Advaxis, Inc. Announces Pricing of $16 Million Public Offering

On July 23, 2019 Advaxis, Inc. (Nasdaq: ADXS) (the "Company"), a clinical-stage biotechnology company focused on the discovery, development and commercialization of immunotherapy products, reported the pricing of an underwritten public offering of (i) 9,200,000 shares of common stock together with common stock warrants (the "common warrants") to purchase 6,900,000 shares of common stock and (ii) 13,656,000 pre-funded warrants, with each pre-funded warrant exercisable for one share of common stock, together with common warrants to purchase 10,242,000 shares of common stock (Press release, Advaxis, JUL 23, 2019, View Source [SID1234537664]). The shares of common stock (or pre-funded warrants, as applicable) and accompanying common warrants are being sold together at a combined public offering price of $0.70 per share. The pre-funded warrants are immediately exercisable and may be exercised at any time until all of the pre-funded warrants are exercised in full. For each pre-funded warrant that the Company sells, the number of shares of common stock being offered will be reduced on a one-for-one basis. The common warrants will have an exercise price of $2.80 per share, will be immediately exercisable and will expire five years from the date of issuance. The common warrants also provide that if during the period of time between the date that is the earlier of (i) 30 days after issuance and (ii) if the Common Stock trades an aggregate of more than 35,000,000 shares after the pricing of this offering, and ending 15 months after issuance, the weighted-average price of common stock immediately prior to the exercise date is lower than the then-applicable exercise price per share, each warrant may be exercised, at the option of the holder, on a cashless basis for one share of common stock. The Company has granted the underwriters a 30-day option to purchase up to an additional 1,450,000 shares of common stock and/or 1,087,500 common warrants to cover over-allotments, if any.

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The gross offering proceeds to the Company from the offering, before deducting the underwriting discounts and commissions and other estimated offering expenses, and excluding the exercise of any warrants, are expected to be approximately $16 million. The offering is expected to close on or about July 25, 2019, subject to customary closing conditions.

The Company intends to use the net proceeds from this offering to fund its continued research and development initiatives in connection with its product pipeline including, but not limited to (i) investment in our ADXS- HOT program in both monotherapy and combination therapy and new cancer types; (ii) investment in ongoing clinical research in ADXS-PSA and ADXS-NEO, in combination therapy; and (iii) general corporate purposes.

A.G.P./Alliance Global Partners is acting as sole book-running manager for the offering.

A registration statement on Form S-1 (No. 333-232526) relating to the offering was filed with the Securities and Exchange Commission ("SEC") and was declared effective on July 22, 2019. The offering is being made only by means of a prospectus. A copy of the final prospectus relating to the offering will be filed with the SEC and may be obtained, when available, by contacting A.G.P./Alliance Global Partners, 590 Madison Avenue, 36th Floor, New York, NY 10022 or via telephone at 212-624-2060 or email: [email protected].

This press release shall not constitute an offer to sell or the 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.

Actinium Achieves Fifty Percent Enrollment in the Pivotal Phase 3 SIERRA Trial for Iomab-B

On July 23, 2019 Actinium Pharmaceuticals, Inc. (NYSE AMERICAN: ATNM) ("Actinium") reported that the 75th patient has been treated in the pivotal Phase 3 SIERRA trial of Iomab-B, thus achieving 50 percent patient enrollment for the trial (Press release, Actinium Pharmaceuticals, JUL 23, 2019, View Source [SID1234537663]).

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The SIERRA trial or Study of Iomab-B in Elderly Relapse Refractory Acute Myeloid Leukemia is the only randomized Phase 3 trial that offers BMT or bone marrow transplant as an option for older patients with active, relapsed or refractory AML or acute myeloid leukemia. BMT is the only potentially curative treatment option for patients with relapsed or refractory AML and there is no standard of care for this indication. Iomab-B is an ARC or Antibody Radiation-Conjugate comprised of the anti-CD45 antibody apamistamab and the radioisotope I-131 or iodine-131. The 19 active SIERRA trial sites in the U.S. and Canada represent many of the leading bone marrow transplant centers by volume.

