EDAP Announces Record Preliminary Fourth Quarter and Full-Year 2022 Revenue

On February 14, 2023 EDAP TMS SA (Nasdaq: EDAP) ("the Company"), a global leader in robotic energy-based therapies, reported preliminary unaudited fourth quarter and full year 2022 revenue and other financial highlights (Press release, EDAP TMS, FEB 14, 2023, View Source [SID1234627214]).

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"We finished 2022 with strong fourth quarter and full year revenue, driven by successful execution of our U.S. Focal One HIFU business," said Marc Oczachowski, Chairman and Chief Executive Officer of EDAP TMS. "We sold 15 Focal One machines in 2022, as compared to seven in 2021. This notable increase further validates the growing momentum and interest amongst leading clinicians and hospital providers in offering Focal One as a necessary treatment option to select prostate cancer patients."

Ryan Rhodes, Chief Executive Officer of EDAP Technomed Inc., stated, "We recorded nine Focal One transactions in the U.S. during the fourth quarter, including six machine sales and three operating leases. As our pipeline continues to strengthen, we see a good mix of both large academic medical centers as well as community hospitals who understand the necessity and value of providing access to Focal One Robotic HIFU technology to an appropriate subset of prostate cancer patients. In addition, the Medicare reimbursement increase that went into effect on January 1stappropriately allows more providers to consider the investment in obtaining HIFU technology. We believe these actions together will continue to support our growing US commercial momentum in 2023."

This announcement assumes the following EUR-to-USD exchange rates:

2022 2021
4Q 1.0302 1.1386
Full-year 1.0519 1.1787
December 31st 1.0698 1.1319

Syndax Announces Participation at Upcoming Investor Conferences

On February 14, 2023 Syndax Pharmaceuticals, Inc. (Nasdaq: SNDX), a clinical-stage biopharmaceutical company developing an innovative pipeline of cancer therapies, reported that members of its management team will participate in the upcoming investor conferences (Press release, Syndax, FEB 14, 2023, View Source [SID1234627182]).

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A fireside chat at the Citi 2023 Virtual Oncology Leadership Summit at 2:00 p.m. ET on Tuesday, February 21, 2023
A fireside chat at Cowen’s 43rd Annual Healthcare Conference at 9:10 a.m. ET on Monday, March 6, 2023 in Boston, MA
A panel discussion on leukemia at Cowen’s 43rd Annual Healthcare Conference at 12:50 p.m. ET on Wednesday, March 8, 2023 in Boston, MA
A fireside chat at the Barclays Global Healthcare Conference at 10:45 a.m. ET on Wednesday, March 15, 2023 in Miami, FL
A live webcast of the fireside chats can be accessed from the Investor section of the Company’s website at www.syndax.com, where a replay of the events will also be available for a limited time.

Propella Therapeutics Announces Presentation of Updated Phase 1/2a Data of PRL-02 for the Treatment of Advanced Prostate Cancer at 2023 ASCO Genitourinary (GU) Cancers Symposium

On February 14, 2023 Propella Therapeutics, Inc. ("Propella"), a private, clinical-stage biopharmaceutical company developing best-in-class oncology therapeutics, reported that Dr. Jose Avitia of the New Mexico Cancer Center will present updated data from the Company’s ongoing Phase 1/2a study of PRL-02 for the treatment of advanced prostate cancer on Thursday Feb 16 from 11:30AM to 1:00PM PST at the 2023 ASCO (Free ASCO Whitepaper) Genitourinary (GU) Cancers Symposium, which is being held in San Francisco, CA from February 16-18, 2023 (Press release, Propella Therapeutics, FEB 14, 2023, View Source [SID1234627180]). Details on the poster presentation are below:

