On May 9, 2023 Black Diamond Therapeutics, Inc. (Nasdaq: BDTX), a clinical-stage precision oncology medicine company developing MasterKey therapies designed to overcome limitations of existing therapies by targeting families of oncogenic driver mutations in patients with genetically defined cancers, reported financial results for the first quarter ended March 31, 2023, and provided a corporate update (Press release, Black Diamond Therapeutics, MAY 9, 2023, View Source [SID1234631231]).

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"We are incredibly pleased with the pace of execution since the start of 2023 as we continue to advance our pipeline programs, BDTX-1535 and BDTX-4933 in addition to our newest program, BDTX-4876. Having three investigational new drug (IND) acceptances in three years is exemplary of our breadth of expertise in precision oncology drug discovery and development. We are confident that our momentum will continue to bring tremendous progress across our pipeline as we head further into this transformational year for Black Diamond," said David Epstein, Ph.D., President and Chief Executive Officer of Black Diamond Therapeutics. "2023 brings several key inflection points, including a clinical update from the dose-escalation portion of our Phase 1 trial of BDTX-1535 in patients with non-small cell lung cancer (NSCLC) and glioblastoma multiforme (GBM), the initiation of a Phase 1 clinical trial for BDTX-4933, and today’s announcement of a development candidate nomination for our fibroblast growth factor receptor (FGFR) 2/3 selective program. We remain acutely focused on bringing our next-generation precision medicines to patients in need, particularly as we work to expand the addressable patient population within the broader oncogenic mutation landscape. Our sophisticated drug design and our deep-rooted commitment to effectively targeting shared, activated conformations used by oncogenic drivers for tumor growth are all enabled by our Mutation Allostery Pharmacology (MAP) drug discovery engine and ultimately realized by our MasterKey therapies."

Recent Developments & Upcoming Milestones:

BDTX-1535:

BDTX-1535, an epidermal growth factor receptor (EGFR) MasterKey inhibitor, is being developed to treat genetically defined cancer in patients whose tumors are positive for EGFR MasterKey mutations in NSCLC, as well as in GBM. BDTX-1535 is a fourth generation EGFR inhibitor designed to be irreversible (covalent) and brain-penetrant and is unique in how it targets a family of driver and resistance mutations arising from the use of third generation EGFR inhibitors to treat EGFR-positive NSCLC.
In April 2023, Black Diamond presented two posters highlighting BDTX-1535’s preclinical development as well as the ongoing Phase 1 clinical trial at the 2023 AACR (Free AACR Whitepaper) Annual Meeting. Key highlights from the preclinical poster included an outline of the unmet need for next generation EGFR inhibitors that target classical driver mutations as well as acquired and intrinsic resistance mutations expressed in the context of EGFR driver mutations in NSCLC, and EGFR alterations expressed in GBM. Black Diamond also outlined its ongoing Phase 1, open-label, multicenter clinical trial to assess the safety, tolerability, pharmacokinetics, central nervous system (CNS) penetrance and preliminary antitumor activity of BDTX-1535 in locally advanced or metastatic NSCLC with or without CNS disease or in recurrent GBM (rGBM).
Enrollment in the Phase 1 clinical trial was initiated in 2022 and dose escalation is ongoing. Dose Expansion cohorts are expected to open in 2023. Black Diamond remains on track to provide a clinical update on BDTX-1535 in the second half of 2023.
BDTX-4933:

BDTX-4933 is designed as a brain-penetrant, oral MasterKey inhibitor of oncogenic BRAF Class I, II and III and RAS mutations, while also avoiding paradoxical activation.
In the first quarter of 2023, Black Diamond received allowance of its IND application from the U.S. Food and Drug Administration (FDA).
In April 2023, Black Diamond presented a poster at the 2023 AACR (Free AACR Whitepaper) Annual Meeting, outlining its approach to characterizing RAF, RAS and MAPK pathways in addition to the design and preclinical development of BDTX-4933. Based on preclinical data, BDTX-4933 has a potential best-in-class profile to treat cancer patients harboring oncogenic BRAF Class I, II, III and RAS mutations, with or without brain disease.
Black Diamond expects to dose its first patient in a Phase 1 clinical trial of BDTX-4933 in patients with tumors harboring all-class BRAF or RAS mutations in the second quarter of 2023.
Discovery-Stage Pipeline and MAP Drug Discovery Engine:

