Cue Biopharma to Present at Upcoming Investor Conferences in March 2020

On February 26, 2020 Cue Biopharma, Inc. (NASDAQ: CUE), a clinical-stage biopharmaceutical company engineering a novel class of injectable biologics to selectively engage and modulate targeted T cells within the body, reported it will present at the Cowen & Co. 40th Annual Health Care Conference on Monday, March 2, 2020 in Boston, Massachusetts and the 30th Annual Oppenheimer Healthcare Conference on Wednesday, March 18, 2020 in New York (Press release, Cue Biopharma, FEB 26, 2020, View Source [SID1234608304]).

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Presentation details can be found below:

Cowen Health Care Conference
Date and Time: Monday, March 2 at 2:10 p.m. EST
Location: Boston Marriott Copley Place
A live and archived version of the webcast will be available at http://wsw.com/webcast/cowen57/cue/. The presentation will be archived for 30 days on the Investors section of the Company’s website at www.cuebiopharma.com.

Oppenheimer Healthcare Conference
Date and Time: Wednesday, March 18 at 9:10 a.m. EDT
Location: InterContinental Barclay Hotel (Grand Ballroom 1)
The webcast link will be available on the Cue Biopharma website two weeks prior to this event. The presentation will be archived for 30 days on the Investors section of the Company’s website at www.cuebiopharma.com.

FDA committee votes against approval of Tookad for localized prostate cancer

On February 26, 2020 an FDA advisory committee reported that it voted 2-13 against recommending approval of padeliporfin di-potassium, a minimally invasive treatment for localized prostate cancer (Press release, US FDA, FEB 26, 2020, View Source [SID1234591387]).

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The vote by the Oncologic Drugs Advisory Committee, or ODAC, indicates the panel does not believe the treatment has a favorable benefit-risk profile for this group of men with low-risk disease.

Many panel members expressed concern that men with very low-risk disease would choose this therapy instead of active surveillance, despite the unproven long-term benefits and harms of the treatment.

"For the true low-risk patients who were eligible for the study [of this therapy], I strongly prefer active surveillance for their treatment," Howard Sandler, MD, MS, FASTRO, FASCO, professor and chair in the department of radiation oncology at Cedars-Sinai Medical Center, said during the committee discussion. "For patients who — for whatever reason — don’t want active surveillance, I think they should have proven anticancer therapy with surgery or radiation. I’m not sure that a treatment that has some risk for morbidity is an ideal option for someone with a cancer that doesn’t need any treatment."

Padeliporfin di-potassium (Steba Biotech), also called Tookad Vascular-Targeted Photodynamic (VTP) therapy, is a partial gland ablation treatment that targets half of the prostate to eliminate cancer while preserving surrounding normal tissue to reduce toxicity and improve quality of life for men with early-stage prostate cancer.

Tookad is under evaluation for men with stage T1 to T2a prostate cancer with a PSA less than 10 ng/mL and Gleason grade group 1 disease based on transrectal ultrasound (TRUS) biopsy or unilateral Gleason grade group 2 disease based on multiparametric-MRI-targeted biopsy with less than 50% of positive cores.

In making its decision, the ODAC panel reviewed efficacy and safety data from the phase 3 PCM301 study, which compared Tookad VTP with active surveillance among 413 men (mean age, 63.5 years) with early-stage prostate cancer over 2 years of follow-up.

The rate of absence of definite cancer based on histology at 24 months and the difference in rate of treatment failure, defined as the progression of disease from low- to moderate- or high-risk prostate cancer, served as the study’s coprimary endpoints.

Results showed that the study met both endpoints. Overall, 28.2% of patients assigned Tookad VTP experienced local progression at 24 months compared with 58% of patients assigned active surveillance, for a 66% risk reduction (HR = 0.34; 95% CI, 0.25-0.47).

