RVMD Revolution Medicines Inc - Ordinary Shares
Drug Pipeline
| Drug | Stage | Notes |
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RMC-4630 and Keytruda
Non-small cell lung cancer (NSCLC) and colorectal cancer
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Phase 1b
Phase 1b
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Phase 1b initiation of dosing announced June 22, 2020.
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RMC-4630 and AMG 510
Solid tumors
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Phase 1b
Phase 1b
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Phase 1b initiation of dosing announced June 9, 2020.
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RMC-4630 SHERPA
Pancreatic cancer
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Phase 1
Phase 1
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Phase 1/1b trial to be initiated 2H 2020.
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RMC-4630 - RMC-4630-01
Solid tumors
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Phase 1
Phase 1
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Phase 1 trial ongoing.
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RMC-4630 and cobimetinib - RMC-4630-02
Solid tumors
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Phase 1/2
Phase 1/2
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Phase 1b/2 trial ongoing.
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Latest News
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Interim RMC-4630 Data Support Benefit of Intermittent Dosing and Corroborate Clinical Activity Against Genetically-Defined Tumors
Targeted Combination Strategy Underpins Initiation of New Clinical Trials Evaluating RMC-4630 with KRASG12C Inhibitor or Anti-PD-1 Antibody
$179.4 Million Follow-On Offering Strengthens Balance Sheet
REDWOOD CITY, Calif., Aug. 10, 2020 (GLOBE NEWSWIRE) -- Revolution Medicines, Inc. (NASDAQ:RVMD), a clinical-stage precision oncology company focused on developing targeted therapies to inhibit frontier targets in RAS-addicted cancers, today announced its financial results for the second quarter and six months ended June 30, 2020, and provided an update on its R&D pipeline and other corporate developments.
"Revolution Medicines continues pursuit of its ambitious R&D strategy on behalf of cancer patients with RAS-addicted tumors. Our cohesive pipeline focuses on multiple key nodes within RAS signaling and interconnected pathways to enable combination treatment approaches that may be needed to maximize patient benefit in these vexing cancers," said Mark A. Goldsmith, M.D., Ph.D., chief executive officer and chairman of Revolution Medicines.
"In the second quarter, we made broad progress across our portfolio of targeted inhibitors. RMC-4630, our clinical stage inhibitor of SHP2 and a potential backbone in combination treatments, showed further evidence of clinical activity against genetically-defined tumors. Importantly, combination studies of RMC-4630 with the KRASG12C inhibitor, AMG 510 (sotorasib), and the checkpoint inhibitor, Keytruda® (pembrolizumab), were initiated. We also introduced a potential role for our second clinical candidate, RMC-5552, in combination therapy against cancers carrying dual RAS/mTOR pathway mutations. Further, we made substantial progress toward nomination of a first development candidate from our innovative family of targeted RAS(ON) inhibitors. Finally, just after the quarter, we completed a successful first follow-on financing, further strengthening our financial position to enable the continued advancement of our deep R&D pipeline."
R&D Highlights
- RMC-4630 interim Phase 1 data support benefits of intermittent dosing and expanded clinical activity in genetically-defined tumors – Revolution Medicines' ongoing Phase 1 monotherapy and Phase 1b/2 combination clinical trials continue to enroll. During the second quarter, Revolution Medicines reported interim data from the company's Phase 1 monotherapy trial that support the benefits of intermittent dosing schedules, provided updated evidence of anti-tumor activity in non-small cell lung cancer patients carrying KRAS mutations, and revealed new anti-tumor activity in patients with tumors harboring NF1LOF mutations.
