UroGen Secures $100 Million Non-Dilutive Term Loan Financing with Pharmakon Advisors Allowing Funding to Cash Flow Breakeven

On March 8, 2022 UroGen Pharma Ltd. (Nasdaq: URGN), a biotech company dedicated to developing and commercializing innovative solutions that treat urothelial and specialty cancers, reported the signing of an up to $100 million term loan financing facility with funds managed by Pharmakon Advisors, L.P (Press release, UroGen Pharma, MAR 8, 2022, View Source [SID1234609648]).

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

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

                  Schedule Your 30 min Free Demo!

The loan facility will be available to UroGen, subject to the terms and conditions of the loan agreement, as follows:

Senior secured term loan of up to $100 million in two tranches.
$75 million is expected to be funded within 10 business days following closing.
At its option, UroGen may draw up to an additional $25 million before December 31, 2022.
The company is not required to maintain any financial covenants.
Interest will accrue at 3-month LIBOR (with a 1.25% floor) plus 8.25%.
The facility will mature five years from initial funding and be interest only for the first 48 months.
"We are pleased to have secured this loan facility which significantly strengthens our financial position. Based on our revenue projections and current financial models, we believe we have the tools to reach cash flow breakeven," said Liz Barrett, Chief Executive Officer of UroGen. "In addition to supporting our continued launch of Jelmyto, the financing will also provide capital to support our pivotal Phase 3 single-arm ENVISION study of UGN-102 and planned multi-arm Phase 1 clinical study of UGN-301."

"Pharmakon is proud to financially support UroGen’s mission of creating novel solutions to address the unmet needs in urothelial and specialty cancers," said Martin Friedman, Principal at Pharmakon Advisors. "We strongly believe in the opportunity of Jelmyto and UroGen’s pipeline and we are looking forward to our partnership with UroGen."

Cowen acted as exclusive financial advisor to UroGen on this transaction.

Following this announcement, the Company has elected to reschedule reporting of its fourth quarter and full-year 2021 financial results from March 10, 2022 to March 21, 2022, prior to the open of the stock market. The announcement will be followed by a live audio webcast and conference call at 10:00 AM Eastern Time.

Audio Webcast

The webcast will be made available on the Investors section of the Company’s website at View Source Following the live audio webcast, a replay will be available on the Company’s website for approximately 30 days.

INOVIO to Present at Oppenheimer’s 32nd Annual Healthcare Conference

On March 8, 2022 INOVIO (NASDAQ:INO), a biotechnology company focused on developing and commercializing DNA medicines to help protect people from infectious diseases and help treat people with cancer and HPV-associated diseases, reported that Dr. J. Joseph Kim, President and CEO, will participate in a fireside chat and 1×1 investor meetings at Oppenheimer’s 32nd Annual Healthcare Conference on Tuesday, March 15, 2022 (Press release, Inovio, MAR 8, 2022, View Source [SID1234609647]).

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

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

                  Schedule Your 30 min Free Demo!

Oppenheimer’s 32nd Annual Healthcare Conference
Date: Tuesday, March 15, 2022
Time: 8:00 AM ET
Presentation Format: Fireside Chat

A webcast of the presentation will be available through the INOVIO Investor Relations Events page at View Source The presentation time is subject to change.

Teon Therapeutics Names Serge Messerlian as CEO

On March 8, 2022 Teon Therapeutics (Teon), a clinical-stage biopharmaceutical company targeting metabolic signaling pathways and pioneering the development of G-Protein Coupled Receptor (GPCR) immuno-oncology therapies in difficult-to-treat cancers, reported the appointment of Serge Messerlian as Chief Executive Officer and member of the board of directors (Press release, Teon Therapeutics, MAR 8, 2022, View Source [SID1234609646]). Mr. Messerlian has an impressive track record of success, leading organizations in complex, highly competitive US and global markets with experience across multiple scientific disciplines, therapeutic areas, stages of drug development and commercialization. Mr. Messerlian will assume the role from co-founder, acting CEO and Chief Scientific Officer (CSO), Lina Yao, MD, PhD, who remains as CSO. Dr. Yao will continue as a member of the board of directors.

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

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

                  Schedule Your 30 min Free Demo!

