VBL Therapeutics Closes $8.1 Million Registered Direct Offering to Key Current Shareholders Priced At-the-Market under Nasdaq Rules

On May 13, 2020 VBL Therapeutics (Nasdaq: VBLT), reported that it has closed the previously announced offering of 5,142,857 ordinary shares of the Company, at a purchase price of $1.575 per share, in a registered direct offering priced at-the-market under Nasdaq rules (Press release, VBL Therapeutics, MAY 13, 2020, View Source [SID1234557928]). Two of the Company’s key current shareholders participated in the offering. VBL has also issued to the investors, in a concurrent private placement, unregistered warrants to purchase up to an aggregate of 5,142,857 of VBL’s ordinary shares. The warrants have an exercise price of $1.45 per ordinary share, are immediately exercisable and will expire on November 11, 2021. The registered direct offering closed on May 13, 2020.

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H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.

The gross proceeds from this second offering were approximately $8.1 million, before deducting the placement agent’s fees and other estimated offering expenses. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes. The Company raised a total of approximately $18.1 Million in its two, recently completed, registered direct offerings.

The ordinary shares (but not the warrants or the ordinary shares underlying the warrants) were offered by VBL pursuant to a "shelf" registration statement on Form F-3 (File No. 333-222138) previously filed with the Securities and Exchange Commission (the "SEC") on December 18, 2017 and declared effective by the SEC on January 4, 2018. The offering of the ordinary shares was made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the ordinary shares offered have been filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained on the SEC’s website at View Source or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (646) 975-6996 or e-mail at [email protected].

The warrants described above were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Act"), and Regulation D promulgated thereunder and, along with the ordinary shares underlying the warrants, have not been registered under the Act, or applicable state securities laws. Accordingly, the warrants and underlying ordinary shares may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Act and such applicable state securities laws.

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

CytomX Therapeutics Announces Details of Presentations at the American Society of Clinical Oncology ASCO20 Virtual Scientific Program

On May 13, 2020 CytomX Therapeutics, Inc. (Nasdaq: CTMX), a clinical-stage oncology-focused biopharmaceutical company pioneering a novel class of investigational antibody therapeutics based on its Probody therapeutic technology platform, reported further details of oral and poster presentations at the American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper)’s (ASCO) (Free ASCO Whitepaper) ASCO (Free ASCO Whitepaper)20 Virtual Scientific Program taking place from May 29 – May 31, 2020 (Press release, CytomX Therapeutics, MAY 13, 2020, View Source [SID1234557926]).

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Presentation titles, presenters and timing are listed below with all abstracts available at the ASCO (Free ASCO Whitepaper)20 Meeting Library.

CytomX’s ASCO (Free ASCO Whitepaper)20 clinical presentations for CX-072 (Abstract 3005), CX-2009 (Abstract 526) as well as CX-2029 (Abstract 3502), developed in partnership with AbbVie, will have data cutoff dates of approximately five months later than the abstract data cutoff. All presentations will be available on Friday, May 29, 20208:00 am EDT.

"Our upcoming presentations at ASCO (Free ASCO Whitepaper) highlight the broad progress that has been made across our clinical stage portfolio and the potential of our Probody platform," said Alison L. Hannah, M.D., chief medical officer of CytomX Therapeutics. "We look forward to sharing this comprehensive update that includes the first clinical data for CX-2029, a first in class Probody Drug Conjugate targeting CD71, as well as new data to support CX-2009 moving into later stage trials in breast cancer. These and other programs in our pipeline, including CX-072, a Probody checkpoint inhibitor and BMS-986249, the anti-CTLA-4 Probody therapeutic being developed in collaboration with Bristol Myers Squibb have the potential to deliver meaningful advances for patients with cancer."

Abstract 3502
CX-2029, a PROBODY Drug Conjugate Targeting CD71 (Transferrin Receptor): Results from a First-in-Human Study (PROCLAIM-CX-2029) in Patients (Pts) With Advanced Cancer
Presenter: Melissa L. Johnson, M.D., Sarah Cannon Research Institute at Tennessee Oncology, Nashville
Session Title: Developmental Therapeutics—Immunotherapy
Session Date and Time: Friday, May 29, 20208:00 am EDT
Session Type: Oral Presentation

Abstract 526 Poster 18
CX-2009, A CD166-Directed PROBODY Drug Conjugate (PDC): Results From the First-in-Human Study in Patients With Advanced Cancer Including Breast Cancer
Presenter: Valentina Boni, M.D., Ph. D., START Madrid – CIOCC, Madrid, Spain
Session Title: Developmental Therapeutics—Immunotherapy
Session Date and Time: Friday, May 29, 20208:00 am EDT
Session Type: Poster Presentation

