Adaptive Biotechnologies Announces Private Payor Coverage of clonoSEQ for Detecting and Monitoring MRD in Patients with Lymphoid Blood Cancers, Expanding Access to Over 140 Million People in the United States

On June 20, 2019 Adaptive Biotechnologies reported that it has secured contractual agreements or positive medical policies for the clonoSEQ Assay with several of the largest national private health insurers in the United States, as well as significant regional coverage, bringing the total number of covered lives to more than 140 million (Press release, Adaptive Biotechnologies, JUN 20, 2019, View Source [SID1234537199]). The agreements and medical policies expand access to clonoSEQ for minimal residual disease (MRD) testing in patients with lymphoid cancers. clonoSEQ is the first and only FDA-cleared test for assessing and monitoring MRD in patients with multiple myeloma (MM) and B-cell acute lymphoblastic leukemia (ALL), helping to track a patient’s cancer and inform treatment decisions. clonoSEQ announced Medicare coverage in January 2019, and private insurer access has steadily increased in the first half of 2019. Coverage of clonoSEQ testing is generally consistent with the assay’s FDA label and includes assessment of MRD at multiple time points throughout therapy to monitor treatment responses and help predict outcomes in patients with MM and ALL.

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"There are over 600,000 patients living with lymphoid blood cancers in the United States alone. As patients are living longer than ever before due to new therapies, clinicians need a better tool to monitor disease burden and treatment response on a regular basis," said Chad Robins, CEO and co-founder of Adaptive Biotechnologies. "This positive momentum provides patients with a standardized, accurate and sensitive tool to inform personalized treatment decisions. We look forward to continuing to work with payors around the country to ensure patients in need have access to clonoSEQ."

About the clonoSEQ Assay

The clonoSEQ assay was granted de novo designation and marketing authorization by FDA for the detection and monitoring of minimal residual disease (MRD) in patients with multiple myeloma (MM) and B-cell acute lymphoblastic leukemia (ALL) using DNA from bone marrow samples. clonoSEQ is the first and only FDA-authorized in vitro diagnostic assay for MRD testing. It is also the first clinical diagnostic powered by immunosequencing to receive FDA clearance. clonoSEQ leverages Adaptive’s proprietary immunosequencing platform to identify and quantify specific DNA sequences found in malignant cells, allowing clinicians to assess and monitor MRD during and after treatment. The assay provides standardized, accurate and sensitive measurement of MRD that allows physicians to predict patient outcomes, assess response to therapy over time, monitor patients during remission and detect potential relapse. Clinical practice guidelines in hematological malignancies recognize that MRD status is a reliable indicator of clinical outcomes and response to therapy, and clinical outcomes are strongly associated with MRD levels measured by the clonoSEQ Assay in patients diagnosed with ALL and MM. clonoSEQ testing is covered by Medicare and an expanding list of private payors in alignment with the FDA label.

clonoSEQ is a single-site assay performed at Adaptive Biotechnologies. It is also available as a CLIA-regulated laboratory developed test (LDT) service for use in other lymphoid cancers. For important information about the FDA-cleared uses of clonoSEQ, including the full intended use, limitations, and detailed performance characteristics, please visit www.clonoSEQ.com/technical-summary.

AngioDynamics to Report Fiscal 2019 Fourth Quarter and Full-Year Financial Results on July 10, 2019

On June 20, 2019 AngioDynamics, Inc. (NASDAQ: ANGO), a leading provider of innovative, minimally invasive medical devices for vascular access, peripheral vascular disease, and oncology, reported that it will report financial results for the fourth quarter and fiscal year 2019 before the market open on Wednesday, July 10, 2019 (Press release, AngioDynamics, JUN 20, 2019, View Source [SID1234537198]). The Company’s management will host a conference call at 8:00 a.m. ET the same day to discuss the results.

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To participate in the conference call, dial 1-877-407-0784 (domestic) or 1-201-689-8560 (international) and refer to the passcode 13691777.

This conference call will also be webcast and can be accessed from the "Investors" section of the AngioDynamics website at www.angiodynamics.com. The webcast replay of the call will be available at the same site approximately one hour after the end of the call.

A recording of the call will also be available from 11:00 a.m. ET on Wednesday, July 10, 2019, until 11:59 p.m. ET on Wednesday, July 17, 2019. To hear this recording, dial 1-844-512-2921 (domestic) or 1-412-317-6671 (international) and enter the passcode 13691777.

Axial Biotherapeutics Announces $10M Investment from Taiho Ventures to Access Axial’s Expertise in the Gut-Brain Axis

On June 20, 2019 Axial Biotherapeutics, a biotechnology company dedicated to building a unique class of gut-targeted therapeutics for neurodegenerative diseases and neurodevelopmental disorders, reported a direct investment of $10 million from Taiho Ventures, LLC to fund the discovery and development of novel gut-targeted, small molecule approaches in oncology (Press release, Axial Biotech, JUN 20, 2019, View Source [SID1234537197]).

