Scholar Rock Reports New Employee Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

On February 17, 2023 Scholar Rock (NASDAQ: SRRK; "The Company"), a Phase 3, clinical-stage biopharmaceutical company focused on the treatment of serious diseases in which protein growth factors play a fundamental role, reported that the Company granted inducement equity awards covering an aggregate of 285,000 shares of its common stock to two newly hired employees, consisting of inducement stock options to purchase an aggregate of 255,000 shares of common stock and inducement restricted stock units ("RSUs"), covering an aggregate of 30,000 shares of its common stock (Press release, Scholar Rock, FEB 17, 2023, View Source [SID1234627390]).

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The awards are subject to all terms and conditions and other provisions set forth in the Company’s 2022 Inducement Equity Plan ("The Plan") and form of stock option agreement thereunder.

The Plan, which was adopted by the Company’s board of directors on June 16, 2022, is used exclusively for the grant of equity awards to individuals who were not previously employees of Scholar Rock, or following a bona fide period of non-employment, as an inducement material to such individuals entering into employment with Scholar Rock, pursuant to Nasdaq Listing Rule 5635(c)(4).

The options have an exercise price of $10.00, which is equal to the closing price of Scholar Rock’s common stock on February 13, 2023. The stock option award will vest with respect to 25% of the shares of common stock underlying the award on the first anniversary of each employee’s start date, and the remaining 75% of the shares of common stock underlying the Stock Option Award will vest in 12 equal quarterly installments thereafter. Vesting for RSUs will be in four equal annual installments. All vesting related to inducement awards is subject to the employees’ continuing service at the Company through the applicable vesting date.

About Scholar Rock

NS Pharma Announces First Patient Enrolled in Phase 2 Study to Assess Efficacy and Safety of NS-018 Compared to Best Available Therapy (BAT) in Patients With Myelofibrosis

On February 17, 2023 NS Pharma, Inc. reported the first patient enrollment in a Phase 2 clinical study of NS-018 (ilginatinib), an investigational treatment for myelofibrosis (MF), a rare and incurable blood cancer (Press release, NS Pharma, FEB 17, 2023, View Source [SID1234627389]).

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The Phase 2b study is an open-label, multicenter, randomized, controlled, 2-arm study to assess the efficacy and safety of orally administered NS-018 versus best available therapy in subjects with primary myelofibrosis, post-polycythemia vera myelofibrosis, or post-essential thrombocythemia myelofibrosis with severe thrombocytopenia (Platelet Count <50,000/μL).

ClinicalTrials.gov identifier: NCT04854096
(View Source)

About Myelofibrosis (MF)
MF is caused by buildup of excessive scar tissue in the bone marrow, which impairs the body’s ability to produce blood cells.1 In addition to impaired blood cell production, MF often leads to enlargement of the spleen (splenomegaly) which can lead to feelings of abdominal pain and pressure.1 Other common symptoms include fatigue, bone pain, fever, and weight loss.1 MF can be diagnosed at any age but is most common in men and women 65 years or older.1 The median survival of patients with MF is approximately six years.1 Several gene mutations are associated with MF, and the most common mutation is to the Janus kinase 2 (JAK2) gene.2

About NS-018
NS-018 is a highly selective and potent inhibitor of JAK2 developed by scientists from Nippon Shinyaku and was recently granted Orphan Drug Designation from the U.S. Food and Drug Administration (FDA).

Trodelvy® Demonstrates Positive Efficacy Treating Both Platinum-Ineligible And Rapidly Progressing, Post-Platinum Metastatic Urothelial Cancer

On February 17, 2023 Gilead Sciences, Inc. (Nasdaq: GILD) reported new and updated positive results from three cohorts of the Phase 2 TROPHY-U-01 study of Trodelvy (sacituzumab govitecan-hziy) for the treatment of metastatic urothelial cancer (mUC) (Press release, Gilead Sciences, FEB 17, 2023, View Source [SID1234627388]). These data demonstrate that Trodelvy produced both rapid and durable responses for patients across a range of hard-to-treat types of mUC including platinum-ineligible and rapidly progressing, post-platinum mUC. These findings will be featured in both an oral session (abstract #520) and in poster presentations (abstract #518, #526) during the 2023 American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) Genitourinary Cancers Symposium (ASCO-GU) Annual Meeting February 16-18.

