On August 28, 2020 PDL BioPharma, Inc. ("PDL" or the "Company") (Nasdaq: PDLI) reported that holders of its 2.75% Convertible Senior Notes due in December 2021 (the "2021 Notes") and in December 2024 (the "2024 Notes" and together with the 2021 Notes, the "Notes") have the right to require the Company to repurchase for cash such Holder’s Notes on September 29, 2020 (the "Fundamental Change Repurchase Date" at a price equal to (1) with respect to the 2021 Notes, 100% of the principal amount, plus accrued and unpaid interest thereon to, but excluding, the Fundamental Change Repurchase Date, and (2) with respect to the 2024 Notes, 100% of the accreted principal amount as of the Fundamental Change Repurchase Date, which amount is $1,024.659 per $1,000 principal amount of 2024 Notes, plus accrued and unpaid interest thereon to, but excluding, the Fundamental Change Repurchase Date (Press release, PDL BioPharma, AUG 28, 2020, View Source [SID1234564146]). The Notes surrendered for purchase must be in amount that is equal to $1,000 or an integral multiple of $1,000. If all outstanding Notes are validly surrendered for repurchase, the aggregate cash repurchase price will be approximately $13,929,437 with respect to the 2021 Notes and approximately $1,033,740 with respect to the 2024 Notes.

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The right to surrender the Notes for repurchase expires at 5:00 p.m. Eastern time on September 28, 2020. In order to surrender the Notes, holders must provide notice in accordance with The Depositary Trust Company’s applicable procedures to The Bank of New York Mellon Trust Company, N.A., as paying agent (the "Paying Agent"), at any time on or before 5:00 p.m. Eastern time on September 28, 2020.

A Tender Offer Statement on Schedule TO relating to the repurchase will be filed with the Securities and Exchange Commission ("SEC") today. In addition, a Fundamental Change Repurchase Right Notice, Notice of Right to Convert and Offer to Repurchase (the "Fundamental Change Repurchase Notice") and documents specifying the terms, conditions, and Paying Agent are being sent to Note holders. None of the Company, its board of directors, or its employees has made or is making any representation or recommendation to any holder as to whether to exercise or refrain from exercising the repurchase right.

This press release is for information only and is not an offer to purchase, a solicitation of an offer to purchase, or a solicitation of an offer to sell the Notes or any other securities of the Company. The offer to purchase the Notes will be only pursuant to, and the Notes may be tendered only in accordance with, the Fundamental Change Repurchase Notice and related documents. Holders of Notes may request a copy of the Fundamental Change Repurchase Notice from the Paying Agent.

On August 28, 2020 Compugen Ltd. (NASDAQ: CGEN), a clinical-stage cancer immunotherapy company and leader in predictive target discovery, reported that the United States Patent and Trademark Office (USPTO) has granted a new patent covering the composition of matter of COM902, its immuno-oncology therapeutic antibody targeting TIGIT (Press release, Compugen, AUG 28, 2020, View Source [SID1234564145]).

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U.S. Patent No. 10,751,415, titled "Anti-TIGIT Antibodies, Anti-PVRIG Antibodies and Combinations Thereof," relates to the composition of matter of COM902, alone or in combination with a second antibody targeting an immune checkpoint, including PD-1 and PVRIG (specifically COM701). This patent is expected to expire no earlier than August 2037 in the United States.

This patent expands intellectual property protection for COM902 in the United States, for which a patent was previously issued in November 2018, relating to the method of use of COM902 for activating T cells in cancer patients, in addition to claims covering the combination of COM902 and COM701 for activating T cells in cancer patients. Similar to this new U.S. patent, in November 2019, Compugen was also granted a European patent relating to the composition of matter of COM902, alone or in combination with a second antibody targeting an immune checkpoint, including PD-1 and PVRIG (specifically COM701), as well as for use in treating cancer by activating T cells.

