Infinity Announces Pricing of $80 Million Public Offering of Common Stock

On February 12, 2021 Infinity Pharmaceuticals, Inc. (Nasdaq: INFI) ("Infinity" or the "Company"), a clinical-stage biotechnology company developing eganelisib, a potentially first-in-class, oral, immuno-oncology macrophage reprogramming therapeutic which addresses a fundamental biologic mechanism of immune suppression in cancer, reported the pricing of its previously announced underwritten public offering of 21,000,000 shares of its common stock, at a public offering price of $3.80 per share (Press release, Infinity Pharmaceuticals, FEB 12, 2021, View Source [SID1234575021]). The gross proceeds to the Company from this offering are expected to be $79.8 million, before deducting the underwriting discounts and commissions and other estimated offering expenses payable by the Company. The offering is expected to close on or about February 17, 2021, subject to satisfaction of customary closing conditions. The Company has granted the underwriters a 30-day option to purchase up to an additional 3,150,000 shares of its common stock at the public offering price.

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Piper Sandler & Co. is acting as sole book-runner for the offering. Truist Securities, Inc. and JonesTrading Institutional Services LLC are serving as co-managers for the offering.

Infinity intends to use net proceeds from the offering for the continued clinical development of eganelisib, for general corporate purposes and for working capital.

The offering is being made pursuant to a "shelf" registration statement on Form S-3 (File No. 333-230258) that became effective with the Securities and Exchange Commission (the "SEC") on April 29, 2019, the base prospectus contained therein and a prospectus supplement. A preliminary prospectus supplement and accompanying base prospectus relating to the offering and the shares of common stock being offered has been filed with the SEC. The final terms of the offering will be disclosed in a final prospectus supplement to be filed with the SEC. Before you invest, you should read the prospectus in the registration statement, the prospectus supplement, and other documents the Company has filed with the SEC for more complete information about the Company and this offering. Copies of the registration statement, the final prospectus supplement and accompanying base prospectus may be obtained, when available, on the SEC’s website at View Source or, when available, by contacting: Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, by telephone at (800) 747-3924, or by email at [email protected].

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

AbbVie to Present at the 10th Annual SVB Leerink Global Healthcare Conference

On February 12, 2021 AbbVie (NYSE: ABBV) reported that it will participate in the 10th Annual SVB Leerink Global Healthcare Conference on Friday, February 26 (Press release, AbbVie, FEB 12, 2021, View Source [SID1234575020]). Michael Severino, M.D., vice chairman and president, Robert A. Michael, executive vice president and chief financial officer, and Jeffrey R. Stewart, executive vice president, commercial operations, will present virtually at 9:40 a.m. Central time.

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A live audio webcast of the presentation will be accessible through AbbVie’s Investor Relations website at investors.abbvie.com. An archived edition of the session will be available later that day.

Expanding CAR-T manufacturing in Australia

On February 12, 2021 Novartis reported it has received approval from the Therapeutic Goods Administration (TGA) for Cell Therapies to manufacture and supply its CAR-T therapies commercially for eligible patients in Australia (Press release, Novartis, FEB 12, 2021, View Source [SID1234575019]). The Cell Therapies manufacturing facility in the Peter MacCallum Cancer Center in Melbourne is the first and only approved commercial manufacturing site for CAR-T cell therapies in Australia.

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As a pioneer in individualized medicine, Novartis is committed to reimagining cancer care in the emerging field of CAR-T therapies. We are determined to bring these transformative therapies to the maximum number of patients with difficult-to-treat cancers and limited treatment options. We are proud to have the largest geographical CAR-T manufacturing network in the world, which makes our therapies accessible to healthcare practitioners and patients across the globe. Cell Therapies, a world-leading manufacturing facility, adds their experience to our leadership in pioneering research, development and supply of cell and gene therapies. International collaborations such as these are critical in accelerating advancements in areas of great medical need.

Steffen Lang, Global Head of Novartis Technical Operations
The CAR-T manufacturing network of Novartis comprises of seven facilities across four continents. This includes commercial and clinical trial manufacturing now ongoing at Novartis-owned facilities in Stein, Switzerland, Les Ulis, France and Morris Plains, New Jersey, USA, as well as at the contract manufacturing sites at Fraunhofer-Institut for Cell Therapy and Immunology (Fraunhofer-Institut für Zelltherapie und Immunologie) facility in Leipzig, Germany, FBRI in Kobe, Japan, and now Cell Therapies in Australia. Manufacturing at Cellular Biomedicine Group in China is forthcoming. This comprehensive, integrated footprint strengthens the flexibility, resilience and sustainability of the Novartis manufacturing and supply chain.

To date, more than 100 patients in Australia have now been treated with Novartis CAR-T treatment across clinical trials and commercially available therapy. Local manufacturing means patients’ cells can stay in Australia without the need to ship them overseas, generating greater efficiencies and an expectation of quicker timelines tor eligible patients.

