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ObsEva Announces Second Quarter 2020 Financial Results and Business Update

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  • Primary endpoint successfully met in Phase 3 PRIMROSE 1 trial of linzagolix for the treatment of heavy menstrual bleeding due to uterine fibroids

  • Phase 3 data from PRIMROSE 2 trial demonstrated sustained efficacy and continued safety over 52 weeks of treatment with linzagolix,including bone mineral density changes

  • Phase 3 trial results support the advancement of linzagolix 100 mg without add-back therapy and 200 mg with add-back therapy doses to regulatory submissions planned for Q4:20/H1:21 in Europe/U.S.

  • Actively discussing commercial partnership to maximize linzagolix best-in-class potential

  • OBE022 Phase 2 PROLONG trial results on track for Q4:20

  • YuYuan Bioscience Technology submitted pre-IND meeting request for nolasiban development in China

GENEVA, Switzerland and BOSTON, MA (August 6, 2020) – ObsEva SA (NASDAQ: OBSV) (SIX: OBSN), a late clinical-stage biopharmaceutical company developing and commercializing novel therapies to improve women’s reproductive health, today reported financial results for the quarter ended June 30, 2020 and provided a business update.

"The excellent phase 3 results from PRIMROSE 1 and PRIMROSE 2 last month were critical achievements as we now embark upon regulatory filings and commercial preparation”, said Ernest Loumaye, MD, PhD, OB/GYN, CEO and Co-Founder of ObsEva. “We strongly believe that our strategy to develop both a low dose of linzagolix without hormonal add back therapy and a high dose with hormonal add back therapy is the optimal way to treat more women suffering from heavy menstrual bleeding due to uterine fibroids.”

Pipeline Update

Linzagolix for the treatment of uterine fibroids and endometriosis

  • Positive Phase 3 results for PRIMROSE 1 and PRIMROSE 2 trials of linzagolix for the treatment of HMB due to uterine fibroids: PRIMROSE 1 is being conducted in approximately 500 women experiencing heavy menstrual bleeding (HMB) due to uterine fibroids. As announced July 6, 2020, the 24-week responder rate was 75.5% for women receiving 200mg linzagolix and add back therapy (ABT) and 56.4% for women receiving 100 mg linzagolix without ABT, vs. 35.0% for placebo (p<0.001 and p=0.003 respectively). In addition, 52-week data from PRIMROSE 2 demonstrate that continued treatment with linzagolix provides sustained efficacy and is well tolerated. Responder rates of 91.6% and 53.2% were observed in women receiving 200 mg with ABT and 100 mg without ABT, respectively, both of which are similar to the responder rates observed at week 24 of the study. The pooled week 24 data from these two Phase 3 studies support a potentially best-in-class profile, with a responder rate of 84.7% in women receiving linzagolix 200 mg with ABT, and 56.6% in women receiving linzagolix 100 mg without ABT.

  • New patient enrollment in Phase 3 trials EDELWEISS 2 (U.S.) and EDELWEISS 3 (U.S. and Europe) resuming: Following the decision to temporarily stop enrolling new patients due to the COVID-19 pandemic announced in March 2020, the EDELWEISS 2 and 3 trials resumed enrollment of new patients in the latter part of the second quarter. Each of these trials is designed to assess two once daily oral doses of linzagolix in women with endometriosis-associated pain, including 75mg without ABT and 200mg with ABT.

  • Linzagolix commercial partnership: ObsEva is engaged in active discussions with several parties for a commercial partnership to maximize the best-in-class potential of linzagolix.

OBE022 to delay childbirth in pregnant women with preterm labor at 24-34 weeks of gestation

  • Enrollment completed in Phase 2 PROLONG part B: Part B is the multicenter, randomized, double-blind, placebo-controlled portion of the PROLONG trial that enrolled up to 120 women with preterm labor at a gestational age between 24 and 34 weeks. Enrollment in Part B was completed in March 2020, and infant delivery and follow-up is ongoing.

Nolasiban for improving pregnancy and live birth in women undergoing embryo transfer (ET) following in-vitro fertilization (IVF)

  • Nolasiban partnership with YuYuan BioScience Technology (YuYuan) for development and commercialization in China: On July 1, 2020, ObsEva and YuYuan announced a pre-IND meeting request to the Chinese National Medical Products Administration (NMPA) to enable a Phase 1 and Phase 2 proof of concept study in China.

Anticipated Milestones

ObsEva expects to achieve the following clinical and regulatory milestones in 2020-21:

Fourth Quarter 2020

  • Linzagolix: Pending feedback from national authorities, submit a Marketing Authorization Application (MAA) in Europe through a centralized procedure for the uterine fibroid indication.

  • OBE022: Report final safety and efficacy results from the PROLONG trial encompassing maternal and neonatal follow-up.

  • Nolasiban: Investigational new drug (IND) submission in China by YuYuan Bioscience Technology to initiate clinical development.

First Half 2021

  • Linzagolix: Complete safety follow-up, and submit a New Drug Application (NDA) to the U.S. Food and Drug Administration for the uterine fibroid indication.

Second Quarter 2020 Financial Results

Net loss for the quarter ending June 30, 2020 was $18.2 million, or $0.38 per share, compared with a net loss of $34.8 million, or $0.80 per share, for the quarter ending June 30, 2019. Research and development expenses were $15.4 million and general and administrative expenses were $2.2 million for the quarter, compared with $28.4 million and $6.2 million, respectively, for the prior year quarter. The net loss for the quarter included non-cash expenses of $1.4 million for stock-based compensation, compared with $3.1 million a year ago.

