On May 12, 2022 Novartis reported that highlights data from across its oncology portfolio at the upcoming 2022 American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) Annual Meeting and the European Hematology Association (EHA) (Free EHA Whitepaper) 2022 Hybrid Congress (Press release, Novartis, MAY 12, 2022, View Source [SID1234614412]). With nearly 130 abstracts from Novartis-sponsored and investigator-initiated trials accepted, the data showcase research across over 20 compounds in key disease areas, including breast, lung and prostate cancers, leukemia, lymphoma, multiple myeloma and other blood disorders.

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"We continue to push the boundaries of science with advanced therapies and novel combinations to help address the individual needs of patients," said Marie-France Tschudin, President, Innovative Medicines International and Chief Commercial Officer, Novartis. "We are particularly excited about the latest data on CDK recycling with Kisqali, and first results for Tafinlar + Mekinist in a rare pediatric brain cancer."

Key highlights of data accepted by ASCO (Free ASCO Whitepaper):

Medicine Abstract Title Abstract Number/ Presentation Details
Kisqali (ribociclib)*

A randomized phase II trial of fulvestrant or exemestane with or without ribociclib after progression on anti-estrogen therapy plus cyclin-dependent kinase 4/6 inhibition (CDK 4/6i) in patients (pts) with unresectable or hormone receptor positive (HR+), HER2 negative metastatic breast cancer (MBC): MAINTAIN trial† Abstract # LBA1004
Oral Presentation:
Saturday, June 4, 1:15 PM – 4:15 PM CDT

Kisqali (ribociclib)* Impact of ribociclib (RIB) dose modifications (mod) on overall survival (OS) in patients (pts) with HR+/HER2− advanced breast cancer (ABC) in MONALEESA (ML)-2 Abstract #1017
Poster Discussion:
Monday, June 6, 8:00 AM – 11:00 AM CDT
Kisqali (ribociclib)*

Quality of life (QOL) with ribociclib (RIB) plus aromatase inhibitor (AI) vs abemaciclib (ABE) plus AI as first-line (1L) treatment (tx) of hormone receptor–positive/human epidermal growth factor receptor–negative (HR+/HER2−) advanced breast cancer (ABC), assessed via matching-adjusted indirect comparison (MAIC) Abstract #1015
Poster Discussion:
Monday, June 6, 8:00 AM – 11:00 AM CDT

Piqray (alpelisib) Alpelisib (ALP) + Fulvestrant (FUL) in Patients (pts) With Hormone Receptor-Positive (HR+), Human Epidermal Growth Factor Receptor 2-Negative (HER2−), Advanced Breast Cancer (ABC): Biomarker (BM) Analyses by Next-Generation Sequencing (NGS) From the SOLAR-1 Study Abstract #1006
Oral Presentation:
Saturday, June 4, 1:15 PM – 4:15 PM CDT
Piqray (alpelisib)

Alpelisib (ALP) + endocrine therapy (ET) in patients (pts) with hormone receptor-positive (HR+), human epidermal growth factor receptor 2-negative (HER2–), PIK3CA-mutated (mut) advanced breast cancer (ABC): Baseline biomarker analysis and progression-free survival (PFS) by duration of prior cyclin-dependent kinase 4/6 inhibitor (CDK4/6i) therapy in the BYLieve study Abstract #1018
Poster Discussion:
Monday, June 6, 8:00 AM – 11:00 AM CDT

Scemblix (asciminib) Efficacy and safety results from ASCEMBL, a phase 3 study of asciminib vs bosutinib (BOS) in patients (pts) with chronic myeloid leukemia in chronic phase (CML-CP) after ≥2 prior tyrosine kinase inhibitors (TKIs): wk 96 update Abstract #7004
Oral Presentation:
Tuesday, June 7, 9:45 AM – 12:45 PM CDT
Tafinlar (dabrafenib) / Mekinist (trametinib) Primary analysis of a phase II trial of dabrafenib + trametinib (dab + tram) in BRAF V600–mutant pediatric low-grade glioma (pLGG) Abstract #2002
Oral Presentation:
Monday, June 6, 11:30 AM – 2:30 PM CDT
Pluvicto (lutetium Lu 177 vipivotide tetraxetan) (formerly referred to as 177Lu-PSMA-617) 177Lu-PSMA-617 in PSMA-positive metastatic castration-resistant prostate cancer: prior and concomitant treatment subgroup analyses of the VISION trial

