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UroGen Pharma Reports First Quarter 2020 Financial Results and Recent Corporate Developments

Received U.S. FDA Approval for Jelmyto™, the First and Only Non-Surgical Treatment for Patients with Low-Grade Upper Tract Urothelial Cancer (LG-UTUC)

Jelmyto Launch on Track for June 1, 2020

Reported UGN-102 Phase 2b Trial Interim Data with 65% Complete Response at Three Months and 85% Durability at Nine Months in Low-Grade Non-Muscle Invasive Bladder Cancer

Conference Call and Webcast to be held Today at 8:30 AM ET

PRINCETON, N.J.–(BUSINESS WIRE)–UroGen Pharma Ltd. (Nasdaq: URGN), a biopharmaceutical company dedicated to building and commercializing novel solutions that treat specialty cancers and urologic diseases, today announced financial results for the first quarter ended March 31, 2020 and provided an overview of the Company’s recent developments.

“The first quarter of 2020 was marked by flawless execution by our team as we prepared for the landmark FDA approval of Jelmyto, the first and only non-surgical treatment for patients with low-grade upper tract urothelial cancer. It has been our mission to pioneer novel treatments for patients in areas of unmet need, and our team has developed innovative solutions to engage key stakeholders so we can bring this effective, kidney-sparing therapy to patients who have been waiting for new treatment options,” said Liz Barrett, President and Chief Executive Officer of UroGen. “Our momentum continues as we advance our portfolio of product candidates, highlighted by our recent UGN-102 data readout for the treatment of patients with low-grade intermediate-risk non-muscle invasive bladder cancer, a disease associated with high rates of recurrence and the need for repetitive surgical intervention. The recently published positive interim UGN-102 data, combined with pivotal data for Jelmyto, further supports our confidence in the broad potential of our pipeline. We remain on track to initiate a pivotal Phase 3 study later this year.”

Recent Highlights and Upcoming Milestones

Jelmyto (mitomycin) for pyelocalyceal solution, formerly known as UGN-101, for adult patients with low-grade upper tract urothelial cancer (LG-UTUC)

Jelmyto Commercial Readiness

UGN-102 (mitomycin) for intravesical solution for patients with low-grade intermediate risk non-muscle invasive bladder cancer (LG-IR-NMIBC)

First Quarter 2020 Financial Results; 2020 Guidance

Conference Call & Webcast Information

Members of UroGen’s management team will host a live conference call and webcast today at 8:30 AM Eastern Time to review the Company’s financial results and provide a general business update.

The live webcast can be accessed by visiting the Investors section of the Company’s website at http://investors.urogen.com. Please connect at least 15 minutes prior to the live webcast to ensure adequate time for any software download that may be needed to access the webcast. Alternatively, please call (855) 765-5685 (U.S.) or (615) 247-5916 (International) to listen to the live conference call. The conference ID number for the live call will be 4575088. An archive of the webcast will be available for two weeks on the Company’s website.

UROGEN PHARMA LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands, except share and per share data)
(Unaudited)
March 31, 2020 December 31, 2019
Assets
 
CURRENT ASSETS:
Cash and cash equivalents

$

26,468

$

49,688

Marketable Securities

 

92,623

 

97,389

Restricted cash

 

1,223

 

523

Prepaid expenses and other current assets

 

1,552

 

1,034

TOTAL CURRENT ASSETS

 

121,866

 

148,634

 
NON-CURRENT ASSETS:
Property and equipment, net

 

991

 

977

Restricted deposit

 

223

 

223

Right of use asset

 

3,433

 

3,735

Marketable Securities

 

40,137

 

48,555

Other non-current assets

 

279

 

264

TOTAL ASSETS

$

166,929

$

202,388

 
Liabilities and Shareholders’ equity
 
CURRENT LIABILITIES:
Accounts payable and accrued expenses

$

8,500

$

11,186

Employee related accrued expenses

 

4,075

 

6,711

Other current liabilities

 

1,632

 

1,585

TOTAL CURRENT LIABILITIES

 

14,207

 

19,482

 
NON-CURRENT LIABILITIES:
Long-term lease liability

 

2,268

 

