Cascadian Therapeutics Announces Proposal for Reverse Stock Split

On October 4, 2016 Cascadian Therapeutics (NASDAQ:CASC), a clinical-stage biopharmaceutical company, reported that its board of directors has approved a plan for a reverse split of the Company’s common stock to increase its share price and reduce the number of authorized and outstanding shares (Press release, Cascadian Therapeutics, OCT 4, 2016, View Source [SID:SID1234515581]).

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"The board and management have worked diligently on several facets of the Company this year to position it for the future, including bringing in new management, and solidifying our product development and regulatory strategies. With this action, we are helping ensure that the necessary financial structure is in place to execute our plans," said Scott Myers, President and CEO of Cascadian Therapeutics. "We believe this proposed change will make our stock accessible to a wider range of institutional investors, benefiting all stockholders."

Cascadian is advancing tucatinib (ONT-380), its lead product candidate in Phase 2 development for HER2+ metastatic breast cancer patients, with and without brain metastases. The Company plans to report updated clinical data from its Phase 1b tucatinib combination study with capecitabine and trastuzumab at the San Antonio Breast Cancer Symposium in December. It also expects to provide an update during the fourth quarter on its regulatory strategy for tucatinib.

Cascadian plans to hold a special meeting on November 18, 2016 at the Company’s headquarters to obtain stockholder approval of the reverse split, proposed at a ratio of not less than 1-for-4 and not greater than 1-for-10, and to reduce the total authorized shares of the Company’s common stock by a ratio of two times (2x) the reverse split ratio. The Company believes these proposals will provide shares to operate and fund the Company’s programs. The Cascadian board of directors will set the exact range and timing of the reverse split and share reduction of authorized common stock at its discretion following approval by stockholders and before December 31, 2016. The Company filed a preliminary proxy statement regarding the special meeting with the U.S. Securities and Exchange Commission. The preliminary proxy statement and the Company’s 2015 annual report can be accessed for free at www.sec.gov. The Company’s 2015 annual report can also be accessed for free on SEDAR in Canada. Investors are encouraged to read the preliminary proxy statement because it includes important information regarding the special meeting.

Our board of directors is soliciting proxies in connection with this special meeting. Directors and executive officers of Cascadian have no substantial interests, directly or indirectly, in the matters to be voted upon at the special meeting, except to the extent of their ownership of shares of Cascadian’s common stock and securities convertible to or exercisable for common stock.

Corvus Pharmaceuticals to Present Data on Lead Oral Checkpoint Inhibitor CPI-444 at ESMO 2016 Congress

On October 4, 2016 Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS), a clinical-stage biopharmaceutical company focused on the development and commercialization of novel immuno-oncology therapies, reported that it will present preclinical data and preliminary biomarker data from its ongoing Phase 1/1b study of CPI-444 as a single agent, and in combination with Genentech’s TECENTRIQ (atezolizumab), in poster presentation sessions at the European Society for Medical Oncology (ESMO) (Free ESMO Whitepaper) 2016 Congress, which is taking place October 7-11 at the Bella Center in Copenhagen, Denmark (Press release, Corvus Pharmaceuticals, OCT 4, 2016, View Source;p=RssLanding&cat=news&id=2209051 [SID:SID1234515572]).

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The ESMO (Free ESMO Whitepaper) abstracts are now available at www.esmo.org. Following are details for each poster presentation.

SUNDAY, OCTOBER 9
ABSTRACT #: 1068P
ABSTRACT TITLE: Adenosine A2A receptor antagonist, CPI-444, blocks adenosine-mediated T cell suppression and exhibits anti-tumor activity alone and in combination with anti-PD-1 and anti-PD-L1
POSTER PRESENTER: Stephen Willingham, Ph.D., Senior Scientist, Corvus
POSTER PRESENTATION TIME: 13:00-14:00 CEST
POSTER DISPLAY LOCATION: Hall E

