Galapagos increases share capital through subscription right exercises

On June 7, 2021 Galapagos NV (Euronext & NASDAQ: GLPG) reported a share capital increase arising from subscription right exercises (Press release, Galapagos, JUN 7, 2021, View Source [SID1234583710]).

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

Galapagos issued 10,940 new ordinary shares on 7 June 2021, for a total capital increase (including issuance premium) of €325,279.

Pursuant to the subscription right exercise program of Galapagos’ management board, members of the management board automatically are committed to exercise a minimum number of subscription rights, subject to certain conditions. In accordance with the rules of this program, one management board member exercised 5,000 subscription rights.

In accordance with Belgian transparency legislation1, Galapagos notes that its total share capital currently amounts to €354,418,623.11, the total number of securities conferring voting rights amounts to 65,522,521, which is also the total number of voting rights (the "denominator"), and all securities conferring voting rights and all voting rights are of the same category. The total number of rights (formerly known as warrants) to subscribe to not yet issued securities conferring voting rights is (i) 6,709,662 subscription rights under several outstanding employee subscription right plans, which equals 6,709,662 voting rights that may result from the exercise of those subscription rights, and (ii) one subscription right issued to Gilead Therapeutics to subscribe for a maximum number of shares that is sufficient to bring the shareholding of Gilead and its affiliates to 29.9% of the actually issued and outstanding shares after the exercise of the subscription right. This excludes the 2,736,250 subscription rights of Subscription Right Plan 2021 BE, Subscription Right Plan 2021 RMV and Subscription Right Plan 2021 ROW, which were created subject to acceptance. Galapagos does not have any convertible bonds or shares without voting rights outstanding.

Cerecor Enters Into $35 Million Debt Financing Agreement With Horizon Technology FinanceFiling

On June 7, 2021 Cerecor Inc. (NASDAQ: CERC), a biopharmaceutical company focused on becoming a leader in the development and commercialization of treatments for rare and orphan diseases, reported that it has entered into a debt financing agreement led by Horizon Technology Finance Corporation (NASDAQ: HRZN) ("Horizon") to provide up to $35.0 million in term loans (Press release, Cerecor, JUN 7, 2021, View Source [SID1234583693]).

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

"We are pleased to partner with Horizon, a leading specialty finance company that has an extensive history of supporting innovative life science companies," said Michael Cola, Chief Executive Officer of Cerecor. "Over the course of 2021, we anticipate a number of important data readouts across our immunology, oncology, and rare genetic disorders product candidates. This transaction immediately strengthens and extends our financial resources to advance our clinical pipeline towards these key development milestones."

Gerald A. Michaud, President of Horizon stated, "We are delighted to provide this financing to Cerecor and have confidence in the Company’s business strategy. We look forward to watching the Company reach its critical development milestones for its orphan and rare disease therapies in the pipeline. This investment in Cerecor provides another example of our ability to finance life sciences companies through multiple stages of development and through various value inflection points."

$20 million of the $35 million loan was funded upon closing. The remaining $15 million may be funded upon Cerecor achieving certain predetermined milestones. Each advance of the loan will be repaid in 42 monthly payments consisting of 18 monthly payments of interest only, followed by 24 monthly payments of principal and accrued interest, and will be payable monthly in arrears. The interest-only period may be extended to 24 months contingent upon Cerecor achieving certain milestones. In connection with the financing, Cerecor issued Horizon warrants to purchase up to 403,844 of its common shares at an exercise price of $2.60 per share. Proceeds will be used to support the ongoing clinical development of key investigational product candidates within its pipeline and for general working capital purposes.

Jefferies acted as exclusive arranger and financial advisor to Cerecor in this transaction.

Morphogenesis Awarded SBIR Funding for Cervical Cancer Therapy

On June 7, 2021 Morphogenesis, Inc., a clinical-stage biotechnology company, reported that it has obtained funding to develop a new therapeutic drug to treat cervical cancer (Press release, Morphogenesis, JUN 7, 2021, View Source [SID1234583692]). Globally, more than half a million women are diagnosed and over 300,000 die from cervical cancer each year due to lack of access to lifesaving care. Cancer treatment regimens in low-resource settings require a fundamental transformation to overcome this horrific toll.

