AbbVie to Present at the Cowen 40th Annual Health Care Conference

On February 19, 2020 AbbVie (NYSE: ABBV), a research-based global biopharmaceutical company, reported that it will participate in the Cowen 40th Annual Health Care Conference on Wednesday, March 4, 2020. Michael Severino, M.D., vice chairman and president and Robert A. Michael, executive vice president and chief financial officer, will present at 10:20 a.m. Central time (Press release, AbbVie, FEB 19, 2020, https://news.abbvie.com/news/press-releases/abbvie-to-present-at-cowen-40th-annual-health-care-conference.htm [SID1234554487]).

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A live audio webcast of the presentation will be accessible through AbbVie’s Investor Relations website at investors.abbvie.com. An archived edition of the session will be available later that day.

Integra LifeSciences Reports Fourth Quarter and Full-Year 2019 Financial Results and Provides 2020

On February 19, 2020 Integra LifeSciences Holdings Corporation (NASDAQ: IART) reported financial results for the fourth quarter and full year ended December 31, 2019 and issued its financial guidance for 2020, consistent with the preliminary results and guidance provided on January 14, 2020 (Press release, Integra LifeSciences, FEB 19, 2020, View Source [SID1234554483]).

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Highlights:

Fourth Quarter 2019

Reported revenue increased 3.1% to $395.1 million and organic sales increased 4.6% over the fourth quarter 2018.

GAAP earnings per diluted share were $0.18, compared to $0.29 in the fourth quarter 2018.

Adjusted earnings per diluted share were $0.68, compared to $0.65 in the fourth quarter of 2018.

Full-Year 2019

Reported revenue increased by 3.1% to $1,517.6 million, and organic sales increased 4.8% over the full-year 2018.

GAAP earnings per diluted share were $0.58, compared to $0.72 in 2018.

Adjusted earnings per diluted share amounted to $2.74, a 13.2% increase over the prior year, which represents the sixth consecutive year of double-digit growth.

2020 Company Guidance

The Company expects full-year 2020 reported revenue in the range of $1.55 billion to $1.57 billion, representing approximately 3% growth at the midpoint.

The Company expects full-year 2020 organic sales growth, which excludes the effect of foreign currency, acquisitions, divestitures and discontinued products, to be approximately 5%.

The Company expects full-year GAAP earnings per diluted share to be in the range of $1.40 to $1.45, and full-year adjusted earnings per diluted share to be in the range of $3.00 to $3.05.

Fourth Quarter 2019 Financial Summary
Total reported revenues for the fourth quarter were $395.1 million, an increase of $11.8 million, or 3.1%, over the fourth quarter of 2018. Fourth quarter organic sales increased 4.6% over the prior year.
The Company reported GAAP net income of $15.3 million, or $0.18 per diluted share, in the fourth quarter of 2019, compared to GAAP net income of $25.1 million, or $0.29 per diluted share, in the prior year. The decrease was attributable to expenses associated with the Rebound Therapeutics Corporation ("Rebound") acquisition and tax benefits received in the fourth quarter of 2018.
Adjusted EBITDA for the fourth quarter of 2019 was $91.6 million, compared to $88.8 million in the fourth quarter of the prior year. For the fourth quarter of 2019, adjusted EBITDA as a percentage of revenue was 23.2%, unchanged from the prior year period.
Adjusted net income for the fourth quarter of 2019 was $58.9 million, or $0.68 per diluted share, compared to adjusted net income of $56.2 million, or $0.65 per diluted share, in the fourth quarter of 2018.
Cash flows from operations totaled $89.2 million in the fourth quarter and capital expenditures were $22.2 million.

Full-Year 2019 Financial Summary
Total reported revenues for the full-year 2019 were $1,517.6 million, an increase of $45.1 million, or 3.1%, over the prior year. Organic sales for the full-year 2019 increased 4.8% over 2018.
The Company reported GAAP net income of $50.2 million, or $0.58 per diluted share, for the full-year 2019, compared to GAAP net income of $60.8 million, or $0.72 per diluted share in 2018. The decrease was primarily attributable to expenses associated with the Rebound acquisition.
Adjusted EBITDA for the full year 2019 was $368.6 million, an increase of $26.5 million over the prior year. For the full-year 2019, adjusted EBITDA as a percentage of revenue increased 110 basis points to 24.3% from 23.2% in 2018, largely attributable to higher sales and improved gross margin.
Adjusted net income for the full-year 2019 was $237.4 million, or $2.74 per diluted share, compared to $203.5 million, or $2.42 per diluted share in 2018. The increase was largely attributable to higher sales, gross margin expansion and lower net interest expense.
Cash flows from operations totaled $231.4 million for the full-year 2019 and capital expenditures were $69.5 million. Adjusted free cash flow conversion for the trailing twelve months ended December 31, 2019 was 68.2% versus 59.9% for the twelve months ended December 31, 2018.