Forty-nine percent of patients assigned Tookad VTP achieved absence of prostate cancer compared with 13.5% of the control group (RR = 3.6; 95% CI, 2.5-5.26).

However, these data may not be accurate, as the rate of missed biopsy at 24 months was 18% for the treatment group and 42% for the control group. This included 13% of patients in the treatment group and 15% in the control group who had missing biopsies at 24 months for reasons other than having undergone definitive therapy.

"Both primary endpoints of PCM301 rely on accuracy and reliability of biopsies," the FDA wrote in its background briefing materials. "Given that many patients had missing data (13%) or false-negative biopsies (13.5% on the active surveillance arm), potential for errors in pathologic grading due to sampling error, the reliability of results and the difference in magnitude of effect in the two arms is of concern."

The ODAC panel also weighed the greater risk for toxicity observed in the Tookad VTP group.

More men assigned Tookad VTP experienced any-grade adverse events (95% vs. 55%) and grade 3 to grade 4 adverse events (22% vs. 10%).

Specifically, a greater proportion of men assigned Tookad VTP experienced erectile dysfunction (38% vs. 12%) — which was left unresolved at 2 years more frequently in the treatment group (23% vs. 10%) — hematuria (28% vs. 3%), dysuria (27% vs. 2%), and urinary retention (16% vs. 1%) and incontinence (15% vs. 7%).

Ultimately, although many panel members expressed enthusiasm about the potential future role of focal therapy for prostate cancer, they found the limitations of the current analysis prohibitive in recommending approval of the therapy for men with low-risk disease.

"I think if we — on less-than-good evidence — approve this, it could cause more harm than good," Patrick C. Walsh, MD, university distinguished service professor emeritus at James Buchanan Brady Urological Institute of Johns Hopkins Hospital, said during the committee discussion. "I could tell these patients we don’t have to do anything, we can follow you, or we can give you this treatment and in 2 years you still have 50% chance you’re going to have cancer and 28% chance it’s going to be progressing. But, I don’t think that is what patients will hear. Many doctors out there are in business, and this will be an opportunity that will be misused.

"We can’t speed up the time clock today," Walsh added. "These are 2-year data, and I don’t think they are enough to permit so many patients to have a treatment that we don’t know whether or not is working well." – by Alexandra Todak

LIDDS completes a direct share issue raising SEK 8.0 million

The board of directors of LIDDS AB has decided to carry out a directed issue of 467,783 shares at a subscription price of SEK 17 per share (Press release, Lidds, FEB 26, 2020, View Source [SID1234555854]). LIDDS will through the directed share issue receive proceeds amounting to SEK 8.0 million, before transaction costs.

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The board of directors of LIDDS has, based on the authorization given by the annual general meeting on May 16, 2019, decided to carry out a directed issue of 467.783 shares to new and current investors.

The subscription price in the Directed Share Issue is set to SEK 17,00 and has been determined by volume weighted average price during the last 5 business days with a discount of 5%. Through the Directed Share Issue, LIDDS will raise SEK 8.0 million before transaction costs.

The Directed Share Issue entails a dilution of approximately 1.9 percent of the number of shares and the votes in the Company. Through the Directed Share Issue, the number of outstanding shares and votes will increase by 467,783 shares from 24,254,888 shares to 24,722,671 shares. The share capital will increase by SEK 24,792.50 from SEK 1,285,509.07 to SEK 1,310,301.56.

The reason for the deviation from the shareholders’ preferential rights, is to strengthen the shareholder base and to finance LIDDS’ exciting development projects. The Directed Share Issue will primarily be used to finance the NZ-TLR9 immuno-oncology project which includes an upcoming Phase I clinical trial.

Subscribers in the Directed Share Issue are new shareholders and existing shareholders including Nyenburgh Holding, a life science investment fund based in Amsterdam.