Abstract #5001
Oral Presentation:
Sunday, June 5, 8:00 AM – 11:00 AM CDT

Pluvicto (lutetium Lu 177 vipivotide tetraxetan) Tolerability of 177Lu-PSMA-617 by treatment exposure in patients with metastatic castration-resistant prostate cancer (mCRPC): a VISION study subgroup analysis Abstract #5047
Poster available:
Monday, June 6, 1:15 PM – 4:15 PM CDT
Locametz (kit for the preparation of gallium Ga 68 gozetotide injection)** 68Ga-PSMA-11 PET baseline imaging as a prognostic tool for clinical outcomes to 177Lu-PSMA-617 in patients with mCRPC: a VISION sub-study Abstract #5002
Oral Presentation:
Sunday, June 5, 8:00 AM – 11:00 AM CDT
Lutathera (lutetium Lu 177 dotatate)*** Effectiveness and safety of re-treatment with lutetium Lu 177 dotatate in patients with progressive neuroendocrine tumors in the United States: a retrospective real-world study Abstract #e16215

Key highlights of data accepted by EHA (Free EHA Whitepaper):

Medicine Abstract Title Abstract Number/ Presentation Details
Scemblix (asciminib) Efficacy and safety results from ASCEMBL, a phase 3 study of asciminib vs bosutinib in patients with chronic myeloid leukemia in chronic phase after ≥2 prior tyrosine kinase inhibitors: week 96 update Abstract #S155
Oral Presentation:
Sunday, June 12, 11:30 AM – 12:45 PM CEST
Scemblix (asciminib) Asciminib provides durable molecular responses in patients (Pts) with chronic myeloid leukemia in chronic phase (CML-CP) with the T315I mutation: Updated efficacy and safety data from a Phase 1 trial Abstract #P704
Poster Available:
Friday, June 10, 4:30 PM – 5:45 PM CEST
Kymriah
(tisagenlecleucel) Tisagenlecleucel in pediatric and young adult patients (Pts) with relapsed/refractory (R/R) B-cell acute lymphoblastic leukemia (B-ALL): Final analyses from the ELIANA study Abstract #S112
Oral Presentation:
Sunday, June 12, 11:30 AM – 12:45 PM CEST

YTB323 Phase I study of YTB323, a chimeric antigen receptor (CAR)-T cell therapy manufactured using T-Charge, in patients with relapsed/refractory diffuse large B-cell lymphoma Abstract #S212
Oral Presentation:
Saturday, June 11, 11:30 AM – 12:45 PM CEST
PHE885 Phase I study data update of PHE885, a fully human BCMA-directed CAR-T cell therapy manufactured using the T-Charge platform for patients with relapsed/refractory (R/R) multiple myeloma (MM) Abstract #P1446
Poster Available:
Friday, June 10, 4:30 PM – 5:45 PM CEST
Sabatolimab First results of a Phase II study (STIMULUS-AML1) investigating sabatolimab + azacitidine + venetoclax in patients with newly diagnosed acute myeloid leukemia Abstract #P582
Poster available:
Friday, June 10, 4:30 PM – 5:45 PM CEST

Promacta/Revolade
(eltrombopag) Sustained response off treatment in eltrombopag-treated patients with ITP who are refractory or relapsed after first-line steroids: primary analysis of the phase II TAPER trial Abstract #S292
Oral Presentation
Saturday, June 11, 11:30 AM – 12:45 PM CEST
Product Information
For full prescribing information, including approved indications and important safety information about marketed products, please visit View Source

On May 12, 2022 Affimed N.V. (Nasdaq: AFMD) ("Affimed", or the "Company"), a clinical-stage immuno-oncology company committed to giving patients back their innate ability to fight cancer, reported an upcoming poster presentation demonstrating the cytotoxic potential of its CD123/CD16A-targeting innate cell engager (ICE) AFM28 at the Annual Meeting of the European Hematology Association (EHA) (Free EHA Whitepaper) to be held in Vienna, Austria on June 9 – 12, 2022 (Press release, Affimed, MAY 12, 2022, View Source [SID1234614411]).

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AFM28 is designed as a novel treatment for patients with relapsed/refractory (r/r) acute myeloid leukemia (AML) and high-risk myelodysplastic syndrome (HR-MDS).