2,604

TOTAL LIABILITIES

 

16,475

 

22,086

 
TOTAL SHAREHOLDERS’ EQUITY

 

150,454

 

180,302

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$

166,929

$

202,388

 
UROGEN PHARMA LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(U.S. dollars in thousands, except share and per share data)
(Unaudited)
 
Three months ended March 31,

2020

2019

 
REVENUES $

$

COST OF REVENUES
GROSS PROFIT
OPERATING EXPENSES:
Research and development expenses

 

16,588

 

 

9,726

 

Selling, general and administrative expenses

 

21,973

 

 

12,707

 

OPERATING LOSS

 

(38,561

)

 

(22,433

)

 
INTEREST AND OTHER INCOME, NET

 

768

 

 

989

 

 
NET LOSS

$

(37,793

)

$

(21,444

)

 
STATEMENT OF COMPREHENSIVE LOSS
NET LOSS

$

(37,793

)

$

(21,444

)

OTHER COMPREHENSIVE INCOME:
UNREALIZED GAIN ON MARKETABLE SECURITIES

 

35

 

COMPREHENSIVE LOSS

$

(37,758

)

$

(21,444

)

 
NET LOSS PER ORDINARY SHARE, BASIC AND DILUTED

$

1.79

 

$

1.11

 

 
WEIGHTED AVERAGE SHARES OUTSTANDING, BASIC AND DILUTED

 

21,158,161

 

 

19,340,082

 

 

About the Phase 3 OLYMPUS Trial

OLYMPUS (Optimized DeLivery of Mitomycin for Primary UTUC Study) is an open-label, single-arm Phase 3 clinical trial of UGN-101, Jelmyto (mitomycin) for pyelocalyceal solution, to evaluate the safety, tolerability and tumor ablative effect of Jelmyto in patients with low-grade UTUC. Seventy-one patients were treated at clinical sites across the United States and Israel. Study participants were treated with six weekly instillations of Jelmyto administered via a standard catheter. Four to six weeks following the last instillation, patients underwent a Primary Disease Evaluation (PDE) to determine Complete Response (CR), the primary endpoint of the study. PDE involved a ureteroscopy and wash cytology, a standard microscopic test of cells obtained from the urine to detect cancer and for cause biopsy. Patients who achieved a CR at the PDE timepoint were then followed for up to 12 months to determine the durability of response with Jelmyto.

About JelmytoTM

Jelmyto (mitomycin) for pyelocalyceal solution, is a drug formulation of mitomycin indicated for the treatment of adult patients with low-grade upper tract urothelial cancer (LG-UTUC). Utilizing the RTGel™ technology platform, UroGen’s proprietary sustained release, hydrogel-based formulation, Jelmyto is designed to enable longer exposure of urinary tract tissue to mitomycin, thereby enabling the treatment of tumors by non-surgical means. Jelmyto is delivered to patients using standard ureteral catheters or nephrostomy tube. The U.S. FDA previously granted Orphan Drug, Fast Track, and Breakthrough Therapy Designations to Jelmyto for the treatment of LG-UTUC. On April 15, 2020, the FDA approved Jelmyto, making it the first drug approved for the treatment of LG-UTUC in adult patients.

About Upper Tract Urothelial Cancer (UTUC)

Urothelial cancer is the ninth most common cancer globally and the eighth most lethal neoplasm in men in the U.S. Between five percent and ten percent of primary urothelial cancers originate in the ureter or renal pelvis and are collectively referred to as upper tract urothelial cancers (UTUC). In the U.S., there are approximately 6,000 – 7,000 new or recurrent low-grade UTUC patients annually. Most cases are diagnosed in patients over 70 years old, and these older patients often face comorbidities. There are limited treatment options for UTUC, with the most common being endoscopic surgery or nephroureterectomy (removal of the entire kidney and ureter). These treatments can lead to a high rate of recurrence and relapse.

IMPORTANT SAFETY INFORMATION

You should not receive JELMYTO if you have a hole or tear (perforation) of your bladder or upper urinary tract.

Before receiving JELMYTO, tell your healthcare provider about all your medical conditions, including if you:

Females who are able to become pregnant: You should use effective birth control (contraception) during treatment with JELMYTO and for 6 months after the last dose.

