Elicio Therapeutics Presents In Vivo Data for a Universal Amphiphile Vaccine Targeting KRAS-Driven Cancers

On August 7, 2019 Elicio Therapeutics, a next generation immuno-oncology company, reported that significant preclinical data from a novel lymph-node targeted vaccine targeting the seven KRAS mutations that drive 99% of all KRAS-driven cancers, estimated to be 25% of all human solid tumors (Press release, Elicio Therapeutics, AUG 7, 2019, View Source [SID1234538290]). Elicio’s "AMP KRAS vaccine" ELI-002 will enter initial patient studies in pancreatic cancer patients in Q1-2020.

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These studies, described in "Amphiphile-modifications target mKRAS-antigen and adjuvant to lymph nodes and enable polyfunctional mKRAS-specific immune responses with potent cytolytic activity," co-authored by Peter DeMuth, PhD., Elicio Vice President of Research, will be presented at the Immuno-Oncology Summit in Boston on August 8th, 2019.

"Previous vaccine approaches utilizing synthetic peptides have not effectively targeted the critical immune cells residing in the lymph nodes and have elicited only weak or undetectable immune responses in patients," said Dr. DeMuth. "The Amphiphile technology allows us to simultaneously generate immune response to the seven mutations commonly present in KRAS driven cancers by targeting peptides with a powerful adjuvant directly to the lymph nodes, significantly amplifying the resulting immune responses, and producing highly functional mKRAS-specific T cells capable of killing mKRAS-presenting cells in vivo."

Elicio has demonstrated in multiple tumor models that improving the targeting of immunogens and cell-therapy activators to lymph nodes, where resident immune cells potently orchestrate immunity, can substantially amplify their ability to induce effective tumor-killing immune responses. ELI-002 is an "AMP KRAS vaccine" containing seven Amphiphile mKRAS peptides and a proprietary Amphiphile adjuvant, administered subcutaneously.

The "AMP KRAS vaccine" administration and resulting immune response yields robust activation against all common mutations in the KRAS protein compared to low or undetectable responses generated by soluble or benchmark treatments which fail to effectively reach the lymph nodes. Further, this response is composed of CD4+ as well as CD8+ T-cells resulting in the production of high levels of Th1-associated cytokines upon re-stimulation with mKRAS-specific peptides in vitro. In vivo, robust cytolytic function towards mKRAS-presenting targets can be measured in the T-cells generated through the AMP vaccination regimen.

"To date, ‘drugging’ mKRAS directly has only been achieved in early clinical studies for the G12C allele, using covalent inhibitors. While validating mKRAS as a target in lung cancer, most human tumors have different mutations, or G12C is not a driver mutation. The concern is that chasing mutations is difficult and keeping up with the genomic instability of cancer may lead to resistance. The AMP vaccine approach covers 99% of all mKRAS tumors and G12X or G13X mutations need only be expressed, and not necessarily as driver mutations," said Julian Adams PhD, Elicio’s Chairman.

Elicio is developing ELI-002 to treat and prevent disease recurrence for hundreds of thousands of patients with mKRAS-driven cancers, including pancreatic, colorectal and lung cancer. KRAS mutations are present in 90% of pancreatic cancers, 40% of colorectal cancers, and 30% of non-small cell lung cancers. ELI-002has completed preclinical validation, IND-enabling GLP toxicology studies, GMP manufacturing, and a pre-IND meeting with the FDA and intends to enter initial patient studies in the first half of 2020. These trials will be multi-site, randomized, controlled studies.

About the Amphiphile Platform

The Elicio Amphiphile platform enables precise targeting and delivery of immunogens and cell-therapy activators directly to the lymphatic system, the "brain center" of the immune response, to significantly amplify and enhance the body’s own system of defenses, defeat solid and hematologic cancers, and prevent their recurrence. Once in the lymph nodes, Amphiphile immunotherapies are taken up by antigen presenting cells (APC’s) to orchestrate signaling to natural or engineered immune cells in order to maximize therapeutic immune responses to disease. This strategy has been used to improve the activity of immunostimulatory agents, antigens, adjuvants, and cell-therapies that generate little to no response when used in the conventional forms. By precisely targeting these immunotherapies to the lymph nodes, Amphiphiles can unlock their full potential to generate and amplify anti-tumor immune responses. This substantially enhanced anti-tumor functionality and long-term protective memory may someday unlock the full potential of the immune response to eliminate cancer.

