Brooklyn ImmunoTherapeutics to
Move Stock Exchange Listing to Nasdaq

On October 14, 2021 Brooklyn ImmunoTherapeutics, Inc. (NYSE American: BTX) ("Brooklyn"), a biopharmaceutical company focused on exploring the role that cytokine and gene editing/cell therapy can have in treating patients with cancer, blood disorders, and monogenic diseases, reported it will transfer its common stock listing from the NYSE American to the Nasdaq Global Market, effective upon the market close on October 22, 2021 (Press release, Brooklyn ImmunoTherapeutics, OCT 14, 2021, View Source [SID1234591394]). Brooklyn’s common stock is expected to begin trading as a Nasdaq-listed security on October 25, 2021 and will continue to trade under the ticker symbol "BTX."

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Brooklyn’s President and CEO Howard J. Federoff, M.D., Ph.D., commented, "We view the Nasdaq Global Market as more in line with the innovation we are pursuing, which we believe will be attractive to a broader range of investors oriented around companies such as ours. We view this transfer as driving further shareholder value for our investors. We thank the New York Stock Exchange for its partnership, and are extremely pleased to join many of the world’s most successful and innovative companies listed on Nasdaq."

Telix’s MTRs are Advancing the Field of Precision Radio-Oncology

On October 14, 2021 Telix Pharmaceuticals reported that radiation therapy is regaining a foothold in oncology (Press release, Telix Pharmaceuticals, OCT 14, 2021, View Source [SID1234591392]). This isn’t the therapy your parents remember, though. Modern radiation therapy is tightly targeted to dramatically reduce toxicity and side effects and often can be administered on an outpatient basis.

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"There’s a lot of innovation in this field," Bernard Lambert, Ph.D., president and chief operating officer for Telix Pharmaceuticals (U.S.) told BioSpace. Telix’s own program is a case in point. The company has molecularly-targeted radiation (MTR) products under development or under review by the regulatory authorities for imaging and therapy. Telix has programs from preclinical to Phase III underway, as well as one imaging agent in final review at the U.S. Food and Drug Administration.

"MTR molecules are a concept of precision and personalized medicine," Lambert said. "Rather than flooding the body with radiation and killing healthy cells in addition to tumors, we can selectively target the tumor (and tumor supportive cells) and deliver the radioisotope directly to it, saving healthy cells and, therefore, reduce the side effects."

At a basic level, Telix attaches a radioactive isotope to a small molecule or antibody that targets the surface antigen on cancer cells. Once in the body, these molecules home-in on the cancer cell and deliver their radioactive payload, killing only the cancer cell. The decay rate varies from an hour or two to several days.

What really sets Telix apart from its competitors in this space, Lambert said, is that "we are covering a different stage of clinical development. Many (other companies) are in preclinical development. Telix, in contrast, is a pioneer in the industry. Our portfolio ranges from commercial to preclinical products in several indications, but mainly in oncology." Notably, the same MTR platform can be used therapeutically to treat multiple indications by changing the delivery molecule. The platform also can deliver lower-energy radioisotopes for imaging, which can be used to determine treatment effectiveness or to stage cancer treatments.

Currently, the company is prioritizing prostate, kidney, brain and bone-marrow cancers, and just dosed its first patient in a Phase II triple-negative breast cancer trial studying TLX250-CDx (89Zr-DFO-girentuximab) in France. "That particular trial targets an antigen, carbonic anhydrase IX (CA9), that is overexpressed in patients with renal cell carcinoma," he said, as well as lung and oesophageal cancers.

The breast cancer study, led by Caroline Rousseau at the Institut de Cancérologie de l’Ouest (ICO) in St. Herblain, France, evaluates how CA9 imaging and positron emission tomography can be used to diagnose triple-negative breast cancer (a particularly aggressive form of cancer with high unmet need) and to stage treatments. It is the second in a series of studies evaluating CA9 as a target for cancers beyond renal cell carcinoma.

Other programs targeting CA9 are in a Phase II therapeutic study for renal cell carcinoma and a Phase III imaging study for that indication. A separate study is underway in bladder cancer.