Abstract 3599 Poster 329
Preliminary Clinical Pharmacokinetics and Dose-Response to Support a Phase 2 Dose Selection for CX-2009: A Masked PROBODY Drug Conjugate to CD166
Presenter: Mark Stroh, Ph.D., CytomX Therapeutics
Session Title: Developmental Therapeutics—Immunotherapy
Session Date and Time: Friday, May 29, 20208:00 am EDT
Session Type: Poster Presentation

Abstract 3005
PROCLAIM-CX-072: Analysis of Patients With Advanced Solid Tumors Receiving Long-Term Treatment With CX-072, a PD-L1 PROBODY Therapeutic, as a Single Agent or in Combination With Ipilimumab
Presenter: Fiona C. Thistlethwaite, MB, MChir, Ph.D, The Christie NHS Foundation Trust, University of Manchester, United Kingdom
Session Title: Developmental Therapeutics—Immunotherapy
Session Date and Time: Friday, May 29, 20208:00 am EDT
Session Type: Oral Presentation

Abstract 3108 Poster 172
Evidence of Intratumoral Localization, Activation, and Immunomodulatory Effect of CX-072, a PROBODY Therapeutic Targeting PD-L1, in a Phase 1/2 Trial
Presenter: Susan K. Lyman, CytomX Therapeutics
Session Title: Developmental Therapeutics—Immunotherapy
Session Date and Time: Friday, May 29, 20208:00 am EDT
Session Type: Poster Presentation

Abstract 3602 Poster 332
Preliminary Population Pharmacokinetics Supports Phase 2 Dose Selection for Masked Anti–PD-L1 Antibody CX-072
Presenter: Mark Stroh, Ph.D., CytomX Therapeutics
Session Title: Developmental Therapeutics—Immunotherapy
Session Date and Time: Friday, May 29, 20208:00 am EDT
Session Type: Poster Presentation

Abstract 3058 Poster 122
Anti–CTLA-4 probody BMS-986249 Alone or in Combination with Nivolumab in Patients with Advanced Cancers: Initial Phase 1 Results
Presenter: Martin Gutierrez, M.D. Hackensack University Medical Center, Hackensack, New Jersey
Session Title: Developmental Therapeutics—Immunotherapy
Session Date and Time: Friday, May 29, 20208:00 am EDT
Session Type: Poster Presentation

MacroGenics Announces Preliminary Clinical Results from MGD013 and MGC018 to be Presented at the ASCO Annual Meeting

On May 13, 2020 MacroGenics, Inc. (NASDAQ: MGNX), a clinical-stage biopharmaceutical company focused on discovering and developing innovative monoclonal antibody-based therapeutics for the treatment of cancer, reported preliminary results from two of its investigational pipeline molecules (Press release, MacroGenics, MAY 13, 2020, View Source [SID1234557925]). Data covering safety and preliminary anti-tumor activity from the Phase 1 dose escalation and expansion clinical trial of MGD013, a bispecific, tetravalent DART molecule binding PD-1 and LAG-3, and the Phase 1 dose expansion study of MGC018, an antibody-drug conjugate (ADC) targeting B7-H3, will be presented at the American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) upcoming ASCO (Free ASCO Whitepaper)20 Virtual Scientific Program to be held May 29-31, 2020.

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"We are encouraged by the early demonstration of activity of MGD013, our PD-1 x LAG-3 DART molecule, particularly in combination with margetuximab, our investigational Fc-engineered monoclonal antibody targeting HER-2, where preliminary observations in a Phase 1 trial suggest a response in approximately 40% of late-stage HER-2-positive tumors that compares favorably to low response rates for HER-2-directed agents and checkpoint blockade reported historically. Our rationale for combining MGD013 and margetuximab is based on early scientific insights that antibody Fc-engineering could potentially activate immune effector cells, resulting in upregulation of checkpoint molecules, such as LAG-3, PD-1 and PD-L1, which could be targeted for blockade by bispecific DART molecules like MGD013," said Scott Koenig, M.D., Ph.D., President and CEO of MacroGenics. "Separately, we are also very encouraged by early results from an ongoing Phase 1 study of MGC018, an ADC directed against B7-H3, a molecule highly expressed on solid tumors and associated with poor clinical outcome. In this dose-escalation study, we have observed preliminary signals of anti-tumor effects, including prostate-specific antigen, or PSA, reductions of 50% or more in five of seven patients with late-stage prostate cancer."

