Selvita Raised Over EUR 20 Million in Its Follow-on Public Offer

On June 3, 2020 Selvita S.A. [ticker: WSE: SLV] – one of the largest preclinical contract research organizations in Europe, reported thhat it successfully allotted 2.38 million of C series shares, raising EUR 20.6 million from investors (Press release, Selvita, JUN 3, 2020, View Source [SID1234560808]). It is the second largest transaction in terms of capital raised, on the Warsaw Stock Exchange this year.

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As part of the Follow-On public offering of shares, investors could buy up to 2.38 million shares of the new C series, which constitutes about 15 percent of the current Company’s share capital. The issue price of the shares was set at PLN 38,00. The company has achieved in full its intended goal regarding capital raise that was presented in the strategy published together with the announcement of the shareholders’ meeting.

"The success of this share issue demonstrates investors’ confidence in both Selvita and the development strategy we have announced, as well as their trust in the large potential of the Company’s business. I would like to express my gratitude for the participation in the share issue, as well as supporting our strategic plans. Rest assured, that we will make every effort to execute the assumptions of our strategy and continue Selvita’s dynamic growth on the global preclinical CRO market," comments Bogusław Sieczkowski, co-founder and Chief Executive Officer at Selvita.

The capital raised will allow the Company to execute the development strategy adopted by the Company for the upcoming years which assumes that in 2023 the Company will be able to achieve over EUR 70 million in revenues at a stable EBITDA margin and as a consequence reach a market cap of over EUR 230 million. The proceeds from the share issue will be used mostly on acquisitions of selected European CROs (app. 16 million EUR), and the reminder of the proceeds will be devoted to further organic growth of Selvita.

Selvita is interested in companies which will either complement the current Selvita offering, or will allow for the expansion of its scale of operations. In terms of the qualitative criteria for choosing the acquisition target, Selvita will favor entities supplementing their portfolio of services in the area of drug discovery or regulatory studies. By the end of 2023, the Company intends to execute three acquisitions, with the first one taking place this year.

Over the next three years, the Company plans to invest EUR 35-50 million in the acquisitions.

As a key element supporting further organic growth, Selvita strategy includes establishment of the Selvita Research Center, with a research space of 4,000 m2. With the completion of the new Center, Selvita will have in aggregate 10,000 m2 of research space available. Own laboratories and strengthening the scientific staff, will allow Selvita to increase its scale of business, expand its offer and launch innovative new services. Initiation of the investment is planned for next year and expected to be finalized at the turn of 2022 and 2023.

IPOPEMA Securities S.A. acted as the global coordinator and bookrunner, and Chabasiewicz Kowalska & Partners law firm acted as the legal advisor.

AcelRx Pharmaceuticals Announces It Will Not Further Revise Its Offer to Acquire Tetraphase

On June 3, 2020 AcelRx Pharmaceuticals, Inc. (AcelRx) (Nasdaq: ACRX), a specialty pharmaceutical company focused on the development and commercialization of innovative therapies for use in medically supervised settings, reported that it does not intend to revise further its offer under the terms of its previously announced agreement to acquire Tetraphase Pharmaceuticals, Inc. (Tetraphase) (NASDAQ: TTPH), and it expects the agreement to be terminated by Tetraphase (Press release, AcelRx Pharmaceuticals, JUN 3, 2020, View Source [SID1234560807]). On June 1, 2020, Tetraphase disclosed that its board of directors had determined that an amended proposal from Melinta Therapeutics, Inc. constituted a "Superior Offer" under the terms of the AcelRx Merger Agreement. Under the terms of the agreement, in connection with a termination of the merger agreement, AcelRx will be paid a break-up fee of approximately $1.8 million.

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Vince Angotti, Chief Executive Officer at AcelRx said, "AcelRx is financially disciplined, and while we continue to recognize the merits of an AcelRx and Tetraphase combination, we do not believe that any further increases to our offer would be in the best interests of our stockholders. As a result, we have decided not to further increase our offer and will focus on other exciting opportunities to expand and diversify our product portfolio and create a platform for growth with other potential collaboration partners."

The co-promotion agreement between AcelRx and Tetraphase (or any successor to Tetraphase) remains in place – safeguarded by significant financial obligations. The training of both the AcelRx and Tetraphase teams is complete and co-promotion efforts for DSUVIA and XERAVA are currently underway.

Arcus Biosciences to Participate in the Goldman Sachs 41st Annual Global Healthcare Conference Webcast

On June 3, 2020 Arcus Biosciences, Inc. (NYSE:RCUS), an oncology-focused biopharmaceutical company working to create best-in-class cancer therapies, reported that management will present at the Goldman Sachs 41st Annual Global Healthcare Conference Webcast on Wednesday, June 10, 2020 at 3:50 p.m. Eastern Time (Press release, Arcus Biosciences, JUN 3, 2020, View Source [SID1234560806]).

