Adaptive Biotechnologies Announces Pricing of Initial Public Offering

On July 1, 2019 Adaptive Biotechnologies Corporation (Nasdaq:ADPT) ("Adaptive"), a commercial-stage biotechnology company that reads and translates the genetic code of the adaptive immune system to develop personalized diagnostics and therapeutics to improve patient lives, reported the pricing of its initial public offering of 15,000,000 shares of common stock at a public offering price of $20.00 per share, before underwriting discounts and commissions (Press release, Adaptive Biotechnologies, JUL 1, 2019, View Source [SID1234537357]). The gross proceeds of the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Adaptive, are expected to be $300.0 million, excluding any exercise of the underwriters’ option to purchase additional shares. All of the shares of common stock are being offered by Adaptive. In addition, Adaptive has granted the underwriters a 30-day option to purchase up to an additional 2,250,000 shares of common stock at the initial public offering price, less the underwriting discounts and commissions. Adaptive common stock is expected to begin trading on The Nasdaq Global Select Market on June 27, 2019, under the ticker symbol "ADPT." The offering is expected to close on July 1, 2019, subject to the satisfaction of customary closing conditions.

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Goldman Sachs & Co. LLC, J.P. Morgan and BofA Merrill Lynch are acting as joint lead book-running managers for the offering. Cowen and Guggenheim Securities are acting as book-running managers for the offering. William Blair and BTIG are acting as co-managers for the offering.

A registration statement relating to the shares being sold in this offering was declared effective by the Securities and Exchange Commission on June 26, 2019. The offering is being made only by means of a prospectus. Copies of the final prospectus relating to this offering may be obtained, when available, from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, or by telephone at (866) 471-2526, or by email at [email protected]; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (866) 803-9204 or by email at [email protected]; or BofA Merrill Lynch, NC1-004-03-43; 200 North College Street, 3rd floor, Charlotte NC 28255-0001, Attn: Prospectus Department, Email: [email protected].

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

IDEXX Laboratories Chairman, President and Chief Executive Officer, Jonathan Ayers, Taking Medical Leave of Absence

On July 1, 2019 IDEXX Laboratories, Inc. (NASDAQ: IDXX), a global leader in veterinary diagnostics, veterinary practice software and water microbiology testing, reported that Chairman, President and Chief Executive Officer, Jonathan Ayers, is on a medical leave of absence following a serious bicycling accident that occurred on June 27, 2019 (Press release, IDEXX Laboratories, JUL 1, 2019, View Source [SID1234537353]).

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Effective June 28, 2019, the IDEXX Board of Directors has appointed Jay Mazelsky as Interim President and Chief Executive Officer. Mr. Mazelsky will assume Mr. Ayers’s day-to-day management responsibilities and work closely with Brian McKeon, Chief Financial Officer, who will continue to be responsible for the Company’s finances and investor relations. Larry Kingsley, independent Lead Director of the IDEXX Board, will provide additional support to Jay, Brian and the management team.

"First and foremost, we support Jon and his family and wish him a speedy and full recovery," said Mr. Kingsley, Lead Director of the IDEXX Board. "Jon is a passionate, dedicated and well-respected leader of IDEXX. Jon has expressed his confidence in Jay, Brian and IDEXX’s talented leadership team to continue to advance the Company’s Purpose to enhance the health and well-being of pets, people, and livestock. IDEXX is well-positioned for the future, and the Board is confident that IDEXX’s extremely capable executives and employees will continue successfully executing the Company’s strategy and creating value for shareholders."

About Jay Mazelsky

Prior to his appointment as Interim President and Chief Executive Officer of IDEXX, Mr. Mazelsky, 58, has been an Executive Vice President since joining IDEXX in August 2012. In addition to his day-to-day management responsibilities as Interim President and Chief Executive Officer, he oversees the Company’s North American Companion Animal Group Commercial Organization and key elements of the innovation portfolio, including IDEXX’s global in-house diagnostics and Veterinary Software and Service’s businesses. From 2007 to 2012, Mr. Mazelsky was a Senior Vice President and General Manager of a number of businesses at Philips Healthcare.

