On May 14, 2020 RAPT Therapeutics, Inc. (Nasdaq: RAPT), a clinical-stage, immunology-based biopharmaceutical company focused on discovering, developing and commercializing oral small molecule therapies for patients with significant unmet needs in oncology and inflammatory diseases, reported financial results for the first quarter ended March 31, 2020 and provided an update on recent operational and business progress (Press release, RAPT Therapeutics, MAY 14, 2020, View Source [SID1234558042]).

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"We continue to progress our programs during these challenging times. Our first priority is to protect our employees and our patients. We are practicing social distancing in the lab and conducting a good portion of our work remotely," said Brian Wong, M.D., Ph.D., President and CEO of RAPT Therapeutics. "We remain in close contact with investigators from all of our clinical trial sites. As for our FLX475 trial, sites in Asia and some U.S. sites continue to enroll, although there has been some slowing in some regions as investigators adjust to SARS CoV2-related dynamics. We anticipate reporting initial results from our FLX475 Phase 1/2 trial in the second half of 2020.

Dr. Wong continued, "We also are in contact with our RPT193 investigators. We expect to complete enrollment of patients with atopic dermatitis in the Phase 1b portion of our Phase 1 study and report results from the full Phase 1 study by the end of the year."

Financial Results for the First Quarter Ended March 31, 2020

Net loss for the first quarter of 2020 was $13.1 million, compared to $9.2 million for the first quarter of 2019.

Revenue for the first quarter of 2020 was $0.9 million related to our collaboration with Hanmi Pharmaceutical LTD, signed in December 2019. There was no revenue in the comparable period of 2019.

Research and development expenses for the first quarter of 2020 were $10.7 million, compared to $7.9 million for the same period in 2019. The increase was primarily due to an increase in clinical costs related to FLX475 as it advances in development.

General and administrative expenses for the first quarter of 2020 were $3.3 million, compared to $1.7 million for the same period in 2019. The increase was primarily due to an increase in stock-based compensation expense, as well as an increase in legal, accounting and other fees associated with being a public company.

As of March 31, 2020, we had cash, cash equivalents and marketable securities of $138.2 million, which includes net proceeds of approximately $69.8 million from our follow-on public offering of 2,500,000 shares of common stock.

On May 14, 2020 Phio Pharmaceuticals Corp. (Nasdaq: PHIO), a biotechnology company developing the next generation of immuno-oncology therapeutics based on its proprietary self-delivering RNAi (INTASYL) therapeutic platform, reported data analyzing the applicability of the INTASYL platform as a gene silencing technology that offers an alternative or complementary approach to gene editing technologies, such as CRISPR / Cas9, in the treatment of solid tumors (Press release, Phio Pharmaceuticals, MAY 14, 2020, View Source [SID1234558041]). These data will be presented today at 5:30 p.m. ET at the 23rd Annual Meeting of the American Society for Gene and Cell Therapy (ASGCT) (Free ASGCT Whitepaper) in virtual format. The Phio poster presentation will also be available under the "Investors – Events and Presentations" section of the Company’s website (click here) approximately one hour after the event.

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Data from the poster details how INTASYL compares favorably to other technologies for improving cells used in adoptive cell therapy (ACT) for the treatment of solid tumors, especially in cases where permanent gene modification is not required or is undesirable. The poster will be presented by Dr. Simon P. Fricker, Phio’s Vice President of Research.

"We have shown that our INTASYL technology is able to reprogram immune cells, such as T cells or NK cells, and thereby significantly improve their cell killing activity. Alternative approaches to enhancing ACT for solid tumors, such as genetic modification with CRISPR / Cas9, have their merit but also are confronted by significant shortcomings. These data presented today, and also impressive new animal data scheduled to be presented at the upcoming AACR (Free AACR Whitepaper) and ASCO (Free ASCO Whitepaper) meetings in the coming weeks, show that the INTASYL platform has great promise for the improvement of ACT therapies without the need for gene editing."

