- Phase 1b multi-dose CSU data presented at AAAAI on
- Phase 2 CSU enrollment completion expected by Q3 2023 -
“Celldex made significant progress over the past year advancing our pipeline. We reported multiple positive data sets from our Phase 1b barzolvolimab program, including updated results from the Phase 1b multi-dose study in chronic spontaneous urticaria this past weekend at AAAAI,” said
Recent Business Highlights
On
Recent Program Highlights
Barzolvolimab - KIT Inhibitor Program
Barzolvolimab is a humanized monoclonal antibody developed by Celldex that binds the KIT receptor with high specificity and potently inhibits its activity. The KIT receptor tyrosine kinase is expressed in a variety of cells, including mast cells, which mediate inflammatory responses such as hypersensitivity and allergic reactions. KIT signaling controls the differentiation, tissue recruitment, survival and activity of mast cells.
- In June and
July 2022 , Celldex announced that the first patients have been dosed in the Phase 2 clinical studies of barzolvolimab for the treatment of Chronic Spontaneous Urticaria (CSU) and the two most common forms of chronic inducible urticaria (CIndU) - cold urticaria (ColdU) and symptomatic dermographism (SD). These randomized, double-blind, placebo-controlled, parallel group Phase 2 studies are evaluating the efficacy and safety profile of multiple dose regimens of barzolvolimab in patients who remain symptomatic despite antihistamine therapy, to determine the optimal dosing strategies. Based on current enrollment projections, Celldex anticipates that enrollment to the CSU study will be completed by the end of Q3 2023 and plans to report topline data either late this year or in the first quarter of 2024. - Data from the Phase 1b multiple dose study in patients with antihistamine refractory CSU were presented at the
American Academy of Allergy , Asthma & Immunology (AAAAI) Annual Meeting onSunday, February 26, 2023 by Dr.Marcus Maurer , Professor of Dermatology and Allergy at Charité – Universitätsmedizin inBerlin and a lead investigator on the study.
AAAAI 2023 Data Summary:
As of the data cut-off date onNovember 29, 2022 , enrollment was complete with 45 patients with moderate to severe CSU refractory to antihistamines enrolled and treated [35 barzolvolimab (n=9 in 0.5 mg/kg; n=8 in 1.5 mg/kg; n=9 in 3.0 mg/kg; n=9 in 4.5 mg/kg) and 10 placebo]. The 0.5 mg/kg, 1.5 mg/kg and 3.0 mg/kg cohorts had completed study participation through 24 weeks; 6 of 9 patients in the 4.5 mg/kg cohort had completed through the week 20 visit. Complete data were included for all patients in dose levels through 3.0 mg/kg through 24 weeks. All available data for the 4.5 mg/kg and placebo dose levels were presented for adverse events. Activity data for the 4.5 mg/kg dose level were reported through week 20. Activity data for the 0.5 mg/kg and placebo group were only included through week 12 because, as expected, most patients from these groups had significant symptoms ahead of week 24 and discontinued follow up. Two patients did not receive all doses of study treatment [4.5 mg/kg (1), placebo (1)].
-- Barzolvolimab resulted in rapid, marked and durable responses in patients with moderate to severe CSU refractory to antihistamines, including patients with prior omalizumab treatment. The 1.5 mg/kg, 3.0 mg/kg and 4.5 mg/kg dose groups showed similar markedly improved urticaria symptoms and disease control with sustained durability up to 24 weeks.
-- Mean reduction from baseline in urticaria activity (UAS7) at week 12 of 67% in the 1.5 mg/kg dose group (n=8), 67% in the 3.0 mg/kg dose group (n=9) and 82% in the 4.5 mg/kg dose group (n=9). Complete response (UAS7=0) at week 12 of 57% in the 1.5 mg/kg dose group, 44% in the 3.0 mg/kg dose group and 67% in the 4.5 mg/kg dose group.
-- Well-controlled disease (UCT≥ 12) at week 12 of 75% in the 1.5 mg/kg dose group, 63% in the 3.0 mg/kg dose group and 89% in the 4.5 mg/kg dose group.
-- Patients with prior omalizumab therapy had similar symptom improvement as all patients.
-- Barzolvolimab was well tolerated with a favorable safety profile; effects of multiple dose administration were consistent with observations in single dose studies. Most AEs were mild or moderate in severity and resolved while on study.
- On
December 6, 2022 , Celldex announced data from the Company’s open label Phase 1b clinical trial of barzolvolimab in patients with antihistamine refractory chronic inducible urticarias, including new data from the Phase 1b 1.5 mg/kg cohort conducted in cold urticaria and long term follow data from the Phase 1b 3.0 mg/kg cohorts conducted in cold urticaria and symptomatic dermographism. The data were presented at the GA²LEN Global Urticaria Forum (GUF) held inBerlin, Germany .
GUF 2022 Data Summary:
Cold Urticaria 1.5 mg/kg intravenous cohort oral presentation: “Cold urticaria patients achieve complete response with 1.5 mg/kg barzolvolimab”
10 patients received a single intravenous infusion of barzolvolimab at 1.5 mg/kg. Patients had high disease activity as assessed by provocation threshold testing. All patients had disease refractory to antihistamines and five patients had disease refractory to omalizumab. Safety results were reported for all 10 patients; activity results were reported for the 9 patients who received a full dose of barzolvolimab, including four patients with omalizumab refractory disease.
