Akoya Reports Fourth Quarter and Full Year 2021 Operating Results and Provides 2022 Financial Outlook

On March 14, 2022 Akoya Biosciences, Inc. (Nasdaq: AKYA) ("Akoya"), The Spatial Biology Company, reported its financial results for the fourth quarter and full year ending December 31, 2021 (Press release, Akoya Biosciences, MAR 14, 2022, View Source [SID1234610036]).

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"Our strong finish to 2021 demonstrates the continued and accelerating adoption of our leading spatial biology solutions and is a result of sound execution of our financial and strategic plans," said Brian McKelligon, Chief Executive Officer, Akoya Biosciences. "We set another record in quarterly revenue, grew our installed base to nearly 700 instruments worldwide, and have approximately 500 publications on Akoya platforms to date. Highlighting our strong quarter was the commercial launch of the PhenoCycler-Fusion System and additional near-term menu offerings across protein and RNA, delivering the fastest, single-cell, multi-omic spatial biology solution in the market."

Fourth Quarter 2021 Financial Highlights

Total revenue was $16.2 million in the fourth quarter of 2021, compared to $12.9 million in the prior year period; an increase of 26%.
Product revenue was $12.9 million in the fourth quarter of 2021, compared to $10.5 million in the prior year period; an increase of 23%.
Services and other revenue totaled $3.2 million in the fourth quarter of 2021, compared to $2.4 million in the prior year period; an increase of 33%.
Gross profit was $10.2 million in the fourth quarter of 2021, compared to $7.9 million in the prior year period; an increase of 29%; and gross profit margin was 63.3% in the fourth quarter of 2021, compared to 61.3% in the prior year period.
46 instruments were sold in the fourth quarter of 2021; 21 PhenoCyclers, 25 PhenoImagers (which includes Fusion, HT, and earlier PhenoImager workflow instruments such as the Mantra and Vectra).
Instrument installed base of 697 as of December 31, 2021; 182 PhenoCyclers, 515 PhenoImagers.
Full Year 2021 Financial Highlights

Total revenue was $54.9 million for the FY 2021, compared to $42.4 million in the prior year; an increase of 29.5%.
Product revenue was $44.5 million for the FY 2021, compared to $33.4 million in the prior year; an increase of 33%.
Services and other revenue totaled $10.4 million for the FY 2021, compared to $9.0 million in the prior year; an increase of 16%.
Gross profit was $34.2 million for the FY 2021, compared to $25.9 million in the prior year; an increase of 32%; and gross profit margin was 62.3% for FY 2021, compared to 61.0% in the prior year.
147 instruments were sold for the FY 2021; 70 PhenoCyclers, 77 PhenoImagers.

Fourth Quarter 2021 Business Highlights

There were 278 publications in 2021 featuring Akoya’s platforms, as compared with 109 publications in 2020.
Akoya’s inaugural ‘Spatial Day’ held on December 15, 2021 featured a preview of our new integrated suite of solutions, including the PhenoCycler-Fusion System, novel spatial transcriptomics chemistry and universal protein chemistry, and additionally brought together academic, clinical, and industry leaders who highlighted how Akoya’s spatial phenotyping platforms are uniquely equipped to address key questions across discovery, translational, and clinical research.
Announced full commercial launch of the PhenoCycler-Fusion System, the fastest single-cell, multi-omic, spatial biology solution.
Announced a groundbreaking collaboration with PathAI to combine spatial biology with AI-powered tools to facilitate discovery of novel predictive biomarkers.
Announced a strategic partnership with Bio-Techne to deliver an automated spatial multiomics workflow using the RNAScope technology to enable comprehensive spatial phenotyping of RNA and protein biomarkers on the PhenoCycler-Fusion System.
Announced the securing of CLIA lab certification, a milestone for applying spatial biology technologies to accelerate precision cancer therapies.
Appointment of Marilee Moy as Chief People Officer, who brings more than 30 years of HR leadership experience at high-performing life sciences and technology companies and will be instrumental in defining and executing Akoya’s human resource strategy as the company enters a new phase of global growth.
$113.1 million of cash and cash equivalents as of December 31, 2021, well capitalized to deliver on our existing strategic plan.
2022 Outlook

The company, based on its current plans and initiatives, expects a full year 2022 revenue guidance range of $69-71 million.

