On July 31, 2019 PRA Health Sciences, Inc. ("PRA," "we," "us" or the "Company") (NASDAQ: PRAH) reported financial results for the quarter ended June 30, 2019 (Press release, PRA Health Sciences, JUL 31, 2019, View Source [SID1234537978]).

"Our second quarter financial results produced a record level of net new business awards, solid revenue growth, and continued margin expansion, all of which were in line with our expectations," said Colin Shannon, PRA’s Chief Executive Officer. "Although we have modified our expectations around our 2019 revenue targets, market demand remains strong and our objective of delivering broad and flexible services to our clients remains our top priority."

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Net new business for our Clinical Research segment for the three months ended June 30, 2019 was $670.7 million, representing a net book-to-bill ratio of 1.24 for the period. This net new business contributed to an ending backlog of $4.5 billion at June 30, 2019.

For the three months ended June 30, 2019, revenue was $763.3 million, which represents growth of 5.6%, or $40.5 million, compared to the three months ended June 30, 2018 at actual foreign exchange rates. On a constant currency basis, revenue grew $49.1 million, an increase of 6.8% compared to the second quarter of 2018. By segment, the Clinical Research segment generated revenues of $702.2 million, while the Data Solutions segment generated revenues of $61.1 million.

Direct costs, exclusive of depreciation and amortization, were $386.2 million during the three months ended June 30, 2019 compared to $381.7 million for the three months ended June 30, 2018 at actual foreign exchange rates. On a constant currency basis, direct costs increased $15.6 million compared to the second quarter of 2018. Consistent with the first quarter of 2019, the increase in direct costs was primarily driven by an increase in labor-related costs in our Clinical Research segment as we continue to hire billable staff to ensure appropriate staffing levels. Direct costs were 50.6% of revenue during the second quarter of 2019 compared to 52.8% of revenue during the second quarter of 2018.

Selling, general and administrative expenses were $98.8 million during the three months ended June 30, 2019 compared to $91.2 million for the three months ended June 30, 2018. Selling, general and

administrative costs were 12.9% of revenue during the second quarter of 2019 compared to 12.6% of revenue during the second quarter of 2018. The increase in selling, general and administrative expenses is primarily related to an increase in salaries and related benefits, including stock-based compensation expense as we continue to hire staff and an increase in office space and related expenses to support our continued growth.

GAAP net income was $41.1 million for the three months ended June 30, 2019, or $0.62 per share on a diluted basis, compared to GAAP net income of $42.0 million for the three months ended June 30, 2018, or $0.64 per share on a diluted basis.

EBITDA was $107.0 million for the three months ended June 30, 2019, representing an increase of 4.3% compared to the three months ended June 30, 2018. Adjusted EBITDA was $129.4 million for the three months ended June 30, 2019, representing growth of 17.9% compared to the three months ended June 30, 2018.

Adjusted net income was $81.8 million for the three months ended June 30, 2019, representing growth of 23.8% compared to the three months ended June 30, 2018. Adjusted net income per diluted share was $1.22 for the three months ended June 30, 2019, representing growth of 22.0% compared to the three months ended June 30, 2018.

A reconciliation of our non-GAAP measures, including EBITDA, adjusted EBITDA, adjusted net income, adjusted net income per diluted share and our 2019 guidance, to the corresponding GAAP measures is included in this press release.

First Half 2019 Financial Highlights

For the six months ended June 30, 2019, revenue was $1,485.3 million, which represents growth of 4.3%, or $60.7 million, compared to the six months ended June 30, 2018 at actual foreign exchange rates. On a constant currency basis, revenue grew $81.4 million, representing growth of 5.7% compared to the six months ended June 30, 2018.

Reported GAAP income from operations was $166.7 million, reported GAAP net income was $85.2 million and reported GAAP net income per diluted share was $1.28 for the six months ended June 30, 2019.

Adjusted Net Income was $155.1 million for the six months ended June 30, 2019, an improvement of 26.8% compared to the same period in 2018. Adjusted Net Income per diluted share was $2.32 for the six months ended June 30, 2019, up 25.4% compared to the same period in 2018.

