Castle Biosciences Announces Full Exercise of Underwriters’ Option to Purchase Additional Shares of Common Stock

On July 2, 2020 Castle Biosciences, Inc. (Nasdaq: CSTL), reported that the underwriters of its recently closed underwritten public offering of 2,000,000 shares of its common stock have exercised in full their option to purchase an additional 300,000 shares of common stock at the public offering price of $37.00 per share, less underwriting discounts and commissions (Press release, Castle Biosciences, JUL 2, 2020, View Source [SID1234561657]). The gross proceeds to Castle Biosciences from the offering, including the shares sold pursuant to the underwriters’ option, before deducting the underwriting discounts and commissions and offering expenses, were $85.1 million.

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SVB Leerink and Baird were joint book-running managers for the offering and representatives of the underwriters. Canaccord Genuity was passive book-runner and BTIG was co-manager for the offering.

Registration statements relating to these securities have been filed with the Securities and Exchange Commission ("SEC") and became effective on June 24, 2020. The offering was made only by means of a prospectus. A copy of the final prospectus related to the offering may be obtained for free by visiting the SEC’s website located at View Source; from SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, by telephone: (800) 808‐7525, ext. 6218, or by email: [email protected]; or from Robert W. Baird & Co. Incorporated, Attention: Syndicate Department, 777 East Wisconsin Ave., Milwaukee, WI 53202, by telephone: (800) 792-2473, or by email: [email protected].

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any offer or sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

Moleculin Provides Update on Annamycin Clinical Development

On July 2, 2020 Moleculin Biotech, Inc., (Nasdaq: MBRX) ("Moleculin" or the "Company"), a clinical stage pharmaceutical company with a broad portfolio of drug candidates targeting highly resistant tumors and viruses, reported an update on its clinical development plan for Annamycin (Press release, Moleculin, JUL 2, 2020, View Source [SID1234561656]).

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Moleculin Biotech, Inc. is a clinical stage pharmaceutical company focused on the development of a broad portfolio of oncology drug candidates for the treatment of highly resistant tumors. (PRNewsfoto/Moleculin Biotech, Inc.)

After consultation with both US and European regulatory agencies, Moleculin has mapped out a course for development of Annamycin for the treatment of relapsed or refractory acute myeloid leukemia ("AML"). In its End of Phase 1 meeting with the US Food and Drug Administration ("FDA") the Company agreed to expand its protocol-mandated testing for cardiotoxicity throughout the remainder of its European Phase 1 trial. The expansion of testing will provide additional safety data, investigating the continued evidence of little to no cardiotoxicity, and efficacy data that both US and European regulators may consider as the Company prepares to transition to a Phase 2 clinical trial, which management believes will focus on Europe.

Moleculin has now received approval from European authorities to increase the increment for dose-escalation from 30 mg/m2 per cohort to 60 mg/m2 per cohort, as treatment to date in its clinical trials has been at what the Company considers to be subtherapeutic levels. The first patient in the European trial has now been treated at 240 mg/m2 with no evidence of cardiotoxicity or other dose limiting toxicities. Once 2 more patients are successfully treated at this level, the next cohort will be treated with 300 mg/m2. With these timing and dosing expectations, the Company believes that European dosing will increase in 2020, allowing a recommended Phase 2 Dose to be established in 2021.

"Based on what we know from prior clinical trials, we think it may require a dose level of 300 to 360 mg/m2, or possibly higher, before we begin to see a solid therapeutic window for Annamycin in AML," commented Walter Klemp, Chairman and CEO of Moleculin. "Now, with 5 clinical sites open in Poland, the European trial is in the best position to complete the safety portion of our development. That also allows us to close out the US trial, which has already reached its primary safety endpoint."

The Company intends to use what it learns from the Phase 1 clinical trials in AML to inform the starting dosage in clinical testing of Annamycin for the treatment of lung metastases, for which it hopes to file an Investigational New Drug application or its European equivalent by the end of this year.

Mr. Klemp concluded: "With the confirmation of animal model activity in lung metastases we just announced last week, we are pushing hard to prepare to seek regulatory approval to begin a Phase 1 clinical trial in sarcomas that have metastasized to the lungs, a condition for which there is a significant unmet need."

BeiGene to Host Investor Conference Call and Webcast to Discuss the Company’s Early Development Pipeline and Research

On July 2, 2020 BeiGene, Ltd. (NASDAQ: BGNE; HKEX: 06160), a commercial-stage biotechnology company focused on developing and commercializing innovative molecularly-targeted and immuno-oncology drugs for the treatment of cancer, reported that it will host an investor conference call and webcast on Thursday, July 9, 2020 at 9:00 a.m. ET to discuss the Company’s early development pipeline and research (Press release, BeiGene, JUL 2, 2020, View Source/news-releases/news-release-details/beigene-host-investor-conference-call-and-webcast-discuss-0" target="_blank" title="View Source/news-releases/news-release-details/beigene-host-investor-conference-call-and-webcast-discuss-0" rel="nofollow">View Source [SID1234561655]).

