BOSTON, July 30, 2020 (GLOBE NEWSWIRE) -- resTORbio, Inc. (Nasdaq: TORC), a clinical-stage biopharmaceutical company developing innovative medicines that target the biology of aging to prevent or treat aging-related diseases, today provided a corporate update and reported financial results for the second quarter ended June 30, 2020.
“We continue to work towards completion of our planned merger with Adicet Bio, which is expected to close in the second half of 2020,” said Chen Schor, Co-Founder, President and CEO of resTORbio. “We believe that the newly combined company will be well positioned to generate greater shareholder value through the continued efforts of developing and ultimately bringing to market off-the-shelf allogeneic gamma delta T cell therapies for oncology and other diseases.”
Recent Corporate Highlights
Entered into a definitive merger agreement with Adicet Bio, Inc. (“Adicet Bio”) to advance allogeneic gamma delta CAR-T cell technology
In April 2020, resTORbio, Inc. (“resTORbio” or the “Company”) announced that it has entered into a definitive merger agreement under which Adicet Bio would merge with a wholly-owned subsidiary of resTORbio in an all-stock transaction. The proposed merger will create a combined, publicly-traded biotechnology company operating under the name, “Adicet Bio, Inc.” focused on the development of off-the-shelf allogeneic gamma delta T cell therapies for oncology and other indications. Adicet Bio’s lead product candidate, ADI-001, is a gamma delta CAR-T cell therapy targeting CD20 and is being developed for non-Hodgkin’s lymphoma. Additionally, Adicet Bio has a strong pipeline of pre-clinical and discovery programs based on its allogeneic gamma delta CAR-T cell platform.
Awarded a grant from the National Institute of Aging for a pilot study of RTB101 as COVID-19 prophylaxis in older adults
Recently, the National Institute of Aging awarded a grant to the Company to launch a randomized, double-blind, placebo-controlled pilot study to obtain preliminary data on the feasibility of studying RTB101 as compared to placebo for COVID-19 post-exposure prophylaxis in adults age 65 years and older who are asymptomatic but have SARS-CoV-2 detected on a surveillance nasopharyngeal swab or have a household member with laboratory-confirmed COVID-19. The goal of the trial is to inform the design of a potential subsequent pivotal trial in this indication. Approximately 60 subjects are expected to enroll and will be randomized 1:1 to RTB101 10 mg once daily or matching placebo once daily. The study is expected to be initiated in collaboration with Investigators at Harvard Medical School/Hebrew Senior Life and the University of Connecticut Health Center.
Initiated a study of RTB101 to evaluate the role of antiviral prophylaxis in reducing the severity of COVID-19 in nursing home residents
In May 2020, resTORbio initiated a randomized, double-blind, placebo-controlled trial to determine if prophylaxis with RTB101 as compared to placebo reduces the severity of laboratory-confirmed COVID-19 in adults age 65 years and older who reside in a nursing home with one or more residents or staff who have laboratory-confirmed COVID-19. The primary endpoint for the study is the percentage of subjects who develop laboratory-confirmed COVID-19 with protocol-defined progressive symptoms or are hospitalized or die beginning at randomization through Week 4. Approximately 550 subjects are expected to enroll in the study. Subjects will be randomized 1:1 to RTB101 10 mg once daily or matching placebo once daily. As of July 21, 2020, 15 subjects have been randomized to receive RTB101 10 mg once daily or matching placebo. The study is conducted in collaboration with Investigators at Brown University’s Schools of Medicine and Public Health.
Second Quarter 2020 Financial Results
R&D Expenses: Research and development (R&D) expenses were $1.8 million for the three months ended June 30, 2020 compared to $16.6 million for the three months ended June 30, 2019. The decrease was primarily due to the reduction in the costs associated with our clinical trials.
G&A Expenses: General and administrative (G&A) expenses were $3.9 million for the three months ended June 30, 2020 compared to $2.6 million for the three months ended June 30, 2019. The increase was primarily attributable to $1.8 million of professional services fees related to the proposed merger partially offset by a decrease in headcount.
Net Loss: Net loss was $5.6 million, or $0.15 per share, for the three months ended June 30, 2020 compared to a net loss of $18.3 million, or $0.51 per share, for the three months ended June 30, 2019.
Cash, Cash Equivalents and Marketable Securities: Cash and cash equivalents were $70.9 million as of June 30, 2020. Cash, cash equivalents and marketable securities were $91.5 million as of December 31, 2019.
About RTB101
RTB101 is an oral, selective, and potent TORC1 inhibitor product candidate that inhibits the phosphorylation of multiple targets downstream of TORC1. Inhibition of TORC1 has been observed to extend lifespan and healthspan in aging preclinical species and to improve the function of aging organ systems, suggesting potential benefits in several aging-related diseases.
About resTORbio
resTORbio, Inc. is a clinical-stage biopharmaceutical company developing innovative medicines that target the biology of aging to treat aging-related diseases. resTORbio’s lead program selectively inhibits TORC1, an evolutionarily conserved pathway that contributes to the decline in function of aging organ systems. Learn more about resTORbio, Inc. at www.resTORbio.com.