2020 Financial Guidance
Consistent with guidance provided on January 14, 2020, the Company is reiterating full-year 2020 total revenue guidance in the range of $1.55 billion to $1.57 billion, representing organic sales growth of approximately 5%.
The Company expects GAAP earnings per diluted share for the full year to be between $1.40 and $1.45 and adjusted earnings per diluted share to be in the range of $3.00 to $3.05.

In the future, the Company may record, or expects to record, certain additional revenues, gains, expenses or charges as described in the Discussion of Adjusted Financial Measures below that it will exclude in the calculation of organic revenue growth, adjusted EBITDA and adjusted EPS for historical periods and in providing adjusted EPS guidance.

Conference Call and Presentation Available Online
Integra has scheduled a conference call for 8:30 a.m. ET today, Wednesday, February 19, 2020 to discuss fourth quarter and full-year 2019 financial results, and forward-looking financial guidance. The conference call will be hosted by Integra’s senior management team and will be open to all listeners. Additional forward-looking information may be discussed in a question and answer session following the call.
Integra’s management team will reference a presentation during the conference call, which can be found on the Investor section of the website at investor.integralife.com.
Access to the live call is available by dialing 800-367-2403 and using the passcode 7727863. The call can also be accessed through a webcast via a link provided on the Investor Relations homepage of Integra’s website at investor.integralife.com. Access to the replay is available through February 24, 2020 by dialing 888-203-1112 and using the passcode 7727863. The webcast will also be archived on the website.

NeoTX Closes $45 Million Series C Financing

On February 19, 2020 NeoTX Therapeutics, a clinical-stage biotechnology company leveraging its proprietary Selective T cell Redirection (STR) platform to develop targeted anticancer immunotherapies, reported that it has closed a $45 million Series C financing. In conjunction with the financing, former vice chairman of The Blackstone Group, J. Tomilson Hill, Chairman of NDFOS Co., Ltd, Andrew Kim, Paul T. Marinelli and Nobel laureate Dr. Roger Kornberg, the chief scientific officer of NeoTX have joined the NeoTX Board of Directors. To date, NeoTX has raised over $60 million (Press release, NeoTX, FEB 19, 2020, View Source [SID1234554482]). NeoTX plans to use the Series C proceeds to advance its STR platform for the treatment of advanced and metastatic solid tumors as well as to in-license new technologies.

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"With the funds raised in this financing, we intend to complete the dose escalation phase of the Phase 1b trial of naptumomab estafenatox ("Nap") in combination with durvalumab and continue to develop our patented STR platform," said Asher Nathan, chief executive officer of NeoTX. "Our platform, which uniquely leverages the body’s natural antibacterial immune response to selectively redirect T cells to kill the tumor, has the potential to be applicable in a variety of solid tumor indications and in combination with other immunotherapies. We look forward to the clinical advancement of Nap and expanding our platform in order to provide new options to patients suffering from advanced cancers."

The open-label, multicenter, dose-finding Phase 1b study of Nap (NCT03983954) is currently enrolling. Patients are dosed with a combination of Nap and AstraZeneca’s (NYSE: AZN) checkpoint inhibitor IMFINZI (durvalumab). NeoTX aims to establish the maximum tolerated dose before advancing to a larger cohort expansion phase in the Unites States.

Cellectar Biosciences Announces CLR 131 Achieves Primary Efficacy Endpoints from Its Phase 2 CLOVER-1 Study in relapsed/refractory B-cell Lymphomas and Completion of the Phase 1 relapsed/refractory Multiple Myeloma Dose Escalation Study

On February 19, 2020 Cellectar Biosciences, Inc. (NASDAQ: CLRB), a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of drugs for the treatment of cancer, reported positive data from its Phase 2 CLOVER-1 study in patients with relapsed/refractory B-cell lymphomas (Press release, Cellectar Biosciences, FEB 19, 2020, View Source [SID1234554481]). Additionally, the company announced the successful completion of its Phase 1 dose escalation study. Data from the studies demonstrated activity in all indications tested: multiple myeloma (MM), diffuse large B-cell lymphoma (DLBCL), chronic lymphocytic leukemia/small lymphocytic lymphoma (CLL/SLL), marginal zone lymphoma (MZL), mantle cell lymphoma (MCL), and lymphoplasmacytic lymphoma/Waldenstrom’s macroglobulinemia (LPL/WM).

