– Patient recruitment underway in ENERGY-3 Pivotal Trial of INZ-701 in pediatric patients with ENPP1 Deficiency; topline data expected mid-2025 –
– Topline data readouts from ongoing Phase 1/2 trials of INZ-701 in adults with ABCC6 Deficiency and ENPP1 Deficiency expected in first quarter of 2024 –
– Cash, cash equivalents, and short-term investments as of
“We are excited to advance INZ-701 into the ENERGY-3 pivotal trial in pediatric patients with ENPP1 Deficiency. Our ongoing trial of INZ-701 in adults with ENPP1 Deficiency showed early signs of clinical impact and supports the potential of treating children with this condition,” said
Recent Highlights
- ENERGY-3 Pivotal Trial of INZ-701 in Pediatric Patients with ENPP1 Deficiency. Patient recruitment is underway, and the Company remains on track to report topline data in mid-2025.
- Phase 1/2 Clinical Trial of INZ-701 in Adults with ENPP1 Deficiency. The Company announced positive interim safety, pharmacokinetic (PK), pharmacodynamic (PD), and exploratory efficacy data from the ongoing trial. Exploratory efficacy data reported suggested clinical benefit for ENPP1 Deficiency, including improvement in key biomarkers, patient-reported outcomes (PROs), and functional outcomes. Dosing is ongoing in the Phase 2 portion of the trial, and the Company is on track to report topline clinical data from the first three cohorts through 48 weeks in the first quarter of 2024.
- Phase 1/2 Clinical Trial of INZ-701 in Adults with ABCC6 Deficiency (pseudoxanthoma elasticum, or PXE). The Company announced positive interim safety, PK, PD, and exploratory efficacy data from the ongoing trial. Improvements in the Global Impression of Change (GIC), a PRO, were observed in all three dose cohorts. Dosing is ongoing in the Phase 2 portion of the trial, and the Company is on track to report topline clinical data through 48 weeks in the first quarter of 2024.
- Genomics England Generation Study. The Company highlighted the inclusion of Generalized Arterial Calcification of Infancy (GACI), which is caused by mutations in the ENPP1 or ABCC6 genes, in the Genomics England’s Generation Study. The Generation Study is scheduled to begin in late 2023, with the goal of sequencing the genomes of more than 100,000 infants and paving the way for potential widespread implementation of whole-genome sequencing in newborn screening.
- Medical Conference Presentations. The Company announced the presentation of three posters at the
American Society for Bone and Mineral Research (ASBMR) 2023 Annual Meeting and an oral presentation at theAmerican Society for Nephrology (ASN) Kidney Week 2023.
Anticipated Milestones
- ENPP1 Deficiency
- Topline data from first three cohorts of ongoing Phase 1/2 trial in adults through 48 weeks – Q1 2024
- Initiation of the ENERGY-2 pivotal trial in infants, Ex-
U.S. – Q2 2024 - Interim data from the ENERGY-1 Phase 1b trial in infants – 2H 2024
- Topline data from the ENERGY-3 pivotal trial in pediatric patients – Mid-2025
- ABCC6 Deficiency
- Topline data from ongoing Phase 1/2 trial in adults through 48 weeks– Q1 2024
- Initiation of Phase 3 clinical trial in adults, subject to regulatory review and sufficient funding – Q4 2024
- Calciphylaxis
- Initiation of SEAPORT-1 Phase 1 trial designed to assess safety, tolerability, PK, and PD of INZ-701 in patients with end-stage kidney disease (ESKD) receiving hemodialysis – 1H 2024
- Interim data from SEAPORT-1 Phase 1 trial in patients with ESKD receiving hemodialysis – Q4 2024
Third Quarter 2023 Financial Results
- Cash Position and Financial Guidance. Cash, cash equivalents, and short-term investments were
$192.4 million as ofSeptember 30, 2023 . Based on its current plans, the Company anticipates its cash, cash equivalents, and short-term investments as ofSeptember 30, 2023 will enable the Company to fund cash flow requirements into Q4 2025.
- Research and Development (R&D) Expenses. R&D Expenses were
$13.3 million for the quarter endedSeptember 30, 2023 , compared to$12.2 million for the prior-year period.
- General and Administrative (G&A) Expenses. G&A expenses were
$4.7 million for each of the quarters endedSeptember 30, 2023 and 2022.