Phio’s technology is also featured on a poster from Glycostem Therapeutics BV presented at ASGCT (Free ASGCT Whitepaper) titled: "oNKord Natural Killer Cells Are Recognized As a Powerful, Versatile and Universal "Off The Shelf" Treatment to Develop Novel Genetically Modified Anti-Cancer Products" (Abstract #1152).

On May 14, 2020 Onconova Therapeutics, Inc. (NASDAQ: ONTX), a Phase 3 stage biopharmaceutical company focused on discovering and developing novel products to treat cancer, with an initial focus on myelodysplastic syndromes (MDS), reported financial results for the quarter ended March 31, 2020, and provided a business update (Press release, Onconova, MAY 14, 2020, View Source [SID1234558040]).

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"With enrollment completed in March, Onconova’s pivotal Phase 3 INSPIRE trial is advancing to the next catalyst. We are fortunate to have achieved full enrollment of INSPIRE prior to the pandemic-driven disruptions to research studies at hospitals and cancer centers across the globe," said Steven M. Fruchtman, M.D., President and Chief Executive Officer. "Based on survival trends in the INSPIRE trial, we continue to anticipate reporting topline survival data in the second half of 2020. We expect to present the results of this trial at a major medical meeting later this year."

Dr. Fruchtman continued, "Beyond INSPIRE, we are primed for additional progress, including the to be initiated Phase 1/2a study of rigosertib plus nivolumab in Stage IV KRAS mutated lung adenocarcinoma, following the renewal of clinical cancer research programs post their COVID-mandated stoppage, as well as additional planned studies of rigosertib and our pipeline programs. We are preparing for and look forward to multiple corporate milestones in the second half of 2020."

First Quarter 2020 Developments and Recent Highlights

Completed enrollment of the pivotal Phase 3 INSPIRE trial
Opened investigator-initiated study of rigosertib plus nivolumab in Stage IV KRAS mutated lung adenocarcinoma
Re-acquired rights to rigosertib in Greater China
Next generation CDK 4/6 + ARK5 inhibitor, ON123300, IND approved in China
Nominated life sciences industry veteran Terri Shoemaker to the Company’s Board of Directors
Additional Upcoming Company Milestones Expected

Pivotal survival data from the INSPIRE trial expected in 2H 2020
European Hematology Association Virtual Congress presentation in June 2020:
Mutations in RAS Pathway Genes Correlates with Type of Failure to Azacitidine: Genomic Analysis at Randomization onto the Inspire Trial (EHA-4044)
Type C meeting to be requested in 2Q 2020 for a randomized Phase 2/3 study of the combination of oral rigosertib plus azacitidine
Expansion of the rigosertib investigator-initiated program to include KRAS mutated non-small cell lung cancer, melanoma and other RAS mutated-driven cancers
Next generation CDK 4/6 + ARK5 inhibitor, ON123300, US IND submission planned for 4Q 2020, and Phase 1 study commencement in China planned for 2H 2020
Anticipated launch of Early Access Program with Inceptua Medicines Group in 2H 2020
First Quarter 2020 Financial Results
Cash and cash equivalents as of March 31, 2020, totaled $31.0 million, compared to $22.7 million as of December 31, 2019. Common stock warrant exercises since our financing transaction in November 2019 have added $10.6 million to our balance sheet. Of the almost 29 million common stock warrants outstanding as of March 31, 2020, over 80% of them were in-the-money as of May 13th. Based on current projections, the Company continues to expect that its cash and cash equivalents as of March 31, 2020 will be sufficient to fund ongoing trials and operations into the third quarter of 2021.

Net loss was $5.1 million for the quarter ended March 31, 2020, compared to $7.6 million for the quarter ended March 31, 2019. Research and development expenses were $3.4 million for the quarter ended March 31, 2020 and $4.1 million for the comparable period in 2019. General and administrative expenses were $1.8 million for the quarter ended March 31, 2020 and $3.2 million for the comparable period in 2019.

