Kura Oncology Reports Final Results from Phase 2 Study of Tipifarnib in T-Cell Lymphoma

On December 13, 2021 Kura Oncology, Inc. (Nasdaq: KURA), a clinical-stage biopharmaceutical company committed to realizing the promise of precision medicines for the treatment of cancer, reported final results from a Phase 2 study of tipifarnib as a monotherapy in patients with relapsed or refractory T-cell lymphoma, including an overall response rate (ORR) of 56% and a median overall survival of 32.8 months in heavily pretreated patients with angioimmunoblastic T-cell lymphoma (AITL) (Press release, Kura Oncology, DEC 13, 2021, View Source [SID1234596928]).

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The final results are being presented during an oral session today at the American Society of Hematology (ASH) (Free ASH Whitepaper) Annual meeting in Atlanta. A copy of the presentation is available on the Company’s website at www.kuraoncology.com.

"These data compare favorably to approved therapies for treatment of relapsed/refractory T-cell lymphoma, particularly in patients with AITL for whom there are few treatment options," said Thomas Witzig, M.D., a Hematologist at Mayo Clinic and the study’s lead investigator.

​A total of 65 patients with relapsed or refractory T-cell lymphoma were enrolled in the study, with a median of three prior regimens (range 1-8). Twenty-five patients (38%) received prior autologous stem cell transplant. The ORR among all efficacy-evaluable patients was 40% (23/58) and the median duration of response (DOR) was 4.6 months.

Notably, the ORR in patients with AITL, an aggressive form of T-cell lymphoma and a pre-specified subgroup in the trial, was 56% (18/32), including nine complete responses, with a median DOR of 7.8 months and a median overall survival of 32.8 months.

Tipifarnib was generally well-tolerated in this Phase 2 study, with adverse events consistent with its known safety profile. The most frequently observed treatment-related adverse events (all grades) were hematological (neutropenia, thrombocytopenia, anemia) and gastrointestinal (nausea, diarrhea), as well as fatigue.

"We continue to be encouraged by the growing body of data for tipifarnib in both solid tumors and hematologic malignancies," said Stephen Dale, M.D., Chief Medical Officer of Kura Oncology. "The clinical benefit demonstrated in late-stage patients with T-cell lymphoma, including heavily pretreated patients with AITL, underscore the potential of farnesyl transferase inhibition to drive clinical benefit in patients with cancer."

This multi-center, single-arm, open-label Phase 2 study was designed to evaluate tipifarnib as a monotherapy in adult patients with relapsed or refractory T-cell lymphoma. The primary objective of the study was to determine the antitumor activity by ORR. Secondary objectives included safety, DOR and progression-free survival, and exploratory analyses included overall survival and identification of potential biomarkers associated with tipifarnib activity.

About Tipifarnib

Tipifarnib is a potent, selective and orally bioavailable inhibitor of farnesyl transferase in-licensed from Janssen. Previously, tipifarnib was studied in more than 5,000 cancer patients and showed compelling and durable anti-cancer activity in certain patient subsets; however, no molecular mechanism of action had been determined that could explain its clinical activity across a range of solid tumor and hematologic indications. Leveraging advances in next generation sequencing as well as emerging information about cancer genetics and tumor biology, Kura is seeking to identify those patients most likely to benefit from tipifarnib. In November 2018, the U.S. Patent and Trademark Office issued a new patent for tipifarnib as a method of treating patients with AITL, providing exclusivity in the U.S. to 2037. In March 2020, the U.S. Food and Drug Administration granted Fast Track designation to tipifarnib for the treatment of adult patients with relapsed or refractory AITL.

Keros Therapeutics Presents Clinical Trial and Preclinical Study Results from its KER-050 Program and Preclinical Data from its ALK2 Inhibitor Program at the 63rd American Society of Hematology Annual Meeting and Exposition

On December 13, 2021 Keros Therapeutics, Inc. ("Keros") (Nasdaq: KROS), a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel treatments for patients suffering from hematological and musculoskeletal disorders with high unmet medical need, reported that it presented additional data from its ongoing Phase 2 clinical trial of KER-050 in patients with very low-, low-, or intermediate-risk myelodysplastic syndromes ("MDS"), as well as preclinical data on the differentiated mechanism of action of KER-050 and its activity in cytopenia models, at the 63rd American Society of Hematology (ASH) (Free ASH Whitepaper) ("ASH") Annual Meeting and Exposition, held in person and virtually December 11 through 14, 2021 (Press release, Keros Therapeutics, DEC 13, 2021, View Source [SID1234596927]). In addition, Keros announced preclinical data evaluating ALK2 inhibition as a potential treatment option for anemia of inflammation.