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2023 ASCO (Free ASCO Whitepaper) Genitourinary (GU) Cancer Symposium:
Session Type: Poster Session
Session Title: Poster Session A: Prostate Cancer
Track: Prostate Cancer – Advanced, Prostate Cancer – Localized Poster Session A: Prostate Cancer
Sub Track: Therapeutics
Abstract Title: "Phase 1/2a study of PRL-02, a long-acting intramuscular (IM) depot injection of abiraterone decanoate in patients (pts) with advanced prostate cancer."
Presenting Author: Jose Avitia, M.D.
Presentation Time: February 16, 2023, at 11:30 AM PST
Abstract Number: 141
Poster Bd#: E2
Venue: Moscone Center, West Hall Level 1
Abstract link: View Source

The presentation will highlight results from the ongoing dose-escalation part of the Phase 1/2 study (NCT04729114). At the time of abstract submission, safety, tolerability and activity results were available from 17 patients who had been treated at five different dose levels of PRL-02 (180mg; 360mg; 720mg; 1260mg; 1800mg). PRL-02, administered as an intramuscular injection every 12 weeks, was well tolerated; dose-dependent androgen suppression was associated with clinical benefit including PSA responses and radiographic improvement.

Based upon historical comparisons, the plasma concentrations of potentially harmful progesterone and corticosterone are significantly lower than with Zytiga, which appear to be due to greater PRL-02 CYP17 lyase selectivity. The emerging clinical data suggests that long-acting PRL-02 has the potential for a superior therapeutic index and safety profile compared to oral Zytiga, a standard of care for the patient populations treated.

"The PRL-02 Phase 1 data suggest both clinical efficacy advantages as well as safety and tolerability benefits for advanced prostate cancer patients who may have received approved androgen receptor inhibitor therapy," said Neal Shore, MD, FACS, a presentation author, Phase 1 investigator and the Medical Director for the Carolina Urologic Research Center. "I am very encouraged by the emerging PRL-02 profile and its clinically meaningful potential which could broaden our current armamentarium for patients with metastatic prostate cancer."

PRL-02 is being evaluated in an ongoing Phase 1/2a study for patients with metastatic prostate cancer. The Phase 1 portion is an open-label, multi-center, dose-escalation study designed to assess the safety, tolerability, pharmacokinetics, and preliminary clinical activity of PRL-02 and establish a recommended dose for the Phase 2a portion. The recommended Phase 2 dose will likely be a single injection of 1260mg every 12 weeks based upon pharmacokinetic, safety, clinical pharmacology, and efficacy results.

Expansion of patent estate for PRL-02

Separately, Propella also announced the United States Patent and Trademark Office (USPTO) issued U.S. Patent No. 11,559,534, titled "Abiraterone Prodrugs," on January 24, 2023. The ‘534 patent protects the abiraterone decanoate compound and its related pharmaceutical compositions, unit dosage forms comprising abiraterone decanoate, and methods of treating prostate cancer with pharmaceutical compositions comprising abiraterone decanoate. The ‘534 patent also discloses related methods of treating other androgen-dependent disorders, combination therapies, methods of reducing serum testosterone using a pharmaceutical composition comprising a lipophilic abiraterone prodrug. The ‘534 expires on March 4, 2040.

"Securing additional patent protection for PRL-02 is essential towards protecting and growing the value of this unique and potentially best-in-class therapy," said William Moore, Ph.D., Chief Executive Officer of Propella Therapeutics. "The issuance of the ‘534 patent provides additional protections with claims that cover PRL-02 pro-drug compositions of matter, and proprietary manufacturing processes. Together with the ‘282 patent, we have now built a formidable patent estate surrounding PRL-02 that should afford comprehensive IP protection out to 2040."

The ’534 patent builds upon Propella’s previously issued foundational intellectual property, U.S. Patent No. 10,792,292, which covers the composition of matter protection for multiple novel abiraterone prodrugs including abiraterone decanoate (PRL-02), claims for the PRL-02 IM route of administration, methods of treating prostate cancer and other androgen-dependent disorders, and methods of manufacturing. The ‘292 patent was issued on October 6, 2020, and expires in 2040.