Conference Call and Webcast Information
The Company will host a conference call today, May 14, 2020, at 4:30 p.m. Eastern Time, to provide a corporate update and discuss first quarter 2020 financial results. Interested parties may access the call by dialing toll-free (855) 428-5741 from the U.S., or internationally (210) 229-8823 and using conference ID 3488818. The call will also be webcast live. Please click here to access the webcast. A replay will be available following the live webcast.

To facilitate an on-time conference call start, Onconova recommends that participants dial in 15 minutes before the 4:30 p.m. ET start time.

On May 14, 2020 Oncolytics Biotech Inc. (NASDAQ: ONCY) (TSX: ONC), currently developing pelareorep, an intravenously delivered immuno-oncolytic virus, reported the publication of two abstracts in connection with the upcoming ASCO (Free ASCO Whitepaper) Virtual Annual Meeting on May 29-31 (Press release, Oncolytics Biotech, MAY 14, 2020, View Source [SID1234558039]). The first abstract "("Multiple Myeloma Abstract"), which has been accepted as an electronic poster, reports on viral replication, tumor immune responses, and treatment safety in multiple myeloma patients treated with pelareorep in combination with carfilzomib (Kyprolis). The second abstract ("Pancreatic Cancer Abstract") reports on treatment tolerability and efficacy in pancreatic cancer patients treated with pelareorep, in combination with pembrolizumab (Keytruda).

Multiple Myeloma Abstract
Abstract ID: 8535
Session: Hematologic Malignancies-Plasma Cell Dyscrasia
Poster ID: 435
Abstract Title: Oncolytic virus pelareorep plus carfilzomib phase I trial in carfilzomib-refractory patients (NCI 9603): Responses with cytokine storm
Presenter: Craig Hofmeister, M.D., MPH, Associate Professor, Department of Hematology and Medical Oncology Emory University School of Medicine

•Reported selective infection of cancerous cells with pelareorep, with associated CD8+ and natural killer (NK) cell recruitment, PD-L1 upregulation, activated caspase-3 expression, and increased pelareorep protein production within myeloma cells.
•Two patients achieved unconfirmed partial responses, two patients had stable disease, and two patients had progressive disease. All patients had advanced and challenging to treat carfilzomib-refractory disease.
•Of the two responding patients, one patient developed a fever and grade 4 thrombocytopenia that resolved, and the other patient developed a cytokine storm, associated with rapid tumor lysis.
•Data supports the potential of future studies investigating pelareorep, carfilzomib, and immune checkpoint inhibitor combination therapy in multiple myeloma patients.
•Additional data to be presented at the poster session on May 29, 2020.

Pancreatic Cancer Abstract
Abstract ID: e16789
Abstract Title: Pembrolizumab in combination with the oncolytic virus pelareorep in patients progressing on systemic chemotherapy for advanced pancreatic adenocarcinoma, a Phase II study
Presenter: Devalingam Mahalingam, MD, Ph.D., Associate Professor of Medicine at Northwestern University Feinberg School of Medicine and a member of the Robert H. Lurie Comprehensive Cancer Center of Northwestern University

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•Preliminary data indicate that the combination of pelareorep and pembrolizumab resulted in tumor-specific replication, a high degree of T cell repertoire turnover, and the creation of new T cell clones in the peripheral blood during treatment.
•The treatment was found to be well tolerated, with most treatment-related adverse events being grade 1 or 2.
•One patient achieved a partial response and three achieved stable disease, with an overall disease control rate of 30% in evaluable patients.
•The study will not proceed to stage 2 in unselected patients, however further evaluation of the anti-tumor activity of pelareorep and anti-PD-1 therapy is now planned in biomarker defined pancreatic patients in a subsequent study.
•Detailed translational and biomarker data from this study will be published later in the year.

About Pelareorep
Pelareorep is a non-pathogenic, proprietary isolate of the unmodified reovirus: a first-in-class intravenously delivered immuno-oncolytic virus for the treatment of solid tumors and hematological malignancies. The compound induces selective tumor lysis and promotes an inflamed tumor phenotype through innate and adaptive immune responses to treat a variety of cancers and has been demonstrated to be able to escape neutralizing antibodies found in patients.