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"We were pleased to present additional data from our ongoing Phase 2 clinical trial of KER-050 in MDS patients at this year’s ASH (Free ASH Whitepaper) annual meeting," said Jasbir S. Seehra, Ph.D., President and Chief Executive Officer of Keros. "We believe these data support the potential of KER-050 as a treatment for multilineage cytopenias in MDS by potentially targeting multiple stages of hematopoiesis. We are also pleased to have recently initiated dosing for Cohort 5 of the trial at 5.0 mg/kg of KER-050, to be administered once every four weeks for 12 weeks, following the Safety Review Committee recommendation for this trial."

Clinical Presentation

A Phase 2, Open-Label, Ascending Dose Study of KER-050 for the Treatment of Anemia in Patients with Very Low, Low, or Intermediate Risk Myelodysplastic Syndromes
This ongoing, open-label, two-part, multiple ascending dose Phase 2 clinical trial is evaluating KER-050 in participants with very low-, low-, or intermediate-risk MDS who either have or have not previously received treatment with an erythroid stimulating agent ("ESA"). Enrollment was balanced approximately one-to-one between patients that did not have ring sideroblasts ("non-RS") and patients that have ring sideroblasts ("RS positive"). Patients received KER-050 subcutaneously every 28 days for up to four cycles during Part 1 of the trial, at the following dose levels: Cohort 1, 0.75 mg/kg; Cohort 2, 1.5 mg/kg; Cohort 3, 2.5 mg/kg; and Cohort 4, 3.75 mg/kg.

As of October 25, 2021 (the "data cut-off date"), 24 patients in Cohorts 1, 2, 3 and 4 had received at least one dose of KER-050. KER-050 was observed to be generally well-tolerated as of the data cut-off date. No drug-related serious adverse events or dose-limiting toxicities were reported. The most commonly reported treatment-emergent adverse events were nausea, fatigue, diarrhea and dyspnea. Treatment-related adverse events were reported in four patients, which were mild or moderate in severity, and did not lead to dose modification or treatment discontinuation. No patients developed high-risk MDS or acute myeloid leukemia. Two patients withdrew from the trial prior to completing eight weeks of treatment with KER-050, one due to death deemed unrelated to study drug and one due to withdrawn patient consent.

16 patients in Cohorts 1, 2 and 3 had completed at least eight weeks of treatment and evaluation as of the data cut-off date (which we refer to as the "evaluable patients"). The 16 evaluable patients were comprised of four non-transfused ("NT"), three low transfusion burden ("LTB") and nine high transfusion burden ("HTB") patients. Of the 12 LTB and HTB patients, six were non-RS and six were RS positive.

As of the data cut-off date, 50% (n=8/16) of the evaluable patients, three of whom were non-RS and five of whom were RS positive, achieved an overall erythroid response, which is defined as meeting one of the following two endpoints:

IWG 2006 Hematological improvement-erythroid ("HI-E"), which is defined as either:
a ≥ 1.5 g/dL increase in hemoglobin for eight weeks in LTB and NT patients; or
a reduction by ≥ 4 red blood cell ("RBC") units transfused during any eight-week period during the trial, compared with the eight-week period prior to Cycle 1, Day 1 in HTB patients.
Transfusion independence ("TI") for at least eight weeks in patients who require ≥ 2 RBC units transfused at baseline.
Additional data from the evaluable patients in Cohorts 1, 2 and 3 of the trial, as of the data cut-off date, include:

43.8% (n=7/16) of the evaluable patients achieved HI-E over an eight-week period.
45.5% (n=5/11) of the transfused patients receiving ≥ 2 RBC units at baseline achieved TI for at least eight weeks.
In addition, the following pharmacodynamic data were observed:

Reticulocyte increases observed in patients achieving HI-E or TI endpoints.
Increases in serum soluble transferrin receptor and decreases in serum ferritin observed in patients achieving HI-E or TI endpoints.
Increases in platelets observed in patients achieving HI-E or TI.
Together, these data demonstrate the effects of KER-050 on both erythropoiesis and thrombopoiesis and support the continued development of KER-050 as a potential treatment option for ineffective hematopoiesis in MDS.