About Brian McKeon

Mr. McKeon, 57, has been Executive Vice President, Chief Financial Officer, and Treasurer since January 2014. He leads IDEXX’s finance, corporate development and strategy and worldwide operations functions. Mr. McKeon served as a Director of IDEXX from July 2003 through December 2013, including serving as Chair of the Audit Committee and as a member of the Compensation Committee.

Libtayo® (cemiplimab) Approved for Advanced Cutaneous Squamous Cell Carcinoma in the European Union

On July 1, 2019 Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) and Sanofi reported that the European Commission (EC) has granted conditional marketing authorization for Libtayo (cemiplimab) for the treatment of adults with metastatic or locally advanced cutaneous squamous cell carcinoma (CSCC) who are not candidates for curative surgery or curative radiation (Press release, Regeneron, JUL 1, 2019, View Source [SID1234537352]). Libtayo is a fully-human monoclonal antibody targeting the immune checkpoint receptor PD-1 (programmed cell death protein-1) and is the only treatment approved in advanced CSCC in the European Union (EU).

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"With no other medical treatments approved for advanced CSCC in the EU, Libtayo represents an important new option for patients affected with this advanced skin cancer who cannot be cured by surgery or radiation," said Axel Hauschild, M.D., Ph.D., an investigator in the pivotal CSCC clinical program and Professor and Head of the Interdisciplinary Skin Cancer Center at the University Hospital Schleswig-Holstein in Kiel, Germany. "Results from the Libtayo pivotal trial are very encouraging and demonstrated substantial and durable responses following Libtayo treatment, including in the elderly and regardless of PD-L1 expression levels."

Updated data from the registrational EMPOWER-CSCC-1 trial were recently shared at the 2019 American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) Annual Meeting.

CSCC is one of the most commonly diagnosed skin cancers worldwide, and its incidence is estimated to be substantially increasing in some European countries. Although the vast majority of patients with CSCC have a good prognosis when discovered early, the cancer can be especially difficult to treat when it progresses to advanced stages. Advanced CSCC includes both patients with locally advanced disease (where the cancer cannot be cured by surgery and/or radiation) and patients with metastatic disease (when the cancer spreads to other parts of the body). Based upon historical data, patients with advanced CSCC have a life expectancy of approximately one year.

The EC approval is based on data from the pivotal, open-label, multi-center, non-randomized Phase 2 trial known as EMPOWER-CSCC-1 (Study 1540) and supported by two advanced CSCC expansion cohorts from a multi-center, open-label, non-randomized Phase 1 trial (Study 1423). These trials provide the largest prospective clinical data set evaluating a systemic therapy in patients with advanced CSCC to date.

The recommended dose of Libtayo is 350 mg every 3 weeks administered by intravenous infusion over 30 minutes. Treatment may be continued until disease progression or unacceptable toxicity.

The conditional approval recognizes the extreme unmet need in advanced CSCC. As part of the conditional approval, Regeneron and Sanofi will add a new patient group to EMPOWER-CSCC-1 to further support the benefit-risk profile of Libtayo, and report the results to the European Medicines Agency (EMA). As is standard practice for conditional approvals, the EMA reviews new information at least every year and updates product labeling as necessary.

Libtayo is being jointly developed by Regeneron and Sanofi under a global collaboration agreement. Libtayo was invented by Regeneron using the company’s proprietary VelocImmune technology that yields optimized fully-human antibodies.

About Libtayo
In addition to the EU, Libtayo is also approved in the U.S., Canada and Brazil for adult patients with metastatic CSCC or locally advanced CSCC who are not candidates for curative surgery or curative radiation. In the U.S., the generic name for Libtayo is cemiplimab-rwlc, with rwlc as the suffix designated in accordance with Nonproprietary Naming of Biological Products Guidance for Industry issued by the U.S. Food and Drug Administration.

