Enrollment in Phase 2 Cohort of Follicular Lymphoma Patients with EZH2 Activating Mutations on Track to be Completed by Year End
Updated Efficacy and Safety Data for Tazemetostat in Epithelioid Sarcoma Support Company's Planned Submission of a New Drug Application in the First Half of 2019
Recent Financing Extends Operating Runway into the First Quarter of 2020
Epizyme, Inc. (NASDAQ:EPZM), a clinical-stage company developing novel epigenetic therapies, today reported financial results for the third quarter of 2018 and provided updates on its tazemetostat clinical development program. Tazemetostat is a first-in-class, selective, orally available EZH2 inhibitor, in development for hematologic malignancies and solid tumor cancers, as a monotherapy and combination agent.
"2018 has been a year of important milestones. We have seen clinically meaningful activity with tazemetostat in patients with follicular lymphoma, both with and without EZH2 activating mutations, and are pleased that enrollment of patients with EZH2 activating mutations has re-opened in the U.S. With this, we remain on track with our previous guidance of completing enrollment in our Phase 2 study by the end of the year," said Robert Bazemore, president and chief executive officer of Epizyme. "Tazemetostat has also demonstrated clinically meaningful activity, with both durable objective responses and encouraging overall survival, in patients with epithelioid sarcoma, a difficult-to-treat rare cancer. Based on these positive data, we are confident in our planned NDA submission for epithelioid sarcoma in the first half of 2019. With our highly experienced management team, we are positioned to lead the company through several near-term inflection points and the commercial launch of tazemetostat, if approved. I am enthusiastic about our future and ability to execute our mission of rewriting treatment for people with cancer."
Tazemetostat Clinical Program Updates
- Enrollment of Follicular Lymphoma Patients with EZH2 Activating Mutations to be Completed by End of 2018: Clinical sites in the U.S. have resumed screening patients with follicular lymphoma with EZH2 mutations in the company's ongoing Phase 2 study. The company is on track to complete enrollment of this cohort by the end of 2018, in line with previous guidance. Enrollment of patients with wild-type EZH2 was completed in 2017. Epizyme plans to continue engaging with FDA to refine its registration strategy in follicular lymphoma, and provide an update on its plans in early 2019.
Business Updates
- In October 2018, Epizyme announced the closing of its underwritten public offering of 9,583,334 shares of its common stock at a public offering price of $9.00 per share, which includes 1,250,000 shares issued upon the exercise in full by the underwriter of its option to purchase additional shares at the public offering price, less the underwriting discount. The aggregate gross proceeds to Epizyme from the offering, before deducting underwriting discounts and offering expenses, are $86.25 million.
Third Quarter 2018 Financial Results
Financial Guidance
Following its October financing, Epizyme
expects that its existing cash, cash equivalents and marketable
securities will be sufficient to fund its planned operations into the
first quarter of 2020.
Due to Epizyme's recent update during ESMO, the company will not host a conference call on these results.
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