Guidance

The Company is updating its 2019 revenue guidance to between $3.02 billion and $3.10 billion, representing as reported growth of 5% to 8% and constant currency growth of 6% to 8%. We are updating our GAAP net income per diluted share to between $3.60 and $3.70 and Adjusted Net Income per diluted share to between $4.98 and $5.08, representing growth of 16% to 19%. We continue to estimate our annual effective income tax rate at approximately 24%. Our effective tax rate may differ from this estimate, due to, among other things, changes to estimates of the geographic allocation of our pre-tax income as well as changes in guidance from regulatory agencies related to interpretation, analysis and guidance of the U.S. Tax Cuts and Jobs Act.

Our guidance assumes a EURO rate of 1.15 and a GBP rate of 1.30. All other foreign currency exchange rates are as of June 30, 2019.

Conference Call Details

PRA will host a conference call at 9:00 a.m. ET on August 1, 2019, to discuss the contents of this release and other relevant topics. To participate, please dial (877) 930-8062 within the United States or (253) 336-7647 outside the United States approximately 10 minutes before the scheduled start of the call. The conference ID for the call is 6295812. The conference call will also be accessible, live via audio broadcast, on the Investor Relations section of the PRA website at investor.prahs.com. A replay of the conference call will be available online at investor.prahs.com. In addition, an audio replay of the call will be available for one week following the call and can be accessed by dialing (855) 859-2056 within the United States or (404) 537-3406 outside the United States. The replay ID is 6295812.

Additional Information

A financial supplement with second quarter 2019 results, which should be read in conjunction with this press release, may be found in the Investor Relations section of our website at investor.prahs.com in a document titled "Q2 2019 Earnings Presentation."

On July 31, 2019 Evogene Ltd. (NASDAQ: EVGN) (TASE: EVGN), a leading biotechnology company developing novel products for life science markets, reported its financial results for the second quarter ending June 30, 2019 (Press release, Evogene LTD, JUL 31, 2019, View Source [SID1234537975]).

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Ofer Haviv, Evogene’s President and CEO, stated: "During the first half of 2019 we completed the transition to our new corporate structure consisting of Evogene as a technology hub for multiple subsidiaries in different life-science markets. This corporate structure provides the subsidiaries with support from Evogene, to allow the subsidiaries to focus on building valuable assets and fast-tracking their product development towards commercialization. Evogene’s support to its subsidiaries can be attributed to three main areas:

Access to the CPB platform– right to use the CPB platform by each subsidiary for its dedicated area of activity, to (i) advance subsidiaries’ current product pipelines, (ii) to expand the subsidiaries’ product pipeline.
Corporate and infrastructure support – (i) the subsidiaries’ management works closely with Evogene’s board, management, and advisors to benefit from their broad experience & access to industry network, (ii) Evogene provides access to its facilities and infrastructure including labs, greenhouses, and other.
Funding – Evogene intends to leverage its strong financial position to financially support its subsidiaries until a point of maturity, wherein enough valuable assets have been created to warrant an attractive valuation at fundraising, or through the generation of revenues from sales or collaborations to cover expenses. Evogene aims to remain a major shareholder in its subsidiaries following external fundraising in order to maintain, for Evogene shareholders, a significant share of the subsidiaries’ future profits and/or market value.
Evogene and its subsidiaries are fully committed to achieving the milestones presented in Evogene’s updated corporate presentation filed today." – Mr. Haviv concluded

Recent Developments:

Lavie Bio announced positive 2nd year field results in its bio-stimulant program for wheat with product candidates showing repeated significant yield improvement in spring wheat field trials across multiple locations, varieties and conditions.
Amendment of Evogene’s collaboration agreement with Bayer[1] to include genome editing targets following positive results in corn stalk rot fungal disease control. Evogene will use its CPB platform to identify the required edits to improve disease resistance in corn, focusing on altering gene expression or function. Any promising targets would be pursued by Bayer’s in-house team for validation.
Evogene and certain subsidiary management have initiated a process to evaluate fundraising activities as the opportunities arise.
Consolidated financial results for the period ending June 30, 2019:

Cash position: As of June 30, 2019, Evogene had approximately $46 million in cash, short-term bank deposits and marketable securities, representing a net cash usage of approximately $8.7 million during the first half of 2019 and $4.2 million during the second quarter of 2019.

Assuming that no external financial resources are secured, such as through new collaborations or external fund raising, the Company continues to estimate that its net cash usage in 2019 will be in the range of $16 to $18 million dollars.

Evogene’s consolidated cash use is mostly appropriated to its subsidiaries, mainly Lavie Bio, AgPlenus, and Biomica, with funds also used for the establishment of infrastructure and greenhouses for Canonic.

The Company does not have bank debts.

