AP NEWS
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Gossamer Bio Announces Third Quarter 2019 Financial Results

November 12, 2019

SAN DIEGO--(BUSINESS WIRE)--Nov 12, 2019--

Gossamer Bio, Inc. (Nasdaq: GOSS), a clinical-stage biopharmaceutical company focused on discovering, acquiring, developing and commercializing therapeutics in the disease areas of immunology, inflammation and oncology, today announced its financial results for the quarter ended September 30, 2019 and provided a corporate update.

“Since the beginning of the third quarter, we have realized substantial progress advancing our diverse pipeline of four clinical-stage programs,” said Sheila Gujrathi, M.D., Co-Founder and Chief Executive Officer of Gossamer. “Notably, this morning we were pleased to announce that we entered into a clinical trial collaboration with Merck to evaluate KEYTRUDA ® in combination with GB1275 in selected advanced solid tumors. We believe this combination holds great promise to address a significant unmet need, and we look forward to sharing initial data from our Phase 1/2 study in 2020.”

Dr. Gujrathi concluded, “We look forward to continuing the momentum we have built during 2019 into what we expect will be an exciting 2020, with data readouts expected across all of our clinical programs.”

Pipeline Updates

GB001: Oral DP2 Antagonist for Asthma and Allergic Disease

GB002:Inhaled PDGFR Inhibitor for Pulmonary Arterial Hypertension (PAH)

GB004: Oral HIF-1α Stabilizer for Inflammatory Bowel Disease

GB1275: Oral CD11b Modulator for Oncology Indications

Financial Results for Quarter Ended September 30, 2019

Conference Call and Webcast

Gossamer’s management team will host a conference call and live audio webcast at 4:30 p.m. ET today, Tuesday, November 12, to discuss its third quarter 2019 financial results and provide a corporate update.

The live audio webcast may be accessed through the Events/Presentations page in the Investors section of the Company’s website at www.gossamerbio.com. Alternatively, the conference call may be accessed through the following:

Conference ID: 1981058
Domestic Dial-in Number: (866) 221-1654
International Dial-in Number: (470) 495-9466
Live Webcast: https://edge.media-server.com/mmc/p/f6gvpkxu

A replay of the audio webcast will be available for 30 days on the Investors section of the Company’s website, www.gossamerbio.com.

About Gossamer Bio

Gossamer Bio is a clinical-stage biopharmaceutical company focused on discovering, acquiring, developing and commercializing therapeutics in the disease areas of immunology, inflammation and oncology. Its goal is to be an industry leader in each of these therapeutic areas and to enhance and extend the lives of patients suffering from such diseases.

Forward-Looking Statements

Gossamer cautions you that statements contained in this press release regarding matters that are not historical facts are forward-looking statements. These statements are based on the Company’s current beliefs and expectations. Such forward-looking statements include, but are not limited to, statements regarding the anticipated timing of initiation and enrollment of clinical trials for our product candidates; plans to rapidly advance our product candidates; expectations on the timing of data readouts from our clinical studies; the potential clinical benefits of our product candidates; the indications we intend to pursue and our related business strategies; the expected timeframe for funding our operating plan with current cash, cash equivalents and marketable securities; and access to the Company’s senior debt facility. The inclusion of forward-looking statements should not be regarded as a representation by Gossamer that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in Gossamer’s business, including, without limitation: potential delays in the commencement, enrollment and completion of clinical trials; the Company’s dependence on third parties in connection with product manufacturing, research and preclinical and clinical testing; the success of Gossamer’s clinical trials and preclinical studies for its product candidates; regulatory developments in the United States and foreign countries; unexpected adverse side effects or inadequate efficacy of the Company’s product candidates that may limit their development, regulatory approval and/or commercialization, or may result in recalls or product liability claims; Gossamer’s ability to obtain and maintain intellectual property protection for its product candidates; Gossamer’s ability to comply with its obligations in collaboration agreements with third parties or the agreements under which it licenses intellectual property rights from third parties; the risk that the funding under the senior debt facility may not be completed on the timeframe Gossamer expects, or at all, including as a result of Gossamer’s failure to meet the conditions required for such funding or failure to comply with the affirmative and negative covenants under the credit facility; and other risks described in the Company’s prior press releases and the Company’s filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in the Company’s annual report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Gossamer undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Gossamer Bio Statement of Operations

Condensed Consolidated Statement of Operations

(in thousands, except share and per share amounts)

(unaudited)

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

STATEMENTS OF OPERATIONS DATA:

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

40,148

 

 

$

18,857

 

 

$

100,807

 

 

$

29,411

 

In process research and development

 

 

-

 

 

 

8,261

 

 

 

2,000

 

 

 

49,659

 

General and administrative

 

 

9,838

 

 

 

22,906

 

 

 

27,544

 

 

 

30,116

 

Total operating expenses

 

 

49,986

 

 

 

50,024

 

 

 

130,351

 

 

 

109,186

 

Loss from operations

 

 

(49,986

)

 

 

(50,024

)

 

 

(130,351

)

 

 

(109,186

)

Other income, net

 

 

1,486

 

 

 

622

 

 

 

4,742

 

 

 

1,011

 

Net loss

 

$

(48,500

)

 

$

(49,402

)

 

$

(125,609

)

 

$

(108,175

)

Net loss per share, basic and diluted

 

$

(0.80

)

 

$

(7.69

)

 

$

(2.39

)

 

$

(17.64

)

Weighted average common shares outstanding, basic and diluted

 

 

60,755,872

 

 

 

6,423,397

 

 

 

52,535,569

 

 

 

6,133,911

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheet

(in thousands)

(unaudited)

 

BALANCE SHEET DATA:

 

September 30, 2019

 

 

December 31, 2018

 

Cash, cash equivalents, and marketable securities

 

$

446,472

 

 

$

228,658

 

Working capital

 

 

419,205

 

 

 

211,550

 

Total assets

 

 

469,754

 

 

 

239,419

 

Total liabilities

 

 

70,881

 

 

 

21,121

 

Accumulated deficit

 

 

(279,472

)

 

 

(153,863

)

Total stockholders' equity (deficit)

 

 

398,873

 

 

 

(120,069

)

 

View source version on businesswire.com:https://www.businesswire.com/news/home/20191112006048/en/

CONTACT: Gossamer Bio: For Investors:

Argot Partners

Kimberly Minarovich

Tel 212.600.1902

gossamerbio@argotpartners.comFor Media:

Argot Partners

David Rosen

Tel 212.600.1902

david.rosen@argotpartners.com

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: ONCOLOGY HEALTH INFECTIOUS DISEASES CLINICAL TRIALS PHARMACEUTICAL BIOTECHNOLOGY

SOURCE: Gossamer Bio, Inc.

Copyright Business Wire 2019.

PUB: 11/12/2019 04:05 PM/DISC: 11/12/2019 04:06 PM

http://www.businesswire.com/news/home/20191112006048/en