Mr. Messerlian brings to the role significant experience in the industry, across a range of roles and therapeutic areas including hematology, oncology, immunology, and rare diseases. He joins Teon from Janssen Oncology US, one of the Janssen Pharmaceutical Companies of Johnson & Johnson, where he served as President and set the strategic direction for the organization and its key brands across hematology and solid tumors including DARZALEX, IMBRUVICA, ERLEADA, RYBREVANT and platforms including cell therapies (CARVYKTI) and bi-specifics. Previously he served in executive leadership roles as President of Actelion; Vice President, Global Portfolio Lead – Biosimilars at Baxalta; and Vice President, Global Portfolio Lead – Hematology at Baxter International. He holds a Bachelor of Science degree in Physiology and Biotechnology and a Master of Science degree in Human Genetics, both from McGill University, and an MBA from the University of Toronto.

"Recruiting a world-class biopharma executive like Serge will transform the company as we transition our programs into clinical trials, with two oncology clinical drug candidates this year," said Alan Colowick, MD, MPH, Executive Chairman of Teon. "We look forward to working with Serge to power us forward by leveraging his extensive experience in advancing drug development programs, building sustainable platforms and partnering strategies, and creating world-class organizations."

"Throughout my career I have been committed to improving the lives of people impacted by serious diseases like cancer. Supported by the pioneering groundwork done by our founders, I am confident in the future opportunities of Teon’s proprietary scientific approach and the passion and expertise of the team," said Mr. Messerlian. "Although GPCRs are the most intensively studied targets in many disease areas, their potential benefits for oncology are just beginning to be explored. Teon’s portfolio of small molecule candidates includes adenosine pathway inhibitors, as well as an oral immune checkpoint inhibitor that leverages novel GPCR biology and has us uniquely poised to bring more effective, first- or best-in-class oncology therapies to patients. I look forward to working with Lina and our remarkable scientific team, the board, and investors as we build the reputation and value of Teon."

First Patient Dosed in TT-702 Phase 1 Clinical Trial

In addition, Teon is announcing its development partner, Cancer Research UK, has successfully dosed the first patient in their Phase 1/2 trial of Teon’s first-in-class, oral adenosine A2B receptor antagonist, TT-702, for the treatment of patients with a range of difficult-to-treat cancers. TT-702 is the first of Teon’s pipeline of oral, once-daily, GPCR small molecules targeting metabolic signaling pathways to enter the clinic. TT-702 is an adenosine receptor antagonist and specifically targets the A2B receptor, which is overexpressed on various types of tumor cells and immune cells. In the study, the first cohorts of patients with a range of advanced tumors will receive increasing doses of TT-702 to define the safety and tolerability of the drug and to determine the maximum dose of TT-702 that can safely be given to patients. Additional cohorts of patients will then be treated with TT-702 in combination with PD-1 immunotherapy or hormonal therapy to determine whether TT-702 can improve the effects of these therapies.

"We are delighted to be taking this new anti-cancer drug, TT-702, into clinical trials. The drug works by fighting cancer’s ‘cloaking’ strategy and exposing it to the immune system so it can be destroyed. We will be testing TT-702 in several different cancer types to determine the best dose that can safely be given to patients," said Professor Johann De Bono, Professor of Experimental Cancer Medicine at The Institute of Cancer Research, London, and Consultant Medical Oncologist at The Royal Marsden NHS Foundation Trust.

Targeting GPCR for Oncology – Tomorrow’s Treatments

With more than 700 approved drugs currently directed at them, GPCRs are the most commonly utilized target in today’s treatment paradigm, however, their potential in oncology and moreover, immuno-oncology, has yet to be leveraged. GPCRs control a broad range of cellular processes vital to the formation and progression of tumors. Small molecules are the most prevalent modulators of GPCR-targeted therapies. Insights into the roles of GPCRs in the tumor microenvironment and how they modulate both tumor-generating signal transduction pathways as well as interactions with immune system defense mechanisms may allow the pursuit of more novel GPCR-directed therapies.

BioNTech and Regeneron Expand Strategic Collaboration to Advance Clinical Development of FixVac and Libtayo® (cemiplimab) Combination in NSCLC

On March 8, 2022 BioNTech SE (Nasdaq: BNTX, "BioNTech" or "the Company") reported the expansion of its strategic collaboration with Regeneron to advance the Company’s FixVac candidate BNT116 in combination with Libtayo (cemiplimab), a PD-1 inhibitor, in advanced non-small cell lung cancer (NSCLC) (Press release, BioNTech, MAR 8, 2022, View Source [SID1234609644]). Under the terms of the agreement the companies plan to jointly conduct clinical trials to evaluate their combination in different patient populations with advanced NSCLC. Lung cancer is worldwide one of the most common diagnosed malignant cancer types and the leading cause of cancer death. 1 NSCLC is the most common type of lung cancer, making up about 85% of all lung cancers.

