BerGenBio ASA: Results for the Third Quarter 2018

 

· Phase II data in NSCLC with bemcentinib/KEYTRUDA combination: First stage of
trial in previously treated patients reported 40% ORR and ca. 6 months median
PFS in AXL positive patients, stage 2 actively enrolling patients
  · Additional NSCLC data: Bemcentinib/TARCEVA phase II combination trial in
first line EGFRm patients reported that median PFS has surpassed that of TARCEVA
monotherapy, encouraging efficacy reported in combination trial with docetaxel
in later line patients
  · Pipeline update: IND filed for AXL antibody BGB149
Bergen, Norway, 13 November 2018 - BerGenBio ASA (OSE: BGBIO), a clinical-stage
biopharmaceutical company developing novel, selective AXL kinase inhibitors for
multiple cancer indications, announces its results for the third quarter 2018. A
presentation of the results by the Company's management will take place today at
10.00 am CET in Oslo - details below.

Richard Godfrey, Chief Executive Officer of BerGenBio, commented: "We are
pleased with the progress of our phase II clinical development programme with
our selective AXL inhibitor bemcentinib, particularly in NSCLC. The observed
correlation between patient response and positive AXL status in our combination
trial with KEYTRUDA gives us confidence in bemcentinib's proposed mode of action
and its broad appeal as a promising new agent treating aggressive cancer. The
next six to nine months will be an exciting time for the company as we
anticipate further clinical data from our phase II trials, particularly in NSCLC
and acute myeloid leukaemia."

Highlights - Third Quarter & 2018

Bemcentinib/KEYTRUDA® combination in advanced non-small cell lung cancer (NSCLC)
delivers highly promising phase II clinical results

  · 40% overall response rate & 70% clinical benefit rate observed in AXL
-positive, previously treated NSCLC patients, including PD-L1 negative patients
(data presented at World Conference on Lung Cancer (WCLC))
  · 5.9 months median progression-free-survival (PFS) in AXL positive vs. 3.3
months in AXL negative patients presented as late breaking abstract at Society
Immunotherapy of Cancer congress (SITC, post-period)
  · Efficacy endpoint met and stage two of the trial actively enrolling

Additional lung cancer phase II trials show promise for bemcentinib in
combination with chemo- and targeted agents

  · Median PFS of NSCLC patients receiving the bemcentinib/TARCEVA® combination
in first line has surpassed that of TARCEVA monotherapy (data presented at WCLC)
  · Encouraging efficacy reported for bemcentinib in combination with docetaxel
chemotherapy in patients who had exhausted all available therapy options (data
presented at WCLC)

Tissue- and blood-based biomarkers with potential for development as companion
diagnostics

  · Novel biomarkers identified and qualified across multiple clinical trials
with bemcentinib, presented as poster discussion at European
Society for Medical Oncology meeting (ESMO) and SITC 2018 (post period)

Arbitration process with Rigel Pharma Inc.

  · The Company is seeking clarification of interpretation and application of
certain provisions of the 2011 bemcentinib license agreement

Anticipated data and news flow in the coming months

  · AML and MDS mono- and combination therapy at ASH 2018
  · Stage 2 of bemcentinib/KEYTRUDA combination trial in H1 2019
  · IND filed for BGB149, first in class AXL function blocking antibody (post
period)

Financial Highlights
(Figures in brackets = same period 2017 unless otherwise stated)

  · Total operating expenses for the third quarter were NOK 38.1 million (NOK
36.6 million). Total operating expenses for the first nine months of 2018
amounted to NOK 143.6 million (NOK 136.2 million)
  · Research and development expenses accounted for 75.3 % of total operating
expenses in Q3, and 72.3 % for the first nine months of 2018
  · Comprehensive loss for the third quarter amounted to NOK 37.7 million (loss
of NOK 35.4 million). Comprehensive loss for the first nine months of 2018 was
NOK 140.7 million (loss of NOK 134.6 million)
  · Cash and cash equivalents amounted to NOK 398.2 million at the end of
September 2018 (NOK 440.3 million at 30 June 2018 and NOK 370.3 million at 31
December 2017)

Presentation and Webcast Details

A presentation by BerGenBio's senior management team will take place at 10.00 am
CET at:

Hotel Continental, Stortingsgaten 24/26, 0117 Oslo

The presentation will webcast live and the link will be available
at www.bergenbio.com in the section Investors/ Financial Reports. A recording
will be available shortly after the webcast has finished.

The results report and the presentation will be available
at www.bergenbio.com in the section: Investors/ Financial Reports from 7:00 am
CET the same day.

-End-

About AXL

AXL kinase is a cell membrane receptor and an essential mediator of the
biological mechanisms that drive aggressive and life-threatening diseases. In
cancer, AXL drives tumour survival, treatment resistance and spread, as well as
suppressing the body's immune response to tumours. AXL expression has been
established as a negative prognostic factor in many cancers. AXL inhibitors,
therefore, have potential value at the centre of cancer combination therapy,
addressing significant unmet medical needs and multiple high-value market
opportunities.

About BerGenBio ASA

BerGenBio is a clinical-stage biopharmaceutical company focused on developing
transformative drugs targeting AXL as a potential cornerstone of therapy for
advanced and aggressive cancers. The company's proprietary lead candidate,
bemcentinib, is a potentially first-in- class selective AXL inhibitor in a broad
phase II clinical development programme. Ongoing clinical trials are
investigating bemcentinib in multiple solid and haematological tumours, in
combination with current and emerging therapies (including immunotherapies,
targeted therapies and chemotherapy), and as a single agent.

In parallel, BerGenBio is developing a companion diagnostics test to identify
patient populations most likely to benefit from bemcentinib: this is expected to
facilitate more efficient registration trials and support a precision medicine
-based commercialisation strategy.

BerGenBio is based in Bergen, Norway with a subsidiary in Oxford, UK. The
company is listed on the Oslo Stock Exchange (ticker: BGBIO). www.bergenbio.com

Contacts

Richard Godfrey CEO, BerGenBio ASA
+47 917 86 304

Rune Skeie, CFO, BerGenBio ASA
rune.skeie@bergenbio.com
+47 917 86 513

International Media Relations

David Dible, Mark Swallow, Marine Perrier, Citigate Dewe Rogerson
bergenbio@citigatedewerogerson.com
+44 207 638 9571

Media Relations in Norway

Jan Petter Stiff, Crux Advisers
stiff@crux.no
+47 995 13 891

Forward looking statements

This announcement may contain forward-looking statements, which as such are not
historical facts, but are based upon various assumptions, many of which are
based, in turn, upon further assumptions. These assumptions are inherently
subject to significant known and unknown risks, uncertainties and other
important factors. Such risks, uncertainties, contingencies and other important
factors could cause actual events to differ materially from the expectations
expressed or implied in this announcement by such forward-looking statements.

This information is subject to the disclosure requirements pursuant to section 5
-12 of the  

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