About COM902
COM902 is a high affinity, fully human antibody that blocks the interaction of TIGIT with PVR, its ligand, and consequently enhances T cell function. It is currently being evaluated in a Phase 1 clinical trial in patients with advanced malignancies who have exhausted all available standard therapies. Compugen has demonstrated in preclinical studies that simultaneous inhibition of TIGIT and PVRIG, the two coinhibitory arms of the DNAM axis, can increase antitumor immune responses, which may be further enhanced with the addition of PD-1 blockade. These data suggest that treatment with COM701 and COM902, targeting PVRIG and TIGIT, respectively, alone or in combination with a PD-1 inhibitor, has the potential to expand immuno-oncology treatment to patient populations who are non-responsive or refractory to existing immunotherapies.

The discovery of TIGIT, using the Company’s computational discovery platform, was published by Compugen in October 2009 in the Proceedings of the National Academy of Sciences (PNAS).

On August 28, 2020 CollPlant (NASDAQ: CLGN), a regenerative and aesthetics medicine company, reported financial results for the second quarter ended June 30, 2020 and provided an update on the Company’s business developments (Press release, CollPlant, AUG 28, 2020, View Source [SID1234564144]). Certain metrics, including those expressed on an adjusted basis, are non-GAAP measures. See "Use of Non-GAAP Measures" below.

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CollPlant’s rhCollagen based BioInk – the ideal building block for tissue and organ manufacturing (PRNewsfoto/CollPlant)
CollPlant reported revenues of $823,000 for the second quarter of 2020, a 36% increase from the $606,000 recorded in the second quarter of 2019. The Company ended the second quarter of 2020 with $3.7 million in cash and cash equivalents. Comprehensive loss for the second quarter of 2020 was $2.0 million on a GAAP basis, or adjusted comprehensive loss of $1.4 million, on a non-GAAP basis.

"We continue to make major strides in revolutionizing the fields of regenerative and aesthetic medicine through our first-in-class, recombinant human collagen (rhCollagen) platform technology. First, we are partnering with United Therapeutics Corporation (NASDAQ: UTHR) in efforts to address global organ shortages. We plan to leverage this experience in 3D bioprinting of lung scaffolds to explore other life-saving organs and tissues in the future," stated Yehiel Tal, the Chief Executive Officer of CollPlant. "Second, the combination of hyaluronic acid and rhCollagen in our next-generation, regenerative, photocurable dermal fillers will provide superior skin rejuvenation inclusive of the ability to inject into deep wrinkles, as well as other key attributes. Moreover, we are looking forward to sharing new data on our innovative photocurable dermal fillers and additional updates on our breast implant product pipeline at the exclusive Science of Aging Virtual Symposium 2020, which will be held digitally on September 16, 2020. Third, we continue to abide by Israeli Health Ministry guidelines for optimal protection of our employees. To accommodate heightened social distancing policies amid the ongoing pandemic, we have concentrated efforts on amplifying corporate visibility through a stronger online and social media presence. Finally, we remain committed to bolstering our workforce with brilliant scientists and support staff from prestigious institutions here in Israel. We are opportunistic about establishing relationships with new strategic partners who can support our pipeline development efforts."

Financial Results

Second Quarter 2020 Financial Results on US GAAP basis ("GAAP")

Revenues for the three months ended June 30, 2020 increased by 36% to $823,000, compared to $606,000 in the second quarter of 2019. Revenues were derived mainly from CollPlant’s BioInk for the development of 3D bioprinting of human organs, and from sales of rhCollagen for medical aesthetics product development.

Cost of revenue was $748,000 in the three months ended June 30, 2020, an increase of 62% compared to $463,000 in the same period in 2019. The increase is primarily related to differences in the mix of products sold, different profitability and the different capacity of production in the reported periods presented.

The Company’s gross profit for the three months ended June 30, 2020 decreased by $68,000 to $75,000 compared to $143,000 in the second quarter of 2019.

Total operating expenses for the three months ended June 30, 2020 were $2.0 million, an increase of 5% compared to $1.9 million in the second quarter of 2019.

Operating loss for the three months ended June 30, 2020 was $1.9 million, an increase of 6% compared to an operating loss of $1.8 million in the second quarter of 2019.