Webcast and Conference Call Details

Akoya will host a conference call today, March 14, 2022, at 5:00 p.m. Eastern Time to discuss its fourth quarter and full year 2021 financial results. The dial-in numbers are (833) 562-0146 for domestic callers or (661) 567-1226 for international callers, followed by Conference ID: 5291099. A live webcast of the conference call will be available on the "Investors" section of the Company’s website at View Source The webcast will be archived on the website following the completion of the call for three months.

Emergent BioSolutions to Participate in Investor Conferences

On March 14, 2022 Emergent BioSolutions Inc. (NYSE: EBS) reported that members of the company’s executive management team will participate in the following investor conferences (Press release, Emergent BioSolutions, MAR 14, 2022, View Source [SID1234610035]):

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KeyBanc Life Sciences & MedTech Investor Forum
March 22, 2022
Company fireside chat scheduled for 1:30 pm eastern
View Source
BofA Securities 2022 Healthcare Conference
May 10, 2022
Presentation scheduled for 12:00 pm eastern
Goldman Sachs 7th Annual Leveraged Finance and Credit Conference
May 11 to 13, 2022
Presentation date and time will be updated on the Emergent website as the information becomes available.
For conferences where a presentation is planned, the company’s webcast presentation may include a discussion of the company’s recent business developments as well as its financial results and guidance. The webcasts will be available both live, if possible, and by replay, and will be accessible from the Emergent website.

Exelixis Announces Final Overall Survival Results from Phase 3 COSMIC-312 Trial of Cabozantinib in Combination with an Immune Checkpoint Inhibitor in Patients with Previously Untreated Advanced Liver Cancer

On March 14, 2022 Exelixis, Inc. (Nasdaq: EXEL) reported results from the final analysis of the second primary endpoint of overall survival (OS) from the phase 3 COSMIC-312 trial, which evaluated cabozantinib (CABOMETYX) in combination with atezolizumab versus sorafenib in patients with previously untreated advanced hepatocellular carcinoma (HCC) (Press release, Exelixis, MAR 14, 2022, View Source [SID1234610034]). The final analysis showed neither improvement nor detriment in OS for cabozantinib in combination with atezolizumab versus sorafenib. Based on this outcome for OS and the rapidly evolving treatment landscape for previously untreated advanced HCC, Exelixis does not intend to submit a supplemental New Drug Application to the U.S. Food and Drug Administration (FDA). Full results will be presented at a future medical meeting.

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"Exelixis has a longstanding commitment to patients with liver cancer, exemplified by the 2019 approval of CABOMETYX for previously treated advanced liver cancer, and we remain steadfast in our journey to further therapies for this and other difficult-to-treat cancers," said Vicki L. Goodman, M.D., Executive Vice President, Product Development and Medical Affairs, and Chief Medical Officer, Exelixis. "We are grateful to the investigators and patients who participated in the COSMIC-312 trial and contributed greatly to this research."

About COSMIC-312

COSMIC-312 is a global, multicenter, randomized, controlled phase 3 trial that enrolled 837 patients at 281 study centers globally. Patients were randomized approximately 2:1:1 to one of three arms: cabozantinib (40 mg) in combination with atezolizumab (n=432), sorafenib (n=217) or cabozantinib (60 mg; n=188). Data from the analysis of the primary endpoint of progression-free survival was previously reported. Exelixis is sponsoring COSMIC-312, and Ipsen is co-funding the trial. Genentech, a member of the Roche Group, is providing atezolizumab for use in this trial. More information about COSMIC-312 is available at ClinicalTrials.gov.