Today, Black Diamond announced that it selected a development candidate, BDTX-4876, for its FGFR program. BDTX-4876 is selective against MasterKey mutations and alterations in FGFR 2 and 3, while sparing FGFR 1 and 4.
Black Diamond plans to evaluate strategic alternatives for the FGFR program as it deepens focus on its two clinical stage assets.
Black Diamond continues to leverage its MAP drug discovery engine to advance its discovery-stage pipeline to bring therapies to underserved patients.
Corporate:

In March 2023, the Company promoted Fang Ni, Pharm.D., from interim Chief Financial Officer to full-time Chief Financial Officer, in addition to his role as Chief Business Officer.
Financial Highlights

Cash Position: Black Diamond ended the first quarter of 2023 with approximately $103.4 million in cash, cash equivalents, and investments compared to $122.8 million as of December 31, 2022. Net cash used in operations was $20.0 million for the first quarter of 2023 compared to $28.6 million for the first quarter of 2022.
Research and Development Expenses: Research and development (R&D) expenses were $14.8 million for the first quarter of 2023, compared to $17.8 million for the same period in 2022. The decrease in R&D expenses was primarily due to reduced clinical trial activities stemming from the discontinuation of the development of BDTX-189 to focus on advancement of the Company’s pipeline programs, BDTX-1535 and BDTX-4933.
General and Administrative Expenses: General and administrative (G&A) expenses were $6.8 million for the first quarter of 2023, compared to $7.9 million for the same period in 2022. The decrease in G&A expenses was primarily due to a decrease in legal and other professional fees.
Net Loss: Net loss for the first quarter of 2023 was $20.9 million, as compared to $25.5 million for the same period in 2022.
Financial Guidance

Black Diamond ended the first quarter of 2023 with approximately $103.4 million in cash, cash equivalents and investments, which the Company believes is sufficient to fund its anticipated operating expenses and capital expenditure requirements into the third quarter of 2024.

On May 9, 2023 BerGenBio ASA (OSE: BGBIO), a clinical-stage biopharmaceutical company developing novel, selective AXL kinase inhibitors for severe unmet medical needs, reported that it will hold a business update conference call on Monday, May 15, 2023, at 10 a.m. CEST (Press release, BerGenBio, MAY 9, 2023, View Source [SID1234631230]). BerGenBio’s senior management team will provide a briefing via a webcast presentation on the Company’s website, followed by a Q&A session.

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Topics to be addressed during the presentation include:

Proposed Rights Issue: The Company announced on April 25, 2023, its intentions to carry out a partially underwritten rights issue to raise gross proceeds of up to NOK 250 million.

A Q&A document pertaining to the rights issue can from today be found in the General Meetings portion of the Investors section of www.bergenbio.com.

BGBC008 Additional Data: Additional results of pre-planned analyses from the Phase 2 BGBC008 trial evaluating bemcentinib in combination with pembrolizumab in 2L+ NSCLC patients will be presented.

BGBC003 Topline Data: Topline data will be presented from the Phase 2 BGBC003 trial evaluating bemcentinib in combination with chemotherapy in patients with AML and as a single agent in patients with MDS.

Financial Update: An update on the Company’s key financial numbers will be provided as part of the business update.

Full first quarter 2023 financial results report will currently not be prioritized and release will be delayed to 22 June 2023.

The webcast link will be available at www.bergenbio.com in the Investors/Financial Reports section.

A recording will be available shortly after the webcast has finished.

