First Made-in-Singapore Antibody-Drug Conjugate (ADC) Approved to Enter Clinical Trials

On January 4, 2023 Experimental Drug Development Centre reported the company reached a new milestone as EBC-129, the first made-in-Singapore antibody-drug conjugate, was cleared by the US FDA to progress into first-in-human studies (Press release, Experimental Drug Development Centre, JAN 4, 2023, View Source [SID1234654035]).

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The epitope that EBC-129 binds to is a specific glycosylation site that is conserved on both carcinoembryonic antigen-related cell adhesion molecules (CEACAM) 5 and 6, which are cell surface receptors over-expressed in cancer cells. While drugs targeting only CEACAM5 are in advanced clinical testing, it has been challenging to develop drugs targeting CEACAM6 as it is also expressed on the surface of normal cells. However, by targeting only the glycosylated form of CEACAM5/6, EBC-129 is able to target cancer cells exclusively, and also acts on a wider range of cancers as it can target cells that express CEACAM5 or CEACAM6 alone, as well as those that express both CEACAM5 and 6. The payload used in EBC-129 is monomethyl auristatin E (MMAE), which has been extensively tested and approved for clinical use in other marketed ADCs. As such, development can be fast-tracked as the side effects, which are mostly mediated by the payload, can be predicted in advance and the effective dose is known. Furthermore, MMAE was shown to mediate a superior immunogenic cell death in combination with checkpoint inhibitors (immunotherapy), raising the possibility of combination therapy.

How EBC-129 was developed
EBC-129 was the result of a multi-institutional collaboration in Singapore which began when A*STAR’s Bioprocessing Technology Institute (BTI) and the National Cancer Centre Singapore (NCCS) identified the antibody that EBC-129 is based on as well as its target epitope. Through a co-development programme between BTI and the Experimental Drug Development Centre (EDDC), Singapore’s national platform for drug discovery and development hosted by A*STAR, the team subsequently characterised the antibody and elucidated its mechanism of action including testing it in vivo. Finally, the team oversaw the preclinical development of the ADC. EDDC also led discussions with regulatory authorities, designed the clinical trial and will be responsible for the set-up and clinical operations of the trial.

The parties also collaborated with A*STAR’s Institute of Molecular and Cell Biology (IMCB) to develop an immunohistochemistry (IHC) assay required for patient selection.

"The antibody development team at BTI has built strong capabilities to generate and characterise monoclonal antibodies (mAbs) against novel glycosylated targets on cancer cells. This differentiated property enhances the mAbs selectively, giving us better tools to kill cancer cells. The US FDA’s approval for the initiation of trials for EBC-129 is a validation of our platform and the maturity of the drug development ecosystem in Singapore to collaboratively enhance the impact of research and drug discovery for potential patient outcomes," said Dr Koh Boon Tong, Executive Director, BTI.

"The approval of an IND (Investigational New Drug) application for EBC-129 by the FDA is a testament to strong inter-institution collaborations in Singapore that can drive a bench-to-bedside pipeline of therapeutic development," said Associate Professor Daniel Tan, Director of the Experimental Cancer Therapeutics Unit (Phase I), NCCS. "Most importantly, EBC-129 addresses an unmet need for patients who have exhausted standard therapies, by providing a novel ADC agent that directly targets cancer cells while sparing normal, healthy cells."

About the Clinical Trial
The clinical trial will determine the safety and tolerability of EBC-129 in cancer patients, and subsequently evaluate its anti-cancer activity in different tumour types. The study will also evaluate the safety of combining EBC-129 with a checkpoint inhibitor. Additional information will be gathered including determining the drug levels in the blood and the levels of CEACAM5 and CEACAM6 in the serum. The study will be open to patients with metastatic solid tumours that cannot be cured surgically, including cancers of the lung, stomach, biliary tract, ovary, breast, prostate, colorectum and oesophagus amongst others.

Moving forward, approvals will be sought from the Health Sciences Authority (HSA) and relevant ethics boards for the trial to open to patients in Singapore through the NCCS and National University Cancer Institute, Singapore (NCIS). Ethics board approvals will be obtained for trial sites in the US, which will include major cancer centres.