About HCC

More than 900,000 new cases of liver cancer are diagnosed worldwide each year, and it is a leading cause of cancer death, accounting for more than 800,000 deaths annually.1 HCC is a leading cause of cancer-related death, expected to cause 1 million global deaths annually by 2030.2 Without treatment, patients with advanced HCC usually survive less than 6 months. 3 Median survival for patients with symptomatic advanced HCC who are treated with systemic therapies is just 1 to 1.5 years.4 Research has shown that gastrointestinal varices – which are associated with a higher risk of death from bleeding – occur in about 60-75% of patients with advanced HCC, the presence of which can impact the therapies available to these patients. 5,6

About CABOMETYX (cabozantinib)

In the U.S., CABOMETYX tablets are approved for the treatment of patients with advanced renal cell carcinoma (RCC); for the treatment of patients with HCC who have been previously treated with sorafenib; for patients with advanced RCC as a first-line treatment in combination with nivolumab; and for adult and pediatric patients 12 years of age and older with locally advanced or metastatic differentiated thyroid cancer that has progressed following prior VEGFR-targeted therapy and who are radioactive iodine-refractory or ineligible. CABOMETYX tablets have also received regulatory approvals in the European Union and additional countries and regions worldwide. In 2016, Exelixis granted Ipsen exclusive rights for the commercialization and further clinical development of cabozantinib outside of the U.S. and Japan. In 2017, Exelixis granted exclusive rights to Takeda Pharmaceutical Company Limited for the commercialization and further clinical development of cabozantinib for all future indications in Japan. Exelixis holds the exclusive rights to develop and commercialize cabozantinib in the U.S.

CABOMETYX is not indicated as a treatment for previously untreated advanced HCC.

IMPORTANT SAFETY INFORMATION

WARNINGS AND PRECAUTIONS

Hemorrhage: Severe and fatal hemorrhages occurred with CABOMETYX. The incidence of Grade 3 to 5 hemorrhagic events was 5% in CABOMETYX patients in RCC, HCC, and DTC studies. Discontinue CABOMETYX for Grade 3 or 4 hemorrhage and prior to surgery as recommended. Do not administer CABOMETYX to patients who have a recent history of hemorrhage, including hemoptysis, hematemesis, or melena.

Perforations and Fistulas: Fistulas, including fatal cases, occurred in 1% of CABOMETYX patients. Gastrointestinal (GI) perforations, including fatal cases, occurred in 1% of CABOMETYX patients. Monitor patients for signs and symptoms of fistulas and perforations, including abscess and sepsis. Discontinue CABOMETYX in patients who experience a Grade 4 fistula or a GI perforation.

Thrombotic Events: CABOMETYX increased the risk of thrombotic events. Venous thromboembolism occurred in 7% (including 4% pulmonary embolism) and arterial thromboembolism in 2% of CABOMETYX patients. Fatal thrombotic events occurred in CABOMETYX patients. Discontinue CABOMETYX in patients who develop an acute myocardial infarction or serious arterial or venous thromboembolic events that require medical intervention.

Hypertension and Hypertensive Crisis: CABOMETYX can cause hypertension, including hypertensive crisis. Hypertension was reported in 37% (16% Grade 3 and <1% Grade 4) of CABOMETYX patients. Do not initiate CABOMETYX in patients with uncontrolled hypertension. Monitor blood pressure regularly during CABOMETYX treatment. Withhold CABOMETYX for hypertension that is not adequately controlled with medical management; when controlled, resume at a reduced dose. Permanently discontinue CABOMETYX for severe hypertension that cannot be controlled with anti-hypertensive therapy or for hypertensive crisis.

Diarrhea: Diarrhea occurred in 62% of CABOMETYX patients. Grade 3 diarrhea occurred in 10% of CABOMETYX patients. Monitor and manage patients using antidiarrheals as indicated. Withhold CABOMETYX until improvement to ≤ Grade 1, resume at a reduced dose.

Palmar-Plantar Erythrodysesthesia (PPE): PPE occurred in 45% of CABOMETYX patients. Grade 3 PPE occurred in 13% of CABOMETYX patients. Withhold CABOMETYX until improvement to Grade 1 and resume at a reduced dose for intolerable Grade 2 PPE or Grade 3 PPE.

