Business
PTC Therapeutics Reports Second Quarter 2020 Financial Results and Provides a Corporate Update
- Strong Emflaza® 2Q 2020 performance with 30% YoY net product revenue increase - - Initiated PTC299 trial in COVID-19 in multiple countries - - Initiated
About this update from Ptc Therapeutics, Inc.
[{"type":"text","content":"- Strong Emflaza® 2Q 2020 performance with 30% YoY net product revenue increase -\n - Initiated PTC299 trial in COVID-19 in multiple countries -\n - Initiated clinical trial with PTC857, identified from Bio-e platform -\n - Greater than $1B in cash to accelerate pipeline growth -\n\n\nSOUTH PLAINFIELD, N.J., Aug. 5, 2020 /PRNewswire/ -- PTC Therapeutics, Inc. (NASDAQ: PTCT) today announced a corporate update and reported financial results for the second quarter ending June 30, 2020. \n\"We are pleased with the progress in our pipeline and the strong commercial performance of our global Duchenne franchise,\" said Stuart W. Peltz, Ph.D., CEO of PTC Therapeutics. \"Our growing revenue stream allows us to continue to invest in the development of treatments leveraging our novel technology platforms. We have a robust pipeline and with more than $1 billion in cash are well positioned to advance multiple differentiated therapies for patients living with rare disorders, not only in the near term, but also for many years to come.\" \nKey Second Quarter and Other Corporate Updates: \nOur Duchenne muscular dystrophy franchise had strong performance in the second quarter. The greater than 30% year-over-year increase in second quarter sales for Emflaza was driven by ongoing improvements in our commercial business. New Duchenne patients continue to be identified in Europe, LATAM and other key markets for Translarna™ despite the challenges of COVID-19. As part of the annual renewal process for Translarna, the European Medicines Agency (EMA) confirmed its risk/benefit profile for the sixth consecutive year. In addition, PTC previously announced that the Committee for Medicinal Products for Human Use (CHMP) of the EMA recommended to remove the statement \"efficacy has not been demonstrated in non-ambulatory patients\" from the SmPC for Translarna. This label change enables healthcare professionals to use their clinical judgement to make treatment decisions for their patients on Translarna who have lost ambulation and should support reimbursement agencies granting continued access to Translarna. In the second quarter, PTC strengthened its pipeline and platforms with the acquisition of a late-stage asset for phenylketonuria (PKU). PTC923 is a clinical-stage investigational therapy for inborn errors of metabolism, including PKU and other diseases as...