Beyond the ongoing EMPOWER-CSCC-1 trial, Libtayo is also being investigated in adjuvant and neoadjuvant trials in CSCC and in potential registrational trials in non-small cell lung cancer, basal cell carcinoma and cervical cancer. Additional studies include trials in squamous cell carcinoma of the head and neck, melanoma, colorectal cancer, prostate cancer, multiple myeloma, Hodgkin’s lymphoma and non-Hodgkin’s lymphoma. These trials are designed to investigate Libtayo as monotherapy; in combination with conventional treatments like chemotherapy; or in combination with other investigational agents, including vaccines, oncolytic viruses and bispecific antibodies, among others. These potential uses are investigational, and their safety and efficacy have not been evaluated by any regulatory authority.

IMPORTANT SAFETY INFORMATION AND INDICATION FOR U.S. PATIENTS

What is the most important information I should know about Libtayo?
Libtayo is a medicine that may treat a type of skin cancer by working with your immune system. Libtayo can cause your immune system to attack normal organs and tissues in any area of your body and can affect the way they work. These problems can sometimes become severe or life-threatening and can lead to death. These problems may happen anytime during treatment or even after your treatment has ended.

Call or see your healthcare provider right away if you develop any symptoms of the following problems or these symptoms get worse:

Lung problems (pneumonitis). Signs and symptoms of pneumonitis may include new or worsening cough, shortness of breath, and chest pain.
Intestinal problems (colitis) that can lead to tears or holes in your intestine. Signs and symptoms of colitis may include diarrhea (loose stools) or more frequent bowel movements than usual; stools that are black, tarry, sticky or that have blood or mucus; and severe stomach-area (abdomen) pain or tenderness.
Liver problems (hepatitis). Signs and symptoms of hepatitis may include yellowing of your skin or the whites of your eyes, severe nausea or vomiting, pain on the right side of your stomach area (abdomen), drowsiness, dark urine (tea colored), bleeding or bruising more easily than normal, and feeling less hungry than usual.
Hormone gland problems (especially the adrenal glands, pituitary, thyroid and pancreas). Signs and symptoms that your hormone glands are not working properly may include headaches that will not go away or unusual headaches, rapid heartbeat, increased sweating, extreme tiredness, weight gain or weight loss, dizziness or fainting, feeling more hungry or thirsty than usual, hair loss, feeling cold, constipation, deeper voice, very low blood pressure, urinating more often than usual, nausea or vomiting, stomach-area (abdomen) pain, and changes in mood or behavior, such as decreased sex drive, irritability, or forgetfulness.
Kidney problems, including nephritis and kidney failure. Signs of these problems may include decrease in your amount of urine, blood in your urine, swelling in your ankles, and loss of appetite.
Skin problems. Signs of these problems may include rash, itching, skin blistering, and painful sores or ulcers in the mouth, nose, throat, or genital area.
Problems in other organs. Signs of these problems may include headache, tiredness or weakness, sleepiness, changes in heartbeat (such as beating fast, seeming to skip a beat, or a pounding sensation), confusion, fever, muscle weakness, balance problems, nausea, vomiting, stiff neck, memory problems, seizures (encephalitis), swollen lymph nodes, rash or tender lumps on skin, cough, shortness of breath, vision changes, or eye pain (sarcoidosis), seeing or hearing things that are not there (hallucinations), severe muscle weakness, low red blood cells (anemia), bruises on the skin or bleeding, and changes in eyesight.
Rejection of a transplanted organ. Your doctor should tell you what signs and symptoms you should report and monitor you, depending on the type of organ transplant that you have had.
Infusion (IV) reactions that can sometimes be severe and life-threatening. Signs of these problems may include chills or shaking, itching or rash, flushing, shortness of breath or wheezing, dizziness, fever, feeling of passing out, back or neck pain, and facial swelling.
Getting medical treatment right away may help keep these problems from becoming more serious.

