Tokyo, Japan and Cambridge, UK, 10 February 2022 – Sosei Group Corporation (“the Company”; TSE: 4565) provides an update on operational activities and reports its consolidated results for the 12 months ended 31 December 2021. The full report can be found by clicking here.
Shinichi Tamura, President and CEO of Sosei Heptares, commented: “We made excellent progress during 2021 achieving multiple milestones that further validate our world-leading GPCR and structure-based drug design expertise, internal discovery and early development capabilities and strong partnering and collaborative approach. A key success was the rapid re-licensing of our muscarinic receptor agonist portfolio to Neurocrine Biosciences, which could deliver significant revenues over the coming years if milestones are reached successfully.
“We move into 2022 as a well-financed organization following the fundraising in July 2021. This puts us in a favorable position to drive our organic and inorganic growth strategies as well as to identify and co-invest into innovative initiatives that complement our existing expertise and could allow further value to be realized from our platform in the future. Further, the planned leadership changes, announced recently, are aimed at bringing new insights and drive to Sosei Heptares as we evolve towards our goal of becoming a global biotechnology champion, developing medicines to improve the quality of life and health of people around the world.”
Important Post-period Highlights
o Chris Cargill proposed to become Representative Executive Officer, President and Chief Executive Officer
o Shinichi Tamura to become Chairman of the Board
o Ms. Miwa Seki nominated for appointment as new External Director
o Dr. Malcolm Weir and Dr. Tim Tasker to retire from Executive Officer roles and become ongoing consultants to the Company
o Several internal team members nominated for appointment to new Executive Officer roles in Japan and the UK
Operational Highlights for Q4 2021
Operational Highlights for Full Year 2021
o repurchase of existing convertible bonds due 2025
o to finance, together with current cash, strategic growth initiatives including (1) funding acquisitions of or investments in companies or technologies including in the areas of neurology, gastroenterology, immunology, and rare diseases, that complement and strengthen Sosei Heptares’ existing business foundation for drug candidate discovery and early development; and (2) funding potential introduction of drug products in the Japanese domestic market.
o To finance research and development of new pipeline programs and working capital.
Partnered program updates
o Third novel candidate resulting from multi-target agreement with Pfizer entered clinical development – dosing of first subject with PF-07258669 (an MC4 receptor antagonist for anorexia) by Pfizer triggered a US$5 million payment to Sosei Heptares.
o Collaboration with Biohaven progresses to clinical stage – Sosei Heptares initiated a Phase 1 trial with HTL’22562 (also known as BHV3100), a novel, small molecule CGRP receptor antagonist targeting CGRP-mediated disorders.
o Milestone payments totalling US$6 million received from Genentech – received for the delivery of StaR® proteins based on nominated targets under the 2019 multi-target agreement.
o InveniAI® for artificial intelligence (AI)-driven drug discovery targeting immune diseases
o PharmEnable for AI-driven drug discovery of new leads against a challenging peptidergic GPCR target
o Metrion Biosciences to explore SBDD approaches beyond GPCRs to identify novel, highly specific leads for further development against an ion channel associated with neurological diseases.
Financial Highlights for the 12-month Period ended 31 December 2021
*Convenience conversion to US$ at the following rates: YTD 2021: 1US$ =110.16 JPY; YTD 2020: 1US$ =106.77 JPY, 31 Dec 2020: 1US$ = 103.52 JPY; 31 Dec 2021: 1US$ = 115.07 JPY