 CAMBRIDGE, Mass., Aug. 11, 2020 GLOBE NEWSWIRE -- Generation Bio Co. Nasdaq: GBIO, an innovative genetic medicines company creating a new class of non-viral gene therapy, today reported recent business highlights and second quarter financial results. The first half of 2020 has seen meaningful progress for Generation Bio, punctuated by the recent successful completion of our initial public offering, said Geoff McDonough, M.D., president and chief executive officer of Generation Bio. Our team continues to advance our science with efficiency, despite the uncertainties with the COVID-19 pandemic. Combined with our strong balance sheet, we are well-positioned to further develop our diverse portfolio for both rare and prevalent diseases.Recent Business Highlights Appointment of Matthew Norkunas, M.D., MBA as Chief Financial Officer: In July 2020, Generation Bio further strengthened its leadership team with the appointment of Dr. Norkunas, to chief financial officer. Previously, Dr. Norkunas served as chief financial officer at SomaLogic, Inc., and as a senior equity analyst at Marsico Capital Management. Dr. Norkunas began his career as a practicing anesthesiologist, after receiving a B.A. from St. Marys College of Maryland, an M.D. from the University of Maryland School of Medicine, and later received an MBA from Columbia Business School. 230 Million Initial Public Offering IPO Successfully Completed: On June 16, 2020, Generation Bio sold 12,105,263 shares of common stock at an initial public offering price of 19.00 per share in its IPO, including 1,578,947 additional shares of common stock issued upon the exercise in full by the underwriters of their option to purchase additional shares. The gross proceeds of the offering, before deducting the underwriting discount and commissions and other offering expenses payable by Generation Bio, were approximately 230.0 million. Second Quarter 2020 Financial Results Cash Position: Cash, cash equivalents and marketable securities were 301.1 million as of June 30, 2020, which includes the 230.0 million in gross proceeds from the companys IPO completed in June 2020. RD Expenses: Research and development RD expenses were 13.5 million for the quarter ended June 30, 2020 compared to 12.2 million for the same period of 2019. GA Expenses: General and administrative GA expenses were 4.3 million for the quarter ended June 30, 2020 compared to 3.1 million for the same period of 2019. Net Loss: Net loss was 17.7 million for the quarter ended June 30, 2020 compared to 15.0 million for the same period of 2019.About Generation BioGeneration Bio is an innovative genetic medicines company focused on creating a new class of non-viral gene therapy to provide durable, redosable treatments for people living with rare and prevalent diseases. The companys non-viral platform incorporates a proprietary, high-capacity DNA construct called closed-ended DNA, or ceDNA; a cell-targeted lipid nanoparticle delivery system, or ctLNP; and an established, scalable capsid-free manufacturing process. The platform is designed to enable multi-year durability from a single dose of ceDNA and to allow titration and redosing if needed. The ctLNP is designed to deliver large genetic payloads, including multiple genes, to specific tissues to address a wide range of indications. The companys efficient, scalable manufacturing process supports Generation Bios mission to extend the reach of gene therapy to more people, living with more diseases, in more places around the world.For more information, please visit StatementsAny statements in this press release about future expectations, plans and prospects for the Company, including statements about its strategic plans or objectives, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: uncertainties inherent in the identification and development of product candidates, including the conduct of research activities, the initiation and completion of preclinical studies and clinical trials and clinical development of the Companys product candidates; uncertainties as to the availability and timing of results from preclinical studies and clinical trials; whether results from preclinical studies will be predictive of the results of later preclinical studies and clinical trials; expectations for regulatory approvals to conduct trials or to market products; challenges in the manufacture of genetic medicine products; the Companys ability to obtain sufficient cash resources to fund the Companys foreseeable and unforeseeable operating expenses and capital expenditure requirements; the impact of the COVID-19 pandemic on the Companys business and operations; as well as the other risks and uncertainties set forth in the Risk Factors section of the Companys final prospectus for its initial public offering filed pursuant to Rule 424b4 under the Securities Act of 1933, as amended with the Securities and Exchange Commission, the Companys most recent quarterly report on Form 10-Q, which will be filed with the Securities and Exchange Commission, and in subsequent filings the Company may make with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent the Companys views as of the date hereof. The Company anticipates that subsequent events and developments will cause the Companys views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Companys views as of any date subsequent to the date on which they were made.Contacts:Investors Chelcie Lister THRUST Strategic Communications 910-777-3049Media Stephanie Simon Ten Bridge Communications 617-581-9333GENERATION BIO CO. CONSOLIDATED BALANCE SHEET DATA unaudited in thousands June 30, 2020 December 31, 2019 Cash, cash equivalents and marketable securities 301,086 15,076 Working capital 294,641 8,998 Total assets 331,202 42,140 Convertible preferred stock 115,593 Total stockholders equity deficit 304,153 98,592 GENERATION BIO CO. CONSOLIDATED STATEMENTS OF OPERATIONS unaudited in thousands, except share and per share data Three Months Ended June 30, 2020 2019 Operating expenses: Research and development 13,456 12,237 General and administrative 4,308 3,098 Total operating expenses 17,764 15,335 Loss from operations 17,764 15,335 Other income expense: Interest income and other income expense, net 33 303 Net loss and net loss attributable to common stockholders 17,731 15,032 Net loss per share attributable to common stockholders, basic and diluted 1.50 3.30 Weighted average common shares outstanding, basic and diluted 11,801,704 4,557,517 