Trevi Therapeutics Announces Third Quarter 2019 Financial Results and Recent Business Developments
Advancement of Nalbuphine ER in Clinical Development for Three Indications
Cash Position of
“We have made substantial progress this year advancing the development of nalbuphine ER across all of our clinical indications. We continued to progress our lead development program in prurigo nodularis during the third quarter with further enrollment and continued site initiations in
Product Pipeline Updates
- Phase 2b/3 PRISM trial: The ongoing PRISM trial is a randomized, double-blind, placebo controlled, two-arm treatment study that is designed to evaluate the safety and anti-pruritic efficacy of nalbuphine ER in approximately 240 patients with severe pruritus from PN in approximately 50 centers in the U.S. and
Europe. To date, the Company has enrolled approximately 30% of the targeted number of patients in the study. The pace of enrollment has been slower than anticipated primarily due to competition from other clinical trials and slower than planned site start-ups in Europe. As a result, the Company expects to report top-line data from the PRISM trial in the second half of 2020. Additionally, the protocol for the PRISM trial provides for a sample size re-estimation analysis once 50% of the patients in the trial are evaluable for the primary endpoint. Trevi expects the re-estimation analysis will occur in mid-2020.
- Phase 2 trial of nalbuphine ER for chronic cough in patients with idiopathic pulmonary fibrosis (IPF): The Phase 2 clinical trial is a randomized, double-blind, placebo controlled, two-treatment, two-period, crossover study designed to evaluate the efficacy, safety, tolerability and dosing of nalbuphine ER for chronic cough in up to 56 patients with IPF. Patient enrollment is underway and Trevi expects to activate all remaining clinical sites by the end of 2019. Trevi expects to complete enrollment in this trial in the first half of 2020 and report top-line data in the second half of 2020.
- Phase 1b trial in patients with chronic liver disease: Trevi completed the Phase 1b single ascending dose segment of the hepatic impairment study in subjects with mild and moderate liver impairment. There were no serious adverse events reported and based on the safety and PK profile observed in the study, planning is underway for a Phase 2 trial of nalbuphine ER in patients with pruritus associated with primary biliary cholangitis (PBC). In addition, Trevi intends to use data from the hepatic impairment study to support a submission of a New Drug Application (NDA) for nalbuphine ER for pruritus in PN.
- Phase 2 trial of levodopa-induced dyskinesia (LID) in patients with Parkinson’s disease: Trevi has written the protocol for a Phase 2 trial for LID in patients with Parkinson’s disease and plans to submit an Investigational New Drug Application (IND) to the
U.S. Food and Drug Administration( FDA) in the upcoming months.
Third Quarter 2019 Financial Highlights
Cash position: As of
Research and development (R&D) expenses: R&D expenses for the third quarter of 2019 were
General and administrative (G&A) expenses: G&A expenses for the third quarter of 2019 were
Net loss: For the third quarter of 2019, Trevi reported a net loss of
Founded in 2011, Trevi Therapeutics is headquartered in New Haven, CT.
About Nalbuphine ER
Nalbuphine ER is an oral extended release formulation of nalbuphine. Nalbuphine is a mixed ĸ-opioid receptor agonist and µ-opioid receptor antagonist that has been approved and marketed as an injectable for pain indications for more than 20 years in
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, statements regarding the expected timing of the re-estimation analysis for, and for reporting top-line data from, Trevi’s Phase 2b/3 PRISM trial of nalbuphine ER in patients with prurigo nodularis; the expected timing of milestones for the Company’s other ongoing and planned clinical trials; Trevi’s business plans and objectives, including future plans or expectations for Trevi’s product candidates and expectations regarding Trevi’s uses and sufficiency of capital; and other statements containing the words “believes,” “anticipates,” “plans,” “expects,” and similar expressions. Risks that contribute to the uncertain nature of the forward-looking statements include: uncertainties regarding the success, cost, and timing of the Trevi’s product candidate development activities and planned clinical trials; uncertainties regarding Trevi’s ability to execute on its strategy; the risk that positive results from a clinical trial may not necessarily be predictive of the results of future or ongoing clinical trials; potential regulatory developments in
Selected Balance Sheet Data
(amounts in thousands)
|Cash and cash equivalents||$||63,515||$||7,202|
|Stockholders' equity (deficit)||60,709||(109,494||)|
Selected Statement of Operations Data
(amounts in thousands)
|Three Months Ended
|Nine Months Ended
|Research and development||$||5,650||$||3,747||$||14,516||$||9,549|
|General and administrative||2,000||1,210||5,363||2,930|
|Total operating expenses||7,650||4,957||19,879||12,479|
|Loss from operations||(7,650||)||(4,957||)||(19,879||)||(12,479||)|
|Other income (expense), net||280||(722||)||352||(2,159||)|
|Loss before income tax benefit||(7,370||)||(5,679||)||(19,527||)||(14,638||)|
|Income tax benefit||5||25||14||75|
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Source: Trevi Therapeutics