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

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

                  Schedule Your 30 min Free Demo!

"Advancing the sixth FixVac product candidate based on uridine mRNA into clinical development underlines the versatility and potential of this platform. Advanced NSCLC still has a five-year survival rate of only 25% leaving patients with very limited treatment options. We believe that a potent vaccine that induces strong T cell responses against shared tumor associated antigens combined with PD-1 blockade that further enables the activated T cell repertoire will help to address the high unmet medical need in this indication," said Özlem Türeci, M.D., Co-Founder and Chief Medical Officer at BioNTech. "We look forward to further building on our successful collaboration with Regeneron to accelerate the clinical development of BNT116 in our growing mRNA oncology pipeline."

The investigational mRNA-based cancer vaccine BNT116 is based on BioNTech’s FixVac platform. It consists of a fixed combination of shared tumor-associated antigens that were identified to be frequently expressed in NSCLC. The companies plan to develop the collaboration beginning with Phase 1/2 clinical trials in the first-line treatment setting in advanced NSCLC. Under the terms of the agreement, BioNTech and Regeneron will equally share development costs for the trials. In addition, under a separate agreement, BioNTech plans to conduct and sponsor a Phase 1 clinical trial (LuCa-MERIT-1) evaluating the combination of BNT116 and Libtayo in further subpopulations with NSCLC.

"We are delighted to expand our collaboration with BioNTech to a third tumor type – advanced NSCLC – and investigate whether combining Libtayo with BNT116 will further enhance the efficacy and safety we’ve demonstrated with Libtayo in this cancer as both a monotherapy and in combination with chemotherapy," said Israel Lowy, M.D., Ph.D., Senior Vice President, Clinical Development, Oncology, at Regeneron. "Combining PD-1 inhibition with mRNA-based vaccines is an exciting, yet still emerging, approach in oncology. This collaboration provides an opportunity for us to conduct scientifically sophisticated and pioneering clinical research in this space and investigate whether this novel combination may help drive a multi-faceted activation of the immune system against advanced NSCLC."

The agreement follows the company’s existing collaboration evaluating the combination of BioNTech’s FixVac candidate BNT111 with Libtayo in advanced melanoma. BNT111 was granted U.S. FDA Fast Track Designation in November 2021 and is currently investigated in a randomized Phase 2 trial. The trial was initiated in June 2021, following encouraging data from an exploratory interim analysis of the ongoing Phase 1 Lipo-MERIT study with BNT111 as monotherapy and in combination with PD-1 blockade, which was published in Nature. In addition, BioNTech is investigating and sponsoring a Phase 1 clinical trial evaluating the combination of Libtayo with the Company’s FixVac candidate BNT112 in prostate cancer.
Libtayo is being jointly developed by Regeneron and Sanofi.

About FixVac
BioNTech’s FixVac platform candidates consist of a fixed combination of mRNA-encoded non-mutated antigens shared across patients with a defined cancer type. They feature the Company’s proprietary RNA-lipoplex platform for intravenous administration that consists of mRNA optimized for translation efficiency and stability and a formulation that specifically targets dendritic cells. The vaccine antigens trigger a strong and precise innate and adaptive immune response against cancer cells overexpressing the respective antigens.

Biomea Fusion Announces Upcoming Presentations of Preclinical Data in Diffuse Large B-Cell Lymphoma, Multiple Myeloma, and Several KRAS Mutant Solid Tumors for BMF-219 at AACR Annual Meeting 2022

On March 8, 2022 Biomea Fusion, Inc. ("Biomea") (Nasdaq: BMEA), a clinical-stage biopharmaceutical company dedicated to the discovery and development of novel irreversible covalent small molecules to treat and improve the lives of patients with genetically defined cancers and metabolic diseases, reported that two abstracts on BMF-219 have been accepted for poster presentation at the upcoming American Association for Cancer Research (AACR) (Free AACR Whitepaper) Annual Meeting 2022 (Press release, Biomea Fusion, MAR 8, 2022, View Source [SID1234609643]). The AACR (Free AACR Whitepaper) Annual Meeting will be held from April 8-13, 2022, at the Ernest N. Morial Convention Center in New Orleans, LA. BMF-219, Biomea’s lead program, is an irreversible covalent menin inhibitor, currently in a Phase I study for the treatment of patients with relapsed/refractory acute leukemias, including those with the MLL1/KMT2A gene rearrangements and NPM1 mutations. BMF-219 is the first and only irreversible covalent menin inhibitor in the clinic.