Preclinical Presentations

KER-050, an Inhibitor of TGF-β Superfamily Signaling, Promoted Thrombopoiesis and Reversed Immune Thrombocytopenia in a Mouse Model of Disease
Administration of a mouse research form of KER-050 ("RKER-050") increased differentiation of early- and late-stage megakaryocyte precursors and increased platelet count:

Healthy mice treated with a single 10 mg/kg dose of a research form of KER-050 ("RKER-050") had a 100% increase in platelets 12 hours after administration compared to vehicle-treated mice (p<0.001), which suggests that RKER-050 acted, at least in part, as a terminal maturation agent of proplatelets.
Keros also analyzed CD41+ cells, which are megakaryocyte precursors, from the bone marrow of healthy mice at 24 hours post-treatment in order to investigate the potential effects of RKER-050 on early stages of thrombopoiesis. An overall increase in the CD41+ cells was observed, as well as an increase in higher levels of ploidy, indicating that RKER-050 increased differentiation of megakaryocyte precursors towards the later stages of maturation.
In mice with an established model of immune thrombocytopenia, treatment with a single 7.5 mg/kg dose of RKER-050 led to increased recovery in platelet levels post-platelet depletion compared to untreated mice. On Day 10, the final study day, an increase in the CD41+ cell population and an increase in the number of these cells with a higher degree of ploidy was observed in the RKER-050-treated group.
To understand the potential contribution that inhibiting activin A has on KER-050’s potential effect on the thrombopoiesis pathway, Keros compared the effects of RKER-050 and an activin A neutralizing antibody on platelet levels after 24 hours. Treatment with either RKER-or an activin A antibody both led to an increase in platelet count. These results suggest that inhibition of activin A may be partially responsible for the platelet effects observed in mice treated with RKER-050.
Separately, bone marrow cells from mice were isolated and administered activin A (5 mg/kg), RKER-050 (10 mg/kg) or a combination of both for six days. Keros observed an increase in lower ploidy levels upon activin A treatment that shifted back to higher ploidy levels in cells treated with both activin A and RKER-050.
Overall, we believe these data show a potentially novel effect of KER-050 on thrombopoiesis in several preclinical models. Our results also suggest that the effect of RKER-050 on megakaryocyte populations could be partially due to the inhibition of activin A. Additionally, our data support the potential of KER-050 to accelerate the rate of platelet recovery due to acute depletion and, if approved, could represent a potential novel treatment approach for thrombocytopenia in patients with MDS, myelofibrosis and immune thrombocytopenia.

RKER-050 Rescued Ruxolitinib (Rux)-Associated Reductions in Red Blood Cell Volume
After first establishing anemia in C57BI/6 mice by dosing with ruxolitinib ("rux"), a JAK2 inhibitor, the mice were dosed with vehicle ("control group") or 120 mg/kg rux twice daily for 37 days, which led to significant reductions in red blood cells, hemoglobin and hematocrit on Day 37 in the rux-treated mice compared to the control group. On Day 41, rux-treated mice received either vehicle ("rux-vehicle mice") or RKER-050 (7.5 mg/kg) ("rux-RKER-050 mice") twice weekly for a total of five doses, in addition to the twice daily treatment with rux.

Red cell parameters continued to decline in rux-vehicle, and on Day 55, significant reductions in red blood cells, hemoglobin and hematocrit levels were observed compared to the control group. In contrast, administration of RKER-050 reversed the observed rux-associated reductions in these parameters, as evidenced by significant increases in red blood cells, hemoglobin and hematocrit in the rux-RKER-050 mice compared to the rux-vehicle mice. These results suggest that RKER-050 functions independently of the JAK-STAT signaling pathway, and could therefore be a potential treatment option for ineffective hematopoiesis resulting from defective JAK-STAT signaling in myelofibrosis patients. Keros also believes that KER-050 has the potential to mitigate the dose-limiting effects of rux and could potentially enhance duration of therapy in myelofibrosis patients.