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

A multi-discipline team that includes scientists from Morphogenesis, Medisca, a pharmaceutical compounding company specializing in customized medication, and Moffitt Cancer Center is developing an innovative therapy that would expand care to patients with limited access to lifesaving treatments. A Small Business Innovation Research (SBIR) proposal entitled, "A low-cost topical immunotherapy formulation suitable for treating cervical cancer in low- and middle-income countries and low-resource settings in the U.S.", received excellent scores following a competitive review process, and was awarded $400,000 from the National Cancer Institute (NCI) at the National Institutes of Health (NIH). The proposed work will reformulate Morphogenesis’s immunomodulatory cancer drug, IFx-Hu2.0, to a preparation that is applicable to treat women in locations with limited healthcare infrastructure.

IFx-Hu2.0 functions by recruiting the enormous power of the immune system towards the destruction of tumor cells. IFx-Hu2.0 treatment delivers a bacterial gene to a patient’s tumor that leads to the expression of an antigenic bacterial protein on the surface of those tumor cells. The bacterial antigen primes and educates the immune system to destroy tumor cells without harming healthy tissues.

IFx-Hu2.0 is a liquid drug preparation that is delivered by intratumoral injection. To facilitate cancer treatment in limited-resource settings, the team will formulate IFx-Hu2.0 to a non-toxic, affordable, commercially viable immunotherapy that can be stored and shipped at room temperature and self-administered. The goal is for this product to enable treatment in a variety of settings without the need for surgery, specialized training, or facilities.

"We are extremely excited about the global implications of our technology," said Pat Lawman, PhD, CEO of Morphogenesis, Inc. "While some of the other immune-oncology products being tested have tremendous promise, they will be prohibitively expensive and logistically unfeasible for treating patients in low resource settings. This project is near and dear to my heart since it embodies the culture of Morphogenesis, which is to create products that are accessible to those who would otherwise be without hope."

Shari Pilon-Thomas, Ph.D., Associate Member of Moffitt’s Department of Immunology, will direct studies designed to measure the efficacy of the reformulated drug in pre-clinical models. "This grant strengthens the ongoing collaboration between Moffitt and Morphogenesis. Results from this study will raise the potential for this incredible product to reach cervical cancer patients that are most in need of novel therapies," said Dr. Pilon-Thomas.

"The immuno-oncology products that we are developing will be instrumental in our company’s mission to end needless suffering. The lack of side-effects from our treatment means that there will be no added expense for supportive care needed with other therapies to treat chemotoxic or immunotoxic reactions," added Morphogenesis’ President, Michael Lawman, FRSB, Ph.D.

About Morphogenesis, Inc.: Morphogenesis is a clinical-stage pharmaceutical company based in Tampa, Florida developing novel "off-the-shelf" personalized immunotherapies for the treatment of cancer. Their IFx-based treatments induce personalized, tumor agnostic, multivalent, systemic, and sustained immune responses and have the potential to treat a broad range of cancers through enhanced tumor recognition, immune activation, and epitope spreading. IFx-based drugs have an established safety profile in multiple animal models. The IFx-Hu2.0 drug has just completed a Phase 1 clinical trial (safety) for Stage III/IV unresectable cutaneous melanomas and is currently in an expanded Phase 1 trial that includes cutaneous squamous cell carcinoma (cSCC) and Merkel cell carcinoma.

The Company’s patented immunotherapy is based on a single bacterial gene that when expressed on the surface of a patient’s tumor cells, educates the immune system to target the patient’s unique set of tumor antigens (neoantigens) without the toxic side effects that are common to most other cancer treatment regimens. Morphogenesis continues to innovate and reach major milestones towards its goal of bringing their gene therapy to treat a wide range of human cancer patients. Last year, Morphogenesis augmented its portfolio with three US patent awards and made multiple applications for worldwide patent protection. These patents are an important component of Morphogenesis’s exclusive intellectual property portfolio that includes some 55 issued patents and patent applications.

