BrideBio Pharma Inc. (NASDAQ:BBIO) has announced its Q3 2020 financial results and provided business highlights on its operations for the period.
BridgeBio to merge with Eidos Therapeutics
The company entered a merger agreement with Eidos Therapeutics Inc. (NASDAQ:EIDX) during the quarter. Edios is developing acoramidis, which is a possible best-in-class transthyretin stabilizer for treating TTR amyloid cardiomyopathy and polyneuropathy patients. Following the completion of the merger, BridgeBio will formally and fully welcome Eidos to its ecosystem of innovation. The company agreed to purchases all outstanding Eidos common shares that it currently doesn’t own. BridgeBio will complete the proposed merger in Q1 2021 subject to stockholder approval and meeting certain conditions.
During the quarter, the US FDA accepted BridgeBio’s first New Drug Application under Priority Review designation. The company initiated two new clinical studies, including a second phase study of encaleret for autosomal dominant hypocalcaemia type1. BridgeBio also signed a collaboration deal for advancement of new therapies for genetically caused diseases with the University of Colorado Anschutz Medical Campus and Silk Institute.
BridgeBio holds first-ever R&D Day
On September 29, 2020, the company held it’s first-ever R&D Day that focused on its drug engineering platform and targeted oncology portfolio. BridgeBio also highlighted four programs from which it anticipated clinical data in the next 12018 months. The programs include acoramidis for ATTR, AAV5 gene therapy for congenital adrenal hyperplasia (CAH), encalereta for ADH1 and low-dose infigratinib (FGFR inhibitor for achondroplasia.
Neil Kumar, the company’s CEO, said that the company is nearing a critical inflection point as it approaches the start of 2021. He said that BridgeBio’s four key programs expect important data readouts in the next year and a half in achondroplasia, CAH, ADH1 and ATTR. Kumar said that the company is currently progressing 17 clinical studies as it prepares for commercialization to deliver its first investigational treatment to patients. He concluded that this is an exciting moment for the company to lead the revolution in genetic medicine.
The company ended the quarter with $710.7 million in cash and cash equivalents plus marketable securities.