Epizyme, Inc.
Mar 9, 2017

Epizyme Reports 2016 Financial Results and Provides 2017 Pipeline Goals

Data from Tazemetostat Phase 2 Programs in NHL and Molecularly Defined Solid Tumors Planned for Medical Meetings in Second Quarter

Conference Call to Be Held Today at 8:30 a.m. Eastern Time

CAMBRIDGE, Mass., March 09, 2017 (GLOBE NEWSWIRE) -- Epizyme, Inc. (NASDAQ:EPZM), a clinical-stage biopharmaceutical company creating novel epigenetic therapies, today reported financial results for the fourth quarter and full year 2016. In addition, the Company reviewed recent highlights and provided guidance on its clinical and research pipeline in 2017.

"2016 was a year of tremendous progress across all aspects of Epizyme, which set the stage for 2017 to be a transformational year for the company," said Robert Bazemore, president and chief executive officer of Epizyme. "We have a broad clinical development program with tazemetostat in multiple tumor types and treatment settings. We plan to present data from both our ongoing, global Phase 2 studies in both molecularly defined solid tumors and non-Hodgkin lymphoma in June, and to initiate discussions with regulators to define registration pathways for tazemetostat. We are advancing our ongoing monotherapy and combination studies and plan to announce the next development candidate from our preclinical pipeline this year. As we look ahead, we are on our way to achieving our vision of rewriting cancer treatment through novel epigenetic medicines."

Recent Achievements

Key 2017 Milestones and Goals

Fourth Quarter and Full-Year 2016 Financial Results

2017 Guidance
Epizyme believes that its cash, cash equivalents and marketable securities of $242.2 million as of December 31, 2016 will be sufficient to fund the Company's planned operations into at least the third quarter of 2018.

Conference Call Information
Epizyme will host a conference call and audio webcast today at 8:30 a.m. Eastern Time to discuss its fourth quarter and full year 2016 financial results and 2017 pipeline goals. To participate in the conference call, please dial (877) 844-6886 (domestic) or (970) 315-0315 (international) and refer to conference ID 79789689. The webcast can be accessed under "Events and Presentations" in the Investor Relations section of the company's website at www.epizyme.com.

About Epizyme, Inc.
Epizyme, Inc. is a clinical-stage biopharmaceutical company committed to rewriting cancer treatment through novel epigenetic medicines. Epizyme is broadly developing its lead product candidate, tazemetostat, a first-in-class EZH2 inhibitor, with studies underway in both solid tumors and hematological malignancies as a monotherapy and combination therapy and in relapsed and front-line disease. Using the Company's proprietary platform, Epizyme has pioneered the identification and development of small molecule inhibitors of histone methyltransferases and other chromatin modifying proteins (CMPs), such as tazemetostat. CMPs are part of the system of gene regulation, referred to as epigenetics, that controls gene expression. Genetic alterations can result in changes to the activity of CMPs, which can allow cancer cells to grow and proliferate. By focusing on the genetic drivers of cancers, Epizyme's science seeks to match targeted medicines with the specific patients that need it. For more information, visit www.epizyme.com and connect with us on Twitter at @EpizymeRx.

Cautionary Note on Forward-Looking Statements
Any statements in this press release about future expectations, plans and prospects for Epizyme, Inc. and other statements containing the words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "target," "potential," "will," "would," "could," "should," "continue," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: uncertainties inherent in the initiation of future clinical studies and in the availability and timing of data from ongoing clinical studies; whether interim results from a clinical trial will be predictive of the final results of the trial; whether results from preclinical studies or earlier clinical studies will be predictive of the results of future trials; whether results from clinical studies will warrant meetings with regulatory authorities or submissions for regulatory approval; expectations for regulatory approvals to conduct trials or to market products; whether the Company's cash resources will be sufficient to fund the Company's foreseeable and unforeseeable operating expenses and capital expenditure requirements; other matters that could affect the availability or commercial potential of the Company's therapeutic candidates; and other factors discussed in the "Risk Factors" section of the Company's most recent Form 10-Q filed with the SEC and in the Company's other filings from time to time with the SEC. In addition, the forward-looking statements included in this press release represent the Company's views as of the date hereof and should not be relied upon as representing the Company's views as of any date subsequent to the date hereof. The Company anticipates that subsequent events and developments will cause the Company's views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so.

Tecentriq™ is a trademark of Genentech, Inc., (South San Francisco, CA, USA), a member of the Roche Group.

 
EPIZYME, INC.
CONSOLIDATED BALANCE SHEET DATA (UNAUDITED)
(Amounts in thousands)
         
  December 31,
2016
  December 31,
2015
 
   
Cash and cash equivalents $77,895  $208,323 
Marketable securities  164,297    
Total assets  252,441   217,903 
Deferred revenue  28,809   30,709 
Total stockholders' equity  201,700   169,532 


 
EPIZYME, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Amounts in thousands except per share data)
                  
  Three Months Ended 
December 31,
   Twelve Months Ended 
December 31,
 
  2016  2015  2016  2015 
Collaboration revenue $478  $555   $8,007  $2,560 
Operating expenses:                
Research and development  28,383   16,819    91,461   111,209 
General and administrative  7,580    6,017   28,372   23,900 
                  
Total operating expenses  35,963   22,836   119,833   135,109 
                 
Operating loss  (35,485)  (22,281)  (111,826)  (132,549)
                  
Other income, net  469   55   1,614   173 
                  
Net loss $(35,016) $(22,226) $(110,212) $(132,376)
                  
Loss per share allocable to common stockholders:                
Basic $(0.60) $(0.53) $(1.93) $(3.32)
Diluted $(0.60) $(0.53) $(1.93) $(3.32)
Weighted average shares outstanding:                
Basic  58,016   41,725   57,126   39,839 
Diluted  58,016   41,725   57,126   39,839 

 

Contacts:



Monique Allaire, THRUST IR

monique@thrustir.com

(617) 895-9511

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Source: Epizyme, Inc.

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