Summary of Selected ASCO (Free ASCO Whitepaper) Presentations

"A phase I, first-in-human, open-label, dose-escalation study of MGD013, a bispecific DART molecule binding PD-1 and LAG-3, in patients with unresectable or metastatic neoplasms" (Abstract #3004)

MGD013 is designed to independently or coordinately block PD-1 and LAG-3 checkpoint molecules to sustain or restore the function of exhausted T cells for the treatment of cancer. In the dose-escalation part of the study, 53 patients with advanced tumors were treated with MGD013 given intravenously in cohorts of escalating flat doses of 1-1200 mg every two weeks. A maximum tolerated dose was not identified. A flat dose of 600 mg every two weeks was selected for tumor-specific expansion cohorts. At the April 25, 2020 data cut-off, 205 patients with advanced solid and hematologic neoplasms have been treated with MGD013 monotherapy in the ongoing dose-expansion part of the study, of which 152 were evaluable for response. An additional 21 patients with advanced HER2-positive tumors, including 14 who were evaluable for response, were treated with the combination of margetuximab, an investigational Fc-engineered monoclonal antibody targeting HER-2, at 15 mg/kg and MGD013 at flat doses of 300 mg or 600 mg, both given every three weeks. Anti-tumor activity was assessed by Response Evaluation Criteria in Solid Tumors (RECIST). For more information about the study design, please visit ClinicalTrials.gov (NCT03219268).

The overall safety profile of MGD013 in the Phase 1 study, including the incidence of immune-mediated adverse events, appears generally consistent with anti-PD-1 antibody monotherapy with respect to event type and frequency. Anti-tumor activity of MGD013 as monotherapy has been observed in evaluable patients across several of the tumor types in the selected dose expansion cohorts. Objective response rates (ORR), including both confirmed and unconfirmed responses, and disease control rates (DCR), comprising both confirmed objective responses and stable disease, were observed as follows: triple negative breast cancer (17% ORR, 4 of 23 patients; 39% DCR, 9 of 23 patients), epithelial ovarian cancer (9% ORR, 2 of 23 patients; 52% DCR, 12 of 23 patients) and non-small cell lung cancer (checkpoint inhibitor naïve: 21% ORR, 3 of 14 patients; 64% DCR, 9 of 14 patients; and post anti-PD-1: 13% ORR, 2 of 15 patients; 53% DCR, 8 of 15 patients). Response to MGD013 monotherapy was associated with LAG-3 expression and an IFN-γ gene signature at baseline.

Immune effector cell activation and LAG-3, PD-1 and PD-L1 expression are enhanced in vitro by Fc-engineered margetuximab. An expansion cohort of patients with advanced HER2-positive tumors is being treated with margetuximab plus MGD013 to evaluate whether Fc-engineering can enhance tumor responsiveness to checkpoint blockade and improve clinical outcomes in patients. Objective responses were observed in 6 of 14 (43%) evaluable patients treated with margetuximab and MGD013, of which four have been confirmed, with tumor-shrinkage observed in other patients. Responses were observed in patients with a range of relapsed or refractory HER2-positive tumor types. In contrast with the monotherapy finding, in the combination cohort, the majority of responders whose baseline tumors were evaluated were negative for (or expressed low levels of) LAG-3 or PD-L1. All responders remain on therapy.

These results and additional details will be presented during an oral session titled: Developmental Therapeutics—Immunotherapy.

"Preliminary dose escalation results from a phase I/II, first-in-human study of MGC018 (anti-B7-H3 antibody-drug conjugate) in patients with advanced solid tumors" (Abstract #3071, Poster #135)

MGC018 is designed to deliver a DNA alkylating duocarmycin payload to dividing and non-dividing cells that express B7-H3, a ligand that is highly expressed on many solid tumors and is associated with a poor clinical outcome. At the May 6, 2020 data cut-off, 23 patients with advanced solid tumors had been enrolled in four dose escalation cohorts of 0.5 mg/kg to 3 mg/kg given intravenously every three weeks. Enrollment is ongoing in a fifth cohort at 4 mg/kg every three weeks. For information about the study design, please visit ClinicalTrials.gov (NCT03729596).