ABSTRACT #: 1105TIP
ABSTRACT TITLE: Phase 1/1b multicenter trial of the adenosine A2a receptor antagonist (A2aR) CPI-444 as single agent and in combination with atezolizumab (ATZ) in patients (Pts) with advanced cancers
POSTER PRESENTER: Ginna G. Laport, M.D., Vice President, Clinical Development, Corvus
POSTER PRESENTATION TIME: 13:00-14:00 CEST
POSTER DISPLAY LOCATION: Hall E

MONDAY, OCTOBER 10
ABSTRACT #: 389P
ABSTRACT TITLE: Biomarker and clinical activity of CPI-444, a novel small molecule inhibitor of A2A receptor (A2AR), in a Phase 1b study in advanced cancers
POSTER PRESENTER: Ian McCaffery, Ph.D., Vice President, Translational Sciences, Corvus
POSTER PRESENTATION TIME: 13:00-14:00 CEST
POSTER DISPLAY LOCATION: Hall E

Asana BioSciences Announces Acceptance of Its Third IND Application in Oncology

Asana BioSciences, LLC, an oncology-focused, clinical stage biopharmaceutical company, reported that the FDA has accepted the IND application for ASN003, a selective RAF/PI3K inhibitor (Press release, Asana BioSciences, OCT 4, 2016, View Source [SID:SID1234515590]).

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"We are extremely pleased with the execution of our strategy to work on clinically validated targets and develop drugs that are clearly differentiated from the competition," said Sandeep Gupta, PhD, Founder, President and Chief Executive Officer at Asana BioSciences. Using a unique, virtual and efficient operating model, Asana is focused on the development of ‘best-in-class’ drugs that are expected to offer significant benefit over the existing standards of care and address unmet medical needs. "To the best of our knowledge, ASN003 is the only molecule in development that selectively targets both RAF and PI3 kinase pathways. This program represents Asana’s 3rd successful IND in oncology in less than two years, and several other lead molecules from our pipeline are positioned to enter clinical development in the near future," stated Dr. Gupta.

The Phase I, open-label, dose-finding and cohort expansion study will evaluate safety and tolerability of ASN003 as well as preliminary efficacy in patients with advanced solid tumors with RAF or PI3K pathway alterations. The RAS-RAF-MEK and PI3K pathways are two major signaling pathways involved in abnormal cell growth and are frequently mutated in melanoma and other cancers, such as colon and lung cancer. Dual targeting of RAF and PI3K pathways with ASN003 has the potential to overcome and/or delay acquired resistance to selective RAF inhibitors and may thus result in improved activity against cancers driven by both pathways.

Asana’s other lead candidates, ASN001 and ASN002, are in Phase I/II clinical development. ASN001, a novel and highly selective CYP17 inhibitor that does not require prednisone co-administration, targets metastatic castration resistant prostate cancer. ASN002 is a novel oral inhibitor of spleen tyrosine kinase (SYK) and Janus kinase (JAK), which is currently in Phase I/II studies in patients with non-Hodgkin’s lymphoma and solid tumors. Evaluation of ASN002 in autoimmune disease indications is also being planned. Both these programs are approaching the end of dose-finding phase of the trials, and Asana expects to announce initial safety and efficacy results early next year. ASN004 is an antibody drug conjugate (ADC) targeting 5T4-oncofetal antigen that selectively and efficiently delivers a cytotoxic agent into tumor cells, resulting in potent, selective anti-proliferative activity and complete tumor regression in multiple tumor models including breast, lung and colon. ASN007 is a novel ERK inhibitor that shows potent activity against multiple KRAS mutant driven tumor models. These programs will enter clinical development in 2H 2017.

IncellDx’s Quantitative Immuno-Oncology Assay OncoTect iO Published in New Study

On October 4, 2016 IncellDx, Inc., a single cell, precision medicine company, reported that the international peer-reviewed medical journal Cancer Immunology, Immunotherapy has published a manuscript entitled: "Quantification of PD-L1 and PD-1 expression on tumor and immune cells in non-small cell lung cancer (NSCLC) using non-enzymatic tissue dissociation and flow cytometry (Press release, IncellDx, OCT 4, 2016, View Source [SID:SID1234515589])." Dr. Bruce Patterson, MD, Founder and CEO explained that this is a novel, single cell approach to quantifying the expression of PD-L1 and PD-1 expression on tumor and immune cells in non-small cell lung cancer (NSCLC) tumor samples. The methodology has been validated on both fine needle aspiration (FNA) and tumor biopsies. The samples are non-enzymatically homogenized into single cell suspensions using IncellDx’s IncellPREP kit yielding a single-cell sample before a formalin-fixed paraffin embedded (FFPE) block is made.