About ASCO (Free ASCO Whitepaper) GU Cancer Symposium

The ASCO (Free ASCO Whitepaper) Genitourinary (GU) Cancers Symposium is a three-day scientific and educational meeting designed to provide attendees with in-depth, multidisciplinary analysis of the most timely topics in the study, diagnosis, and treatment of GU malignancies. All members of the cancer care and research community will benefit from the Symposium’s exploration of the latest science in the field and its clinical application.

About Metastatic Prostate Cancer

Prostate cancer is the most common non-skin cancer in men, and the second leading cause of cancer death, developing most often in older men. Metastatic disease occurs when prostate cancer cells travel through the lymphatic system or blood stream to other organs and tissues such as lymph nodes, liver, bone, and lungs. While early or localized prostate cancer remains highly curable, advanced prostate cancer remains difficult to treat, with a 5-year survival rate of only 30%. Although there are several treatment options for metastatic prostate cancer, the reduction of androgen activity remains the most effective approach.

About PRL-02

PRL-02 is a next generation androgen biosynthesis inhibitor being developed for the treatment of prostate cancer. A large body of both historic and modern data support a role for androgens in prostate cancer pathogenesis and progression. The only approved androgen biosynthesis inhibitor approved for the treatment of prostate cancer, Zytiga (oral abiraterone acetate), blocks the CYP17 lyase enzyme that is required for the biosynthesis of androgens, including testosterone, but also unnecessarily blocks the CYP17 hydroxylase enzyme activity, resulting in a large accumulation of mineralocorticoids that can produce a constellation of side effects (hypertension, hypokalemia, edema) and upstream steroids such as progesterone that can further stimulate prostate cancer growth. PRL-02 is a patented prodrug of abiraterone designed for lymphatic targeting of tissues and tumors that express the CYP17 lyase enzyme. PRL-02 is an intramuscular depot that, when given along with a gonadotropin releasing hormone agonist or antagonist, precisely releases the concentration of abiraterone needed to block CYP17 lyase activity for 3 months. IM PRL-02 avoids adverse liver and drug-drug interaction effects, the accumulation of steroids (e.g., progesterone) that can further stimulate prostate cancer or produce the symptoms of mineralocorticoid excess (e.g., corticosterone) that arise from unwanted CYP17 hydroxylase inhibition.

Supernus Enters Into $150 Million Credit Facility

On February 14, 2023 Supernus Pharmaceuticals, Inc. (Nasdaq: SUPN), a biopharmaceutical company focused on developing and commercializing products for the treatment of central nervous system (CNS) diseases, reported it entered into a credit line agreement (the "Credit Line") with UBS Bank USA ("UBS") providing the Company an uncommitted demand secured line of credit of up to $150 million, which can be drawn at any time (Press release, Supernus, FEB 14, 2023, View Source [SID1234627212]).

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Any fixed rate borrowing will bear interest at a fixed interest rate, equal to the sum of the UBS Fixed Funding Rate plus the applicable Percentage Spread established in the Credit Line. Any variable rate borrowing will bear interest at a variable interest rate, equal to the sum of the UBS Variable Rate plus the applicable Percentage Spread established in the Credit Line.

"We are pleased to further enhance the strength and flexibility of our balance sheet with this line of credit," said Jack Khattar, President and CEO.

Sesen Bio and Carisma Therapeutics Announce Increased Special Cash Dividend and Stockholder Support for Pending Merger

On February 14, 2023 Sesen Bio, Inc. (Nasdaq: SESN) and Carisma Therapeutics Inc. (Carisma), a privately-held, clinical stage biopharmaceutical company focused on discovering and developing innovative immunotherapies, reported that the companies have reached a voting and support agreement (the "Support Agreement") with Bradley L. Radoff and Michael Torok (together with their respective affiliates, the "Investor Group") (Press release, Sesen Bio, FEB 14, 2023, View Source [SID1234627211]). The Investor Group, which beneficially owns approximately 8.7% of Sesen Bio’s outstanding common stock, has committed to vote its shares in support of the pending merger.