Hepatotoxicity: CABOMETYX in combination with nivolumab can cause hepatic toxicity with higher frequencies of Grades 3 and 4 ALT and AST elevations compared to CABOMETYX alone. Monitor liver enzymes before initiation of and periodically throughout treatment. Consider more frequent monitoring of liver enzymes than when the drugs are administered as single agents. For elevated liver enzymes, interrupt CABOMETYX and nivolumab and consider administering corticosteroids.

With the combination of CABOMETYX and nivolumab, Grades 3 and 4 increased ALT or AST were seen in 11% of patients. ALT or AST >3 times ULN (Grade ≥2) was reported in 83 patients, of whom 23 (28%) received systemic corticosteroids; ALT or AST resolved to Grades 0-1 in 74 (89%). Among the 44 patients with Grade ≥2 increased ALT or AST who were rechallenged with either CABOMETYX (n=9) or nivolumab (n=11) as a single agent or with both (n=24), recurrence of Grade ≥2 increased ALT or AST was observed in 2 patients receiving CABOMETYX, 2 patients receiving nivolumab, and 7 patients receiving both CABOMETYX and nivolumab. Withhold and resume at a reduced dose based on severity.

Adrenal Insufficiency: CABOMETYX in combination with nivolumab can cause primary or secondary adrenal insufficiency. For Grade 2 or higher adrenal insufficiency, initiate symptomatic treatment, including hormone replacement as clinically indicated. Withhold CABOMETYX and/or nivolumab and resume CABOMETYX at a reduced dose depending on severity.

Adrenal insufficiency occurred in 4.7% (15/320) of patients with RCC who received CABOMETYX with nivolumab, including Grade 3 (2.2%), and Grade 2 (1.9%) adverse reactions. Adrenal insufficiency led to permanent discontinuation of CABOMETYX and nivolumab in 0.9% and withholding of CABOMETYX and nivolumab in 2.8% of patients with RCC.

Approximately 80% (12/15) of patients with adrenal insufficiency received hormone replacement therapy, including systemic corticosteroids. Adrenal insufficiency resolved in 27% (n=4) of the 15 patients. Of the 9 patients in whom CABOMETYX with nivolumab was withheld for adrenal insufficiency, 6 reinstated treatment after symptom improvement; of these, all (n=6) received hormone replacement therapy and 2 had recurrence of adrenal insufficiency.

Proteinuria: Proteinuria was observed in 8% of CABOMETYX patients. Monitor urine protein regularly during CABOMETYX treatment. For Grade 2 or 3 proteinuria, withhold CABOMETYX until improvement to ≤ Grade 1 proteinuria, resume CABOMETYX at a reduced dose. Discontinue CABOMETYX in patients who develop nephrotic syndrome.

Osteonecrosis of the Jaw (ONJ): ONJ occurred in <1% of CABOMETYX patients. ONJ can manifest as jaw pain, osteomyelitis, osteitis, bone erosion, tooth or periodontal infection, toothache, gingival ulceration or erosion, persistent jaw pain, or slow healing of the mouth or jaw after dental surgery. Perform an oral examination prior to CABOMETYX initiation and periodically during treatment. Advise patients regarding good oral hygiene practices. Withhold CABOMETYX for at least 3 weeks prior to scheduled dental surgery or invasive dental procedures, if possible. Withhold CABOMETYX for development of ONJ until complete resolution, resume at a reduced dose.

Impaired Wound Healing: Wound complications occurred with CABOMETYX. Withhold CABOMETYX for at least 3 weeks prior to elective surgery. Do not administer CABOMETYX for at least 2 weeks after major surgery and until adequate wound healing. The safety of resumption of CABOMETYX after resolution of wound healing complications has not been established.

Reversible Posterior Leukoencephalopathy Syndrome (RPLS): RPLS, a syndrome of subcortical vasogenic edema diagnosed by characteristic findings on MRI, can occur with CABOMETYX. Evaluate for RPLS in patients presenting with seizures, headache, visual disturbances, confusion, or altered mental function. Discontinue CABOMETYX in patients who develop RPLS.

