On August 18, 2020 Arrowhead Pharmaceuticals Inc. (NASDAQ: ARWR) reported that it has dosed the first patient in AROHIF21001, a Phase 1b dose-finding clinical study of ARO-HIF2, the company’s investigational RNA interference (RNAi) therapeutic being developed as a treatment for patients with clear cell renal cell carcinoma (ccRCC) (Press release, Arrowhead Pharmaceuticals, AUG 18, 2020, View Source [SID1234563781]).

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Javier San Martin, M.D., chief medical officer at Arrowhead, said: "This Phase 1b study is designed to provide us with a robust readout on safety and dose response of ARO-HIF2, and may also deliver signals on preliminary efficacy in an advanced ccRCC patient population. Most patients with ccRCC, one of the most common forms of kidney cancer, have an inactivated mutation in the Von Hippel-Lindau gene rendering them unable to degrade HIF-2α, which leads to an increase in activity during tumor hypoxia and promotes tumor growth. We believe that HIF-2α is an attractive target for RNAi-based gene silencing and, more broadly, we are eager to achieve clinical validation for our tumor targeted TRiM-enabled RNAi therapeutics so we can address additional unmet needs in oncology. We also recently announced that ARO-ENaC, our investigational RNAi therapeutic targeting cystic fibrosis, started dosing in a Phase 1/2 study. This means that our TRiM platform is now being studied in three different tissue types in human clinical trials. This is very exciting for us at Arrowhead and, we think, represents a significant step towards reaching the full therapeutic potential of RNA interference."

AROHIF21001 (NCT04169711) is a Phase 1b dose-finding clinical study in up to 18 patients with advanced ccRCC to evaluate the safety of ARO-HIF2 and to determine the recommended Phase 2 dose. Secondary objectives include the assessment of pharmacokinetics and preliminary efficacy, based on Response Evaluation Criteria in Solid Tumors (RECIST). Exploratory objectives for AROHIF21001 are post-dose tumoral expression of HIF genes in response to treatment with ARO-HIF2, change in Karnofsky Performance Status (KPS), correlation of tumor response based on RECIST with tumor HIF2α gene expression and tumor integrin expression, correlation of integrin expression with changes in HIF gene expression, evaluation of serum biomarkers of ARO-HIF2 activity, correlation of RCC-related gene expression to ARO-HIF2 activity, and evaluation of plasma and urine metabolites.

On August 18, 2020 Supernus Pharmaceuticals, Inc. (Nasdaq: SUPN), a pharmaceutical company focused on developing and commercializing products for the treatment of central nervous system (CNS) diseases, reported financial results for the second quarter of 2020 and associated Company developments (Press release, Supernus, AUG 18, 2020, View Source [SID1234563779]).

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Commercial Update

Second quarter 2020 net product sales of $124.0 million, 21% higher than the same period in 2019, driven by higher net product sales of Trokendi XR and Oxtellar XR and the addition of $10.6 million of net product sales from the acquired PD products. Net product sales of Trokendi XR and Oxtellar XR increased 11% compared to the same period in 2019 due to the beneficial impact of lower gross-to-net sales deductions in the second quarter of 2020, coupled with the price increase taken in January 2020. The year over year impact of volume, on an extended units basis (i.e., number of capsules/tablets), was neutral.

Corporate and Product Pipeline Update

SPN-812 – Novel non-stimulant for the treatment of ADHD in children and adults

The Company continues to prepare for the commercial launch of SPN-812, with shipments to the trade in December 2020. The Company remains engaged with the U.S. Food and Drug Administration (FDA) regarding its New Drug Application (NDA) for the treatment of ADHD. The NDA Prescription Drug User Fee Act (PDUFA) target action date is November 8, 2020.
Recruitment has resumed in the Phase III program in adult patients, after being put on hold in March 2020 due to the impact of the COVID-19 pandemic. The trial is expected to complete enrollment this year, with topline data expected in the first quarter of 2021.
SPN-830 (Apomorphine infusion pump) – continuous treatment of motor fluctuations ("on-off" episodes) in PD

NDA submission is expected in the fourth quarter of 2020, with launch, if approved by the FDA, in the second half of 2021.
SPN-820 – novel first-in-class activator of mTORC1

Preclinical and development activities are ongoing, with the initiation of the Phase II clinical program in patients with treatment-resistant depression targeted for the second half of 2021.
Operating Expenses

Second Quarter

Research and development (R&D) expenses in the second quarter of 2020 were $22.2 million, compared to $17.0 million in the same quarter last year. This increase was primarily due to the $10.0 million option fee paid to Navitor as part of the collaboration agreement for SPN-820, coupled with expenses incurred in the SPN-812 Phase III program for adults. Increased expenses were partially offset by reduced spending for the SPN-810 Phase III trials.

Selling, general and administrative (SG&A) expenses in the second quarter of 2020 were $48.1 million, compared to $39.8 million in the same quarter last year. This increase is primarily due to $7.4 million of expense associated with the transaction to acquire the CNS portfolio of US WorldMeds in the second quarter of 2020, partially offset by $3.1 million in PDUFA fee refund from the FDA.

Operating Earnings and Earnings Per Share

Operating earnings (GAAP) in the second quarter of 2020 were $45.5 million, compared to $42.6 million in the second quarter of 2019. The increase was primarily due to increased net product sales, partially offset by the aforementioned option fee paid to Navitor and acquisition-related expenses associated with the acquired PD products.