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"Axial has built, and continues to build, an exciting and innovative discovery platform that targets the gut-brain axis but we also believe that additional diseases and disorders outside of CNS can stem from the gut microbiome," said David H. Donabedian, Ph.D., co-founder and CEO of Axial Biotherapeutics. "We are pleased that Taiho Ventures sees the potential of this discovery platform, and we are honored to have their support as we look to progress the breadth and depth of our scientific platform. Just as we have done with the CNS space, we look to reshaping the scientific understanding of oncology with gut-targeted therapies."

"We are excited to partner with Axial as we see astounding potential in its platform approach to drug development beyond CNS indications. As such, we are eager to work with the team to identify therapeutic interventions harnessing the gut-brain axis where the company’s novel technology can be applied," said Sakae Asanuma, President, Taiho Ventures, LLC. "We look forward to supporting David and the Axial team."

As part of this investment, Sakae Asanuma will be joining the Axial Board.

The $10 million investment from Taiho Ventures is an extension of Axial’s previously closed Series B round in February 2019. With this investment, Axial has raised a total of $35 million in its Series B financing. In conjunction with this investment, Axial will maintain control of the new oncology programs and Taiho Ventures will have a first right to negotiate for an exclusive license related to the new programs. Axial retains all of its rights to its existing CNS programs.

Verastem Oncology Announces Leadership Changes

On June 20, 2019 Verastem, Inc. (Nasdaq: VSTM) (Verastem Oncology or the Company), a biopharmaceutical company focused on developing and commercializing medicines seeking to improve the survival and quality of life of cancer patients, reported that Robert Forrester has decided to step down as President and Chief Executive Officer (Press release, Verastem, JUN 20, 2019, View Source [SID1234537196]). Mr. Forrester has agreed to continue serving Verastem Oncology in an advisory capacity.

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Dan Paterson, the Company’s Chief Operating Officer, has been appointed to serve as President and Chief Operating Officer and will assume the leadership of the executive team while the Board of Directors conducts a search to identify a successor. Mr. Paterson will be supported by other members of the senior leadership team, including Chief Financial Officer, Rob Gagnon, whose role is being expanded to include Chief Business Officer.

Mr. Paterson joined Verastem Oncology in 2011 and has served as its Chief Operating Officer since 2014. He brings more than 25 years of experience at healthcare and biotechnology companies, including leadership roles as Chief Business Officer (CBO), Chief Operating Officer (COO) and Chief Executive Officer (CEO), with specific expertise in oncology drug and diagnostic product development, business development and launch planning.

"On behalf of the entire Board, I want to thank Robert for his countless contributions and leadership for the past six years and his unwavering commitment to Verastem Oncology’s patients, employees and shareholders," said Michael G. Kauffman, MD, PhD, Verastem Oncology’s Lead Director. "We remain confident in the growth potential of COPIKTRA and we intend to hire a CEO with commercial expertise who will build on the foundation that Robert has established and execute on our ambitious goals for the future."

"With COPIKTRA, the experienced team and the resources we have in place, we are in a strong position to continue executing on our mission to improve outcomes for patients," said Mr. Paterson. "I look forward to working closely with the Company’s Board, executive leadership, and the broader management team to accelerate the COPIKTRA launch and the future expansion of this important medicine into other hematologic malignancy indications."

"It has been a true honor to serve as the CEO of Verastem Oncology over the past six years," said Mr. Forrester. "I am extremely proud of the Verastem Team, the progress we have made, and our many accomplishments aimed at improving the lives of patients diagnosed with cancer, one patient at a time. I have great confidence in Verastem Oncology’s potential and I will work with the entire team to ensure a seamless transition for all of our stakeholders."

The Company is reiterating its previously issued financial guidance for the full year 2019. The Company continues to expect net product revenue from the sales of COPIKTRA to be in the range of $10-12 million, based on product revenue to date, current run rates and near-term expectations.

DURECT Announces $15 Million Registered Direct Offering

On June 20, 2019 DURECT Corporation ("DURECT" or the "Company") (Nasdaq: DRRX) reported that it has entered into a securities purchase agreement with certain investors pursuant to which, subject to the terms and conditions expressed therein, the Company agreed to sell and the investors agreed to purchase 29,000,000 shares of common stock of the Company at a price per share of $0.52 (Press release, DURECT, JUN 20, 2019, View Source [SID1234537195]). The net proceeds, after estimated expenses of the offering payable by the Company, will be approximately $15.0 million. No placement agent or broker dealer was used or participated in the offering. The offering is expected to close on or about June 24, 2019, subject to customary closing conditions.

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A registration statement on Form S-3 (File No. 333-226518) relating to the shares of common stock to be issued in this offering was declared effective by the Securities and Exchange Commission on October 9, 2018. The offering of these securities is being made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement, copies of which can be obtained on the SEC’s website at www.sec.gov.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sales of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About DURECT Corporation

DURECT is a biopharmaceutical company actively developing therapeutics based on its Epigenetic Regulator Program and proprietary drug delivery platforms. DUR-928, a new chemical entity in Phase 2 development, is the lead candidate in DURECT’s Epigenetic Regulator Program. An endogenous, orally bioavailable small molecule, DUR-928 has been shown in preclinical studies to play an important regulatory role in lipid homeostasis, inflammation, and cell survival. Human applications may include acute organ injury such as Alcoholic