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A live webcast of the conference call can be accessed from the investors section of BeiGene’s website at View Source or View Source An archived replay will be available for 90 days following the event.

Anixa Announces Strategic Program Realignment Focused on Advancement of its Therapeutic and Vaccine Pipeline

On July 2, 2020 Anixa Biosciences, Inc. (NASDAQ: ANIX), a biotechnology company focused on the treatment and prevention of cancer and infectious diseases, reported that it has strategically realigned its business focus and redirected resources to exclusively focus on the development of therapeutics and vaccines in high-need patient populations (Press release, Anixa Biosciences, JUL 2, 2020, View Source [SID1234561652]). As part of this realignment, the company has suspended development of the Cchek liquid biopsy technology.

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Going forward, Anixa’s operations will center entirely on the development and expansion of its therapeutics and vaccine portfolio, which includes a cancer immunotherapy program being developed in partnership with the Moffitt Cancer Center, that uses chimeric endocrine receptor T-cell (CER-T) technology, a novel type of CAR-T. Anixa is also developing a cancer vaccine technology addressing breast cancer with a specific focus on triple negative breast cancer (TNBC), the most lethal form of the disease, in partnership with the Cleveland Clinic. Anixa will continue drug discovery and development of Covid-19 therapies, in partnership with OntoChem, GmbH. In addition, Anixa will continue to examine emerging therapeutic technologies for further development.

"Due to the evolving dynamics of the diagnostics market during this pandemic and projected disruptions in this industry, we see greater opportunity to benefit patients and our shareholders as a therapeutics-directed company," said Amit Kumar, Ph.D., Chief Executive Officer of Anixa. "The pandemic and market forces have made it clear that we need to pivot. Our confidence in the Cchek technology remains undiminished, but we feel the prudent decision is to suspend work on diagnostics at this time."

Dr. Kumar continued, "Anixa is a company built on the efficient use of capital. Capital allocation decisions are made based on the potential to provide the highest return to shareholders. We are all aware of the challenges to various industries caused by the coronavirus pandemic. The diagnostics industry is not immune, and considering this, as well as certain characteristics of our program, we have chosen this course of action. This decision will free up capital that we can devote to advance our existing therapeutic programs and to in-license and initiate innovative new assets that will help drive the greatest value for our shareholders."

Deciphera Announces Presentation of Analysis of Crossover Population from the INVICTUS Phase 3 Study of QINLOCK™ (ripretinib) in Patients with Fourth-Line Advanced GIST

On July 2, 2020 Deciphera Pharmaceuticals, Inc. (NASDAQ:DCPH) reported the presentation of new data from an exploratory analysis of progression-free survival (PFS) and overall survival (OS) for patients who crossed over to QINLOCK therapy following disease progression in the INVICTUS pivotal Phase 3 study (Press release, Deciphera Pharmaceuticals, JUL 2, 2020, View Source [SID1234561650]). The INVICTUS study evaluated QINLOCK in adult patients with fourth-line gastrointestinal stromal tumor (GIST). The results were featured in an oral presentation at the European Society for Medical Oncology (ESMO) (Free ESMO Whitepaper) World Congress on Gastrointestinal (GI) Cancer 2020 Virtual Meeting in a presentation titled, "Efficacy and safety of ripretinib as ≥4th-line therapy for patients with gastrointestinal stromal tumor (GIST) following crossover from placebo: Analyses from INVICTUS" (Abstract ID O-13). The data presented showed that patients who crossed over to the open-label extension to receive treatment with QINLOCK demonstrated a median PFS of 4.6 months and an OS benefit of 11.6 months.

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"The data presented today further reinforce the potential of QINLOCK to provide meaningful clinical benefit to patients with advanced GIST," said César Serrano, MD, PhD, Head of the Sarcoma Translational Research Group at the Vall d’Hebron Institute of Oncology. "QINLOCK represents a new standard of care for patients with GIST who have received 3 prior treatments."

"On the heels of QINLOCK’s recent approval in the U.S. and Canada in patients with fourth-line GIST, we are excited to add to the body of evidence supporting its potential as a new standard of care in this setting," said Matthew L. Sherman, MD, Executive Vice President and Chief Medical Officer of Deciphera. "GIST is a highly complex disease for which we specifically designed QINLOCK and we are committed to ensuring it is able to reach as many appropriate patients as possible."

