Infinity Pharmaceuticals Inc. (INFI) is an innovative drug discovery and development company with a therapeutic focus on oncology and difficult-to-treat diseases.
For readers who are new to Infinity Pharma, here's a brief overview of the company...
Infinity Pharma has three product candidates under clinical development and a fourth is expected to enter the clinic in the coming months.
The company's compounds in clinical development include :
- IPI-926, an oral molecule to treat cancers by disrupting malignant activation of the Hedgehog pathway. The Hedgehog pathway is implicated in the development of some cancers. IPI-926 is under phase II development for pancreatic cancer and chondrosarcoma, a common type of bone cancer. An exploratory phase II clinical trial of IPI-926 in patients with myelofibrosis, an incurable malignancy of the bone marrow, is expected to begin this quarter. (3Q).
- IPI-504, an intravenously administered, potent and selective heat shock protein 90 (Hsp90) inhibitor to treat cancers. This compound is being evaluated in a phase II clinical trial in combination with chemotherapy drug Taxotere for non-small cell lung cancer. Data from this trial is expected in October of 2012.
- IPI-940, an orally administered inhibitor of fatty acid amide hydrolase, for the treatment of a broad range of painful conditions and inflammatory diseases. Following encouraging topline data from phase 1 study of IPI-940 last October, the compound is expected to be advanced into phase II development for treating pain this year.
- IPI-145, a potent orally-available, inhibitor of phosphoinositide-3-kinase (PI3K) delta and PI3K gamma, for inflammatory diseases as well as hematologic cancers is expected to enter clinical development in the second half of 2011.
Privately-held Purdue Pharmaceutical Products L.P. and Mundipharma International Corp. Ltd are Infinity Pharma's strategic partners for Hedgehog pathway, PI3K and fatty acid amide hydrolase programs. Infinity Pharma obtained global development and commercialization rights to private biotherapeutics company Intellikine Inc.'s portfolio of inhibitors of the delta and gamma isoforms of phosphoinositide-3-kinase (PI3K) under an agreement signed in July 2010.
Mundipharma has commercialization rights outside of the United States for products arising out of Infinity Pharma's Hedgehog pathway inhibitor program and PI3K inhibitor program. As regards the fatty acid amide hydrolase programs, Purdue and Mundipharma are responsible for its full funding, and Infinity Pharma is entitled to worldwide royalties of up to 20% on any successfully-developed products. Infinity Pharma doesn't have a strategic alliance for the Hsp90 chaperone inhibitor program.
Infinity Pharma has no approved products and has generated no product revenue from sales. The company's revenues to date have been generated under research collaboration agreements. As of June 30, 2011, the company had an accumulated deficit of $243.0 million.
Looking ahead, the company continues to expect net loss for 2011 to range from $30 million to $40 million, or $1.13 to $1.50 on a per share basis. Revenue for the year is forecast in the range of $90 million to $95 million, all related to the company's strategic alliance with Mundipharma and Purdue. In 2010, the company incurred a net loss of $48.98 million or $1.86 per share on revenue of $71.3 million.
The company estimates year-end cash and investments balance for 2011 to range between $110 million and $120 million.
Infinity Pharma went public on Nasdaq in May 2006 following a "reverse merger" with Discovery Partners International.
Infinity Pharma shares have a 52-week price range of $4.59 to $10.42. The stock closed Friday's trading with a 6.75 percent gain at $7.12.
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