Protagonist Therapeutics Reports Second Quarter 2019 Financial Results

On August 7, 2019 Protagonist Therapeutics, Inc. (Nasdaq:PTGX) reported financial results for the second quarter ended June 30, 2019, and provided a corporate update (Press release, Protagonist, AUG 7, 2019, View Source [SID1234538289]).

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"We continue to make great progress in advancing our three clinical assets in diverse disease areas and are pleased with our cash runway scenario, which we expect will provide operating capital through mid-2021," commented Dinesh V. Patel, Ph.D., Protagonist President and Chief Executive Officer. "In addition to the ongoing study of hepcidin mimetic PTG-300 in patients with beta-thalassemia, we expect to initiate a Phase 2 study in the third quarter in patients with polycythemia vera (PV), a rare myeloproliferative disease with limited treatment options. Given the central role of hepcidin in iron homeostasis and erythropoiesis, we view PTG-300 as a one product portfolio with potential applications in multiple blood disorders. We also intend to initiate a Phase 2 study in patients with hereditary hemochromatosis, and we expect that an investigator-sponsored trial in patients with myelodysplastic syndromes will begin in early 2020. These indications rely on different aspects of iron biology that comprise the central mechanism of PTG-300 and offer the advantage of allowing evaluation in small clinical studies with objective endpoints. We are also pleased with the successful completion of the Phase 1 study of our oral alpha-4-beta-7 integrin antagonist PN-943 in normal healthy volunteers, and are advancing PN-943 toward a Phase 2 study in patients with ulcerative colitis. Finally, our oral IL-23 receptor antagonist PTG-200, partnered with Janssen, is moving forward in a Phase 2 study in patients with Crohn’s disease."

Corporate and Product Development Updates:

Financing

. During the second quarter of 2019, the Company issued 921,684 shares through its at-the-market (ATM) program and raised $10.5 million, at an average of $11.44 per share.

· The Company also reported sales of an additional 1.2 million shares through its ATM program during July 2019, raising $15.0 million, or $12.64 per share.

·The additional funding is expected to extend the Company’s cash runway through mid-2021 as it advances its three clinical programs.

·As of July 31, 2019, the Company had $22.1 million remaining available for sale under its ATM financing facility.

PTG-300

·Protagonist is conducting the Phase 2 TRANSCEND study, a single-arm, open label, study of PTG-300, an injectable hepcidin mimetic, in the treatment of patients with transfusion-dependent as well as non-transfusion dependent beta-thalassemia. Initial results from this Phase 2 trial are expected in the fourth quarter of 2019, with final topline data expected in the first half of 2020.

Protagonist plans to initiate a Phase 2 study of PTG-300 in patients with polycythemia vera in the third quarter of 2019.

· The Company is working toward the initiation of a clinical study in early 2020 of PTG-300 in the treatment of hereditary hemochromatosis, a third indication of development for PTG-300.

·An investigator-sponsored study of PTG-300 in patients with myelodysplastic syndromes is also expected to begin in early 2020PTG-200

·In May 2019, Protagonist expanded its collaboration with Janssen Biotech to include the discovery of second generation oral IL-23 receptor antagonists, with Protagonist receiving a $25 million milestone payment following the signing of the expanded agreement. Protagonist also received research funding supporting full-time equivalent employees.

· Protagonist and Janssen are jointly conducting the development of PTG-200 through completion of a Phase 2 proof-of-concept study in Crohn’s disease. Protagonist and Janssen Biotech completed the filing of a U.S. Investigational New Drug (IND) application to support the global Phase 2 clinical study with initiation expected in the fourth quarter of 2019.

PN-943

·In May 2019, Protagonist announced results of the single ascending dose part of the first clinical study of PN-943. The Company also recently announced results from the multiple ascending dose part of the study. Administration of PN-943 was found to be safe and well tolerated, and results of target engagement as measured by blood receptor occupancy were supportive of the higher potency of PN-943 as compared to the first generation antagonist, PTG-100. The PN-943 Phase 1 data has guided the design of a Phase 2 study of PN-943 in patients with ulcerative colitis, with study initiation expected in early 2020.

