PAVmed Subsidiary Lucid Diagnostics Announces Launch of VA EsoGuard® Study

On March 24, 2022 Lucid Diagnostics Inc. (Nasdaq: LUCD) ("Lucid") a commercial-stage cancer prevention medical diagnostics company, and majority-owned subsidiary of PAVmed Inc. (Nasdaq: PAVM, PAVMZ) ("PAVmed"), reported that investigators at the Louis Stokes Cleveland Department of Veterans Affairs Medical Center ("Cleveland VA") have enrolled their first patient in a Department of Defense ("DoD") funded study of its EsoGuard Esophageal DNA Test ("EsoGuard") in at-risk patients with gastroesophageal reflux disease ("GERD") (Press release, Lucid Diagnostics, MAR 24, 2022, View Source [SID1234610927]). Cleveland VA gastroenterologist Katarina B. Greer, M.D., Associate Professor of Medicine at Case Western Reserve University School of Medicine, is serving as the study’s principal investigator. Lucid is providing EsoCheck Esophageal Cell Collection Devices ("EsoCheck") for the study and will perform EsoGuard testing on the samples collected.

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"Despite strong clinical practice guideline recommendations, endoscopy has had limited success as a widespread screening tool for Barrett’s Esophagus (BE), a precursor for esophageal adenocarcinoma, a highly lethal form of esophageal cancer"

"We are proud to be partnering with Dr. Greer and the Cleveland VA on this important investigator-initiated clinical study," said Lishan Aklog, M.D., Lucid’s Chairman and Chief Executive Officer. "The study will add important clinical evidence on the impact of EsoGuard in enhancing early detection of esophageal precancer to prevent esophageal cancer deaths by reserving endoscopy for those with a positive EsoGuard test."

"Despite strong clinical practice guideline recommendations, endoscopy has had limited success as a widespread screening tool for Barrett’s Esophagus (BE), a precursor for esophageal adenocarcinoma, a highly lethal form of esophageal cancer," said Dr. Greer. "We hope to demonstrate that a strategy which incorporates initial office-based non-endoscopic testing of at-risk patients with EsoGuard improve the yield of endoscopy and overall cost-effectiveness."

Traditional, invasive upper gastrointestinal endoscopy (EGD) is performed in less than 10% of at-risk GERD patients recommended for esophageal precancer (BE) screening. Of those who do undergo EGD screening, over 80% have a negative result, exposing the vast majority of these patients to a complex, invasive, costly, and inconvenient procedure requiring anesthesia at a specialized procedure center or hospital. EsoGuard performed on samples collected with EsoCheck, has been shown to be 90% sensitive and specific at detecting esophageal precancer and cancer with the potential to eliminate the majority of these negative EGDs delivering benefits to patients, providers, and the healthcare system.

The study will enroll up to 100 Cleveland VA patients who fulfil the American College of Gastroenterology criteria for esophageal precancer screening. The study compares two screening strategies: (1) EGD screening, the current standard of care; and (2) EsoGuard testing followed by EGD only in those with a positive EsoGuard result. The study will report whether using EsoGuard to triage patients to EGD will increase the overall BE screening rate and decrease the percentage of negative screening EGDs. The study will also estimate cost implications within the VA system between these two strategies.

About EsoGuard and EsoCheck
Millions of patients with GERD are at risk of developing esophageal precancer and a highly lethal form of esophageal cancer ("EAC"). Over 80% of EAC patients die within five years of diagnosis, making it the second most lethal cancer in the U.S. The mortality rate is high even in those diagnosed with early stage EAC. The U.S. incidence of EAC has increased 500% over the past four decades, while the incidences of other common cancers have declined or remained flat. In nearly all cases, EAC silently progresses until it manifests itself with new symptoms of advanced disease. All EAC is believed to arise from esophageal precancer, which occurs in approximately 5% to 15% of at-risk GERD patients. Early esophageal precancer can be monitored for progression to late esophageal precancer which can be cured with endoscopic esophageal ablation, reliably halting progression to cancer.

