Infinity Pharmaceuticals Inc.
) 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
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
) Taxotere (docetaxel) and another in combination with
) Afinitor (everolimus) in the first half of 2013.
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.
We currently have a Neutral recommendation on Infinity Pharma.
The stock carries a Zacks Rank #4 (Sell). However, other pharma
Onyx Pharmaceuticals Inc
) carry a Zacks Rank #1 (Strong Buy).
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