Replimune Presents Updated Data on RP2 in Uveal Melanoma during Plenary Session at the 20th International Congress of the Society for Melanoma Research

On November 8, 2023 Replimune Group, Inc. (NASDAQ: REPL), a clinical stage biotechnology company pioneering the development of a novel portfolio of oncolytic immunotherapies, reported updated data from a cohort of metastatic uveal melanoma patients enrolled in the open-label, multicenter, Phase 1 study of RP2 as a single agent and in combination with nivolumab (Press release, Replimune, NOV 8, 2023, View Source [SID1234637271]). The data were presented by Dr. Joseph Sacco during a Plenary Session at the 20th International Congress of the Society for Melanoma Research in Philadelphia.

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Treatment with RP2 led to an overall response rate (ORR) of 29.4 percent (5 of 17 patients; one of the responding patients was treated with RP2 monotherapy and four of the responding patients were treated with RP2 combined with nivolumab), including responses in patients with liver, lung, and bone metastases. The median duration of response (DOR) at the data cutoff was 11.47 months (range of 2.78 to 21.22 with responses ongoing). Nearly all patients (15 of 17, 88.2%) in the study had progressed on or after immunotherapy with 12 of 17 patients (70.6%) having received both prior anti-PD1 and anti-CTLA-4 therapy, including four of the responding patients. The slides are available on our website under presentations.

RP2 was generally well tolerated both as monotherapy and in combination with nivolumab with no additive adverse events observed. The most common grade 1 or 2 treatment related adverse events (TRAEs) overall in both cohorts were pyrexia, chills, fatigue, hypotension and pruritis. Six patients had grade 3 TRAEs, including two cases of hypotension. There were no grade 4 or 5 TRAEs.

"Metastatic uveal melanoma is an immunologically cold tumor type with few effective treatment options," said Joseph Sacco, MBChB, PhD, FRCP, University of Liverpool and Clatterbridge Cancer Centre, UK. "In fact, single-agent and combination immune checkpoint inhibitor therapies, including ipilimumab combined with nivolumab, exhibit low response rates in patients with this disease, with combination therapies associated with significant toxicity. The data from this study are compelling given the rate of durable responses seen combined with a favorable safety profile, including in patients who had both liver and extra-hepatic metastases, further supporting the potential of RP2 in this patient population."

Uveal melanoma is the most common form of intraocular primary malignancy and accounts for approximately 90 percent of all cases of ocular melanoma and up to 5 percent of all melanomas. Approximately 50 percent of patients will develop distant metastases, with about 90 percent of such patients manifesting liver metastases. Once the disease metastasizes, median overall survival is less than one year.

"These data from the trial cohort evaluating RP2 as monotherapy and in combination with nivolumab in metastatic uveal melanoma are highly promising," said Robert Coffin, President and Chief Research & Development Officer at Replimune. "We are currently assessing the potential registrational path forward for RP2 in advanced uveal melanoma now that the Phase 1 development of RP2 in this disease is nearly complete. Metastatic uveal melanoma is a disease with significant unmet medical need where treatments remain limited, and no current standard of care options provide the potential for long term survival, other than in a minority of patients."

About RP2
RP2 is a derivative of RP1, Replimune’s lead product candidate that is based on a proprietary new strain of herpes simplex virus engineered and genetically armed with a fusogenic protein (GALV-GP R-) and GM-CSF to maximize tumor killing potency, the immunogenicity of tumor cell death and the activation of a systemic anti-tumor immune response. RP2 additionally expresses an anti-CTLA-4 antibody-like molecule, as well as GALV-GP-R- and GM-CSF. RP2 is intended to provide targeted and potent delivery of these proteins to the sites of immune response initiation in the tumor and draining lymph nodes, with the goal of focusing systemic-immune-based efficacy on tumors and limiting off-target toxicity.

Nuvectis Pharma, Inc. Reports Third Quarter 2023 Financial Results and Business Highlights

On November 8, 2023 Nuvectis Pharma, Inc (NASDAQ: NVCT) ("Nuvectis" or the "Company"), a clinical-stage biopharmaceutical company focused on the development of innovative precision medicines for the treatment of serious conditions of unmet medical need in oncology, reported its financial results for the third quarter 2023 and provided an update on recent business progress (Press release, Nuvectis Pharma, NOV 8, 2023, View Source [SID1234637270]).

