On October 20, 2021 HUTCHMED (China) Limited ("HUTCHMED") (Nasdaq/AIM: HCM; HKEX: 13) reported that on October 20, 2021, it granted conditional awards ("LTIP Awards") under the Long Term Incentive Plan adopted by HUTCHMED in 2015 ("LTIP") (Press release, Hutchison China MediTech, OCT 20, 2021, View Source [SID1234591587]).

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Aimed at attracting and retaining top talent, the Remuneration Committee of HUTCHMED appointed an independent advisor to conduct a compensation benchmarking research on peer group U.S. and China biotech companies. The Remuneration Committee comprehensively reviewed the compensation and share-based incentives policies of HUTCHMED and its subsidiaries (the "Group") and established an attractive policy to ensure the Group is able to recruit and retain top talent. Vesting of share-based awards under the policy is in line with that peer group.

The compensation of the Independent Non-executive Directors ("INEDs") of HUTCHMED is structured approximately as one-third cash (in the form of Directors’ fees) and two-thirds restricted share units (in the form of non-performance related LTIP awards). Such restricted share units vest over four years in lieu of cash. All Directors’ compensation arrangements are approved by the Board of Directors with the relevant Directors declaring their interest and abstaining from voting where it relates to their fees/restricted share units. In addition, the Nomination Committee of HUTCHMED assesses the independence of all the INEDs every year having regard to the criteria under the applicable corporate governance code adopted by the Company. Therefore, the current compensation arrangements will not compromise the INEDs independence.

Non-performance-related LTIP Award for the HUTCHMED Financial Year 2021 ("Non-performance LTIP Awards") – a one-off cash amount was granted to each grantee and will be used by the trustee administering the LTIP (the "Trustee") to purchase shares in HUTCHMED ("Shares") which will be subject to a vesting period of four years. HUTCHMED has granted the following Non-performance LTIP Awards to the following Directors:

Award Holder Cash amount for the Non-performance LTIP Awards
Mr Simon To (Executive Director) US$250,0001
Dr Dan Eldar (Non-executive Director ("NED")) US$250,000
Ms Edith Shih (NED) US$250,0002
Mr Paul Carter (INED) US$250,000
Dr Karen Ferrante (INED) US$250,000
Mr Graeme Jack (INED) US$250,000
Professor Tony Mok (INED) US$250,000

Notes:

(1) Similar to the arrangement for his Director’s fees, this cash amount would be used by the Trustee to buy Shares which will be held by the Trustee until the LTIP concerned is vested, with 25% to be vested in each of the next four years, whereupon the Shares will be received by or for the account of his employer, Hutchison Whampoa (China) Limited.
(2) Similar to the arrangement for her Director’s fees, this cash amount would be used by the Trustee to buy Shares which will be held by the Trustee until the LTIP concerned is vested, with 25% to be vested in each of the next four years, whereupon the Shares will be received by or for the account of her employer, Hutchison International Limited

The cash amount will be used by the Trustee to buy Shares which will be held by the Trustee until the underlying Non-performance LTIP Awards are vested. 25% of the Shares bought by the Trustee will vest on each anniversary of the grant of the Non-performance LTIP Awards for the next four years.

As each of the Directors is a connected person of HUTCHMED, the grant of the LTIP Awards to each of them constitutes a connected transaction of HUTCHMED under Chapter 14A of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Hong Kong Listing Rules"). As the grant of the LTIP Awards to each of the Directors involves an amount less than the relevant de minimis level, it is fully exempt from the connected transaction requirements under Chapter 14A of the Hong Kong Listing Rules pursuant to the exemption under Rule 14A.76.

Further announcements will be made in due course at the time the Non-performance LTIP Awards are vested, when the number of the Shares to which each Director is entitled will be known. The above Directors additionally have the right to elect on acceptance of the grant of their awards to have part of their awards held (on behalf of the Director by the Trustee) pending vesting in the form of cash in order to satisfy any tax liability in respect of their awards.

