– Continuing to Develop a Portfolio of Oral Plasma Kallikrein Inhibitors for HAE –
– Intravitreal DME Program Remains on Track for Phase 2 in 2017 –
– Company Expects to be Well-Funded Through Data Inflection Points –
CAMBRIDGE, Mass. and PORTON DOWN, United Kingdom, March 16, 2017 (GLOBE NEWSWIRE) -- KalVista Pharmaceuticals, Inc. (NASDAQ:KALV), a clinical stage pharmaceutical company focused on the discovery, development, and commercialization of small molecule protease inhibitors, today reported financial results for the third quarter ended January 31, 2017 and recent business highlights.
“In the fiscal third quarter KalVista continued our work of developing a portfolio of small molecule plasma kallikrein inhibitors for treatment of hereditary angioedema (HAE) and diabetic macular edema (DME),” said Andrew Crockett, Chief Executive Officer of KalVista. “We are executing the first-in-human study of KVD818, our first oral plasma kallikrein inhibitor. We remain committed to our portfolio approach in development of a best-in-class oral therapy for HAE and have multiple additional preclinical candidates moving forward in IND-enabling studies. Additionally, we continue to plan a Phase 2 clinical trial for our intravitreal program, KVD001, in DME later this year. We anticipate providing further information on the progress of KVD001, KVD818 and our other programs early in the third quarter. With our quarter end cash balance of over $33 million, we remain well-funded to execute on these discovery and development activities and bring our programs to significant data points.”
Third Quarter and Recent Business Highlights:
Fiscal Third Quarter Financial Results:
About KalVista Pharmaceuticals, Inc.
KalVista Pharmaceuticals, Inc. is a pharmaceuticals company focused on the discovery, development, and commercialization of small molecule protease inhibitors for diseases with significant unmet need. The initial focus is on inhibitors of plasma kallikrein, which is an important component of the body’s inflammatory response, and which in excess can lead to increased vascular permeability, edema and inflammation. KalVista has developed a proprietary portfolio of novel, small molecule plasma kallikrein inhibitors initially targeting hereditary angioedema (HAE) and diabetic macular edema (DME). The Company has created a structurally diverse portfolio of oral plasma kallikrein inhibitors from which it plans to select multiple drug candidates to advance into clinical trials for HAE. The first of this planned portfolio of programs, KVD818, is currently in a first-in-human study that commenced in the second half of 2016, and additional program candidates are in preclinical development. KalVista’s most advanced program, an intravitreally administered plasma kallikrein inhibitor known as KVD001, has successfully completed its first‑in‑human study in patients with DME and is being prepared for Phase 2 studies in 2017.
For more information, please visit www.KalVista.com.
This press release contains "forward-looking" statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. Examples of forward-looking statements include, among others, available funding and future clinical trial timing and results. Further information on potential risk factors that could affect our business and its financial results are detailed in the definitive proxy statement filed on October 28, 2016, our most recent Quarterly Report on Form 10-Q, and other reports as filed from time to time with the Securities and Exchange Commission. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
KalVista Pharmaceuticals Inc.Condensed Consolidated Statement of Operations and Comprehensive Loss(in thousands, except share and per share amounts)(Unaudited) Three Months Ended Nine Months Ended January 31, January 31, 2017
KalVista Pharmaceuticals Inc.Condensed Consolidated Statements of Cash Flows(in thousands, unaudited) Nine Months Ended January 31, 2017 2016 Cash Flows from Operating Activities Net loss $(14,401) $(6,255)Adjustments to reconcile net loss to net cash used in operating activities Depreciation and amortization 29 26 Stock-based compensation 228 16 Foreign currency remeasurement gain (1,464) (2,230)Changes in operating assets and liabilities: Research and development tax credit receivable (1,303) (1,309)Prepaid expenses and other current assets (689) (389)Grants receivable 36 (53)Accounts payable (1,957) (203)Accrued expenses (1,560) (371)Net cash used in operating activities (21,081) (10,768) Cash Flows from Investing Activities Cash acquired in transaction, net 34,139 - Acquisition of property and equipment (67) (9)Net cash provided by (used in) investing activities 34,072 (9) Cash Flows from Financing Activities Proceeds from issuance of preferred stock - 33,002 Proceeds from issuance of common stock, net 2 - Net cash provided by financing activities 2 33,002 Effect of exchange rate changes on cash (1,259) (583)Net increase in cash and cash equivalents 11,734 21,642 Cash and cash equivalents, beginning of period 21,764 2,526 Cash and cash equivalents, end of period $33,498 $24,168 CONTACT: Contact: KalVista Pharmaceuticals, Inc. Leah Monteiro, Corporate Communications & Investor Relations 857-999-0808 lmm@KalVista.com