DiaMedica Announces Pricing of Public Offering of Common Shares

On February 11, 2020 DiaMedica Therapeutics Inc. (Nasdaq: DMAC), a clinical-stage biotechnology company, reported the pricing of an underwritten registered public offering of 2,125,000 of its common shares at a price to the public of $4.00 per share. All of the common shares are being offered by DiaMedica (Press release, DiaMedica, FEB 11, 2020, View Source [SID1234554163]). The offering is expected to close on or about February 13, 2020, subject to the satisfaction of customary closing conditions.

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DiaMedica expects the gross proceeds from the offering to be $8.5 million, before deducting the underwriting discount and other estimated offering expenses payable by DiaMedica. Net proceeds, after the underwriting discount, but before estimated expenses of the offering payable by DiaMedica, are expected to be approximately $7.9 million. DiaMedica intends to use the net proceeds from the offering to continue clinical and product development activities and for other working capital and general corporate purposes.

Craig-Hallum Capital Group LLC is acting as the sole managing underwriter for the offering.

The securities described above are being offered pursuant to a shelf registration statement on Form S-3 (File No. 333-235775) that was declared effective by the U.S. Securities and Exchange Commission, or the SEC, on January 9, 2020. A preliminary prospectus supplement and accompanying prospectus relating to and describing the terms of the offering were filed with the SEC on February 11, 2020. The final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and, when available, may be obtained by visiting the SEC’s website at www.sec.gov or by contacting Craig-Hallum Capital Group LLC, 222 South Ninth Street, Suite 350, Minneapolis, MN 55402, by telephone at 612-334-6300 or by email at [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, 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 registration or qualification under the securities laws of any such state or other jurisdiction.

Pfizer and Astellas Report Positive OS Data in Prostate Cancer Study

On February 11, 2020 Astellas and Pfizer reported positive topline overall survival (OS) results from a Phase III trial evaluating Xtandi (enzalutamide) as a treatment in men with non-metastatic castration-resistant prostate cancer (nmCRPC) (Press release, Pfizer, FEB 11, 2020, View Source [SID1234554162]). The results demonstrated a statistically significant improvement in OS in patients with nmCRPC treated with the therapy, the companies announced.

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Prostate cancer is the second most common cancer in men worldwide, with about 164,000 expected diagnoses in the United States this year. Castration-resistant prostate cancer (CRPC) refers to the subset of men whose prostate cancer progresses on androgen deprivation therapy despite castrate levels (less than 50 ng) of testosterone. Non-metastatic CRPC means there is no clinically detectable evidence of the cancer spreading to other parts of the body, and there is a rising prostate-specific antigen (PSA) level. Many men with non-metastatic CRPC and a rapidly rising PSA level go on to develop metastatic CRPC.

In the Phase III PROSPER trial, Pfizer and Astellas evaluated Xtandi in combination with androgen deprivation therapy (ADT) in men with nmCRPC against placebo and ADT. The companies said the results demonstrated a statistically significant improvement in OS, which was a key secondary endpoint of the trial. Full OS results from the PROSPER trial will be released at a later date, the companies said.

In 2017, Astellas and Pfizer announced initial top-line results from the Phase III trial that showed the combination of Xtandi and ADT met its primary endpoint of improved metastasis-free survival (MFS). MFS was measured as the time from patients entering the trial until their cancer was radiographically detected as having metastasized, or until death, within 112 days of treatment discontinuation. The Phase III trial showed that a combination of Xtandi plus ADT significantly reduced the risk of developing metastases or death by 71 percent. Additionally, the Phase III trial data showed the combination treatment had a 93 percent reduction in relative risk of prostate-specific antigen (PSA) progression, a biomarker tied to the worsening of a disease, compared to patients who received ADT alone. Those results eventually lead to the regulatory approval of Xtandi as a treatment for non-metastatic castration-resistant prostate cancer.

In December, Xtandi won approval from the U.S. Food and Drug Administration as a treatment for patients with metastatic castration-sensitive prostate cancer (mCSPC). It is estimated that more than 40,000 men in the United States are living with mCSPC, a form of prostate cancer that has spread to other parts of the body and still responds to a medical or surgical treatment that lowers testosterone.