A Monoclonal Antibody Targeting ALK2 as a Potential Therapeutic Agent for Anemia of Inflammation
To induce disease in a model of chronic kidney disease ("CKD"), mice were dosed daily for six weeks with 50 mg/kg of adenine, resulting in changes associated with anemia of inflammation, including increased serum hepcidin, decreased iron and decreased hematologic parameters, that was confirmed on Day 42. After completing the six weeks of adenine-administration, mice received twice weekly treatment with 5 mg/kg of an investigational novel and selective neutralizing antibody to the ALK2 receptor ("KTI-018") or vehicle daily for 11 days in addition to continued adenine treatment. KTI-018-treated CKD mice exhibited a reversal of the CKD-related changes, including decreased serum hepcidin, increased in serum iron and improved hematologic parameters compared to vehicle-treated CKD mice.

These data show that, in a mouse model of CKD with anemia of inflammation, inhibition of ALK2 with KTI-018 decreased serum hepcidin, increased the bioavailability of iron for erythropoiesis, restored hematologic parameters to normal levels and appeared to ameliorate the anemia. Accordingly, Keros believes that targeting ALK2 inhibition could potentially treat anemia resulting from CKD and other chronic inflammatory diseases.

About the Ongoing Phase 2 Clinical Trial of KER-050 in Patients with MDS

Keros is conducting an open label, two-part, multiple ascending dose Phase 2 clinical trial to evaluate KER-050 in participants with very low-, low-, or intermediate-risk MDS who either have or have not previously received treatment with an ESA.

The primary objective of this trial is to assess the safety and tolerability of KER-050 in participants with MDS that are RS positive or non-RS. Patients in Cohorts 1, 2, 3, 4 and 5 of Part 1 of this trial received 0.75 mg/kg, 1.5 mg/kg, 2.5 mg/kg, 3.75 mg/kg and 5.0 mg/kg doses of KER-050, respectively, once every four weeks for 12 weeks. The primary objective of Part 2 of this trial is confirmation of the safety and tolerability of the selected dose levels. The secondary objectives of this trial are to evaluate the pharmacokinetics, pharmacodynamics and efficacy of KER-050. We expect to report additional data from this trial in mid-2022.

Conference Call and Webcast Information

The Company will host a conference call and webcast today, December 13, 2021, at 4:01 p.m. ET, to discuss the additional results from the ongoing Phase 2 clinical trial of KER-050 presented at the 2021 ASH (Free ASH Whitepaper) Annual Meeting and Exposition.

The conference call will be webcast live at View Source;tp_key=27e9ef7be6. The live teleconference may be accessed by dialing (877) 405-1224 (domestic) or (201) 389-0848 (international). An archived version of the call will be available in the Investors section of the Keros website at View Source for 90 days following the conclusion of the call.

About KER-050

Keros’ lead protein therapeutic product candidate, KER-050, is an engineered ligand trap comprised of a modified ligand-binding domain of the Transforming Growth Factor-Beta receptor known as activin receptor type IIA that is fused to the portion of the human antibody known as the Fc domain. KER-050 is being developed for the treatment of low blood cell counts, or cytopenias, including anemia and thrombocytopenia, in patients with myelodysplastic syndromes, or MDS, and in patients with myelofibrosis.

Infinity Pharmaceuticals to be Featured in B. Riley Fireside Chat

On December 13, 2021 Infinity Pharmaceuticals, Inc. (NASDAQ: INFI), a clinical-stage biotechnology company developing eganelisib, a potentially first-in-class, oral, immuno-oncology macrophage reprogramming therapeutic that selectively inhibits phosphoinositide-3-kinase gamma (PI3K-gamma), reported that it will be highlighted during a "Best Ideas" virtual fireside chat with B. Riley Biotech research analyst Kalpit Patel on Tuesday, December 14th at 2:30 pm ET. The fireside chat will feature an interactive discussion with Key Opinion Leader (KOL) and MARIO-3 TNBC Investigator, Hatem Soliman, MD (Moffitt Cancer Center), Infinity’s CEO, Adelene Perkins, and Infinity’s CMO, Dr. Robert Ilaria (Press release, Infinity Pharmaceuticals, DEC 13, 2021, View Source [SID1234596926]).

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To register for the webinar please contact a B.Riley sales representative or Kalpit Patel, Pharm.D., 646-885-5447, [email protected].