Texas Original Compassionate Cultivation Raises $21 Million in Series B Funding

On June 7, 2021 Texas Original Compassionate Cultivation (TOCC), Texas’ leading medical cannabis provider, reported it has secured $21 million in Series B funding led by AFI Capital Partners, a growth equity fund investing exclusively in the cannabis industry (Press release, Texas Original Compassionate Cultivation, JUN 7, 2021, View Source [SID1234583691]). The funding will bolster the company’s production and support its statewide delivery strategy

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

TOCC’s latest funding follows the close of Texas’ 87th legislative session, where House Bill 1535—a bill that expands the medical marijuana program in the state—passed in both chambers. Under the expanded Texas Compassionate Use Program (CUP), all cancer patients and people suffering from PTSD will qualify for medical marijuana prescriptions. The passage of HB 1535 also increases the amount of allowable THC to 1% by weight.

"This raise demonstrates our ongoing commitment to the Texas cannabis industry and to our current and future patients throughout the state," said Morris Denton, CEO of TOCC. "We believe in the power and truth of this plant. AFI Capital Partners’ investment underscores their confidence in TOCC’s operational capabilities. With the latest progress in the legislature, our team is focused on meeting the needs of our existing patients and serving the thousands of newly qualified patients with the highest quality cannabis medicine."

At the helm of TOCC’s Series B funding is AFI Capital Partners. This cannabis-focused growth equity fund invests in ancillary and state-licensed businesses across the cannabis value chain. AFI pursues targets with a history of operational excellence, companies that address a defined consumer need, and those with a proven ability to win share in competitive markets.

"AFI Capital Partners brings strong operational, strategic and transactional cannabis experience to its more than 20 portfolio companies," said Nico Richardson, managing director for AFI. "We are very excited to invest in and support the leader in the burgeoning Texas cannabis market. The TOCC team has done a phenomenal job serving Texas’ medical patients under the CUP program. We’re eager to partner closely with Morris and the TOCC team to continue to serve the state’s rapidly growing patient base."

Mr. Richardson has also joined TOCC’s board of directors. For more information about TOCC, visit www.texasoriginal.com.

The Scottish Medicines Consortium (SMC) Accepts Kyowa Kirin’s POTELIGEO® (mogamulizumab) for the Treatment of Those Living With Certain Ultra-rare Blood Cancers

On June 7, 2021 The Scottish Medicines Consortium (SMC) reported that has accepted POTELIGEO (mogamulizumab) for restricted use by NHS Scotland for the treatment of adults with advanced mycosis fungoides (MF) or Sézary syndrome (SS) (stage ≥IIB MF and all SS) following at least one prior systemic therapy, who are clinically ineligible for or refractory to treatment with brentuximab vedotin (Press release, Kyowa Hakko Kirin, JUN 7, 2021, View Source [SID1234583690]).1

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

The ultra-rare blood cancers mycosis fungoides and Sézary syndrome are two subtypes of cutaneous T-cell lymphoma (CTCL).1,2 The medicine was accepted following consideration through the SMC’s Patient and Clinician Engagement (PACE) process, which is used for medicines for end of life and/or ultra-rare conditions.

Richard Johnson, Northern Cluster General Manager, responsible for the UK at Kyowa Kirin, commented: "We are delighted that eligible adults with MF and SS can now access mogamulizumab through NHS Scotland. Today’s advice from the SMC marks an important milestone and is testament to the hard work, collaboration and commitment of the wider CTCL community and the SMC, to ensure those living with these ultra-rare blood cancers have an innovative treatment option in an area of high unmet need."

Dr Pam McKay, Consultant Haematologist and Honorary Clinical Associate Professor at The Beatson – West of Scotland Cancer Centre added: "This is a welcome decision from the SMC which means another treatment option will be available for those living with MF and SS. It has been well documented that those who are at the advanced stages of CTCL have a poor prognosis3 and very few licensed, systemic and well tolerated therapeutic options available to them. Furthermore, those living with CTCL also have a substantially reduced quality of life as the condition causes an immense impact upon their day-to-day functions as well as on the lives of their carers and loved ones. The use of an effective therapy such as mogamulizumab, will be greatly welcomed by adults with MF and SS and clinicians in Scotland, who now have an additional option for those currently living with the effects of this debilitating disease."