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"The TROPHY-U-01 data show consistent benefit of Trodelvy across multiple types of metastatic urothelial cancer, including the most difficult-to-treat and, often times, frail patients where treatment options are still scarce," said Bill Grossman, MD, PhD, Senior Vice President, Therapeutic Area Head, Gilead Oncology. "Trodelvy has the potential to become a cornerstone treatment in metastatic urothelial cancer, and we are excited about the expected results from the ongoing Phase 3 TROPiCS-04 study that may serve to convert our U.S. accelerated approval to full approval for Trodelvy to treat patients with locally advanced or metastatic urothelial cancer following a platinum-containing chemotherapy and PD-1/PD-L1 inhibitor."

Longer-term follow-up across Cohorts 1, 2, and 3 of TROPHY-U-01 provides an increasing body of evidence supporting the potential benefit of treating mUC with Trodelvy across clinically relevant, hard-to-treat patient populations. Results are summarized below:

Cohort

Inclusion Criteria

Key Findings

Cohort 1

n=113

Patients with mUC who progressed after platinum-based chemotherapy and checkpoint inhibitor (CPI) therapy

Abstract 526

In new long-term follow-up results, Trodelvy continued to demonstrate efficacy:

10.9 months median overall survival (OS); (95% CI, 8.9-13.8)
28% overall response rate (ORR) (95% CI, 20.2-37.6); 23% partial response (PR) rate and 38% clinical benefit rate (CBR) with 1.6 months median time to response
8.2 months median duration of response (DOR) (95% CI, 4.7-13.7, n=32)
5.4 months median progression-free survival (PFS); (95% CI, 3.5-6.9)
10.5 months median follow-up (range, 0.3-40.9) for treated patients

Cohort 2

n=38

Platinum-ineligible patients with mUC who progressed after CPI therapy

Abstract 520

In this primary analysis, Trodelvy demonstrated:

13.5 months median OS (95% CI, 7.6-15.6)
32% ORR (95% CI, 17.5-48.7); 32% PR and 42% CBR with 1.4 months median time to response
5.6 months median DOR (95% CI, 2.8-13.3; n=12)
5.6 months median PFS (95% CI, 4.1-8.3)
9.3 months median follow-up for treated patients (range, 0.5-30.6; n=38)
Cohort 3

n=41

Patients with rapidly progressing mUC who progressed after platinum-based therapy

Abstract 518

In this primary analysis, Trodelvy plus pembrolizumab, demonstrated:

12.8 months OS (95% CI, 10.7-NE) at a median follow-up of 12.5 months (range, 0.9-24.6; n=41)
41% ORR (95% CI, 26.3-57.9); 22% PR and 46% CBR with 1.4 months median time to response
1.1 months median DOR (95% CI, 4.8-NE; n=17).
46% CBR (95% CI, 30.7-62.6) with 1.4 months median time to response
Median PFS was 5.3 months (95% CI, 3.4-10.2)

In April 2021, the U.S. FDA granted accelerated approval of Trodelvy for use in adult patients with locally advanced or mUC who have previously received a platinum-containing chemotherapy and either a PD-1 or PD-L1 inhibitor. This approval is based on ORR and DOR established in Cohort 1.

Trodelvy has not been approved by any regulatory agency for the treatment of platinum-ineligible patients with mUC who progressed after prior CPI therapy, or in combination with pembrolizumab in patients with mUC who progressed after platinum-based therapy. Its safety and efficacy have not been established for these indications.

Trodelvy has a Boxed Warning for severe or life-threatening neutropenia and severe diarrhea; please see below for additional Important Safety Information.

About Metastatic Urothelial Cancer

Urothelial Cancer (UC) is the most common type of bladder cancer and occurs when the urothelial cells that line the inside of the bladder and other parts of the urinary tract grow unusually or uncontrollably. An estimated 83,000 Americans will be diagnosed with bladder cancer in 20231, and almost 90% of those diagnoses will be UC2. In total, 30% of cases are considered advanced or metastatic disease.3 Despite advancements in treating mUC, long-term survival remains low.