Dr Yong Wei Peng, Senior Consultant, Department of Haematology-Oncology, NCIS, said, "This first-in-human study will help to determine the safety of this therapy in patients and potentially provide a new strategy to address unmet clinical needs. We are excited to be involved in this process and we look forward to promising outcomes."

Professor Damian O’Connell, CEO EDDC, said, "As Singapore’s national drug discovery and development platform, we are very glad to have played a key role in translating the great, collaborative science of our partners into a therapeutic candidate that is now ready to enter first-in-human studies. This is a milestone for Singapore – ADCs are complex to design and develop, and we have successfully brought one from initial discovery to the initiation of clinical development. We look forward to rapidly recruiting patients for this clinical trial."

Erasca to Present at the 41st Annual J.P. Morgan Healthcare Conference

On January 4, 2023 Erasca, Inc. (Nasdaq: ERAS), a clinical-stage precision oncology company singularly focused on discovering, developing, and commercializing therapies for patients with RAS/MAPK pathway-driven cancers, reported its participation in the 41st annual J.P. Morgan Healthcare Conference being held at the Westin St. Francis Hotel in San Francisco, California. Jonathan E. Lim, M.D., chairman, CEO, and co-founder will present an overview of the company and its pipeline at 8:15 am Pacific Time on Monday, January 9, 2023, in Elizabethan Room C. Dr. Lim and David M. Chacko, M.D., chief financial officer, will also participate in one-on-one investor meetings (Press release, Erasca, JAN 4, 2023, View Source [SID1234639361]).

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A live audio webcast of the event will be available online at Erasca.com/events. An archived replay of the event will be available for 30 days following the webcast at Erasca.com/events.

BioRay Pharmaceutical Announces USD218 Million Strategic Financing Round

On January 4, 2023 BioRay Pharmaceutical, China’s leading autoimmune-focused biopharmaceutical firm, reported it has entered into definitive agreements for a strategic round of financing at a pre-money valuation of RMB13 billion (USD1.9 billion) and a total transaction value of over RMB1.5 billion (USD218 million) (Press release, BioRay Pharmaceutical, JAN 4, 2023, View Source;a=index&classid=43&id=7 [SID1234634613]).

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The transaction marks BioRay’s first capital raise since its 2019 spin-off and acquisition by PAG, a leading APAC-focused investment firm. Investors participating in this round include a leading Asian sovereign wealth fund as well as state-owned investment firms from Zhejiang Province, China.

The transaction represents an important milestone for BioRay, which has successfully transformed since its acquisition by PAG into a fully integrated innovative biologics platform, with comprehensive capabilities across the value chain from drug discovery to clinical development to manufacturing and commercialization. Investors in the strategic round recognize BioRay’s leading position in China’s autoimmune biologics market and are excited about its prospects for international expansion.

As a leader in China’s biologics market, BioRay has a total of four products on the market focusing on autoimmune diseases. The company has multiple products in Biologics License Applications (BLA) or Phase III clinical trial stage and more than 10 pipeline drugs in Phase II clinical trial stage or earlier. BioRay achieved over RMB900 million (USD 131 million) in revenue in 2022, a CAGR of over 50% from 2019 to 2022.

BioRay plans to use the proceeds received in this round of financing to accelerate the development of its pipeline drugs, in-license innovative products and upgrade its manufacturing facilities to support the commercialization of pipeline products. The strategic round will diversify BioRay’s shareholder base and lay the foundation for BioRay to further explore onshore and offshore capital market opportunities.

"We are very excited to welcome new investors to BioRay, especially in a challenging market environment. We would like to thank the investors for their support and their recognition of BioRay’s fully integrated capabilities and future potential. We look forward to working closely with our investors, and to delivering a successful IPO in the future. Together we are building BioRay into a global platform in immunology to address more unmet medical needs and serve more patients." said Dr. Wang Haibin, CEO of BioRay.