- RMC-4630 program bolstered with the initiation of two new combination clinical trials -- During the quarter, the company re-affirmed its strategic focus on targeted drug combinations as it continued to implement a range of studies featuring RMC-4630 as a backbone investigational drug in combination therapies. These efforts included the initiation of two new clinical trials, the first evaluating RMC-4630 in combination with Amgen's investigational KRASG12C(OFF) inhibitor AMG 510 (sotorasib), and the second in combination with the checkpoint inhibitor, pembrozilumab (Keytruda®). The company plans to initiate a third study evaluating a combination with the EGFR inhibitor osimertinib (Tagrisso®) in 2020 as a substudy of the ongoing RMC-4630-02 clinical trial. While the COVID-19 pandemic may indirectly cause delays with the initiation and enrollment of clinical studies, the company is currently unaware of any pandemic-related factor that is expected to materially impact its timelines.
- Findings published in Cancer Research support combination of RMC-4630 with checkpoint inhibitor – During the second quarter, Revolution Medicines researchers described ways in which a SHP2 inhibitor enhances the immune response to tumors, representing a second type of anti-tumor mechanism beyond its direct effects within cancer cells themselves. The paper also reported deep and durable tumor growth inhibition following combination treatment with a SHP2 inhibitor and an anti-PD-1 inhibitor in mouse cancer models, yielding complete tumor regressions and sustained immunological memory. This work provides a compelling mechanism-based rationale for the combination clinical study with RMC-4630 and pembrolizumab initiated this quarter.
- In vivo data reveal activity of innovative mTORC1-selective inhibitor in RAS tumors and provide additional motivation for advancement of RMC-5552 into clinical development – During the quarter, Revolution Medicines reported new in vivo data supporting that RMC-5552, the company's second clinical candidate, may increase anti-tumor activity in combination with KRASG12C inhibitors in cancers with RAS/mTOR pathway co-mutations that can cause resistance to single agent treatment. The company remains on track to be IND-ready with this compound by the end of 2020.
- Mutant-selective RAS(ON) inhibitor program in vivo data demonstrate tumor regression following oral administration - Revolution Medicines is developing a portfolio of mutant-selective RAS(ON) inhibitors that it believes may be the first potent, selective, cell-active inhibitors of the active, GTP-bound form of RAS, or RAS(ON). During the second quarter, the company reported new in vivo data demonstrating that orally administered KRASG12C(ON) inhibitors from its proprietary collection drive tumor regression. The company continues to optimize these inhibitors and plans to nominate its first development candidate from this portfolio in 2020.
- Multiple presentations at the American Association of Cancer Research (AACR) Virtual Annual Meeting II – Revolution Medicines had a strong presence at AACR in June, presenting three posters and hosting an educational session spanning multiple company programs. The presentations included:
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- SHP2 inhibition as the backbone of targeted therapy combinations for the treatment of cancers driven by oncogenic mutations in the RAS pathway
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- Positioning a selective, bi-steric inhibitor of mTORC1 as a combination partner in RAS-driven cancers
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- Dual inhibition of SHP2 and CDK4/6 leads to immunological memory and immune-mediated anti-tumor activity in a mouse syngeneic model of breast cancer
Corporate Highlights
- Appointment of new board members - During the quarter, Revolution Medicines added significant financial and transactional expertise to its board of directors with the appointments of Eric T. Schmidt, Ph.D. and Peter Svennilson.
Dr. Schmidt's experience spans both finance and life sciences, having previously served for more than two decades as a biotechnology research analyst. In this capacity, Dr. Schmidt most recently served as managing director and senior biotechnology analyst at Cowen, and previously as vice president and biotechnology research analyst at UBS Securities. Dr. Schmidt is currently the chief financial officer of Allogene Therapeutics, a clinical-stage biotechnology company pioneering the development of allogenic cell therapies for cancer.
