On May 2, 2023 Xspray Pharma AB reported a rights issue of units amounting to approximately SEK 300 million (the "Rights Issue"), with two warrant series approximately amounting together up to an additional SEK 300 million upon full exercise (Press release, Xspray, MAY 2, 2023, View Source [SID1234650111]). The Board of Director’s resolution on the Rights Issue was based on the authorization granted by the extraordinary general meeting held on 25 May 2023. Today, Xspray hereby announces the outcome of the Rights Issue. Through the Rights Issue, Xspray will receive total proceeds of approximately SEK 251 million before transaction costs.

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"It is a sign of strength that we have been able to successfully complete this rights issue in a challenging market. We now have sufficient funds to launch our innovative first product Dasynoc in the US market within the next 12 months, thus transforming Xspray Pharma from a research company into a commercial, profitable pharmaceutical company. I want to extend a warm thank you to all long-term and new investors for your trust." comments Per Andersson, CEO of Xspray Pharma.

The outcome of the Rights Issue shows that 2,718,687 units, equivalent to approximately 72 percent of the Rights Issue, were subscribed with the support of unit rights. In addition, 25,015 units were subscribed for without the support of unit rights, of which 25,015 units, equivalent to approximately 1 percent of the Rights Issue, were allocated to investors who subscribed without the support of unit rights. 389,244 units, corresponding to approximately 10 percent of the Rights Issue, have been allotted to the parties who entered into guarantee undertakings in the Rights Issue. The Rights Issue is thus subscribed to approximately 83 percent and Xspray will receive proceeds amounting to approximately SEK 251 million before transaction costs.

The purpose of the Rights Issue is primarily to finance the pre-launch activities for Dasynoc in the US as well as general corporate purposes, ongoing operating costs, and the continued development of product candidates XS003 nilotinib and XS008 axitinib.

Notice of allotment of units subscribed without the support of unit rights will be sent through a settlement note around 28 June 2023. Subscribed and allocated units are to be paid in cash in accordance with the instructions on the settlement note. The allocation of units subscribed without preferential rights has been carried out in accordance with the allocation principles stated in the prospectus published by Xspray on 30 May 2023. Nominee-registered shareholders will receive information regarding allocation and payment according to the procedures of the nominee.

Through the Rights Issue, Xspray’s share capital will increase by approximately SEK 6,265,892, from approximately SEK 22,680,408 to approximately SEK 28,946,300, and the number of shares in Xspray will increase by 6,265,892 shares, from 22,680,408 shares to 28,946,300 shares.

The BTU (Sw. "Betald Tecknad Unit") will be tradable on Nasdaq Stockholm until the Rights Issue has been registered with the Swedish Companies Registration Office and the BTUs have been converted into shares and warrants. The last day of trading with BTUs is expected to take place on or around 11 July 2023.

Shares subscribed with the support of unit rights are expected to be registered with the Swedish Companies Registration Office around 6 July 2023 and are expected to start trading on Nasdaq Stockholm around 17 July 2023.

Shares subscribed without the support of unit rights are expected to be registered with the Swedish Companies Registration Office around 6 July 2023 and are expected to start trading on Nasdaq Stockholm around 17 July 2023.

The first day of trading for the warrants of series TO5 and TO6 is expected to be 17 July 2023.

On May 2, 2023 Alloy Therapeutics, a biotechnology ecosystem company, reported it is collaborating with Lundbeck, a global pharmaceutical company specializing in brain diseases, in the discovery of novel biologics therapies (Press release, Alloy Therapeutics, MAY 2, 2023, View Source [SID1234642129]).

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Through this agreement, Lundbeck will gain access to Alloy’s Antibody Discovery Services and its SeqImmune discovery module, which is a sequence-first workflow for early-on repertoire capture and generation of maximum initial diversity.

Lundbeck has licensed Alloy’s ATX-Gx humanized transgenic mouse platform since 2020, and this partnership reflects a deepening of the relationship between the companies, with Lundbeck looking to Alloy for complementing capabilities to its biologics discovery efforts.