·Preclinical and early clinical research findings from the single ascending dose study describing the properties of PN-943, including high potency relative to PTG-100, were detailed in an oral presentation in May 2019 at the Digestive Diseases Week Conference in San Diego.

Financial Results

Protagonist reported a net loss of $29.2 million and $43.3 million, respectively, for the second quarter and first six months of 2019, as compared to a net loss of $8.7 million and $16.3 million, respectively, for the same periods of 2018. The increase in net loss for both the second quarter and year-to-date periods was driven primarily by the application of revenue accounting principles following the May 2019 Amendment to the Janssen collaboration agreement. The Company reported an adjustment to revenue of $(8.2) million which decreased the booked license and collaboration revenue in the second quarter. Application of the accounting principles required the Company to re-assess overall timelines as well as re-estimate completed and remaining services following the Collaboration Agreement amendment, leading to the revenue adjustment. The Company also determined that the accounting transaction price had increased to $109.2 million as of June 30, 2019, following the Amendment, from $60.6 million as of March 31, 2019. This has been influenced predominantly by the $25 million milestone payment received from Janssen in the second quarter along with additional research funding and other research and development (R&D) services. The remaining revenue of $64.9 million will be recognized as the Company performs services related to PTG-200 development as well as new services related to the R&D activities for second generation product candidates.

The net loss for the second quarter and first six months of 2019 includes non-cash stock-based compensation of $2.0 million and $4.0 million, respectively, as compared to $1.6 million and $2.8 million, respectively, for the same periods of 2018.

Amounts reported in the category of license and collaboration revenue were $(8.2) million and $(6.6) million for the second quarter and first six months of 2019, respectively, and contained the cumulative catch-up revenue accounting adjustment following the amendment to the Janssen Collaboration Agreement. This is compared to license and collaboration revenue of $11.7 million and $22.5 million for the second quarter and first six months of 2018, respectively.

R&D expenses for the second quarter and first six months of 2019 were $19.4 million and $31.8 million, respectively, as compared to $17.7 million and $33.1 million, respectively, for the same periods of 2018. The increases in R&D expenses in the second quarter from the same period a year ago are primarily due to increased costs related to preparation for and conduct of clinical trials for our product candidates PTG-300 and PN-943. R&D expenses for the quarter also included an increase in salaries and employee-related expenses.

G&A expenses for the second quarter and first six months of 2019 were $3.9 million and $7.6 million, respectively, as compared to $3.2 million and $6.8 million, respectively, for the same periods of 2018. The increases in G&A expenses were primarily due to increases in salaries and employee-related expenses primarily due to an increase in headcount and consulting and professional services expenses to support growth in operations.

Protagonist ended the second quarter of 2019 with $126.1 million in cash, cash equivalents and investments. Protagonist forecasts having sufficient financial resources to fund operations through mid-2021.

Madrigal Pharmaceuticals Reports 2019 Second Quarter Financial Results and Highlights

On August 7, 2019 Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) reported its second quarter 2019 financial results and highlights (Press release, Synta Pharmaceuticals, AUG 7, 2019, View Source [SID1234538288]):

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Madrigal has continued to progress on several important fronts during the second quarter. We have moved forward with our Phase 3 study of MGL-3196 (resmetirom) in patients with biopsy-proven non-alcoholic steatohepatitis (NASH) and liver fibrosis (MAESTRO-NASH)," stated Paul Friedman, M.D., Chief Executive Officer of Madrigal. "We were also fortunate to add Jim Daly to our Board of Directors. Jim’s deep commercial expertise will be invaluable as we move forward with development of resmetirom in NASH and Non-Alcoholic Fatty Liver Disease (NAFLD). In addition, in recognition of our clinical development progress and corresponding growth of the Company, we promoted Becky Taub, M.D., to President of R&D."

Becky Taub, M.D.,CMO, President, Research & Development of Madrigal, added, "Madrigal is enrolling patients in our MAESTRO-NASH Phase 3 clinical study, and although it’s early in the process, we are encouraged by the rate of site openings and patient screening numbers. We are also pleased to announce that our abstract "Effects of Resmetirom (MGL-3196) on Hepatic Fat, Lipids, Liver Enzymes and Markers of Liver Fibrosis in an Open-Label 36-Week Extension Study in NASH Patients" has been selected for oral presentation at the Liver Meeting AASLD 2019 in Boston, November 2019. A poster, "Steatosis and Fibrosis Measured as Continuous Variables on Paired, Serial Liver Biopsies in the Resmetirom (MGL-3196) 36-Week Phase 2 NASH Study" will also be presented at AASLD meeting."