On May 9, 2023 Avidity Biosciences, Inc. (Nasdaq: RNA), a biopharmaceutical company committed to delivering a new class of RNA therapeutics called Antibody Oligonucleotide Conjugates (AOCs), reported financial results for the first quarter ended March 31, 2023 and highlighted recent corporate progress (Press release, Avidity Biosciences, MAY 9, 2023, View Source [SID1234631229]). Avidity ended the first quarter of 2023 with cash, cash equivalents and marketable securities totaling $586.3 million.

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"We are pleased with the positive AOC 1001 topline data reported at AAN demonstrating directional functional improvements across multiple functional measurements. We are focused on discussions with the FDA to define a path forward for AOC 1001 as soon as possible," said Sarah Boyce, president and chief executive officer at Avidity. "We have a number of important milestones from our pipeline expected this year including a first look at data from the MARINA-OLE trial and data from healthy volunteers in the Phase 1/2 EXPLORE44 study. We are executing on our clinical and pipeline programs to develop much needed therapies for people living with devastating rare diseases."
"We ended Q1 with $586 million which puts us in a strong financial position with a runway to mid-2025. We continue to invest in our advancing and expanding pipeline in skeletal muscle and cardiology rare disease programs while also expanding the broad utility of our AOC platform through our internal discovery efforts and collaborations," said Mike MacLean, chief financial officer and chief business officer at Avidity
Recent Highlights

•Presented top-line data for MARINA at American Academy of Neurology (AAN) 2023 Annual Meeting in April 2023:
◦The MARINA trial concluded with the 38 participants with myotonic dystrophy type 1 (DM1). The company will continue to dose the participants at both 2 mg/kg and 4 mg/kg of AOC 1001 in the MARINA open-label extension study (MARINA-OLE). AOC 1001 MARINA topline data demonstrated:
▪Directional improvement in multiple functional assessments including measures of myotonia, strength and mobility

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▪Meaningful DMPK reduction and splicing changes in participants treated with AOC 1001 followed by directional improvements in functional measures at 2 mg/kg and 4mg/kg doses of AOC 1001
▪AOC 1001 demonstrated broad splicing improvements in more than a thousand genes impacted by DM1, confirming activity in the nucleus
▪Favorable safety and tolerability profile of AOC 1001 with most adverse events mild or moderate

•The company provided a regulatory update on the AOC 1001 partial clinical hold on new participant enrollment and provided more information on the rare serious adverse event in a single participant that led to the partial clinical hold. Avidity continues to work diligently with the FDA and remains very confident in the benefit/risk profile of AOC 1001.
•Avidity announced that it advanced and expanded its wholly-owned early stage AOC pipeline including adding a rare cardiology program and an additional program in rare skeletal muscle disease. Ongoing collaborations with Eli Lilly and Company (Lilly) and Bristol Myers Squibb (BMS) continue to advance beyond skeletal muscle in immunology and cardiology, respectively.
•The FDA granted AOC 1020 Fast Track Designation in January 2023 and in February 2023, the FDA and the European Medicines Agency (EMA) granted AOC 1020 Orphan Designation.
•The FDA also recently granted AOC 1044 Fast Track Designation in April 2023.
Upcoming Milestones:
•The company continues to advance three distinct rare disease clinical programs: AOC 1001 for DM1, AOC 1020 for the treatment of facioscapulohumeral muscular dystrophy (FSHD) and AOC 1044 for the treatment of Duchenne muscular dystrophy (DMD) mutations amenable to exon 44 skipping (DMD44). Upcoming milestones include:
◦A first look at data from the MARINA-OLE trial is anticipated in late 2023.
◦Data from healthy volunteers in the EXPLORE44 trial is anticipated in the second half of 2023.
◦Data from a preliminary assessment in approximately half of participants in the FORTITUDE trial is anticipated in the first half of 2024.

First Quarter 2023 Financial Results
Cash, Cash Equivalents and Marketable Securities: Cash, cash equivalents and marketable securities totaled $586.3 million as of March 31, 2023, compared to $610.7 million as of December 31, 2022.