Esophageal precancer screening is already recommended by clinical practice guidelines in millions of GERD patients with multiple risk factors, including age over 50 years, male gender, White race, obesity, smoking history, and a family history of esophageal precancer or cancer. Unfortunately, fewer than 10% of those recommended for screening undergo traditional invasive endoscopic screening. The profound tragedy of an EAC diagnosis is that likely death could have been prevented if the at-risk GERD patient had been screened and then undergone surveillance and curative treatment.

The only missing element for a viable esophageal cancer prevention program has been the lack of a widespread screening tool that can detect esophageal precancer. Lucid believes EsoGuard and EsoCheck are the missing element and constitute the first and only commercially available test capable of serving as a widespread screening tool to prevent esophageal cancer deaths through the early detection of esophageal precancer in at-risk GERD patients.

EsoGuard is a bisulfite-converted NGS DNA assay performed on surface esophageal cells collected with EsoCheck which quantifies methylation at 31 sites on two genes, Vimentin (VIM) and Cyclin A1 (CCNA1). The assay was evaluated in a 408-patient, multicenter, case-control study published in Science Translational Medicine and showed greater than 90% sensitivity and specificity at detecting esophageal precancer and cancer.

EsoCheck is an FDA 510(k) and CE Mark cleared noninvasive swallowable balloon capsule catheter device capable of sampling surface esophageal cells in a less than five-minute office procedure. It consists of a vitamin pill-sized rigid plastic capsule tethered to a thin silicone catheter from which a soft silicone balloon with textured ridges emerges to gently swab surface esophageal cells. When vacuum suction is applied, the balloon and sampled cells are pulled into the capsule, protecting them from contamination and dilution by cells outside of the targeted region during device withdrawal. Lucid believes this proprietary Collect+Protect technology makes EsoCheck the only noninvasive esophageal cell collection device capable of such anatomically targeted and protected sampling. The sample is sent by overnight express mail to Lucid’s third-party CLIA-certified laboratory partner for EsoGuard testing.

SCYNEXIS to Report Fourth Quarter and Full Year 2021 Financial Results and Provide a Business Update

On March 24, 2022 SCYNEXIS, Inc. (NASDAQ: SCYX), a biotechnology company pioneering innovative medicines to overcome and prevent difficult-to-treat and drug-resistant infections, reported that it will announce fourth quarter and full year 2021 financial results and provide a business update on Tuesday, March 29, 2022 (Press release, Scynexis, MAR 24, 2022, View Source [SID1234610926]). The company will host a conference call and webcast at 8:30 a.m. Eastern Daylight Time on the same day.

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A recording of the webcast will be posted on the Company’s website, www.scynexis.com, following the event

Aptevo Therapeutics Reports 2021 Financial Results and Provides Business Update

On March 24, 2022 Aptevo Therapeutics Inc. (NASDAQ:APVO), a clinical-stage biotechnology company focused on developing novel immuno-oncology therapeutics based on its proprietary ADAPTIR and ADAPTIR-FLEX platform technologies, reported its financial results for the year ended December 31, 2021 and provided 2021 business highlights (Press release, Aptevo Therapeutics, MAR 24, 2022, View Source [SID1234610925]).

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"2021 was an eventful year for Aptevo Therapeutics. A year of progress against a backdrop of macro challenges at both the industry and global levels. Among our achievements was completing and announcing positive results for our Phase 1b dose escalation trial for lead drug candidate APVO436 in the treatment of acute myeloid leukemia, or AML, and myelodysplastic syndrome, or MDS. Those results showed a positive safety and tolerability profile and encouraging signs of clinical activity. More specifically, of 40 evaluable patients, promising clinical activity was observed in 11 of 40 or 27.5%, including two complete remissions among AML patients and three complete marrow responses among MDS patients," said Marvin L. White, President and Chief Executive Officer.

Mr. White continued, "Also on the APVO436 front, we initiated the second part of that trial — a dose expansion phase — structured as a multi-center, multi cohort study that will evaluate up to 90 adult AML patients in both monotherapy and in combination with standard of care chemotherapies. Most exciting, we announced a complete remission in the fourth quarter and have since shared that this patient is proceeding to transplant. Our pipeline also continues to progress, as we plan to file an Investigational New Drug Application (IND) for ALG.APV-527 for the treatment of solid tumors, later this year. We are excited about the opportunity to expand our clinical programs and view our progress as continued validation of our technology platforms."