-- All 9 of 9 (100%) patients evaluable for activity treated at 1.5 mg/kg experienced a complete response as assessed by provocation threshold testing, including 4 patients with disease refractory to omalizumab. Rapid onset of responses after dosing were observed with 6 of 9 patients experiencing complete response within a week of dosing. Responses were durable with a median duration of response of 51+ days (7+ weeks).
-- Improvements in disease activity as reported by Urticaria Control Test (UCT) were consistent with the completed responses as measured by provocation testing. All patients entered the cohort with poorly controlled disease. Following barzolvolimab administration, all patients achieved well controlled disease with 7 of 9 achieving complete control.
-- A single 1.5 mg/kg dose of barzolvolimab resulted in rapid, marked and durable suppression of serum tryptase. The kinetics of tryptase depletion mirrored changes in provocation threshold and UCT.
-- Barzolvolimab was generally well tolerated and the safety profile at 1.5mg/kg was similar to the profile observed with 3.0 mg/kg. No new treatment emergent AEs of concern were noted.
Long-term follow up 3.0 mg/kg intravenous cold urticaria and symptomatic dermographism poster presentation: “Barzolvolimab-induced response and mast cell suppression are durable and linked”
21 patients received a single infusion of barzolvolimab at 3.0 mg/kg, including 11 (10 evaluable for activity) patients with cold urticaria and 10 with symptomatic dermographism. Patients had high disease activity as assessed by provocation threshold testing at baseline and poorly controlled disease by UCT. All patients had disease refractory to antihistamines and three patients had disease refractory to omalizumab. As previously reported, a single 3.0 mg/kg IV dose was generally well tolerated and demonstrated a 95% complete response (negative provocation testing) and 100% well controlled urticaria by Urticaria Control Test (UCT), including in all patients with disease refractory to omalizumab. Profound reduction in serum tryptase and skin mast cells during the 12 week follow up period were observed.
14 patients consented to the optional long term follow up evaluation (6 cold, 8 symptomatic dermographism); 10 of the 14 still had complete control of their disease as assessed by provocation testing at week 12. Data were collected at one or more timepoints beyond week 12 through week 36.
-- Most patients had return of symptoms and/or loss of urticaria control between 12 and 36 weeks. Remarkably, two patients remained provocation negative at 36 weeks, and four had well controlled disease (UCT ≥12) 36 weeks post dosing.
-- Serum tryptase exhibited a similar rate of recovery as clinical symptoms, while skin mast cells return at a slower rate.
-- Drug related adverse events noted during the study all resolved.
- Celldex has completed enrollment in the barzolvolimab Phase 1b open label study in chronic inducible urticaria. Patient follow up continues in the cholinergic cohort and is planned for presentation in mid-2023.
- Celldex has closed enrollment at 24 patients in the barzolvolimab Phase 1b multi-center, randomized, double-blind, placebo-controlled study in patients with prurigo nodularis (PN), a chronic skin disease characterized by the development of hard, intensely itchy (pruritic) nodules on the skin. Data from this study is planned for presentation in the second half of 2023.
- Celldex plans to initiate a Phase 2 international trial of barzolvolimab in eosinophilic esophagitis (EoE), the most common type of eosinophilic gastrointestinal disease, in the first half of 2023.
Bispecific Antibody Platform
CDX-585 – Bispecific ILT4 & PD-(L)1
CDX-585 combines highly active PD-1 blockade with anti-ILT4 blockade to overcome immunosuppressive signals in T cells and myeloid cells. ILT4 is emerging as an important immune checkpoint on myeloid cells.
- CDX-585 has successfully completed GMP manufacturing and IND-enabling studies to support clinical development. CDX-585 will initially be developed for the treatment of solid tumors either as monotherapy or in combination with other oncologic treatments and is expected to enter the clinic in 2023 in patients with advanced malignancies.
Fourth Quarter and Twelve Months 2022 Financial Highlights and 2023 Guidance
Cash Position: Cash, cash equivalents and marketable securities as of
Revenues: Total revenue was
R&D Expenses: Research and development (R&D) expenses were
G&A Expenses: General and administrative (G&A) expenses were
Changes in Fair Value Remeasurement of Contingent Consideration: The Company recorded a
Litigation Settlement Related Loss: The Company recorded a one-time loss of
Net Loss: Net loss was
Financial Guidance: Celldex believes that the cash, cash equivalents and marketable securities at
About
Celldex is a clinical stage biotechnology company dedicated to developing monoclonal and bispecific antibodies that address devastating diseases for which available treatments are inadequate. Our pipeline includes antibody-based therapeutics which have the ability to engage the human immune system and/or directly affect critical pathways to improve the lives of patients with inflammatory diseases and many forms of cancer. Visit www.celldex.com.