Males being treated with JELMYTO: If you have a female partner who is able to become pregnant, you should use effective birth control (contraception) during treatment with JELMYTO and for 3 months after the last dose.

How will I receive JELMYTO?

After receiving JELMYTO:

JELMYTO may cause serious side effects, including:

The most common side effects of JELMYTO include: side pain, urinary tract infection, blood in your urine, kidney problems, tiredness, nausea, stomach pain, trouble with urination, vomiting, low red blood cell count, frequent urination, itching, chills, and fever.

Please see JELMYTO Full Prescribing Information, including the Patient Information at www.jelmyto.com.

About UroGen Pharma Ltd.

UroGen is a biopharmaceutical company dedicated to building novel solutions that treat specialty cancers and urologic diseases because patients deserve better options. UroGen has developed RTGelTM reverse-thermal hydrogel, a proprietary sustained release, hydrogel-based platform technology that has the potential to improve therapeutic profiles of existing drugs. UroGen’s sustained release technology is designed to enable longer exposure of the urinary tract tissue to medications, making local therapy a potentially more effective treatment option. UroGen’s approved JelmytoTM (mitomycin) for pyelocalyceal solution, and pipeline treatment UGN-102 (mitomycin) for intravesical solution are designed to ablate tumors by non-surgical means and to treat several forms of non-muscle invasive urothelial cancer, including low-grade upper tract urothelial cancer and low-grade non-muscle invasive bladder cancer, respectively. UroGen is headquartered in Princeton, NJ with operations in Israel. Visit www.urogen.com to learn more or follow us on Twitter, @UroGenPharma.

COVID-19 Pandemic Potential Impact

UroGen continues to gather information in this very fluid and rapidly-evolving environment regarding the potential impact of the COVID-19 pandemic on our Company, however, we are not currently able to quantify or predict with any certainty the overall scope of impact on UroGen, or any resulting delays in the availability of Jelmyto™ (mitomycin) for pyelocalyceal solution. Our primary focus is on the health and well-being of patients, caregivers, and UroGen employees at this critical juncture.

Forward Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995, including, without limitation: the potential of Jelmyto™ to transform the treatment of LG-UTUC; the potential of UroGen’s proprietary RTGel™ technology platform to improve therapeutic profiles of existing drugs; the planned commercial launch of Jelmyto on June 1, 2020, including UroGen’s virtual launch plans; UroGen’s plans to secure coding and reimbursement for Jelmyto; the potential of UGN-102 for LG NMIBC; the initiation of a Phase 3 study of UGN-102 in LG-NMIBC in 2H 2020; and financial guidance for the remainder of 2020. These statements are subject to a number of risks, uncertainties and assumptions, including, but not limited to: the timing and success of clinical trials and potential safety and other complications thereof; the ability to obtain regulatory approval within the timeframe expected, or at all; the ability to maintain regulatory approval; complications associated with achieving commercial readiness for the launch of a new product; the labeling for any approved product; the scope, progress and expansion of developing and commercializing UroGen’s product candidates; the size and growth of the market(s) therefor and the rate and degree of market acceptance thereof vis-à-vis alternative therapies; UroGen’s ability to attract or retain key management, members of the board of directors and personnel; and any negative effects on UroGen’s business and product development plans caused by or associated with COVID-19. In light of these risks and uncertainties, and other risks and uncertainties that are described in the Risk Factors section of UroGen’s Form 10-Q filed with the SEC on May 7, 2020, and other filings that UroGen makes with the SEC from time to time (which are available at http://www.sec.gov), the events and circumstances discussed in such forward-looking statements may not occur, and UroGen’s actual results could differ materially and adversely from those anticipated or implied thereby. Any forward-looking statements speak only as of the date of this press release and are based on information available to UroGen as of the date of this release.

Contacts

INVESTOR CONTACT:
Kate Bechtold

Senior Director, Investor Relations

Kate.Bechtold@urogen.com
914-552-0456

MEDIA CONTACT:
Eric Van Zanten

Senior Director, Communications

Eric.VanZanten@urogen.com
610-529-6219

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