Redirecting innate immune cells, particularly NK cells, to CD123 is very attractive as a novel treatment strategy in AML because both leukemic blasts and leukemic stem cells express this receptor and an efficient depletion of both cell types is critical for inducing long-term remission.

The data to be presented in a poster session at the EHA (Free EHA Whitepaper) on June 10, 2022 summarize the preclinical proof-of-concept and toxicology studies for AFM28. The CD123 and CD16A targeting ICE exhibited high-affinity binding to CD16A expressed on NK cells and high avidity conferring long cell surface retention.

In in vitro assays, AFM28 engaged NK cells to destroy CD123-positive tumor cell lines and primary leukemic cells via antibody-dependent cell-mediated cytotoxicity (ADCC), even when CD123 was expressed at low levels.

Moreover, AFM28 demonstrated the ability to deplete leukemic cells from patient bone marrow without lysing CD34-positive/CD123-negative cells suggesting sparing of hematopoietic stem and progenitor cells. In toxicology models using cynomolgus monkeys, AFM28 demonstrated highly effective target cell depletion which was associated with good tolerability and only minimal release of the inflammatory cytokine IL-6.

"CD123 is a highly interesting tumor antigen in AML that hasn’t reached its full therapeutic potential. We believe that engaging innate immune cells represents a differentiated therapeutic strategy to access the value of this target. Building on the promising data we have seen with AFM28 to date, we are excited to be preparing a first-in-human clinical study to investigate the safety, efficacy and biological activity of AFM28 as monotherapy. In parallel, we are planning a study to investigate AFM28 in combination with adoptive NK cell therapies," said Dr. Arndt Schottelius, Chief Scientific Officer at Affimed. "NK cell therapies have already demonstrated promising clinical activity in relapsed/refractory AML and we believe that AFM28 will improve this effect."

The abstract is accessible here: View Source

Poster details:
Title: Novel bispecific innate cell engager AFM28 for the treatment of CD123-positive acute myeloid leukemia and myelodysplastic syndrome
Authors: Jana-Julia Siegler, Nanni Schmitt, Jens Pahl, Torsten Haneke, Izabela Kozlowska, Séverine Sarlang, Alexandra Beck, Stefan Knackmuss, Paulien Ravenstijn, Uwe Reusch, José Medina-Echeverz, Jan Endell, Thorsten Ross, Daniel Nowak, and Christian Merz
Final abstract code: P482
Session date and time: Poster session on Friday, June 10th, 10:30 – 11:45 a.m. EDT / 16:30 – 17:45 CEST

About AFM28
AFM28, a tetravalent, bispecific CD123- and CD16A-binding ICE developed on Affimed’s ROCK platform, is designed to bring a new immunotherapeutic approach to patients with CD123+ myeloid malignancies, including acute myeloid leukemia (AML) and myelodysplastic syndrome (MDS). It engages NK cells to initiate tumor cell killing via antibody-dependent cellular cytotoxicity (ADCC), even at low CD123 expression levels. Clinical development is planned as both monotherapy and in combination with allogeneic NK cells in patients with relapsed/refractory CD123+ leukemias.

On May 12, 2022 Aptevo Therapeutics Inc. ("Aptevo" or the "Company") (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 financial results and business highlights for the quarter ended March 31, 2022 (Press release, Aptevo Therapeutics, MAY 12, 2022, View Source [SID1234614410]).

