COMPASS Pathways Announces Q2 Results and Highlights

August 04, 2022 07:00 ET | Source: COMPASS Pathways

Highlights:

Kabir Nath appointed as Chief Executive Officer
Phase III program submitted to FDA and under review
COMP360 phase II study in anorexia nervosa launched
Cash position at 30 June 2022 of $207.2 million
Conference call today at 8:00am ET (1:00pm UK)

COMPASS Pathways plc (Nasdaq: CMPS) (“COMPASS”), a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health, today reported its financial results for the second quarter 2022 and gave an update on recent progress across its business.

George Goldsmith, Executive Chairman of COMPASS Pathways, said, “Our decision to appoint Kabir Nath as our new CEO comes at the ideal time as we enter the late stages of COMP360 development and plan for regulatory approval and commercialization. Kabir’s dedication to our mission, extensive experience in leading the commercialization of innovative therapies and track record of successful strategic growth are precisely what COMPASS needs to advance our goal to bring COMP360 psilocybin therapy to the large number of patients who are not currently served by existing treatments. I look forward to working closely with him as Chairman.”

Goldsmith continued, “Following our end of phase II meeting with FDA, we have submitted our Phase 3 protocols and they are under review. We are pleased with the progress and remain on track to start our phase III clinical program this year. We also continue to expand our clinical development of COMP360 therapy with the commencement of a phase II study in anorexia nervosa, a condition of significant unmet need for which there are no FDA approved pharmacological treatment options.”

Business highlights

COMPASS expands leadership:

Kabir Nath appointed as Chief Executive Officer
- Most recently served as Senior Managing Director of global pharmaceuticals at Otsuka Pharmaceutical Co., Ltd. and previously as President and CEO of Otsuka’s North America Pharmaceutical Business

George Goldsmith remains COMPASS’ Executive Chairman until 31 December 2022 to facilitate the transition, and will remain as active Chairman after that
- Goldsmith will continue helping shape COMPASS’ leadership in public-private partnerships, advocacy and policy efforts to improve outcomes in mental health at scale

COMP360 psilocybin therapy in treatment-resistant depression (TRD):

End-of-phase II meeting held with FDA in April 2022, phase III protocols have been submitted to FDA and are under review
Design of phase III program to be shared at a virtual investor day planned for on 12 October
- Event will also cover commercial strategy, digital tools, and pipeline including KOL perspectives