Balance Sheet Strengthened to Support Pipeline Advancement and Oxbryta™ (voxelotor) Commercialization
“This non-dilutive loan provides us with the financial flexibility to advance the discovery and development of potential novel treatments for sickle cell disease and other grievous blood-based conditions without diverting financial resources from the launch of our first medicine Oxbryta, which was approved by the
The non-dilutive loan agreement provides GBT with a
“GBT is revolutionizing the sickle cell disease treatment landscape by developing and delivering therapies that have the potential to modify the course of this lifelong genetic condition,” said
Earlier today, GBT announced a collaboration with
About GBT
GBT is a biopharmaceutical company dedicated to the discovery, development and delivery of life-changing treatments that provide hope to underserved patient communities. Founded in 2011, GBT is delivering on its goal to transform the treatment and care of sickle cell disease (SCD), a lifelong, devastating inherited blood disorder. The company has introduced Oxbryta™ (voxelotor), the first FDA-approved treatment that directly inhibits sickle hemoglobin polymerization, the root cause of SCD. GBT is also advancing its pipeline program in SCD with inclacumab, a p-selectin inhibitor in development to address pain crises associated with the disease. In addition, GBT’s drug discovery teams are working on new targets to develop the next-generation of treatments for SCD. To learn more, please visit www.gbt.com and follow the company on Twitter @GBT_news.
About
Forward-Looking Statements
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, including statements containing the words “will,” “anticipates,” “plans,” “believes,” “forecast,” “estimates,” “expects” and “intends,” or similar expressions. These forward-looking statements are based on GBT’s current expectations and actual results could differ materially. Statements in this press release may include statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. GBT intends these forward-looking statements, including statements regarding the significance of the Pharmakon loan, including its potential to provide financial flexibility and support pipeline advancement without diverting financial resources from the Oxbryta launch, GBT’s ability to draw additional funds under the loan agreement with Pharmakon, GBT’s financial position and runway, including the ability to achieve positive cash flow and enable continued research and development, the safety, efficacy and mechanism of action of Oxbryta and other product characteristics, the availability, use, commercialization and commercial and medical potential of Oxbryta, GBT’s impact on the treatment of sickle cell disease and other blood disorders, the ability of GBT and Syros to discover, develop and commercialize novel therapies for SCD and beta thalassemia under the collaboration, the scientific and therapeutic potential of Syros’ gene control platform and approach to inducing fetal hemoglobin, GBT’s option under the collaboration agreement, GBT’s ability to advance the development of inclacumab, and discovering, developing and delivering innovative medicines, to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act, and GBT makes this statement for purposes of complying with those safe harbor provisions. These forward-looking statements reflect GBT’s current views about its plans, intentions, expectations, strategies and prospects, which are based on the information currently available to the company and on assumptions the company has made. GBT can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved, and, furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond GBT’s control including, without limitation, the parties’ compliance with the funding and other obligations under the Pharmakon loan, the timing and progress of, and any data generated from, GBT’s and Syros’ research and development activities under the collaboration, the amount and timing of resources devoted by each of such parties to activities under the collaboration, the risks that GBT has only recently established its commercialization capabilities and may not be able to successfully launch or commercialize Oxbryta, risks associated with GBT’s dependence on third parties for development, manufacture and commercialization activities related to Oxbryta, government and third-party payor actions, including those relating to reimbursement and pricing, risks and uncertainties relating to competitive products and other changes that may limit demand for Oxbryta, the risks regulatory authorities may require additional studies or data to support continued commercialization of Oxbryta, the risks that drug-related adverse events may be observed during commercialization or clinical development, and data and results may not meet regulatory requirements or otherwise be sufficient for further development, regulatory review or approval, along with those risks set forth in GBT’s Annual Report on Form 10-K for the fiscal year ended
Contact Information:
Media
650-410-3258
media@gbt.com
Investors
650-741-7730
investor@gbt.com
Source:
2019 GlobeNewswire, Inc., source