Revenues primarily consist of research and development payments. These revenues represent R&D cost reimbursement and milestone payments under our various collaboration agreements. The majority of these agreements also provide for royalties or other forms of revenue sharing from successfully developed products.

Gross profit for the first half of 2019 was approximately $0.4 million in comparison to approximately $0.2 million for the first half of 2018. Gross profit for the second quarter of 2019 remained stable at approximately $0.1 million in comparison to the second quarter of 2018.

R&D expenses for the first half of 2019 remained stable at approximately $7 million in comparison to the first half of 2018. R&D expenses for the second quarter of 2019 remained stable at approximately $3.5 million in comparison to the second quarter of 2018. R&D expenses mostly represent product development activities of the Company and its subsidiaries, which include field trials and pre-clinical studies provided by third parties. Evogene’s consolidated R&D expenses were mostly attributed to its subsidiaries, mainly Lavie Bio, AgPlenus, and Biomica, and to its seed division activity.

Operating loss for the first half of 2019 was approximately $9.4 million in comparison to approximately $9.6 million in the first half of 2018. Operating loss for the second quarter of 2019 remained stable at approximately $4.7 million in comparison to the second quarter of 2018.

Net financing income for the first half of 2019 was approximately $1.5 million in comparison to net financing expenses of approximately $0.5 million in the first half of 2018. Net financing income for the second quarter of 2019 was approximately $0.6 million in comparison to net financing expenses of approximately $0.1 million in the second quarter of 2018. This increase in the first half of 2019 is mainly due to translation of Israeli Shekel nominated cash and marketable securities to US Dollars, revaluation of the Company’s marketable securities and interest income on bank deposits.

Loss for the first half of 2019 decreased to approximately to $7.9 million in comparison to a loss of $10.1 million during first half of 2018. Loss for the second quarter of 2019 decreased to approximately to $4.1 million in comparison to a loss of $4.8 million during second quarter of 2018.

Conference Call & Webcast Details:

Evogene’s management will host a conference call today, the 31st of July 2019, to discuss the results at 09:00 AM Eastern time, 16:00 Israel time. To access the conference call, please dial 1-888-668-9141 toll free from the United States, or +972-3-918-0609 internationally. Access to the call will also be available via live webcast through the Company’s website at www.evogene.com.

A replay of the conference call will be available approximately three hours following the completion of the call. To access the replay, please dial 1-888-326-9310 toll free from the United States, or +972-3-925-5904 internationally. The replay will be accessible through August 2, 2019, and an archive of the webcast will be available on the Company’s website through August 11, 2019.

On July 31, 2019 Theravance Biopharma, Inc. ("Theravance Biopharma" or the "Company") (NASDAQ: TBPH) reported financial results for the second quarter ended June 30, 2019 (Press release, Theravance, JUL 31, 2019, View Source [SID1234537974]). Revenue for the second quarter of 2019 was $26.2 million. Second quarter operating loss was $42.5 million or $31.2 million excluding share-based compensation expense. Cash, cash equivalents, and marketable securities totaled $396.1 million as of June 30, 2019.

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Rick E Winningham, Chief Executive Officer, commented: "2019 is a critical year of progress that sets the stage for what we believe will be an extraordinary year of data-driven, value-creating milestones in 2020.

"TD-1473, our gut-selective pan-JAK inhibitor, is moving forward in a Phase 2b/3 study in ulcerative colitis and a Phase 2 study in Crohn’s disease. Ampreloxetine, our norepinephrine reuptake inhibitor, is advancing in a Phase 3 registrational program in symptomatic nOH. New data from the Phase 2 study of ampreloxetine presented at recent scientific meetings demonstrated consistent and durable improvements in both symptom severity and daily activity performance in patients with nOH treated with ampreloxetine for 20 weeks. These data further support the potential of this therapy to provide patients with greater durability of effect. The Phase 1 study of TD-8236, our lung-selective inhaled pan-JAK inhibitor, in healthy volunteers and asthmatics is ongoing, and we anticipate results in September 2019.

"The YUPELRI U.S. launch is progressing well in partnership with Mylan and we are pleased by our progress against key performance metrics. Additionally, we were excited to announce the expansion of our development and commercialization agreement with Mylan for nebulized revefenacin to include China. Lastly, sales of GSK’s TRELEGY ELLIPTA for COPD continue to grow, supported by product approvals and launches in additional geographies. We expect GSK to submit regulatory submissions in support of an asthma indication in the second half of this year, following the completion of the Phase 3 CAPTAIN study of TRELEGY ELLIPTA in patients with asthma.