Dr. Mark Berger, Actinium’s Chief Medical Officer, said, "We are delighted to reach this key milestone in the SIERRA trial. The positive data thus far has lately translated to great enthusiasm from the trial sites for the study, and we believe this milestone will provide additional impetus. SIERRA is a first of its kind trial and to reach this point, our team has worked diligently to connect all stakeholders within the trial sites, obtain referrals of these patients who would not normally be considered for transplant, satisfy all regulations and establish a supply chain to service many of the leading transplant centers in the U.S. and Canada. In addition, we have made several protocol modifications that resulted in a stronger and more efficient trial. With 19 active clinical trial sites, positive preliminary feasibility and safety data and strong investigator enthusiasm, I believe the hardest part of the trial is now behind us. Our SIERRA team, which includes experts in AML, BMT, patient care, drug administration, radiation sciences and trial operations, is stronger and more committed than ever to the execution of SIERRA. Together we bring a multi-disciplinary approach to every patient screened for the SIERRA trial and will work tirelessly to complete a successful trial that can bring this important therapy to patients underserved by current treatment options."

Preliminary feasibility and safety data from the first twenty-five percent of patients enrolled in the SIERRA trial were presented at several key medical conferences, including at an oral presentation at ASH (Free ASH Whitepaper) 2018, in a late breaking oral presentation at TCT 2019, and in a poster at ASCO (Free ASCO Whitepaper) 2019. Key highlights from this data include:

ASH 2018 – Oral Presentation of Preliminary Feasibility and Safety Data

Conclusion: Encouraging results with potential to broaden transplant eligibility and improve outcomes

100% (18/18) of patients randomized and receiving the Iomab-B therapeutic dose received a BMT and achieved rapid engraftment
79% (15/19) of patients randomized to conventional care did not achieve CR or Complete Remission and could not receive a BMT
67% (10/15) of patients who failed to achieve get a BMT with conventional care still met the eligibility criteria and were able to cross over and receive Iomab-B
100% (10/10) of patients that crossed over and received the Iomab-b achieved engraftment without delay
Rapid engraftment achieved despite high blast counts
30% median blast count for Iomab-B patients (range:4-74%)
45% median blast count for crossover patients at time of crossover (range:10-70%)
Patients receiving Iomab-B received a BMT in a median time of 28 days compared to a median of 67 days for patients receiving conventional care who achieved CR and received a conventional BMT
0% (0/18) 100-day non-relapse mortality for Iomab-B patients compared to 25% (1/4) 100-day non-relapse mortality for conventional care patients achieving CR and receiving conventional transplant
TCT 2019 – Late Breaking Oral Presentation of Additional Feasibility and Safety Data

New Findings: Conditioning with Iomab-B results in Full Donor Chimerism, indicating successful bone marrow transplant

94% (17/18) of patients randomized to Iomab-B achieved Full Donor Chimerism > 95% within 100 days post-BMT with 1 patient achieving 65% donor chimerism
90% (9/10) of patients who crossed-over to receive Iomab-B achieved Full Donor Chimerism > 95% within 100 days post-BMT with 1 patient achieving 86% donor chimerism
ASCO 2019 – Poster Presentation of Iomab-B Single Agent Activity

Conclusion: Iomab-B as a single-agent rapidly clears circulating leukemic blasts leading to targeted myeloablation and successful engraftment after BMT, which benefits patients who had prolonged neutropenia due to active and refractory disease prior to transplant

Iomab-B as a single agent produced a 98% reduction in peripheral blasts by day 3 and a 100% reduction in peripheral blasts by day 8 leading to a significantly lower circulating leukemia tumor burden prior to BMT
Time to clearance of circulating tumor blasts shown to be an independent prognostic marker for Relapse-Free Survival in patients receiving chemotherapy that superseded all other known risk factors including karyotype and number of cycles of induction therapy needed to achieve CR1.
Dr. Vijay Reddy, VP, Clinical Development and Head of Transplant at Actinium, added, "I am thrilled with the data we have seen from the SIERRA trial thus far. This strong and supportive data being prominently featured at three major medical conferences has resulted in robust appreciation and interest for the SIERRA trial from sites and investigators. This has facilitated extensive site visits and interactions where we have highlighted the robust body of evidence supporting Iomab-B and SIERRA to transplant physicians, referring hematologists and caregivers at current and prospective sites, which have been well received. We will continue an extensive outreach effort to highlight the universal engraftment seen in all patients receiving Iomab-B despite high leukemia burden, the high BMT and engraftment rates for patients who fail the control arm and crossover to receive Iomab-B, and Iomab-B’s strong single agent activity. Our team is excited to continue our efforts to drive further interest for patient enrollment, and we are optimistic for the remainder of the SIERRA trial based on the data we have observed thus far, which is trending in line with results shown by Iomab-B in several prior Phase 2 trials."