MF and SS are two forms of CTCL, which is a serious and potentially life-threatening form of cancer.4 Additionally, there is a significant impact on quality of life for those caring for an individual living with CTCL.5 CTCL is treatable but not curable and there is a clear unmet need for new treatment options.

Ropinder Gill, Chief Executive at Lymphoma Action commented: "This is a hugely significant development for those living in Scotland with these rare haematological cancers. Mogamulizumab offers people with MF and SS a much-needed new treatment option for a disease where, to date, therapies have been limited. Lymphoma Action welcomes this decision by the SMC who have recognized that people with MF and SS should have access to the full range of treatment options."

This decision comes after the National Institute for Health and Care Excellence (NICE) recommended not to reimburse mogamulizumab in England and Wales for the treatment of adult patients with certain types of CTCL, namely MF/SS who have received at least one prior systemic therapy.

Kyowa Kirin lodged an appeal against NICE’s recommendation on 18 March 2021 and appeals were also lodged by Lymphoma Action & Leukaemia Care (joint submission) and the UK Cutaneous Lymphoma Group (UKCLG). The NICE appeal panel convened on 10 May 2021 to hear oral representations from the appellants and a final decision regarding the appeal is expected in July 2021. Kyowa Kirin remains committed to finding a solution for people living with SS/MF to have access to POTELIGEO in England and Wales and will continue to work with NICE and NHS England to find a resolution.

About POTELIGEO (mogamulizumab)

Mogamulizumab is a first-in-class humanised monoclonal antibody (mAb) directed against CC chemokine receptor 4 (CCR4), a protein consistently expressed on cancerous cells seen in both MF and SS;6,7,8 once mogamulizumab binds to CCR4, it increases attraction of immune cells from the immune system to destroy the cancerous cells.9

Mogamulizumab has been shown to offer benefits to many patients with MF and SS.10 The MAVORIC trial compared the efficacy of mogamulizumab with vorinostat in previously treated people with relapsed or refractory mycosis fungoides or Sézary syndrome, two types of Cutaneous T-cell lymphoma (CTCL).10 Patients taking mogamulizumab experienced control over their disease for more than twice as long as those taking the comparator treatment, vorinostat*1 (7.7 months vs 3.1 months of median progression free survival), the primary endpoint of the trial.10 Levels of adverse events were similar between the two treatment groups.10 The MAVORIC trial is the largest in CTCL; it enrolled a total of 372 patients across 61 sites in 11 countries (of which 16 sites were in Europe, including three in England).10

About Mycosis Fungoides (MF) and Sézary Syndrome (SS)

MF and SS are characterised by localisation of cancerous white blood cells called T lymphocytes (T cells), to the skin.11,12 These cancerous T cells consistently express a protein called CC-chemokine receptor 4 (CCR4), which enables them to move from the blood to the skin.6,7,8 When these cancerous T cells move to the skin, they can create a localised inflammatory immune skin response, commonly resulting in visible skin symptoms of red patches or plaques 6,13,14,15,16 which can resemble psoriasis or eczema.11

MF and SS can affect the skin, blood, lymph nodes (part of the body’s immune system which is spread throughout the body) and internal organs.17 All four areas of the body are used to assess disease stage,18,19 and clinically significant involvement of the blood, particularly in more advanced disease, is linked with increased morbidity and an overall reduction in patient survival.18,20,21

CTCL can take, on average, between 2 and 7 years for individuals to receive a confirmed diagnosis.22 It is critical for doctors to consider CTCL as an early differential diagnosis as the patient’s prognosis can be affected if the disease progresses to later stages.23 Whilst most individuals that present with early stage disease do not progress to a more severe stage,24 patients with advanced disease have significantly poorer outcomes with only around half of patients (52%) surviving for just 5 years.18

CTCL is a ultra-rare disease that affects 0.7 per 100,000 patients across the UK.3 The annual incidence of MF in Europe is estimated to be between 1 in 110,000 to 1 in 350,000.25 The annual incidence of SS is 1 in 10,000,000.26 Together they represent approximately 65% of all cases of CTCL.17

*1 Vorinostat is a USA FDA-licensed existing treatment for MF and SS and is currently unlicensed in the EU