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A live audio webcast of the presentation will be available by visiting the "Investors" section of the Arcus website at www.arcusbio.com. A replay of the webcast will be available for at least 30 days following the live event.

Exelixis to Webcast Fireside Chats as Part of Virtual Investor Conferences in June

On June 3, 2020 Exelixis, Inc. (Nasdaq: EXEL) reported that members of Exelixis’ management team will participate in fireside chats at the following virtual investor conferences in June (Press release, Exelixis, JUN 3, 2020, View Source [SID1234560805]):

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William Blair 40th Annual Growth Stock Conference: Exelixis is scheduled to present at 11:40 AM EDT/ 8:40 AM PDT on Tuesday, June 9, 2020.
Goldman Sachs 41st Annual Global Healthcare Conference: Exelixis is scheduled to present at 2:10 PM EDT/11:10 AM PDT on Wednesday, June 10, 2020.
BMO Capital Markets 2020 Prescriptions for Success Healthcare Conference: Exelixis is scheduled to present at 4:00 PM EDT/1:00 PM PDT on Tuesday, June 23, 2020.
To access the webcast links, log onto www.exelixis.com and proceed to the News & Events / Event Calendar page under the Investors & Media heading. Please connect to the company’s website at least 15 minutes prior to the presentations to ensure adequate time for any software download that may be required to listen to the webcasts. Replays will also be available at the same location for 14 days.

Pierre Fabre Receives European Approval for BRAFTOVI® (encorafenib) in Combination With Cetuximab for the Treatment of Adult Patients With BRAFV600E-Mutant Metastatic Colorectal Cancer

On June 3, 2020 Pierre Fabre reported that the European Commission (EC) has approved BRAFTOVI (encorafenib) in combination with cetuximab (marketed as Erbitux) for the treatment of adult patients with BRAFV600E-mutant metastatic colorectal cancer (mCRC) who have received prior systemic therapy (Press release, Pierre Fabre, JUN 3, 2020, View Source [SID1234560804]).1 This approval is based on data from the Phase 3 BEACON CRC trial.1,2 The EC decision is applicable to all 27 EU member states plus Iceland, Liechtenstein, Norway and the United Kingdom.3

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"This approval is truly great news and much needed for patients with BRAFV600E-mutant mCRC and for physicians treating this devastating cancer, as until now, there has been no EC-approved therapies specifically indicated for this high-medical-need population," said Josep Tabernero, MD, PhD, BEACON CRC trial lead investigator and director of the Vall d’Hebron Institute of Oncology in Barcelona, Spain. "The new encorafenib and cetuximab combination regimen will now change the way we treat these patients, with the possibility of delaying disease progression and prolonging their lives."

The EC decision, which follows the positive opinion by the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) on 30 April 2020, is based on available results from the pivotal Phase 3 BEACON CRC trial,2 the first and only randomised Phase 3 trial designed to test a BRAF combination targeted therapy in BRAFV600E-mutant mCRC. The data showed that BRAFTOVI in combination with cetuximab significantly improved overall survival (OS) in patients with BRAFV600E-mutant mCRC (median 9.3 months vs 5.9 months; hazard ratio: 0.61; 95% confidence interval: 0.48–0.77; p<0.0001) and reduced the risk of death by 40%, compared with the cetuximab plus irinotecan-containing regimen (control) arm. Furthermore, the data also reported an improved objective response rate (ORR; 20% vs 2%; p<0.0001; per assessment by blinded independent central review [BICR]), compared with the control arm. BRAFTOVI plus cetuximab demonstrated a well-tolerated safety profile with no unexpected toxicities in the trial. The most common adverse drug reactions (>25%), observed in the BEACON CRC trial, were fatigue, nausea, diarrhoea, dermatitis acneiform, abdominal pain, arthralgia/musculoskeletal pain, decreased appetite, rash and vomiting.1

"We are extremely pleased that patients will now have access, for the very first time, to a targeted therapy specifically for BRAFV600E-mutant mCRC," said Jean-Luc Lowinski, CEO of Pierre Fabre Medical Care Business Unit. "Today’s approval is a testament to our long-term commitment to advancing care for patients living with difficult-to-treat cancers and to delivering precision medicine. We will now work tirelessly to bring this new treatment option to patients in Europe, as quickly as possible."