Mr. Svennilson has worked in venture capital and finance for more than 35 years and founded The Column Group in 2007. As former chairman of Aragon Pharmaceuticals and Seragon Pharmaceuticals, Mr. Svennilson was directly involved in the sale of these companies to Johnson & Johnson and Genentech/Roche, respectively. Previously, as a founder and managing partner of Three Crowns Capital, he played a key role in the financing of numerous, high profile biotechnology companies including, Tularik, Chemocentryx, Five Prime Therapeutics, and others. - Reported new evolutionary example of tri-complex modality for "undruggable" protein targets – During the second quarter, Revolution Medicines reported a natural product and semi-synthetic analogues that potently bind to CEP250, a human protein involved in replication of SARS-CoV-2 virus that is expected to be refractory to pharmaceutical drug discovery, by forming selective, high-affinity tri-complexes with an intracellular chaperone protein. This finding further demonstrates the potential for the company's tri-complex modality to be useful in developing drugs against "featureless" disease targets. Revolution Medicines out-licensed intellectual property based on these findings to Ginkgo Bioworks to develop the natural product and related compounds for potential application in the treatment of infectious diseases, possibly including COVID-19.
- Completed Follow-On Financing – Subsequent to the quarter end, the company completed a follow-on public equity offering. The upsized financing raised gross proceeds of $179.4 million before deducting underwriting discounts, commissions and other offering expenses payable by Revolution Medicines, further strengthening its balance sheet to support multiple clinical milestones and extend the company's runway.
Second Quarter 2020 Financial Highlights
Cash Position: Cash, cash equivalents and marketable securities were $325.4 million as of June 30, 2020, compared to $122.8 million as of December 31, 2019. The increase was primarily due to proceeds from the IPO in February 2020. Proceeds from the recently completed offering are not included in the June 30, 2020 cash, cash equivalents and marketable securities balance.
Revenue: Total revenue, consisting of revenue from the company's collaboration agreement with Sanofi, was $10.0 million for the quarter ended June 30, 2020, compared to $12.3 million for the quarter ended June 30, 2019. This decrease was due to lower reimbursed research and development services in the quarter ended June 30, 2020 for RMC-4630 resulting from lower manufacturing costs, which were partially offset by higher clinical trial costs. During the quarter ended June 30, 2019, the company incurred upfront manufacturing costs related to the supply of RMC-4630 for our clinical trials.
R&D Expenses: Research and development expenses were $32.9 million for the quarter ended June 30, 2020, compared to $20.1 million for the quarter ended June 30, 2019. This increase was primarily due to an increase in research expenses associated with the company's pre-clinical research portfolio, and an increase in personnel-related expenses related to additional headcount, partially offset by lower costs related to RMC-4630.
G&A Expenses: General and administrative expenses were $5.1 million for the quarter ended June 30, 2020, compared to $2.7 million for the quarter ended June 30, 2019. This increase was primarily due to an increase in expenses associated with operating as a public company.
Net Loss: Net loss was $27.2 million for the quarter ended June 30, 2020, compared to net loss of $10.1 million for the quarter ended June 30, 2019.
About Revolution Medicines, Inc.
Revolution Medicines is a clinical-stage precision oncology company focused on developing novel targeted therapies to inhibit high-value frontier targets in RAS-addicted cancers. The company possesses sophisticated structure-based drug discovery capabilities built upon deep chemical biology and cancer pharmacology know-how and innovative, proprietary technologies that enable the creation of small molecules tailored to unconventional binding sites.
The company's R&D pipeline includes RMC-4630, a clinical-stage investigational drug that is designed to selectively inhibit the activity of SHP2, an upstream node in RAS signaling. Preclinical programs include inhibitors of multiple mutant RAS proteins and SOS1. RMC-5552, currently in IND-enabling development, is designed for use against tumors featuring mTORC1 activation, including certain RAS-addicted cancers.