About the TROPHY U-01 Study

The Phase 2 TROPHY-U-01 trial is an ongoing, international, multi-center, open-label, multi-cohort, single-arm study evaluating Trodelvy monotherapy or combination therapy in patients with mUC after progression on a platinum-based regimen and anti-PD-1/PD-L1-based immunotherapy.

Cohort 1 is assessing Trodelvy after progression on platinum-based chemotherapy and checkpoint inhibitor (CPI) therapy. Cohorts 2, 3, 4 and 5 of the study are ongoing. Cohort 2 is assessing Trodelvy monotherapy in platinum-ineligible patients after progression on anti-PD-1/PD-L1-based immunotherapy. Cohort 3 is assessing Trodelvy in patients with rapidly progressing, mUC who progressed after platinum-based therapy. Cohorts 4 and 5 are assessing Trodelvy combination therapy in patients with treatment naive mUC, with those in Cohort 4 receiving cisplatin and those in Cohort 5 receiving cisplatin and avelumab, respectively, in addition to Trodelvy.

More information about TROPHY is available at View Source

About Trodelvy

Trodelvy (sacituzumab govitecan-hziy) is a first-in-class Trop-2 directed antibody-drug conjugate. Trop-2 is a cell surface antigen highly expressed in multiple tumor types, including in more than 90% of breast and bladder cancers. Trodelvy is intentionally designed with a proprietary hydrolyzable linker attached to SN-38, a topoisomerase I inhibitor payload. This unique combination delivers potent activity to both Trop-2 expressing cells and the microenvironment.

Trodelvy is approved in more than 40 countries, with multiple additional regulatory reviews underway worldwide, for the treatment of adult patients with unresectable locally advanced or metastatic triple-negative breast cancer (TNBC) who have received two or more prior systemic therapies, at least one of them for metastatic disease.

Trodelvy is also approved in the U.S. to treat certain patients with pre-treated HR+/HER2- metastatic breast cancer and has an accelerated approval for treatment of certain patients with second-line metastatic urothelial cancer; see below for full indication statements.

Trodelvy is also being developed for potential investigational use in other TNBC, HR+/HER2- and mUC populations, as well as a range of tumor types where Trop-2 is highly expressed, including metastatic non-small cell lung cancer (NSCLC), metastatic small cell lung cancer (SCLC), head and neck cancer, and endometrial cancer.

U.S. Indications for Trodelvy

In the United States, Trodelvy is indicated for the treatment of adult patients with:

Unresectable locally advanced or metastatic triple-negative breast cancer (mTNBC) who have received two or more prior systemic therapies, at least one of them for metastatic disease.
Unresectable locally advanced or metastatic hormone receptor (HR)-positive, human epidermal growth factor receptor 2 (HER2)-negative (IHC 0, IHC 1+ or IHC 2+/ISH–) breast cancer who have received endocrine-based therapy and at least two additional systemic therapies in the metastatic setting.
Locally advanced or metastatic urothelial cancer (mUC) who have previously received a platinum-containing chemotherapy and either programmed death receptor-1 (PD-1) or programmed death-ligand 1 (PD-L1) inhibitor. This indication is approved under accelerated approval based on tumor response rate and duration of response. Continued approval for this indication may be contingent upon verification and description of clinical benefit in confirmatory trials.
U.S. Important Safety Information for Trodelvy

BOXED WARNING: NEUTROPENIA AND DIARRHEA

Severe or life-threatening neutropenia may occur. Withhold Trodelvy for absolute neutrophil count below 1500/mm3 or neutropenic fever. Monitor blood cell counts periodically during treatment. Consider G-CSF for secondary prophylaxis. Initiate anti-infective treatment in patients with febrile neutropenia without delay.
Severe diarrhea may occur. Monitor patients with diarrhea and give fluid and electrolytes as needed. At the onset of diarrhea, evaluate for infectious causes and, if negative, promptly initiate loperamide. If severe diarrhea occurs, withhold Trodelvy until resolved to ≤Grade 1 and reduce subsequent doses.
CONTRAINDICATIONS

