Letter from our CEO on COVID-19
Given the challenges presented by the COVID-19 pandemic, we wanted to reassure patients, healthcare providers, and stakeholders of our continued commitment to bring to patients our potential first-in-class medicines for the treatment of chronic and life-threatening conditions.
As governments, businesses and other organizations take unprecedented measures to mitigate the spread of the outbreak, we also are taking multiple actions to support our workforce and communities in these challenging times. We have directed employees in the U.S. to work remotely where possible and have implemented protocols globally to minimize the risk of illness for our employees who need to work on-site at any one of our facilities.
During this difficult time, we continue to be inspired by our unique opportunity to leverage world-class science to benefit patients. Specifically, we continue to be focused on our goals to ensure the regulatory and commercial success of roxadustat, a potentially transformational oral medicine in patients with anemia on chronic kidney disease; accelerate pamrevlumab in the indications of idiopathic pulmonary fibrosis, locally advanced unresectable pancreatic cancer, and Duchenne muscular dystrophy; and advance innovation of our hypoxia-inducible factor and connective tissue growth factor platforms.
Our business continuity plans are in effect, and while we expect an impact to our business resulting from the COVID-19 pandemic, we remain confident that FibroGen has the resources and capabilities to achieve our stated goals. As China comes back on line, we are continuing manufacturing operations and launch efforts. We have ample drug supply to support the roxadustat launches and clinical trials in additional indications, as well as the pamrevlumab trials.
FibroGen’s $627 million in cash (includes restricted time deposits, cash equivalents, investments, and receivables) at the end of 2019, the expected milestones of $425 million over the next 18 months, and partner collaboration coverage of roxadustat development and commercialization expenses give us the financial resources to pursue our goals. Based on our current forecast, we estimate our 2020 ending cash to be in the range of $720 – $730 million and believe we are well financed for years to come.
We continue to monitor the situation closely. To our employees and patients, and to the thought-leaders, clinicians, regulators, and countless others who interact with FibroGen, please know our thoughts are with you and your families.
This release contains forward-looking statements regarding our strategy, future plans and prospects, including statements regarding the development and commercialization of the company’s product candidates, the potential business impact of the COVID-19 virus, our clinical programs and regulatory events and those of our partners, and our financial results. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions and are not historical facts and typically are identified by use of terms such as “may,” “will”, “should,” “on track,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue” and similar words, although some forward-looking statements are expressed differently. Our actual results may differ materially from those indicated in these forward-looking statements due to risks and uncertainties related to the continued progress and timing of our various programs, including the enrollment and results from ongoing and potential future clinical trials, and other matters that are described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 filed with the Securities and Exchange Commission (SEC), including the risk factors set forth therein. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update any forward-looking statement in this press release, except as required by law.