On June 27, 2025 XOMA Royalty Corporation ("XOMA Royalty") (Nasdaq: XOMA) and Turnstone Biologics Corp. ("Turnstone" or the "Company") (Nasdaq-CM: TSBX) reported that they have entered into a definitive merger agreement ("the Merger Agreement"), whereby XOMA Royalty will acquire Turnstone for $0.34 in cash per share of Turnstone common stock ("Turnstone common stock") plus one non-transferable contingent value right ("CVR") (Press release, Turnstone Biologics, JUN 27, 2025, View Source [SID1234654159]).

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Following a thorough review process conducted with the assistance of its legal and financial advisors, the Turnstone Board of Directors has unanimously determined that the acquisition by XOMA Royalty is in the best interests of all Turnstone stockholders and has approved the Merger Agreement and related transactions.

Terms

Pursuant and subject to the terms of the Merger Agreement, XOMA Royalty will commence a tender offer (the "Offer") by July 11, 2025, to acquire all outstanding shares of Turnstone common stock. The closing of the Offer is subject to certain conditions, including the tender of Turnstone common stock representing at least a majority of the total number of outstanding shares, a minimum cash balance at closing, and other customary closing conditions. Immediately following the closing of the tender offer, Turnstone will be acquired by XOMA Royalty, and all remaining shares not tendered in the offer, other than shares validly subject to appraisal, will be converted into the right to receive the same cash and CVR consideration per share as is provided in the tender offer. Turnstone stockholders holding approximately 25.2% of Turnstone common stock have signed support agreements under which such stockholders have agreed to tender their shares in the Offer and support the merger transaction. The merger transaction is expected to close in August 2025.

Advisors

Leerink Partners is acting as exclusive financial advisor and Cooley LLP is acting as legal counsel to Turnstone. Gibson, Dunn & Crutcher LLP is acting as legal counsel to XOMA Royalty.

On June 27, 2025 Titan Pharmaceuticals, Inc. (NASDAQ: TTNP) ("Titan" or the "Company") reported that, pursuant to a securities purchase agreement (the "Purchase Agreement") with Blue Harbour Asset Management L.L.C-FZ ("Blue Harbour"), it has completed a private placement of the Company’s newly designated Series C Convertible Preferred Stock (the "Preferred Stock") (Press release, Titan Pharmaceuticals, JUN 27, 2025, View Source [SID1234654158]). Pursuant to the Purchase Agreement, Blue Harbour purchased 60,000 shares of Preferred Stock for an aggregate purchase price of $600,000. The shares have a conversion price of $3.40.

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The Certificate of Designations authorizing the Preferred Stock contains a beneficial ownership conversion "blocker" that prevents Blue Harbour from acquiring the lower of either (i) the maximum percentage of common stock permissible under Nasdaq rules and regulations without first obtaining shareholder approval or (ii) 19.99% of the Company’s outstanding common stock.

The shares being sold in this transaction do not involve a public offering and have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), in reliance on Regulation S thereunder. Titan and Blue Harbour have concurrently entered into a registration rights agreement (the "Registration Rights Agreement") pursuant to which Titan has agreed to provide certain registration rights upon the occurrence of certain events set forth in the Registration Rights Agreement. Additional information regarding the agreement can be found in an 8-K that was filed with the SEC: View Source

ARC Group Ltd. served as sole financial advisor to Titan in the private placement.

On June 27, 2025 Sona Nanotech Inc. (CSE: SONA) (OTCQB: SNANF) (the "Company", "Sona"), an oncology-focused life sciences company developing innovative therapies based on its uniquely biocompatible gold nanorod technology, reported that it has received ethics committee approval to proceed with its previously announced early feasibility study of its Targeted Hyperthermia Therapy ("THT") cancer treatment (Press release, Sona Nanotech, JUN 27, 2025, View Source [SID1234654155]).