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Business Highlights

Earned and collected a $10 million non-dilutive milestone payment related to 2021 sales of RUXIENCE. Additionally, based on RUXIENCE 2021 fourth quarter and full-year sales results, the Company is optimistic about the potential to earn additional non-dilutive milestones totaling $22.5 million over the next two years
Reported that two patients with relapsed/refractory acute myeloid leukemia (AML) in its on-going Phase 1b trial evaluating adult patients with AML, achieved transplant-eligible status, and have received allogeneic stem cell transplants:
One patient received APVO436 in a monotherapy cohort of the trial and experienced significant reduction in bone marrow blasts
Another patient received APVO436 in a combination therapy cohort of the trial and experienced a complete remission
Continued enrollment in the Company’s Phase 1b expansion trial evaluating APVO436 in adult patients with AML
Presented preclinical data for APVO442 in a poster session at the American Association for Cancer Research (AACR) (Free AACR Whitepaper) Annual Meeting
The poster highlighted the potential of APVO442 to treat prostate cancer indications such as metastatic castration-resistant prostate cancer with increased benefit and decreased side effects relative to other potential therapeutics in the bispecific category
APVO442 is a bispecific therapeutic candidate targeting prostate-specific membrane antigen (PSMA) and CD3, designed to redirect the patient’s T cell-mediated tumor-fighting responses against PSMA-expressing solid tumors (prostate cancer)
"The first quarter was productive as we continued to advance both clinical and pre-clinical assets, all of which are based on the Company’s proprietary ADAPTIR and ADAPTIR-FLEX platforms. Our Phase 1b expansion trial continues to enroll patients and we reported that two patients advanced to transplant after receiving APVO436 – one as a monotherapy and the other as a combination therapy. We were also happy to report we earned a $10 million milestone payment related to 2021 sales of RUXIENCE. Receipt of this non-dilutive payment underscores our ongoing commitment to delivering value to shareholders," said Marvin White, President and CEO of Aptevo. "Looking ahead, we continue to progress the ALG.APV-527 program toward the clinic and remain on track for an IND submission and clinical trial initiation, later this year. We also plan to release interim data from the APVO436 expansion trial and announce the addition of a new molecule to the preclinical pipeline later this year."

First Quarter 2022 Financial Results Summary

Cash Position: Aptevo had cash and cash equivalents as of March 31, 2022 totaling $36.3 million, including restricted cash of $1.3 million. $0.5 million of the restricted cash was released in April 2022 and the remaining $0.8 million is expected to be released over the next twelve months.

Royalty Revenue: For the three months ended March 31, 2022, royalty revenue increased by $0.7 million, or 29%, to $3.1 million from $2.4 million for March 31, 2021. Royalty revenue relates to the royalty from Pfizer on global net sales of RUXIENCE (rituximab-pvvr), a biosimilar to the drug RITUXAN, launched by Pfizer in early 2020.Due to the nature of the transaction, which includes a cap on HCR’s return from royalties, constituting continuing involvement under the Collaboration and License 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 HCR royalty purchase agreement. RUXIENCE is a trademark of Pfizer; RITUXAN is a trademark of Biogen.

Research and Development Expenses: For the three months ended March 31, 2022, research and development expenses decreased by $0.5 million, to $4.9 million from $5.4 million for March 31, 2021. The decrease was primarily due to lower spending on preclinical projects and employee costs. The decrease was partially offset by higher spending on our APVO436 clinical trial as we continue to advance that trial and continue to dose patients in our Phase 1b Expansion program.

General and Administrative Expenses: For the three months ended March 31, 2022 and 2021, general and administrative expenses were $3.9 million.

Other Expense, Net: Other expense, net consists primarily of gains or losses realized on foreign currency revaluation, costs related to debt extinguishment, accrued exit fees on debt, non-cash interest on financing agreements, and interest on debt. Other expense, net was $2.3 million for the three months ended March 31, 2022 and $0.8 million for the three months ended March 31, 2021. The increase in other expense, net is primarily related non-cash interest expense for the HCR royalty purchase agreement. The increase was partially offset by lower interest expense for the MidCap Credit Agreement due to payments made towards principal.

Discontinued Operations: For the three months ended March 31, 2022, we collected $0.2 million in deferred payments from Medexus related to IXINITY sales. For the three months ended March 31, 2021, we collected $0.2 million related to the sale of hyperimmune business to Saol as a result of the collection of certain accounts receivable and a deferred payment of $0.2 million received from Medexus related to IXINITY sales. Pursuant to our LLC Purchase Agreement, the rate for deferred payments will increase from 2% to 5% of net sales no later than June 30, 2022.

Net Loss: Aptevo’s net loss for the three months ended March 31, 2022 was $7.7 million or $1.55 per share, as compared to a net loss of $7.3 million or $1.64 per share for the corresponding period in 2021.

Liability Related to Sale of Future Royalties: We treat the Royalty Purchase Agreement with HCR as a debt financing, amortized under the effective interest rate method over the estimated life of the related expected royalty stream. The liabilities related to sale of future royalties and the debt amortization are based on our current estimates of future royalties expected to be paid over the life of the arrangement. We will periodically assess the expected royalty payments using projections from external sources. To the extent our estimates of future royalty payments are greater or less than previous estimates or the estimated timing of such payments is materially different than previous estimates, we will adjust the effective interest rate and recognize related non-cash interest expense on a prospective basis. We are not obligated to repay the proceeds received under the Royalty Purchase Agreement with HCR.