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

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

                  Schedule Your 30 min Free Demo!

"The preclinical data we will present at AACR (Free AACR Whitepaper) further validate our planned development of BMF-219 in KRAS- and MYC-dependent solid tumors and highlight the potential anti-cancer benefits of inhibiting menin, achieved via irreversible covalency," said Thomas Butler, Biomea’s CEO and Chairman of the Board. "In preclinical models, BMF-219 demonstrated near complete tumor growth inhibition in both MYC-dependent and pan-KRAS mutant cancers. These mutations are broadly manifested in numerous tumor types and are generally considered categories of very high unmet need. We are excited with the potential benefits BMF-219 may bring to patients across a spectrum of multiple liquid and solid cancers, and we look forward to seeing the results in the clinic."

Biomea plans to initiate enrollment of patients with MM and diffuse large B-cell lymphoma (DLBCL) in the ongoing Phase I clinical trial of BMF-219 in the first half of 2022. The company anticipates submitting an investigational new drug (IND) application for BMF-219 in KRAS-mutant solid tumors, including patients with NSCLC, CRC, and pancreatic cancer in the fourth quarter of 2022.

Poster Presentation Details

Biomea abstracts are now available on the AACR (Free AACR Whitepaper) website, www.aacr.org. Details for the upcoming presentations are as follows:

Anti-tumor activity of irreversible menin inhibitor, BMF-219, in high-grade B-cell lymphoma and multiple myeloma preclinical models (Abstract #1205)

Session Category: Experimental and Molecular Therapeutics
Session Title: Novel Targets and Pathways
Session Date and Time: Tuesday, April 12, 2022 9:00 AM – 12:30 PM
Location: New Orleans Convention Center, Exhibit Halls D-H, Poster Section 24
Poster Board Number: 23
Permanent Abstract Number: 2654
Full Text of Abstract:

Double/Triple Hit Lymphoma (DHL/THL) and Double Expressor Lymphoma (DEL) are high-grade B-cell lymphomas (HGBCL) that exhibit low responses to standard therapeutic regimens resulting in poor prognosis. DHL harbor translocations in MYC and BCL2 or BCL6, THL contain translocations in MYC/BCL2/BCL6, and DEL are characterized by high expression of MYC and BCL2. Menin is a scaffold protein that drives oncogenic function through its regulation of genes such as HOXA9, with distinct effects on transcription that are directed by various cofactors. A recent study reported that knockdown of HOXA9 resulted in marked growth inhibition of multiple myeloma (MM) cells (Chapman et al., 2017).

We previously reported the ability of irreversible menin inhibitor, BMF-219, to modulate MYC expression and exhibit high potency against DHL DLBCL preclinical models. Moreover, we demonstrated that MYC and its co-factor MAX, regulate differential gene expression in BMF-219-treated leukemia cells. Here, we demonstrate the anti-tumor activity of BMF-219 in HGBCL and MM preclinical models harboring various mutational backgrounds.

BMF-219 exhibited high potency against THL and DEL cell lines, with IC50 values of 0.27 μM and 0.37 μM, respectively. Both models achieved >90% growth inhibition with single-agent treatment. Notably, BMF-219 was multi-fold more potent and exerted dramatically greater growth inhibition compared to clinical reversible menin inhibitors in all DLBCL cell lines tested, including an expanded panel of DHL cell lines. In ex vivo studies, an R-CHOP refractory THL patient sample and an R-EPOCH refractory MYC-amplified DLBCL patient sample were highly sensitive to BMF-219 treatment, with IC50 values of 0.15 μM and 0.2 μM, respectively, and demonstrated complete growth inhibition at 1 μM exposure. In contrast, two clinical reversible menin inhibitors demonstrated much lower potency (IC50 = 0.96 μM and 6.3 μM in the MYC-amplified model, and IC50 = 5.63 μM and not calculable for the second reversible inhibitor in the THL model). MM cell lines harboring mutations in TP53, KRAS and NRAS were all sensitive to BMF-219 with IC50 values in the range of 0.25 μM to 0.5 μM and achieved 100% growth inhibition at 1 μM exposure. Combination treatments of BMF-219 with standard-of-care agents in MM cell lines were also tested. Notably, BMF-219 demonstrated single-agent efficacy (IC50 values between 0.1 μM and 0.3 μM) against a panel of newly diagnosed and R/R ex vivo MM samples, including a p53- deleted clinical profile.