"From a financial perspective we have sufficient cash for at least the next 12 months. Importantly, completion of enrollment of the APVO436 expansion trial and initiation of the ALG.APV-527 clinical program are expected inside this cash window," he concluded.

2021 Highlights

Announced results from the Phase 1b dose escalation trial evaluating lead drug candidate, APVO436, for the treatment of AML and MDS. Results showed:
APVO436 exhibited a favorable safety profile with acceptable tolerability and generally manageable drug-related adverse events.
Promising clinical activity was observed in 11 of 40 patients (27.5%) evaluable for efficacy. This included two complete remissions in patients with AML and three complete marrow responses in patients with MDS.
Initiated the dose expansion part of the APVO436 Phase 1b trial, evaluating adult patients with acute myeloid leukemia (AML) in a multi-center, multi-cohort study of up to 90 patients who will receive APVO436 in combination and monotherapy.
Published three articles in two peer-reviewed publications, Cancers and Frontiers in Medicine, discussing APVO436 data. Results were also presented at the American Society of Hematology (ASH) (Free ASH Whitepaper) annual meeting in November 2021.
Announced that a high-risk AML patient treated with a combination of chemotherapy plus APVO436 achieved a complete remission after one cycle of therapy. The chemotherapy regimen included the standard leukemia drugs Mitoxantrone, Etoposide, and Cytarabine. The patient tolerated treatment without evidence of overt toxicity.
More recently, Aptevo reported that this patient will proceed to transplant.
Solidified plans with Alligator Bioscience to submit an IND for ALG.APV-527 in the second half of 2022 to evaluate the compound for the treatment of multiple solid tumor types.
Aptevo will investigate the initial differentiating benefits of ALG.APV-527 to induce stronger and more tumor-directed T cell activity with the potential for improved safety and efficacy than existing 4-1BB monoclonal antibody treatments
Received $35 million from our sale of the right to royalty payments made by Pfizer Inc. ("Pfizer") with respect to net sales of RUXIENCE to an entity managed by HealthCare Royalty Management, LLC ("HCR").
Earned a $10 million milestone payment related to 2021 sales of RUXIENCE under the terms of its royalty purchase agreement with HCR. Received the proceeds from the milestone payment in March 2022, which will be used to pay down our MidCap Financial term loan to $5 million, further strengthening the company’s balance sheet.
2021 Summary Financial Results

Cash Position: Aptevo had cash and cash equivalents as of December 31, 2021 totaling $46.3 million, including restricted cash of $1.3 million. The restricted cash is expected to be released over the next twelve months.

Royalty Revenue: Royalty revenue increased by $8.0 million from $4.3 million for the year ended December 31, 2020 to $12.3 million for the year ended December 31, 2021. The increase is related to royalty revenue from Pfizer on global net sales of RUXIENCE, a biosimilar to the drug RITUXAN, launched by Pfizer in early 2020. Due to our continuing involvement under the Definitive Agreement originally between Trubion and Wyeth, we continue to recognize royalty revenue on net sales of RUXIENCE and record the royalty payments to HCR as a reduction of the liability when paid. As such payments are made to HCR, the balance of the liability will be effectively repaid over the life of the Royalty Purchase Agreement. RUXIENCE is a trademark of Pfizer; RITUXAN is a trademark of Biogen.

Research and Development Expenses: Research and development expenses increased by $1.1 million, to $19.0 million for the year ended December 31, 2021 from $17.9 million for the year ended December 31, 2020. The increase is due to higher spending on consulting services for our APVO436 clinical trial as we continue to advance that trial and increased spending on analytical analysis for our preclinical programs, including ALG.APV-527, APVO603, and APVO442. Further, we have now started dosing in our Phase 1b expansion program for our APVO436 clinical trial.

General and Administrative Expenses: For the year ended December 31, 2021, general and administrative expenses increased by $0.7 million, or 5%, to $14.7 million from $14.0 million for the year ended December 31, 2020. This increase was primarily due to higher costs related to responding to stockholder activism matters and higher employee costs.

