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PROMETHEUS BIOSCIENCES, INC.

(RXDX)
  Report
Real-time Estimate Cboe BZX  -  11:56:27 2023-01-27 am EST
114.09 USD   -0.33%
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01/09Transcript : Prometheus Biosciences, Inc. Presents at 41st Annual J.P. Morgan Healthcare Conference, Jan-09-2023 03:45 PM
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01/03Prometheus Biosciences to Present at the 41st Annual J.P. Morgan Healthcare Conference
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Prometheus Biosciences Announces Positive Results for Pra023 in Both Artemis-UC Phase 2 and Apollo-Cd Phase 2A Studies Enabling Pathway to Both First-In-Class and Best-In-Class Anti-Tl1a Mab

12/07/2022 | 07:00am EST

Prometheus Biosciences, Inc. reported results from its ARTEMIS-UC Phase 2 and APOLLO-CD Phase 2a studies of PRA023 demonstrating strong efficacy and favorable safety results in both studies. Based on the totality of the data in these two studies, Prometheus intends to advance PRA023 into Phase 3 studies for ulcerative colitis and Crohn's disease in 2023. Topline Results from the ARTEMIS-UC Phase 2 Study Prometheus' Phase 2 ARTEMIS-UC clinical trial was a 12-week, double-blind, placebo-controlled, randomized study to evaluate the efficacy and safety of PRA023 in patients with moderate-to-severely active UC who have failed conventional or advanced therapy.

PRA023 met the primary and all ranked secondary endpoints including clinical, endoscopic, histologic, and patient-reported outcome measures in the initial cohort (Cohort 1) of the trial. 68/68 (100%) of PRA023-treated patients completed the Cohort 1 study, compared to 60/67 (89.6%) in the placebo group. The topline results for the key endpoints were as follows: 26.5% of patients on PRA023 reached the primary endpoint of clinical remission (per modified Mayo Score), compared to 1.5% on placebo, for a placebo-adjusted clinical remission rate of 25.0% on the primary endpoint (p<0.0001) 36.8% of patients on PRA023 reached the secondary endpoint of endoscopic improvement (Mayo endoscopy subscore of = 1), compared to 6.0% on placebo, for a placebo-adjusted endoscopic improvement rate of 30.8% on the secondary endpoint (p<0.0001) All secondary endpoints met with statistical significance PRA023 was well tolerated in Cohort 1, with no treatment-emergent serious adverse events (SAEs), adverse events (AEs) leading to discontinuation, severe AEs, opportunistic infections or infusion reactions reported in the PRA023 treatment group.

The only AE that occurred in more than two patients and at a higher frequency in the PRA023 group compared to placebo was COVID-19 (5/68 [7.4%] and 3/67 [4.5%], respectively). Based upon confidence in its precision approach and speed to market, the company conducted an interim companion diagnostic (CDx) analysis of Cohort 1 to evaluate the effectiveness of the CDx candidate in ARTEMIS-UC. Although from limited patient numbers, data from the subset of patients who tested positive on the CDx in Cohort 1 (N=32) demonstrated a placebo-adjusted clinical remission rate of 37.5%, compared with the placebo-adjusted remission rate of 25.0% for all-comers.

The expansion cohort (Cohort 2), which is statistically powered to further assess the treatment effect of PRA023 in CDx+ patients will continue to enroll, and the company expects results in the second quarter of 2023. Results from the APOLLO-CD Phase 2a Study Prometheus' Phase 2a APOLLO-CD clinical trial was a 12-week open-label study that enrolled 55 patients with moderate-to-severely active CD with endoscopically active disease who had failed conventional or biologic therapy. The study enrolled a highly refractory patient population with 70.9% of patients previously treated with at least one biologic therapy and 52.7% treated with two or more biologic therapies.

The results on the key endpoints were as follows: 26.0% of patients on PRA023 achieved endoscopic response (p=0.002 compared to 12% prespecified historical placebo rate) 49.1% of patients on PRA023 achieved clinical remission (p<0.001 compared to 16% prespecified historical placebo rate) PRA023 was well tolerated in the APOLLO-CD study. There were no treatment-emergent serious adverse events (SAE), adverse events (AE) leading to discontinuation, or severe AEs assessed as related to PRA023 by the investigator. There were no opportunistic infections or infusion reactions reported.

AEs that occurred in more than two patients included COVID-19, urinary tract infection, CD, anemia, nasopharyngitis and fatigue. The predictive power of the company's prespecified genetic markers was validated using an alternative Crohn's-specific CDx algorithm which showed 45.0% (9/20) endoscopic response relative to all-comers of 26% (13/50). While the original algorithm provided limited benefit on some of the endpoints, the alternative algorithm demonstrated enhanced performance across both clinical and endoscopic outcomes.

The company plans to advance this alternative algorithm in registrational studies for CD. In addition, a compelling reduction in markers of inflammation and fibrosis was observed between pre-treatment and post-treatment with PRA023, as measured by circulating cytokine levels, immunohistochemistry and gene expression in disease tissue. As a result of these positive data, Prometheus plans to advance PRA023 into pivotal development in 2023, following discussions with regulators.

The full data sets from these studies will be presented at a future medical meeting.


ę S&P Capital IQ 2022
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Financials (USD)
Sales 2022 6,72 M - -
Net income 2022 -143 M - -
Net cash 2022 437 M - -
P/E ratio 2022 -33,0x
Yield 2022 -
Capitalization 5 321 M 5 321 M -
EV / Sales 2022 727x
EV / Sales 2023 990x
Nbr of Employees 72
Free-Float 78,5%
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Last Close Price 114,47 $
Average target price 146,18 $
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Managers and Directors
Mark C. Mckenna Chairman, President & Chief Executive Officer
Keith W. Marshall Chief Financial Officer & Treasurer
Olivier Laurent Chief Scientific Officer
Mark Stenhouse Chief Operating Officer
Joseph C. Papa Lead Independent Director
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