,463 | 24,280 | |||||
Stockholders’ equity: | |||||||
Additional paid-in capital | 535,468 | 487,516 | |||||
Accumulated deficit | (310,003 | ) | (241,043 | ) | |||
Accumulated other comprehensive loss | 224 | (445 | ) | ||||
Total stockholders' equity | 225,689 | 246,028 | |||||
Total liabilities and stockholders’ equity | $ | 252,152 | $ | 270,308 | |||
Condensed Statements of Operations and Comprehensive Loss
(in thousands, except share and per share amounts)
Year Ended | ||||||||||||
2023 | 2022 | 2021 | ||||||||||
Operating expenses: | ||||||||||||
Research and development | $ | 55,885 | $ | 51,988 | $ | 36,493 | ||||||
General and administrative | 24,247 | 25,052 | 21,800 | |||||||||
Total operating expenses | 80,132 | 77,040 | 58,293 | |||||||||
Loss from operations | (80,132 | ) | (77,040 | ) | (58,293 | ) | ||||||
Other income: | ||||||||||||
Interest income, net | 11,171 | 3,627 | 449 | |||||||||
Other income (expense), net | 3 | 87 | 21 | |||||||||
Total other income (expense) | 11,174 | 3,714 | 470 | |||||||||
Loss before provision (benefit) for income taxes | (68,958 | ) | (73,326 | ) | (57,823 | ) | ||||||
Provision (benefit) for income taxes | 2 | (9 | ) | 23 | ||||||||
Net loss | (68,960 | ) | (73,317 | ) | (57,846 | ) | ||||||
Unrealized gain (loss) on available for sale investments, net of tax | 635 | (367 | ) | (78 | ) | |||||||
Foreign currency translation gain | 34 | — | — | |||||||||
Total other comprehensive income (loss) | 669 | (367 | ) | (78 | ) | |||||||
Total Comprehensive loss | $ | (68,291 | ) | $ | (73,684 | ) | $ | (57,924 | ) | |||
Net loss per share -- basic and diluted | $ | (1.44 | ) | $ | (1.61 | ) | $ | (1.28 | ) | |||
Weighted-average common shares outstanding | 48,014,645 | 45,594,824 | 45,137,656 | |||||||||
Investors Contact:
Senior Vice President, Head of Corporate Development and Investor Relations
investors@pmvpharma.com
Media Contact:
kathy@greigcommunications.com
Source:
2024 GlobeNewswire, Inc., source
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Company Profile
PMV Pharmaceuticals, Inc. is a precision oncology company, which is engaged in discovery and development of small molecule, tumor-agnostic therapies targeting p53. p53 is a tumor suppressor protein known as the guardian of the genome, and normal, or wild type, p53 has the ability to eliminate cancer cells. It is leveraging its precision oncology platform to develop a pipeline of orally available, potent and highly selective small molecule product candidates that target p53 mutations or other p53-related cancers. Its lead product candidate, PC14586 (rezatapopt), is an orally available small molecule designed to potently and selectively correct p53 misfolding caused by a specific p53 mutation, Y220C, while sparing wild type p53. In preclinical studies, PC14586 has shown selective on-target activity, which functions in cells with the p53 Y220C mutation and exhibited robust anti-tumor activity evidenced by potent tumor growth inhibition and strong tumor regression as a single agent.
Sector
Calendar
2024-06-06 - Annual General Meeting
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Analysts' Consensus
Sell
Buy
Mean consensus
BUY
Number of Analysts
6
Last Close Price
1.82USD
Average target price
5.75USD
Spread / Average Target
+215.93%
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