Business
ORIC Pharmaceuticals Reports Second Quarter 2020 Financial and Operational Update
Lead program ORIC-101 on track for multiple interim data readouts in 2021 and CD73 inhibitor ORIC-533 on track for IND filing in first half of 2021 Licensed
About this update from Oric Pharmaceuticals, Inc.
[{"type":"text","content":"Lead program ORIC-101 on track for multiple interim data readouts in 2021 and CD73 inhibitor ORIC-533 on track for IND filing in first half of 2021\n Licensed exclusive worldwide development and commercialization rights to a potential best-in-class PRC2 inhibitor; IND filing expected in second half of 2021 ORIC to host conference call today at 4:30 p.m. ET SOUTH SAN FRANCISCO, Calif. and SAN DIEGO, Aug. 05, 2020 (GLOBE NEWSWIRE) -- ORIC Pharmaceuticals, Inc. (Nasdaq: ORIC), a clinical stage oncology company focused on developing treatments that address mechanisms of therapeutic resistance, today reported financial results for the quarter ended June 30, 2020. “Since the beginning of the year, we have realized substantial progress advancing our wholly owned, internally developed pipeline,” said Jacob Chacko, M.D., president and chief executive officer. “Looking forward, we see a number of important events as we continue to execute against our strategic plans. We expect to select the recommended Phase 2 dose and initiate the expansion cohorts in both of our ongoing ORIC-101 clinical studies in the second half of the year. Additionally, we are preparing for the development of our newly licensed, potential best-in-class PRC2 inhibitor, ORIC-944, which along with ORIC-533, we anticipate as IND candidates for 2021.” Second Quarter 2020 and Other Recent Highlights Licensed Exclusive Worldwide Rights to PRC2 Inhibitors: In August 2020, ORIC licensed exclusive worldwide development and commercialization rights to a potential best-in-class PRC2 inhibitor, ORIC-944, from Mirati Therapeutics, Inc. Under the terms of the agreement with Mirati, ORIC paid to Mirati a one-time non-cash payment of $20 million in shares of ORIC common stock. The number of shares issued was based on a price of $34.00 per share, representing a premium of 10% to the 60-day trailing volume weighted average trading price of ORIC’s common stock. ORIC is not subject to any future milestone or royalty payment obligations to Mirati. Preclinical Data on ORIC-101 Presented at AACR: In June 2020, ORIC presented three poster presentations at the 2020 American Association for Cancer Research (AACR) Annual Virtual Meeting II. Key findings of the presentations included:— A transcriptional signature of glucocorticoid receptor (GR) activity was identified in a panel of 32 cell line...