Financial expense, net for the three months ended June 30, 2020 was $58,000 compared to financial income, net of $513,000 in the second quarter of 2019. Financial expense in the three months ended June 30, 2020 derived from non-cash exchange differences of operating lease liabilities under ASC 842, compared to financial income in the three months ended June 30, 2019 which derived from re-evaluation of financial instruments.

Comprehensive loss for the second quarter of 2020 was $2.0 million, or $0.28 per share, compared to a comprehensive loss of $1.2 million, or $0.27 per share, for the second quarter of 2019.

Cash used in operating activities during the six months ended June 30, 2020 was $4.3 million compared to $2.7 million in the six months ended June 30, 2019. As of June 30, 2020, cash and cash equivalents totaled $3.7 million.

Cash used in investing activities during the six months ended June 30, 2020 was $246,000 compared to $1.1 million in the six months ended June 30, 2019. The decrease is mainly attribute to costs incurred in the establishment in 2019 of CollPlant’s new HQ and R&D center in Rehovot, Israel.

Cash provided by financing activities during the six months ended June 30, 2020 was $4.5 million compared to cash used in financing activities of $18,000 in the six months ended June 30, 2019. The increase is mainly attribute to proceeds from issuance of shares in a private placement in February 2020.

Second Quarter 2020 Financial Results on Non-US GAAP Basis ("non-GAAP")

On a non-GAAP basis, the operating expenses for the second quarter of 2020 were $1.4 million, compared to $1.5 million for the second quarter of 2019.

Comprehensive loss for the second quarter of 2020 was $1.4 million, or $0.20 per share, compared to $1.5 million, or $0.31 per share, for the second quarter of 2019.

Non-GAAP measures exclude certain non-cash expenses. The table on page 10 includes a reconciliation of the Company’s GAAP results to non-GAAP results. The reconciliation reflects non-cash expenses in the amount of $555,000 with respect to (i) change in fair value of financial instruments, (ii) share-based compensation to employees, directors and consultants and (iii) change of operating lease accounts, including related financial expenses.

On August 28, 2020 Oncology Venture A/S (OV:ST) ("Oncology Venture") reported the Interim Report for the period January – June 2020 (Press release, Oncology Venture, AUG 28, 2020, View Source [SID1234564143]). The report is available as an attached document and on the company’s website.

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CEO of Oncology Venture Steve Carchedi states, "I am pleased to report on our achievements in Q2 and year to date. In spite of the current environment with the pandemic, we have made significant progress toward our new company strategy and have exceeded our goals. Only two days ago, we announced positive data from our pre-clinical testing of Stenoparib as a potential treatment of Covid-19, and that we plan to advance into human clinical studies. Earlier in the year we announced the licensing of LiPlaCis and 2X-111 to Smerud Medical Research, a deal which can result in several hundred million Swedish kronor in milestone fees – followed by significant royalties. We also secured the full development control of our Dovitinib and Stenoparib projects, and our financials are improving on all parameters. The general cost-efficiency measures we put in place are bearing fruit. Our efforts to reduce financial expenses are becoming very visible in our financial reporting, and more. As a result, I am pleased to report that our current half-year company financials for 2020 are 50% better than compared to first half-year of 2019."

Summary of the Half Year Report

Consolidated group revenue amounted to 0 MDKK (0.5 MDKK).
Consolidated group loss before depreciation amounted to -22.5 MDKK (-28.1 MDKK).
Consolidated group loss before net financials amounted to -23.1 MDKK (-28.6 MDKK).
Consolidated net result amounted to -18.9 MDKK (-36.9 MDKK).
Consolidated earnings per share (EPS) amounted to -0.14 DKK (-0.65 DKK).
2019 numbers in brackets.

Highlights during Q2 2020

On April 3, the company announced a draw-down of the first tranche of SEK 10 million under its convertible note agreement with Negma Group LTD and Park Partners GP.

On April 7, the company announced a notice to convene Annual General Meeting 2020, to be held on 22 April 2020.

On April 17, Oncology Venture announced a directed issue of 925,925 shares under its convertible note agreement with Negma Group LTD and Park Partners GP.

