Corbus Pharma (NASDAQ: CRBP) reported Q4 EPS of ($0.30), $0.04 worse than the analyst estimate of ($0.26). Revenue for the quarter came in at $1.93 million versus the consensus estimate of $920 thousand.

• Entered into strategic collaboration with Kaken Pharmaceutical Co., Ltd. for the development and commercialization of lenabasum in Japan. Deal included a $27 million upfront payment, up to $173 million of additional potential milestone payments and double-digit royalties;
• Appointed Craig Millian as Chief Commercial Officer to lead global marketing and commercialization strategies;
• Announced the successful closing of $40 million public offering of common stock;
• Strengthened lenabasum intellectual property protection through 2034 with issuance of four U.S. patents (#’s10,154,986, 10,085,964, 9,801,849 and 9,820,964) covering composition of matter and broad use in inflammatory and fibrotic diseases;
• Initiated Phase 3 lenabasum study in dermatomyositis (DM), titled “DETERMINE”; and
• Presented ongoing Phase 2 lenabasum open label extension (OLE) data for both Systemic Sclerosis and Dermatomyositis at the 2018 American College of Rheumatology (ACR) Annual Meeting and the 2018 Annual European Congress of Rheumatology Meeting (EULAR).

“2018 was a year of significant progress for Corbus. We made meaningful advancements in the clinical development of lenabasum, and we also completed two transformational commercial transactions, which expanded our clinical pipeline and broadened our global commercial opportunity. We believe the acquisition of more than 600 ECS-targeting drug candidates will fuel sustained growth of our platform and cement our leadership position in the field. The most advanced candidate, CRB-4001, is expected to enter Phase 1 clinical study later this year and to be followed by a Phase 2 study in patients with NASH. Our strategic collaboration with Kaken Pharmaceutical in Japan is our first step towards commercializing lenabasum in key markets outside of the United States,” commented Yuval Cohen, Ph.D., Chief Executive Officer of Corbus.

Dr. Cohen continued, “Looking ahead, we are focused on positioning the Company for a successful commercial launch of lenabasum, following potential U.S. FDA approval in 2021. We are excited for the opportunities ahead and look forward to continuing to develop meaningful solutions for patients, while driving value for our shareholders.”

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