Replimune Group Inc. (NASDAQ:REPL) has announced its financial results for its fiscal second quarter ended September 30, 2020, and also provided a corporate update.
Replimune releases RP1 in combination with OPDIVO data in melanoma and NMSC
Philip Astley-Sparke, Replimune’s CEO, said that the company released clinical data with RP2, its second product candidate, in October. The data demonstrated durable single-agent responses in heavily pre-treated individuals having immune insensitive tumor types. This offers validation for Replimune’s platform. Replimune also presented updated results of RP1 in combination with OPDIVO in non-melanoma and melanoma skin cancers, which continues to improve in terms of depth and durability of responses. The data supports the company’s two registration-focused clinical programs in anti-PD1 failed melanoma and cutaneous squamous cell carcinoma.
After a successful follow-on offering in October, the CEO confirmed that the company is better positioned to advance and expand its product candidates pipeline. The finances will also enable the company to finance the initial build of its commercial infrastructure with many milestones in the future. Most importantly, the company will initiate the clinical development of the RP3 programs as it seeks to establish its products broadly beyond the immune-responsive tumors.
The recently released clinical data of RP1 combined with Odivo in NMSC and melanoma showed that eight out of eleven CSCC patients had attained response, with one patient assessed currently as stable disease. The company also presented single-agent data from phase 1 RP2 study in heavily pre-treated patients demonstrated a favorable tolerability profile with consistent side effects with RP1.
Replimune has enough cash runway through 2024
At the end of the quarter, the company had $244.6 million in cash, cash equivalents, and investments. Net proceeds from financing activities boosted the cash balance. In October, the company closed a common stock offering and pre-funded warrants for total gross proceeds of around $287 million. Replimune expects the current cash plus that from the proceeds to fund the company’s clinical trials, build initial commercial infrastructure, and fund operations through 2H 2024.