The side effects of MTR products vary depending on the molecule Telix uses, but Lambert said, "our safety profile is quite better than with chemotherapy, although like any of the drugs, it has some side effects, such as headaches, vomiting and pain at the injection point. They’re manageable."

"Historically, radiation therapy was used at the end of the patient journey to extend the patient’s life when everything else had failed. Yet, research is showing it works well as a front-line treatment," Lambert said. "It can’t be used for every tumor type, but it does address a lot of unmet needs and contribute to patients’ quality of life." The challenge is convincing physicians that it can be used effectively as an early-stage treatment.

There’s another challenge, too: Delivering products with very short half-lives to patients throughout the U.S. and Europe. "We need a high level of coordination with our manufacturers in the U.S. and Europe," Lambert pointed out. To manage the logistical hurdles, Telix is working with Cardinal Health and other radiopharmacy networks to ensure the products are near radiologic imaging centers. It is also establishing manufacturing sites in the U.S. and Europe.

In terms of upcoming milestones, Lambert said he is anticipating what he hopes will be FDA approval for TLX591-CDx, Telix’s prostate imaging product, and then submitting TLX250-CDx, its kidney cancer imaging product, for review. "We have a therapeutic program that’s active for prostate and kidney cancers, too," he said. Telix also is planning to meet with the FDA to bring its glioblastoma product to Phase II/III trials that he anticipates will occur in 2022.

Bristol Myers Squibb Kills China Abraxane Deal with BeiGene

On October 14, 2021 BeiGene reported that inked a deal with Celgene Logistics Sarl, which is now a subsidiary of Bristol Myers Squibb (Press release, BeiGene, OCT 14, 2021, View Source [SID1234591391]). The deal was a license and supply agreement giving BeiGene exclusive right to distribute and market Abraxane, Revlimid and Vidaza in China, excepting Hong Kong, Macau and Taiwan. Then, in March 2020, the Chinese National Medical Products Administration (NMPA) suspended importation, sales and use of Abraxane in China under the deal. BMS then initiated a recall of Abraxane in China. The entire suspension and recall were related to inspection findings at Bristol Myers Squibb-Celgene’s contract manufacturing plant in the U.S.

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On October 6, 2021, Bristol Myers Squibb and Celgene terminated the original deal related to Abraxane and gave BeiGene 180 days of notice that it was withdrawing Abraxane from the deal. The Notice stated:

"Indeed, as you are aware, due to the National Medical Products Association decision to suspend the importation, sale, or use of Abraxane in China on March 25, 2020, Celgene has been unable to manufacture Abraxane for China and, thus, has been unable to manufacture Abraxane on a global basis…"

The notice went on to say that after the NMPA suspended manufacturing at the facility in Illinois, the company shifted production to a facility in Phoenix, Arizona. In July 2021, there was a failure in media fill testing at that facility. After a root cause investigation and corrective actions, there was still rejection of additional vials. Celgene is working on the issue, but currently all manufacturing of Abraxane at the Phoenix facility has halted, and they have notified the U.S. Food and Drug Administration.

The Illinois site was run by contract drug manufacturing (CDMO) company Fresenius Kabi and the Phoenix site is owned by BMS.

BeiGene indicates they believe the "reasons stated in the Notice do not provide a valid basis for terminating the Agreement with respect to Abraxane, and that the Notice is a tactical maneuver on the part of BMS-Celgene to reduce its damages in the on-going arbitration proceedings described above. The Company intends to contest the purported termination vigorously."

On a little less threatening note, BeiGene also said that BMS and Celgene had not told them how long the manufacturing delays in Phoenix would last, but "would be happy to work with BMS-Celgene to help get the Phoenix manufacturing facility or another facility qualified to restore the supply of Abraxane for patients in China as soon as possible."

Abraxane is approved for use in advanced non-small cell lung cancer with carboplatin, in advanced pancreatic cancer with gemcitabine, and for advanced breast cancer.

The other drugs are Revlimid, which with dexamethasone is used to treat multiple myeloma, and Vidaza, a chemotherapy used to treat myelodysplastic syndrome (MDS). They do not appear to be part of the dispute.