Sandesh Seth, Actinium’s Chairman and CEO, said, "I am proud of our team for reaching this key milestone in the SIERRA trial as it represents a major inflection point for Actinium. Iomab-B is our lead asset for targeted conditioning prior to a BMT. Targeted conditioning is an area of opportunity and unmet medical need for which we have assembled a multi-target pipeline of assets for several attractive indications. We believe we can create significant value by focusing on targeted conditioning indications where, due to safety and efficacy issues related to existing regimens, patients either cannot access, or receive sub-optimal results from, potentially lifesaving therapies such as BMT, CAR-T and other adoptive cell therapies. Our vision is to create the leading franchise producing multiple therapies for BMT, CART-T and cell therapy-related targeted conditioning and to deliver them via a world-class supply chain and commercial organization to the concentrated number of leading medical centers that treat a majority of patients receiving these therapies. We are confident that Iomab-B and the SIERRA trial can become the linchpin to make this vision a reality, and we are fully committed to achieving near-term success with the SIERRA trial and long-term value with our multi-asset, targeted conditioning pipeline."

Sources:

1) Elliott et al. Early peripheral blood blast clearance during induction chemotherapy for acute myeloid leukemia predicts superior relapse-free survival. Blood. 2007 Dec 15; 110(13):4172-4. Epub 2007 Oct 1.

Ultragenyx to Host Conference Call for Second Quarter 2019 Financial Results and Corporate Update

On July 23, 2019 Ultragenyx Pharmaceutical Inc. (NASDAQ: RARE), a biopharmaceutical company focused on the development of novel products for serious rare and ultra-rare genetic diseases, reported that it will host a conference call on Thursday, August 1, 2019 at 5pm ET to discuss second quarter 2019 financial results and provide a corporate update (Press release, Ultragenyx Pharmaceutical, JUL 23, 2019, http://ir.ultragenyx.com/news-releases/news-release-details/ultragenyx-host-conference-call-second-quarter-2019-financial [SID1234537661]).

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The live and replayed webcast of the call will be available through the company’s website at View Source To participate in the live call by phone, dial (855) 797-6910 (USA) or (262) 912-6260 (International) and enter the passcode 6298416. The replay of the call will be available for one year.

Quest Diagnostics Reports Second Quarter 2019 Financial Results

On July 23, 2019 Quest Diagnostics Incorporated (NYSE: DGX), the world’s leading provider of diagnostic information services, reported financial results for the second quarter ended June 30, 2019 (Press release, Quest Diagnostics, JUL 23, 2019, View Source [SID1234537660]).

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"Our volume growth accelerated in the second quarter due to our expanded network access, and we continued to build momentum through the first half of 2019," said Steve Rusckowski, Chairman, CEO and President. "This strong volume growth combined with our strategy to drive operational excellence helped offset the significant reimbursement pressures we are experiencing this year. We are excited by our new Preferred Lab Network status within UnitedHealthcare, which represents a multi-year opportunity that will build over time."

For further details impacting the year-over-year comparisons related to operating income, operating income as a percentage of net revenues, income from continuing operations attributable to Quest Diagnostics, and diluted EPS from continuing operations, see note 2 of the financial tables attached below.

Beginning in 2019, the company has changed how it presents adjusted income measures to additionally exclude amortization expense for all periods presented. We believe this presentation provides investors with additional insight to evaluate our performance period over period and relative to competitors, as well as to analyze the underlying trends in our business.