On May 12, 2022 Sapience Therapeutics, Inc., a clinical-stage biotechnology company focused on the discovery and development of peptide therapeutics to address difficult-to-treat cancers, reported that it will present Phase 1 study results from its lead program, ST101, during the American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) Annual Meeting taking place June 3-7, 2022 in Chicago, IL (Press release, Sapience Therapeutics, MAY 12, 2022, View Source [SID1234614409]).

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Details of the poster presentation are as follows:

Abstract Number: 3014
Title: Efficacy proof-of-concept from a phase 1 study of a novel therapeutic peptide, ST101, targeting the oncogenic transcription factor C/EBPβ in patients with refractory solid tumors
Session Title/Track: Developmental Therapeutics – Molecularly Targeted Agents and Tumor Biology
Session Type: Poster Discussion Session

Abstracts and full session details, when available, can be accessed through the ASCO (Free ASCO Whitepaper) meeting planner: Abstracts | ASCO (Free ASCO Whitepaper) Annual Meeting

About ST101
ST101, a first-in-class antagonist of C/EBPβ, is currently being evaluated in the Phase 2 portion of an ongoing Phase 1-2 clinical study in patients with advanced unresectable and metastatic solid tumors (NCT04478279). ST101-101 is an open-label, two-part, Phase 1-2 dose-finding study designed to determine the safety, tolerability, PK, PD, and proof-of-concept efficacy of ST101 in patients with advanced solid tumors. The study consists of two phases: a Phase 1 dose escalation/regimen exploration phase and a Phase 2 expansion phase. In the ongoing dose escalation study, ST101 has demonstrated clinical proof-of-concept with a durable RECIST 1.1-confirmed partial response (PR) in a patient with cutaneous melanoma and evidence of long-lasting stable disease in several additional patients. In the ongoing Phase 2 dose expansion part of the study, Sapience is actively enrolling patients with GBM, metastatic cutaneous melanoma, locally advanced or metastatic hormone-receptor positive breast cancer and castration-resistant prostate cancer. ST101 has been granted Fast Track designation for recurrent GBM and advanced cutaneous melanoma in patients who have disease progression on or after anti-PD-1/anti-PD-L1 therapy, as well as orphan designations from the FDA for advanced melanoma, glioma and AML, and from the European Commission for the treatment of glioma.

On May 12, 2022 Knight Therapeutics Inc. (TSX: GUD) ("Knight" or "the Company"), a leading Pan-American (ex-US) specialty pharmaceutical company, reported financial results for its first quarter ended March 31, 2022 (Press release, Knight Therapeutics, MAY 12, 2022, View Source [SID1234614408]). All currency amounts are in thousands except for share and per share amounts. All currencies are Canadian unless otherwise specified.

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Q1 2022 Highlights

Financials

Revenues were $63,807, an increase of $17,738 or 39% over the same period in prior year.
Gross margin of $32,477 or 51% compared to $20,580 or 45% in the same period in prior year.
Adjusted EBITDA1 was $13,312, an increase of $7,732 or 139% over the same period in prior year.
Net loss on financial assets measured at fair value through profit or loss of $16,363, of which $16,281 was unrealized.
Net loss was $18,811, compared to net income of $3,558 in the same period in prior year.
Cash inflow from operations was $12,879, compared to a cash inflow from operations of $17,207 in the same period in prior year.
Corporate Developments

Purchased 1,734,305 common shares through Knight’s Normal Course Issuer Bid ("NCIB") at an average price of $5.29 for an aggregate cash consideration of $9,183.
Hired Leopoldo Bosano as VP Manufacturing and Operations.
Products

Launched Lenvima (lenvatinib) and Rembre (dasatinib) in Colombia in February 2022.
Launched Halaven (eribulin mesylate) in Colombia in March 2022.
Subsequent Events

