GlobeNewswire Inc | Oct 21, 2020 05:00PM EDT

October 21, 2020

REDWOOD CITY, Calif., Oct. 21, 2020 (GLOBE NEWSWIRE) -- Allakos Inc. (Nasdaq: ALLK), a biotechnology company developing lirentelimab (AK002) for the treatment of eosinophil and mast cell-related diseases, today announced the publication of results from the multicenter, randomized, double-blind, placebo-controlled Phase 2 study of lirentelimab (AK002) in patients with eosinophilic gastritis and/or eosinophilic duodenitis (ENIGMA) in the New England Journal of Medicine (NEJM). All AK002 dose arms showed clinically meaningful and statistically significant benefits compared to placebo on all prespecified primary and secondary endpoints, including gastrointestinal tissue eosinophil counts and patient-reported disease symptoms. Previously announced, top-line data from the study are available here. The peer-reviewed article, Anti-Siglec-8 Antibody for Eosinophilic Gastritis and Duodenitis, will also appear in the journals print issue.

About Eosinophilic Gastritis, Eosinophilic Duodenitis, and Eosinophilic Esophagitis

Eosinophilic gastritis, eosinophilic duodenitis (previously referred to as eosinophilic gastroenteritis), and eosinophilic esophagitis are severe inflammatory orphan diseases characterized by the presence of high levels of eosinophils in the stomach, duodenum, or esophagus, respectively. Common symptoms of the diseases include severe abdominal pain, nausea, diarrhea, bloating, cramping, early satiety, loss of appetite, vomiting, dysphagia, and weight loss. The current estimated prevalence of eosinophilic gastritis and eosinophilic duodenitis inthe United Statesis approximately 50,000 people. The estimated prevalence of eosinophilic esophagitis inthe United Statesis approximately 150,000 people. The Company believes that these diseases may be significantly under-diagnosed, or misdiagnosed, as other gastrointestinal diseases. There are no treatments approved specifically for these diseases. Treatment with systemic steroids can provide symptomatic improvement, but long-term treatment with steroids is generally not possible due to the numerous side effects.Allakoshas received orphan drug designation for lirentelimab in eosinophilic gastritis, eosinophilic gastroenteritis, and eosinophilic esophagitis.

AboutAllakos

Allakosis a clinical-stage biotechnology company developing antibodies that target immunomodulatory receptors present on immune effector cells involved in allergic, inflammatory, and proliferative diseases. The Companys lead antibody, lirentelimab (AK002), is being evaluated in a Phase 3 study in eosinophilic gastritis (EG) and/or eosinophilic duodenitis (EoD) and a Phase 2/3 study in eosinophilic esophagitis (EoE). Lirentelimabtargets Siglec-8, an inhibitory receptor selectively expressed on human mast cells and eosinophils. Inappropriately activated eosinophils and mast cells have been identified as key drivers in a number of severe diseases affecting the gastrointestinal tract, eyes, skin, lungs and other organs. Lirentelimab has been tested in multiple clinical studies, in which lirentelimab eliminated blood and tissue eosinophils, inhibited mast cells and improved disease symptoms in patients with EG and/or EoD, EoE, mast cell gastrointestinal disease, severe allergic conjunctivitis, chronic urticaria and indolent systemic mastocytosis.For more information, please visit the Company's website at www.allakos.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, Allakos progress and business plans. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially from current expectations and beliefs, including but not limited to: Allakos early stages of clinical drug development; Allakos ability to timely complete clinical trials for, and if approved, commercialize lirentelimab, its lead compound; Allakos ability to obtain required regulatory approvals for its product candidates; uncertainties related to the enrollment of patients in its clinical trials; Allakos ability to demonstrate sufficient safety and efficacy of its product candidates in its clinical trials; uncertainties related to the success of later-stage clinical trials, regardless of the outcomes of preclinical testing and early-stage trials; market acceptance of Allakos product candidates; uncertainties related to the projections of the size of patient populations suffering from the diseasesAllakosis targeting; Allakos ability to advance additional product candidates beyond lirentelimab; Allakos ability to obtain additional capital to finance its operations; and other important risk factors set forth in Allakos most recent Annual Report on Form 10-K filed with theSEConFebruary 25, 2020, Quarterly Report on Form 10-Q filed with theSEConAugust 10, 2020and future reports to be filed with theSEC. These documents contain and identify important factors that could cause the actual results forAllakosto differ materially from those contained in Allakos forward-looking statements. Any forward-looking statements contained in this press release speak only as of the date hereof, andAllakosspecifically disclaims any obligation to update any forward-looking statement, except as required by law. These forward-looking statements should not be relied upon as representing Allakos views as of any date subsequent to the date of this press release.

Source: Allakos Inc.

Investor Contact:Adam Tomasi, President and COOir@allakos.com

Media Contact:Denise Powelldenise@redhousecomms.com