On April 6, 2023 ImmunoGen, Inc. (Nasdaq: IMGN), a leader in the expanding field of antibody-drug conjugates (ADCs) for the treatment of cancer, reported that it has entered into a term loan financing facility for up to $175 million with entities managed by Pharmakon Advisors, LP ("Pharmakon") (Press release, ImmunoGen, APR 6, 2023, View Source [SID1234629857]). Proceeds from the agreement will strengthen ImmunoGen’s balance sheet and provide the Company with additional capital to support its growth trajectory.

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Under the terms of the agreement, the loan facility will be available to ImmunoGen in two tranches. The initial tranche of $75 million will be drawn upon execution; the second tranche of $50 million will be available at the Company’s option upon achievement of positive top-line data from its confirmatory MIRASOL trial and a net sales threshold for ELAHERE (mirvetuximab soravtansine-gynx). This tranche may be increased to $100 million upon mutual agreement of the parties. The facility will mature five years from initial funding; payments will be interest-only during the first 36 months, with an extension of 12 months if certain conditions are met, after which ratable principal payments will commence for the remainder of the loan. Interest will accrue at the three-month Secured Overnight Financing Rate, subject to a 2.75% floor, plus 8.00% per annum.

"Our agreement with Pharmakon strengthens our financial position as we execute against our strategic priorities, including accelerating the launch of ELAHERE and investing in our pipeline of next-generation ADCs," said Mark Enyedy, ImmunoGen’s President and Chief Executive Officer. "Pharmakon is a well-respected partner to innovative biotechnology companies, and we look forward to utilizing the non-dilutive capital from this agreement to advance the business and drive value for our shareholders as a commercial oncology company."

"We are pleased to support ImmunoGen and this investment illustrates our confidence in the Company’s ability to successfully commercialize ELAHERE while progressing the development of its earlier-stage assets and delivering on its mission to offer more good days to patients," said Martin Friedman, Pharmakon Managing Member.

Goldman Sachs & Co. LLC served as financial advisor to ImmunoGen on the transaction.

On April 6, 2023 Domain Therapeutics ("Domain" or "the Company"), a clinical-stage biopharmaceutical company developing innovative drug candidates focused on G Protein-Coupled Receptors (GPCRs) in immuno-oncology, reported three posters the Company will be presenting at the American Association for Cancer Research (AACR) (Free AACR Whitepaper) Annual Meeting 2023, taking place April 14-19, 2023 in Orlando, Florida (Press release, Domain Therapeutics, APR 6, 2023, View Source [SID1234629855]).

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Based on clinical findings, including results of a large-scale meta-analysis, Protease-activated receptor 2 (PAR2) was identified as significantly associated with resistance to immune checkpoint blockade in cancer patients. With PAR2 representing a promising therapeutic target in oncology and immuno-oncology, Domain has developed a novel series of potent and selective PAR2 inhibitors which have demonstrated unique properties versus competitors.

The Company is also presenting further findings from its CCR8 depleting-antibody program, a promising target from which to derive novel immunotherapies. Based on the transcriptional analysis of tumor infiltrating immune cells, the G-protein coupled receptor CCR8 was found to be expressed on murine and human Tumor-infiltrating Tregs (TITR), a sub-family of immuno-suppressive cells which play a critical role in cancer, but not on proinflammatory effector T cells. Following a comprehensive in vitro benchmarking monoclonal antibody analysis, Domain identified key differentiating points of its candidates versus competitors.

Dr. Stephan Schann, VP Research at Domain Therapeutics, commented: "These new findings show the precise focus with which Domain is identifying promising new targets involved in immunosuppression, such as PAR2 and CCR8 receptors, which could lead to the development of more powerful therapeutic strategies. We are continuing to advance our leading GPCR precision research to identify first-in-class and best-in-class candidates in our efforts to unlock new possibilities in cancer and significantly improve patient outcomes."

Details of Domain’s AACR (Free AACR Whitepaper) abstracts which will be shown at the Orange County Convention Center, Orlando, Florida are provided below. All abstracts will be published in the online Proceedings of the AACR (Free AACR Whitepaper).