The outlook for reported diluted EPS from continuing operations was updated to greater than $5.29 from the previous outlook of greater than $5.16 due to the impact of special items in the second quarter. For a reconciliation of adjusted diluted EPS to reported diluted EPS from continuing operations, see note 5 to the financial tables attached below.

Note on Non-GAAP Financial Measures

As used in this press release the term "reported" refers to measures under the accounting principles generally accepted in the United States ("GAAP"). The term "adjusted" refers to non-GAAP operating performance measures that exclude special items such as restructuring and integration charges, amortization expense, excess tax benefit ("ETB") associated with stock-based compensation and other items.

Non-GAAP adjusted measures are presented because management believes those measures are useful adjuncts to GAAP results. Non-GAAP adjusted measures should not be considered as an alternative to the corresponding measures determined under GAAP. Management may use these non-GAAP measures to evaluate our performance period over period and relative to competitors, to analyze the underlying trends in our business, to establish operational budgets and forecasts and for incentive compensation purposes. We believe that these non-GAAP measures are useful to investors and analysts to evaluate our performance period over period and relative to competitors, as well as to analyze the underlying trends in our business and to assess our performance. The additional tables attached below include reconciliations of non-GAAP adjusted measures to GAAP measures.

Conference Call Information

Quest Diagnostics will hold its quarterly conference call to discuss financial results beginning at 8:30 a.m. Eastern Time today. The conference call can be accessed by dialing 888-455-0391 within the U.S. and Canada, or 773-756-0467 internationally, passcode: Investor; or via live webcast on the company’s website at www.QuestDiagnostics.com/investor. The company suggests participants dial in approximately 10 minutes before the call.

A replay of the call may be accessed online at www.QuestDiagnostics.com/investor or by phone at 800-871-1320 for domestic callers or 402-280-1688 for international callers. No passcode is required. Telephone replays will be available from approximately 10:30 a.m. Eastern Time on July 23, 2019 until midnight Eastern Time on August 6, 2019. Anyone listening to the call is encouraged to read the company’s periodic reports, on file with the Securities and Exchange Commission, including the discussion of risk factors and historical results of operations and financial condition in those reports.

Dr. Reddy’s Q1 FY11 Financial Results: Revenue at Rs. 16.8 billion ($363 million); EBITDA at Rs. 3.4 billion ($74 million); Profit after Tax at Rs. 2.1 billion ($45 million)

On July 22, 2019 Dr. Reddy’s Laboratories Ltd. (NYSE: RDY) reported its unaudited financial results for the quarter ended June 30, 2010 under International Financial Reporting Standards (IFRS) (Press release, Dr Reddy’s, JUL 22, 2019, View Source [SID1234540967]).

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Key Highlights

Consolidated revenues are at Rs. 16.8 billion ($363 million) in Q1 FY11 versus Rs. 18.2 billion ($392 million) in Q1 FY10. Excluding the revenues from sumatriptan in the previous year, the year-on-year growth is 4%.
Revenues from Global Generics for Q1 FY11 are at Rs. 11.9 billion ($257 million). Excluding the revenues from sumatriptan, the year-on-year growth is 9%.
Revenues from PSAI are at Rs. 4.5 billion ($97 million) in Q1 FY11.
Profit before Tax for Q1 FY11 is at Rs. 2.5 billion ($53 million).
EBITDA of Rs. 3.4 billion ($74 million) in Q1 FY11, represents 20% to revenues.
Profit after Tax for Q1 FY11 is at Rs. 2.1 billion ($45 million).
During the quarter, the company launched 32 new generic products, filed 26 new product registrations and filed 3 DMFs globally.
During the quarter, Dr. Reddy’s transferred dossiers and trademarks for nine currently marketed products in Brazil to GSK, for a consideration of $4 million. The agreement also provides for additional consideration towards other products in the pipeline based on specified milestones. The milestone payments under this deal will be recognized as revenue over the term of the product supply agreement.

Includes amortization charge of Rs. 288 million ($6 million) in Q1 FY11 and Rs. 507 million ($11 million) in Q1 FY10.

Includes forex loss of Rs. 225 million ($5 million) in Q1 FY11 and Rs. 84 million ($2 million) in Q1 FY10.