Hatem Soliman, MD is one of the leading breast cancer physicians in the country and an investigator on the MARIO-3 study. Dr. Soliman serves as the Medical Director of the Clinical Trials Office at the Moffitt Cancer Center, with extensive experience as a clinical investigator conducting both translational research in breast cancer immunotherapy and leading numerous clinical trials as principal investigator since joining the faculty at Moffitt in 2008. He also serves as the Course Director for the fellowship clinical research rotation, medical director of the phase 1 program, chair of Moffitt’s clinical research leadership council, chair of clinical research feasibility committee, and principal investigator for Moffitt’s CPDM CCSG application, which was recently rated as outstanding and awarded funding for an additional five years.

Dr Soliman received his BS in Genetics from the University of Georgia Athens in 1996 and then went on to receive his medical degree from the Medical College of Georgia in 2002. His residency and fellowship training in oncology/hematology was completed through the University of South Florida/Moffitt Cancer Center program in 2008. During fellowship, he authored investigator initiated early phase trials with mentorship from Dr. Daniel Sullivan, former ACD and EVP of Moffitt, in collaboration with the NCI CTEP RAID program investigators Drs. Jaime Zwiebel and Howard Streicher. Upon graduation, Dr. Soliman was offered an assistant member position at Moffitt as a clinical investigator to continue early drug development and translational research activities.

ImmunoPrecise Reports Financial Results and Recent Business Highlights for Second Quarter Fiscal Year 2022

On December 13, 2021 IMMUNOPRECISE ANTIBODIES LTD. (the "Company" or "IPA") (NASDAQ: IPA) (TSX VENTURE: IPA), a leader in full-service therapeutic antibody discovery and development, reported financial results for second quarter fiscal year 2022, which ended October 31, 2021 (Press release, ImmunoPrecise Antibodies, DEC 13, 2021, View Source [SID1234596925]).

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Second Quarter Fiscal Year 2022 Financial Summary*
• The Company achieved revenues of $4.7 million, a decrease of $32,780 or (0.7%) from the same period last year**.
• The Company, primarily through its subsidiary Talem Therapeutics LLC, invested $2.8 million in strategic research and development costs compared to $1.1 million in the same period last year.
• The Company recorded a net loss of $5.0 million during the three months ended October 31, 2021, compared to net loss of $463,584 for the three months ended October 31, 2020.
• Adjusted EBITDA*** was a loss of $2.9 million, as compared to positive EBITDA of $795,159 for the same period last year.
• As of October 31, 2021, the Company held cash of $38.4 million
*Expressed in Canadian dollars, unless otherwise indicated.
**Please see section titled Revenue below for additional information on stated revenue in fiscal year 2021.
***For additional information on Adjusted EBITDA (a non-IFRS measure), please see section entitled Forward-looking statements below.

Dr. Jennifer Bath, CEO of ImmunoPrecise, stated, "We have been tactically investing in R&D to accelerate our Talem pipeline, expand our discovery and characterization platforms, invest in novel and expedited technologies for decoding and delivering next-generation therapeutics, as well as aligning early-stage proof of concept studies with the emerging and swiftly increasing promise of nucleic acid technologies."

"With our expanded European footprint and channel partnerships firmly in place, we have rapidly built the necessary infrastructure to make immediate inroads across the region. As such, we have grown our senior leadership team to manage the ramp-up in growth across the organization prudently. With bold marketing initiatives in place, including the revitalization of IPA’s brand architecture underway, we are well positioned to compete and win, while delivering measurable value creating catalysts to our shareholders. Our core focus continues to move our proprietary potential therapies in Talem Therapeutics forward, close on a broadening pipeline of new CRO business, while advancing our PolyTope Cocktail development program which has taken an even more pressing role in light of the unmet need and total addressable COVID-19 market which we believe we can fill," concluded Dr. Bath.

