On September 8, 2023 Grit Biotechnology reported the completion of a Series B financing round, raising over 60 million USD (Press release, Grit Bio, SEP 8, 2023, View Source [SID1234635035]). The investment was led by CICC with participation from Qianhai Ark, Liando Group, Yuanhe Capital, HeFangTian Venture Partnership and existing investors Sherpa Healthcare Partners, Decheng Capital and Matrix Partners China.

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The financing will support Grit Biotechnology’s Tumor-Infiltrating Lymphocyte (TIL) pipeline development, including the pivotal Phase II trial for GT101 and the advancement of next-gen gene-edited TIL products. Founded in 2019, Grit Biotechnology is a pioneering cell therapy company focused on delivering transformative cancer treatments. GT101 is currently the fastest-developing TIL therapy in China and will enter a Phase II trial by the end of 2023.

Grit Bio has four core technology platforms central to its TIL development: StemTexp, StaViral, KOReTIL and ImmuT Finder, a genome-wide CRISPR/Cas9 screening platform. These platforms have enabled the development of next-generation gene-edited TIL products.

GT201, a genetically engineered TIL product by Grit Biotechnology, boosts T cell survival and function by expressing a vital membrane-bound cytokine. It surpasses traditional TIL therapies in proliferation, tumor-killing and persistence with reduced reliance on IL-2. GT201 IND is approved by CFDA and entered Phase I clinical trials.

GT316, Grit Biotechnology’s next-gen TIL product, enhances TIL performance through knock-out of immunoregulatory targets identified via ImmuT Finder CRISPR/Cas9 screening. In PDX mouse models, GT316 effectively eliminates tumors supported by low-dose IL-2 support with minimal toxicity. It offers substantial clinical benefits compared to conventional TIL products and is currently in IIT clinical trials in China.

With 100+ experienced professionals and a 10,000 sqm GMP-level cell therapy manufacturing facility in Suzhou, China, Grit Bio is a leading player in cell therapy field in China aimed at expediting the development of GT101 and next-generation TIL pipelines and addressing the unmet medical needs of solid tumor patients.

On September 8, 2023 Mabwell (688062.SH), an innovative biopharmaceutical company with entire industry chain, and WuXi XDC, a leading global CRDMO, reported that they have signed a LOI for long-term strategic collaboration on Mabwell’s multiple ADC projects (Press release, Mabwell Biotech, SEP 8, 2023, View Source [SID1234635034]).

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Mabwell has had multiple innovative products in clinical studies or preclinical research by their world-leading ADC technology platforms and CMC development capabilities. WuXi XDC will make further efforts to accelerate global layout of Mabwell’s R&D and commercialization, cost reduction and R&D efficiency improvement by their leading antibody-drug conjugate production technology platform and integration capabilities.

On September 8, 2023 ProMIS Neurosciences Inc. (Nasdaq: PMN) ("ProMIS" or the "Company"), a biotechnology company focused on the generation and development of antibody therapeutics targeting toxic misfolded proteins in neurodegenerative diseases such as Alzheimer’s disease (AD), amyotrophic lateral sclerosis (ALS) and multiple system atrophy (MSA), reported that it closed its previously announced private investment in public equity ("PIPE") financing, for the issuance and sale of common share units, each consisting of one of the Company’s common shares (the "Common Shares") and one warrant to purchase one Common Share (the "Warrants") (the "Common Share Units") and pre-funded units, each consisting of one pre-funded warrant to purchase one Common Share and one Warrant (Press release, ProMIS Neurosciences, SEP 8, 2023, View Source [SID1234635033]). The Common Share Units were sold at a price of $1.88 per unit and the Pre-Funded Warrants were sold at a price of $1.87 per unit for gross proceeds of approximately $20.4 million, before deducting fees to the placement agents and other offering expenses payable by the Company.

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Proceeds from the PIPE financing will be used to advance the clinical development of PMN310, ProMIS’ lead therapeutic candidate, as well as for working capital and other general corporate expenses.

BTIG, LLC acted as the placement agent for this offering.

The offer and sale of the foregoing securities were made in a transaction not involving a public offering and have not been registered under the Securities Act of 1933, as amended ("Securities Act"), or any state or other applicable jurisdiction’s securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state or other jurisdictions’ securities laws. ProMIS Neurosciences has agreed to file a registration statement with the SEC registering the resale of the Common Shares and the Common Shares issuable upon the exercise of the Pre-Funded Warrants and Warrants issued in the PIPE financing.

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

On September 8, 2023 UroGen Pharma Ltd. (Nasdaq: URGN), a biotech company dedicated to developing and commercializing innovative solutions that treat urothelial and specialty cancers, reported the grants of inducement restricted stock units ("RSUs") to 11 new employees, as well as options ("Options") to one of the new employees, in connection with their employment with UroGen (Press release, UroGen Pharma, SEP 8, 2023, View Source [SID1234635032]). These new team members will support the ongoing commercial launch of Jelmyto (mitomycin) for pyelocalyceal solution, UroGen’s first approved product, and the continued development of the Company’s pipeline.

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Up to 37,300 ordinary shares of UroGen are issuable upon the vesting and settlement of the RSUs and up to 30,000 ordinary shares are issuable upon the vesting and exercise of the Options. The Options have an exercise price of $17.94 per share, which was the closing price of the ordinary shares on September 6, 2023, the date of grant, as reported on The Nasdaq Stock Market. The RSUs and Options will vest equally over three years, with one-third of the underlying shares vesting each year on the anniversary of the vesting date, subject in each case to the employee’s continued service relationship with UroGen.

The RSUs and Options are subject to the terms and conditions of UroGen’s 2019 Inducement Plan and RSU and Option grant notice and agreements thereunder. The RSUs and Options were granted as an inducement material to each employee entering into employment with UroGen in accordance with Nasdaq listing Rule 5635(c)(4).

On September 8, 2023 Quest Diagnostics Incorporated (NYSE: DGX), the world’s leading provider of diagnostic information services, reported that Sam Samad, Executive Vice President and Chief Financial Officer, will speak on the company’s strategy, performance and the latest market developments and trends during a fireside chat at the Baird 2023 Global Healthcare Conference in New York City on Wednesday, September 13, 2023, at 2:00 p.m. Eastern Time (Press release, Quest Diagnostics, SEP 8, 2023, View Source [SID1234635031]).

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The presentation and Q&A session will be webcast live during the conference and will be available on the company’s investor relations page which can be accessed at ir.QuestDiagnostics.com. In addition, the archived webcast will be available within 24 hours after the conclusion of the live event and will remain available until October 13, 2023.