In addition to the latest OS news for Xtandi, Astellas and Pfizer said they will share findings from two studies evaluating the same treatment for advanced prostate cancer at the 2020 Genitourinary Cancers Symposium later this week. The two evaluate the treatment in chemotherapy-naïve men with metastatic castration-resistant prostate cancer (mCRPC) in a real-world setting.

Bio-Thera, an Antibody Company, Prices $241 Million Shanghai STAR Board IPO

On February 11, 2020 Bio-Thera Solutions of Guangzhou reported that priced its IPO on Shanghai’s STAR Board to raise $241 million at a valuation of almost $2 billion (Press release, BioThera Solutions, FEB 11, 2020, View Source [SID1234554161]). The offering, which placed 60 million shares at RMB32.76 each, was reported to be 3,225 times oversubscribed. Bio-Thera lists ten antibody candidates in its pipeline. The company develops novel antibodies (6) and biosimilars (4) for oncology and autoimmune indications. In January, the company’s Humira biosimilar was approved for China use, its first commercialization approval.

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Astex Pharmaceuticals announces U.S. Food and Drug Administration (FDA) acceptance for review of an NDA for the combination oral hypomethylating agent cedazuridine and decitabine (ASTX727 or oral C-DEC), for the treatment of MDS and CMML

On February 11, 2020 Astex Pharmaceuticals, Inc., a wholly owned subsidiary of Otsuka Pharmaceutical Co. Ltd., based in Japan, reported that the U.S. FDA has accepted for Priority Review its NDA for oral C-DEC (cedazuridine and decitabine) as a treatment for adults with previously untreated intermediate- and high-risk MDS including CMML (Press release, Astex Pharmaceuticals, FEB 11, 2020, View Source [SID1234554160]). The NDA submission is based on data from the ASCERTAIN phase 3 study which evaluated the 5-day decitabine exposure equivalence of oral C-DEC and IV decitabine.

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"We are very pleased that the FDA has accepted our NDA for Priority Review," said Dr Mohammad Azab, MD, president & chief medical officer of Astex Pharmaceuticals, Inc. "Subject to FDA review and regulatory approval, oral C-DEC may offer a new option for patients with MDS and CMML that saves them the burden of 5-day IV infusions every month during their treatment period. We are grateful to all the patients, investigators and other healthcare providers, and partner research and manufacturing organizations, who contributed to the clinical development program of oral C-DEC."

The FDA grants Priority Review to applications for drugs that, if approved, would provide significant improvements in the safety and effectiveness of the treatment, diagnosis or prevention of serious conditions. The Priority Review designation means FDA’s goal is to take action on an NDA application within six months (compared to the ten months under standard review).

Oral C-DEC is an investigational compound and is not currently approved in any country.

Astex’s parent company, Otsuka Pharmaceutical Co., Ltd., and Taiho Pharmaceutical Co., Ltd. previously announced that, subject to regulatory approvals, commercialization of oral C-DEC in the U.S. and Canada will be conducted by Taiho Oncology, Inc. and Taiho Pharma Canada, Inc. respectively. Astex, Otsuka and Taiho are all members of the Otsuka group of companies.

About C-DEC (Cedazuridine 100 mg and Decitabine 35 mg) Fixed-Dose Combination

C-DEC is a novel, orally administered fixed dose combination of cedazuridine, an inhibitor of cytidine deaminase,1 with the anti-cancer DNA hypomethylating agent, decitabine.2 By inhibiting cytidine deaminase in the gut and the liver, C-DEC is designed to allow for oral delivery of the approved DNA hypomethylating agent, decitabine, at exposures which emulate exposures achieved with the approved intravenous form of decitabine administered over 5 days.3

C-DEC has been evaluated in a phase 1/2 pharmacokinetics-guided dose escalation and dose confirmation study in patients with MDS and CMML (see View Source NCT02103478) and a pivotal phase 3 study (ASCERTAIN) (see View Source NCT03306264) conducted at investigator sites in the US and Canada and designed to confirm the results from the phase 1/2 study. The phase 3 study is now being extended to include patients with acute myeloid leukemia (AML) unsuitable to receive intensive induction chemotherapy.

