Corautus Genetics Reports Update on Therapeutic Development Program and Financial Results

Strategic Insights -

Corautus Genetics, a clinical-stage biopharmaceutical company, has reported an update on its therapeutic development program and financial results for the three and six months ended June 30, 2005. The company's GENASIS clinical trial is the largest cardiovascular study of its kind, evaluating the safety and efficacy of vascular endothelial growth factor 2 (VEGF-2) for the treatment of severe angina associated with cardiovascular disease. The trial has successfully enrolled 120 patients through August 10, 2005, and is on track to complete enrollment of 404 patients in the first quarter of 2006.

Key Takeaways:

  • Corautus Genetics is developing gene-transfer technology products for the treatment of cardiovascular and peripheral vascular disease, with its GENASIS clinical trial being the largest cardiovascular study of its kind.
  • The GENASIS trial is evaluating the safety and efficacy of VEGF-2 for the treatment of severe angina associated with cardiovascular disease, with 31 active clinical sites and 120 patients enrolled through August 10, 2005.
  • Corautus anticipates completing the trial enrollment of 404 patients in the first quarter of 2006 and intends to use the results to support a regulatory filing for marketing approval.
  • The company has secured an additional $8 million in funding from Boston Scientific Corp. (BSX) following shareholder approval, and expects to fund its current and planned operations through the first quarter of 2007.
  • Corautus' cash, cash equivalents, and short-term investment position increased to $31,898,000 as of June 30, 2005, compared to $24,487,000 as of December 31, 2004.
  • The company reported a net loss for the second quarter of 2005 of $5,476,000, or $0.37 per share, and a net loss for the six months ended June 30, 2005, of $9,756,000, or $0.66 per share.
  • Corautus has secured a long-term manufacturing agreement with Boehringer Ingelheim to produce its VEGF-2 plasmid DNA for phase III registration trials and future commercial use.

Statistics:

  • 31 active clinical sites are participating in the GENASIS clinical trial.
  • 120 patients have been enrolled in the GENASIS clinical trial through August 10, 2005.
  • Corautus expects to complete enrollment of 404 patients in the first quarter of 2006.
  • The company has secured $8 million in funding from Boston Scientific Corp. (BSX).
  • Corautus' cash, cash equivalents, and short-term investment position increased to $31,898,000 as of June 30, 2005, compared to $24,487,000 as of December 31, 2004.
  • Corautus reported a net loss for the second quarter of 2005 of $5,476,000, or $0.37 per share, and a net loss for the six months ended June 30, 2005, of $9,756,000, or $0.66 per share.
  • The GENASIS trial has 31 active clinical sites and 120 patients enrolled through August 10, 2005.

Sources:

  • Corautus Genetics, Inc.
  • Boston Scientific Corp. (BSX)
  • Health & Medicine Week editors
  • NewsRx.com