Keytruda® is a registered trademark of Merck Sharp & Dohme Corp., a subsidiary of Merck & Co. Tagrisso® is a registered trademark of the AstraZeneca group of companies.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this press release that are not historical facts may be considered "forward-looking statements," including without limitation statements regarding Revolution Medicines' development plans and timelines and its ability to advance its R&D pipeline, the ability of Revolution Medicines' therapies to inhibit frontier targets in RAS-addicted cancers, the potential role of RMC-5552 in a combination therapy, Revolution Medicines' plan to nominate a development candidate from its family of targeted RAS(ON) inhibitors in 2020, the benefits of intermittent dosing of RMC-4630 and the clinical activity of this candidates, Revolution Medicines' plans to initiate a clinical trial evaluating RMC-4630 in combination with the EGFR inhibitor osimertinib, Revolution Medicines' plan to be IND-ready with RMC-5552 in 2020. Forward-looking statements are typically, but not always, identified by the use of words such as "may," "will," "would," "believe," "intend," "plan," "anticipate," "estimate," "expect," and other similar terminology indicating future results. Such forward-looking statements are subject to substantial risks and uncertainties that could cause our development programs, future results, performance or achievements to differ materially from those anticipated in the forward-looking statements. Such risks and uncertainties include without limitation risks and uncertainties inherent in the drug development process, including Revolution Medicines' programs' early stage of development, the process of designing and conducting preclinical and clinical trials, the regulatory approval processes, the timing of regulatory filings, the challenges associated with manufacturing drug products, Revolution Medicines' ability to successfully establish, protect and defend its intellectual property, other matters that could affect the sufficiency of Revolution Medicines' capital resources to fund operations, reliance on third parties for manufacturing and development efforts, changes in the competitive landscape and the effects on our business of the worldwide COVID-19 pandemic. For a further description of the risks and uncertainties that could cause actual results to differ from those anticipated in these forward-looking statements, as well as risks relating to the business of Revolution Medicines in general, see Revolution Medicines' Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 10, 2020, and its future periodic reports to be filed with the Securities and Exchange Commission. Except as required by law, Revolution Medicines undertakes no obligation to update any forward-looking statements to reflect new information, events or circumstances, or to reflect the occurrence of unanticipated events.
REVOLUTION MEDICINES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
(unaudited)Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Revenue: Collaboration revenue, related party $ 10,025 $ 12,281 $ 21,571 $ 25,447 Total revenue 10,025 12,281 21,571 25,447 Operating expenses: Research and development 32,918 20,117 60,375 41,303 General and administrative 5,091 2,725 10,262 5,141 Total operating expenses 38,009 22,842 70,637 46,444 Loss from operations (27,984 ) (10,561 ) (49,066 ) (20,997 ) Other income, net: Interest income 730 470 1,639 805 Interest and other expense (19 ) (28 ) (40 ) (58 ) Total other income, net 711 442 1,599 747 Loss before income taxes (27,273 ) (10,119 ) (47,467 ) (20,250 ) Benefit from income taxes 58 — 733 — Net loss $ (27,215 ) $ (10,119 ) $ (46,734 ) $ (20,250 ) Redeemable convertible preferred stock dividends - undeclared and cumulative — (3,063 ) (2,219 ) (5,740 ) Net loss attributable to common stockholders $ (27,215 ) $ (13,182 ) $ (48,953 ) $ (25,990 ) Net loss per share attributable to common stockholders - basic and diluted $ (0.46 ) $ (4.85 ) $ (1.11 ) $ (9.69 ) Weighted-average common shares used to compute net loss per share, basic and diluted 58,752,494 2,718,573 44,025,372 2,680,863 REVOLUTION MEDICINES, INC.
SELECTED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)June 30, December 31, 2020 2019 Cash, cash equivalents and marketable securities $ 325,445 $ 122,758 Working capital (1) 296,644 90,929 Total assets 453,957 220,529 Deferred revenue 26,191 31,851 Total liabilities 93,459 67,994 Redeemable convertible preferred stock — 305,109 Total stockholders' equity (deficit) 360,498 (152,574 ) (1) Working capital is defined as current assets less current liabilities.