Recent Second Quarter Fiscal 2022 and Operational Highlights
• IPA prepared a pre-investigational new drug (PIND) application and received feedback from the U.S. Food and Drug Administration (FDA).
• The Company has initiated final IND-enabling studies and has received the initial data related to the safety and toxicity profile of its PolyTope cocktail.
• Based on in silico sequence and structural analysis, the Company anticipates that IPA’s PolyTope will retain activity against Omicron (B.1.1.529), similar to what they have observed in in vitro models for other variants of concern identified previously.
• IPA established a US $50 million at-the-market transaction utilizing H.C. Wainwright & Co. as the sole sales agent.
• The Company established a multi-target research collaboration utilizing ImmunoPrecise’s powerful antibody discovery technologies in combination with the long-standing expertise of Pierre Fabre in immuno-oncology.
• IPA Europe has been granted a three-year approval for the "Crédit d’Impôt Recherche" (CIR) from the French Ministry of Higher Education and Research. CIR is a French R&D tax credit initiative which will provide tax credits to eligible French companies when they engage IPA Europe, Oss, in qualified research and development activities.
• The Company bolstered global senior leadership with Barry Duplantis, Ph.D., promoted to Vice President of Client Relations and the addition of Ms. Carla Dahl, Vice President of Marketing.

Financial Results
Revenue
The Company achieved revenues of $4.7 million during the three months ended October 31, 2021, compared to $4.8 million in fiscal 2021, a $32,780, or (0.7%), decrease. As previously reported, the implementation of a new ERP system, effective for fiscal year 2021, was complicated by travel restrictions due to COVID-19. These complications, along with the new processes and procedures, caused the Company to miscalculate eliminations of intercompany transactions during the first three quarters of fiscal year 2021, primarily related to internal research and development sales to Talem.

The miscalculation resulted in immaterial, but notable, variances in revenues for the first three quarters of fiscal year 2021. The effect of the miscalculation can be seen in Management’s Discussion and Analysis in the Summary of Quarterly Results. Taking into account the prior year miscalculation, total revenues for the three months ended October 31, 2021, would have reflected an increase of 15.5% over prior year. This growth was driven primarily by increased financial value of a partner contract related to protein manufacturing, along with a notable increase in the number of projects under contract utilizing the Company’s B cell Select platform.

Research & DevelopmentResearch and development increased to $2.8 million from $1.0 million in 2020, due to the strategic investment in research the Company is undertaking, including the Company’s SARS-CoV-2 PolyTope cocktail and other Talem research projects.
Net LossThe Company recorded a net loss of $5.0 million during the three months ended October 31, 2021, compared to net loss of $463,584 for the three months ended October 31, 2020.

Financing Activities / Liquidity and Capital Resources
As of October 31, 2021, the Company held cash of $38.4 million and had working capital of $36.4 million.
On October 13, 2021, an at-the-market ("ATM") equity offering facility, was entered into with H.C. Wainwright & Co., LLC, as sole sales agent ("Agent"). The Company will be entitled, at its discretion and from time-to-time during the term of the ATM agreement. to sell through the Agent common shares of the Company having an aggregate gross sales price of up to US $50 million. As of October 31, 2021, US $50 million of the Company’s stock remained available for sale under the ATM facility.

ImmunoPrecise Reports Financial Results and Recent Business Highlights for Second Quarter Fiscal Year 2022

On December 13, 2021 IMMUNOPRECISE ANTIBODIES LTD. (the "Company" or "IPA") (NASDAQ: IPA) (TSX VENTURE: IPA), a leader in full-service therapeutic antibody discovery and development, reported financial results for second quarter fiscal year 2022, which ended October 31, 2021 (Press release, ImmunoPrecise Antibodies, DEC 13, 2021, View Source [SID1234596924]).

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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

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Second Quarter Fiscal Year 2022 Financial Summary*

The Company achieved revenues of $4.7 million, a decrease of $32,780 or (0.7%) from the same period last year**.
The Company, primarily through its subsidiary Talem Therapeutics LLC, invested $2.8 million in strategic research and development costs compared to $1.1 million in the same period last year.
The Company recorded a net loss of $5.0 million during the three months ended October 31, 2021, compared to net loss of $463,584 for the three months ended October 31, 2020.
Adjusted EBITDA*** was a loss of $2.9 million, as compared to positive EBITDA of $795,159 for the same period last year.
As of October 31, 2021, the Company held cash of $38.4 million.
*Expressed in Canadian dollars, unless otherwise indicated.
**Please see section titled Revenue below for additional information on stated revenue in fiscal year 2021.
***For additional information on Adjusted EBITDA (a non-IFRS measure), please see section entitled Forward-looking statements below.

