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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Exelixis, Inc.    EXEL

EXELIXIS, INC.

(EXEL)
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Exelixis : Announces First Patient Enrolled in Phase 1 Trial Cohort Evaluating XL092 in Combination with Atezolizumab in Patients with Advanced Solid Tumors

10/27/2020 | 08:47am EST

ALAMEDA - Exelixis, Inc. (NASDAQ: EXEL) today announced enrollment of the first patient into the dose-escalation cohort of the combination arm of the phase 1 trial (NCT03845166) evaluating the safety, tolerability, pharmacokinetics and preliminary anti-tumor activity of XL092 alone and in combination with atezolizumab (TECENTRIQ) in patients with advanced solid tumors.

XL092 is an investigational, next-generation oral tyrosine kinase inhibitor that targets VEGF receptors, MET, AXL, MER and other kinases implicated in the growth and spread of cancer.

'This exciting update follows promising preclinical findings presented at the ENA Symposium suggesting that XL092, like cabozantinib, promotes an immune-permissive environment that may result in synergies with immune checkpoint inhibitors; however, as seen in the ongoing phase 1 study, XL092 has a much shorter pharmacokinetic half-life that may help physicians in managing tolerability,' said Gisela Schwab, M.D., President, Product Development and Medical Affairs and Chief Medical Officer, Exelixis. 'Enrolling the first patient into the combination therapy part of this trial is an important step forward in the development of XL092 as we explore how it may improve outcomes for patients with difficult-to-treat cancers and build on the success of our cabozantinib oncology franchise.'

Initiated in February 2019, the dose-escalation evaluation of the XL092 monotherapy arm of the phase 1 trial is ongoing. Once the recommended doses of both single-agent XL092 and XL092 in combination with atezolizumab are established, the trial will begin to enroll expansion cohorts for patients with clear cell and non-clear cell renal cell carcinoma, hormone-receptor positive breast cancer and metastatic castration-resistant prostate cancer.

About XL092

XL092 is a next-generation oral tyrosine kinase inhibitor that targets VEGF receptors, MET, AXL, MER and other kinases implicated in cancer's growth and spread. In designing XL092, Exelixis sought to build upon the experience and target profile of cabozantinib, the company's flagship medicine, while improving key characteristics, including clinical half-life. XL092 is the first internally discovered Exelixis compound to enter the clinic following the company's reinitiation of drug discovery activities.

About CABOMETYX (cabozantinib)

In the U.S., CABOMETYX tablets are approved for the treatment of patients with advanced RCC and for the treatment of patients with HCC who have been previously treated with sorafenib. CABOMETYX tablets have also received regulatory approvals in the European Union, Japan and additional countries and regions worldwide. In 2016, Exelixis granted Ipsen exclusive rights for the commercialization and further clinical development of cabozantinib outside of the United States and Japan. In 2017, Exelixis granted exclusive rights to Takeda Pharmaceutical Company Limited for the commercialization and further clinical development of cabozantinib for all future indications in Japan. Exelixis holds the exclusive rights to develop and commercialize cabozantinib in the United States.

About Exelixis

Founded in 1994, Exelixis, Inc. (Nasdaq: EXEL) is a commercially successful, oncology-focused biotechnology company that strives to accelerate the discovery, development and commercialization of new medicines for difficult-to-treat cancers. Following early work in model system genetics, we established a broad drug discovery and development platform that has served as the foundation for our continued efforts to bring new cancer therapies to patients in need. Our discovery efforts have resulted in four commercially available products, CABOMETYX (cabozantinib), COMETRIQ (cabozantinib), COTELLIC (cobimetinib) and MINNEBRO (esaxerenone), and we have entered into partnerships with leading pharmaceutical companies to bring these important medicines to patients worldwide. Supported by revenues from our marketed products and collaborations, we are committed to prudently reinvesting in our business to maximize the potential of our pipeline. We are supplementing our existing therapeutic assets with targeted business development activities and internal drug discovery all to deliver the next generation of Exelixis medicines and help patients recover stronger and live longer. Exelixis is a member of the Standard & Poor's (S&P) MidCap 400 index, which measures the performance of profitable mid-sized companies.

Forward-Looking Statements

This press release contains forward-looking statements, including, without limitation, statements related to: Exelixis' belief that the immune-permissive environment promoted by XL092 may result in synergies with immune checkpoint inhibitors and that XL092's shorter pharmacokinetic half-life may help physicians in managing tolerability; the potential for XL092 to improve outcomes for patients with difficult-to-treat cancers and build on the success of Exelixis' cabozantinib oncology franchise and Exelixis' plans to reinvest in its business to maximize the potential of the company's pipeline, including through targeted business development activities and internal drug discovery. Any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements and are based upon Exelixis' current plans, assumptions, beliefs, expectations, estimates and projections. Forward-looking statements involve risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in the forward-looking statements as a result of these risks and uncertainties, which include, without limitation: complexities and the unpredictability of the regulatory review and approval processes in the U.S. and elsewhere; Exelixis' continuing compliance with applicable legal and regulatory requirements; the potential failure of XL092 or the combination of XL092 and atezolizumab to demonstrate safety and/or efficacy in NCT03845166 and in future trials; uncertainties inherent in the product development process; the continuing COVID-19 pandemic and its impact on Exelixis' research and development operations, including Exelixis' ability to initiate new clinical trials and clinical trial sites, enroll clinical trial patients, conduct trials per protocol, and conduct drug research and discovery operations and related activities; the costs of conducting clinical trials, including the ability or willingness of Exelixis' collaboration partners to invest in the resources necessary to complete the trials; Exelixis' dependence on third-party vendors for the development, manufacture and supply of XL092; Exelixis' ability to protect its intellectual property rights; market competition; changes in economic and business conditions and other factors affecting Exelixis and its development programs discussed under the caption 'Risk Factors' in Exelixis' Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC) on August 6, 2020, and in Exelixis' future filings with the SEC. All forward-looking statements in this press release are based on information available to Exelixis as of the date of this press release, and Exelixis undertakes no obligation to update or revise any forward-looking statements contained herein, except as required by law.

Contact:

Susan Hubbard

Tel: (650) 837-8194

Email: shubbard@exelixis.com

(C) 2020 Electronic News Publishing, source ENP Newswire

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Financials (USD)
Sales 2020 988 M - -
Net income 2020 99,7 M - -
Net cash 2020 1 494 M - -
P/E ratio 2020 72,3x
Yield 2020 -
Capitalization 7 080 M 7 080 M -
EV / Sales 2020 5,65x
EV / Sales 2021 4,41x
Nbr of Employees 617
Free-Float 98,1%
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Number of Analysts 13
Average target price 30,83 $
Last Close Price 22,82 $
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Managers and Directors
NameTitle
Michael M. Morrissey President, Chief Executive Officer & Director
Stelios B. Papadopoulos Chairman
Christopher J. Senner Chief Financial & Accounting Officer, Executive VP
Gisela M. Schwab Chief Medical Officer & President-Medical Affairs
Peter Lamb Chief Scientific Officer & EVP-Scientific Strategy
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