"We have been impressed with Alloy’s innovative mindset and shared commitment to its partners’ success, and we are excited to complement Lundbeck’s internal scientific expertise with Alloy’s sophistication around biologics discovery," said Allan Jensen, Vice President of Biotherapeutic Discovery at Lundbeck.

Alloy started in 2017 with a mission to democratize foundational, pre-competitive biologics discovery technologies and expertise to enable the global scientific community to make better medicine together, starting with the ATX-Gx platform. Alloy quickly followed with its Antibody Discovery Service organization to enable its collaborators to fully outsource their discovery services needs to the foremost experts on the ATX-Gx platform.

Alloy’s Antibody Discovery Service is committed to finding its partners the best therapeutic antibodies against their target and delivering each campaign a sophisticated data package with the option for additional value-add offerings around machine-learning-driven affinity maturation and optimization, bispecific engineering, translational medicine, and advanced antibody production.

Alloy is committed to reinvesting 100 percent of its revenue back into innovation, and as a result is continuously improving and expanding the technologies and protocols deployed in its discovery campaigns.

Biotherapeutic Discovery at Lundbeck is focused on restoring brain health through the discovery and development of antibodies and biologics. The unique biology and additional complexities associated with the treatment of brain disease set highly stringent specifications on potential drug lead candidates.

"The ability to discover highly diverse antibody repertoires is key to finding the few potential drug leads, and the SeqImmune discovery module on top of the ATX-Gx platform holds that promise," said Allan Jensen, Vice President Biotherapeutic Discovery at Lundbeck.

"Our relationship with Lundbeck is a reflection of how we work to support the global scientific community in their mission to advance the best medicines for patients," said Errik Anderson, Alloy Therapeutics Founder and CEO. "We are grateful that Lundbeck has been collaborating with us for years on our platform technology and have put their trust in us as an extension of their discovery services team with this expanded partnership leveraging our SeqImmune antibody discovery workflow."

On May 2, 2023 Leidos reported its First Quarter Fiscal Year 2023 Results (Press release, Leidos, MAY 2, 2023, View Source [SID1234632884]).

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On May 2, 2023 Ten63 Therapeutics, a company combining generative AI and physics-based models to develop first- and best-in-class therapeutics, reported the closing of an oversubscribed $15.9 million Series A financing led by new investor Hatteras Venture Partners (Press release, Ten63 Therapeutics, MAY 2, 2023, View Source [SID1234632173]). Morpheus Ventures, SOSV, Draper Associates, Alexandria Venture Investments, the Sigma Group and other new investors also participated in the round.

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Proceeds will be used to advance and expand Ten63’s internal pipeline of first-in-class small molecules inhibiting high-impact, but thus far undruggable, cancer targets, including continued progression of its lead Myc inhibitor program. Key to Ten63’s pipeline is the continued development of BEYOND, Ten63’s proprietary computational drug discovery platform. The financing also allows Ten63 to selectively enter key strategic partnerships to further enhance its pipeline.

"We are thrilled to welcome some of the leading biotechnology and technology venture funds to accelerate our pipeline and platform," said Marcel Frenkel, PhD, CEO of Ten63. "At Ten63, we are dedicated to developing groundbreaking therapeutics that benefit patients, and we are pleased to strengthen our syndicate with the experience and expertise to help us get there. Our investors have repeatedly demonstrated the ability to help companies grow to have a positive impact on patients’ lives. We look forward to building on that tradition."

"Marcel Frenkel, Mark Hallen and the Ten63 team have taken AI/machine learning (ML) drug discovery to the next level. Their approach enables the search of a massively expanded universe of compounds and binding pockets," said Clay Thorp, Co-Founder and General Partner at Hatteras and Ten63’s new Chairman of the Board. "We are excited to be a part of Ten63 and help the company leverage its platform to bring life-changing therapeutics to patients."

This new phase of growth builds on Ten63’s unprecedented progress toward one of the most sought-after cancer therapeutics: a small-molecule drug targeting Myc.