Dr. Jennifer Bath, CEO of ImmunoPrecise, stated, "We have been tactically investing in R&D to accelerate our Talem pipeline, expand our discovery and characterization platforms, invest in novel and expedited technologies for decoding and delivering next-generation therapeutics, as well as aligning early-stage proof of concept studies with the emerging and swiftly increasing promise of nucleic acid technologies."

"With our expanded European footprint and channel partnerships firmly in place, we have rapidly built the necessary infrastructure to make immediate inroads across the region. As such, we have grown our senior leadership team to manage the ramp-up in growth across the organization prudently. With bold marketing initiatives in place, including the revitalization of IPA’s brand architecture underway, we are well positioned to compete and win, while delivering measurable value creating catalysts to our shareholders. Our core focus continues to move our proprietary potential therapies in Talem Therapeutics forward, close on a broadening pipeline of new CRO business, while advancing our PolyTope Cocktail development program which has taken an even more pressing role in light of the unmet need and total addressable COVID-19 market which we believe we can fill," concluded Dr. Bath.

Recent Second Quarter Fiscal 2022 and Operational Highlights

IPA prepared a pre-investigational new drug (PIND) application and received feedback from the U.S. Food and Drug Administration (FDA).
The Company has initiated final IND-enabling studies and has received the initial data related to the safety and toxicity profile of its PolyTope cocktail.
Based on in silico sequence and structural analysis, the Company anticipates that IPA’s PolyTope will retain activity against Omicron (B.1.1.529), similar to what they have observed in in vitro models for other variants of concern identified previously.
IPA established a US $50 million at-the-market transaction utilizing H.C. Wainwright & Co. as the sole sales agent.
The Company established a multi-target research collaboration utilizing ImmunoPrecise’s powerful antibody discovery technologies in combination with the long-standing expertise of Pierre Fabre in immuno-oncology.
IPA Europe has been granted a three-year approval for the "Crédit d’Impôt Recherche" (CIR) from the French Ministry of Higher Education and Research. CIR is a French R&D tax credit initiative which will provide tax credits to eligible French companies when they engage IPA Europe, Oss, in qualified research and development activities.
The Company bolstered global senior leadership with Barry Duplantis, Ph.D., promoted to Vice President of Client Relations and the addition of Ms. Carla Dahl, Vice President of Marketing.
Financial Results

Revenue

The Company achieved revenues of $4.7 million during the three months ended October 31, 2021, compared to $4.8 million in fiscal 2021, a $32,780, or (0.7%), decrease. As previously reported, the implementation of a new ERP system, effective for fiscal year 2021, was complicated by travel restrictions due to COVID-19. These complications, along with the new processes and procedures, caused the Company to miscalculate eliminations of intercompany transactions during the first three quarters of fiscal year 2021, primarily related to internal research and development sales to Talem.

The miscalculation resulted in immaterial, but notable, variances in revenues for the first three quarters of fiscal year 2021. The effect of the miscalculation can be seen in Management’s Discussion and Analysis in the Summary of Quarterly Results. Taking into account the prior year miscalculation, total revenues for the three months ended October 31, 2021, would have reflected an increase of 15.5% over prior year. This growth was driven primarily by increased financial value of a partner contract related to protein manufacturing, along with a notable increase in the number of projects under contract utilizing the Company’s B cell Select platform.

Research & Development

Research and development increased to $2.8 million from $1.0 million in 2020, due to the strategic investment in research the Company is undertaking, including the Company’s SARS-CoV-2 PolyTope cocktail and other Talem research projects.

Net Loss

The Company recorded a net loss of $5.0 million during the three months ended October 31, 2021, compared to net loss of $463,584 for the three months ended October 31, 2020.

Financing Activities / Liquidity and Capital Resources

As of October 31, 2021, the Company held cash of $38.4 million and had working capital of $36.4 million.

On October 13, 2021, an at-the-market ("ATM") equity offering facility, was entered into with H.C. Wainwright & Co., LLC, as sole sales agent ("Agent"). The Company will be entitled, at its discretion and from time-to-time during the term of the ATM agreement. to sell through the Agent common shares of the Company having an aggregate gross sales price of up to US $50 million. As of October 31, 2021, US $50 million of the Company’s stock remained available for sale under the ATM facility.