Apollomics, Inc. Licenses a Targeted, Active Checkpoint Control Immunotherapy for Greater China and South Africa

On February 12, 2021 Apollomics, Inc., an innovative biopharmaceutical company committed to the discovery and development of mono- and combination- oncology therapies, reported an exclusive license agreement for the development and commercialization of TYG100 in Mainland China, Hong Kong, Macau and Taiwan, also known as Greater China, and South Africa (Press release, Apollomics, FEB 12, 2021, https://www.apollomicsinc.com/media/apollomics-inc-licenses-a-targeted-active-checkpoint-control-immunotherapy-for-greater-china-and-south-africa/ [SID1234575018]).

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TYG100 is an antigen-specific, active checkpoint control immunotherapy (ACCI) recombinant vaccine comprising the amino-terminal sequence of G17, a gastrointestinal peptide hormone, and utilizes the S-TIR technology platform. This technology induces a novel mechanism of action that is able to unmask tumors. TYG100 was developed by TYG oncology Ltd. based in the United Kingdom and received support from Cancer Research UK. TYG oncology originally co-developed TYG100 with Nuance Biotech and this license is now assigned to Apollomics for further co-development.

"TYG100 represents the new era of active checkpoint control immunotherapy by enabling a rapid and appropriate natural immune response," said Guo-Liang Yu, Ph.D., Chief Executive Officer of Apollomics. "In addition, the technology that powers TYG100 enables targeted induction of antibodies neutralizing G17 at the site of the tumor. While this asset is early stage, we are excited about the technology and the opportunity to run preclinical studies and advance it into the clinic for the treatment of gastroenterological cancers."

Under the terms of the agreement, Apollomics will be responsible for clinical development and commercialization in Greater China and South Africa. Nuance Biotech received an upfront cash payment and will be eligible to receive from us potential development milestone payments. TYG oncology will be eligible to receive from us tiered royalties on net sales. Apollomics will be responsible for all costs related to development, regulatory approvals, and commercialization activities for TYG100 in the territories.

Jian Ni, Chief Executive Officer, Nuance Biotech added, "ACCI is the next generation immunotherapy beyond checkpoint inhibitors, and opens the door to new anti-cancer treatments. Preclinical data support stimulation of significant immune response and studies in non-human primates have been well-tolerated and demonstrated predicted ability to achieve a high level of immune stimulation."

"We appreciate the help that Nuance has provided in getting TYG100 to the next stage of development with Apollomics. We are pleased to have such a strong partner to potentially carry TYG100 into the clinic to patients," concluded Fred Jacobs, Chief Executive Officer, TYG Oncology.

About TYG100

TYG100 is an active checkpoint control immunotherapy (ACCI) recombinant vaccine that targets the gastrin immunogen. In preclinical studies, TYG100 has induced neutralizing antibodies against gastrin, a major growth factor for pancreatic and other forms of gastrointestinal cancer. For additional information, please visit View Source

The Lancet publishes Libtayo® (cemiplimab) data showing extended overall survival in patients with first-line advanced non-small cell lung cancer with PD-L1 expression of ³50%

On February 12, 2021 Sanofi reported the Lancet published results from a pivotal trial designed to evaluate the investigational use of the PD-1 inhibitor Libtayo (cemiplimab) compared to platinum-doublet chemotherapy in patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) with ≥50% PD-L1 expression in tumor cells (Press release, Sanofi, FEB 12, 2021, View Source [SID1234574993]).

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The data were shared during a late-breaking presentation at the 2020 European Society for Medical Oncology (ESMO) (Free ESMO Whitepaper) Virtual Congress and formed the basis of regulatory submissions in the U.S. and European Union (EU). The U.S. Food and Drug Administration (FDA) granted a Priority Review with a target action date of February 28, 2021. A European Commission decision is expected by mid-2021.

"These clinical results published in The Lancet support regulatory submissions for Libtayo as a potential new treatment option for patients with advanced NSCLC with PD-L1 expression of ≥50%," said Ahmet Sezer, M.D., Professor in the Department of Medical Oncology at Başkent University in Adana, Turkey and a trial investigator. "Libtayo was superior in extending overall survival compared to chemotherapy, even with 74% of patients crossing over to the Libtayo arm following progression on chemotherapy. Libtayo reduced the risk of death by 32% in all patients in the pivotal trial and by 43% among those with confirmed PD-L1 expression of 50% or higher. In addition, the data included more advanced patient populations usually underrepresented in advanced NSCLC trials – including 12% with pretreated and stable brain metastases and 16% with locally advanced NSCLC who were not candidates for definitive chemoradiation. As a result, the medical community now has valuable new clinical evidence that could enhance our understanding of how to treat this deadly cancer."