"By bringing in new global and domestic investors with deep financial resources, rich industry knowledge and strong local connections, BioRay can further accelerate its development and continue to explore future capital market opportunities both globally and domestically." said Kevin Xu, Partner at PAG Private Equity.

Immunocore to present at the 41st Annual J.P. Morgan Healthcare Conference

On January 4, 2023 Immunocore Holdings Plc (Nasdaq: IMCR), a commercial-stage biotechnology company pioneering the development of a novel class of T cell receptor (TCR) bispecific immunotherapies designed to treat a broad range of diseases, including cancer, autoimmune and infectious diseases, reported that management will participate in a fireside chat at the 41st Annual J.P. Morgan Healthcare Conference (Press release, Immunocore, JAN 4, 2023, View Source [SID1234625806]).

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The presentation is scheduled for Wednesday, January 11, 2023, at 9:00 a.m. Pacific Standard Time (PST).

The presentation will be webcast live during the conference and will be available in the ‘Investors’ section of Immunocore’s website at www.immunocore.com. A replay of the presentation will be made available for a limited time.

Palisade Bio Announces Closing of $2.5 Million Registered Direct Offering and Concurrent Private Placement Priced Above Market Under Nasdaq Rules

On January 4, 2023 Palisade Bio, Inc. (Nasdaq: PALI), a clinical stage biopharmaceutical company advancing therapies for acute and chronic gastrointestinal (GI) complications, reported that it has closed its previously announced registered direct offering and concurrent private placement with institutional investors for the purchase of 1,052,631 shares of common stock (or certain pre-funded warrants in lieu thereof) at a purchase price per common share of $2.375 (Press release, Palisade Bio, JAN 4, 2023, View Source [SID1234625874]). Certain investors received unregistered pre-funded warrants in the private placement in lieu of common stock, subject to beneficial ownership limitations. The company has also issued to the investors, in the private placement, unregistered warrants to purchase up to 1,052,631 shares of common stock (the "Common Warrants"). These Common Warrants have a term of five (5) years and an exercise price of $2.375 per share. Accordingly, the company entered into agreements to sell (i) an aggregate of 513,842 shares of registered common stock and pre-funded warrants to purchase common stock, (ii) pre-funded warrants that are not registered to purchase an aggregate of 538,789 shares of common stock, and (iii) 1,052,631 unregistered Common Warrants.

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Ladenburg Thalmann & Co. Inc. acted as the exclusive placement agent for the registered direct and private placement offerings.

Palisade Bio intends to use the net proceeds from the financing for working capital and general corporate purposes.

The shares of common stock (and registered pre-funded warrants in lieu thereof) (but not the unregistered pre-funded warrants, nor the Common Warrants or the shares of common stock underlying such unregistered pre-funded warrants and Common Warrants) offered in the registered direct offering were offered and sold by the Company pursuant to a "shelf" registration statement on Form S-3 (Registration No. 333-263705), including a base prospectus, previously filed with and declared effective by the Securities and Exchange Commission ("SEC") on April 26, 2022. The offering of the shares of common stock (and registered pre-funded warrants in lieu thereof) in the registered direct transaction were made only by means of a prospectus supplement that forms a part of the registration statement. A final prospectus supplement and an accompanying base prospectus relating to the registered direct offering was filed with the SEC and is available on the SEC’s website located at View Source Electronic copies of the prospectus supplement and accompanying base prospectus may also be obtained, by contacting Ladenburg Thalmann & Co. Inc. at Attn: Prospectus Department, 640 Fifth Avenue, 4th Floor, New York, NY 10019 or by e-mail at [email protected].

The unregistered pre-funded warrants, the Common Warrants (and the shares of common stock underlying such unregistered pre-funded warrants and Common Warrants) offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Act") and/or Regulation D promulgated thereunder, and such securities have not been registered under the Act or applicable state securities laws. Accordingly, such securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Act and such applicable state securities laws. Palisade Bio has agreed to file a registration statement with the SEC registering the resale of the shares of common stock issuable upon the exercise of the unregistered pre-funded warrants and Common Warrants.