Receptos, Inc. (Nasdaq:RCPT) announced today that the Company has enrolled the first patient in the SUNBEAM Phase 3 trial of RPC1063 in patients with relapsing multiple sclerosis (RMS). The Company had previously initiated the Phase 3 portion of the RADIANCE trial in patients with RMS. With both trials now actively enrolling patients, Receptos is on track to complete this Phase 3 clinical development program in 2017.
"Our initiation of the SUNBEAM trial represents another major corporate milestone for Receptos, and positions RPC1063 as the potential next-to-market oral agent for the treatment of relapsing multiple sclerosis," said Faheem Hasnain, President and Chief Executive Officer of Receptos. "Following our recent positive Phase 2 results in ulcerative colitis, we also plan to initiate a Phase 3 program for RPC1063 in inflammatory bowel disease in 2015. We believe that this drug candidate represents a potential franchise in immunology, and we continue to explore opportunities in other therapeutic indications where there is strong scientific rationale."
The announcement follows the disclosure in September 2014 of the detailed Phase 2 results of RPC1063 in RMS. In that trial, RPC1063 met the primary endpoint of reduction in MRI brain lesion activity as well as secondary endpoints measuring effects on other MRI parameters. The overall safety profile of RPC1063 was consistent with the results of prior trials and continues to be differentiated on this basis from other oral agents for treatment of RMS.
As with the RADIANCE trial, the SUNBEAM trial is a randomized, double-blind study designed to compare 0.5 mg and 1.0 mg of RPC1063 against interferon beta-1a (Avonex®) in 1,200 patients with RMS. The primary objective for the RADIANCE and SUNBEAM trials is to assess whether RPC1063 is superior to Avonex® in reducing the annualized relapse rate in patients after two years of therapy and one year of therapy, respectively. Both Phase 3 trials are being conducted under Special Protocol Assessment (SPA) agreement with the FDA.
In November 2014, Receptos completed an underwritten public offering of common stock raising $414 million in gross proceeds. This adds to the Company's significant balance of cash, cash equivalents and short-term investments, which totaled $302.9 million as of September 30, 2014.