At least one analyst, Andrew Berens, with SVB Leerink, suggests that the real issue is competition between BMS’s checkpoint inhibitor Opdivo and BeiGene and Novartis’s tislelizumab. Berns projected BeiGene would rake in $100 million in Abraxane sales in China next year once the marketing hold is resolved. Berns is taking that figure out of the equation, but believes that the BeiGene-BMS deal isn’t as important as it used to be, particularly now that BeiGene and Amgen have a strategic collaboration that initiated in January 2020.

That deal is to accelerate Amgen’s oncology presence in China. Amgen also has a 20.5% stake in BeiGene, which it paid $2.8 billion in cash for. Under that deal, BeiGene is commercializing Amgen’s XGEVA (denosumab), Kyprolis (carfilzomib) and Blincyto (blinatumomab) in China. Two of the drugs will revert to Amgen, one after five years and one after seven. After the commercialization period, BeiGene will keep the rights to one of the drugs and be eligible for royalties on sales in China for another five years on the drugs returned to Amgen. XGEVA was launched in China in September 2019.

The two companies are also collaborating on 20 drugs from Amgen’s oncology pipeline in China and globally.

Another hit against Abraxane occurred in August 2021. Roche had an accelerated approval for its Tecentriq (atezolizumab) in combination with Abraxane for adults with unresectable locally advanced or metastatic triple-negative breast cancer (mTNBC) whose tumors express PD-L1. After consulting with the FDA, Roche withdrew the accelerated approval. It only affected the mTNBC indication in the U.S. for that indication. It was granted accelerated approval in March 2019, the first immunotherapy to be approved for that setting. It was based on progression-free survival (PFS) in the Phase III IMpassion 130 study, but continued approval was

Nurix Therapeutics Reports Third Quarter Fiscal 2021 Financial Results and Provides a Corporate Update

On October 14, 2021 Nurix Therapeutics, Inc. (Nasdaq: NRIX), a biopharmaceutical company developing targeted protein modulation drugs, reported financial results for the third quarter ended August 31, 2021 and provided a corporate update (Press release, Nurix Therapeutics, OCT 14, 2021, View Source [SID1234591290]).

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"With the recent initiation of a Phase 1 trial for our lead E3 ligase inhibitor program NX-1607, we now have two wholly owned drug candidates in clinical development, both potentially addressing significant unmet needs in hematology and oncology," said Arthur T. Sands, M.D., Ph.D., president and chief executive officer of Nurix. "The remainder of 2021 promises to be an exciting time for Nurix as we prepare to deliver on our ambitious goal of initiating Phase 1 trials for two additional wholly owned and internally developed drug candidates."

Recent Business Highlights

Advanced NX-1607 into Phase 1 Clinical Development: Nurix initiated its Phase 1a/1b study to evaluate orally dosed small molecule NX-1607, a Casitas B-lineage lymphoma proto-oncogene (CBL-B) inhibitor at clinical sites in the United Kingdom. The multicenter, open-label Phase 1 dose escalation and expansion trial will evaluate the safety and tolerability of NX-1607 in adults with a variety of oncology indications.
Expanded the Board of Directors with Experienced Business Leaders: Nurix announced the appointments of Judith A. Reinsdorf and Paul M. Silva to its board of directors, effective October 1, 2021. Ms. Reinsdorf is the former executive vice president and general counsel of Johnson Controls International, and Mr. Silva is the former senior vice president, chief accounting officer at Vertex Pharmaceuticals Incorporated. Nurix previously announced the appointment of Clay Siegall, Ph.D., to its board, effective May 28, 2021. Dr. Siegall is the co-founder of Seagen Inc. (formerly Seattle Genetics, Inc.) and serves as its president, chief executive officer and chairman of the board.
Upcoming Program Highlights*

