On April 6, 2023 Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, reported that on April 3, 2023, an authorized sub-committee of the Board of Directors of Mersana granted inducement awards, consisting of stock options to purchase an aggregate of 77,550 shares of its common stock and restricted stock unit awards (RSUs) to acquire an aggregate of 132,925 shares of its common stock, to 10 new employees whose employment commenced in March 2023 (Press release, Mersana Therapeutics, APR 6, 2023, View Source [SID1234629859]). The awards were granted pursuant to terms and conditions fixed by the Compensation Committee and as an inducement material to each new employee entering employment with Mersana in accordance with Nasdaq Listing Rule 5635(c)(4).

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The option awards have an exercise price of $4.25 per share, which is equal to the closing price of Mersana’s common stock on April 3, 2023. Each option has a 10-year term and will vest over a period of four years, with 25% of the shares vesting on the one-year anniversary of the commencement of the employee’s employment and the remainder vesting in equal quarterly installments over the following three years, subject to the applicable employee’s continued service with Mersana on each such vesting date. The options are subject to the terms and conditions of Mersana’s 2022 Inducement Stock Incentive Plan and the terms and conditions of a stock option agreement covering each grant.

The RSUs will vest in equal annual installments on the first four anniversaries of February 15, 2023, subject to the applicable employee’s continued service with Mersana on each such vesting date. The RSUs are subject to the terms and conditions of Mersana’s 2022 Inducement Stock Incentive Plan and the terms and conditions of an RSU agreement covering each grant.

On March 31, 2023 (the "Termination Date"), Magenta Therapeutics, Inc. (the "Company"), reported to have entered into a Sublease Termination and Release Agreement (the "Termination Agreement") with Novartis Institutes for Biomedical Research, Inc. ("Novartis") pursuant to which, effective as of the Termination Date, the parties terminated that certain Sublease, as amended, by and between the Company and Novartis, dated as of May 4, 2018 (the "Sublease") (Filing, 8-K, Magenta Therapeutics, APR 6, 2023, View Source [SID1234629858]). Under the Sublease, the Company had leased approximately 69,000 square feet of research and development, laboratory and office space located at 100 Technology Square in Cambridge, Massachusetts (the "Premises"). The Sublease was previously scheduled to terminate, in accordance with its terms, on the earlier of (i) February 28, 2028 or (ii) the date upon which the Sublease may otherwise be terminated or expire (a) pursuant to its terms, (b) pursuant to the terms of the Overlease (as described and defined in the Sublease) or (c) pursuant to law. In exchange for the early termination of the Sublease pursuant to the Termination Agreement, the Company agreed to make a one-time termination payment to Novartis in the amount of $14,780,188.00. Following the Termination Date, the Company’s principal executive offices will be located at 300 Technology Square in Cambridge, Massachusetts.

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The foregoing description of the terms of the Termination Agreement does not purport to be complete and is qualified in its entirety by reference to the Termination Agreement, which the Company intends to file with the Securities and Exchange Commission as an exhibit to its Quarterly Report on Form 10-Q for the quarter ending March 31, 2023.

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