Contacts: For Investors: Vida Strategic Partners Stephanie Diaz 415-675-7401 [email protected] For Media: Vida Strategic Partners Tim Brons 415-675-7402 [email protected]
- RMC-4630 interim Phase 1 data support benefits of intermittent dosing and expanded clinical activity in genetically-defined tumors – Revolution Medicines' ongoing Phase 1 monotherapy and Phase 1b/2 combination clinical trials continue to enroll. During the second quarter, Revolution Medicines reported interim data from the company's Phase 1 monotherapy trial that support the benefits of intermittent dosing schedules, provided updated evidence of anti-tumor activity in non-small cell lung cancer patients carrying KRAS mutations, and revealed new anti-tumor activity in patients with tumors harboring NF1LOF mutations.
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REDWOOD CITY, Calif., July 13, 2020 (GLOBE NEWSWIRE) -- Revolution Medicines, Inc. (NASDAQ:RVMD), a clinical-stage oncology company focused on developing targeted therapies to inhibit elusive frontier targets within notorious cancer pathways, today announced the closing of an underwritten public offering of 6,900,000 shares of common stock at a public offering price of $26.00 per share, before underwriting discounts and commissions. The shares of common stock issued and sold in the offering include 900,000 shares issued upon exercise in full by the underwriters of their option to purchase additional shares of common stock at the public offering price, less underwriting discounts and commissions. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Revolution Medicines, were $179.4 million. All shares in the offering were offered by Revolution Medicines.
J.P. Morgan, Cowen, SVB Leerink and Guggenheim Securities acted as the joint book-running managers for the offering.
A registration statement relating to the shares sold in this offering was declared effective by the Securities and Exchange Commission on July 8, 2020. The offering was made only by means of a prospectus, copies of which may be obtained from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (866) 803-9204, or by email at [email protected]; Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY, 11717, Attn: Prospectus Department, by email at [email protected] or by telephone at (833) 297-2926; SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA, 02110, by telephone at 1-800-808-7525, ext. 6218, or by email at [email protected]; or Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, NY 10017, by telephone at (212) 518-9544, or by email at [email protected].
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Revolution Medicines
Revolution Medicines is a clinical-stage oncology company focused on developing novel targeted therapies to inhibit elusive high-value frontier cancer targets within notorious growth and survival pathways, with particular emphasis on RAS and mTOR signaling pathways. The company possesses sophisticated structure-based drug discovery capabilities built upon deep chemical biology and cancer pharmacology know-how and innovative, proprietary technologies that enable the creation of small molecules tailored to unconventional binding sites.
Forward Looking Statements
To the extent that statements contained in this press release are not descriptions of historical facts regarding Revolution Medicines, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties, including, without limitation, risks and uncertainties related to market conditions. Such forward-looking statements involve substantial risks and uncertainties that relate to future events and the actual results could differ significantly from those expressed or implied by the forward-looking statements. Revolution Medicines undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties relating to the business of the Company in general, see Revolution Medicines' Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 14, 2020, the prospectus for this offering filed with the SEC on July 9, 2020, and its future periodic reports to be filed with the SEC.
Contacts Vida Strategic Partners Stephanie Diaz (Investors) 415-675-7401 [email protected] Tim Brons (Media) 415-675-7402 [email protected]
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REDWOOD CITY, Calif., July 08, 2020 (GLOBE NEWSWIRE) -- Revolution Medicines, Inc. (NASDAQ:RVMD) today announced the pricing of its underwritten public offering of 6,000,000 shares of common stock at a public offering price of $26.00 per share, before underwriting discounts and commissions. All of the shares of common stock are being offered by Revolution Medicines. In addition, Revolution Medicines has granted the underwriters a 30-day option to purchase up to an additional 900,000 shares of common stock at the public offering price, less underwriting discounts and commissions. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Revolution Medicines, are expected to be approximately $156.0 million, excluding any exercise of the underwriters' option to purchase additional shares. The offering is expected to close on July 13, 2020, subject to customary closing conditions.
