Business
Exelixis Outlines Key Priorities and Anticipated Milestones for 2020-21, Announces Preliminary Fourth Quarter and Full Year 2019 Financial Results, and Provides 2020 Financial Guidance
– Company announces anticipated timelines for data readouts from six cabozantinib potentially label-enabling clinical studies and up to three new potential
About this update from Exelixis, Inc.
[{"type":"text","content":"\n– Company announces anticipated timelines for data readouts from six cabozantinib potentially label-enabling clinical studies and up to three new potential IND candidates –\n\n\n– Presentation and webcast at 2020 J.P. Morgan Healthcare Conference on Tuesday, January 14th at 4:30 PM Pacific Time –\n\n ALAMEDA, Calif.--(BUSINESS WIRE)--\nExelixis, Inc. (Nasdaq: EXEL) today announced its key priorities and anticipated milestones for 2020-21, including generating top-line data from key clinical trials, completing enrollment of ongoing studies, initiating new pivotal trials, and progressing its mid-stage and early pipeline. The company intends to make appropriate investments to maximize the clinical development opportunities for CABOMETYX® (cabozantinib), which Exelixis believes could lead to as many as four additional approved indications by year-end 2021, while concurrently working to advance a pipeline of potential new Exelixis medicines through internal drug discovery and business development.\n\n\n“Exelixis is moving decisively to pursue important new indications for our lead product, CABOMETYX, and potentially bring new medicines to cancer patients in need of better treatment options,” said Michael M. Morrissey, Ph.D., President and Chief Executive Officer of Exelixis. “Cabozantinib is now an oncology franchise with global net revenue of more than $1 billion on an annual basis. Over the course of the next two years, we intend to expand the depth and breadth of the cabozantinib development program by obtaining top-line results from as many as six ongoing trials with label-enabling potential and initiating at least three new pivotal trials. If the data from these trials are market differentiating and result in regulatory approvals, we believe we could dramatically expand the number of patients that might benefit from cabozantinib, addressing a potential patient population more than four times greater in magnitude than our current opportunities in advanced renal cell and previously treated hepatocellular cancer. This result could have a significant impact on our business as we continue to invest in a multi-product oncology portfolio with the potential to lead to annual U.S. net product revenues approaching $4 billion by 2025.”\n\n\nDr. Morrissey continued: “We continue to make strong progress in building our pipeline. Between ou...