As of June 30, 2020, ObsEva had cash and cash equivalents of $45.0 million, compared with $69.4 million as of December 31, 2019.

The half-year report 2020 will be available in the financial reports section of the Company’s website.

To access the financial reports section of the Company’s website, please click [here].
To access the half-year report 2020 directly, please click [here].

About ObsEva

ObsEva is a clinical-stage biopharmaceutical company focused on the clinical development and commercialization of novel therapeutics for serious conditions that compromise a women’s reproductive health and pregnancy. Through strategic in-licensing and disciplined drug development, ObsEva has established a late-stage clinical pipeline with development programs focused on treating endometriosis, uterine fibroids, preterm labor, and improving IVF outcomes. ObsEva is listed on the Nasdaq Global Select Market and is trading under the ticker symbol "OBSV" and on the SIX Swiss Exchange where it is trading under the ticker symbol “OBSN”. For more information, please visit www.ObsEva.com.

Cautionary Note Regarding Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "believe", "expect", "may", "plan", "potential", "will", and similar expressions, and are based on ObsEva’s current beliefs and expectations. These forward-looking statements include expectations regarding the clinical development of ObsEva’s product candidates, the potential therapeutic benefits of such product candidates, the timing of enrollment in and data from clinical trials, including the impact of the COVID-19 pandemic on such trials, ObsEva’s plan to submit its MAA in Europe and NDA in the United States, YuYuan’s submission of an investigational new drug application in China, the results of interactions with regulatory authorities and ObsEva’s ability to enter into a future commercial partnership for linzagolix. These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements. Risks and uncertainties that may cause actual results to differ materially include uncertainties inherent in the conduct of clinical trials and clinical development, including the risk that the results of earlier clinical trials may not be predictive of the results of later stage clinical trials, related interactions with regulators, ObsEva’s reliance on third parties over which it may not always have full control, the effects of the COVID-19 pandemic, any benefits from the joint collaboration with YuYuan or any future commercial partnership for linzagolix may not be fully realized or may take longer to realize than expected and other risks and uncertainties that are described in the Risk Factors section of ObsEva’s Annual Report on Form 20-F for the year ended December 31, 2019, and other filings ObsEva makes with the SEC. These documents are available on the Investors page of ObsEva’s website at http://www.ObsEva.com. Any forward-looking statements speak only as of the date of this press release and are based on information available to ObsEva as of the date of this release, and ObsEva assumes no obligation to, and does not intend to, update any forward-looking statements, whether as a result of new information, future events or otherwise.

For further information, please contact:

CEO Office Contact:
Shauna Dillon
Shauna.dillon@obseva.ch
+41 22 552 1550

Investor Contact:
Mario Corso
Vice President, Investor Relations
mario.corso@obseva.com
+1 857 972 9347 Office
+1 781 366 5726 Mobile

Consolidated Statements of Comprehensive Loss

Three-Month Period
Ended June 30

Six-Month Period
Ended June 30

(in USD ’000, except share and per share data) - unaudited

2020

2019

2020

2019

Operating income other than revenue

4

1

8

6

OPERATING EXPENSES

Research and development expenses

(15,377

)

(28,438

)

(32,565

)

(48,578

)

General and administrative expenses

(2,191

)

(6,186

)

(5,900

)

(11,441

)

Total operating expenses

(17,568

)

(34,624

)

(38,465

)

(60,019

)

OPERATING LOSS

(17,564

)

(34,623

)

(38,457

)

(60,013

)

Finance income

48

(56

)

108

206

Finance expense

(690

)

(43

)

(1,701

)

(587

)

NET LOSS BEFORE TAX

(18,206

)

(34,722

)

(40,050

)

(60,394

)

Income tax benefit / (expense)

38

(34

)

19

(41

)

NET LOSS FOR THE PERIOD

(18,168

)

(34,756

)

(40,031

)

(60,435

)

Net loss per share

Basic

(0.38)

(0.80)

(0.86)

(1.39

)

Diluted

(0.38)

(0.80)

(0.86)

(1.39

)

Weighted Average Number of Shares Outstanding

47,709,508

43,555,963

46,717,535

43,532,815

Consolidated Balance Sheets

(in USD ’000)

June 30,
2020

December 31,
2019

ASSETS

Current assets

Cash and cash equivalents

44,965

69,370

Other receivables

314

1,044

Prepaid expenses

5,105

4,359

Total current assets

50,384

74,773

Non-current assets

Right-of-use assets

1,734

2,042

Furniture, fixtures and equipment

194

245

Intangible assets

26,608

26,608

Other long-term assets

278

275

Total non-current assets

28,814

29,170

Total assets

79,198

103,943

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities

Other payables and current liabilities

12,172

8,432

Accrued expenses

7,171

10,418

Current lease liabilities

642

618

Total current liabilities

19,985

19,468

Non-current liabilities

Non-current lease liabilities

1,232

1,541

Non-current borrowings

25,109

24,917

Post-employment obligations

8,059

7,946

Other long-term liabilities

1,133

1,116

Total non-current liabilities

35,533

35,520

Shareholders’ equity

Share capital

3,781

3,499

Share premium

332,566

320,955

Reserves

24,775

21,912

Accumulated losses

(337,442

)

(297,411

)

Total shareholders’ equity

23,680

48,955

Total liabilities and shareholders’ equity

79,198

103,943

###

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