On August 14, 2020 AnHeart Therapeutics of Hangzhou reported that it raised over $20 million in an over-subscribed Series A+ financing round (Press release, AnHeart Therapeutics, AUG 14, 2020, View Source [SID1234563662]). The company will use the proceeds to support global Phase II trials of taletrectinib, a selective next-gen ROS1/NTRK inhibitor, along with advancing its other oncology assets. Because taletrectinib is capable of crossing the blood-brain barrier, it is expected to be effective against brain metastases in NSCLC. AnHeart will test the candidate in patients who have NSCLC with ROS1 mutations or advanced/metastatic solid tumors with NTRK mutations.

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On August 14, 2020 Enzon Pharmaceuticals, Inc. (the "Company" or "Enzon") (OTC:ENZN) reported that its Board of Directors (the "Board") adopted a tax benefits preservation plan (the "Section 382 Rights Plan") designed to protect the availability of Enzon’s net operating loss carryforwards ("NOLs") under the Internal Revenue Code (the "Code") (Press release, Enzon, AUG 14, 2020, View Source [SID1234563661]).

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As of December 31, 2019, Enzon had U.S. federal and state NOLs and tax credits, including approximately $101 million of U.S. federal NOLs, which may be available to offset its future taxable income. Enzon’s ability to use these NOLs would be substantially limited if it experienced an "ownership change" within the meaning of Section 382 of the Code. In general, an ownership change would occur if Enzon’s stockholders who are deemed to be owners of 5% or more of its shares under Section 382 collectively increase their aggregate ownership of Enzon’s common stock by more than 50% (measured over a three year period).

The Section 382 Rights Plan is intended to reduce the likelihood of such an ownership change at Enzon by deterring any person (or any persons acting as a group) from acquiring beneficial ownership of 4.9% or more of Enzon’s outstanding common stock or, with respect to any person (or any persons acting as a group) that as of today’s date already is a 5% stockholder, from increasing its ownership stake.

Under the Section 382 Rights Plan, the rights will initially trade with Enzon’s common stock and will generally become exercisable only if a person (or any persons acting as a group) acquires 4.9% or more of Enzon’s outstanding common stock. If the rights become exercisable, all holders of rights (other than any triggering person) will be entitled to acquire shares of common stock at a 50% discount or Enzon may exchange each right held by such holders for one share of common stock. Under the Section 382 Rights Plan, any person which currently owns 4.9% or more of Enzon’s common stock may continue to own its shares of common stock but may not acquire any additional shares without triggering the Section 382 Rights Plan.

The Section 382 Rights Plan will expire on August 13, 2021, unless earlier terminated pursuant to the terms of the Section 382 Rights Plan. Under the Section 382 Rights Plan, the Board has the discretion to exempt any transaction and to exempt any person (or group of persons) from the provisions of the Section 382 Rights Plan.

Additional information about the Section 382 Rights Plan is available on a Form 8-K filed by Enzon with the U.S. Securities and Exchange Commission.

On August 14, 2020 Actinium Pharmaceuticals, Inc. (NYSE AMERICAN: ATNM) ("Actinium" or the "Company") reported that its Board of Directors approved a 1-for-30 reverse split of its issued and outstanding common stock that will become effective after trading closes on August 10, 2020 (Press release, Actinium Pharmaceuticals, AUG 14, 2020, View Source [SID1234563660]). Trading of the Company common stock will begin on a split-adjusted basis when markets open on August 11, 2020. The common stock will continue to trade on the NYSE American under the ticker symbol "ATNM," although a new CUSIP number 00507W206 has been assigned as a result of the reverse stock split.

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Upon effectiveness of the reverse stock split, every thirty (30) shares of the Company’s pre-reverse split common stock will be combined and reclassified into one (1) share of common stock. The reverse stock split will not modify any rights of the Company’s common stock. The reverse stock split will also apply to common stock issuable upon the exercise of the Company’s outstanding warrants and stock options, with a proportionate adjustment to the numbers of shares which can be purchased upon the exercise of the warrants and stock options and the exercise prices thereof, and under the Company’s equity incentive plan. Immediately after the reverse stock split becomes effective, the Company will have approximately 13,585,268 shares of common stock outstanding (subject to surrender of fractional shares in exchange for cash payment in lieu). No fractional shares will be issued following the reverse stock split.

As previously disclosed, on December 18, 2019, the Company’s stockholders approved a proposal authorizing the Company’s Board of Directors to effect a reverse stock split at its discretion at a ratio not greater than 1-for-75 in order to help regain compliance with the NYSE American’s minimum price requirements. The Board of Directors approved the reverse stock split at a ratio of 1-for-30 on August 7, 2020.