INVICTUS Crossover Data Analysis

The INVICTUS Phase 3 clinical study is a randomized (2:1), double-blind, placebo-controlled, international, multicenter study to evaluate the safety, tolerability, and efficacy of QINLOCK compared to placebo in 129 patients with advanced GIST whose previous therapies have included at least imatinib, sunitinib, and regorafenib. The Company previously reported results from the randomized portion of the INVICTUS study, in which QINLOCK significantly improved PFS and showed a clinically meaningful OS benefit.

Following disease progression, patients randomized to the placebo arm were eligible to cross over to an open-label extension portion of the study to receive treatment with 150 mg of QINLOCK once daily. Of the 44 patients randomized to receive placebo during the double-blind treatment period, a total of 29 patients crossed over and were treated with QINLOCK. Based on an exploratory analysis of the data, patients treated in the open-label extension demonstrated a median PFS of 4.6 months, from initiation of treatment with QINLOCK to progression or death. Of note, two patients achieved partial responses, with responses observed as early as one month following initiation of QINLOCK therapy. In addition, patients who crossed over demonstrated an OS benefit of 11.6 months, as measured from initial study randomization and including all time periods, including dose escalations. Treatment with QINLOCK was generally well tolerated and the adverse events observed were consistent with those in the double-blind portion of INVICTUS. These exploratory results reinforce the potential for QINLOCK to provide meaningful benefit to GIST patients.

A copy of the presentation is available at www.deciphera.com/science/presentation-publications/.

About the INVICTUS Phase 3 Study

INVICTUS is a Phase 3 randomized, double-blind, placebo-controlled, international, multicenter clinical study evaluating the safety, tolerability, and efficacy of QINLOCK compared to placebo in patients with advanced GIST whose previous therapies have included imatinib, sunitinib, and regorafenib. Patients were randomized 2:1 to either 150 mg of QINLOCK or placebo once daily. The primary efficacy endpoint is progression-free survival (PFS) as determined by independent radiologic review using modified Response Evaluation Criteria in Solid Tumors (RECIST). The median PFS in the study was 6.3 months compared to 1.0 month in the placebo arm and significantly reduced the risk of disease progression or death by 85% (hazard ratio of 0.15, p<0.0001). Secondary endpoints as determined by independent radiologic review using modified RECIST include Objective Response Rate (ORR) and Overall Survival (OS). QINLOCK demonstrated an ORR of 9.4% compared with 0% for placebo (p =0.0504). QINLOCK also demonstrated a median OS of 15.1 months compared to 6.6 months in the placebo arm and reduced the risk of death by 64% (hazard ratio of 0.36).

About QINLOCK (ripretinib)

QINLOCK is a switch-control tyrosine kinase inhibitor that was engineered to broadly inhibit KIT and PDGFRα mutated kinases by using a unique dual mechanism of action that regulates the kinase switch pocket and activation loop. QINLOCK inhibits primary and secondary KIT mutations in exons 9, 11, 13, 14, 17, and 18 involved in GIST, as well as the primary exon 17 D816V mutation involved in systemic mastocytosis, or SM. QINLOCK also inhibits primary PDGFRα mutations in exons 12, 14, and 18, including the exon 18 D842V mutation, involved in a subset of GIST.

QINLOCK is approved by the U.S. FDA for the treatment of adult patients with advanced GIST who have received prior treatment with 3 or more kinase inhibitors, including imatinib, and by Health Canada for the treatment of adult patients with advanced GIST who have received prior treatment with imatinib, sunitinib, and regorafenib .

Deciphera Pharmaceuticals is developing QINLOCK for the treatment of KIT and/or PDGFRα-driven cancers, including GIST, SM, and other cancers. Deciphera Pharmaceuticals has an exclusive license agreement with Zai Lab (Shanghai) Co., Ltd. for the development and commercialization of QINLOCK in Greater China (Mainland China, Hong Kong, Macau, and Taiwan). Deciphera Pharmaceuticals retains development and commercial rights for QINLOCK in the rest of the world.

U.S. Indication and Important Safety Information About QINLOCK

Indications and Usage

QINLOCK (ripretinib) is a kinase inhibitor indicated for the treatment of adult patients with advanced gastrointestinal stromal tumor (GIST) who have received prior treatment with 3 or more kinase inhibitors, including imatinib. For more information visit QINLOCK.com.

Important Safety Information

There are no contraindications for QINLOCK.