Title: Depleting hCCR8 mAb Therapy #1: Characterization of a broad collection of anti-hCCR8 mAbs

Abstract number: 2946 / 24
Poster session title: Therapeutic Antibodies 2
Location: Poster Section 23
Date and time: 17 April 2023 1:30 PM – 5:00 PM

Title: Depleting hCCR8 mAb Therapy #2: Selection of candidates for the development of innovative depleting anti-CCR8 therapeutic antibodies to control the immunosuppressive tumor microenvironment

Abstract number: 2945 / 23
Poster session title: Therapeutic Antibodies 2
Location: Poster Section 23
Date and time: 17 April 2023 1:30 PM – 5:00 PM

Title: Novel biased PAR2 inhibitors with best-in-class properties reduce resistance to both chemotherapy and immunotherapy in oncology models

Abstract number: 4961 / 7
Poster session title: Novel Targets and Pathways
Location: Poster Section 16
Date and time: 18 April 2023 1:30 PM – 5:00 PM

On April 6, 2023 Akoya Biosciences, Inc. (Nasdaq: AKYA) ("Akoya"), The Spatial Biology Company, reported that it will release financial results for the first quarter of 2023 after the market close on Monday, May 8th, 2023 (Press release, Akoya Biosciences, APR 6, 2023, View Source [SID1234629854]). Company management will host a conference call to discuss financial results at 5:00 p.m. ET.

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Investors interested in listening to the conference call are required to register online. It is recommended to register at least a day in advance. A live and archived webcast of the event will be available on the "Investors" section of the Akoya website at View Source

On April 5, 2023 Verismo Therapeutics, a clinical-stage CAR T company, Penn spinout, and pioneer of the novel KIR-CAR platform technology, reported that it has received Fast Track designation from the U.S. Food and Drug Administration (FDA) for its investigational new drug, SynKIR-110, for the treatment of patients with mesothelioma (Press release, Verismo Therapeutics, APR 5, 2023, View Source [SID1234629889]).

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Fast Track designation is designed to facilitate the development and expedite the review of drugs intended to treat serious or life-threatening conditions and address unmet medical needs, thus enabling drugs to reach patients sooner. Clinical Programs with Fast Track designation may also be eligible to apply for Accelerated Approval and Priority Review if relevant criteria are met.

SynKIR-110 is an investigational new drug for the treatment of mesothelin-expressing mesothelioma, cholangiocarcinoma and ovarian cancer. Verismo Therapeutics is conducting a Phase 1 multicenter clinical trial in these tumor types to evaluate the safety, feasibility and anti-tumor activity of the SynKIR-110 (ClinicalTrials.gov Identifier: NCT05568680).

"We are thrilled to receive Fast Track designation from the FDA," said Dr. Bryan Kim, DMD, Co-Founder and CEO of Verismo Therapeutics. "This designation is an important milestone in our efforts to bring this potentially life-saving drug to patients who are in need of new treatment options."

Verismo Therapeutics is committed to developing innovative treatments for patients with serious and life-threatening conditions using its novel KIR-CAR platform.

For more information about SynKIR-110, please visit www.verismotherapeutics.com.

About the KIR-CAR Platform
The KIR-CAR platform is a dual-chain CAR T cell therapy and has been shown in preclinical animal models to be capable of maintaining antitumor T cell activity even in challenging solid tumor environments. DAP12 acting as a novel costimulatory molecule for T cells, aids additional T cell stimulating pathways, further sustaining chimeric receptor expression and improving KIR-CAR T cell persistence. This continued T cell function and persistence can lead to ongoing regression of solid tumors in preclinical models, including those refractory to traditional CAR T cell therapies. Furthermore, the KIR-CAR platform can be combined with many additional emerging technologies, such as in vivo gene engineering, advanced cell manufacturing and reprogramming, combinational therapies, and even allogeneic cellular therapies to provide the next-generation multimodal targeted immunotherapy for patients in need.

On April 5, 2023, TRACON Pharmaceuticals, Inc. (the "Company") entered into a second amendment with effect from March 31, 2023 (the "Loan Amendment") to the loan and security agreement, dated as of September 2, 2022 and amended December 22, 2022 (the "RGC Loan Agreement"), by and among the Company, each party to the RGC Loan Agreement from time to time a borrower thereunder, the lenders from time to time a party thereto and Runway Growth Finance Corp., as administrative agent and collateral agent for the lenders ("Lender") (Filing, 8-K, Tracon Pharmaceuticals, APR 5, 2023, View Source [SID1234629886]). The Loan Amendment amends the RGC Loan Agreement to, among other things, provide for the following terms: on or before April 15, 2023, if the Company has raised at least $25.0 million in net cash proceeds from certain equity or debt transactions prior to making such request, Lender may, in its sole and absolute discretion, allow or deny loaning to the Company an aggregate principal amount of $10.0 million, with the full amount funded in a single disbursement. If the loan described above is not made by April 15, 2023, the maturity date will be April 15, 2023, the RGC Loan Agreement will terminate on that date, and the Company will not be obligated to pay the prepayment fee described in the RGC Loan Agreement but the final payment fee described in the RCG Loan Agreement will become immediately due and payable.

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All other material terms, including the interest-only period and covenants in the RGC Loan Agreement remain unchanged.

The foregoing summary of the material terms of the Loan Amendment does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Loan Amendment, a copy of which will be filed with the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023.