May 13, 2014 – Aquinox Pharmaceuticals Inc.
Vancouver, British Columbia – May 13, 2014 – Aquinox Pharmaceuticals, Inc. (“Aquinox”, NASDAQ: AQXP), a clinical-stage pharmaceutical company discovering and developing targeted therapeutics for inflammatory disease and cancer, today provided a corporate update and reported financial results for the first quarter ending March 31, 2014.
“The first quarter marked an important milestone in Aquinox’s history, with the successful completion of our initial public offering,” said Mr. David Main, President and CEO of Aquinox. “The proceeds allow us to advance the clinical development program for AQX-1125 in chronic obstructive pulmonary disease (COPD) exacerbations and bladder pain syndrome/interstitial cystitis (BPS/IC). Over the next 12 months, we expect to report top line data from our randomized, placebo-controlled Phase 2 studies in both of these indications.”
Enrollment of COPD Patients in Phase 2 FLAGSHIP Trial of AQX-1125. Aquinox continues to enroll the Phase 2 FLAGSHIP trial being conducted across Northern and Central Europe. The multinational trial is evaluating the safety and efficacy of AQX-1125 in approximately 350-400 unstable moderate to severe COPD patients with a history of frequent exacerbations. Top line results are currently expected in the first quarter of 2015.
Enrollment of BPS/IC Patients in Phase 2 LEADERSHIP Trial of AQX-1125. Aquinox continues to enroll the Phase 2 LEADERSHIP trial evaluating the safety and efficacy AQX-1125 in approximately 70 patients with BPS/IC. The trial was initiated in July 2013 and is being conducted at community and academic sites across Canada. Top line results are currently expected in the fourth quarter of 2014.
Initial Public Offering of Common Stock. In March 2014, Aquinox completed its initial public offering of common stock, raising net proceeds of $47.3 million, after deducting underwriting discounts, commissions and expenses. On March 7, 2014, the company began trading on NASDAQ under the ticker AQXP.
Summary of Financial Results
Cash Position. Cash and cash equivalents and short-term investments totaled $55.6 million on March 31, 2014, compared to $13.8 million on December 31, 2013. This increase was primarily driven by the proceeds from Aquinox’s initial public offering.
R&D Expenses. Research and development expenses for the first quarter of 2014 increased to $1.9 million from $0.6 million in the first quarter of 2013. This increase was primarily due to the advancement of AQX-1125 into two Phase 2 clinical trials for the treatment of exacerbations related to COPD and BPS/IC.
G&A Expenses. General and administrative expenses for the first quarter of 2014 increased to $0.7 million from $0.4 million in the first quarter 2013. This increase was primarily due to costs related to becoming a public company.
Net Loss. Net loss for the first quarter of 2014 was $4.2 million compared to a net loss of $1.0 million for the first quarter of 2013. The increase in net loss was primarily due to the advancement of AQX-1125 into two Phase 2 clinical trials and public company-related expenses.
Going forward, Aquinox intends to host biannual conference calls and webcasts in conjunction with the reporting of financial results. These calls will correspond with the reporting of second quarter and year-end financial results.
For more information, please click here.
For Immediate Release AQUINOX PHARMACEUTICALS INC. Web www.aqxpharma.com Suite 450 – 887 Great Northern Way Vancouver, BC, Canada V5T 4T5 Tel 604.629.9223 Fax 778.331.4486 Aquinox Pharmaceuticals Announces First Quarter 2014 Financial Results