NX-2127: Nurix’s lead drug candidate from its protein degradation portfolio, NX-2127, is an orally bioavailable degrader of BTK with immunomodulatory drug (IMiD) activity for the treatment of relapsed or refractory B-cell malignancies. Nurix is conducting its Phase 1 clinical trial of NX-2127 at multiple clinical sites. Initial pharmacokinetic (PK) and pharmacodynamic (PD) data from the dose escalation portion of the trial is anticipated by year-end 2021. Additional information on the clinical trial can be accessed at ClinicalTrials.gov (NCT04830137).
NX-1607: Nurix’s lead drug candidate from its E3 ligase inhibitor portfolio, NX-1607, is an orally bioavailable inhibitor of CBL-B for immuno-oncology indications. Nurix recently initiated the dose escalation portion of its ongoing Phase 1 trial.
NX-5948: Nurix’s second drug candidate from its protein degradation portfolio, NX-5948, is an orally bioavailable BTK degrader designed without IMiD activity for certain B-cell malignancies and autoimmune diseases. Nurix anticipates initiating a Phase 1 trial for NX-5948 in patients with hematologic malignancies in the second half of 2021 and is planning for the potential expansion of indications into selected autoimmune diseases in 2022.
DeTIL-0255: Nurix’s lead candidate in its cellular therapy portfolio, DeTIL-0255, is a drug-enhanced adoptive cellular therapy. Nurix anticipates initiating a Phase 1 trial for DeTIL-0255 in the second half of 2021.
* Expected timing of events throughout the press release are based on calendar year quarters.

Fiscal Third Quarter 2021 Financial Highlights

Collaboration revenue for the three months ended August 31, 2021 was $10.3 million compared to $4.1 million for the three months ended August 31, 2020. The increase was due to the continued scale up of internal resources and external spending for our collaborations with Sanofi and Gilead as compared to the prior period, resulting in a higher percentage of completion in the current period. The increase was also due to partial revenue recognized during the three months ended August 31, 2021 for the achievement of certain preclinical milestones under our collaborations with Gilead and Sanofi.

Research and development expenses for the three months ended August 31, 2021 were $30.9 million compared to $18.9 million for the three months ended August 31, 2020. The increase was primarily related to an increase of $4.1 million in compensation and related personnel costs attributable to an increase in headcount. There was also an increase of $1.6 million in non-cash stock-based compensation expense. In addition, there was an increase of $1.9 million in supplies and contract research and an increase of $1.8 million in preclinical activities and contract manufacturing attributable to increases in our preclinical development activities and drug discovery research and an increase of $1.5 million in clinical costs due to ongoing clinical trial startup and patient enrollment.

General and administrative expenses for the three months ended August 31, 2021 were $8.3 million compared to $4.3 million for the three months ended August 31, 2020. The increase was primarily related to an increase of $1.2 million in compensation related expenses attributable to a higher headcount and an increase of $1.6 million in non-cash stock-based compensation expense. There was also an increase of $0.9 million in consultant and other professional service expenses primarily related to becoming a public company.

Net loss for the three months ended August 31, 2021 was $28.8 million, or ($0.65) per share, compared to a net loss of $18.5 million for the three months ended August 31, 2020, or ($1.09) per share.

Cash, Cash Equivalents and Investments: As of August 31, 2021, Nurix had cash, cash equivalents and investments of $465.4 million compared to $372.0 million as of November 30, 2020. The increase was primarily attributable to the net proceeds of $150.2 million from Nurix’s follow-on offering in March 2021.

Insmed to Host Third Quarter 2021 Financial Results Conference Call on Thursday, October 28, 2021

On October 14, 2021 Insmed Incorporated (Nasdaq:INSM), a global biopharmaceutical company on a mission to transform the lives of patients with serious and rare diseases, reported that it will release its third quarter 2021 financial results on Thursday, October 28, 2021 (Press release, Insmed, OCT 14, 2021, View Source [SID1234591262]).

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Insmed management will host a conference call for investors beginning at 8:30 a.m. ET on Thursday, October 28, 2021 to discuss the financial results and provide a business update.

Shareholders and other interested parties may participate in the conference call by dialing (844) 200-6205 (U.S. toll free), (646) 904-5544 (U.S. local), or +44-208-0682-558 (international) and referencing access code 594997. The call will also be webcast live on the company’s website at www.insmed.com.

A replay of the conference call will be accessible approximately 1 hour after its completion through November 26, 2021 by dialing (866) 813-9403 (U.S. toll free), (929) 458-6194 (U.S. local), or +44-204-525-0658 (international) and referencing access code 963633. A webcast of the call will also be archived for 90 days under the Investor Relations section of the company’s website at www.insmed.com.