- Net Loss. Net loss was
$16.6 million , or$0.29 loss per share, for the quarter endedSeptember 30, 2023 , compared to$16.4 million , or$0.38 loss per share, for the prior-year period.
About ENPP1 Deficiency
ENPP1 Deficiency is a progressive condition that manifests as a spectrum of diseases. Individuals who present in utero or in infancy are typically diagnosed with generalized arterial calcification of infancy (GACI), which is characterized by extensive vascular calcification and intimal proliferation (overgrowth of smooth muscle cells inside blood vessels), resulting in myocardial infarction, stroke, or cardiac or multiorgan failure. Approximately 50% of infants with ENPP1 Deficiency die within six months of birth. Children with ENPP1 Deficiency typically develop rickets, a condition diagnosed as autosomal-recessive hypophosphatemic rickets type 2 (ARHR2), while adolescents and adults can develop osteomalacia (softened bones). ARHR2 and osteomalacia lead to pain and mobility issues. Patients can also exhibit signs and symptoms of hearing loss, arterial and joint calcification, and cardiovascular complications. There are no approved therapies for ENPP1 Deficiency.
ENERGY-3 Pivotal Trial of INZ-701 in Pediatric Patients with ENPP1 Deficiency
The ENERGY-3 pivotal trial is a multicenter, randomized, open-label trial in pediatric patients with ENPP1 Deficiency. The trial is expected to enroll up to 33 patients between the ages of one and less than 13 years across multiple sites globally and is designed primarily to assess the efficacy and safety of INZ-701 in pediatric patients with ENPP1 Deficiency. Enrollment criteria for the trial include a confirmed genetic diagnosis of ENPP1 Deficiency, radiographic evidence of skeletal abnormalities, and low plasma pyrophosphate (PPi). Patients will be randomized in a 2:1 ratio to an INZ-701 arm or a control arm (conventional therapy, i.e., oral phosphate and active vitamin D) for 52 weeks, followed by an open-label extension period during which all patients may receive INZ-701. INZ-701 will be administered at a 2.4 mg/kg once weekly dose via subcutaneous injection. Based on recommendations from the
Phase 1/2 Clinical Trial of INZ-701 in Adults with ENPP1 Deficiency
The ongoing Phase 1/2 open-label clinical trial initially enrolled nine adult patients with ENPP1 Deficiency at sites in
About ABCC6 Deficiency
ABCC6 Deficiency is a rare, severe, inherited disorder caused by mutations in the ABCC6 gene, leading to low levels of plasma pyrophosphate (PPi). PPi is essential for preventing harmful soft tissue calcification and regulating bone mineralization. ABCC6 Deficiency is a systemic and progressively debilitating condition which affects more than 67,000 individuals worldwide. Infants with ABCC6 Deficiency are diagnosed with generalized arterial calcification of infancy (GACI) type 2, a condition that resembles GACI type 1, the infant form of ENPP1 Deficiency. In older individuals, ABCC6 Deficiency presents as pseudoxanthoma elasticum (PXE), which is characterized by pathological mineralization in blood vessels and soft tissues clinically affecting the skin, eyes, and vascular system. There are no approved therapies for ABCC6 Deficiency.
Phase 1/2 Clinical Trial of INZ-701 in Adults with ABCC6 Deficiency
The ongoing Phase 1/2 open-label clinical trial enrolled 10 adult patients with ABCC6 Deficiency at sites in
About Calciphylaxis
Calciphylaxis is a serious and rare disorder with a high mortality rate that mostly affects patients with end-stage kidney disease (ESKD). The disease is associated with low levels of plasma pyrophosphate (PPi) and is characterized by pathologic mineralization and intimal proliferation of the vasculature in the skin and fatty tissue, leading to blood clots, painful skin ulcers, infections, and death. Patients with calciphylaxis have a reported one-year survival rate of approximately 50%. The estimated incidence of calciphylaxis is at least 1,800 new patients per year in
About INZ-701
INZ-701, a recombinant Fc fusion protein, is an ENPP1 enzyme replacement therapy in development for the treatment of rare disorders of the vasculature, soft tissue, and skeleton. In preclinical studies, the experimental therapy has shown potential to prevent pathologic mineralization and intimal proliferation (the overgrowth of smooth muscle cells inside blood vessels), which can drive morbidity and mortality in devastating genetic disorders such as ENPP1 Deficiency and ABCC6 Deficiency. INZ-701 is currently in multiple clinical trials for the treatment of ENPP1 Deficiency and ABCC6 Deficiency.