Global Generics

Revenues from Global Generics segment are at Rs. 11.9 billion ($257 million) in Q1 FY11. Excluding the revenues from sumatriptan in the US, the growth is 9%.

Revenues from North America at Rs. 3.9 billion ($84 million) in Q1 FY11 versus Rs. 6.0 billion ($130 million) in Q1 FY10. Excluding the revenues from sumatriptan, the growth is 5% in dollar currency.
As at June 30, 2010, total cumulative ANDA filings are 163. Total ANDAs pending approval at the USFDA are 71 of which 36 are Para IVs and 12 are FTFs.
Revenues from Europe at Rs. 1.9 billion ($42 million) in Q1 FY11 versus Rs. 2.1 billion ($45 million) in Q1 FY10.
Revenues from Germany decrease by 18% to Rs. 1.3 billion ($28 million) in Q1 FY11. For the same period the decline in Euro currency is 6%.
Revenues from Rest of Europe grew by 29% to Rs. 516 million ($11 million) in Q1 FY11 largely led by the 21% growth in UK.
Revenues from Russia & Other CIS markets at Rs. 2.6 billion ($55 million) in Q1 FY11 versus Rs. 1.9 billion ($40 million) in Q1 FY10, or a growth of 36%.
Revenues in Russia at Rs. 2.1 billion ($44 million) in Q1 FY11 versus Rs. 1.5 billion ($33 million) in Q1 FY10 or a year-on-year growth of 35%.
Dr. Reddy’s year-on-year secondary prescription sales growth stands at 33% versus industry’s growth of 21%. (Source: Pharmexpert April-May 2010)
Revenues in Other CIS markets increase by 43% to Rs. 489 million ($11 million) in Q1 FY11 versus Rs. 342 million ($7 million) in Q1 FY10.
Revenues in India at Rs. 2.8 billion ($60 million) in Q1 FY11 versus Rs. 2.4 billion ($52 million) in Q1 FY10, a growth of 16% which is largely led by volume growth of existing products.
Dr. Reddy’s year-on-year secondary prescription sales growth is 22% versus industry’s growth of 20%.
(Source: ORG IMS MAT Jun 2010)
11 new products launched during the quarter.
Pharmaceutical Services and Active Ingredients (PSAI)

Revenues from PSAI are at Rs. 4.5 billion ($97 million) in Q1 FY11.
During the quarter, 3 DMFs were filed globally. The cumulative DMF filings as of Jun 10 are 378.
Income Statement Highlights:

Gross profit at Rs. 8.9 billion ($192 million) in Q1 FY11 at a margin of 53% to revenues versus 56% in Q1 FY10. This change in gross margin is largely on account of a favorable mix of high margin revenues from sumatriptan in the previous year.
Selling, General & Administration (SG&A) expenses excluding amortization for the quarter is at Rs. 5.2 billion ($112 million) or a decline of 4% over the previous year. Excluding the one-time charges recorded on account of betapharm workforce restructure costs of Rs. 496 million ($11 million) and the closure of Atlanta facility of Rs. 71 million ($2 million) in the previous year, SG&A grew by 7%.
Amortization expenses for the quarter is at Rs. 288 million ($6 million) versus Rs. 507 million ($11 million) in Q1 FY10. This decline is on account of the impairment of intangibles recorded in Q3 FY10.
Other Operating Income of Rs. 186 million ($4 million) in Q1 FY11 versus Rs. 35 million ($1 million) in Q1 FY10.
R&D expenses at Rs. 993 million ($21 million) in Q1 FY11.
Finance costs (net) are at Rs. 177 million ($4 million) in Q1 FY11 versus Rs. 135 million ($3 million) in Q1 FY10. The change is mainly on account of higher forex loss during the quarter
Net forex loss of Rs. 225 million ($5 million) in Q1 FY11 versus Rs. 84 million ($2 million) in Q1 FY10.
EBITDA at Rs. 3.4 billion ($74 million) in Q1 FY11 represents 20% to sales.
Net Profit after Tax for Q1 FY11 is at Rs. 2.1 billion ($45 million).
Diluted EPS is at Rs. 12.3 ($0.3) for the quarter.
Capital expenditure for the quarter is at Rs. 1.9 billion ($40 million).