On May 14, 2020 Achieve Life Sciences, Inc. (Nasdaq: ACHV), a clinical-stage pharmaceutical company committed to the global development and commercialization of cytisinicline for smoking cessation and nicotine addiction, reported first quarter 2020 financial results and provided an update on the cytisinicline clinical development program (Press release, OncoGenex Pharmaceuticals, MAY 14, 2020, View Source [SID1234558038]).

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Recent Highlights

Submitted required non-clinical supportive data for longer cytisinicline treatment to the U.S. Food & Drug Administration (FDA) in preparation for Phase 3 cytisinicline ORCA-2 trial initiation

Closed financing for gross proceeds of approximately $1.9 million, prior to deducting placement agent commissions and estimated offering expenses

Presented new findings from the Phase 2b ORCA-1 trial evaluating cytisinicline in U.S. smokers at the Society for Research on Nicotine & Tobacco (SRNT) Annual Conference

Established agreement with the FreeMind Group to assist in securing non-dilutive funding to evaluate cytisinicline in vapers and e-cigarette users

"The COVID-19 pandemic has revealed an increased risk for smokers due to the known relationship between smoking and respiratory illnesses and we see an even greater need to do all that we can to help them quit," commented Rick Stewart, Chairman and Chief Executive Officer of Achieve. "We expect to initiate the 750 patient Phase 3 ORCA-2 trial in the second-half of 2020, subject to financing and the ability to conduct the trial safely in light of the COVID-19 pandemic."

Completed FDA Submission

In preparation for initiation of the Phase 3 ORCA-2 clinical trial of cytisinicline, the Company has now submitted to FDA all requested non-clinical data to allow 6 and 12 weeks of cytisinicline treatment in the Phase 3 trials. No new safety or toxicology signals were observed in the non-clinical data evaluating either 13 or 26 weeks of cytisinicline treatment.

Closed private placement financing for gross proceeds of $1.9 million

In April 2020, Achieve announced it entered into definitive agreements for a private placement of its securities for gross proceeds of approximately $1.9 million, prior to deducting placement agent commissions and estimated offering expenses. The Company intends to use the proceeds to fund clinical research and development, and for general working capital.

Additional ORCA-1 Results at SRNT Annual Conference

An oral presentation featuring new ORCA-1 Phase 2b trial analyses was presented at the SRNT Annual Meeting in March 2020. In addition to previously reported data indicating a statistically significant improvement in quit rates, new analyses demonstrate cytisinicline biochemical efficacy via measurement of serum cotinine as well as the previous carbon monoxide efficacy. Additionally, further analyses confirm that cytisinicline benefit was observed across all clinical sites, baseline

characteristics, and attributes. Thus, regardless of trial site location, patient demographics, smoking history, or prior treatments, all subjects treated with cytisinicline showed similar smoking cessation benefit.

Agreement with the FreeMind Group to secure non-dilutive financing for vaping trials

In the first quarter of 2020, Achieve retained the FreeMind Group, an international consulting firm dedicated to assisting life science organizations secure non-dilutive funding. Achieve and FreeMind are conducting a strategic assessment of potential non-dilutive funding opportunities from various public and private sources, followed by anticipated grant production and submission, to further the clinical development of cytisinicline in vaping or e-cigarette cessation.

Financial Results

As of March 31, 2020, the company’s cash, cash equivalents, and restricted cash was $12.2 million. Total operating expenses for the quarter ended March 31, 2020 were $3.4 million. Total net loss for the quarter ended March 31, 2020 was $3.3 million.

As of March 14, 2020, Achieve had 37,515,408 shares outstanding.

Conference Call Details

Achieve will host a conference call at 8:00 a.m. Eastern time today, Thursday, May 14, 2020. To access the webcast, log on to the investor relations page of the Achieve website at View Source Alternatively, access to the live conference call is available by dialing (877) 472-9809 (U.S. & Canada) or (629) 228-0791 (International) and referencing conference ID 4477265. A webcast replay will be available approximately two hours after the call and will be archived on the website for 90 days.