Severe hypersensitivity reaction to Trodelvy.
WARNINGS AND PRECAUTIONS

Neutropenia: Severe, life-threatening, or fatal neutropenia can occur and may require dose modification. Neutropenia occurred in 64% of patients treated with Trodelvy. Grade 3-4 neutropenia occurred in 49% of patients. Febrile neutropenia occurred in 6%. Neutropenic colitis occurred in 1.4%. Withhold Trodelvy for absolute neutrophil count below 1500/mm3 on Day 1 of any cycle or neutrophil count below 1000/mm3 on Day 8 of any cycle. Withhold Trodelvy for neutropenic fever. Administer G-CSF as clinically indicated or indicated in Table 1 of USPI.

Diarrhea: Diarrhea occurred in 64% of all patients treated with Trodelvy. Grade 3-4 diarrhea occurred in 11% of patients. One patient had intestinal perforation following diarrhea. Diarrhea that led to dehydration and subsequent acute kidney injury occurred in 0.7% of all patients. Withhold Trodelvy for Grade 3-4 diarrhea and resume when resolved to ≤Grade 1. At onset, evaluate for infectious causes and if negative, promptly initiate loperamide, 4 mg initially followed by 2 mg with every episode of diarrhea for a maximum of 16 mg daily. Discontinue loperamide 12 hours after diarrhea resolves. Additional supportive measures (e.g., fluid and electrolyte substitution) may also be employed as clinically indicated. Patients who exhibit an excessive cholinergic response to treatment can receive appropriate premedication (e.g., atropine) for subsequent treatments.

Hypersensitivity and Infusion-Related Reactions: Serious hypersensitivity reactions including life-threatening anaphylactic reactions have occurred with Trodelvy. Severe signs and symptoms included cardiac arrest, hypotension, wheezing, angioedema, swelling, pneumonitis, and skin reactions. Hypersensitivity reactions within 24 hours of dosing occurred in 35% of patients. Grade 3-4 hypersensitivity occurred in 2% of patients. The incidence of hypersensitivity reactions leading to permanent discontinuation of Trodelvy was 0.2%. The incidence of anaphylactic reactions was 0.2%. Pre-infusion medication is recommended. Have medications and emergency equipment to treat such reactions available for immediate use. Observe patients closely for hypersensitivity and infusion-related reactions during each infusion and for at least 30 minutes after completion of each infusion. Permanently discontinue Trodelvy for Grade 4 infusion-related reactions.

Nausea and Vomiting: Nausea occurred in 64% of all patients treated with Trodelvy and Grade 3-4 nausea occurred in 3% of these patients. Vomiting occurred in 35% of patients and Grade 3-4 vomiting occurred in 2% of these patients. Premedicate with a two or three drug combination regimen (e.g., dexamethasone with either a 5-HT3 receptor antagonist or an NK1 receptor antagonist as well as other drugs as indicated) for prevention of chemotherapy-induced nausea and vomiting (CINV). Withhold Trodelvy doses for Grade 3 nausea or Grade 3-4 vomiting and resume with additional supportive measures when resolved to Grade ≤1. Additional antiemetics and other supportive measures may also be employed as clinically indicated. All patients should be given take-home medications with clear instructions for prevention and treatment of nausea and vomiting.

Increased Risk of Adverse Reactions in Patients with Reduced UGT1A1 Activity: Patients homozygous for the uridine diphosphate-glucuronosyl transferase 1A1 (UGT1A1)*28 allele are at increased risk for neutropenia, febrile neutropenia, and anemia and may be at increased risk for other adverse reactions with Trodelvy. The incidence of Grade 3-4 neutropenia was 58% in patients homozygous for the UGT1A1*28, 49% in patients heterozygous for the UGT1A1*28 allele, and 43% in patients homozygous for the wild-type allele. The incidence of Grade 3-4 anemia was 21% in patients homozygous for the UGT1A1*28 allele, 10% in patients heterozygous for the UGT1A1*28 allele, and 9% in patients homozygous for the wild-type allele. Closely monitor patients with known reduced UGT1A1 activity for adverse reactions. Withhold or permanently discontinue Trodelvy based on clinical assessment of the onset, duration and severity of the observed adverse reactions in patients with evidence of acute early-onset or unusually severe adverse reactions, which may indicate reduced UGT1A1 function.

