(Adds details about pipeline, comment from CEO)
ZURICH, April 18 (Reuters) - Swiss biotech Idorsia said on Thursday that all four clinical trials of its late-stage drug hopefuls were “on track” as it confirmed expectations of spending 570 million Swiss francs ($564 million) in the current year on the projects.
Idorsia’s first-quarter net loss widened to 106 million francs, from 79 million in the period in 2018. The Allschwil-based company had total liquidity of 1.1 billion francs as of March 31, down from 1.2 billion at the end of last year.
Shares in the company were down 2.6 percent at 0716 GMT.
Idorsia founder Chief Executive Jean-Paul Clozel has Phase III studies of drugs for insomnia, rare Fabrys disease, hypertension and brain bleeding. After raising 505 million francs last July, Clozel said he has sufficient cash to get through initial trial readouts and then make strategic decisions about commercialisation and partnerships.
Clozel has said “stay tuned” for possible deals, including outlicensing, with other drugmakers as his pipeline matures.
“For every Phase 3 program, there are activities ongoing across the whole company to prepare the comprehensive dossier required by the health authorities,” Clozel said. “We have the right professionals who know exactly what it takes to register a drug and to market it successfully.”
Idorsia was spun out of Clozel’s first company, hypertension specialist Actelion, when he sold it to Johnson & Johnson in 2017 for $30 billion. J&J remains Idorsia’s second-biggest shareholder with an 8 percent stake, after Clozel and his wife, Martine, the company’s chief scientific officer, who own 28.4 percent. ($1 = 1.0099 Swiss francs) (Reporting by John Miller; Editing by Michael Shields)
Our Standards: The Thomson Reuters Trust Principles.