"We are well capitalized and enter the second half of the year in a strong position to continue to drive our key programs toward meaningful inflection points. We are proud of our ability to advance a rich pipeline of differentiated assets that can yield a broad line-up of important milestones and catalysts over the next 12 to 18 months as our later-stage trials mature, earlier-stage programs advance to the clinic, and our commercial efforts gain traction. We look forward to the near-term resolution of the dispute with Innoviva to ensure we retain our economics related to TRELEGY ELLIPTA," concluded Mr. Winningham.

Program Updates

TD-1473 (gut-selective pan-Janus kinase (JAK) inhibitor):

Supplemental data from the four-week exploratory Phase 1b study of TD-1473 in patients with ulcerative colitis shared in an oral presentation at Digestive Disease Week (DDW) in May 2019
Study designed to measure signals of localized biologic activity, and with little to no systemic exposure or immunosuppression
Data were positive across a variety of measures, including disease activity, including rectal bleeding and endoscopic improvement, as well as biomarker changes confirming target engagement
Registrational Phase 2b/3 induction and maintenance study in ulcerative colitis (RHEA) and Phase 2 induction study in Crohn’s disease (DIONE) progressing
Data from the Phase 2b portion of the ulcerative colitis and Phase 2 Crohn’s disease studies planned late-2020
Ampreloxetine (TD-9855, norepinephrine reuptake inhibitor (NRI)):

New 20-week data from the Phase 2 study in patients with neurogenic orthostatic hypotension (nOH) presented at the International Association of Parkinsonism and Related Disorders (IAPRD) in June 2019 and in an oral presentation at the 32nd European Neurology Congress (ENC) in July 2019
Consistent and durable improvements in both symptom severity and daily activity performance in patients with nOH were sustained through 20 weeks of ampreloxetine therapy
Following withdrawal of ampreloxetine treatment, patients’ symptom severity and daily activity scores returned to pre-treatment baseline levels
Ongoing registrational program in symptomatic nOH comprised of two studies:
Phase 3 4-week treatment study (SEQUOIA), with data expected in 2H 2020
Phase 3 4-month open label study followed by a 6-week randomized withdrawal phase (REDWOOD) to demonstrate durability of response
TD-8236 (novel, lung-selective inhaled pan-JAK inhibitor for serious respiratory diseases):

Phase 1 data expected in September 2019; study designed to evaluate safety and provide biomarker data of TD-8236 in healthy volunteers and asthmatic patients
Program goal in asthma is the prevention of exacerbations and the improvement of symptoms in patients uncontrolled by steroids despite compliance
TD-8236 shown to potently inhibit targeted mediators of Th2-high and Th2-low asthma in human cells in preclinical studies
YUPELRI (revefenacin) inhalation solution (lung-selective nebulized long-acting muscarinic antagonist (LAMA)):

First and only once-daily, nebulized bronchodilator approved in the US for the maintenance treatment of patients with COPD
Launch underway with partner Mylan; continued strong customer acceptance and brand performance across key market metrics; combined sales infrastructures covering the hospital, hospital discharge, and home health settings
Development and commercialization agreement with Mylan for nebulized revefenacin expanded to include China and certain adjacent geographies
TRELEGY ELLIPTA (first once-daily single inhaler triple therapy for COPD)1:

Q2 2019 net sales of $151.4 million; Theravance Biopharma entitled to approximately 5.5% to 8.5% (tiered) of worldwide net sales of the product
Supplemental NDA submitted to FDA supporting revised labelling for TRELEGY ELLIPTA on reduction in risk of all-cause mortality compared with ANORO ELLIPTA in patients with COPD
Phase 3 CAPTAIN study in asthma met primary endpoint demonstrating statistically significant improvement in lung function compared with RELVAR/BREO; regulatory submissions planned for 2H 2019
Product now launched in 36 countries, including Japan; approval in China expected in Q4 2019
Notes:
1 As reported by Glaxo Group Limited or one of its affiliates (GSK); reported sales converted to USD; economic interest related to TRELEGY ELLIPTA (the combination of fluticasone furoate, aclidinium, and vilanterol, (FF/UMEC/VI), jointly developed by GSK and Innoviva, Inc.) entitles Company to upward tiering payments equal to approximately 5.5% to 8.5% on worldwide net sales of the product (net of TRC LLC expenses paid and the amount of cash, if any, expected to be used in TRC over the next four fiscal quarters). RELVAR/BREO ELLIPTA (FF/VI). ANORO ELLIPTA (UMEC/VI).

