Business
Kodiak Sciences Announces First Quarter 2020 Financial Results and Recent Business Highlights
PALO ALTO, Calif., May 11, 2020 /PRNewswire/ -- Kodiak Sciences Inc. (Nasdaq: KOD), a clinical stage biopharmaceutical company specializing in novel
About this update from Kodiak Sciences Inc
[{"type":"text","content":"PALO ALTO, Calif., May 11, 2020 /PRNewswire/ -- Kodiak Sciences Inc. (Nasdaq: KOD), a clinical stage biopharmaceutical company specializing in novel therapeutics to treat chronic, high-prevalence retinal diseases, today reported business highlights and financial results for the first quarter ended March 31, 2020.\n\"I am proud of the dedication and passion of our people who continue to deliver on our mission to help patients with serious retinal diseases as we all navigate the challenges of the COVID-19 pandemic,\" said Victor Perlroth, MD, chairman and chief executive officer of Kodiak Sciences. \"To date, we are seeing minimal disruption from COVID-19 in our ongoing clinical trials. In DAZZLE, patient missed visit rates are less than 5%, and clinical trial sites continue to enroll new patients. This is a testament to the serious diseases we are attempting to treat and is a vote of confidence from the patients, physicians and study sites partnering with us to advance KSI-301. With over $430 million in cash, cash equivalents and marketable securities at quarter end, and thoughtful management of our spending, we remain on a strong financial footing. We did delay initiation of our next set of KSI-301 pivotal studies by one quarter from June/July to September/October 2020 in order to assess with physicians and our business partners how best to minimize the impact of COVID-19 on clinical trial conduct. But our 2022 Vision towards a BLA filing in the key retinal disease indications remains intact, and we have taken good advantage of this additional time to upgrade our pivotal study plan for KSI-301. We now intend to conduct two phase 3 studies in DME, one study in wet AMD (our ongoing DAZZLE study), one study in RVO, and one study in non-proliferative DR. There are multiple reasons for this shift into two DME studies (and one RVO study) from our earlier plan of two RVO studies (and one DME study). Operationally, we expect faster, simpler and more predictable enrollment in the DME indication and will be able to run the studies in fewer countries and research sites. And further, we prefer to shift resources on the margin into this higher prevalence, higher unmet need disease which remains the leading cause of blindness in working-aged adults in the United States and the EU. Importantly, the data emerging in our phase 1b study remain co...