Embryo-Fetal Toxicity: Based on its mechanism of action, Trodelvy can cause teratogenicity and/or embryo-fetal lethality when administered to a pregnant woman. Trodelvy contains a genotoxic component, SN-38, and targets rapidly dividing cells. Advise pregnant women and females of reproductive potential of the potential risk to a fetus. Advise females of reproductive potential to use effective contraception during treatment with Trodelvy and for 6 months after the last dose. Advise male patients with female partners of reproductive potential to use effective contraception during treatment with Trodelvy and for 3 months after the last dose.

ADVERSE REACTIONS

In the pooled safety population, the most common (≥ 25%) adverse reactions including laboratory abnormalities were decreased leukocyte count (84%), decreased neutrophil count (75%), decreased hemoglobin (69%), diarrhea (64%), nausea (64%), decreased lymphocyte count (63%), fatigue (51%), alopecia (45%), constipation (37%), increased glucose (37%), decreased albumin (35%), vomiting (35%), decreased appetite (30%), decreased creatinine clearance (28%), increased alkaline phosphatase (28%), decreased magnesium (27%), decreased potassium (26%), and decreased sodium (26%).

In the ASCENT study (locally advanced or metastatic triple-negative breast cancer), the most common adverse reactions (incidence ≥25%) were fatigue, diarrhea, nausea, alopecia, constipation, vomiting, abdominal pain, and decreased appetite. The most frequent serious adverse reactions (SAR) (>1%) were neutropenia (7%), diarrhea (4%), and pneumonia (3%). SAR were reported in 27% of patients, and 5% discontinued therapy due to adverse reactions. The most common Grade 3-4 lab abnormalities (incidence ≥25%) in the ASCENT study were reduced neutrophils, leukocytes, and lymphocytes.

In the TROPiCS-02 study (locally advanced or metastatic HR-positive, HER2-negative breast cancer), the most common adverse reactions (incidence ≥25%) were diarrhea, fatigue, nausea, alopecia, and constipation. The most frequent serious adverse reactions (SAR) (>1%) were diarrhea (5%), febrile neutropenia (4%), neutropenia (3%), abdominal pain, colitis, neutropenic colitis, pneumonia, and vomiting (each 2%). SAR were reported in 28% of patients, and 6% discontinued therapy due to adverse reactions. The most common Grade 3-4 lab abnormalities (incidence ≥25%) in the TROPiCS-02 study were reduced neutrophils and leukocytes.

In the TROPHY study (locally advanced or metastatic urothelial cancer), the most common adverse reactions (incidence ≥25%) were diarrhea, fatigue, nausea, any infection, alopecia, decreased appetite, constipation, vomiting, rash, and abdominal pain. The most frequent serious adverse reactions (SAR) (≥5%) were infection (18%), neutropenia (12%, including febrile neutropenia in 10%), acute kidney injury (6%), urinary tract infection (6%), and sepsis or bacteremia (5%). SAR were reported in 44% of patients, and 10% discontinued due to adverse reactions. The most common Grade 3-4 lab abnormalities (incidence ≥25%) in the TROPHY study were reduced neutrophils, leukocytes, and lymphocytes.

DRUG INTERACTIONS

UGT1A1 Inhibitors: Concomitant administration of Trodelvy with inhibitors of UGT1A1 may increase the incidence of adverse reactions due to potential increase in systemic exposure to SN-38. Avoid administering UGT1A1 inhibitors with Trodelvy.

UGT1A1 Inducers: Exposure to SN-38 may be reduced in patients concomitantly receiving UGT1A1 enzyme inducers. Avoid administering UGT1A1 inducers with Trodelvy.

Please see full Prescribing Information , including BOXED WARNING.

