LEXINGTON, Mass. - Voyager Therapeutics, Inc. (NASDAQ:VYGR), a biotechnology firm specializing in neurogenetic medicine development, today announced the selection of a new gene therapy development candidate. This selection, made in collaboration with Neurocrine (NASDAQ:NBIX) Biosciences, Inc., is for a potential treatment of an undisclosed neurological disease and has triggered a $3 million milestone payment to Voyager.
The chosen candidate utilizes a novel capsid from Voyager's proprietary TRACER™ capsid discovery platform, capable of crossing the blood-brain barrier through intravenous administration. The company anticipates the milestone payment in the fourth quarter of 2024 and may receive further payments contingent on the program's progression.
This marks the third candidate nominated through the partnership with Neurocrine, following previous nominations for Friedreich’s ataxia and GBA1 Parkinson’s disease. Voyager's CEO, Alfred W. Sandrock, Jr., M.D., Ph.D., emphasized the strategic collaboration agreement with Neurocrine Biosciences, established in 2023, which includes research, development, manufacturing, and commercialization of gene therapy products targeting Parkinson’s disease and other GBA1-mediated diseases, among other programs.
Under the collaboration terms, Voyager could receive up to $175 million in development milestones per undisclosed program, in addition to substantial commercial milestones and royalties on net sales both in the U.S. and internationally. Neurocrine Biosciences will fund the development of each program.
The TRACER™ Capsid Discovery (NASDAQ:WBD) Platform has been instrumental in identifying novel AAV capsids that have demonstrated potential in preclinical studies for wide-ranging CNS delivery and transduction following intravenous dosing. This technology underpins Voyager's pipeline, which includes therapies for Alzheimer’s disease, ALS, Parkinson’s disease, and other CNS conditions.
This news is rooted in a press release statement and reflects Voyager's ongoing efforts in gene therapy research and its collaboration with Neurocrine Biosciences. The company's pipeline and technology platforms, such as TRACER, continue to play a critical role in the development of treatments for neurological diseases.
In other recent news, Voyager Therapeutics has secured a one-time payment of $15 million from Novartis (LON:0QLR) (SIX:NOVN) Pharma AG, following an amendment to their 2022 Option and License Agreement. The amendment, effective September 3, 2024, grants Novartis an additional exclusive license to a capsid developed by Voyager's TRACER platform for developing and commercializing products. Additionally, Voyager could receive up to $130 million in development, regulatory, and commercialization milestone payments for the first product to reach these milestones.
The biotechnology firm has also reported their second quarter financial results for 2024, which included an update on their central nervous system (CNS) focused pipeline and adeno-associated virus (AAV) capsid discovery platform, TRACER. Voyager Therapeutics is currently evaluating VY7523, an anti-tau monoclonal antibody, in a Phase 1a trial with healthy volunteers. Further, the company has initiated Good Laboratory Practice (GLP) toxicology studies for VY9323, a wholly-owned gene therapy aiming to silence the SOD1 gene in patients with SOD1-driven amyotrophic lateral sclerosis (SOD1-ALS).
H.C. Wainwright maintained its Buy rating on Voyager Therapeutics, highlighting the company's advancing CNS pipeline. The firm anticipates updates that could influence Voyager Therapeutics' valuation. In the earnings call, the company stated that with a strong cash position of approximately $371 million, it expects to sustain operations through 2027, anticipating multiple clinical data readouts. These are the most recent developments for Voyager Therapeutics.
InvestingPro Insights
Voyager Therapeutics' recent announcement of a new gene therapy development candidate marks another significant step in their collaboration with Neurocrine Biosciences. As the company progresses, it's noteworthy to consider its financial health and market performance, which can provide investors with a broader context for this development.
One of the key InvestingPro Tips for Voyager Therapeutics highlights that the company holds more cash than debt on its balance sheet. This is a positive sign for stakeholders, as it suggests a degree of financial stability and resilience, which could be particularly beneficial as the company continues to invest in its innovative gene therapy pipeline.
Another tip indicates that Voyager Therapeutics is trading at a low revenue valuation multiple. In the competitive biotech industry, where revenue growth is a critical metric, this could imply that the company's stock is undervalued relative to its sales, presenting a potential opportunity for investors.
From the InvestingPro Data, Voyager Therapeutics has a market capitalization of $340.83 million, reflecting its size and the market's valuation of the company. The P/E ratio stands at 34.66, which may be considered high, indicating that investors have high expectations for the company's future earnings. Additionally, the company's revenue for the last twelve months as of Q2 2024 is reported at $143.77 million, although it has experienced a revenue decline of 26.22% during the same period.
For those seeking a deeper analysis, there are additional InvestingPro Tips available at InvestingPro, providing further insights into Voyager Therapeutics' financials and market position.
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