Generation Bio Reports Business Updates and Second Quarter 2020 Financial Results

8/11/20

CAMBRIDGE, Mass., Aug. 11, 2020 (GLOBE NEWSWIRE) -- Generation Bio Co. (Nasdaq: GBIO), an innovative genetic medicines company creating a new class of non-viral gene therapy, today reported recent business highlights and second quarter financial results.

“The first half of 2020 has seen meaningful progress for Generation Bio, punctuated by the recent successful completion of our initial public offering,” said Geoff McDonough, M.D., president and chief executive officer of Generation Bio. “Our team continues to advance our science with efficiency, despite the uncertainties with the COVID-19 pandemic. Combined with our strong balance sheet, we are well-positioned to further develop our diverse portfolio for both rare and prevalent diseases.”

Recent Business Highlights

  • Appointment of Matthew Norkunas, M.D., MBA as Chief Financial Officer: In July 2020, Generation Bio further strengthened its leadership team with the appointment of Dr. Norkunas, to chief financial officer. Previously, Dr. Norkunas served as chief financial officer at SomaLogic, Inc., and as a senior equity analyst at Marsico Capital Management. Dr. Norkunas began his career as a practicing anesthesiologist, after receiving a B.A. from St. Mary’s College of Maryland, an M.D. from the University of Maryland School of Medicine, and later received an MBA from Columbia Business School.
  • $230 Million Initial Public Offering (IPO) Successfully Completed: On June 16, 2020, Generation Bio sold 12,105,263 shares of common stock at an initial public offering price of $19.00 per share in its IPO, including 1,578,947 additional shares of common stock issued upon the exercise in full by the underwriters of their option to purchase additional shares. The gross proceeds of the offering, before deducting the underwriting discount and commissions and other offering expenses payable by Generation Bio, were approximately $230.0 million.

Second Quarter 2020 Financial Results

  • Cash Position: Cash, cash equivalents and marketable securities were $301.1 million as of June 30, 2020, which includes the $230.0 million in gross proceeds from the company’s IPO completed in June 2020.
  • R&D Expenses: Research and development (R&D) expenses were $13.5 million for the quarter ended June 30, 2020 compared to $12.2 million for the same period of 2019.
  • G&A Expenses: General and administrative (G&A) expenses were $4.3 million for the quarter ended June 30, 2020 compared to $3.1 million for the same period of 2019.
  • Net Loss: Net loss was $17.7 million for the quarter ended June 30, 2020 compared to $15.0 million for the same period of 2019.

About Generation Bio

Generation Bio is an innovative genetic medicines company focused on creating a new class of non-viral gene therapy to provide durable, redosable treatments for people living with rare and prevalent diseases. The company’s non-viral platform incorporates a proprietary, high-capacity DNA construct called closed-ended DNA, or ceDNA; a cell-targeted lipid nanoparticle delivery system, or ctLNP; and an established, scalable capsid-free manufacturing process. The platform is designed to enable multi-year durability from a single dose of ceDNA and to allow titration and redosing if needed. The ctLNP is designed to deliver large genetic payloads, including multiple genes, to specific tissues to address a wide range of indications. The company’s efficient, scalable manufacturing process supports Generation Bio’s mission to extend the reach of gene therapy to more people, living with more diseases, in more places around the world.

For more information, please visit www.generationbio.com.