About
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Cautionary Note Regarding Forward-Looking Statements
Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the timing and design of our clinical trials, the availability and timing of data from clinical trials, the potential benefits of INZ-701, and the period over which we believe that our existing cash, cash equivalents, and short-term investments will be sufficient to fund our cash flow requirements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements are based on management's current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in, or implied by, such forward-looking statements. These risks and uncertainties include, but are not limited to, risks associated with the Company's ability to conduct its ongoing clinical trials of INZ-701 for ENPP1 Deficiency and ABCC6 Deficiency; enroll patients in ongoing and planned trials; obtain and maintain necessary approvals from the FDA and other regulatory authorities; continue to advance its product candidates in preclinical studies and clinical trials; replicate in later clinical trials positive results found in preclinical studies and early-stage clinical trials of its product candidates; advance the development of its product candidates under the timelines it anticipates in planned and future clinical trials; obtain, maintain, and protect intellectual property rights related to its product candidates; manage expenses; comply with covenants under its outstanding loan agreement; and raise the substantial additional capital needed to achieve its business objectives. For a discussion of other risks and uncertainties, and other important factors, any of which could cause the Company's actual results to differ from those contained in the forward-looking statements, see the "Risk Factors" section in the Company's most recent Annual Report on Form 10-K filed with the
Condensed Consolidated Balance Sheet Data (Unaudited) | |||||||
2023 | 2022 | ||||||
Cash, cash equivalents and investments | $ | 192,442 | $ | 127,866 | |||
Total assets | $ | 205,702 | $ | 139,195 | |||
Total liabilities | $ | 45,489 | $ | 20,801 | |||
Additional paid-in-capital | $ | 424,671 | $ | 333,356 | |||
Accumulated deficit | $ | (264,386 | ) | $ | (214,761 | ) | |
Total stockholders' equity | $ | 160,213 | $ | 118,394 |
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
Operating expenses: | |||||||||||||||||
Research and development | $ | 13,341 | $ | 12,191 | $ | 36,864 | $ | 34,012 | |||||||||
General and administrative | 4,733 | 4,721 | 15,973 | 15,130 | |||||||||||||
Total operating expenses | 18,074 | 16,912 | 52,837 | 49,142 | |||||||||||||
Loss from operations | (18,074 | ) | (16,912 | ) | (52,837 | ) | (49,142 | ) | |||||||||
Other income (expense): | |||||||||||||||||
Interest income, net | 1,416 | 737 | 3,254 | 1,118 | |||||||||||||
Other expense, net | 20 | (197 | ) | (42 | ) | (493 | ) | ||||||||||
Other income, net | 1,436 | 540 | 3,212 | 625 | |||||||||||||
Net loss | $ | (16,638 | ) | $ | (16,372 | ) | $ | (49,625 | ) | $ | (48,517 | ) | |||||
Other comprehensive income (loss): | |||||||||||||||||
Unrealized gains (losses) on available-for-sale securities | 53 | (60 | ) | 279 | (417 | ) | |||||||||||
Foreign currency translation adjustment | (182 | ) | (20 | ) | (152 | ) | (78 | ) | |||||||||
Total other comprehensive income (loss) | (129 | ) | (80 | ) | 127 | (495 | ) | ||||||||||
Comprehensive loss | $ | (16,767 | ) | $ | (16,452 | ) | $ | (49,498 | ) | $ | (49,012 | ) | |||||
Net loss attributable to common stockholders—basic and diluted | $ | (16,638 | ) | $ | (16,372 | ) | $ | (49,625 | ) | $ | (48,517 | ) | |||||
Net loss per share attributable to common stockholders—basic and diluted | $ | (0.29 | ) | $ | (0.38 | ) | $ | (1.02 | ) | $ | (1.36 | ) | |||||
Weighted-average common shares and pre-funded warrants outstanding—basic and diluted | 56,758,395 | 43,657,718 | 48,494,175 | 35,755,695 |
Contacts
Investors:
(857) 330-8871
stefan.riley@inozyme.com
Media:
SmithSolve
(973) 886-9150
matt.pera@smithsolve.com
Source:
2023 GlobeNewswire, Inc., source