Business
Arvinas Reports Second Quarter 2020 Financial Results and Provides Corporate Update
NEW HAVEN, Conn., Aug. 04, 2020 (GLOBE NEWSWIRE) -- Arvinas, Inc. (Nasdaq: ARVN), a clinical-stage biopharmaceutical company creating a new class of drugs
About this update from Arvinas, Inc.
[{"type":"text","content":"NEW HAVEN, Conn., Aug. 04, 2020 (GLOBE NEWSWIRE) -- Arvinas, Inc. (Nasdaq: ARVN), a clinical-stage biopharmaceutical company creating a new class of drugs based on targeted protein degradation, today reported financial results for the second quarter ended June 30, 2020 and provided a corporate update.\n “We were pleased to report updated dose escalation data from our Phase 1/2 trial of ARV-110 in men with metastatic castration-resistant prostate cancer. These data demonstrated safety and showed an early efficacy signal in a heavily pretreated patient population, highlighting the potential benefit of our PROTAC® platform. These data are a first for a targeted PROTAC® protein degrader, and we are excited to report more mature data from our ARV-110 program, and to announce interim data from our ARV-471 Phase 1/2 trial, in the fourth quarter of 2020,” said John Houston, Ph.D., President and Chief Executive Officer at Arvinas. “As we look to the balance of 2020, we are in a stronger position than ever to lead the creation of an entirely new class of therapies that targets and degrades disease-causing proteins,” added Dr. Houston. Business Highlights and Recent Developments The company presented early efficacy and updated safety data for ARV-110 at the 2020 American Society of Clinical Oncology (ASCO) Annual Meeting. The data demonstrated that Arvinas’ PROTAC protein degrader ARV-110 had an acceptable safety profile (as of the data cut-off) and are the first to show early signs of clinical efficacy for ARV-110 in a heavily pretreated patient population.The company enhanced its Board of Directors with the appointments of Linda Bain and Wendy Dixon, Ph.D. Anticipated Milestones and Expectations For the ARV-110 program, Arvinas expects to provide an update from its Phase 1/2 trial in the fourth quarter of 2020.For the ARV-471 program, Arvinas expects to share Phase 1 dose escalation clinical data in the fourth quarter of 2020.Arvinas expects to provide information about the advancement of additional programs in its robust preclinical pipeline in the second half of 2020. Financial Guidance Based on its current operating plan, Arvinas expects its cash, cash equivalents, and marketable securities will be sufficient to fund its planned operating expenses and capital expenditures into 2022. Financial Highlights Cash, Cash Equivalents, and Mar...