Net earnings (GAAP) in the second quarter of 2020 were $34.7 million, or $0.65 per diluted share, as compared to $32.7 million, or $0.61 per diluted share, in the same period last year. Net earnings (GAAP) were subject to a higher effective tax rate of 27% in the second quarter of 2020 relative to the second quarter of 2019, due to the aforementioned transaction-related expenses associated with the acquired PD products, which are partially tax deductible, and an increase in the number of states in which the Company pays income tax.

Weighted-average diluted common shares outstanding were approximately 53.6 million for the second quarter of 2020, as compared to approximately 53.9 million for the prior year period.

Balance Sheet Highlights

As of June 30, 2020, the Company had $733.5 million in cash, cash equivalents, marketable securities and long term marketable securities, compared to $938.8 million at December 31, 2019. During the first six months of 2020, inclusive of net changes in working capital, the Company generated $100.9 million of cash from operations. During the second quarter, the Company made cash payments of approximately $300 million for the acquired PD products, as well as the aforementioned $10.0 million fee paid to Navitor as part of the development and option agreement for SPN-820.

Financial Guidance

Guidance was suspended in May 2020 due to several factors: the uncertainty caused by the COVID-19 pandemic; the second quarter 2020 acquisition of the PD products; and the impact of the partnership with Navitor. The Company is now reinstating and updating full year 2020 financial guidance, which consists of the following components, inclusive of the impact of acquiring the PD products as of June 9, 2020:

Net product sales to range from $460 million to $500 million, including approximately $80 million from the PD products.
Gross margins of approximately 90%.
R&D expenses of approximately $85 million.
Selling, general and administrative expenses to range from $240 million to $250 million.
Operating earnings (GAAP) to range from $90 million to $110 million, which includes amortization of intangible assets of approximately $15 million.
Conference Call Details

The Company will hold a conference call hosted by Jack Khattar, President and Chief Executive Officer, and Greg Patrick, Senior Vice President and Chief Financial Officer, to discuss these results at 9:00 a.m. Eastern Time, on Wednesday, August 19, 2020.

Please refer to the information below for conference call dial-in information and webcast registration. Callers should dial in approximately 10 minutes prior to the start of the call.

Conference dial-in: (877) 288-1043
International dial-in: (970) 315-0267
Conference ID: 5175177
Conference Call Name: Supernus Pharmaceuticals Second Quarter 2020 Earnings Conference Call
Following the live call, a replay will be available on the Company’s website, www.supernus.com, under "Investor Relations".

On August 18, 2020 Quest Diagnostics (NYSE: DGX), the world’s leading provider of diagnostic information services, reported that its Board of Directors declared a quarterly cash dividend of $0.56 per share, payable on October 21, 2020 to shareholders of record of Quest Diagnostics common stock on October 6, 2020 (Press release, Quest Diagnostics, AUG 18, 2020, View Source [SID1234563778]).

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On August 18, 2020 BioNTech SE (Nasdaq: BNTX) ("BioNTech" or the "Company") a clinical-stage biotechnology company focused on patient-specific immunotherapies for the treatment of cancer and infectious diseases, reported an offering of rights to subscribe for new ordinary shares and new American Depositary Shares ("ADSs") representing new ordinary shares (Press release, BioNTech, AUG 18, 2020, View Source [SID1234563777]). The respective subscription periods expired on August 14, 2020 (the "expiration date"). Pursuant to the rights offering, subscribers will purchase an aggregate of 16,124 ordinary shares, represented by 16,124 ADSs, at the subscription price of $93.00 per ADS. Delivery of the ADSs in the rights offering is expected to be made on or about August 27, 2020.

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BioNTech expects to use the net proceeds that it receives from the exercise of the subscription rights issued in the rights offering for general corporate purposes.

If a holder of ordinary shares or ADSs did not exercise its ordinary share or ADS subscription rights prior to the expiration date, such rights have expired and are void and have no value, and such rights will not affect the number of ordinary shares (including those represented by ADSs) held by such holder.

A registration statement on Form F-1, as amended, relating to the rights and ordinary shares was previously filed with the Securities and Exchange Commission (the "SEC") and declared effective on July 24, 2020. A prospectus relating to the rights offering was filed with the SEC on July 23, 2020 and is available on the SEC’s website.

On August 17, 2020, Aduro Biotech, Inc. ("Aduro" or the "Company"), Aspire Merger Sub, Inc. ("Merger Sub") and Chinook Therapeutics U.S., Inc. ("Chinook") reported that it entered into Amendment No. 1 (the "Amendment") to the Agreement and Plan of Merger and Reorganization (the "Merger Agreement"), dated June 1, 2020, by and among the Company, Merger Sub and Chinook (Filing, 8-K, Aduro Biotech, AUG 18, 2020, View Source [SID1234563776]). The Amendment revises the Merger Agreement to, among other things, reflect Chinook’s contemplated private placement financing, which is expected to occur immediately prior to the closing of the merger of Merger Sub with and into Chinook (the "Merger"). The Amendment revises the Exchange Ratio to be used for purposes of determining the number of shares of Aduro common stock to be received by Chinook stockholders in the Merger to exclude the shares of common stock issued by Chinook in its proposed private placement financing from the shares of Chinook capital stock treated as outstanding for purposes of the Exchange Ratio.

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Other than as expressly modified pursuant to the Amendment, the Merger Agreement remains in full force and effect as originally executed on June 1, 2020. The foregoing summary of the terms of the Amendment is subject to, and qualified in its entirety by, the copy of the Amendment filed as Exhibit 2.1 to this Current Report on Form 8-K, which is incorporated herein by reference.