Thyroid Dysfunction: Thyroid dysfunction, primarily hypothyroidism, has been observed with CABOMETYX. Based on the safety population, thyroid dysfunction occurred in 19% of patients treated with CABOMETYX, including Grade 3 in 0.4% of patients.

Patients should be assessed for signs of thyroid dysfunction prior to the initiation of CABOMETYX and monitored for signs and symptoms of thyroid dysfunction during CABOMETYX treatment. Thyroid function testing and management of dysfunction should be performed as clinically indicated.

Hypocalcemia: CABOMETYX can cause hypocalcemia. Based on the safety population, hypocalcemia occurred in 13% of patients treated with CABOMETYX, including Grade 3 in 2% and Grade 4 in 1% of patients. Laboratory abnormality data were not collected in CABOSUN.

In COSMIC-311, hypocalcemia occurred in 36% of patients treated with CABOMETYX, including Grade 3 in 6% and Grade 4 in 3% of patients.

Monitor blood calcium levels and replace calcium as necessary during treatment. Withhold and resume at reduced dose upon recovery or permanently discontinue CABOMETYX depending on severity.

Embryo-Fetal Toxicity: CABOMETYX can cause fetal harm. Advise pregnant women and females of reproductive potential of the potential risk to a fetus. Verify the pregnancy status of females of reproductive potential prior to initiating CABOMETYX and advise them to use effective contraception during treatment and for 4 months after the last dose.

ADVERSE REACTIONS

The most common (≥20%) adverse reactions are:

CABOMETYX as a single agent: diarrhea, fatigue, PPE, decreased appetite, hypertension, nausea, vomiting, weight decreased, constipation.

CABOMETYX in combination with nivolumab: diarrhea, fatigue, hepatotoxicity, PPE, stomatitis, rash, hypertension, hypothyroidism, musculoskeletal pain, decreased appetite, nausea, dysgeusia, abdominal pain, cough, and upper respiratory tract infection.

DRUG INTERACTIONS

Strong CYP3A4 Inhibitors: If coadministration with strong CYP3A4 inhibitors cannot be avoided, reduce the CABOMETYX dosage. Avoid grapefruit or grapefruit juice.

Strong CYP3A4 Inducers: If coadministration with strong CYP3A4 inducers cannot be avoided, increase the CABOMETYX dosage. Avoid St. John’s wort.

USE IN SPECIFIC POPULATIONS

Lactation: Advise women not to breastfeed during CABOMETYX treatment and for 4 months after the final dose.

Hepatic Impairment: In patients with moderate hepatic impairment, reduce the CABOMETYX dosage. Avoid CABOMETYX in patients with severe hepatic impairment.

SIWA Therapeutics Announces Promising Results in New Pancreatic Cancer Study

On March 14, 2022 SIWA Therapeutics, Inc. ("SIWA"), a Chicago-based biopharmaceutical company reported that SIWA’s proprietary humanized monoclonal antibody, SIWA318H, is efficacious in an immune competent humanized mouse xenograft model for pancreatic cancer (Press release, SIWA Therapeutics, MAR 14, 2022, View Source [SID1234610033]). The study was conducted by the Translational Genomics research Institute ("TGEN"), pursuant to a SIWA-sponsored research agreement.

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Results of the pancreatic cancer study in humanized mice treated with SIWA318H included:

Both the SIWA318H high dose and low dose treatment groups showed significant anti-tumor activity in a PSN1 human pancreatic cancer mouse xenograft tumor model by significantly reducing tumor growth (P-Value < 0.0001);
There was a significantly higher number of complete remission cases in the treated groups compared to the isotype-treated control group.
37.5% (6 out of 16 mice) treated with SIWA318H high dose had a complete remission response; (P-value = 0.0325)
43.8% (7 out of 16 mice) treated with SIWA318H low dose had a complete remission response; (P-value = 0.0143)
SIWA318H treated mice had a favorable overall survival of more than 45 days compared to only 26 days of median overall survival for control animals, strongly suggesting potential clinical benefit for the treatment of pancreatic cancer in humans.
There were no significant differences in body weight changes between the control and treatment groups, indicating SIWA318H at the doses used were well-tolerated.
"We are very pleased with the findings of SIWA318H in this study and what this means in the fight against cancer," said Lewis Gruber, CEO and Chief Scientific Officer of SIWA. "SIWA has developed a two-pronged attack on cancer by using SIWA318H to clear cancer cells as well as the senescent cells in the tumor micro-environment that support them. We believe this ability to target both cancer cells and senescent cells makes SIWA318H a comprehensive immunotherapy for virtually all cancers as well as for stopping cancer progression, metastasis, and relapse."

