MyoKardia Inc. (NASDAQ:MYOK) has reported its financial results for the three months ended September 30, 2020.
MyoKardia enters partnership with LianBio
The company entered a strategic partnership with LianBio during the quarter for the development and commercialization of mavacamten in China. Initially, the partnership will pursue a registration strategy for mavacamten for obstructive HCM in China. They will then expand the partnership for more indications to keep with MyoKardia’s development strategy.
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MyoKardia also entered a definitive agreement during the quarter with Bristol Myers Squibb. Under the agreement, Bristol-Myers Squibb will acquire the company for a cash consideration of $31.1 billion. The companies expect to finalize the deal in the fourth quarter of 2020.
At the end of the quarter, the company had cash and cash equivalents of $895.9 million. The cash receipts in Q3 2020 included $40 million from LianBio in connection to the strategic partnership for the development and commercialization of mavacamten in China. The company reported a net loss of $84.7 million or $1.6 per share.
Mavacamten shows cardiac function improvements in HCM
The company presented EXPLORE-HCM data at the 2020 virtual European Society of Cardiology Congress and published in The Lancet journal. Phase 3 mavacamten clinical study in symptomatic, obstructive HCM showed statistically significant improvements in cardiac function and patient symptoms. There was also a reduction in left ventricular outflow tract obstruction. Besides meeting primary and secondary endpoints, mavacamten also demonstrated biomarkers reduction of myocardial injury and cardiac wall stress. Equally, mavacamten showed a favorable safety and tolerability profile. There were consistent benefits demonstrated across several prespecified subgroups.
MyoKardia also initiated a second phase clinical danicamtiv study in genetic dilated cardiomyopathy (DCM). Dinacamtiv binds to and activates the heart’s motor protein, myosin, to enhance each contraction’s power without affecting the heart’s ability to replace and fill with oxygenated blood. The company’s Phase 2 danicamtiv study is currently enrolling DCM patients with documented genetic types of titin or MYH7. Interestingly pathogenic variants in single encoding genes proteins of sarcomere are associated with contractile dysfunction. It underlies around 20-30% of dilated cardiomyopathies.