The Directors are persons discharging management responsibility (PDMRs) for the purposes of the Market Abuse Regulation (EU) 596/2014 ("MAR") and the information in this announcement is provided in accordance with the requirements of Regulation 19(3) of MAR.

The LTIP does not constitute a share option scheme or an arrangement analogous to a share option scheme for the purpose of Chapter 17 of the Hong Kong Listing Rules.

On October 20, 2021 G1 Therapeutics, Inc. (Nasdaq: GTHX), a commercial-stage oncology company, reported that it will host a webcast and conference call to provide a corporate and financial update for the third quarter of 2021 on Wednesday, November 3, 2021 at 8:30 a.m. ET (Press release, G1 Therapeutics, OCT 20, 2021, View Source [SID1234591586]).

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The live call may be accessed by dialing (866) 763-6020 (domestic) or (210) 874-7713 (international) and entering the conference code: 4404009. The live and archived webcast will be available on the Events & Presentations page of View Source

On October 20, 2021 F-star Therapeutics, Ltd. (NASDAQ: FSTX) ("F-star" or the "Company"), a clinical-stage biopharmaceutical company dedicated to developing next generation immunotherapies to transform the lives of patients with cancer, reported that it has entered into a license and collaboration agreement with Janssen Biotech, Inc., one of the Janssen Pharmaceutical Companies of Johnson & Johnson (Press release, F-star, OCT 20, 2021, View Source [SID1234591585]). The agreement was facilitated by Johnson & Johnson Innovation.

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Under the terms of the agreement, F-star will grant Janssen a worldwide, exclusive royalty-bearing license to research, develop, and commercialize up to five novel bispecific antibodies directed to Janssen therapeutic targets using F-star’s proprietary Fcab and mAb2 platforms. Janssen will be responsible for all research, development, and commercialization activities under the agreement.

Neil Brewis, Ph.D., Chief Scientific Officer of F-star said, "We are pleased to collaborate with Janssen and leverage the science of F-star’s proprietary tetravalent bispecific technology. Beyond our proprietary pipeline, we believe there is broad potential for our mAb2 platform to produce multiple next-generation bispecific antibody therapeutics."

Under the terms of the agreement F-star is entitled to receive upfront fees of $17.5 million, near-term fees and potential further milestones of up to $1.35 billion. F-star is also eligible to receive potential tiered mid-single digit royalties on annual net sales.

About F-star’s Fcab and mAb2 Platforms

F-star’s proprietary platform allows substitutions in the Fc region of a natural antibody, creating two additional distinct antigen binding sites. The resulting Fcab (Fc with antigen binding) building blocks can be rapidly inserted into a natural IgG antibody format to create tetravalent mAb2 bispecific antibodies that bind, simultaneously, to two different antigens.

F-star’s mAb2 bispecific antibodies are designed to conserve the natural human antibody format, with greater than 95% identity, providing minimal systemic toxicity, low immunogenicity risk, and ease of manufacturability.

Fcab building blocks can be used to generate not only bispecific antibodies but also tri-specific antibodies and fusion proteins.

F-star has 230 granted patents and over 150 pending applications covering its Fcab and mAb2 technology and associated product pipeline.

On October 20, 2021 Elevation Oncology, Inc. (Nasdaq: ELEV), a clinical stage biopharmaceutical company focused on the development of precision medicines for patients with genomically defined cancers, reported the appointment of Valerie M. Jansen, M.D., Ph.D., as Chief Medical Officer (Press release, Elevation Oncology, OCT 20, 2021, View Source;utm_medium=rss&utm_campaign=elevation-oncology-announces-the-promotion-of-valerie-malyvanh-jansen-m-d-ph-d-to-chief-medical-officer [SID1234591584]). Dr. Jansen was promoted from her prior role as Vice President, Clinical Development.