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Ron Bentsur, Chairman and Chief Executive Officer of Nuvectis, commented, "In the third quarter we continued to advance the development programs of NXP800 and NXP900. The NXP800 Phase 1b study in platinum resistant, ARID1a-mutated ovarian carcinoma, a disease of unmet medical need, continues and we expect to report preliminary data from the study in 1Q 2024. In addition, the Food and Drug Administration ("FDA") granted NXP800 Orphan Drug Designation for the treatment of Cholangiocarcinoma, another deadly disease of unmet need." Mr. Bentsur continued, "For NXP900, we initiated the dose escalation part of our Phase 1 study in patients with advanced solid tumors and published additional preclinical data highlighting the potential of NXP900 to treat tumors of squamous cell origin, including those with HIPPO pathway mutations." Mr. Bentsur concluded, "Finally, we continue to be judicious with our financial resources and ended the quarter with approximately $22.1 million, which we expect will allow us to meet important milestones for both clinical programs and provide working capital into 1H 2025."

Third Quarter 2023 Financial Results

Cash, cash equivalents, and short-term investments were $22.1 million as of September 30, 2023, compared to $20.0 million as of December 31, 2022. The increase of $2.1 million was primarily a result of the exercise of warrants from the July 2022 private investment in public equity ("PIPE") transaction.

The Company’s net loss was $5.9 million for the three months ended September 30, 2023, compared to $5.9 million for the three months ended September 30, 2022. The net loss included $1.1 million in non-cash expenses related to stock-based compensation, $0.8 million in one-time development costs in connection with NXP800, and $0.5 million in a one-time milestone payment associated with NXP900.

Research and development expenses were $4.5 million for the three months ended September 30, 2023, compared to $4.5 million for the three months ended September 30, 2022.

General and administrative expenses were $1.7 million for the three months ended September 30, 2023, compared to $1.4 million for the three months ended September 30, 2022.

Neurocrine Biosciences to Present at the Jefferies London Healthcare Conference

On November 8, 2023 Neurocrine Biosciences, Inc. (Nasdaq: NBIX) reported that it will present at the Jefferies London Healthcare Conference on Tuesday November 14, 2023 at 3:00 p.m. Greenwich Mean Time (10:00 a.m. Eastern Time) in London (Press release, Neurocrine Biosciences, NOV 8, 2023, View Source [SID1234637269]). Kevin Gorman, Chief Executive Officer, and additional members of Neurocrine management will present at the conference.

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The live presentation will be webcast and may be accessed on Neurocrine Biosciences’ website under Investors at www.neurocrine.com. A replay of the webcast will be available on the website approximately one hour after the conclusion of the event and will be archived for approximately one month.

Merck to Participate in the Jefferies London Healthcare Conference

On November 8, 2023 Merck (NYSE: MRK), known as MSD outside of the United States and Canada, reported that Caroline Litchfield, executive vice president and chief financial officer, is scheduled to participate in a fireside chat at the Jefferies London Healthcare Conference on Thursday, Nov. 16, 2023, at 5:00 a.m. ET / 10:00 a.m. GMT (Press release, Merck & Co, NOV 8, 2023, View Source [SID1234637268]).

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Investors, analysts, members of the media and the general public are invited to listen to a live audio webcast of the presentation at this weblink.

MaxCyte Reports Third Quarter 2023 Financial Results and Reiterates Full Year 2023 Revenue Guidance

On November 8, 2023 MaxCyte, Inc., (NASDAQ: MXCT; LSE: MXCT), a leading, cell-engineering focused company providing enabling platform technologies to advance the discovery, development and commercialization of next-generation cell therapeutics and innovative bioprocessing applications, reported financial results for the third quarter ended September 30, 2023 (Press release, MaxCyte, NOV 8, 2023, View Source [SID1234637267]).