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CLR 131 achieved notable response rates in patients with multiple myeloma – 34.5% overall response rate (ORR) over all therapeutic doses (n=33), and non-Hodgkin’s lymphoma (NHL) – 42% ORR over all doses (n=20) while maintaining a well-tolerated safety profile across all patients. Based upon these positive results and corroborating data showing the potential to further improve upon current overall response rates and durability of those responses, the study has been expanded to test a two-cycle dosing optimization regimen of CLR 131.

Patients in the studies were heavily pre-treated, with multiple myeloma patients having a median of five prior treatment regimens (range: 3 to 17), which included immunomodulatory drugs, proteasome inhibitors and CD38 antibodies for the majority of patients. Additionally, a majority of the patients (51%) were quad refractory or greater and 44% of all treated multiple myeloma patients were triple class refractory. NHL patients in the study were also heavily pre-treated, having had a median of 3 prior lines of treatment (range, 1 to 9) with the majority of patients being refractory to rituximab and/or ibrutinib. In both groups, the patients had a median age of 70 with a range of 51 to 86.

Relapsed/refractory multiple myeloma patients were treated with three different doses (<50mCi, ~50mCi and ~75mCi total body dose (TBD)); the <50mCi total body dose was a deliberately planned sub-therapeutic dose. Patients who received the highest dose of CLR 131 showed a 42.8% ORR, and those who received ~50mCi TBD had a 26.3% ORR with 100% of all evaluable patients (n=43) achieving clinical benefit (primary outcome measure) as defined by having stable disease or better. 85.7% of multiple myeloma patients receiving the higher total body dose levels of CLR 131 experienced tumor reduction. The 75mCi TBD demonstrated positive activity in both high-risk patients and triple class refractory patients with a 50% and 33% ORR, respectively.

"The data reported today are very promising and we believe the product profile for CLR 131 can improve further with the administration of a second cycle. These results are even more impressive considering the challenging patient population tested, as all were heavily pre-treated with the vast majority being refractory to their most recent therapy," said James Caruso, president and CEO of Cellectar Biosciences. "Based upon these compelling data and the need for new and innovative treatment options for patients, we plan to execute upon a well-defined and approvable regulatory path forward in a prioritized hematologic indication. We hope that this potentially first-in-class PLE-targeted radiotherapeutic will provide a new and meaningful treatment option for patients living with multiple myeloma and/or NHL."

The most frequently reported adverse events in relapsed/refractory multiple myeloma patients were cytopenias, which followed a predictable course and timeline. The most common grade ≥3 events at the highest dose (75mCi TBD) were hematologic toxicities including thrombocytopenia (65%), neutropenia (41%), leukopenia (30%), anemia (24%) and lymphopenia (35%). No patients experienced cardiotoxicities, neurological toxicities, infusion site reactions, peripheral neuropathy, allergic reactions, cytokine release syndrome, keratopathy, renal toxicities, or changes in liver enzymes. The safety and tolerability profile in patients with relapsed/refractory NHL was the same except for fewer cytopenias of any grade.

In addition to these findings, subtype assessments were completed in the r/r B-cell NHL patients. Patients with DLBCL demonstrated a 30% response rate with one patient achieving a complete response (CR), which continues at nearly 24 months post-treatment. The response rate for CLL/SLL/MZL patients was 33%. Only two mantle cell patients were enrolled, with stable disease as the best response.

Current data from the company’s Phase 2 CLOVER-1 clinical study show that four LPL/WM patients demonstrated 100% ORR with one patient achieving a complete response which continues at nearly 27 months. This may represent an important improvement in the treatment of relapsed/refractory LPL/WM as no approved or late-stage development treatments for second- and third-line patients have reported a complete response. LPL/WM is a rare, indolent and incurable form of non-Hodgkin’s lymphoma that is comprised of a niche patient population in need of new and better treatment options.

"For patients who have failed the current standard of care treatments for any of these indications, there is a need for additional treatment options," said lead study investigator Sikander Ailawadhi, M.D., Division of Hematology/Oncology, Department of Internal Medicine, Mayo Clinic, Jacksonville, Florida. He added, "These data are impressive, especially in these very difficult to treat patient populations. CLR 131 offers a very attractive safety and efficacy profile."

