IND accepted for VOR33, Vor’s lead eHSC product candidate for treatment of AML
Completed initial public offering raising $203.4 million in total gross proceeds
CAMBRIDGE, Mass., March 25, 2021 (GLOBE NEWSWIRE) — Vor Biopharma (Nasdaq: VOR) (the Company), a cell therapy company pioneering engineered hematopoietic stem cell (eHSC) therapies combined with targeted therapies for the treatment of cancer, today reported financial results for the year ended December 31, 2020, and provided an update on its business.
“We are very pleased with our continued exceptional scientific, clinical and financial progress,” noted Robert Ang, MBBS, MBA, Vor’s President and Chief Executive Officer. “Earlier this year, the FDA accepted our IND for our lead eHSC product candidate VOR33, and with the completion of our successful initial public offering, Vor is now in a strong financial position to change the paradigm around targeted oncology treatment and hematopoietic stem cell transplants.”
Corporate Highlights
Full Year 2020 Financial Results
Potential Upcoming Milestones
About Vor Biopharma
Vor Biopharma is a cell therapy company that aims to transform the lives of cancer patients by pioneering engineered hematopoietic stem cell (eHSC) therapies to create next-generation, treatment-resistant transplants that unlock the potential of targeted therapies. By removing biologically redundant proteins from eHSCs, we design these cells and their progeny to be treatment-resistant to complementary targeted therapies, thereby enabling these therapies to selectively destroy cancerous cells while sparing healthy cells. For more information please visit www.vorbio.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning the Private Securities Litigation Reform Act of 1995. The words “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “project,” “should,” “target,” “will,” “would,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements in this press release include statements regarding the Company’s initiation the VOR33 Phase 1/2a clinical trial by enrolling the first patient in the second quarter of 2021, the release of data from such trial, the submission of an IND for the VOR33/VCAR33 Treatment System and the timing of the release of data from the VCAR33 clinical trial. The Company may not actually achieve the plans, intentions, or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various factors, including: uncertainties inherent in the initiation and completion of preclinical studies and clinical trials and clinical development of the Company’s product candidates; availability and timing of results from preclinical studies and clinical trials; whether interim results from a clinical trial will be predictive of the final results of the trial or the results of future trials; expectations for regulatory approvals to conduct trials or to market products and availability of funding sufficient for the Company’s foreseeable and unforeseeable operating expenses and capital expenditure requirements. These and other risks are described in greater detail under the caption “Risk Factors” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, which is on file with the Securities and Exchange Commission (SEC), and in other filings that the Company make with the SEC in the future. Any forward-looking statements contained in this press release speak only as of the date hereof, and the Company expressly disclaims any obligation to update any forward-looking statements, whether because of new information, future events or otherwise, except as may be required by law.
Investor:
Constantine Davides, CFA
Westwicke
+1 339-970-2846
constantine.davides@westwicke.com
Media:
Mary Carmichael
Ten Bridge Communications
+1 617-413-3543
VorTBCteam@tenbridgecommunications.com
Consolidated Balance Sheet Data
(in thousands)
December 31, | ||||||
2020 | 2019 | |||||
Cash and equivalents | $ | 48,539 | $ | 6,466 | ||
Total assets | 75,908 | 9,826 | ||||
Total liabilities | 27,637 | 2,186 | ||||
Convertible preferred stock | 107,336 | 25,069 | ||||
Total stockholders’ equity (deficit) | (59,065 | ) | (17,429 | ) |
Consolidated Statement of Operations
Twelve Months Ended December 31, |
||||||
(in thousands, except share and per share amounts) | 2020 | 2019 | ||||
Operating expenses: | ||||||
Research and development | $ | 31,618 | $ | 6,200 | ||
General and administrative | 11,748 | 4,217 | ||||
Total operating expenses | 43,366 | 10,417 | ||||
Loss from operations | (43,366 | ) | (10,417 | ) | ||
Other income (expense): | ||||||
Interest income | 29 | 154 | ||||
Interest expense related to convertible notes | – | (608 | ) | |||
Change in fair value of derivative liabilities | – | 32 | ||||
Total other income (expense) | 29 | (422 | ) | |||
Net loss and comprehensive loss | $ | (43,337 | ) | $ | (10,839 | ) |
Cumulative dividends on redeemable convertible preferred stock | (5,925 | ) | (1,773 | ) | ||
Net loss attributable to common stockholders | $ | (49,262 | ) | $ | (12,612 | ) |
Net loss per share attributable to common stockholders, basic and diluted |
$ | (230.57 | ) | $ | (109.70 | ) |
Weighted-average common shares outstanding, basic and diluted | 213,658 | 114,961 |
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