Forward Looking Statement
This release contains "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are typically preceded by words such as "believes," "expects," "anticipates," "intends," "will," "may," "should," or similar expressions. These forward-looking statements reflect management's current knowledge, assumptions, judgment and expectations regarding future performance or events. Although management believes that the expectations reflected in such statements are reasonable, they give no assurance that such expectations will prove to be correct or that those goals will be achieved, and you should be aware that actual results could differ materially from those contained in the forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to, our ability to successfully complete research and further development and commercialization of Company drug candidates, including barzolvolimab (also referred to as CDX-0159), in current or future indications; the uncertainties inherent in clinical testing and accruing patients for clinical trials; our limited experience in bringing programs through Phase 3 clinical trials; our ability to manage and successfully complete multiple clinical trials and the research and development efforts for our multiple products at varying stages of development; the effects of the outbreak of COVID-19 on our business and results of operations; the availability, cost, delivery and quality of clinical materials produced by our own manufacturing facility or supplied by contract manufacturers, who may be our sole source of supply; the timing, cost and uncertainty of obtaining regulatory approvals; the failure of the market for the Company's programs to continue to develop; our ability to protect the Company's intellectual property; the loss of any executive officers or key personnel or consultants; competition; changes in the regulatory landscape or the imposition of regulations that affect the Company's products; our ability to continue to obtain capital to meet our long-term liquidity needs on acceptable terms, or at all, including the additional capital which will be necessary to complete the clinical trials that we have initiated or plan to initiate; and other factors listed under "Risk Factors" in our annual report on Form 10-K and quarterly reports on Form 10-Q.
All forward-looking statements are expressly qualified in their entirety by this cautionary notice. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this release. We have no obligation, and expressly disclaim any obligation, to update, revise or correct any of the forward-looking statements, whether as a result of new information, future events or otherwise.
Company Contact
Senior Vice President, Corporate Affairs & Administration
(508) 864-8337
scavanaugh@celldex.com
(484) 788-8560
ptill@meruadvisors.com
| (In thousands, except per share amounts) | ||||||||||||||||||
| Three Months | Year | |||||||||||||||||
| Consolidated Statements of Operations Data | Ended |
Ended |
||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||||
| (Unaudited) | ||||||||||||||||||
| Revenues: | ||||||||||||||||||
| Product development and licensing agreements | $ | 26 | $ | 1 | $ | 56 | $ | 31 | ||||||||||
| Contracts and grants | 1,587 | 332 | 2,301 | 4,620 | ||||||||||||||
| Total revenues | 1,613 | 333 | 2,357 | 4,651 | ||||||||||||||
| Operating expenses: | ||||||||||||||||||
| Research and development | 22,900 | 14,678 | 82,258 | 53,311 | ||||||||||||||
| General and administrative | 6,598 | 6,241 | 27,195 | 20,488 | ||||||||||||||
| Intangible asset impairment | - | - | - | 3,500 | ||||||||||||||
| Gain on fair value remeasurement of contingent consideration | - | (245 | ) | (6,862 | ) | (1,405 | ) | |||||||||||
| Litigation settlement related loss | - | - | 15,000 | - | ||||||||||||||
| Total operating expenses | 29,498 | 20,674 | 117,591 | 75,894 | ||||||||||||||
| Operating loss | (27,885 | ) | (20,341 | ) | (115,234 | ) | (71,243 | ) | ||||||||||
| Investment and other income, net | 1,398 | 193 | 2,909 | 505 | ||||||||||||||
| Net loss before income tax benefit | (26,487 | ) | (20,148 | ) | (112,325 | ) | (70,738 | ) | ||||||||||
| Income tax benefit | - | - | - | 227 | ||||||||||||||
| Net loss | $ | (26,487 | ) | $ | (20,148 | ) | $ | (112,325 | ) | $ | (70,511 | ) | ||||||
| Basic and diluted net loss per common share | $ | (0.56 | ) | $ | (0.43 | ) | $ | (2.40 | ) | $ | (1.64 | ) | ||||||
| Shares used in calculating basic and diluted net loss per share | 47,132 | 46,691 | 46,888 | 42,870 | ||||||||||||||
| Condensed Consolidated Balance Sheet Data | ||||||||||||||||||
| 2022 | 2021 | |||||||||||||||||
| Assets | ||||||||||||||||||
| Cash, cash equivalents and marketable securities | $ | 304,952 | $ | 408,250 | ||||||||||||||
| Other current assets | 12,741 | 2,589 | ||||||||||||||||
| Property and equipment, net | 3,747 | 3,551 | ||||||||||||||||
| Intangible and other assets, net | 31,295 | 30,264 | ||||||||||||||||
| Total assets | $ | 352,735 | $ | 444,654 | ||||||||||||||
| Liabilities and stockholders' equity | ||||||||||||||||||
| Current liabilities | $ | 18,610 | $ | 16,528 | ||||||||||||||
| Long-term liabilities | 7,921 | 8,650 | ||||||||||||||||
| Stockholders' equity | 326,204 | 419,476 | ||||||||||||||||
| Total liabilities and stockholders' equity | $ | 352,735 | $ | 444,654 | ||||||||||||||
Source: Celldex Therapeutics, Inc.