J.P. Morgan, Cowen, SVB Leerink and Guggenheim Securities are acting as the joint book-running managers for the offering.
A registration statement relating to the shares being sold in this offering was declared effective by the Securities and Exchange Commission on July 8, 2020. The offering is being made only by means of a prospectus, copies of which may be obtained, when available, from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (866) 803-9204, or by email at [email protected]; Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY, 11717, Attn: Prospectus Department, by email at [email protected] or by telephone at (833) 297-2926; SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA, 02110, by telephone at 1-800-808-7525, ext. 6218, or by email at [email protected]; or Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, NY 10017, by telephone at (212) 518-9544, or by email at [email protected].
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Revolution Medicines
Revolution Medicines is a clinical-stage oncology company focused on developing novel targeted therapies to inhibit elusive high-value frontier cancer targets within notorious growth and survival pathways, with particular emphasis on RAS and mTOR signaling pathways. The company possesses sophisticated structure-based drug discovery capabilities built upon deep chemical biology and cancer pharmacology know-how and innovative, proprietary technologies that enable the creation of small molecules tailored to unconventional binding sites.Forward Looking Statements
To the extent that statements contained in this press release are not descriptions of historical facts regarding Revolution Medicines, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the expected completion and timing of closing of the public offering. Such forward-looking statements involve risks and uncertainties, including, without limitation, risks and uncertainties related to market conditions and the satisfaction of closing conditions related to the public offering. Such forward-looking statements involve substantial risks and uncertainties that relate to future events and the actual results could differ significantly from those expressed or implied by the forward-looking statements. Revolution Medicines undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties relating to the business of the Company in general, see Revolution Medicines' Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 14, 2020, the preliminary prospectus for this offering included as part of the Registration Statement on Form S-1 related to the offering filed with the SEC on July 6, 2020, and its future periodic reports to be filed with the SEC.Contacts Vida Strategic Partners Stephanie Diaz (Investors) 415-675-7401 [email protected] Tim Brons (Media) 415-675-7402 [email protected]
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REDWOOD CITY, Calif., July 06, 2020 (GLOBE NEWSWIRE) -- Revolution Medicines, Inc. (NASDAQ:RVMD) today announced that it has commenced an underwritten public offering of 5,500,000 shares of common stock. All of the shares of common stock are being offered by Revolution Medicines. In addition, Revolution Medicines intends to grant the underwriters a 30-day option to purchase up to an additional 825,000 shares of common stock.
J.P. Morgan, Cowen, SVB Leerink and Guggenheim Securities are acting as the joint book-running managers for the proposed offering.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission (SEC) but has not yet become effective. The offering is being made only by means of a prospectus, copies of which may be obtained, when available, from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (866) 803-9204, or by email at [email protected]; Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY, 11717, Attn: Prospectus Department, by email at [email protected] or by telephone at (833) 297-2926; SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA, 02110, by telephone at 1-800-808-7525, ext. 6218, or by email at [email protected]; or Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, NY 10017, by telephone at (212) 518-9544, or by email at [email protected].
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Revolution Medicines, Inc.
Revolution Medicines is a clinical-stage oncology company focused on developing novel targeted therapies to inhibit elusive high-value frontier cancer targets within notorious growth and survival pathways, with particular emphasis on RAS and mTOR signaling pathways. The company possesses sophisticated structure-based drug discovery capabilities built upon deep chemical biology and cancer pharmacology know-how and innovative, proprietary technologies that enable the creation of small molecules tailored to unconventional binding sites.
