Frequency Therapeutics Announces Positive Phase 1/2 Data for Drug Candidate for Hearing Restoration

Primary safety endpoint met as FX-322 was well tolerated

Preliminary clinical data suggests improvement on measures of hearing
function

Company now planning Phase 2 Study to commence later this year

WOBURN, Mass.–(BUSINESS WIRE)–lt;a href="https://twitter.com/hashtag/PCA?src=hash" target="_blank"gt;#PCAlt;/agt;–Frequency
Therapeutics, a clinical stage biotechnology company, today
announced positive results from a Phase 1/2 safety trial to evaluate
FX-322, an investigational drug candidate designed to facilitate hearing
restoration. The trial assessed the safety of a single dose of FX-322
given by intratympanic administration in adult patients with stable
sensorineural hearing loss (SSHL) who had a medical history consistent
with either chronic noise exposure or idiopathic sudden sensorineural
hearing loss. In the Phase 1/2 study, FX-322 was safe and well tolerated
following a single intratympanic injection with no serious adverse
events. In addition, improvements in hearing function, including
audiometry and word scores, were observed in multiple FX-322 treated
patients.

“Hearing loss affects millions of people and current treatments are
unable to restore hearing once it is lost,” said Susan Marenda King,
M.D., a Neurotologist at the Ear Medical Group in San Antonio, TX and
lead enroller in the clinical trial. “The study results for FX-322,
which show signs of functional hearing improvement, are very promising
and represent an exciting step toward a potential treatment for
patients.”

“While the focus of this study was safety, we are excited to see initial
results in sensorineural hearing restoration as there are currently no
treatments to restore hearing for these patients,” said David L.
Lucchino, President, Co-founder and CEO of Frequency. “Furthermore, this
data provides support for our small-molecule-driven regenerative
medicine platform, which has the opportunity to address numerous
degenerative diseases.”

Frequency plans to present the Phase 1/2 results at a major
otolaryngology meeting in 2019 and to submit the results for
publication. The company believes the results of this study support the
advancement of FX-322 into a multiple dose Phase 2a study, which it
plans to initiate later this year.

“If successful, our lead development program would represent the first
time ever that hearing could be restored in humans with a therapeutic,”
said Marc Cohen, Frequency’s Executive Chairman. “We are defining a new
mode of regenerative medicine: activating progenitor cells within your
body to repair damaged tissue.”

About the FX-322 Phase 1/2 Trial
The trial was a randomized,
double-blind, placebo-controlled, single-dose, multi-center study to
assess the safety of FX-322 in 23 patients with stable sensorineural
hearing loss. Patients received an intratympanic injection of either a
high-dose or low-dose volume of FX-322 or placebo in one ear. Patients
were evaluated at an initial follow up visit two weeks following
injection and were monitored for three months. The trial was conducted
at several leading otolaryngology clinics in San Antonio, TX.

Information on the safety clinical trial can be found at
clinicaltrials.gov with the identification number: NCT03616223.

ABOUT CHRONIC SENSORINEURAL HEARING LOSS
Virtually all
hearing deficits in humans arise from damage and/or loss of sensory hair
cells in the inner ear that convert sound waves into nerve impulses. In
adult mammals, inner ear hair cells do not spontaneously regenerate
following injury, although progenitor cells capable of regenerating hair
cells remain present in the ear in a dormant state. There is no approved
therapeutic option for chronic sensorineural hearing loss. Approximately
48 million people are affected in the U.S. alone, and the World Health
Organization (WHO) estimates that 1.1 billion children and adults ages
12-35 years old are at risk for hearing loss from recreational noise
exposure. Hearing loss caused by prolonged exposure to excessive noise
is observed in many professional environments, such as heavy
construction sites or military training. In addition, repetitive
exposure to everyday loud sounds associated with modern life (e.g. busy
subway or rail systems, emergency vehicle sirens, musical concerts and
the excessive use of headphones at high volumes) can also have a
negative impact on hearing. Frequency’s therapeutic candidate for
chronic sensorineural hearing loss, FX-322, is a proprietary combination
of small-molecule drugs designed to transiently activate inner ear
progenitor cells to create new hair cells and improve hearing.

ABOUT PCA REGENERATION
Tissue regeneration with Progenitor
Cell Activation, or PCA
Regeneration, is a new therapeutic approach designed to repair
damaged tissue and restore healthy function in a less complex manner,
while potentially providing safety advantages over traditional cell and
gene therapy. The approach is based on discoveries in progenitor cell
biology from the labs of Bob Langer, Sc.D., at MIT and Jeff Karp, Ph.D.,
at Harvard Medical School and Brigham and Women’s Hospital. PCA
Regeneration utilizes small molecules in a manner designed to awaken
dormant progenitor cells already in the body and carries the potential
to address numerous degenerative diseases such as hearing loss,
demyelinating diseases, skin disorders and gastrointestinal conditions.

ABOUT FREQUENCY THERAPEUTICS
Frequency Therapeutics develops
small molecule drugs designed to stimulate progenitor cells already in
the body to reverse biological deficits and restore healthy tissue.
Through the transitory activation of these cells, Frequency seeks to
enable disease modification without the complexity of genetic
engineering. Our ground-breaking therapy uses a proprietary combination
of small-molecule drugs designed to induce targeted progenitor cells to
multiply and create new cells. While Frequency’s lead program targets
hearing restoration, our PCA Regeneration platform has implications for
many disease indications. www.frequencytx.com.

Contacts

Media Contact:
Stefanie Tuck or Kari Watson
MacDougall
+1
781-235-3060
[email protected]

Investor Contact:
[email protected]