Millendo loss grows on drug development expenses

ANN ARBOR—Millendo Therapeutics Inc. (Nasdaq: MLND), a pharmaceutical startup focused on developing novel treatments for orphan endocrine diseases, provided a corporate update and reported financial results for the year ended Dec. 31.

The company reported a net loss of $44.6 million, compared to a loss of $27.2 million in 2018, due to higher drug development expenses.

“With an additional $34.7 million in gross proceeds from our successful financing in December 2019 as well as sales under our ATM facility, we are pleased that our current cash position is expected to support our capital needs into 2022,” said Louis J. Arcudi III, CFO.

Millendo is currently advancing livoletide for the treatment of Prader-Willi syndrome, nevanimibe for the treatment of classic congenital adrenal hyperplasia and MLE-301 for the treatment of vasomotor symptoms associated with menopause.

Prader-Willi syndrome is a complex genetic condition that affects many parts of the body. In infancy, this condition is characterized by weak muscle tone, feeding difficulties, poor growth, and delayed development. Beginning in childhood, affected individuals develop an insatiable appetite, which leads to chronic overeating and obesity.

Congenital adrenal hyperplasia (CAH) is a group of inherited genetic disorders that affect the adrenal glands. A child with classic CAH may experience:

  • A lack in the production of cortisol in both the salt-losing and simple-virilizing forms. Most of the problems caused by classic CAH are related to a lack of cortisol, which plays an important role in regulating blood pressure, maintaining blood sugar and energy levels, and protecting the body against stress.
  • A lack in the production of aldosterone in the salt-losing form. This can lead to low blood pressure, a lower sodium level and a higher potassium level. Sodium and potassium normally work together to help maintain the right balance of fluids in the body.
  • Excess production of the male sex hormones (androgens such as testosterone). This can result in short height, early puberty, and in females, abnormal genital development while in the womb.

“The year 2020 will be an exciting one for Millendo as we continue to advance and build our pipeline of novel treatments for endocrine diseases,” said Julia C. Owens, president and CEO. With an important topline data readout for livoletide from our pivotal ZEPHYR study in PWS expected in early second quarter, we look forward to building an integrated commercial organization to support future plans for what could be the first pharmacological treatment to address hyperphagia in patients with PWS.”

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