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In connection with the Support Agreement, Sesen Bio and Carisma have further amended the previously amended merger agreement announced on December 29, 2022, which has been unanimously approved by the Boards of Directors of both companies:

Increased the one-time special cash dividend expected to be paid to Sesen Bio stockholders to $75 million, $0.36 per share1. This represents an increase from the expected special cash dividend of approximately $70 million, approximately $0.34 per share, under the first amendment to the merger agreement, and an increase from the up to $25 million special cash dividend under the terms of the original merger agreement;

Extended the period of time for payments under the Contingent Value Right ("CVR") related to any potential proceeds from the sale of Vicineum and Sesen Bio’s other legacy assets to March 31, 2027, from December 31, 2023, under the previous terms. Under the CVR, Sesen Bio stockholders remain entitled to any proceeds from the potential milestone payment under the Roche Asset Purchase Agreement; and

Michael Torok will join the Carisma Board of Directors upon closing of the merger as the only Sesen Bio representative.

Dr. Jay Duker, Chair of the Sesen Bio Board of Directors, said, "We appreciate Mr. Radoff’s and Mr. Torok’s constructive engagement. Our discussions with our stockholders over the last several weeks have enabled valuable changes to the merger agreement that benefit all stockholders, including the significantly increased expected special cash dividend of $75 million and an enhanced CVR. We are confident that the merger with Carisma maximizes value for all Sesen Bio stockholders, and we are pleased Mr. Radoff and Mr. Torok will support the pending transaction. We look forward to expeditiously closing the merger by the end of the quarter."

1 Based on basic outstanding shares including unvested RSUs.

Steven Kelly, President and Chief Executive Officer of Carisma, added, "We are excited to reach this agreement with Sesen Bio and Messrs. Radoff and Torok. The merger provides significant funding for Carisma’s R&D pipeline to advance our revolutionary proprietary cell therapy platform. We are confident the combined company will be well positioned to create significant value for stockholders."

Mr. Torok, on behalf of the Investor Group, said, "We are pleased that our extensive engagement with Sesen Bio and its representatives has helped unlock additional value for Sesen Bio’s stockholders. We believe the amended merger terms represent the most value maximizing path for stockholders. We are excited about the long-term value potential of the Carisma platform, and I look forward to joining the Carisma Board."

Carisma’s previously announced approximately $30 million financing remains committed and is expected to close concurrently with the pending merger.

The issuance of the special cash dividend and CVR remain contingent on the closing of the pending transaction, which is expected to occur in the first quarter of 2023, subject to approval by Sesen Bio stockholders and other customary closing conditions.

Following completion of the incremental financing from Carisma’s key investors and subsequent completion of the merger, Sesen Bio stockholders are expected to own 24.2% of the pro forma company consistent with the exchange ratio formula set forth in the original merger agreement, dated September 20, 2022.

The Sesen Bio Board unanimously recommends that stockholders vote "FOR" each of the proposals listed on the WHITE proxy card enclosed with the previously mailed definitive proxy statement / prospectus. As previously disclosed, the special meeting of stockholders will be held exclusively via live webcast on March 2, 2023, at 10:00 a.m. Eastern Time. Sesen Bio stockholders of record as of January 17, 2023, will be entitled to vote at the meeting.

The complete Support Agreement, which includes other customary provisions, will be filed as an exhibit to a Form 8-K to be filed by the Company with the U.S. Securities and Exchange Commission.

SVB Securities is acting as exclusive financial advisor to Sesen Bio for the transaction and Hogan Lovells US LLP is serving as its legal counsel. Evercore is serving as lead financial advisor to Carisma for the transaction and BofA Securities, Inc. is also serving as financial advisor to Carisma for the transaction. Wilmer Cutler Pickering Hale and Dorr LLP is serving as legal counsel to Carisma. BofA Securities, Inc. and Evercore are serving as co-placement agents for Carisma’s concurrent financing and Shearman & Sterling LLP is serving as the placement agents’ legal counsel. Olshan Frome Wolosky LLP is serving as legal counsel to the Investor Group.