The safety of Libtayo in the trial was generally consistent with previous Libtayo pivotal trials, and according to the publication, consistent with the safety profiles of other PD-1 or PD-L1 inhibitors in NSCLC and other tumor types. Grade 3 or 4 adverse events occurred in 28% and 39% of patients in the Libtayo and chemotherapy arms, respectively. Immune-mediated AEs were reported in 17% of patients in the Libtayo arm, compared to 2% in the chemotherapy arm, and included hypothyroidism (6% versus 0%), hyperthyroidism (4% versus <1%), pneumonitis (2% versus 0%), hepatitis (2% versus 0%), skin adverse reaction (2% versus <1%), colitis (1% versus <1%), nephritis (<1% versus <1%), arthritis, increased blood thyroid stimulating hormone, thyroiditis, and peripheral neuropathy (all <1% versus 0%).

Libtayo is currently approved as the first systemic treatment in the U.S., EU and other countries for adults with metastatic cutaneous squamous cell carcinoma (CSCC) or locally advanced CSCC who are not candidates for curative surgery or curative radiation. Libtayo is also approved in the U.S. as the first immunotherapy treatment indicated for patients with advanced basal cell carcinoma (BCC) previously treated with a hedgehog pathway inhibitor (HHI) or for whom an HHI is not appropriate, and is under regulatory review in the EU for the treatment of locally advanced BCC previously treated with an HHI.

Libtayo is being jointly developed and commercialized by Sanofi and Regeneron under a global collaboration agreement.

The use of Libtayo to treat advanced NSCLC is investigational and has not been fully evaluated by any regulatory authority.

About the Phase 3 Trial

The open-label, randomized, multi-center Phase 3 trial, called EMPOWER-Lung 1, was designed to investigate the first-line treatment of Libtayo monotherapy compared to platinum-doublet chemotherapy in patients with squamous or non-squamous advanced NSCLC that tested positive for PD-L1 in ≥50% of tumor cells, but not for ALK, EGFR or ROS1. PD-L1 expression was confirmed using the PD-L1 IHC 22C3 pharmDx kit. The trial randomized 710 patients with either locally advanced NSCLC (stage IIIB/C) who were not candidates for surgical resection or definitive chemoradiation or had progressed after treatment with definitive chemoradiation, or previously untreated metastatic NSCLC (stage IV). Of the 710 patients randomized to receive treatment, 563 patients had confirmed PD-L1 expression of ≥50%.

Patients were randomized 1:1 to receive either Libtayo 350 mg administered intravenously every three weeks for up to 108 weeks or an investigator-selected, standard-of-care, platinum-based, doublet chemotherapy regimen for 4 to 6 cycles (with or without histology relevant maintenance pemetrexed chemotherapy). The co-primary endpoints were overall survival and progression-free survival, and secondary endpoints included overall response rate, duration of response and quality of life.

The trial was designed to reflect current and emerging treatment paradigms. Inclusion criteria allowed patients with NSCLC who had: pre-treated and stable brain metastases; locally advanced disease that was not a candidate for, or which had progressed after, definitive chemoradiation; or controlled hepatitis B, hepatitis C or HIV. Patients whose disease progressed in the trial were able to change their therapy: those in the chemotherapy arm were allowed to cross over into the Libtayo arm following disease progression on chemotherapy; and those in the Libtayo arm were allowed to combine Libtayo treatment with 4 to 6 cycles of chemotherapy.

About Non-small Cell Lung Cancer

Lung cancer is the leading cause of cancer death worldwide. In 2020, an estimated 2.2 million and 225,000 new cases were diagnosed worldwide and in the U.S, respectively. Approximately 84% of all lung cancers are NSCLC, and an estimated 25% to 30% of these cases are expected to test positive for PD-L1 in ≥50% of tumor cells. Additionally, an estimated 75% of patients are diagnosed with advanced NSCLC and have a poor survival prognosis. While immunotherapies have transformed advanced NSCLC treatment in recent years, there remains an unmet need to optimize the identification and treatment of patients with high PD-L1 expression and offer additional treatment options.

About Libtayo

Libtayo is a fully-human monoclonal antibody targeting the immune checkpoint receptor PD-1 on T-cells. By binding to PD-1, Libtayo has been shown to block cancer cells from using the PD-1 pathway to suppress T-cell activation.

In the U.S., the generic name for Libtayo in its approved indication is cemiplimab-rwlc, with rwlc as the suffix designated in accordance with Nonproprietary Naming of Biological Products Guidance for Industry issued by the FDA. Outside of the U.S., the generic name for Libtayo in its approved indication is cemiplimab.

The extensive clinical program for Libtayo is focused on difficult-to-treat cancers. In skin cancer, this includes trials in adjuvant and neoadjuvant CSCC. Libtayo is also being investigated in pivotal trials in NSCLC (in combination with chemotherapy) and cervical cancer, as well as in trials combining Libtayo with either conventional or novel therapeutic approaches for both solid tumors and blood cancers. These potential uses are investigational, and their safety and efficacy have not been evaluated by any regulatory authority.