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Sona CEO David Regan commented, "This ethics committee approval gives us the green light we’ve been waiting for to begin enrolling patients suffering from late-stage melanoma, for whom no other therapy has worked, to participate in our first-in-human clinical trial. Our clinical trial partner will now begin enrolling patients, and we will advise when a first dosing of our THT treatment has occurred. Sona’s CMO, Dr. Carman Giacomantonio, will provide clinical training and will observe the application of THT in the first patients enrolled."

The study is designed to assess safety, tolerability, and preliminary efficacy and will include two treatments of Sona’s THT, one week apart, for patients with advanced melanoma who are on, but have failed to respond to, a standard of care immunotherapy protocol. The study is anticipated to be conducted this summer with an initial read-out of final results expected by September, subject to enrollment rates.

On June 27, 2025 Imugene Limited (ASX: IMU), a clinical-stage immuno-oncology company, reported the first patient dosed in Australia, as part of the investigator sponsored Phase II Neo-POLEM clinical trial (Press release, Imugene, JUN 27, 2025, https://mcusercontent.com/e38c43331936a9627acb6427c/files/4621b5ea-5e19-3f10-0982-51c3e3f18e9e/1st_Patient_Dosed_in_Australia_PD1_Vaxx_neo_POLEM_PhII_Trial.pdf [SID1234654143]).

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Neo-POLEM is a Phase II study investigating the potential of PD1-Vaxx, a neoadjuvant PD-1 vaccine, to improve treatment outcomes for patients with mismatch repair-deficient / microsatellite instability high (dMMR/MSI-high) colorectal cancer. Approximately 15% of patients with colorectal cancer have the dMMR/MSI-high subtype.

The trial is an IST being conducted by Cancer Research UK Southampton Clinical Trials Unit in collaboration with Royal Surrey Hospital NHS Foundation Trust and the Australasian Gastro-Intestinal Trial Group (AGITG).

The primary objective of the study is to determine major pathological response rates, a measure of tumour size reduction post-treatment with PD1-Vaxx before surgery, with secondary objectives to assess the safety of PD1-Vaxx, evaluate biomarkers, and evaluate the objective response rates and overall survival.

This trial builds upon compelling early evidence that immunotherapy can deliver significant benefits in this patient population. The trial will recruit patients in both Australia and the United Kingdom.

Imugene’s CEO and Managing Director Leslie Chong said: "Dosing the first patient in the Neo-POLEM study represents hopeful treatment options for those suffering from these subtypes of colorectal cancer. We are encouraged by the potential of PD1-Vaxx to activate the body’s own immune system to fight cancer in this earliest stage of disease. Our focus remains firmly on improving outcomes for people living with this disease, and we’re grateful to the patients and clinical teams in Australia and the UK who are making this progress possible."

Colorectal cancer (CRC), also known as bowel cancer, is the third most common cancer, with a worldwide annual incidence of more than 1.2 million cases and a mortality rate of approximately 50%. About 80% of patients with colon cancer have localised and resectable disease at diagnosis.

On June 26, 2025 (the "Effective Date"), Elevation Oncology, Inc. (the "Company") reported to have entered into a Mutual Release and Termination Agreement (the "Termination Agreement") with CSPC Megalith Biopharmaceutical Co., Ltd. ("CSPC"), pursuant to which that certain License Agreement, dated July 27, 2022, by and between the Company and CSPC (the "License Agreement") was terminated as of the Effective Date (Filing, 8-K, Elevation Oncology, JUN 26, 2025, View Source [SID1234654215]).

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Pursuant to the License Agreement, CSPC granted to the Company a worldwide exclusive right and license (outside of the People’s Republic of China, Hong Kong, Macau and Taiwan) under certain patents identified in the License Agreement and know-how to develop and commercialize products containing EO-3021, a Claudin 18.2 antibody-drug conjugate, in the treatment of cancer. As previously disclosed, on March 20, 2025, the Company announced its election to discontinue development of EO-3021.

Upon termination of the License Agreement, the rights and licenses granted to the Company thereunder from CSPC terminated, and all rights, title and interest in and to the licensed intellectual property under the License Agreement reverted to CSPC. The Termination Agreement includes a customary mutual release of claims and provides that no further payments shall be due between the Company and CSPC under the License Agreement.