LogicBio Reports Second Quarter 2019 Financial Results and Provides Business Updates

13th August 2019

CAMBRIDGE, Mass., Aug. 13, 2019 (GLOBE NEWSWIRE) -- LogicBio Therapeutics, Inc. (Nasdaq:LOGC) (LogicBio or the Company), a genome editing company focused on developing medicines to durably treat rare diseases in pediatric patients, today reported financial results and provided a corporate update for the second quarter ended June 30, 2019.

“Over this quarter, we continued to make steady progress advancing GeneRideTM, our proprietary promoterless, nuclease-free genome editing platform with the potential to durably treat rare diseases in pediatric patients. We are committed to building a broad pipeline of product candidates to capture the full value of GeneRide, beginning with our lead product candidate, LB-001 for the treatment of methylmalonic acidemia (MMA), a rare and life-threatening pediatric disease. We look forward to executing towards our upcoming milestones, including our plan to file an Investigational New Drug application for LB-001 in the fourth quarter of 2019.”

Fred Chereau, CEO of LogicBio

Business Highlights Include:

  • Rare Pediatric Disease Designation for LB-001 in July 2019. The FDA grants rare pediatric disease designation for serious and life-threatening diseases that primarily affect children through age 18 and affect fewer than 200,000 people in the United States. Separately, LB-001 was also granted orphan drug designation by the FDA in April 2019.
  • Closed $20 Million Secured Debt Facility with Oxford Finance LLC and Horizon Technology Finance Corporation in July 2019. Under the agreement, $10 million was drawn down at closing and $10 million will be available following the enrollment of the first patient in the Company’s Phase 1/2 clinical trial of LB-001.

Anticipated Milestones for 2019 and 2020:

  • LB-001 for MMA
    -- 4Q 2019: Filing of Investigational New Drug (IND) application
    -- Details regarding clinical trial size, endpoints and timelines to be communicated upon IND acceptance.
    -- 4Q 2019: Initiation of natural history study
    -- 1H 2020: Initiation of Phase 1/2 trial
    -- 2H 2020: Preliminary data from Phase 1/2 trial
  • GeneRide Platform
    --
    Q4 2019: Nominate a second therapeutic indication to be pursued using the GeneRide platform

Second Quarter 2019 Financial Results

Three Months Ended June 30, 2019 and 2018

  • R&D Expenses: Research and development expenses were $7.9 million for the three months ended June 30, 2019, compared to $2.2 million for the same period last year. The increase of approximately $5.7 million was primarily due to an increase of approximately $3.9 million related to external development and manufacturing expenses for our lead product candidate LB-001, $0.8 million in other research and development expenses as we increased our overall research and development activities related to general platform development and internal efforts for LB-001 and $1.0 million in personnel-related costs due to an increase in headcount. Personnel-related costs for the three months ended June 30, 2019 included stock-based compensation expense of $0.2 million, compared to $48,000 for the three months ended June 30, 2018.
  • G&A Expenses: General and administrative expenses were $2.5 million for the three months ended June 30, 2019, compared to $1.4 million for the same period last year. The increase of approximately $1.1 million was primarily due to professional fees and personnel-related costs, including salaries, stock-based compensation and bonuses. The increase in professional fees was primarily due to an increase in legal, auditing and consulting services provided. The increase in personnel-related costs was primarily due to an increase in headcount of senior level employees. Stock-based compensation expense included in general and administrative expenses was $0.3 million and $0.1 million for the three months ended June 30, 2019 and 2018, respectively.
  • Net Loss: Net loss attributable to common stockholders was $10.0 million, or $0.45 per share, for the three months ended June 30, 2019, compared to a net loss attributable to common stockholders of $8.2 million, or $4.19 per share, for the same period last year.
  • Cash Position and Financial Guidance: Cash, cash equivalents and investments were $63.7 million as of June 30, 2019. The Company expects that its cash, cash equivalents and investments at June 30, 2019, together with the net proceeds received under the Secured Debt Facility entered into on July 2, 2019, are projected to fund the Company’s planned operations into 2021.