The safety profile of MGC018, which includes hematologic and skin toxicities, has been generally manageable to date. At least one treatment related adverse event occurred in 22 of 24 patients (92%), including Grade ≥3 reported in 14 of 24 patients (58%). Three treatment-related serious adverse events occurred in one patient each: pneumonitis in a patient with concurrent bacterial pneumonia; non-infectious gastroenteritis; and stasis dermatitis in a patient with chronic venous insufficiency. One dose-limiting toxicity of Grade 4 neutropenia that resolved to baseline was reported​. No febrile neutropenia was observed.

Preliminary evidence of anti-tumor activity by MGC018 has been observed, particularly in patients with advanced metastatic castration-resistant prostate cancer (mCRPC). Reductions in PSA levels of ≥50% were observed in five of seven mCRPC patients treated, including one with substantial regression of bone disease. Six mCRPC patients had bone only disease, and one patient with measurable peripheral disease had a 29% reduction in target lesions that did not qualify as a response per RECIST. Four PSA responders remain on therapy. Patients with mCRPC had received a median of four therapies prior to MGC018, including taxane chemotherapy (six patients) and next generation hormonal agents (six patients were treated with both abiraterone and enzalutamide, and one with abiraterone only).

These results and additional details will be presented during a poster session titled: Developmental Therapeutics—Immunotherapy.

ASCO Virtual Presentations

Abstracts for these presentations submitted in February 2020 are available on the ASCO (Free ASCO Whitepaper) website at www.asco.org. Presentations will be available for on-demand viewing online at View Source beginning on May 29, 2020 at 8:00 a.m. ET.

The static slides and poster will be available on the Events & Presentations page on MacroGenics’ website at View Source

Bicycle Therapeutics to Present Trials in Progress Poster for BT5528 at the 2020 American Society of Clinical Oncology Virtual Meeting

On May 13, 2020 Bicycle Therapeutics plc (NASDAQ: BCYC), a biotechnology company pioneering a new and differentiated class of therapeutics based on its proprietary bicyclic peptide (Bicycle) technology, reported that a poster describing the design of the ongoing Phase I/II trial of BT5528 will be presented during an e-poster session at the American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) 2020 Virtual Scientific Program on May 29-31, 2020 (Press release, Bicycle Therapeutics, MAY 13, 2020, View Source [SID1234557924]). BT5528 is a second-generation Bicycle Toxin Conjugate (BTC) that targets EphA2, a tumor antigen that is overexpressed in a wide range of solid tumor types and is associated with poor outcomes.

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"To our knowledge, BT5528 is one of a very few toxin conjugates that target EphA2 currently being evaluated in clinical studies, despite literature indicating that EphA2 is an attractive target for selective payload delivery," said Kevin Lee, Ph.D., Chief Executive Officer of Bicycle Therapeutics. "Other EphA2-targeting toxin conjugates using biologics have been investigated but ultimately discontinued due to poor tolerability. Leveraging the unique features of Bicycles, we designed BT5528 to have a pharmacokinetic profile that could allow it to circumvent limitations of prior, unsuccessful efforts to target EphA2. We recently announced that, to date, doses of BT5528 administered in the ongoing Phase I/II trial in patients with advanced solid tumors associated with EphA2 expression continue to appear well-tolerated with manageable adverse events as dosing nears clinically relevant levels. We are excited by the progress we’re making in the trial and look forward to discussing its design at ASCO (Free ASCO Whitepaper)."

Details on Bicycle’s poster presentation at ASCO (Free ASCO Whitepaper) are as follows:

Session Title: Developmental Therapeutics—Molecularly Targeted Agents and Tumor Biology Session
Poster Title: BT5528-100 phase I/II study of the safety, pharmacokinetics, and preliminary clinical activity of BT5528 in patients with advanced malignancies associated with EphA2 expression
Abstract #: TPS3655
Session Date and Time: Friday, May 29, 2020 at 8:00 a.m. ET

The poster will be available on the Publications section of bicycletherapeutics.com following presentation.

Helsinn and MEI Pharma Announce Updated Clinical Data from the Phase 2 Study Evaluating Pracinostat in Combination with Azacitidine in Patients with High/Very-high Risk Myelodysplastic Syndromes

On May 13, 2020 Helsinn Group, a Swiss pharmaceutical group focused on building quality cancer care and rare disease products, and MEI Pharma, Inc. (NASDAQ: MEIP), a late-stage pharmaceutical company focused on advancing potential new therapies for cancer, reported new data from the Phase 2 study evaluating pracinostat, an oral pan-histone deacetylase inhibitor (HDACi), in combination with azacitidine in patients with high and very-high risk myelodysplastic syndromes previously untreated with hypomethylating agents (Press release, MEI Pharma, MAY 13, 2020, View Source [SID1234557923]). The study results will be featured in a poster at the American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) 2020 Virtual Scientific Program.

