On July 21, 2022 Gritstone bio, Inc. (Nasdaq: GRTS), a clinical-stage biotechnology company that aims to develop the world’s most potent vaccines, reported it has entered into an $80 million credit facility with Hercules Capital, Inc. (NYSE: HTGC) and Silicon Valley Bank (Press release, Gritstone Oncology, JUL 21, 2022, View Source [SID1234616848]).

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"This non-dilutive facility enhances our financial flexibility as we enter a period of multiple potential value-creating milestones for Gritstone," said Andrew Allen, M.D., Ph.D., Co-founder, President, and Chief Executive Officer of Gritstone. "We anticipate several data readouts over the next 18 months, beginning with our SLATE-KRAS product candidate later this quarter. We believe our self-amplifying mRNA (samRNA) platform is an attractive asset with great utility across both oncology and a wide array of infectious diseases. We hope to continue unlocking its value in infectious diseases with data from our CORAL program later this year. Establishing this facility reduces our dependence on the capital markets and enables us to focus on executing against our clinical, operational, and strategic goals."

Under the terms of the $80 million credit facility, $20 million was drawn at closing with an additional $10 million available for drawdown by March 15, 2023. The remaining $50 million becomes available in tranches through June 15, 2024, upon achievement of certain milestones by Gritstone. Gritstone is under no obligation to draw funds in the future, and there are no warrants associated with the transaction.

"We are excited to secure this customized credit facility with favorable terms amidst the current market environment," said Celia Economides, Executive Vice President and Chief Financial Officer of Gritstone. "We believe this $80 million credit facility reflects the significant value inherent in our innovative platform and, together with capital conservation measures we’ve implemented, meaningfully extends our cash runway."

"Hercules is pleased to partner with Gritstone as it advances its clinical stage programs and continues expanding its footprint in infectious diseases," stated Himani Bhalla, Managing Director at Hercules Capital. "This credit facility aims to help Gritstone deliver its novel vaccines to improve patient outcomes and eliminate disease and is yet another example of Hercules’ capabilities to support innovative growth-stage life science companies," said Cristy Barnes, Managing Director at Hercules Capital.

"We are delighted to work with Hercules and support Gritstone’s continued growth and innovative platform in developing powerful vaccines and treating, and preventing, cancer and infectious diseases," said Michael White, Managing Director at Silicon Valley Bank.

Capital Advisors Group served as Gritstone’s financial advisor in connection with the credit facility.

Additional details of the loan agreement will be filed with the Securities and Exchange Commission on a Current Report on Form 8-K.

On July 21, 2022 Eli Lilly and Company (NYSE: LLY) reported that it will announce its second-quarter 2022 financial results on Thursday, Aug. 4, 2022 (Press release, Eli Lilly, JUL 21, 2022, View Source [SID1234616847]). Lilly will also conduct a conference call on that day with the investment community and media to further detail the company’s financial performance.

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The conference call will begin at 9 a.m. Eastern time. Investors, media and the general public can access a live webcast of the conference call through a link that will be posted on Lilly’s website at View Source A replay will also be available on the website following the conference call.

On July 21, 2022 Dynavax Technologies Corporation (Nasdaq: DVAX), a commercial stage biopharmaceutical company developing and commercializing innovative vaccines, reported that it will report second quarter financial results on Thursday, August 4, 2022, after the U.S. financial markets close (Press release, Dynavax Technologies, JUL 21, 2022, View Source [SID1234616846]).

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Dynavax will host a conference call and live audio webcast on Thursday, August 4, 2022, at 4:30 p.m. (ET)/1:30 p.m. (PT).

The live audio webcast may be accessed through the "Events & Presentations" page on the "Investors" section of the Company’s website at View Source A replay of the webcast will be available for 30 days following the live event.

To dial into the call, participants will need to register for the call using the caller registration link. It is recommended that participants dial into the conference call or log into the webcast approximately 10 minutes prior to the call.

On July 21, 2022 Cellectar Biosciences, Inc. (Nasdaq: CLRB), a late-stage biopharmaceutical company focused on the discovery, development and commercialization of targeted treatments for cancer, reported that, as authorized by its stockholders, the Company is implementing a consolidation (reverse stock split) of its outstanding Common Shares on the basis of one (1) new Common Share for every ten (10) currently outstanding (Press release, Cellectar Biosciences, JUL 21, 2022, View Source [SID1234616845]).

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As of July 22, 2022, the Company will have approximately 6.1 million shares outstanding. The number of authorized shares and the par value per share will remain unchanged.

The new Common Shares will be effective for trading purposes as of the commencement of trading on Friday, July 22, 2022, and will trade under CUSIP number 15117F807. The Company’s ticker symbol, CLRB, will remain unchanged. The Company has amended its Certificate of Incorporation to effect the stock consolidation.

Proportionate voting rights and other rights of common stockholders will not be affected by the reverse stock split, other than as a result of the cashing out of fractional shares. Stockholders who would otherwise hold a fractional share will receive a cash payment in lieu of the fractional share. The number of outstanding options and warrants will be adjusted accordingly. Please direct any questions you might have regarding the reverse split to your broker or the company’s stock transfer agent, American Stock Transfer & Trust Company, by calling (800) 937-5449 (domestic), or (718) 921-8317 (international).

On July 21, 2022 Bristol Myers Squibb NYSE (BMY) reported the first biopharma three-year exclusive collaboration with the premier African American Family Organization, Jack and Jill of America, Inc. to inspire more Black and African American individuals to join the biopharma industry to assist in creating more equity and better health outcomes for all patients through student engagement (Press release, Bristol-Myers Squibb, JUL 21, 2022, View Source [SID1234616844]). The strategic alliance is an extension of BMS’ Tomorrow’s Innovators Historically Black College (HBCU) initiative launched with the goal of creating a sustainable bridge of talent to the biopharma industry from the HBCU community and aligns with BMS’s inclusion and diversity health equity commitments to increase workforce representation by creating and sustaining a pipeline of diverse talent.

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The collaboration will commence at Jack and Jill’s bi-annual 45th National Convention "The Power of a Dream" from July 26-31 in Orlando, Fla., where BMS will be the exclusive biopharma sponsor. The 2022 National Convention will exemplify the power of dreaming and significance of helping children to dream by featuring an interactive legacy gallery of notable Jack and Jill of America alumni in entertainment, business, government, education, media, technology, and social justice, among other industries. BMS will be involved in several events during the convention, including the flagship Programming Luncheon, the Mothers "Closing the Gap: Health, Wealth, and Wellness Forums and Expo" centered around addressing health inequities in the healthcare system and improving healthcare support for communities of color, a virtual career fair and an in-person booth engagement.

"We are so excited to join forces with such a historically prestigious organization like Jack and Jill of America, Inc., to further both of our missions to empower the Black youth to go after their dreams. We hope those dreams include joining the biopharma industry for young Black students," said Shamika Williams, senior director of HBCU initiatives at Bristol Myers Squibb. "In the biopharma industry, there is an immediate need for more diverse representation as it informs the future of medical advancements and resources that directly affect and serve minority communities. We are thrilled to be poised to help bridge this equity gap along with other influential leaders in the space."

"This inaugural collaboration opens the doors for Black and African American youth to learn about opportunities in the biopharma industry," said Kornisha McGill Brown, national president of Jack and Jill of America, Inc. "More representation in the industry helps to drive innovation, which is critical now more than ever to fight inequality in our current health system and to help people and communities achieve better health equity."