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"Dr. Jansen has made significant contributions to Elevation Oncology’s vision since her arrival at the Company earlier this year and we are thrilled to have her take on this role within the Elevation Oncology executive team," said Shawn M. Leland, PharmD, RPh, Founder and Chief Executive Officer of Elevation Oncology. "Valerie has an extensive background in oncology and a deep understanding of precision medicine, and under her leadership, Elevation Oncology is well positioned for success. I am confident in her continued oversight of our current clinical program targeting NRG1 fusions with seribantumab, reporting on the first clinical data from the Phase 2 CRESTONE study in mid 2022, and contributing to the development of new therapies that can make the genomic map of each patient’s tumor actionable."

Dr. Jansen commented: "Seribantumab is the first proof point for Elevation Oncology’s approach for developing precision medicines, by identifying oncogenic drivers through genomic testing and developing therapeutics that are designed to intervene and improve patient outcomes. Through the adaptable and responsive clinical trial model that has been developed with our diagnostic partners for CRESTONE, we can meet the patients where they are in their journey and provide a potential treatment option. I look forward to continuing the successes that Elevation Oncology has achieved thus far, and building a pipeline of therapeutic candidates in support of our ultimate goal to develop therapeutics by targeting the underlying causes of oncogenesis."

Prior to joining Elevation Oncology, Dr. Jansen served as Executive Medical Director at Mersana Therapeutics, a clinical-stage biopharmaceutical company with a focus in oncology, where she led clinical development of antibody-drug conjugate therapies for patients living with cancer. Previously, she was a senior medical advisor at Eli Lilly and Company, where she led global translational science for abemaciclib and served as lead Clinical Research Physician on early and late phase clinical trials.

Prior to joining the pharmaceutical industry, Dr. Jansen started her career in academia as a faculty member at Vanderbilt University, with a translational research program focused on understanding mechanisms of resistance to cancer targeted therapies. She received her M.D. from the University of Chicago Pritzker School of Medicine and her Ph.D. in Molecular Sciences from the University of Tennessee Health Science Center. She completed residency in Internal Medicine and fellowship in Medical Oncology through the ABIM Physician-Scientist Research Pathway at Vanderbilt. Dr. Jansen is board certified in Internal Medicine and Medical Oncology.

On October 20, 2021 Crinetics Pharmaceuticals, Inc. (Nasdaq: CRNX), a clinical-stage pharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors, reported that it intends to offer and sell, subject to market and other conditions, shares of its common stock in an underwritten public offering (Press release, Crinetics Pharmaceuticals, OCT 20, 2021, View Source [SID1234591583]). In addition, Crinetics intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock offered in the public offering. All of the shares to be sold in the offering are to be sold by Crinetics. There can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

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Crinetics intends to use the net proceeds from the proposed offering to fund the development of paltusotine, CRN04894, CRN04777 and its other research and development programs, and for working capital and general corporate purposes.

SVB Leerink, Evercore ISI and Cantor Fitzgerald are acting as joint bookrunning managers for the offering.

The securities described above are being offered by Crinetics pursuant to a shelf registration statement that became automatically effective upon its filing with the Securities and Exchange Commission (SEC). A preliminary prospectus supplement and accompanying prospectus relating to this offering will be filed with the SEC. When available, copies of the preliminary prospectus supplement and the accompanying prospectus relating to this offering may be obtained from: SVB Leerink LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, by telephone at 800-808-7525, ext. 6105 or by email at [email protected]; from: Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, New York 10055, by telephone at (888) 474-0200, or by email at [email protected]; or from: Cantor Fitzgerald & Co., Attn: Capital Markets, 499 Park Ave., 6th Floor, New York, New York 10022, by telephone at 212-829-7122 or by email at [email protected]. Electronic copies of the preliminary prospectus supplement and accompanying prospectus will also be available on the website of the SEC at www.sec.gov.

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