TransCode Therapeutics Announces $1.5 Million Registered Direct Offering of Common Stock Priced At-The-Market under Nasdaq Rules

On February 17, 2023 TransCode Therapeutics, Inc. (Nasdaq: RNAZ) (the "Company"), an RNA oncology company committed to more effectively treating cancer using RNA therapeutics, reported that it has entered into a definitive securities purchase agreement for the purchase and sale of 2,846,300 shares of common stock at a purchase price of $0.527 per share of common stock in a registered direct offering priced at-the-market under Nasdaq rules (Press release, TransCode Therapeutics, FEB 17, 2023, View Source [SID1234627387]).

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H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The closing of the offering is expected to occur on or about February 17, 2023, subject to the satisfaction of customary closing conditions. The gross proceeds to the Company from this offering are expected to be approximately $1.5 million, before deducting the placement agent’s fees and other offering expenses payable by the Company.

The shares of common stock described above are being offered by the Company pursuant to a "shelf" registration statement on Form S-3 (File No. 333-268764) previously filed with the Securities and Exchange Commission (the "SEC") on December 13, 2022 and declared effective by the SEC on December 16, 2022. The offering of the shares of common stock is made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the registered direct offering will be filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained, when available, on the SEC’s website at View Source or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212) 865-5711 or e-mail at [email protected].

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

Sorrento Issues Update to its Previously Issued “FAQ” Regarding the Dividend of Scilex Holding Company Common Stock (Nasdaq: SCLX, “Scilex”)

On February 17, 2023 Sorrento Therapeutics, Inc. (Nasdaq: SRNE, "Sorrento") reported an update to its previously issued "Frequently Asked Questions" document under the "Investors" section of its website at www.sorrentotherapeutics.com regarding its recent dividend to Sorrento stockholders of shares of common stock of Scilex Holding Company previously held by Sorrento (the "Dividend Stock") (Press release, Sorrento Therapeutics, FEB 17, 2023, View Sourcenews-releases/news-release-details/sorrento-issues-update-its-previously-issued-faq-regarding" target="_blank" title="View Sourcenews-releases/news-release-details/sorrento-issues-update-its-previously-issued-faq-regarding" rel="nofollow">View Source [SID1234627386]).

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The update to the FAQs provides notice regarding the no lien code added on Scilex (Nasdaq: SCLX) common stock that was distributed as a dividend to Sorrento’s stockholders and provides notice to brokerage firms, banks, dealers and similar organizations listed therein that a dividend confirmation had previously been distributed to such firms by Scilex’s transfer agent (the "Dividend Confirmation"). The update further requests that such firms contact Scilex’s transfer agent if they have not received the confirmation. The update to the FAQs and related annex are included in this press release and can also be found at View Source

NOTICE OF ADDITIONAL RESTRICTION CODE V050I BY CONTINENTAL STOCK TRANSFER & TRUST COMPANY

Effective as of February 17, 2023, Continental Stock Transfer & Trust Company has added the "No Lien Code V505I" that it had previously imposed on the Dividend Stock. Any shares of Dividend Stock held by your brokerage firm, bank, dealer or other similar organization for your benefit now bear only Scilex’s CUSIP number, which is 80880W106. If you are entitled to receive Dividend Stock, please contact your brokerage firm, bank, or other similar organization immediately to confirm that the CUSIP number appears on your brokerage statement with respect to your Dividend Stock.

RESTRICTION CODE V050I

THE SECURITIES ARE NOT SUBJECT TO ANY RIGHT, CHARGE, SECURITY INTEREST, LIEN OR CLAIM OF ANY KIND IN FAVOR OF CONTINENTAL STOCK TRANSFER & TRUST COMPANY ("CONTINENTAL") OR ANY PERSON CLAIMING THROUGH CONTINENTAL AND IF, NOTWITHSTANDING THE FOREGOING, THE SECURITIES BECOME SUBJECT TO ANY SUCH RIGHT, CHARGE, SECURITY INTEREST, LIEN, OR CLAIM OF ANY KIND, YOU WILL BE PROMPTLY NOTIFIED.

NOTICE TO BROKERAGE FIRMS, BANKS, DEALERS AND OTHER SIMILAR ORGANIZATIONS

If your firm, bank or similar organization has not received the Dividend Confirmation that was mailed and emailed to your firm, bank or similar organization, please contact Scilex’s transfer agent immediately to obtain a copy of the Dividend Confirmation.