Additional information about Madrigal’s Phase 3 study in patients with NASH [NCT03900429] can be obtained at www.clinicaltrials.gov.

Financial Results for the Three and Six Months Ended June 30, 2019

As of June 30, 2019, Madrigal had cash, cash equivalents and marketable securities of $466.4 million, compared to $483.7 million at December 31, 2018. Cash used in operating activities during the first six months of 2019 was $18.0 million.

Operating expenses were $22.7 million and $40.8 million for the three and six month periods ended June 30, 2019, compared to $7.8 million and $14.9 million in the comparable prior year periods.

Research and development expenses for the three and six month periods ended June 30, 2019 were $15.6 million and $28.0 million compared to $5.1 million and $10.3 million in the comparable prior year periods. The increase is primarily attributable to additional activities related to initiation of our Phase 3 clinical trial in NASH, including a payment due related to a milestone achieved under our agreement with Roche, an increase in headcount and increased non-cash stock compensation from stock option awards.

General and administrative expenses for the three and six month periods ended June 30, 2019 were $7.1 million and $12.9 million compared to $2.7 million and $4.6 million in the comparable prior year periods. The increase is due primarily to higher non-cash stock compensation expense from stock option awards.

Interest income for the three and six month periods ended June 30, 2019 was $3.0 million and $6.0 million compared to $1.2 million and $1.9 million in the comparable prior year periods. The change in interest income was due primarily to a higher average principal balance in our investment portfolio in 2019, and increased interest rates.

About resmetirom (MGL-3196)

Among its many functions in the human body, thyroid hormone, through activation of its beta receptor, plays a central role in controlling lipid metabolism, impacting a range of health parameters from levels of serum cholesterol and triglycerides to the pathological buildup of fat in the liver. Attempts to exploit this pathway for therapeutic purposes in cardio-metabolic and liver diseases have been hampered by the lack of selectivity of older compounds for the thyroid hormone receptor (THR)-ß, chemically-related toxicities and undesirable distribution in the body.

Madrigal recognized that greater selectivity for thyroid hormone receptor (THR)-ß and liver targeting might overcome these challenges and deliver the full therapeutic potential of THR-ß agonism. Madrigal believes that resmetirom is the first orally administered, small-molecule, liver- directed, truly ß-selective THR agonist.

Based on the positive Phase 2 clinical study results in patients with NASH (Phase 2 36-Week Results Press Release), Madrigal initiated a Phase 3 multinational, double-blind, randomized, placebo-controlled study of resmetirom in patients with non-alcoholic steatohepatitis (NASH) and fibrosis to resolve NASH and reduce progression to cirrhosis and/or hepatic decompensation (Phase 3 Initiation Press Release and ClinicalTrials.gov NCT03900429). Additionally, in both the NASH Phase 2 study, and a second positive Phase 2 clinical study in patients with heterozygous familial hypercholesterolemia (Phase 2 HeFH Results Press Release), significant reductions in multiple atherogenic lipids were observed. As a result, Madrigal is designing a Phase 3 study intended to treat the prevalent dyslipidemias in NAFLD and NASH patients and improve the fatty liver phenotype in this population.

Onconova Therapeutics, Inc. to Provide Corporate Update and Second Quarter 2019 Financial Results

On August 7, 2019 Onconova Therapeutics, Inc. (NASDAQ: ONTX), a Phase 3 stage biopharmaceutical company focused on discovering and developing novel products to treat cancer, with a focus on Myelodysplastic Syndromes (MDS), reported that the Company will release its second quarter financial results on August 14, 2019, before the market opens (Press release, Onconova, AUG 7, 2019, View Source [SID1234538269]). The Company will host a conference call on August 14, 2019, at 9 a.m. Eastern Time to discuss these results. Interested parties may access the call by dialing toll-free (855) 428-5741 from the U.S. or (210) 229-8823 internationally and using conference ID 9150777. The call will also be webcast live. Please click here to access the webcast on the Investor Relations page of the Company’s website. A replay will be available for 90 days.

