Dicerna Pharmaceuticals Inc. (NASDAQ:DRNA) Announces Its Q3 2020 Financial Results And Provided Clinical Development Updates

Dicerna Pharmaceuticals Inc. (NASDAQ:DRNA) has announced its Q3 2020 financial results and provided business highlights. The company recognized revenue of $48.9 million in Q3 associated with its collaboration partners.

Dicerna to conclude enrolment in PHYOX2 nedosiran study

Douglas Fambrough, the company’s CEO, said that Dicerna’s focus is optimizing the impact of RNAi therapeutics and the strategy to realize it is clear and actionable. The company will achieve its goal through advances of high-value programs and partnerships with leading biopharma companies in different therapeutic areas. Fambrough said that the company is on track to conclude enrolment of the PHYOX2 pivotal study supporting nedosiran for hyperoxaluria (PH) patients in Q4 2020. According to recent preliminary data from the ongoing PHYOX3 open-label nedosiran study, the company is confident that nedosiran will show a best-in-class profile as the first possible treatment for all PH subtypes. The CEO said that this would position the company well in its transition to an integrated biopharmaceutical company.

Fambrough added that the company has more than $500 million in upfront payments to support the transition secured through partnership deals in the past two years. The collaboration deals carry significant future vales vial a stream of possible long- and near-term milestone payments. The first payment will be from the partnership with Lilly in Q4 2020. In 2020 and 2021, the company expects to receive more than $100 million in cash from its partnerships and will update investors going forward when the partnerships mature.

Dicerna released PHYOX3 data

Recently the company presented positive preliminary data from the ongoing PHYOX3 open-label study at the annual American Society of Nephrology Scientific Congress. The nedosiran study in PH treatment showed that all 11 participants treated with nedosiran that had completed PHYOX1 study attained normal or near-normal urinary oxalate excretion at more than one timepoints.

In August, the company also announced positive preliminary data of RG6346 phase 1 proof of concept study for chronic Hepatitis B virus. The data showed a durable and strong reduction of hepatitis B surface antigen in patients that received RG6346.