Entered into an exclusive license, distribution and supply agreement with Helsinn Healthcare SA for AKYNZEO oral/IV (netupitant/palonosetron / fosnetupitant/palonosetron) in Canada, Brazil and select LATAM countries and ALOXI oral/IV (palonosetron) in Canada.
Shareholders re-elected Jonathan Ross Goodman, Samira Sakhia, James C. Gale, Robert N. Lande, Michael J. Tremblay, Nicolás Sujoy and Janice Murray on the Board of Directors.
Purchased an additional 893,414 common shares through NCIB for an aggregate cash consideration of $4,760.
"I am excited to report that in the first quarter of 2022 Knight’s revenues increased by $17,738 or 39%. In addition to the acquisition of Exelon, we had revenue growth across all our therapeutic areas driven by market penetration of our key promoted brands and an increase in patient treatments due to reduced COVID-19 restrictions. On the business development front, we entered into an exclusive license, distribution and supply agreements with Helsinn in our key territories", said Samira Sakhia, President and Chief Executive Officer of Knight Therapeutics Inc. "As we look to the balance of 2022, we will continue to execute on revenue and EBITDA growth as well as adding new products through business development."

Revenues: For the quarter ended March 31, 2022, excluding the impact of hyperinflation, revenues increased by $17,752 or 39% compared to the same period in prior year. The growth in revenues excluding the impact of hyperinflation is explained as following:

An increase in revenues of $7,059 driven by the acquisition of Exelon.
The remainder of the increase is driven by the growth and market penetration of our key promoted brands as well as an increase in patient treatments as our markets reduce COVID-19 restrictions.
Gross margin: For the quarter ended March 31, 2022, gross margin increased from 45% to 51% explained by a change in product mix as well as the acquisition of Exelon and related revenues recorded as a net profit transfer.

Selling and marketing: For the quarter ended March 31, 2022, selling and marketing expenses increased by $2,077 or 27% driven by an increase in certain variable costs such as logistics fees, compensation as well as an increase in selling and marketing activities related to key promoted products and Exelon.

General and administrative: For the quarter ended March 31, 2022, general and administrative expenses increased by $1,750 or 25% driven by increase in compensation and certain consulting and professional fees.

Amortization of intangible assets: For the quarter ended March 31, 2022, amortization of intangible assets increased by $5,986 due to the acquisition of Exelon.

Interest income: Interest income is the sum of interest income on financial instruments measured at amortized cost and other interest income. For the quarter ended March 31, 2022, interest income was $1,480, a decrease of 26% or $518, compared to the same period in prior year due to a lower average cash and marketable securities balances and loan balance.

Interest expense: For the quarter ended March 31, 2022, interest expense was $1,111, an increase of $451 or 68%, compared to the same period in prior year due to higher interest rates.

Adjusted EBITDA: For the quarter ended March 31, 2022, adjusted EBITDA increased by $7,732 or 139%. The growth in adjusted EBITDA is driven by an increase in gross margin of $11,897, offset by an increase in operating expenses.

Net loss or income: For the quarter ended March 31, 2022, net loss was $18,811 compared to net income of $3,558 for the same period in prior year. The variance mainly resulted from the above-mentioned items and (1) a net loss on the revaluation of financial assets measured at fair value through profit or loss of $16,363 versus a net gain of $9,473 in the same period in prior year, mainly due to unrealized losses and gains on revaluation of the strategic fund investments, offset by (2) an income tax recovery of $3,501 due to the recognition of certain deferred tax assets compared to an income tax expense of $869 in the same period in prior period.

Cash, cash equivalents and marketable securities: As at March 31, 2022, Knight had $156,396 in cash, cash equivalents and marketable securities, an increase of $6,894 or 5% as compared to December 31, 2021. The variance is primarily due to cash inflows from operating activities, offset by the shares repurchased through NCIB.

Financial assets: As at March 31, 2022, financial assets were at $169,392, a decrease of $23,051 or 12%, as compared to the prior year, mainly due to negative mark-to-market adjustments of $16,660 driven mainly by the decline in the share prices of the publicly-traded equities of our strategic fund investments. Given the nature of the fund investments there could be significant fluctuations in the fair value of the underlying assets.

Bank Loans: As at March 31, 2022, bank loans were at $41,025, an increase of $5,098 or 14% as compared to the prior period, due to appreciation of the Brazilian Real and Colombian Peso versus Canadian Dollar.