Kiadis Pharma announces FDA clearance of clinical study by The Ohio State University in R/R AML with off-the-shelf NK cells from universal donors

On February 26, 2020 Kiadis Pharma N.V. ("Kiadis" or the "Company") (Euronext Amsterdam and Brussels: KDS), a clinical stage biopharmaceutical company, and The Ohio State University – Arthur G. James Cancer Hospital and Richard J. Solove Research Institute ("OSU" or "OSUCCC-James"), reported the launch of a first-in-human clinical trial in patients with relapsed/refractory acute myeloid leukemia (R/R AML) with off-the-shelf Natural Killer ("NK") cells manufactured using Kiadis’ FC21 mbIL21 feeder cells and proprietary universal donor platform (Press release, Kiadis, FEB 26, 2020, View Source [SID1234555008]). The trial is expected to provide further clinical proof-of-concept of Kiadis’ K-NK003 product.

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The investigator-sponsored trial will be conducted at OSUCCC – James, a National Cancer Institute (NCI)-designated comprehensive cancer center and freestanding cancer hospital located in Columbus, Ohio, in the United States. The OSUCCC – James team received Food and Drug Administration (FDA) approval for an investigational new drug application to begin this trial and expects to begin enrolling patients in March 2020. Kiadis will support the study through a collaborative research agreement with OSUCCC-James. Additionally, OSU and Kiadis plan to work together to initiate a company sponsored trial with off-the-shelf K-NK003 cells expanded with Kiadis’ particle production platform (PM21) in the same patient population later this year.

The study entitled "A Phase I Clinical Trial Testing the Safety of IL-21-Expanded, Off-the-shelf, Third-party Natural Killer Cells for the Induction of Relapsed/Refractory Acute Myeloid Leukemia and Myelodysplastic Syndrome" will evaluate the NK cell product in up to 56 patients, ages 18 – 80 who have primary refractory AML, relapsed AML, or myelodysplastic syndromes (MDS). The goal of this study is to establish safety of the NK cell therapy for the induction of remission in patients with Relapsed/Refractory ("R/R") AML or MDS and to determine the optimal dosing and overall response rate. Patients enrolled in the study will receive six doses of NK cells of 1 x 107 cells/kg to 1 x 108 cells/kg after receiving reinduction chemotherapy.

"NK cells given outside the setting of transplantation have shown to induce remissions. Relapsed/refractory AML and MDS patients have a high chance of progression while waiting for manufacturing of expanded directed-donor NK cells, so having an easily accessible product, and one that does not require administration of cytokines, may be an attractive approach for these patients," stated Sumithira Vasu, MBBS, a hematologist scientist and Medical Director of the Cell Therapy Lab at OSUCCC – James who will serve as principal investigator of the clinical trial. Vasu is also an associate professor at The Ohio State University College of Medicine. "This trial uses a novel off-the-shelf, readily available product to treat what is traditionally a very sick and difficult-to-treat group of patients. I look forward to the collaboration with Kiadis to help accelerate development of this cell therapy."

"We are very pleased to be working with OSU and Dr. Vasu on the first clinical evaluation of our off-the-shelf universal donor K-NK-cell therapy in R/R AML as part of our K-NK003 cell therapy product program," says Andrew Sandler, MD, chief medical officer of Kiadis. "While this study will use our FC21 technology, we plan to leverage this study to initiate a company sponsored study at OSU and other sites with our particle production platform (PM21) in the same patient population later this year. Our proprietary PM21 platform is the only technology that produces NK-cell therapy without the use of feeder cell lines, which carry the risk of tumor cells and DNA in the final product."

The NK cell product will be manufactured in the OSU Cell Therapy Lab under the direction of Lynn O’Donnell, PhD, Director of Cell Therapy Engineering at OSUCCC – James Pelotonia Institute for Immuno-Oncology.