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As Dr. Patterson explained, "We believe this objective quantitation of PD-L1 expression in tumor and immune cells in NSCLC will allow for better prediction of patient response to the new PD-1 immunotherapies within a work flow that is suited well for primary indications where the initial diagnosis may be made using several approaches to sampling the tumor. Further, the assay and sample preparation are automated allowing for same day turn around."

The PD-L1 and PD-1 assay is the first release of IncellDx, Inc.’s newest family of single cell, multi-parametric molecular products called OncoTect iO for immuno-oncology in a multitude of tissue types. The paper is now available online at View Source

Altor BioScience Corporation and NantKwest Inc. Announce Co-Development Agreement to Advance Innovative Natural Killer Cell Combination Immunotherapies for the Treatment of Cancer

On October 4, 2016 Altor BioScience Corporation (Altor), a leading developer of novel cytokine-based immunotherapeutics for cancer and infectious diseases and NantKwest Inc. (Nasdaq: NK), a clinical-stage immunotherapy company focused on harnessing the unique power of off-the-shelf Natural Killer (NK) cells to treat cancer, infectious diseases and inflammatory disorders reported the establishment of a co-development agreement focused on Altor’s lead candidates developed from its proprietary technology platforms, based on cytokines Interleukin-15 (IL-15) and Interleukin-2 (IL-2), that are currently in several Phase 1/2 clinical trials for hematologic and solid tumors (Press release, NantKwest, OCT 4, 2016, http://ir.nantkwest.com/phoenix.zhtml?c=254059&p=RssLanding&cat=news&id=2209112 [SID1234515586]).

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Under the terms of the agreement, Altor and NantKwest will exclusively collaborate on the development of therapeutic applications combining Altor’s proprietary IL-15 superagonist (ALT-803) and its single-chain T cell receptor/IL-2 fusion protein (ALT-801) products with NantKwest’s proprietary NK cell therapy platforms for oncology indications. Financial terms of this co-development are not disclosed.

Hing C. Wong, Ph.D., Altor’s founder and CEO stated, "This partnership is a significant strategic collaboration for Altor and NantKwest. We believe there are significant opportunities to develop groundbreaking NK cell-based therapies using ALT-803 and ALT-801 in concert with NantKwest’s proprietary NK cell therapy and guided by a comprehensive genomic and proteomic molecular analysis using GPS cancer in the war against cancer. As Altor’s immunotherapeutic platform can play a key role in activating NK and T cells, we are enthusiastic to explore the synergy of this collaboration and rapidly advance clinical evaluation of these combination therapies in patients with cancer. Cell-based therapy combinations with Altor’s proprietary immunotherapeutics are an important component of our corporate strategy and we are excited to participate in the Cancer Moonshot 2020 program and the QUILT trials."

Patrick Soon-Shiong, M.D., FRCS (C), FACS, NantKwest’s CEO, commented, "Cell based therapies and comprehensive genomic, transcriptomic and proteomic analysis of the tumor tissue represents the future of precision immuno-oncology and the opportunity to bring the potential of 21st century medicine to patients today. As an off-the-shelf therapy, NantKwest’s proprietary, natural killer cell therapy offers a simple, easy-to-use therapy that we believe can become the standard of care for a broad range of cancer types. Recognizing the importance of omics guided (www.gpscancer.com) combination therapy to further improve therapeutic effectiveness and patient outcomes, the Cancer MoonShot 2020 program (www.cancermoonshot2020.org) was launched in January 2016 to bring together a wide range of novel therapeutic agents that can be utilized in novel, synergistic combinations. Altor’s ALT-803 and ALT-801 are two such therapeutic agents that offer the potential to be used in combination with NantKwest’s natural killer cell therapies to further improve therapeutic effectiveness and patient outcomes."