BRAF mutations are estimated to occur in approximately 8–12% of patients with mCRC, and V600E is the most common mutation.4–12 Patients with mCRC who have BRAFV600E-mutant tumours generally have a poor prognosis representing a high unmet medical need.13 Currently, there are no other approved targeted treatments in Europe specifically indicated for this patient population.14,15

Important safety information and recommendations for the use of BRAFTOVI in combination with cetuximab will be detailed in the Summary of Product Characteristics (SmPC), published in the European public assessment report (EPAR) and available in all official EU languages. The full SmPC will be found at: View Source

On 8 April 2020, Pierre Fabre’s partner Pfizer, which has exclusive rights to BRAFTOVI in the USA and Canada, announced that BRAFTOVI, in combination with cetuximab, was approved by the US Food and Drug Administration (FDA) for the treatment of adult patients with mCRC with a BRAFV600E mutation, as detected by an FDA-approved test, after prior therapy.16 Additional submissions of the BEACON data to health authorities around the world are planned.

About Colorectal Cancer
Worldwide, colorectal cancer (CRC) is the third most common type of cancer in men and the second most common in women, with approximately 1.8 million new diagnoses in 2018. Globally in 2018, approximately 881,000 deaths were attributed to CRC.17 Every year more than 450,000 people in Europe are diagnosed with CRC and approximately 230,000 will die of their disease.18 BRAF mutations are estimated to occur in approximately 8–12% of patients with mCRC and represent a poor prognosis for these patients.4–12 The V600E mutation is the most common BRAF mutation and the risk of mortality in CRC patients with the BRAFV600E mutation is more than two times higher than for those with wild-type BRAF.18–20

About BEACON CRC
BEACON CRC is a randomised, open-label, global Phase 3 trial evaluating the efficacy and safety of BRAFTOVI (encorafenib) ± binimetinib in combination with cetuximab in patients with BRAFV600E-mutant mCRC whose disease has progressed after one or two prior regimens. BEACON CRC is the first and only Phase 3 trial designed to test a BRAF combination targeted therapy in BRAFV600E-mutant mCRC. A total of 665 patients were randomised 1:1:1 to one of the following treatment arms:

BRAFTOVI 300 mg orally once daily in combination with cetuximab (BRAFTOVI/cetuximab arm)
BRAFTOVI 300 mg orally once daily in combination with cetuximab and binimetinib
Irinotecan with cetuximab or FOLFIRI with cetuximab (control arm)
The study was amended to include an interim analysis of endpoints, including ORR. The primary OS endpoint is a comparison of BRAFTOVI+binimetinib in combination with cetuximab with the control arm. Secondary endpoints address the efficacy (OS) of BRAFTOVI in combination with cetuximab, compared with the control arm and compared with BRAFTOVI+binimetinib in combination with cetuximab. Other secondary endpoints include progression-free survival, duration of response, safety and tolerability.

The trial was conducted at over 200 investigational sites in North America, South America, Europe and the Asia Pacific region. The BEACON CRC trial was conducted with support from Ono Pharmaceutical Co. Ltd., Pierre Fabre, Pfizer and Merck KGaA, Darmstadt, Germany (support is for sites outside of North America).

About BRAFTOVI (encorafenib)
BRAFTOVI (encorafenib) is an oral small-molecule BRAF kinase inhibitor that targets a key enzyme in the MAPK signalling pathway (RAS-RAF-MEK-ERK). Inappropriate activation of proteins in this pathway has been shown to occur in many cancers, including melanoma, colorectal cancer and others.

On 20 September 2018, the EC granted marketing authorisations for BRAFTOVI and MEKTOVI to be used in combination for the treatment of adult patients with unresectable or metastatic melanoma with a BRAFV600 mutation.1,21 The EC decision is applicable to all 27 EU member states as well as Iceland, Liechtenstein, Norway and the United Kingdom. BRAFTOVI and MEKTOVI have also received regulatory approvals in the USA, Australia, Japan, Argentina and Switzerland. On 27 June 2018, the combination of BRAFTOVI and MEKTOVI was approved by the FDA for the treatment of unresectable or metastatic melanoma with a BRAFV600E or BRAFV600K mutation, as detected by an FDA-approved test.22,23 BRAFTOVI and MEKTOVI are not indicated for treatment of patients with wild-type BRAF melanoma.

On 8 April 2020, the US FDA granted the approval for BRAFTOVI, in combination with cetuximab, for the treatment of adult patients with mCRC with a BRAFV600E mutation, as detected by an FDA-approved test, after prior therapy. BRAFTOVI is not indicated for treatment of patients with wild-type BRAF CRC.16

Pfizer has exclusive rights to BRAFTOVI in the USA and Canada. Pfizer has granted Ono Pharmaceutical Co. Ltd. exclusive rights to commercialise BRAFTOVI in Japan and South Korea; Medison exclusive rights to commercialise BRAFTOVI in Israel; and Pierre Fabre exclusive rights to commercialise BRAFTOVI in all other countries in Africa, Asia (excluding Japan and South Korea), Europe, and Latin America.