Forward Looking Statements
To the extent that statements contained in this press release are not descriptions of historical facts regarding Revolution Medicines, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding completion, timing and size of the proposed public offering that involve risks and uncertainties, including, without limitation, risks and uncertainties related to market conditions and the satisfaction of closing conditions related to the proposed public offering. Such forward-looking statements involve substantial risks and uncertainties that relate to future events and the actual results could differ significantly from those expressed or implied by the forward-looking statements. Revolution Medicines undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties relating to the business of the Company in general, see Revolution Medicines' Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 14, 2020, the preliminary prospectus for this offering included as part of the Registration Statement on Form S-1 related to the proposed offering filed with the SEC on July 6, 2020, and its future periodic reports to be filed with the SEC.
Contacts Vida Strategic Partners Stephanie Diaz (Investors) 415-675-7401 [email protected] Tim Brons (Media) 415-675-7402 [email protected]
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REDWOOD CITY, Calif. and BOSTON, June 30, 2020 (GLOBE NEWSWIRE) -- Revolution Medicines, Inc. (NASDAQ:RVMD), a clinical-stage oncology company focused on developing targeted therapies to inhibit frontier cancer targets, today announced the publication of an original scientific paper in the Proceedings of the National Academy of Sciences. The report describes a natural compound (WDB002) and semi-synthetic analogues that potently bind and inhibit human centrosomal protein 250 (CEP250) by forming tri-complexes with an intracellular chaperone protein. This finding represents an example of high-affinity binding to protein domains known as "coiled coils" that are notoriously refractory to conventional drug discovery approaches, and highlights the potential for this binding modality to be useful in developing drugs against difficult disease targets. Additionally, CEP250 was described by scientists at the University of California, San Francisco as an interaction partner of the Nsp13 protein of SARS-CoV-2, the virus causing the global COVID-19 pandemic. This raises the possibility that CEP250 may be a relevant disease target against COVID-19 and that WDB002 may be a useful starting point for new antiviral drug candidates.
Revolution Medicines has licensed intellectual property to Ginkgo Bioworks, the organism company, to develop WDB002 and its related compounds as possible therapeutics to treat infectious disease. Last year, Ginkgo Bioworks acquired Revolution Medicines' genome mining platform, a technology that enables the discovery and development of novel natural product therapeutics. Ginkgo is expanding research into WDB002 and related compounds for possible applications against COVID-19.
"While Revolution Medicines remains focused on our mission of developing targeted oncology therapies using advanced approaches such as tri-complex inhibitors against frontier cancer targets, we also recognize the potential relevance of these latest research findings to the ongoing battle against COVID-19. We acted swiftly to get this intellectual property into the hands of the Ginkgo Bioworks team, which has shown a commitment to applying its broad expertise in synthetic biology to infectious disease research and development," said Mark A. Goldsmith, M.D., Ph.D., chief executive officer and chairman of Revolution Medicines. "We believe this cooperative approach will facilitate effective partnerships with the broader scientific community to speed discoveries that may be impactful in this public health crisis and beyond."
"We remain committed to doing our part to address the COVID-19 pandemic," said Jason Kelly, co-founder and CEO of Ginkgo Bioworks. "Based on the early findings from this paper, we are synthesizing these compounds and screening them to validate their potential as novel antiviral therapeutics. If successful, we hope to collaborate with a pharmaceutical partner to quickly and effectively develop the drug candidate."The paper published in the Proceedings of the National Academy of Sciences is titled, "Genomic discovery of an evolutionarily programmed modality for small-molecule targeting of an intractable protein surface," and can be accessed at: https://www.pnas.org/content/early/2020/06/29/2006560117
About WDB002 and CEP250 Binding Compounds
WDB002 was discovered by scientists at Warp Drive Bio, a subsidiary of Revolution Medicines, using proprietary genome mining technology. It is a natural compound produced by certain bacteria that binds to and inhibits the function of CEP250, a core centrosomal protein that plays a role in interphase of the cell cycle. WDB002 binds to a featureless "coiled coil" domain of CEP250 with very high affinity by forming a tri-complex that exploits the surfaces of both CEP250 and an abundant cellular chaperone protein (called FKBP12) as its ligand-binding pocket. These scientists further created modified variants of the natural product with similar CEP250 binding activity. Revolution Medicines utilizes its proprietary tri-complex technology platform to design novel targeted therapies that inhibit elusive frontier cancer targets such as oncogenic RAS(ON) proteins.