Product Updates

Knight obtained regulatory approval and launched Lenvima, Halaven and Rembre in Colombia during the first quarter of 2022. Lenvima, the orally available multiple receptor tyrosine kinase inhibitor developed by Eisai, is indicated for the treatment of radioiodine refractory differentiated thyroid cancer ("RR-DTC") and unresectable hepatocellular carcinoma ("u-HCC") and was launched in February 2022. Halaven injection is indicated for the treatment of adult patients with locally advanced or metastatic breast cancer which has continued to spread after at least two previous treatments for advanced cancer. Previous treatment should have included anthracyclines and a taxane in either the adjuvant or metastatic setting, unless these treatments were not suitable. Halaven is also used to treat patients with advanced or metastatic liposarcoma that cannot be surgically removed and who have already been treated with an anthracycline, unless deemed unsuitable. Knight launched Halaven in Colombia in March 2022. In addition, Rembre is indicated for treatment of chronic myeloid leukemia with positive Philadelphia chromosome (Ph+) and was launched in February 2022.

Subsequent to the quarter Knight entered into an exclusive license, distribution and supply agreement with Helsinn Healthcare SA for AKYNZEO oral/IV (netupitant/palonosetron / fosnetupitant/palonosetron) in Canada, Brazil and select LATAM countries and ALOXI oral/IV (palonosetron) in Canada. AKYNZEO oral is approved and marketed in Canada for the prevention of acute and delayed nausea and vomiting associated with highly emetogenic cancer chemotherapy and the prevention of acute nausea and vomiting associated with moderately emetogenic cancer therapy that is uncontrolled by a 5-HT3 receptor antagonist alone in adults. AKYNZEO oral is also approved and marketed in Argentina and Brazil for the prevention of acute and delayed nausea and vomiting associated with highly emetogenic cisplatin-based cancer chemotherapy and prevention of acute and delayed nausea and vomiting associated with moderately emetogenic cancer chemotherapy in adults. ALOXI solution for injection is approved and marketed in Canada for the prevention of acute and delayed nausea and vomiting associated with moderately emetogenic cancer chemotherapy and highly emetogenic cancer chemotherapy, including high dose cisplatin in adults. In Canada, the product is also indicated in pediatric patients aged 2 to 17 years for the prevention of acute nausea and vomiting associated with moderately and highly emetogenic cancer chemotherapy. ALOXI oral is approved in Canada for use in adults for the prevention of acute nausea and vomiting associated with moderately emetogenic cancer chemotherapy.

NCIB

For the three-month period ended March 31, 2022, the Company purchased 1,734,305 common shares at an average price of $5.29 for an aggregate cash consideration of $9,183 of which $2,520 remains to be settled as at March 31, 2022. Subsequent to quarter-end up to May 10, 2022, the Company purchased an additional 893,414 common shares at an average purchase price of $5.33 for an aggregate cash consideration of $4,760.

Financial Outlook Update

Knight provides guidance on revenues1 on a non-GAAP basis. This is due to both the difficulty in predicting Argentinian inflation rates and its IAS 29 impact.

For fiscal 2022, Knight has updated its guidance and expects to generate $260 to $270 million in revenue, an increase of $5 million on the upper end of the range. The guidance is based on a number of assumptions, including but not limited to the following:

no revenues for business development transactions not completed as at May 11, 2022
discontinuation of certain distribution agreements
Exelon marketing authorization transfer to Knight in May 2022 in Colombia and in June 2022 in Brazil
recording revenue related to Akynzeo and Aloxi following transition period from Helsinn’s current licensees
no interruptions in supply whether due to global supply chain disruptions or general manufacturing issues
no new generic entrants on our key pharmaceutical brands
no unforeseen changes to government mandated pricing regulations
successful commercial execution on product listing arrangements with HMOs, insurers, key accounts, and public payers
successful execution and uptake of newly launched products
no significant restrictions or economic shut down due to the COVID-19 pandemic
foreign currency exchange rates remaining within forecasted ranges

Should any of the assumptions differ, the financial outlook and the actual results may vary materially. Refer to the risks and assumptions referred to in the Forward-Looking Statements section of this news release for further details.

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1 Revenues excluding the impact of IAS 29 is a non-GAAP measure, refer to the definitions in section "Non-GAAP measures" for additional details

Conference Call Notice

Knight will host a conference call and audio webcast to discuss its first quarter ended March 31, 2022, today at 8:30 am ET. Knight cordially invites all interested parties to participate in this call.