Your healthcare provider will check you for these problems during your treatment with Libtayo. Your healthcare provider may treat you with corticosteroid or hormone replacement medicines. Your healthcare provider may delay or completely stop treatment if you have severe side effects.

Before you receive Libtayo, tell your healthcare provider about all your medical conditions, including if you:

have immune system problems such as Crohn’s disease, ulcerative colitis, or lupus;
have had an organ transplant;
have lung or breathing problems;
have liver or kidney problems;
have diabetes;
are pregnant or plan to become pregnant; Libtayo can harm your unborn baby.
Females who are able to become pregnant:
Your healthcare provider will give you a pregnancy test before you start treatment.
You should use an effective method of birth control during your treatment and for at least 4 months after your last dose of Libtayo. Talk with your healthcare provider about birth control methods that you can use during this time.
Tell your healthcare provider right away if you become pregnant or think you may be pregnant during treatment with Libtayo.
are breastfeeding or plan to breastfeed. It is not known if Libtayo passes into your breast milk. Do not breastfeed during treatment and for at least 4 months after the last dose of Libtayo.
Tell your healthcare provider about all the medicines you take, including prescription and over-the-counter medicines, vitamins, and herbal supplements.

The most common side effects of Libtayo include tiredness, rash, and diarrhea. These are not all the possible side effects of Libtayo. Call your doctor for medical advice about side effects. You may report side effects to FDA at 1-800-FDA-1088. You may also report side effects to Regeneron Pharmaceuticals and Sanofi at 1-877-542-8296.

For more information, please see full Prescribing Information, including Medication Guide.

What is Libtayo?
Libtayo is a prescription medicine used to treat people with a type of skin cancer called cutaneous squamous cell carcinoma (CSCC) that has spread or cannot be cured by surgery or radiation.

Aethlon Medical Announces Fiscal Year End Financial Results and Provides Corporate Update

On July 1, 2019 Aethlon Medical, Inc. (Nasdaq: AEMD), a therapeutic technology company focused on unmet needs in global health, reported financial results for its fiscal year ended March 31, 2019 and provided an update on recent developments (Press release, Aethlon Medical, JUL 1, 2019, View Source [SID1234537351]).

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Company Updates

Aethlon Medical, Inc. (Company) is continuing the development of its proprietary Hemopurifier, which is a first in class therapeutic device designed for the single use depletion of circulating viruses and cancer-promoting exosomes. The Hemopurifier has previously been designated a Breakthrough Device by the FDA for the treatment of glycosylated viruses, including Ebola and other hemorrhagic fever viruses, and in late 2018 was additionally designated as a Breakthrough Device "…for the treatment of individuals with advanced or metastatic cancer who are either unresponsive to or intolerant of standard of care therapy, and with cancer types in which exosomes have been shown to participate in the development or severity of the disease…."

Aethlon is currently preparing for the initiation of clinical trials in patients with advanced and metastatic cancers. The Company is initially focused on the treatment of solid tumors, including head and neck cancer, gastrointestinal cancers and other cancers. Aethlon is in active communication with FDA in preparation for the initiation of an early clinical trial in one of these areas.

On June 30, 2019, the Company entered into a cross-licensing agreement with SeaStar Medical, Inc. to jointly develop Aethlon’s and SeaStar’s combined medical devices to address the care and management of critically ill patients.

Financial Results for Fiscal Year Ended March 31, 2019

Aethlon’s net loss was approximately $6.2 million, or $(0.34) per share for the fiscal year ended March 31, 2019, compared to a net loss of approximately $5.7 million, or $(0.46) per share for the fiscal year ended March 31, 2019.

At March 31, 2019, the Company had a cash balance of approximately $3.8 million.

Aethlon’s consolidated operating expenses for the fiscal year ended March 31, 2019 were approximately $6.2 million, compared to $5.0 million for the prior fiscal year. This increase of approximately $1.2 million, was in part due to an accrual of approximately $517,000 to cover separation payments to be paid over calendar 2019 to Aethlon’s former CEO and to its former President. The Company recorded approximately $473,000 of that accrual as payroll and related expenses and the remaining $44,000 fell into the general and administrative expense area.