Collectively, our data demonstrate the novel and robust anti-tumor activity of BMF-219 in HGBCL and MM preclinical models that represent categories of high unmet need. BMF-219 exhibits multi-fold higher potency and complete growth inhibition in these preclinical models compared to clinical reversible menin inhibitors, demonstrating its unique anti-tumor potential in these cancers.

Irreversible menin inhibitor, BMF-219, inhibits the growth of KRAS-mutated solid tumors (Abstract #1202)

Session Category: Experimental and Molecular Therapeutics
Session Title: Signaling Pathway Inhibitors
Session Date and Time: Tuesday, April 12, 2022 9:00 AM – 12:30 PM
Location: New Orleans Convention Center, Exhibit Halls D-H, Poster Section 25
Poster Board Number: 8
Permanent Abstract Number: 2665
Full Text of Abstract:

Introduction:
KRAS (Kirsten rat sarcoma virus) is the most frequently mutated isoform amongst RAS oncogenes in human solid tumors being present in a high percentage of colorectal cancers (CRC), non-small cell lung cancers (NSCLC), and pancreatic cancers. With only one approved KRAS G12C inhibitor for NSCLC, KRAS driven tumors continue to represent a significant unmet medical need where novel effective therapies are highly desired. Menin is a required co-factor of oncogenic transcriptional proteins with functional interactions that are critical for various malignancies including acute leukemia. We previously reported that BMF-219, a novel irreversible menin inhibitor, exhibits strong potency on acute leukemia (MOLM-13) and KRAS-mutant (MiaPaCa-2) cells. Results from MiaPaCa-2 cells prompted our exploration of the effects of BMF-219 in an expanded panel of KRAS-mutant solid tumors through in vitro and ex vivo preclinical models.

Methods:
BMF-219, clinical reversible menin inhibitors, or clinically approved KRAS G12C inhibitor, sotorasib, were cultured with CRC, NSCLC and pancreatic cancer cell lines for 4-days. Human ex vivo preclinical models harboring KRAS mutations were cultured with BMF-219 and reversible menin for 6-days. Cell viability was measured using CellTiter Glo and IC50 values were calculated. MiaPaCa-2 cells incubated with BMF-219 were analyzed by RNA-seq on the Illumina NextSeq 550 platform.

Results:
MiaPaCa-2, a KRAS G12C-mutant cell line, showed marked reduction of KRAS expression levels following 24 hours of BMF-219 treatment at 0.5 μM. An expanded panel of 14 CRC, NSCLC and pancreatic KRAS-mutant cell lines harboring G12C, G12D, G12V, and Q61L revealed single-agent BMF-219 activity after a 4-day treatment. Majority of the cell lines tested exhibited >90% inhibition of growth, independent of KRAS mutation type. Sotorasib reached a maximum of 90-93% growth inhibition in three of eight cell lines. By contrast, BMF-219 inhibited cell viability ≥ 90% in six of eight KRAS G12C lung cancer lines. Human CRC, NSCLC and pancreatic ex vivo preclinical models with G12C, G12D, and G12V KRAS mutations were all sensitive to BMF-219 after a 6-day treatment. Complete abrogation of growth was observed in all samples with IC50 values ranging between 0.2 μM – 0.6 μM.

Conclusion:
KRAS-mutant CRC, NSCLC, pancreatic cancer cell lines and ex vivo preclinical models are highly sensitive to irreversible menin inhibitor, BMF-219, where clinical reversible menin inhibitors displayed limited activity. High potency of BMF-219 was observed amongst various KRAS-mutant cell lines suggesting that BMF-219 broadly inhibits these tumors. As an irreversible menin inhibitor, BMF-219, manifests advantages over the KRAS-targeted inhibitor sotorasib in multiple cell lines tested, and displays unique potency compared with clinical reversible menin inhibitors in ex vivo preclinical models of CRC, NSCLC, and pancreatic cancer.