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Replies to post #164598 on Biotech Values
Our Company
We are a clinical-stage biotechnology company focused on discovering and developing novel protein
therapeutics. Protein therapeutics are antibodies or drugs developed from extracellular proteins or protein
fragments that block disease processes, including cancer and inflammatory diseases. We have developed a
library of more than 5,600 human extracellular proteins, which we believe represent substantially all of the
body’s medically important targets for protein therapeutics. We screen this comprehensive library with our
proprietary high-throughput protein screening technologies to identify new targets for protein therapeutics. This
platform has allowed us to develop a pipeline of novel product candidates for cancer and inflammatory
diseases and to generate over $220 million under our collaboration arrangements.
Each of our product candidates has an innovative mechanism of action and addresses patient populations for
which better therapies are still needed. In addition, we are pursuing companion diagnostics for each of our
lead programs to allow us to select patients most likely to benefit from treatment and therefore accelerate
clinical development and improve patient care. Our most advanced product candidates are as follows:
FP-1039/GSK3052230, or FP-1039, is a protein therapeutic that “traps” and neutralizes cancerpromoting
fibroblast growth factors, or FGFs, involved in cancer cell proliferation and new blood vessel formation.
FGFs are a family of related extracellular proteins that normally regulate cell proliferation
and survival in humans. They act by binding to and activating FGF receptors, or FGFRs, which are cell
surface proteins that transmit growth signals to cells. Certain FGFs promote growth of multiple solid
tumors by binding and activating FGFRs. Unlike other therapies that indiscriminately block all FGFs,
FP-1039 is designed to only block cancer-promoting FGFs and therefore may be associated with
better tolerability than other known drug candidates targeting the FGF pathway. We have completed a
Phase 1 clinical trial, and our partner, GlaxoSmithKline, or GSK, commenced a multi-arm Phase 1b
clinical trial in July 2013 in patients with abnormally high levels of FGFR1. We expect preliminary
data from this trial in the second half of 2014. GSK is responsible for the development and
commercialization of FP-1039 in the United States, the European Union and Canada. Under our
agreement, we received a $50 million license fee and are eligible to receive up to $435 million in
contingent payments. We have an option to co-promote FP-1039 in the United States.
FPA008 is an antibody that inhibits colony stimulating factor-1 receptor, or CSF1R, and is being
developed to treat patients with inflammatory diseases, including rheumatoid arthritis, or RA. CSF1R
is a cell surface protein that controls the survival and function of certain inflammatory cells called
monocytes and macrophages. By inhibiting CSF1R activation, FPA008 prevents the production of
multiple inflammatory factors, such as tumor necrosis factor, interleukin-6 and interleukin-1, that are
individually targeted by approved therapeutics such as Humira® (adalimumab), Actemra®
(tocilizumab) and Kineret® (anakinra), respectively. As a result, we believe FPA008 has the potential
to have better efficacy than each of these approved drugs. In addition, unlike currently marketed RA drugs, FPA008 directly inhibits bone-destroying cells called osteoclasts. We plan to begin a Phase 1
clinical trial for FPA008 by the end of 2013 and expect preliminary data by the end of 2014.
FPA144 is an antibody that inhibits FGF receptor 2b, or FGFR2b, and is being developed to treat
patients with gastric cancer and potentially other solid tumors. In preclinical studies, FPA144 was
highly effective in blocking the growth of gastric tumors that had abnormally high levels of FGFR2b.
We plan to begin a Phase 1 clinical trial for FPA144 in the second half of 2014 in patients with
tumors expressing high levels of FGFR2b and expect preliminary data by the end of 2015.
Our Platform
The process of discovering targets for protein therapeutics has historically proven to be difficult and slow.
There are more than 5,600 proteins in the body that represent potential protein therapeutic targets, but only
about 30 are targeted by currently marketed protein drugs in cancer and inflammatory diseases. We spent
seven years successfully developing a platform to improve and accelerate the protein therapeutic discovery
process. Our platform is based on two components:
¦ a proprietary library of more than 5,600 human extracellular proteins that we believe is the most
comprehensive collection of fully functional extracellular proteins available and is an abundant source
of medically relevant novel targets for protein therapeutics; and
¦ proprietary and new technologies for producing and testing thousands of proteins at a time.
We believe our platform improves and accelerates the discovery of new protein targets and protein therapeutics
because it can:
identify novel medically relevant protein targets and protein therapeutics that have little or no
previously known biological function or are not in the public domain and cannot easily be discovered
by other methods;
determine the best protein target among many alternatives for a particular disease by screening and
comparing nearly all possible medically important targets simultaneously; and
identify new targets more quickly and efficiently than previously possible because it can produce and
test thousands of proteins at a time, rather than one or just a few at a time.
In the past several years we have used this platform to identify dozens of targets validated in rodent models
and to build a growing pipeline of drug candidates. We have attracted numerous partnerships with leading
biopharmaceutical companies, which have generated over $220 million in funding for our business since
2006. In addition to our FP-1039 license and collaboration agreement, under which we are eligible to receive
up to $435 million in contingent payments, we have ongoing discovery collaborations with GSK and UCB
Pharma, S.A., or UCB. We are eligible to receive potential option exercise fees and contingent payments up to
$124.3 million per target under the GSK muscle diseases collaboration, $193.8 million per target under the
GSK respiratory diseases collaboration and $92.2 million per target under the UCB fibrosis and CNS
collaboration. We believe our platform will continue to provide funding opportunities through product and
discovery collaborations.
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