Conference Call Details

The management team will host a conference call for investors today, Wednesday, February 19 at 10:30 am Eastern Time to review the results and data from both the Phase 2 CLOVER-1 study and the Phase 1 r/r MM dose escalation study. The call will also include a presentation from lead investigator, Dr. Sikander Ailawadhi, M.D. Conference call, webcast and post-conference call replay details are as follows:

A webcast replay of the event will be available following the live event on the Events section of the Cellectar website.

About the Phase 2 CLOVER-1 Study

CLOVER-1 is a Phase 2 study of CLR 131 being conducted in approximately 10 leading cancer centers in the United States in patients with relapsed/refractory B-cell hematologic cancers. The hematologic cancers being studied include multiple myeloma (MM), chronic lymphocytic leukemia/small lymphocytic lymphoma (CLL/SLL), lymphoplasmacytic lymphoma/ Waldenstrom’s macroglobulinemia (LPL/WM), marginal zone lymphoma (MZL), mantle cell lymphoma (MCL), and diffuse large B-cell lymphoma (DLBCL).

The study could enroll up to 80 patients with its primary endpoint being clinical benefit response (CBR), which is defined as the proportion of MM patients within three months following the initial infusion of CLR 131 with stringent complete response, complete response, very good partial response, partial response and stable disease per International Myeloma Working Group criteria, or the proportion of lymphomas patients (CLL/SLL, LPL, MZL, MCL, and DLBCL) within three months following the initial infusion of CLR 131 with CR, PR and SD per the Lugano classification CT-based response criteria. Additional endpoints include overall response rate (ORR), progression free survival (PFS), median overall survival (OS) and other markers of efficacy. Patients were treated with three different doses (<50mCi, ~50mCi and ~75mCi total body dose) administered in either a single 30-minute infusion or two 30-minute infusions at day 1 and day 7 (± 1), with the option for a second dose cycle approximately 75-180 days later.

Based upon positive results and corroborating data showing the potential to further improve upon the current overall response rates and durability of those responses, the study has been expanded to test a two-cycle dosing optimization regimen of CLR 131. Patients will be administered a two-cycle regimen with a total of four infusions, to be administered on day 1 and day 15 (± 1) and again on day 57 and day 71 (± 1).

Cellectar was awarded approximately $2 million in non-dilutive grant funding from the National Cancer Institute to help fund the study. More information about the study, including eligibility requirements, can be found at www.clinicaltrials.gov, reference NCT02952508.

About the Phase 1 r/r MM Dose Escalation Study

The Phase 1 multicenter, open-label, dose-escalation study is designed to evaluate the safety and tolerability of CLR 131 administered as a 30-minute I.V. infusion, either as a single bolus dose or as two fractionated doses. The r/r multiple myeloma patients in this study received doses ranging from ≤25mCi to ~75mCi total body dose. To date, an independent Data Monitoring Committee determined that all doses have been safe and well-tolerated by patients.

About CLR 131

CLR 131 is a small-molecule Phospholipid Drug Conjugate designed to provide targeted delivery of iodine-131 directly to cancer cells, while limiting exposure to healthy cells unlike many traditional on-market treatment options. CLR 131 is the company’s lead product candidate and is currently being evaluated in a Phase 2 study in B-cell lymphomas, and two Phase 1 dose-escalating clinical studies, one in multiple myeloma and one in pediatric solid tumors and lymphoma. The FDA granted CLR 131 Fast Track Designation for both r/r multiple myeloma and r/r DLBCL and Orphan Drug designation (ODD) for the treatment of multiple myeloma, lymphoplasmacytic lymphoma/Waldenstrom’s macroglobulinemia, neuroblastoma, rhabdomyosarcoma, Ewing’s sarcoma and osteosarcoma. CLR 131 was also granted Rare Pediatric Disease designations for the treatment of neuroblastoma, rhabdomyosarcoma, Ewing’s sarcoma and osteosarcoma. Most recently, the European Commission granted an ODD for r/r multiple myeloma.

 Bristol-Myers Squibb to Hold Investor Day on April 2

On February 19, 2020 Bristol-Myers Squibb Company (NYSE: BMY) reported that it will hold an Investor Day in New York City on Thursday, April 2, 2020. Giovanni Caforio, M.D., chairman and chief executive officer, and members of the leadership team will discuss the Company’s strategy, pipeline and business opportunities (Press release, Bristol-Myers Squibb, FEB 19, 2020, View Source [SID1234554480]).

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The event will be webcast simultaneously at View Source, with materials related to the presentation available at the start of the live webcast. A replay and archived edition of the presentation will be available following the event.