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The new data from the Phase 2 study (n=64) demonstrated an estimated median overall survival (OS) rate of 23.5 months with a 1-year OS rate of 77%. The median follow-up was 17.6 months (range, 15.7–18.8) and the overall response rate (ORR) was 33% (21/64), all of which are complete responses (CR). The clinical benefit rate (CR, mCR plus hematologic improvement [HI], mCR with no HI, or HI with no mCR) was 77% (49/64). Twenty seven percent of patients (17/64) proceeded to a stem cell transplant while on study. Eleven percent of patients discontinued treatment because of adverse events. The most common grade ≥3 treatment emergent adverse events were hematologic, and included decreased neutrophil count (50%), anemia (39%), febrile neutropenia (34%), decreased platelet count (33%), thrombocytopenia (27%), and decreased white blood cell count (20%).

"Patients with high and very-high risk MDS currently have limited treatment options and poor outcomes," stated Ehab Atallah, M.D., Study Chair, Professor of Medicine, Medical College of Wisconsin. "These data are promising and I continue to be encouraged by my experience to date with the combination of pracinostat and azacitidine evaluated in this study. The potential to offer patients a new combination treatment option in MDS is exciting."

The poster, titled "Phase 2 study of lower-dose pracinostat plus azacitidine safety and efficacy in patients with high/very high-risk myelodysplastic syndromes," will be included in a poster session at the ASCO (Free ASCO Whitepaper) Virtual Scientific Program and will be available for on-demand viewing online beginning on May 29, 2020 at 8:00 a.m. EDT at View Source The poster will also be available for download via the MEI Pharma website.

The Phase 2 Study
The Phase 2 study is an open label, multicenter trial investigating a 45 mg dose of pracinostat in combination with the standard 75 mg dose of azacitidine in patients with high and very high-risk MDS who are previously untreated with hypomethylating agents.

The primary endpoints were safety and tolerability of pracinostat in combination with azacitidine and ORR, defined as CR plus partial response (PR). Overall survival was a secondary endpoint. All efficacy evaluable patients have been followed for at least one year to evaluate safety and efficacy.

About Higher Risk MDS
Higher risk MDS (high and very high risk in the IPSS-R classification) is a serious medical condition, with median survival of less than 18 months. The only curative therapy is allogeneic stem cell transplantation (SCT), however most patients with MDS are not candidates for SCT given their typically advanced age, comorbidities, and lack of a suitable donor. Standard therapy with HMAs in higher risk MDS provides modest responses, though azacitidine has been shown to improve survival when compared to conventional care regimens. Patients who do not respond to HMAs or progress after therapy with HMAs have a very poor outcome, with a median survival of less than one year.

About Pracinostat
Pracinostat is an oral histone deacetylase ("HDAC") inhibitor that is in a pivotal Phase 3 PRIMULA study in combination with azacitidine for the treatment of adults with newly diagnosed acute myeloid leukemia ("AML") who are unfit for intensive chemotherapy. It is also being evaluated in a Phase 2 study in patients with high or very high-risk myelodysplastic syndrome ("MDS"). The U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA) have granted Orphan Drug Designation for pracinostat in combination with azacitidine for the treatment of patients with newly diagnosed AML who are ≥75 years of age or unfit for intensive chemotherapy. In addition, the FDA has granted Breakthrough Therapy Designation to the combination treatment in AML.

In August 2016, Helsinn and MEI Pharma entered an exclusive license, development and commercialization agreement for pracinostat in AML and other potential indications. The agreement provides that Helsinn is primarily responsible for development and commercialization costs for pracinostat in AML and other indications, including MDS.

Berlin Chemie AG, the German company of the Menarini Group, has been granted exclusive licensing rights to commercialize pracinostat worldwide (excluding US, Canada, Japan and South America). Blanver has been granted the rights to register, promote, distribute and commercialize pracinostat in Brazil, while Varifarma, located in Buenos Aires, covers Argentina, Bolivia, Chile, Colombia, Ecuador, Paraguay, Peru, and Uruguay. Endo Ventures Limited and Paladin Labs Inc., an operating company of Endo, are responsible for the registration, distribution, sales, marketing, medical affairs, pricing and reimbursement activities in connection with pracinostat in Canada.

Pracinostat is an investigational agent and is not approved for commercial use in the U.S. or any other country worldwide.