Coheres Biosciences Inc. (NASDAQ:CHRS) gained 1.49% in the previous trading session to close at $13.62 after the company announced its Q4 and FY2018 financial results as well as providing corporate updates.
Financial highlights and milestones
The company began the year with $72.4 million in cash and cash equivalents as well as marketable securities. Coherus also received $73.1 million from a senior credit facility get the total cash available to $145.5 million. For the Q4218 research and development expenses were $26.7 million and 110.2 million for FY2018. The expenses decreased compared to FY2017 because the company completed its clinical trials related to manufacturing of CHS-0214.
In Q42018 the company received approval for UDENYCA from the Food and Drug Administration for the treatment of patients with non-myeloid cancer under myelosuppressive chemotherapy related to the clinical incidence of febrile neutropenia. UDENYCA is the company’s first candidate to be approved by the FDA and European Commission. The company also received Q-Code medical billing for the drug in November 2018 from Medicaid and Medicare, and it became effective at the beginning of 2019.
UDENYCA was launched commercially in the United States on 3 January 2019 with the company securing a $75 million senior secured facility from Healthcare Royalty Partners on 7 January 2019. Similarly, at the beginning of the year, Coherus signed a license and settlement agreement with AbbVie Inc. which grants the company royalty bearing as well as non-exclusive rights through AbbVie’s intellectual property for commercialization of CHS-1420.
By April 2019 the company expects that it will have secured a transitional pass-through status for UDENYCA in 340-B hospitals. Coherus also wants to increase its patient penetration for UDENYCA as well as access portal; and provider support programs. The company also intends to secure parity payment status for UDENYCA from local and all national payers.
Coherus continue pursuing manufacturing objective that will facilitate BLA filing for CHS-1420 in the United States. They will also extend the preclinical development of CHS-2020 and complete the transfer of manufacturing technology for the clinical development of CHS-3351.