Blueprint Medicines Corp (NASDAQ:BPMC) lost 1.27% in the last trading session to close the day at $83.83 following the announcement of Q4 and FY2018 financial report and business update.
2018 financial highlights and milestones
The company had a remarkable year with excellent clinical progress, and the company began the year with a cash position of $494.0 million in cash and cash equivalents. The Cash and cash equivalent amount decreased compared to FY2017 because of an upfront payment of $40 million to CStone Pharmaceuticals as well as a collaboration milestone payment of $10 million to Roche Group. Collaboration revenue grew FY2018 to around $44.5 million as a result of revenue from the collaboration with CStone Pharmaceuticals and the termination of the agreement with Alexion in at the end of 2017.
The company made significant progress in the clinical development of Avapritinib. Topline data from the first phase of the NAVIGATOR avapritinib trial in the treatment of PDGFRA EXON 18 mutant GIST as well as fourth-line GIST patients. The data is vital for the company as it prepares to file for NDA for the drug with the FDA in the Q22019. The blueprint also presented the Phase I NAVIGATOR trial data during the 2018 annual meeting of Connective Tissue Oncology Society. During the presentation, they equally unveiled plans of enrolment in the third phase COMPASS-2L avapritinib trial in GIST.
Through the collaboration with CStone the company received clearance from NMPA for an IND application in the Phase III VOYAGER study of avapritinib in the treatment of third-line GIST
2019 prospects and guidance
Jeff Albers, the CEO of Blueprint medicines, indicated that they are focused on implementing their vision ‘2020 Blueprint’ that will see the company transform into a global precision therapy pharmaceutical company. The company will submit NDA for approval of avapritinib in the treatment of PDGRA Exon 18 mutant GIST and fourth-line GIST patients by the second quarter of 2019.
The company expects the reported cash and cash equivalents plus investments to fund the Blueprint’s operating expenses up to the second half of 2020.