In September 2019 Astex announced that C-DEC had received orphan drug designation for the treatment of MDS and CMML from the U.S. FDA.

The concept of using cedazuridine to block the action of cytidine deaminase is also being evaluated in a low dose formulation of cedazuridine and decitabine for the treatment of lower risk MDS (see View Source NCT03502668).

About the Phase 3 ASCERTAIN Study

The study was designed as a randomized crossover study comparing oral C-DEC (cedazuridine 100 mg and decitabine 35 mg fixed-dose combination tablet given once daily for 5 days on a 28-day cycle) to IV decitabine (20 mg/m2 administered as a daily, 1-hour IV infusion for 5 days on a 28-day cycle) in the first 2 cycles with patients continuing to receive oral C-DEC from Cycle 3 onwards. The data from the ASCERTAIN study was presented at the American Society of Hematology (ASH) (Free ASH Whitepaper) Meeting in Orlando, Florida in December 2019 by Dr Guillermo Garcia-Manero, MD, professor and chief of section of myelodysplastic syndromes, Department of Leukemia at The University of Texas MD Anderson Cancer Center, on behalf of the study investigators.4 The data demonstrated that the ASCERTAIN study met the primary endpoint of total 5-Day decitabine Area-Under-The-Curve (AUC) equivalence of oral C-DEC and IV decitabine. Safety findings from the study were consistent with those anticipated with IV decitabine, with no significant differences in the incidence of most common adverse events between oral C-DEC and IV decitabine in the first 2 randomized cycles. The most common adverse events of any grade >20% regardless of causality in patients in the first 2 randomized cycles who received oral C-DEC were thrombocytopenia (43.8%), neutropenia (35.4%), anemia (36.9%), and fatigue (23.8%). The ASH (Free ASH Whitepaper) presentation can be downloaded from the Astex website at View Source ASCERTAIN Presentation – ASH (Free ASH Whitepaper) – December 2019

About Myelodysplastic Syndromes (MDS) and Chronic Myelomonocytic Leukemia (CMML)

Myelodysplastic syndromes are a heterogeneous group of hematopoietic stem cell disorders characterized by dysplastic changes in myeloid, erythroid, and megakaryocytic progenitor cells, and associated with cytopenias affecting one or more of the three lineages. U.S. incidence of MDS is estimated to be 10,000 cases per year, although the condition is thought to be under-diagnosed.5,6 The prevalence has been estimated to be from 60,000 to 170,000 in the U.S.7 MDS may evolve into acute myeloid leukemia (AML) in one-third of patients.8 The prognosis for MDS patients is poor; patients die from complications associated with cytopenias (infections and bleeding) or from transformation to AML. CMML is a clonal hematopoietic malignancy characterized by accumulation of abnormal monocytes in the bone marrow and in blood. The incidence of CMML in the U.S. is approximately 1,100 new cases per year,9 and CMML may transform into AML in 15% to 30% of patients.10 The hypomethylating agents decitabine and azacitidine are effective treatment modalities for hematologic cancers and are FDA-approved for the treatment of higher-risk MDS and CMML. These agents are administered by IV infusion, or by large-volume subcutaneous injections.

Clovis Oncology to Present at the 9th Annual SVB Leerink Healthcare Conference

On February 11, 2020 Clovis Oncology, Inc. (Nasdaq: CLVS) reported that its Chief Executive Officer and President, Patrick J. Mahaffy, will present at the 9th Annual SVB Leerink Global Healthcare Conference on Wednesday, February 26, 2020 at 10:30 a.m. Eastern Standard Time (Press release, Clovis Oncology, FEB 11, 2020, View Source [SID1234554157]). The conference will be held at the Lotte New York Palace in New York City.

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A live webcast of the presentation and Q&A session can be accessed through the investor relations section of the Company’s website at www.clovisoncology.com. Following the live presentation, a replay of the webcast will be available on the Company’s website for 30 days.