O’Donnell notes this off-the-shelf NK cell therapy is unique in several ways:

It is derived from normal human donors who have undergone the full FDA-mandated screening process and are demonstrating excellent NK cell expansion using the Kiadis FC21 technology.
The OSUCCC – James team is able to bank the cells ahead of patient enrollment. "Because of this, we do not need to wait for QC/QA release or ‘matching’ the donor to the recipient, saving weeks of critical time for patients with aggressive disease, " says O’Donnell, who also serves as an associate professor at The Ohio State University College of Medicine.
The NK cells are not genetically engineered like CAR-T cells, CAR-NK cells, or other allogeneic NK cell products, which O’Donnell notes eliminates the need for long-term follow up of patients, and reduces the overall regulatory burden.
NK cells are not derived from induced pluripotent stem cells or an irradiated tumor cell line, eliminating another source of risk for the patients long-term.

NuVasive, Inc. Announces Pricing Of Offering Of $450 Million Of 0.375% Convertible Senior Notes Due 2025

On February 26, 2020 NuVasive, Inc. (NASDAQ: NUVA) reported the pricing of its offering of $450,000,000 aggregate principal amount of 0.375% Convertible Senior Notes due 2025 (the "Convertible Notes") in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act") (Press release, NuVasive, FEB 26, 2020, View Source;301012315.html [SID1234554951]). NuVasive also granted to the initial purchasers of the Convertible Notes a 13-day option to purchase up to an additional $50,000,000 aggregate principal amount of the Convertible Notes. The sale of the Convertible Notes to the initial purchasers is expected to settle on March 2, 2020, subject to customary closing conditions, and is expected to result in approximately $435.9 million in net proceeds to NuVasive after deducting fees and estimated offering expenses payable by NuVasive (assuming no exercise of the initial purchasers’ option to purchase additional Convertible Notes).

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The Convertible Notes will be general unsecured obligations of NuVasive and interest will be paid semiannually in arrears on March 15 and September 15 of each year, beginning on September 15, 2020. The Convertible Notes will mature on March 15, 2025, unless earlier repurchased, redeemed or converted. Prior to the close of business on the business day immediately preceding September 15, 2024, the Convertible Notes will be convertible at the option of holders only upon the satisfaction of certain conditions and during certain periods. Thereafter until close of business on the second scheduled trading day preceding maturity, the Convertible Notes will be convertible at the option of the holders at any time regardless of these conditions. Conversions of Convertible Notes will be settled in cash, shares of NuVasive common stock or a combination thereof, at NuVasive’s election. The Convertible Notes will not be redeemable at NuVasive’s option prior to March 20, 2023. On or after March 20, 2023 until the close of business on the business day immediately preceding September 15, 2024, the Convertible Notes will be redeemable at NuVasive’s option if the last reported sale price of NuVasive’s common stock for at least 20 trading days in any 30 trading day period has been at least 130% of the conversion price for the Convertible Notes.

The initial conversion rate is 10.7198 shares of common stock per $1,000 principal amount of Convertible Notes (equivalent to an initial conversion price of approximately $93.29 per share of NuVasive common stock). The conversion rate and the corresponding conversion price will be subject to adjustment upon the occurrence of certain events, but will not be adjusted for any accrued and unpaid interest. The initial conversion price of the notes represents a premium of approximately 35% to the $69.10 per share closing price of NuVasive’s common stock on February 26, 2020.

If NuVasive undergoes a fundamental change (as defined in the indenture governing the Convertible Notes), holders may require NuVasive to purchase for cash all or part of their Convertible Notes at a purchase price equal to 100% of the principal amount of the Convertible Notes to be purchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change purchase date. In addition, if the Company calls any or all of the Convertible Notes for redemption or certain make-whole fundamental changes occur, NuVasive will, in certain circumstances, increase the conversion rate for any Convertible Notes converted in connection with such redemption or such make-whole fundamental change.