Net of the $517,000 accrual, the Company’s operating expenses increased by approximately $700,000. The primary driver of the $700,000 increase was a net increase in professional fees of approximately $639,000, primarily due to increased scientific consulting fees related to ongoing studies and increased legal fees.

Aethlon had other expense of approximately $220,000 in the fiscal year ended March 31, 2019, compared to other expense of approximately $869,000 in the fiscal year ended March 31, 2018.

The Company recorded government contract and grant revenue in the fiscal years ended March 31, 2019 and 2018. This revenue arose from work performed under two government contracts with the National Institutes of Health (NIH). In the fiscal year ended March 31, 2018, the Company recorded approximately $150,000 in revenue from its Melanoma Cancer contract with the NIH and in the fiscal year ended March 31, 2019, Aethlon recorded approximately $230,000 in aggregate revenue from the Melanoma Cancer contract and its new Breast Cancer grant.

The unaudited condensed consolidated balance sheet for March 31, 2019 and the unaudited condensed consolidated statements of operations for the fiscal year ended March 31, 2019 and 2018 follow at the end of this release.

Conference Call

Aethlon will hold a conference call today, Monday, July 1, 2019 at 4:30 p.m. Eastern Time to review financial results and recent corporate developments. Following management’s formal remarks, there will be a question and answer session.

To listen to the call by phone, interested parties within the U.S. should call 1-844-836-8741 and International callers should call 1-412-317-5442. All callers should ask for the Aethlon Medical, Inc. conference call.

A replay of the call will be available approximately one hour after the end of the call through July 8, 2019. The replay can be accessed via Aethlon’s website or by dialing 1-877-344-7529 (domestic) or 1-412-317-0088 (international) or Canada Toll Free at 1-855-669-9658. The replay conference ID number is 10132719.

Boston Biomedical, Inc. Announces Update on Phase 3 CanStem111P Study of Napabucasin in Patients with Metastatic Pancreatic Cancer Following Interim Analysis

On July 1, 2019 Boston Biomedical, Inc. reported that the CanStem111P study evaluating the safety and efficacy of investigational agent napabucasin plus weekly nab-paclitaxel with gemcitabine versus weekly nab-paclitaxel with gemcitabine in patients with metastatic pancreatic ductal adenocarcinoma will be discontinued due to futility (Press release, Boston Biomedical, JUL 1, 2019, View Source [SID1234537350]). This decision is based on a recommendation by the independent Data and Safety Monitoring Board (DSMB), following a pre-specified interim analysis of futility at 50 percent of the total planned events. No new safety concerns were raised by the DSMB.

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"Pancreatic cancer is an area of high unmet need and our hope was to develop a new therapeutic option for patients. We are disappointed with the results of this interim analysis and would like to express gratitude to the trial participants, their families, investigators and staff for their efforts and contributions to this study," said Patricia S. Andrews, Chief Executive Officer, Boston Biomedical, Inc. "Boston Biomedical and our parent company, Sumitomo Dainippon Pharma Co., Ltd., remain committed to CanStem303C, a phase 3 trial of napabucasin in metastatic colorectal cancer, and to oncology as a key priority for the organizations."

Boston Biomedical intends to work with study investigators to complete a full evaluation of the CanStem111P trial results. The data and analyses of this study will be provided to regulatory authorities and will be presented and published for the oncology community.

About Napabucasin
Napabucasin is an orally-administered investigational agent that is bioactivated by NQO1, which generates reactive oxygen species (ROS) to affect multiple oncogenic cellular pathways, including the STAT3 pathway, which is expected to result in cancer cell death.1

Napabucasin is being investigated in CanStem303C, a phase 3 trial for metastatic colorectal cancer (NCT02753127). It is also being investigated in earlier phase trials in multiple solid malignancies.