On 22 April, the company announced that it would test the activity of its PARP inhibitor, 2X-121, as a potential therapy for Coronavirus. The testing would be conducted by the Pathogen and Microbiome Institute at Northern Arizona University.

On 22 April, the minutes from the Annual General Meeting 2020 was published.

On May 6, Oncology Venture announced that the company had entered into a USD 5 million equity investment agreement with a new US based investor named Global Corporate Finance. The agreement runs for 36 months, during which time Oncology Venture can solely decide to exercise investments by GCF, sequentially, in a number of tranches.

On May 7, the company announced a directed share issue of 1,952,475 new shares in connection with debt conversion directed to Global Corporate Finance and a consultant.

On 29 May, Oncology Venture published its Q1 2020 report, covering the period January – March 2020.

On 8 June, the company announced that it had acquired the remaining 37% ownership in its priority Dovitinib program from investor Sass & Larsen ApS and thereby had gained full control of the company’s Dovitinib program.

On 9 June, Oncology Venture announced a directed issue of 751,879 shares under its convertible note agreement with Negma Group LTD and Park Partners GP.

On 9 June, Oncology Venture calls the first investment tranche under its share subscription agreement with Global Corporate Finance.

On 10 June, Oncology Venture announced a directed issue of 2,255,639 shares under its convertible note agreement with Negma Group LTD and Park Partners GP.

On 11 June, the company announced the termination of the agreement with its liquidity provider Sedermera Fondkommission.

On 10 June, the company announced a directed issue of 5,177,584 shares under its convertible note agreement with Negma Group LTD and Park Partners GP.

On 29 June, Oncology Venture made public that it had signed an agreement to out-license two pipeline assets as part of its prioritized portfolio strategy to Smerud Medical Research International. The deal concerned the two clinical pipeline assets, LiPlaCis and 2X-111. As a part of the terms of the deal, Oncology Venture is eligible to receive significant milestone payments as well as royalties.

On 30 June, the company announced a directed issue of 1,574,803 shares under its convertible note agreement with Negma Group LTD and Park Partners GP.
Highlights after the period

On 13 July, Oncology Venture announced that it had acquired full ownership of its PARP inhibitor (2X-121) program, and thereby Oncology Venture had gained full control of all three of the Company’s prioritized programs, 2X-121, Dovitinib and Ixempra, an important step in the execution of the Company’s strategy to eliminate external ownership of its key assets and retain maximum value of its priority programs.

On 14 July, the company announced a directed issue of 2,255,639 shares under its convertible note agreement with Negma Group LTD and Park Partners GP.

On 18 August, the company announced a directed issue of 1,893,939 shares under its convertible note agreement with Negma Group LTD and Park Partners GP. Thereby all outstanding convertible loan notes were converted.

On 21 August, Oncology Venture announced it has called upon the second investment tranche under its share subscription agreement with Global Corporate Finance and was issuing 5,980,020 shares at SEK 1.34 per share.

On 21 August, Oncology Venture announced that it will offer new shares in exchange for previously annulled warrants as part of clean-up of remaining obligations incurred prior to former management departure.

On 26 August, Oncology Venture announced that the company’s novel PARP inhibitor Stenoparib had shown anti-viral activity against Coronavirus in pre-clinical studies. In addition, it was announced that based on these findings, the company planned to advance the compound into human clinical trials, and moreover an update on the studies of Stenoparib as a treatment of ovarian cancer were also communicated. Finally, the announcement also made public that Stenoparib was the new name of the drug, until then known as 2X-121.
The report is available on:

View Source

On August 28, 2020 Antengene, reported that three-year old Shanghai startup originally backed by Celgene, will conduct a Hong Kong IPO that is expected to raise $200 million (Press release, Antengene, AUG 28, 2020, View Source [SID1234564141]). Focused on oncology, Antengene has 12 projects in its portfolio, a mix of in-licensed drugs and in-house R&D that it expects to test as monotherapies and in combinations. Six of its assets have started clinical trials. Last month, the company completed a $97 million Series C financing. In 2018, Antengene announced a $162 million deal to develop four Karyopharm assets in China.

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