Palmar-plantar erythrodysesthesia syndrome (PPES): In INVICTUS, Grade 1-2 PPES occurred in 21% of the 85 patients who received QINLOCK. PPES led to dose discontinuation in 1.2% of patients, dose interruption in 2.4% of patients, and dose reduction in 1.2% of patients. Based on severity, withhold QINLOCK and then resume at same or reduced dose.

New Primary Cutaneous Malignancies: In INVICTUS, cutaneous squamous cell carcinoma (cuSCC) occurred in 4.7% of the 85 patients who received QINLOCK with a median time to event of 4.6 months (range 3.8 to 6 months). In the pooled safety population, cuSCC and keratoacanthoma occurred in 7% and 1.9% of 351 patients, respectively. In INVICTUS, melanoma occurred in 2.4% of the 85 patients who received QINLOCK. In the pooled safety population, melanoma occurred in 0.9% of 351 patients. Perform dermatologic evaluations when initiating QINLOCK and routinely during treatment. Manage suspicious skin lesions with excision and dermatopathologic evaluation. Continue QINLOCK at the same dose.

Hypertension: In INVICTUS, Grade 1-3 hypertension occurred in 14% of the 85 patients who received QINLOCK, including Grade 3 hypertension in 7% of patients. Do not initiate QINLOCK in patients with uncontrolled hypertension. Monitor blood pressure as clinically indicated. Based on severity, withhold QINLOCK and then resume at same or reduced dose or permanently discontinue.

Cardiac Dysfunction: In INVICTUS, cardiac failure occurred in 1.2% of the 85 patients who received QINLOCK. In the pooled safety population, cardiac dysfunction (including cardiac failure, acute left ventricular failure, diastolic dysfunction, and ventricular hypertrophy) occurred in 1.7% of 351 patients, including Grade 3 adverse reactions in 1.1% of patients.

In INVICTUS, Grade 3 decreased ejection fraction occurred in 2.6% of the 77 patients who received QINLOCK and who had a baseline and at least one post-baseline echocardiogram. Grade 3 decreased ejection fraction occurred in 3.4% of the 263 patients in the pooled safety population who received QINLOCK and who had a baseline and at least one post-baseline echocardiogram.

In INVICTUS, cardiac dysfunction led to dose discontinuation in 1.2% of the 85 patients who received QINLOCK. The safety of QINLOCK has not been assessed in patients with a baseline ejection fraction below 50%. Assess ejection fraction by echocardiogram or MUGA scan prior to initiating QINLOCK and during treatment, as clinically indicated. Permanently discontinue QINLOCK for Grade 3 or 4 left ventricular systolic dysfunction.

Risk of Impaired Wound Healing: QINLOCK has the potential to adversely affect wound healing. Withhold QINLOCK for at least 1 week prior to elective surgery. Do not administer for at least 2 weeks following major surgery and until adequate wound healing. The safety of resumption of QINLOCK after resolution of wound healing complications has not been established.

Embryo-Fetal Toxicity: QINLOCK can cause fetal harm when administered to a pregnant woman. Advise pregnant women of the potential risk to a fetus. Advise females of reproductive potential and males with female partners of reproductive potential to use effective contraception during treatment and for at least 1 week after the final dose. Because of the potential for serious adverse reactions in the breastfed child, advise women not to breastfeed during treatment and for at least 1 week after the final dose. QINLOCK may impair fertility in males of reproductive potential.

Adverse Reactions: The most common adverse reactions (≥20%) were alopecia, fatigue, nausea, abdominal pain, constipation, myalgia, diarrhea, decreased appetite, PPES, and vomiting. The most common Grade 3 or 4 laboratory abnormalities (≥4%) were increased lipase and decreased phosphate.

The safety and effectiveness of QINLOCK in pediatric patients have not been established.

Administer strong CYP3A inhibitors with caution. Monitor patients who are administered strong CYP3A inhibitors more frequently for adverse reactions. Avoid concomitant use with strong CYP3A inducers.

Please click here to see the full U.S. Prescribing Information for QINLOCK.

About GIST

Gastrointestinal stromal tumor (GIST) is a cancer affecting the digestive tract or nearby structures within the abdomen, most often presenting in the stomach or small intestine. GIST is the most common sarcoma of the gastrointestinal tract, with approximately 4,000 to 6,000 new GIST cases each year in the United States and a similar incidence rate in European and other countries. Most cases of GIST are driven by a spectrum of mutations. The most common primary mutations are in KIT kinase, representing approximately 80% of cases, or in PDGFRα kinase, representing approximately 6% of cases. Current therapies are unable to inhibit the full spectrum of primary and secondary mutations, which drives resistance and disease progression. Estimates for 5-year survival range from 48% to 90%, depending on the stage of the disease at diagnosis.