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About Myelodysplastic Syndromes

Myelodysplastic syndromes (MDS) are conditions that can occur when the blood-forming cells in the bone marrow become dysfunctional and thus produce an inadequate number of circulating blood cells. It is frequently associated with the presence of blasts or leukemic cells in the marrow. This leads to low numbers of one or more types of circulating blood cells, and to the need for blood transfusions. In MDS, some of the cells in the bone marrow are abnormal (dysplastic) and may have genetic abnormalities associated with them. Different cell types can be affected, although the most common finding in MDS is a shortage of red blood cells (anemia). Patients with higher-risk MDS may progress to the development of acute leukemia.

SURFACE ONCOLOGY REPORTS FINANCIAL RESULTS AND CORPORATE HIGHLIGHTS FOR SECOND QUARTER 2019

On August 7, 2019 Surface Oncology (NASDAQ:SURF), a clinical-stage immuno-oncology company developing next-generation immunotherapies that target the tumor microenvironment, reported financial results and corporate highlights for the second quarter of 2019 (Press release, Surface Oncology, AUG 7, 2019, View Source [SID1234538265]).

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"We are pressing forward at Surface on our mission to Break Through for patients with cancer, and we are excited to be entering the second half of 2019 where you will begin to see some of the results of our hard work. SRF617 and SRF388 remain on track for IND filings later this year. Furthermore, we anticipate multiple poster presentations at SITC (Free SITC Whitepaper) highlighting a number of our pipeline programs, as well as hosting our first ever research and development day in November where executives from Surface, as well as key opinion leaders, will discuss our programs," said Jeff Goater, chief executive officer of Surface Oncology.

Recent & Upcoming Corporate Highlights:

Presented preclinical data further supporting the anti-tumor mechanisms for SRF617 (targeting CD39; currently in IND-enabling studies) and NZV930 (targeting CD73; currently in phase 1) at the Brisbane Immunotherapy 2019 Conference in May.

The ongoing phase 1b study of NZV930 (CD73), licensed to Novartis, is continuing to enroll and is evaluating combinations of NZV930 with PDR001 (anti PD-1), NIR178 (A2aR inhibitor), as well as a triplet combination of all three therapies. Novartis is paying for all development costs associated with NZV930. Surface Oncology is currently entitled to cumulative potential milestones in excess of $500 million, as well as tiered royalties on annual net sales by Novartis ranging from high single-digit to mid-teens percentages upon the successful commercialization of NZV930.

Submitted multiple abstracts for presentation at the Society for the Immunotherapy of Cancer (SITC) (Free SITC Whitepaper) Conference discussing data from the SRF617, SRF388 and SRF231 programs.

Announced the inaugural Surface Oncology Research and Development Day in New York City on Monday, November 18th, 2019, at the Nasdaq MarketSite in Times Square. Presenters will include members of Surface’s executive management, as well as key opinion leaders in the field of immuno-oncology. Topics will include deep dives into both SRF617 and SRF388, presentation of data and clinical trial designs, as well as the introduction of a newly nominated pipeline program.

Continued preparation to file Investigational New Drug applications for both SRF617 and SRF388 in Q4 of 2019. These filings will be staggered, with the IND for SRF617 to be filed first.

Financial Results:

As of June 30, 2019, cash, cash equivalents and marketable securities were $126.3 million, compared to $140.2 million on March 31, 2019.

Research and development (R&D) expenses were $13.2 million for the second quarter ended June 30, 2019, compared to $15.1 million for the same period in 2018. The decrease in expenditures was primarily driven by a reduction of CMC related spend on SRF231 (CD47) program, which was partially offset by increased spend on SRF617. R&D expenses included $0.6 million in stock-based compensation expense for the second quarter of 2019.

General and administrative (G&A) expenses were $5.4 million for the second quarter ended June 30, 2019, compared to $3.9 million for the same period in 2018. The increase in G&A expenses is primarily due to increased personnel costs and professional fees associated with the growth of the Company and operating as a public company. G&A expenses included $0.9 million in stock-based compensation expense for the second quarter of 2019.

For the second quarter ended June 30, 2019, net loss was $17.8 million, or basic and diluted net loss per share attributable to common stockholders of $0.64. Net loss was $15.9 million for the same period in 2018 or diluted net income per share attributable to common stockholders of $0.73.

Financial Outlook:

Based upon its current operating plan, which includes anticipated milestones from Novartis, Surface continues to have a projected cash runway through 2021.