Second Quarter Financial Results

Revenue

Total revenue for the second quarter of 2019 was $26.2 million compared to $23.5 million in the same period in 2018. The increase was primarily due to licensing revenue of $18.5 million recognized in the second quarter of 2019 related to the upfront from Mylan for rights to nebulized revefenacin in China and adjacent geographies. The increase was partially offset by a decrease in product sales which resulted from the sale of VIBATIV to Cumberland Pharmaceuticals in late-2018 and a one-time opt-in received from Alfasigma for velusetrag (TD-5108) in the second quarter of 2018.

Research and Development (R&D) Expenses

R&D expenses for the second quarter of 2019 were $46.4 million, compared to $48.6 million in the same period in 2018. The decrease was primarily due to lower employee-related costs associated with the reduction in force announced in the first quarter of 2019 as well as a decrease in share-based compensation which was partially offset by an increase in external expenses related to the progression of our key programs. Second quarter R&D expenses included non-cash share-based compensation of $5.7 million.

Selling, General and Administrative (SG&A) Expenses

SG&A expenses for the second quarter of 2019 were $22.2 million, compared to $25.0 million in the same period in 2018. The decrease was primarily due to lower VIBATIV-related external expenses due to the sale of VIBATIV to Cumberland in late-2018 as well as a decrease in share-based compensation which was partially offset by higher collaboration expenses associated with the commercial launch of YUPELRI. Second quarter SG&A expenses included non-cash share-based compensation of $5.6 million.

Cash, Cash Equivalents and Marketable Securities

Cash, cash equivalents and marketable securities, excluding restricted cash, totaled $396.1 million as of June 30, 2019. The quarter ending cash balance include proceeds from the upfront payment received from Mylan for rights to nebulized revefenacin in China and adjacent territories.

2019 Financial Guidance

The Company’s guidance on operating loss excluding non-cash share-based compensation for the full year of 2019 remains unchanged at $210.0 million to $230.0 million. Operating loss guidance does not include royalty income for TRELEGY ELLIPTA which the Company recognizes as non-operating income. The Company’s share of U.S. profits and losses related to the commercialization of YUPELRI, potential future business development collaborations as well as the timing and cost of clinical studies associated with its key programs, among other factors, could impact the Company’s financial guidance.

Arbitration Against Innoviva

In May 2019, the Company announced that it had initiated arbitration against Innoviva, Inc. ("Innoviva") in connection with Innoviva’s failure to disburse certain royalties to Theravance Biopharma. Innoviva had caused Theravance Respiratory Company, LLC ("TRC LLC") to not make any distributions to Theravance Biopharma with respect to Theravance Biopharma’s 85% economic interest in TRC LLC for the quarter ended December 31, 2018. Those distributions were due March 31, 2019. Additionally, Innoviva stated that it intended to cause TRC LLC to withhold making further cash distributions through calendar year 2019. The arbitration hearing commenced on July 23, 2019. Resolution of the arbitration should occur in the third quarter of 2019.

Conference Call and Live Webcast Today at 8:00 am ET

Theravance Biopharma will hold a conference call and live webcast accompanied by slides today at 8:00 am ET. To participate in the live call by telephone, please dial (855) 296-9648 from the US, or (920) 663-6266 for international callers, and use the confirmation code 2445969. Those interested in listening to the conference call live via the internet may do so by visiting Theravance Biopharma’s website at www.theravance.com, under the Investor Relations section, Presentations and Events. Please go to the website 15 minutes prior to the start of the call to register, download, and install any necessary audio software.

A replay of the conference call will be available on Theravance Biopharma’s website for 30 days through August 30, 2019. An audio replay will also be available through 11:00 am ET on August 7, 2019 by dialing (855) 859-2056 from the U.S., or (404) 537-3406 for international callers, and then entering confirmation code 2445969.

On July 31, 2019 Nuvo Pharmaceuticals Inc. (Nuvo or the Company) (TSX:NRI;OTCQX:NRIFF), a Canadian-focused healthcare company with global reach and a diversified portfolio of commercial products, reported it intends to release its second quarter 2019 financial results before markets open on Wednesday, August 14, 2019 (Press release, Nuvo Pharmaceuticals, JUL 31, 2019, View Source [SID1234537973]).