•Collaboration Revenue: Collaboration revenue, including reimbursable expenses, primarily relates to Avidity’s partnership with Lilly and totaled $2.2 million for the first quarter of 2023 compared with $1.8 million for the first quarter of 2022.

•Research and Development (R&D) Expenses: R&D expenses include external and internal costs associated with research and development activities. These expenses were $47.8 million for the first quarter of 2023 compared with $27.7 million for the first quarter of 2022. The increases were primarily driven by the advancement of AOC 1001, AOC 1020 and AOC 1044, as well as internal and external costs related to the expansion of the company’s overall research capabilities.
•General and Administrative (G&A) Expenses: G&A expenses primarily consist of employee-related expenses, professional fees, insurance costs and patent filing and maintenance fees. These expenses were $12.1 million for the first quarter of 2023 compared with $8.6 million for the first quarter of 2022. The increases were primarily due to higher personnel costs and professional fees to support the company’s expanded operations.

On May 9, 2023 Arbutus Biopharma Corporation (Nasdaq: ABUS) ("Arbutus" or the "Company"), a clinical-stage biopharmaceutical company leveraging its extensive virology expertise to develop novel therapeutics that target specific viral diseases, reported that the Company will participate in a fireside chat at the JMP Securities Life Sciences Conference taking place in New York on Tuesday, May 16, 2023 at 9:00 am ET (Press release, Arbutus Biopharma, MAY 9, 2023, View Source [SID1234631228]).

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Presenters: William Collier, President & Chief Executive Officer; Dr. Michael Sofia, Chief Scientific Offer; and David Hastings, Chief Financial Officer

A live webcast of the fireside chat can be accessed through the Investors section of Arbutus’ website at www.arbutusbio.com. An archived replay of the webcast will be available on the Arbutus website after the event.

On May 9, 2023 ALX Oncology Holdings Inc., ("ALX Oncology") (Nasdaq: ALXO), a clinical-stage immuno-oncology company developing therapies to block the CD47 checkpoint mechanism, reported the initiation of a Phase 2 investigator-sponsored trial of evorpacept, a next generation CD47 blocker, in combination with liposomal doxorubicin and KEYTRUDA (pembrolizumab), Merck’s anti-PD-1 therapy, in patients with recurrent platinum-resistant ovarian cancer at the UPMC Hillman Cancer Center (Press release, ALX Oncology, MAY 9, 2023, View Source [SID1234631227]).

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This is an open-label, single-arm Phase 2 clinical trial (NCT05467670). The study is being led by Haider Mahdi, M.D., M.P.H., Assistant Professor, Department of Obstetrics, Gynecology and Reproductive Sciences, The University of Pittsburgh and UPMC Magee-Womens Research Institute, the largest U.S. research institute dedicated to women’s health research. Merck, known as MSD outside the United States and Canada, will provide KEYTRUDA to support this study.

"We are excited to launch this study and to evaluate evorpacept in this novel therapeutic combination in a difficult-to-treat population," said Dr. Mahdi. "Ovarian cancer patients who develop platinum-resistant disease have poor prognosis, and are in desperate need for new treatment options that are safe and effective. From a mechanistic standpoint, CD47 blockade has been shown to complement chemotherapeutic agents and immune checkpoint inhibitors. We anticipate that the combination of evorpacept, liposomal doxorubicin and pembrolizumab may lead to improved efficacy and a more favorable benefit-risk profile."

ALX Oncology owns worldwide commercial rights to evorpacept.

About Ovarian Cancer

Ovarian cancer is the fifth leading cause of cancer-related deaths among women in the United States and eighth worldwide. According to estimates from the American Cancer Society, more than 19,000 women were diagnosed with ovarian cancer in the United States and there were nearly 13,000 deaths from ovarian cancer in 2022. Despite recent advances in the therapeutic landscape of newly diagnosed ovarian cancer, advanced ovarian cancer is still considered incurable for the majority of patients, and 80% of patients with advanced ovarian cancer will experience a disease recurrence.