-==AnaptysBio (ANAB) : Etokimab ATLAS Phase 2b fails to meet primary endpoint

AnaptysBio misses by $0.06; Etokimab ATLAS Phase 2b fails to meet primary endpoint 

Reports Q3 (Sep) loss of $1.15 per share, $0.06 worse than the S&P Capital IQ Consensus of ($1.09).

Etokimab (ANB020 Anti-IL-33) Program

• The Company today announced topline data from its ATLAS trial, a Phase 2b randomized, double-blinded, placebo-controlled, multi-dose study in approximately 300 adult patients treated with etokimab in moderate-to-severe atopic dermatitis. Each of the etokimab dosing arms failed to meet the primary endpoint of the trial, which was demonstration of statistically greater improvement in the Eczema Area and Severity Index (EASI) relative placebo at week 16.
• AnaptysBio is conducting a randomized, placebo-controlled Phase 2 trial in approximately 100 adult patients with chronic rhinosinusitis with nasal polyps, also referred to as the ECLIPSE trial. Patients are being treated with two multi-dosing frequencies of subcutaneously-administered etokimab or placebo, each in combination with mometasone furoate nasal spray as background therapy. The Company anticipates topline data from an interim analysis of the ECLIPSE trial in the first quarter of 2020.
• The Company has decided to postpone the initiation of its planned Phase 2b etokimab clinical trial in eosinophilic asthma, a multi-dose, randomized, double-blinded, placebo-controlled trial in 300-400 patients, until it has the opportunity to analyze the full data set from the ATLAS trial.

"While we are disappointed with the top-line results of our etokimab ATLAS trial, we intend to re-evaluate our etokimab development strategy following additional data from ATLAS and top-line results from ECLIPSE in the first quarter of 2020," said Hamza Suria, president and chief executive officer of AnaptysBio. "We look forward to advancing ANB019, ANB030 and additional preclinical programs in our wholly-owned pipeline."

AnaptysBio expects that its cash, cash equivalents and investments will fund its current operating plan, taking into account the adjustments to etokimab clinical development activities referenced above, at least into 2021. The Company expects to re-evaluate its current operating plan in light of the topline data from the ATLAS trial and to make adjustments as appropriate to manage the Company's available cash resources.

Scorecard of select recent IPOS

Company                             Symbol  Percent  Current  Offer  IPO Date*
AnaptysBio Inc.                         ANAB    23%      $18.50   $15.00 26-Jan-17
Kimbell Royalty Partners LP     KRP     14%      $20.52   $18.00 3-Feb-17
Keane Group Inc.                        FRAC    11%      $21.00   $19.00 20-Jan-17
Jounce Therapeutics Inc.            JNCE    10%      $17.57   $16.00 27-Jan-16
Trivago NV                              TRVG    4%       $11.49   $11.00 16-Dec-16
Invitation Homes Inc.               INVH    4%       $20.78   $20.00 1-Feb-17
Hebron Technology Co.           HEBT    2%       $4.07    $4.00  27-Dec-16
Jagged Peak Energy Inc.         JAG     -4%      $14.45   $15.00 27-Jan-16
Ramaco Resources Inc.           METC    -6%      $12.67   $13.50 3-Feb-17
ObsEva SA                               OBSV    -22%     $11.65   $15.00 26-Jan-17
 *Date represents first day of trading

=AnaptysBio (ANAB) started trading on the Nasdaq on 26 Jan 2017

San Diego’s AnaptysBio raised $75 million Thursday in an initial public offering, making it the first U.S. biotech to do so this year.

The company sold 5 million shares at $15 apiece. Shares opened for trading Thursday under the ticker ANAB at $16 each.The offering includes a 30-day option to buy up to 750,000 additional shares.

AnaptysBio is developing anti-inflammatory drugs for conditions such as dermatitis, peanut allergy and a form of asthma. It has one drug in clinical trials, ANB020, that is being tested against these three conditions.

In addition, the company is preparing to start clinical trials on drugs for pustular psoriasis and various other inflammatory conditions, and is researching drugs for cancer.

The company has entered into partnerships to advance its drugs. It’s teamed with Celgene for inflammatory drugs and with Tesaro for cancer therapies.

Credit Suisse and Stifel are managing the offering. JMP Securities and Wedbush PacGrow are co-managers.