Stockholders of record will be receiving information regarding their share ownership following the reverse stock split from the Company’s transfer agent, Action Stock Transfer. Action Stock Transfer Corp can be reached at (801) 274-1088. Additional information about the reverse stock split can be found in the Company’s definitive proxy statement on Schedule 14A, filed with the U.S. Securities and Exchange Commission (the "SEC") on November 25, 2019, and available free of charge at the SEC’s website, www.sec.gov.

On August 14, 2020 Equillium, Inc. (Nasdaq: EQ), a clinical-stage biotechnology company developing itolizumab to treat severe autoimmune and inflammatory disorders, reported that it intends to offer and sell shares of its common stock in an underwritten registered public offering (Press release, Equillium, AUG 14, 2020, View Source [SID1234563659]). All of the shares in the offering are to be sold by Equillium. Equillium also intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock offered in the public offering at the public offering price, less underwriting discounts and commissions. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

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Equillium expects to use the net proceeds from this offering to primarily fund the continued development of current and any future product candidates in its pipeline, potential acquisitions of new products, and for working capital, capital expenditures and general corporate purposes.

Jefferies, SVB Leerink and Stifel are acting as the joint book-running managers for this offering. H.C. Wainwright & Co. is acting as financial advisor to Equillium for this offering.

A registration statement on Form S-3 has been filed with the Securities and Exchange Commission (SEC) and was declared effective on November 25, 2019. The offering of these securities will be made only by means of a preliminary prospectus supplement and accompanying prospectus forming part of the effective registration statement relating to the shares. A copy of the preliminary prospectus supplement and accompanying prospectus relating to the offering, when available, may be obtained by contacting Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at 877-547-6340 or by email at [email protected]; SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, by telephone at 800-808-7525, ext. 6218 or by email at [email protected]; or Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, A 94104, by telephone at 415-364-2720 or by email at [email protected].

Before investing in this offering, you should read in their entirety the preliminary prospectus supplement and the accompanying prospectus and the other documents that Equillium has filed with the SEC that are incorporated by reference in the preliminary prospectus supplement and the accompanying prospectus, which provide more information about Equillium and such offering.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy 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 registration or qualification under the securities laws of any such state or jurisdiction.

On August 14, 2020 RAPT Therapeutics, Inc. (Nasdaq: RAPT), a clinical-stage, immunology-based biopharmaceutical company focused on discovering, developing and commercializing oral small molecule therapies for patients with significant unmet needs in oncology and inflammatory diseases, reported financial results for the second quarter ended June 30, 2020 and provided an update on recent operational and business progress (Press release, RAPT Therapeutics, AUG 14, 2020, View Source [SID1234563658]).

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"We remain on track to report initial results from our Phase 1/2 trial of FLX475 later this year and to report results from our Phase 1b study of RPT193 in patients with atopic dermatitis by year end," said Brian Wong, M.D., Ph.D., President and CEO of RAPT Therapeutics. "We are pleased with the progress we are making in moving our programs forward and adapting our organization in the face of the COVID-19 pandemic."

Financial Results for the Second Quarter and Six Months Ended June 30, 2020

Second Quarter Ended June 30, 2020
Net loss for the second quarter of 2020 was $12.4 million, compared to $10.6 million for the second quarter of 2019.

Research and development expenses for the second quarter of 2020 were $11.0 million, compared to $8.3 million for the same period in 2019 due to increased clinical costs for FLX475 and RPT193 as well as increased personnel costs associated with these studies and stock-based compensation expenses, offset by a decrease in lab supplies used for preclinical research.

General and administrative expenses for the second quarter of 2020 were $2.8 million, compared to $2.7 million for the same period of 2019. The slight increase was primarily due to an increase in stock-based compensation expense and costs associated with our public company status, offset by a decrease in professional fees.

Six Months Ended June 30, 2020
Net loss for the six months ended June 30, 2020 was $25.5 million, compared to $19.8 million for the same period in 2019.

Research and development expenses for the six months ended June 30, 2020 were $21.7 million, compared to $16.1 million for the same period in 2019. The increase was primarily due to increases in costs relating to the clinical development of FLX475 and RPT193 and increased preclinical program costs as well as increased stock-based compensation and personnel expenses, offset by decreases in costs relating to lab supplies used for preclinical research.

General and administrative expenses for the six months ended June 30, 2020 were $6.1 million, compared to $4.4 million for the same period of 2019. The increase in general and administrative expenses was primarily due to increased stock-based compensation expense as well as costs associated with our public company status, offset by a decrease in travel and personnel costs.

As of June 30, 2020, we had cash and cash equivalents and marketable securities of $133.0 million.