“We have made significant progress to date in 2019 advancing our pipeline candidates, including the initiation of our pivotal Phase 3 trial of oral SPR994 for the treatment of cUTI,” said Ankit Mahadevia, M.D., Chief Executive Officer of Spero Therapeutics. “We look forward to providing updates on the SPR994 Phase 3 trial, as well as reporting out Phase 1 data from our SPR720 and SPR206 clinical trials in the second half of 2019.”
Recent Clinical Highlights and Upcoming Milestones
Spero’s lead product candidate, SPR994, has the potential to be the first oral carbapenem antibiotic approved for use in adults to treat MDR Gram-negative infections. Following the FDA’s acceptance of our investigational new drug (IND) application for SPR994 in complex urinary tract infection (cUTI), we initiated the single pivotal Phase 3 clinical trial required for approval of SPR994 in cUTI entitled ADAPT-PO. We opened clinical trial sites in
SPR720 is an orally administered antimicrobial agent being developed for the treatment of a rare, orphan disease, non-tuberculous mycobacterial (NTM) infections. Pre-clinical in vitro and in vivo studies have demonstrated the potency of SPR720 against a range of bacteria that cause pulmonary NTM infections, including Mycobacterium avium complex and Mycobacterium abscessus. The collective data to date suggest that SPR720 has an acceptable safety profile, encouraging target pathogen efficacy, drug distribution to key sites of infection, such as the lung, and a wide therapeutic margin. In
SPR206 is an IV-administered product candidate from Spero’s Potentiator Platform being developed as an innovative option to treat MDR Gram-negative bacterial infections. In preclinical studies, SPR206 showed activity as a single agent against MDR and extensively drug resistant (XDR) bacterial strains, including isolates of Pseudomonas aeruginosa, Acinetobacter baumannii and carbapenem-resistant Enterobacteriaceae, in both in vitro and in vivo models of infection. In the first quarter of 2019, SPR206 was the focus of a license agreement with Everest Medicines under which Spero granted Everest an exclusive license to develop, manufacture and commercialize SPR206 in
First Quarter 2019 Financial Results
Spero reported a net loss for the first quarter ended March 31, 2019 of $5.1 million or $0.29 per common share, lower than the net loss reported for the same period in 2018 of
Grant revenue for the first quarter of 2019 totaled $3.9 million, higher than first quarter 2018 revenues of
Research and development expenses for the first quarter of 2019 of
The Company continues to expect that its research and development expenses will increase throughout 2019 due to greater planned clinical spend associated with the SPR994 pivotal ADAPT-PO trial as it enrolls patients, as well as the SPR720 and SPR206 Phase 1 clinical trials, along with increased personnel spend to support such programs. The Company continues to expect general and administrative expenses to increase in 2019 due to additional headcount and professional fees required to support SPR994 as it advances through a Phase 3 clinical trial and prepares for possible regulatory approval and commercialization.
As of March 31, 2019, the Company had cash and cash equivalents of $106.4 million. Consistent with previous guidance, Spero believes that its existing cash, cash equivalents and marketable securities, together with the initial funding committed under its BARDA award, will enable funding of operating expenses and capital expenditure requirements into the second half of 2020, including through the top-line data readout of the pivotal ADAPT-PO clinical trial of SPR994.
Upcoming Scientific and Investor Presentations
Bank of America Merrill Lynch Health Care Conference2019 on May 15, 2019 in Las Vegas, Nevada
- Oral and poster presentations at ASM Microbe from June 20 - 24, 2019 in San Francisco,
Spero’s lead product candidate, SPR994, is designed to be the first oral carbapenem-class antibiotic for use in adults to treat MDR Gram-negative infections.
Spero is also advancing SPR720, its novel oral therapy product candidate designed for the treatment of rare, orphan disease caused by pulmonary non-tuberculous mycobacterial (NTM) infections.
Spero also has a platform technology known as its Potentiator Platform that it believes will enable it to develop drugs that will expand the spectrum and potency of existing antibiotics, including formerly inactive antibiotics, against Gram-negative bacteria. Spero’s lead product candidates generated from its Potentiator Platform are two IV-administered agents, SPR206 and SPR741, designed to treat MDR Gram-negative infections in the hospital setting.
For more information, visit https://sperotherapeutics.com.
Forward Looking Statements
This press release may contain forward-looking statements. These statements include, but are not limited to, statements about Spero’s expectation that positive results from a single pivotal Phase 3 clinical trial of SPR994 and ancillary supportive studies to be conducted in parallel with the Phase 3 trial will support the approval of SPR994; the initiation, timing, progress and results of Spero’s preclinical studies and clinical trials and its research and development programs; statements regarding management’s assessment of the results of such preclinical studies and clinical trials; the timing of clinical data, including the availability of pharmacokinetic data from the lead-in cohort in the Phase 3 clinical trial of SPR994 and top-line data from the Phase 1 clinical trial of SPR206 and the Phase 1 clinical trial of SPR720; and Spero’s cash forecast and anticipated expenses, the sufficiency of its cash resources and the availability of additional non-dilutive funding from governmental agencies beyond any initially funded awards. In some cases, forward-looking statements can be identified by terms such as “may,” “will,” “should,” “expect,” “plan,” “aim,” “anticipate,” “could,” “intent,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including whether the FDA will accept a single pivotal study for approval of SPR994; whether results obtained in preclinical studies and clinical trials will be indicative of results obtained in future clinical trials; whether Spero’s product candidates will advance through the preclinical development and clinical trial process on a timely basis, or at all, taking into account the effects of possible regulatory delays, slower than anticipated patient enrollment, manufacturing challenges, clinical trial design and clinical outcomes; whether the results of such trials will warrant submission for approval from the U.S. Food and Drug Administration or equivalent foreign regulatory agencies; whether Spero’s cash resources will be sufficient to fund its continuing operations for the periods and/or trials anticipated; and other factors discussed in the “Risk Factors” set forth in filings that Spero periodically makes with the U.S. Securities Exchange Commission. The forward-looking statements included in this press release represent Spero’s views as of the date of this press release. Spero anticipates that subsequent events and developments will cause its views to change. However, while Spero may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Spero’s views as of any date subsequent to the date of this press release.
Spero Investor and Media Contact:
Director, Investor Relations
|Spero Therapeutics, Inc.|
|Condensed Consolidated Statements of Operations|
|(Unaudited, amounts in thousands, except share and per share data)|
|Three Months Ended March 31,|
|Research and development||9,526||8,925|
|General and administrative||3,888||3,044|
|Total operating expenses||13,414||11,969|
|Loss from operations||(5,696||)||(10,816||)|
|Other income (expense)||624||172|
|Net loss attributable to common shareholders of Spero Therapeutics, Inc.||$||(5,072||)||$||(10,644||)|
|Net loss per share attributable to common shareholders per share, basic and diluted||$||(0.29||)||$||(0.74||)|
|Weighted average shares outstanding, basic and diluted:||17,221,120||14,369,182|
|Spero Therapeutics, Inc.|
|Condensed Consolidated Balance Sheet Data|
|(Unaudited, amounts in thousands)|
|March 31,||December 31,|
|Cash, cash equivalents and marketable securities||$||106,392||$||115,443|
|Total stockholder's equity||113,329||115,855|
|Total liabilities and stockholders' equity||$||124,650||$||129,006|
Source: Spero Therapeutics, Inc.