About Revolution Medicines, Inc.
Revolution Medicines is a clinical-stage oncology company focused on developing novel targeted therapies to inhibit elusive high-value frontier cancer targets within notorious growth and survival pathways, with particular emphasis on RAS and mTOR signaling pathways. The company possesses sophisticated structure-based drug discovery capabilities built upon deep chemical biology and cancer pharmacology know-how and innovative, proprietary technologies that enable the creation of small molecules tailored to unconventional binding sites.
The company's pipeline includes RMC-4630, a clinical-stage drug candidate that is designed to selectively inhibit the activity of SHP2. Additionally, the company is developing a broad portfolio of inhibitors of other key frontier oncology targets within the notorious RAS pathway, as well as the related mTOR signaling cascade. These include inhibitors of multiple mutant RAS proteins and SOS1, as well as RMC-5552, a development candidate within the company's 4EBP1/mTORC1 program currently in IND-enabling studies.
About Ginkgo Bioworks
Headquartered in Boston, Ginkgo Bioworks uses the most advanced technology on the planet—biology—to grow better products. The company's cell programming platform is enabling the growth of biotechnology across diverse markets, from food to fragrance to pharmaceuticals. Ginkgo is also actively supporting a number of COVID-19 response efforts, including community testing, epidemiological tracing, vaccine development and therapeutics discovery. For more information, visit www.ginkgobioworks.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this press release that are not historical facts may be considered "forward-looking statements," including without limitation statements regarding Revolution Medicines' tri-complex technology, including without limitation application of this technology to oncogenic RAS proteins or proteins like CEP250, or other disease targets; WDB002 and analogues thereof, including their usefulness as a starting point for new antiviral drug candidates; the applicability of Revolution Medicines' technologies to the ongoing battle against COVID-19; and the ability to facilitate partnerships that speed discoveries that are impactful to public health. Forward-looking statements are typically, but not always, identified by the use of words such as "may," "will," "would," "believe," "intend," "plan," "anticipate," "estimate," "expect," and other similar terminology indicating future results. Such forward-looking statements are subject to substantial risks and uncertainties that could cause our development programs, future results, performance or achievements to differ materially from those anticipated in the forward-looking statements. Such risks and uncertainties include without limitation risks and uncertainties inherent in the drug development process, including Revolution Medicines' programs' early stage of development, the process of designing and conducting preclinical and clinical trials, the regulatory approval processes, the timing of regulatory filings, the challenges associated with manufacturing drug products, Revolution Medicines' ability to successfully establish, protect and defend its intellectual property, other matters that could affect the sufficiency of Revolution Medicines' capital resources to fund operations, reliance on third parties for manufacturing and development efforts, changes in the competitive landscape and the effects on our business of the worldwide COVID-19 pandemic. For a further description of the risks and uncertainties that could cause actual results to differ from those anticipated in these forward-looking statements, as well as risks relating to the business of Revolution Medicines in general, see Revolution Medicines' Annual Report on Form 10-Q filed with the Securities and Exchange Commission on May 14, 2020, and its future periodic reports to be filed with the Securities and Exchange Commission (SEC). Except as required by law, Revolution Medicines undertakes no obligation to update any forward-looking statements to reflect new information, events or circumstances, or to reflect the occurrence of unanticipated events.
Contacts: For Investors: Vida Strategic Partners (on behalf of Revolution Medicines) Stephanie Diaz 415-675-7401 [email protected] For Media: Vida Strategic Partners (on behalf of Revolution Medicines) Tim Brons 415-675-7402 [email protected] Ginkgo Bioworks Jordyn Lee [email protected]