A late-stage clinical firm Eleven Biotherapeutics Inc (NASDAQ:EBIO) is engaged in the development of antibody-drug conjugate (ADC) therapies to treat cancer. The company has declared operating results for the full year ending 2017 and also Q4 results.
The revenues of the company are estimated at $0.4 million in 2017, a significant decrease from $30 million in 2016. The drop is mainly due to a reduction the licensing revenue.
The spending on R&D in the quarter ending 2017 has increased marginally to $3.1 million. The R&D expenses for the whole 2017 is estimated at $12.5 million.
According to CEO and president of Eleven Biotherapeutics, Mr. Stephen Hurly, the company has accomplished some of the key developments in the year 2017. The company is maintaining the same momentum in 2018 too.
The lead product candidate Vicinium to provide treatment for a variety of cancers. The product is currently under clinical trial on patients suffering from non-muscle invasive bladder cancer.
The company also successfully enrolled in the phase 3 VISTA trial. The initial data collected from the patients in the trial is very encouraging and selected for the presentation at the annual summit of American Urological Association.
Eleven Biotherapeutics is continuing the advancement of Vicinium with the recent funding. The company will study the potential and safety of Vicinium in NMIBC. It will also explore the other uses for the drug apart from in combination therapies.
Key Achievements in 2017 and 2018
- Eleven Biotherapeutics has completed the funding of $10 million at the market price in March 2018. It also mobilized $8 million through a public offering in November 2017. The company will use the proceeds for working capital to advance the programmes in Q1 2019.
- The company has successfully enrolled in the phase 3 VISTA trial for Vicinium to identify the efficacy in curing patients suffering from non-muscle invasive bladder cancer. The results of the drug will be studied in patients treated earlier with BCG (bacillus Calmette-Guérin).
- It has also opened a trial involving the combination therapy for the drug Vicinium along with Imfinzi of AstraZeneca at the National Cancer Center of the US in end 2017 to know the effectiveness of the drug in curing non-muscle invasive bladder cancer.
- The company has produced sufficient Vicinium required for the ongoing clinical trials.