Other Expense: Other expense consists primarily of costs related to debt extinguishment, accrued exit fees on debt, non-cash interest on financing agreements, and interest on debt. Other expense, net was $8.0 million for the year ended December 31, 2021 and $3.4 million for the year ended December 31, 2020. This increase is primarily due to interest expense and accrued exit fees for the MidCap Credit Agreement, as well as non-cash interest expense for the Royalty Purchase Agreement.

Discontinued Operations: Income from discontinued operations was $1.0 million for the year ended December 31, 2021 and $13.2 million for the year ended December 31, 2020. For the year ended December 31, 2021, we collected $0.5 million related to the sale of hyperimmune business to Saol as a result of the collection of certain accounts receivable and deferred payment of $0.5 million received from Medexus related to IXINITY sales. For the year ended December 31, 2020, we recognized net income from discontinued operations totaling $13.2 million. This included the gain on the sale of Aptevo BioTherapeutics of $14.3 million, net operating losses from Aptevo BioTherapeutics of $1.6 million related to the period prior to the sale on February 28, 2020, and $0.4 million deferred payment from Medexus related to IXINITY sales.

Net Loss: Aptevo’s net loss for the year ended December 31, 2021 was $28.5 million or $6.07 per share, compared to a net loss of $17.8 million or $5.23 per share for the corresponding period in 2020.

KemPharm to Participate in Maxim’s 2022 Virtual Growth Conference

On March 24, 2022 KemPharm, Inc. (NasdaqGS: KMPH), a specialty pharmaceutical company focused on the discovery and development of proprietary prodrugs, reported that Travis C. Mickle, Ph.D., President and CEO of KemPharm, will deliver a virtual presentation at Maxim’s 2022 Virtual Growth Conference being held March 28-30, 2022 (Press release, KemPharm, MAR 24, 2022, View Source [SID1234610924]).

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Registered investors will be able to view the pre-recorded presentation by Dr. Mickle highlighting KemPharm’s business and recent corporate achievements, as well as anticipated milestones. Members of the company’s management team will be available for one-on-one virtual meetings.

Halozyme Therapeutics, Inc. and Chugai Pharmaceutical Enter Global Collaboration and License Agreement for ENHANZE® Technology

On March 24, 2022 Halozyme Therapeutics, Inc. (NASDAQ: HALO) reported a global collaboration and license agreement with Chugai Pharmaceutical Co., Ltd. that gives exclusive access to Halozyme’s ENHANZE drug delivery technology, recombinant human hyaluronidase PH20 enzyme (rHuPH20), for an undisclosed target (Press release, Halozyme, MAR 24, 2022, View Source [SID1234610923]). Chugai intends to explore the potential use of ENHANZE for a Chugai drug candidate.

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Under the terms of the agreement, Chugai will make an upfront payment of $25 million to Halozyme and is obligated to make potential future payments of up to $160 million in the aggregate, subject to achievement of specified development, regulatory and sales-based milestones. Halozyme will also be entitled to receive royalties on sales of commercialized medicines using the ENHANZE technology.

"We are thrilled to announce our latest collaboration and license agreement for ENHANZE and look forward to working closely with Chugai to advance this program," said Dr. Helen Torley, president and chief executive officer. "Our twelfth collaboration demonstrates the continued strong interest in providing patients with the option to receive treatment through a subcutaneous injection. This new collaboration further expands the number of Wave 5 potential launch programs, which we project will extend the revenue duration of our ENHANZE franchise."

Chugai represents Halozyme’s twelfth global collaboration and license partner for the ENHANZE technology. These collaborations cover more than 60 therapeutic targets and include five commercialized products to date.

About ENHANZE Technology

Halozyme’s proprietary ENHANZE drug-delivery technology is based on its patented recombinant human hyaluronidase enzyme (rHuPH20). rHuPH20 has been shown to remove traditional limitations on the volume of biologics that can be delivered subcutaneously (just under the skin). By using rHuPH20, some biologics and compounds that are administered intravenously may instead be delivered subcutaneously. ENHANZE may also benefit subcutaneous biologics by reducing the need for multiple injections. This delivery has been shown in studies to reduce health care practitioner time required for administration and shorten time for drug administration.