SIWA indicated that based upon its results with pancreatic cancer and metastasis, and based upon results showing statistically significant reduction in lung metastases in a 4T1 mouse model of triple negative breast cancer using a mouth homolog of SIWA318H (P-value ≤ 0.001), it expects to file its first IND with the FDA in 2023 for pancreatic cancer. It also expects to request that the FDA grant a FastTrack designation.

SOPHiA GENETICS and REALM IDx Sign Letter of Intent to Collaborate in Accelerating Cancer Research

On March 14, 2022 SOPHiA GENETICS (Nasdaq: SOPH) and REALM IDx reported that they signed a letter of intent to collaborate in the co-development of novel genomic applications and commercialization of multi-modal applications (Press release, Sophia Genetics, MAR 14, 2022, View Source [SID1234610032]). Together, the companies aim to expand next-generation sequencing (NGS) research for cancer care and develop new multi-modal data streams to improve patient outcomes. The companies expect to enter into a definitive collaboration agreement following further discussion.

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NGS is becoming the new standard of care in cancer diagnostics, particularly as novel therapies require genomic information to be prescribed in a personalized way. With the intended collaboration, SOPHiA GENETICS and REALM IDx’s endeavor is to enrich and scale the analysis of NGS assays, including Homologous Recombination Deficiency (HRD). Assessments can leverage TumorNEXT-HRD, a product of Ambry Genetics, a subsidiary of REALM IDx. SOPHiA GENETICS and REALM IDx also expect to explore the potential for increasing diagnostic insights by combining Ambry Genetics’ Variant Assessment database (AVA) with SOPHiA GENETICS’ SOPHiA DDM (Data-Driven Medicine) platform for HRD detection.

"SOPHiA GENETICS’ mission is to advance data-driven medicine to improve health outcomes worldwide. We want to bring together our global SOPHiA DDM platform, powered by AI and machine learning, with REALM IDx’s cancer screening capabilities and early detection diagnostics. Our goal is to enable health care professionals to leverage insights across multiple data sources with the aim to provide better diagnosis and treatments for the benefit of patients around the world," said Jurgi Camblong, co-founder and CEO, SOPHiA GENETICS.

SOPHiA GENETICS and REALM IDx also share an interest in bringing together genomics, radiology, and pathology data, combined with artificial intelligence, to generate actionable insights. While REALM IDx’s subsidiary Ambry Genetics has focused on screening and early detection diagnostics in pancreatic and breast cancers, SOPHiA GENETICS’ focus has been on prediction response models in advanced stage cancers, such as lung cancer. The companies hope that synergies between SOPHiA GENETICS and REALM IDx may provide opportunities to explore combining data sources and capabilities in the multimodal space, potentially creating a roadmap for comprehensive oncology applications.

As part of the intended collaboration, SOPHiA GENETICS may use Ambry Genetics’ lab for their sequencing needs. The companies believe that the combination of Ambry Genetics’ decades of leadership in clinical next-generation sequencing and translational analysis and the SOPHiA DDM cloud-based analytics platform, can support improved clinical research decisions by pharmaceutical companies.

"The heart of our work is the ability to combine patient data from multiple sources to improve treatment decisions and discover new medicines," said Jonathan Usuka, Ph.D., chief strategy and informatics officer of REALM IDx. "With the synergies we hope to realize from collaborating with SOPHiA GENETICS, we will continue to enhance our ability to address some of health care’s most challenging diseases."