In addition, in connection with the pricing of the Convertible Notes, NuVasive entered into privately negotiated convertible note hedge transactions and warrant transactions with certain dealers, including affiliates of certain of the initial purchasers of the Convertible Notes (the "Option Counterparties"). The convertible note hedge transactions are expected generally to reduce the potential dilution to NuVasive’s common stock upon any conversion of Convertible Notes and/or offset any cash payments NuVasive is required to make in excess of the principal amount of converted Convertible Notes, as the case may be, in each case upon conversion of the Convertible Notes. The warrant transactions could separately have a dilutive effect to the extent that the market price per share of NuVasive’s common stock exceeds the applicable strike price of the warrants. However, subject to certain conditions, NuVasive may elect to settle all or a portion of the warrants in cash. The strike price of the warrant transactions will initially be approximately $127.84 per share, which represents a premium of approximately 85% over the last reported sale price of NuVasive’s common stock on February 26, 2020, and is subject to certain adjustments under the terms of the warrant transactions.

NuVasive expects that in connection with establishing their initial hedges of these transactions, the Option Counterparties and/or their respective affiliates will enter into various derivative transactions with respect to NuVasive’s common stock and/or purchase NuVasive’s common stock in secondary market transactions concurrently with, or shortly after, the pricing of the Convertible Notes. This activity could increase (or reduce the size of any decrease in) the market price of NuVasive’s common stock or the Convertible Notes at that time. In addition, NuVasive expects that the Option Counterparties and/or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to NuVasive’s common stock and/or purchasing or selling NuVasive’s common stock or other securities of NuVasive in secondary market transactions following the pricing of the Convertible Notes and prior to the maturity of the Convertible Notes (and are likely to do so during any observation period related to a conversion of Convertible Notes). This activity could also cause or avoid an increase or a decrease in the market price of NuVasive’s common stock or the Convertible Notes, which could affect the ability of holders of Convertible notes to convert the Convertible Notes and, to the extent the activities occur during any observation period related to a conversion of the Convertible Notes, could affect the amount of cash and/or the number and value of shares of NuVasive common stock that holders will receive upon conversion of the Convertible Notes.

NuVasive intends to use approximately $31.2 million of the net proceeds from the offering to pay the cost of the convertible note hedge transactions (after such cost is partially offset by the proceeds to NuVasive from the warrant transactions). Additionally, if the initial purchasers exercise their option to purchase additional Convertible Notes, NuVasive may sell additional warrants and use a portion of the proceeds from the sale of the additional Convertible Notes to enter into additional convertible note hedge transactions with the Option Counterparties.

NuVasive also expects to use approximately $75,000,000 of the net proceeds from the offering to repurchase shares of its common stock from purchasers of the Convertible Notes in the offering in privately negotiated transactions concurrently with the offering. NuVasive intends to use the remaining net proceeds of the offering for working capital and other general corporate purposes, which may include potential mergers and acquisitions, to refinance indebtedness, and for repurchases of outstanding Convertible Senior Notes due 2021 (the "2021 Notes"). NuVasive may also use net proceeds from the offering for additional repurchases of shares of common stock in accordance with the Company’s stock repurchase program, which NuVasive’s Board of Directors recently amended to allow for repurchases of up to $150,000,000 of the Company’s common stock through December 31, 2021. The repurchase of shares of common stock and any repurchase of the 2021 Notes could have the effect of raising or maintaining the market price of NuVasive’s common stock above levels that would otherwise have prevailed, or preventing or retarding a decline in the market price of NuVasive’s common stock, and thereby impacting the trading price of the Convertible Notes. In the case of repurchases of common stock effected concurrently with the offering, this activity could have affected the market price of NuVasive’s common stock and could have resulted in a higher effective conversion price for the Convertible Notes.

The offering is only being made to qualified institutional buyers pursuant to Rule 144A under the Securities Act. Neither the Convertible Notes nor any shares of NuVasive’s common stock issuable upon conversion of the Convertible Notes have been or are expected to be registered under the Securities Act or under any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.