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Denali Therapeutics Reports Second Quarter 2020 Financial Results and Business Highlights
SOUTH SAN FRANCISCO, Calif., Aug. 07, 2020 (GLOBE NEWSWIRE) -- Denali Therapeutics Inc. (NASDAQ: DNLI), a biopharmaceutical company developing a broad
About this update from Denali Therapeutics Inc.
[{"type":"text","content":"SOUTH SAN FRANCISCO, Calif., Aug. 07, 2020 (GLOBE NEWSWIRE) -- Denali Therapeutics Inc. (NASDAQ: DNLI), a biopharmaceutical company developing a broad portfolio of product candidates engineered to cross the blood-brain barrier (“BBB”) for neurodegenerative diseases, today reported financial results for the second quarter ended June 30, 2020 and provided business highlights.\n “We are thrilled with the strong progress across our pipeline, the continued productivity across the company despite the current situation imposed by the COVID-19 pandemic, and a new collaboration with Biogen on our LRRK2 program for Parkinson’s disease patients and certain TV-enabled programs,” said Ryan Watts, Ph.D., CEO. “I am particularly excited that our first therapeutic candidate leveraging our proprietary blood-brain barrier crossing TV technology platform has entered clinical studies in patients. We believe the TV platform could transform the treatment of neurological disease.” Second Quarter 2020 and Recent Business Highlights Entered into a Collaboration Agreement with Biogen on LRRK2 program for Parkinson’s disease and certain transport vehicle (“TV”) platform-enabled programs for neurodegenerative diseases - In August 2020, Denali entered into a binding agreement with Biogen to co-develop and co-commercialize Denali’s small molecule inhibitors of leucine-rich repeat kinase 2 (“LRRK2”) for Parkinson’s disease. Biogen will also receive rights to opt into two programs and a right of first negotiation for two additional programs, in each case for neurodegenerative diseases leveraging Denali’s TV technology platform to cross the BBB.Under the terms of the agreement, Biogen will make an upfront payment to Denali of $560 million and make a $465 million equity investment in Denali from the purchase of 13.3 million newly issued shares of Denali common stock at approximately $34.94 per share, representing 11.2 percent of Denali’s pro-forma outstanding stock. Should the LRRK2 program achieve certain development and commercial milestones, Denali will be eligible to receive up to $1.125 billion in potential milestone payments. In the LRRK2 collaboration, Biogen and Denali will share responsibility and costs for global development (60 percent Biogen; 40 percent Denali), and will share responsibility and costs as well as profits and losses for commercializati...