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Third Quarter and Recent Highlights

● Total revenue of $8.0 million in the third quarter of 2023, a decrease of 25% compared to the third quarter of 2022.
● Core business revenue of $6.6 million in the third quarter of 2023, a decrease of 33% compared to the third quarter of 2022.
● SPL Program-related revenue of $1.4 million in the third quarter of 2023, compared to $0.8 million in the third quarter of 2022.
● Gross profit of $7.2 million (90% gross margin), compared to $9.3 million (87% gross margin) in the third quarter of 2022.
● Full year 2023 revenue guidance of approximately $34-$36 million total revenue and approximately $28-$30 million of core revenue, and SPL Program-related revenue of approximately $6 million, all consistent with guidance previously provided on October 4th.
● Total cash, cash equivalents and investments were $208.7 million as of September 30, 2023.
● We continue to expect to end the year with approximately $200 million in cash, cash equivalents and investments, which would be unchanged from our initial outlook at the beginning of the year.

"MaxCyte’s third quarter revenue was at the higher end of our preliminary revenue range we announced in October. We continue to evaluate and address the industry challenges we have seen throughout 2023, with performance in-line with the revised guidance that we provided last month. Customers, particularly early-stage customers, continue to reprioritize their spend and operate with more caution—an operating environment we expect to persist at least through the remainder of 2023," said Doug Doerfler, President and Chief Executive Officer at MaxCyte.

"Despite these challenges, we believe that the long-term opportunity for the cell and gene therapy market is robust and continue to make targeted investments that support the industry and our partners in their development of high-potential complex cell therapies through the clinical and commercial stages. This includes further expansion of gene-editing modalities and indications such as autoimmune disease, solid tumors, and rare diseases. We are proud of our partners’ progress and success thus far and we look forward to cell therapies supported by MaxCyte’s platform entering the market in the near, medium, and long term. Importantly, we remain confident in our ability to expand our partnership portfolio and support the market in enabling a growing set of next-generation cell therapies. We are also excited about the prospects of the VLx platform and expanding our market opportunity into bioprocessing applications including rapid large-scale transiently expressed protein production for preclinical and early clinical use."

The following table provides details regarding the sources of our revenue for the periods presented.

Three Months Ended

Nine Months Ended

September 30,

September 30,

2023

2022

%

2023

2022

%

(in thousands, except percentages)

Cell therapy

$

4,701

$

7,898

(40%)

$

17,311

23,002

(25%)

Drug discovery

1,900

1,991

(5%)

5,350

6,074

(12%)

Program-related

1,404

754

86%

2,962

2,762

7%

Total revenue

$

8,005

$

10,643

(25%)

$

25,623

$

31,838

(20%)

Third Quarter 2023 Financial Results

Total revenue for the third quarter of 2023 was $8.0 million, compared to $10.6 million in the third quarter of 2022, representing a decline of 25%.

Core business revenue (sales and leases of instrument and disposables to cell therapy and drug discovery customers, excluding SPL Program-related revenue) for the third quarter of 2023 was $6.6 million, compared to $9.9 million in the third quarter of 2022, representing a decline of 33%.

Cell therapy revenue for the third quarter of 2023 was $4.7 million, compared to $7.9 million in the third quarter of 2022, representing a decline of 40%. Drug discovery revenue for the third quarter of 2023 was $1.9 million, compared to $2.0 million in the third quarter of 2022, representing a decline of 5%.

Strategic Platform License (SPL) Program-related revenue was $1.4 million in the third quarter of 2023, as compared to $0.8 million in the third quarter of 2022.

Gross profit for the third quarter of 2023 was $7.2 million (90% gross margin), compared to $9.3 million (87% gross margin) in the third quarter of 2022.

Operating expenses for the third quarter of 2023 were $21.2 million, compared to operating expenses of $17.0 million in the third quarter of 2022.

Third quarter 2023 net loss was $11.3 million compared to net loss of $6.4 million for the same period in 2022. EBITDA, a non-GAAP measure, was a loss of $12.9 million for the third quarter of 2023, compared to a loss of $7.1 million for the third quarter of 2022. Stock-based compensation expense was $3.6 million for the third quarter versus $3.2 million for the third quarter of 2022.

2023 Revenue Guidance

● Total revenue expected to be approximately $34 – 36 million for the year.
● Core revenue expected to be approximately $28 – 30 million for the year.
● SPL Program-related revenue expected to be approximately $6 million for the year.

Webcast and Conference Call Details

MaxCyte will host a conference call today, November 8, 2023, at 4:30 p.m. Eastern Time. Investors interested in listening to the conference call are required to register online. A live and archived webcast of the event will be available on the "Events" section of the MaxCyte website at View Source