"We are more than doubling our investment because Ten63 has experimentally demonstrated in head-to-head comparisons that BEYOND outperforms over 40 years of academic and industry best-efforts and methods when pursuing difficult targets like Myc," said Damien Petty, Partner at Morpheus Ventures, the lead investor of Ten63’s previous round.

Set on drugging the "undruggable"

Ten63’s journey began with Dr. Frenkel’s mother, Gilda Szacher Frenkel.

"Like many, her cancer was driven by a set of mutations to key proteins that regulate cellular processes. Unfortunately, most of these proteins, despite being widely studied, remain undruggable by current methods," said Dr. Frenkel. "Ten63 has set out with a vengeance to change this paradigm through the application of next-generation computational drug discovery methods."

Despite advances in drug discovery, 80% of the proteins in the human body remain evasive, and some of these so-called "undruggable" proteins are believed to be major oncogenes (cancer-driving proteins). Ten63 is progressing multiple targets within its pipeline, but is currently only disclosing its lead program, a Myc inhibitor. Myc is one of the most-studied oncogenes and believed to drive up to 70% of all cancers. Despite hundreds of attempts spanning 40 years, it remains infamously elusive. Ten63 believes its computational platform BEYOND has the potential to crack Myc, as well as other undruggable oncogenes, transforming the treatment landscape for patients.

Ten63 developed the BEYOND platform based on over 15 years of academic research by its founders.

"Rather than depending on data alone, BEYOND builds on molecular voxel theory (MVT)," said Mark Hallen, PhD, Ten63’s co-founder and CTO,. "MVT allows BEYOND to explore a chemical space of over 100 trillion compounds, with mathematical guarantees to discover the best small molecule solutions given the company’s state-of-the-art hybrid AI/physics-based models. BEYOND also enables Ten63 to find novel pockets and binding sites, as well as a large diversity of chemical matter."

A visionary team combining pharma experience and cutting-edge technology

Drs. Frenkel and Hallen and their co-founder Bruce Donald, PhD, worked together for years on the academic precursors to these algorithms. Dr. Donald, the James B. Duke Professor of Computer Science at Duke University and professor of chemistry and biochemistry, chairs Ten63’s scientific advisory board. Their work pioneered the prediction of resistance mutations to cancer drugs and antibiotics before they arise in the clinic and the application of ML to scale cutting-edge, quantum chemistry-based models to the massive chemical and conformational spaces needed for drug discovery. In addition to a groundbreaking computational protein and drug design background, launching Ten63 required a much broader range of expertise.

Ten63 has assembled a visionary team of accomplished chemists, biologists and computational experts to accomplish its mission. The team ranges from experienced pharma executives like Nancy Miller-Rich, previously global head of BD and Strategy at Merck, and Melissa Epstein, formerly SVP at Novartis, to drug hunters like Stephen Thomson, PhD, formerly section head at GSK and research fellow at Vertex, and Charlie Holst, PhD, formerly senior director at Ribometrix and previously senior principal scientist at Pfizer. The company also taps into the expertise of a world-class scientific advisory board, including two MacArthur (Genius) Fellowship award winners and one Squirrel AI award winner, as well as members of the National Academies of Medicine, Science and Engineering.

"Much of our algorithmic strategy at Ten63 is built on synthesizing the diverse lines of seminal research that our advisors have pioneered," said Dr. Hallen.

"Ten63’s provable AI algorithms for the exploration of vast chemical and conformational spaces, combined with the accuracy of ML-accelerated quantum chemistry methods, have the potential to revolutionize how we design drugs," said Weitao Yang, PhD, one of the world’s foremost experts in computational quantum chemistry and Ten63’s SAB member.

On May 2, 2023 Pfizer Inc. (NYSE: PFE) reported financial results for the first quarter of 2023 and reaffirmed full-year 2023 financial guidance (Press release, Pfizer, MAY 2, 2023, View Source [SID1234631632]).

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The first-quarter 2023 earnings presentation and accompanying prepared remarks from management as well as the quarterly update to Pfizer’s R&D pipeline can be found at www.pfizer.com.