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The Company will subsequently hold a conference call that same day, Wednesday, August 14, 2019 at 8:30 a.m. ET, hosted by Jesse Ledger, Nuvo’s President & Chief Executive Officer and other senior management. A question-and-answer session will follow the corporate update.

CONFERENCE CALL DETAILS

DATE:

Wednesday, August 14, 2019

TIME:

8:30 a.m. ET

DIAL-IN NUMBER:

416 764 8688 or 888 390 0546

TAPED REPLAY:

416 764 8677 or 888 390 0541 / REPLAY PASSCODE: 509912 #

The audio webcast can be accessed at:

View Source

An archived replay of the webcast will be available by clicking the link above.

On July 31, 2019 GEMoaB GmbH, a biopharmaceutical company focused on the development of next generation immunotherapies for hard-to-treat cancers, reported the dosing of the first patient in a Phase I open-label, dose escalation study of GEM3PSCA, an Affinity-Tailored Adapter for T-Cells (ATAC) (Press release, GEMoaB Monoclonals, JUL 31, 2019, View Source [SID1234537972]). The bispecific antibody binds to the CD3-Receptor on T-cells and prostate stem cell antigen (PSCA), differentially and broadly expressed in a variety of late stage solid tumors, such as castrate-resistant prostate cancer, pancreatic and breast cancer, bladder and renal cancer as well as non-small cell lung cancer. The ongoing execution of its clinical development plan reflects GEMoaB’s strategy to position itself as a leading and fully integrated biotech company for long-term success, building on the strong science and R&D foundation of the company.

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"In addition to moving forward with multiple pre-clinical assets of our earlier-stage portfolio this year, we are pleased to demonstrate the productivity of our proprietary next generation ATAC platform by advancing GEM3PSCA, our second internally discovered molecule, into the clinic. GEM3PSCA follows our ongoing Phase I study of our first ATAC asset GEM333 in CD33-positive relapsed/refractory AML," said Armin Ehninger, Ph.D., Chief Scientific Officer of GEMoaB. "Due to its unique molecular features, GEM3PSCA has the potential to balance efficacy and tolerability and benefit the large number of patients whose metastatic cancer is expressing PSCA. We look forward to conducting the early clinical work for GEM3PSCA in close cooperation with highly experienced academic clinical centers and are proud about our global GEM333 and GEM3PSCA partnerships with Celgene."

Purpose of the Phase I study is to evaluate safety, pharmacokinetics, pharmacodynamics and clinical activity of GEM3PSCA in patients with advanced solid tumors expressing PSCA. GEM3PSCA will be administered as a single agent dosed as a continuous infusion over 7-day cycles. Cohorts of patients will receive ascending doses of GEM3PSCA to determine the maximum tolerated dose (MTD) or optimal dose. Patients must have evidence of expression of the PSCA antigen from their tumor tissue, measured by immunohistochemistry, in order to be eligible for the study.

"We are excited to participate in the development of this novel approach to the immunologic treatment of solid tumors," said Prof. Dr. Ralf Bargou, Head of Comprehensive Cancer Center Mainfranken at the University Hospital Würzburg. "PSCA is a very promising target expressed in multiple late stage cancers that do not sufficiently benefit from currently existing targeted or immunotherapies. We are very motivated to provide our broad expertise in early clinical trial conduct and immuno-oncology and work closely with the GEMoaB team in order to rapidly obtain meaningful safety and efficacy results for GEM3PSCA."

About the Affinity-Tailored Adaptor for T-Cells (ATAC) platform
GEMoaB’s platform of Affinity-Tailored Adaptors for T-Cells (ATAC) is characterized by high binding affinity to tumor antigens and lower affinity to the CD3 antigen on T-effector cells, preventing T-cell auto-activation in pre-clinical models. Safety and tolerability of the treatment are also increased by the relatively short (60 min) serum half-life. The use of fully humanized antibodies reduces the potential risk of immunogenicity even in case of chronic dosing. The first two clinical stage ATAC assets are GEM333 and GEM3PSCA. GEM333 is an ATAC with binding specificities to CD3 and CD33, currently in early clinical development in CD33 positive relapsed/refractory acute myeloid leukemia (for further information see View Source). GEM3PSCA is an ATAC with binding specificities to CD3 and PSCA, currently in early clinical development in multiple PSCA positive advanced solid tumors (for further information see View Source). GEM333 and GEM3PSCA are globally partnered with Celgene.