Regenxbio Inc (NASDAQ:RGNX) a major clinical-stage biotechnology firm seeking to enhance lives through the curative prospect of gene therapy based on its NAV® Technology Platform, posted financial report for the fourth quarter closed December 31, 2017. Revenues came at $2 million and $10.4 million for the quarter and year closed December 31, 2017, respectively, versus $1.7 million and $4.6 million for the quarter and year closed December 31, 2016, respectively.
Kenneth T. Mills, the Chief Executive Officer and President of Regenxbio, expressed that in 2017, they considerably advanced their AAV gene therapy pipeline, which now comprises of 12 active clinical stage plans, including four internal plans, as they look to enhance treatment options utilizing their NAV Technology Platform.
They consider 2018 will mark as a transformative year for company, as they advance their mission of enhancing lives through the curative prospect of gene therapy and expand their major AAV gene therapy pipeline with their internal major product candidates and their NAV Technology Licensees’ plans. Mills added that they look forward to offering updates on their lead product candidates and their NAV Technology Licensees’ plans throughout the year, and remains on track to post topline trial report for RGX-501 for HoFH and RGX-314 for wet AMD by year-end.
Regenxbio reiterates that it anticipates FY2018 cash burn to come in a range of $85 million to $95 million, which will boost the continued advancement of its lead product candidate plans. FY2018 cash burn projection discounts the impact of the upfront payment of $80 million.
It also discounts any other prospective consideration that may be obtained from AveXis pertaining with the previously reported amendment to the license deal in January 2018 for the commercialization and development of treatments for SMA. Contingent to this exclusion, FY2018 cash burn will be computed as the decrease in cash/cash equivalents and marketable securities in a period from December 31, 2017 to the close of December 31, 2018.