Infinity Provides Pipeline Update - Analyst Blog
11 January 2013 - 11:20PM
Zacks
Infinity Pharmaceuticals
Inc. (INFI) recently provided an update on its pipeline
and issued its guidance for 2013. The company expects to report
data from both its development programs - phosphoinositide-3-kinase
(PI3K) and heat shock protein 90 (Hsp90) - in the first half of
2013.
These two programs target areas
like hematologic malignancies, inflammatory diseases and non-small
cell lung cancer (NSCLC). Candidates in Infinity Pharma’s PI3K
inhibitor program include IPI-145 and IPI-443 among others.
The company is developing IPI-145
for the treatment of hematologic malignancies and expects to
initiate around five cohort expansions in its ongoing phase I trial
of the candidate by the first half of this year. The company
expects to determine the phase II dose of the candidate in the
first half of 2013 and initiate at least two additional studies on
IPI-145 this year.
Infinity Pharma is also evaluating
IPI-145 for rheumatoid arthritis and mild, allergic asthma. The
company plans to initiate a phase II study in the first half of
2013 in rheumatoid arthritis and provide an update on a phase IIb
study in the second half of the year in allergic asthma
patients.
The company is set to file an
Investigational New Drug (IND) application with the US Food and
Drug Administration (FDA) for the initiation of a phase I study on
IPI-443 after completing its non-clinical studies on the candidate
by year end.
Meanwhile, Infinity Pharma is
developing retaspimycin hydrochloride (HCl) which is under the
company’s Hsp90 inhibitor program. The company will be reporting
data from two studies on the candidate, one in combination with
Sanofi’s (SNY) Taxotere (docetaxel) and another in
combination with Novartis’ (NVS) Afinitor
(everolimus) in the first half of 2013.
2013 Outlook
Besides providing its pipeline
update, Infinity Pharma announced its financial guidance for 2013.
The company expects to incur around $115 million–$125 million as
operating expenses in 2013 which is lower than the company’s
current 2012 operating expense guidance of $125 million–$135
million. Infinity Pharma pegged the net loss for the year also in
the range of $115 million to $125 million.
The company expects to exit 2013
with cash and investments balance of about $210 million and $220
million. We note that the company had $327 million in cash and
investments (unaudited) at the end of 2012. Infinity Pharma
believes with its current cash position, it can easily fund its
operations till 2015.
Our
Recommendation
We currently have a Neutral
recommendation on Infinity Pharma. The stock carries a Zacks Rank
#4 (Sell). However, other pharma stocks like Onyx
Pharmaceuticals Inc. (ONXX) and Valeant
Pharma (VRX) carry a Zacks Rank #1 (Strong Buy).
INFINITY PHARMA (INFI): Free Stock Analysis Report
NOVARTIS AG-ADR (NVS): Free Stock Analysis Report
ONYX PHARMA INC (ONXX): Free Stock Analysis Report
SANOFI-AVENTIS (SNY): Free Stock Analysis Report
VALEANT PHARMA (VRX): Free Stock Analysis Report
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