On August 12, 2020 Personalis, Inc. (Nasdaq: PSNL), a leader in advanced genomics for population sequencing and cancer, reported the pricing of its previously announced underwritten public offering of 6,578,947 shares of its common stock at a price to the public of $19.00 per share (Press release, Personalis, AUG 12, 2020, View Source [SID1234563452]). Gross proceeds to Personalis from the offering are expected to be $125 million, before deducting underwriting discounts and commissions and estimated offering expenses.

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In addition, the underwriters have been granted a 30-day option to purchase up to an additional 986,842 shares of common stock from a selling stockholder on the same terms and conditions. Personalis will not receive any proceeds from any sale of shares by the selling stockholder.

BofA Securities, Citigroup and Cowen are acting as joint book-running managers. BTIG, Needham & Company and Oppenheimer & Co. are acting as co-managers.

A shelf registration statement relating to the shares being sold in this offering was filed with the U.S. Securities and Exchange Commission on July 2, 2020, and was declared effective on July 10, 2020. A preliminary prospectus supplement and accompanying prospectus relating to the offering was filed with the SEC and are available for free on the SEC’s website located at View Source When available, electronic copies of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained from BofA Securities, Inc., Attention: Prospectus Department, NC1‐004‐03‐43, 200 North College Street, 3rd floor, Charlotte, NC 28255‐0001, or by emailing [email protected]; Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at 1-800-831-9146; or Cowen and Company, LLC, c/o Broadridge Financial Solutions, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: 631‐274‐2806.

This press release shall not constitute an offer to sell or the 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 12, 2020 Atomwise Inc., which uses artificial intelligence to help academic and commercial scientists discover new medicines, reported that it has raised $123 million to expand and build its own pipeline of experimental drugs (Press release, Atomwise, AUG 12, 2020, View Source [SID1234563442]).

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Based in San Francisco, Atomwise is one of several startups seeking to use AI to speed drug development and uncover medicines that would be difficult to discover through other means. Others include Deep Genomics Inc., which in January said it had raised $40 million to develop treatments for conditions such as the rare disorder.

On August 12, 2020 Vanda Pharmaceuticals Inc. (Vanda) (Nasdaq: VNDA) reported financial and operational results for the second quarter ended June 30, 2020 (Press release, Vanda Pharmaceuticals, AUG 12, 2020, View Source [SID1234563217]).

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"We are very proud of the achievements of our team, especially the record commercial performance, even in the face of the challenges presented by the pandemic. We are also very excited with the progress of the HETLIOZ SMS applications as we get closer to providing a therapeutic solution to patients with SMS," said Mihael H. Polymeropoulos, M.D., Vanda’s President and CEO.

Key Financial and Corporate Highlights

Total revenues from HETLIOZ and Fanapt were $62.2 million in the second quarter of 2020, a 5% increase compared to $59.1 million in the second quarter of 2019.
HETLIOZ net product sales were $41.6 million in the second quarter of 2020, a 10% increase compared to $37.8 million in the second quarter of 2019.
Fanapt net product sales were $20.6 million in the second quarter of 2020, a 3% decrease compared to $21.2 million in the second quarter of 2019.
Cash, cash equivalents and marketable securities (Cash) were $339.8 million as of June 30, 2020, representing an increase to Cash of $47.2 million compared to June 30, 2019.
Net income was $8.7 million in the second quarter of 2020 compared to net income of $11.5 million in the second quarter of 2019.
Key Product and Pipeline Highlights

Products

Vanda is encouraged by its record commercial performance during the second quarter of 2020. Vanda continues to implement marketing and sales strategies aimed at supporting continued growth and minimizing the impact of disruptions caused by the COVID-19 pandemic, including the launch of a Fanapt for schizophrenia direct-to-consumer campaign at the end of the second quarter of 2020.

Pipeline

The COVID-19 pandemic has impacted clinical research globally, including Vanda’s previously reported clinical trials. The tradipitant gastroparesis and motion sickness programs have resumed, while recruitment for the tradipitant atopic dermatitis program, as well as the HETLIOZ delayed sleep phase disorder study and Fanapt bipolar disorder and long acting injectable studies, is currently on hold.

Tradipitant

An Individual Patient Expanded Access protocol (VP-VLY-686-3303) for tradipitant in gastroparesis was approved by the U.S. Food and Drug Administration (FDA) and the patient was enrolled in July 2020. Under this protocol, this patient will receive tradipitant treatment for a period of up to six months, which may be extended upon review by the FDA.
The gastroparesis Phase III clinical study (VP-VLY-686-3301) resumed recruitment. Enrollment in this 200-person study is expected to be completed in the first half of 2021 with a New Drug Application (NDA) filing projected for later that year.
The protocol for the pivotal Phase III motion sickness study was discussed with the FDA at the end of Phase II meeting, and the FDA agrees with the adequacy of the program design to support an application. Preparations for this study have begun with the boat trip portion of the study expected to commence as soon as local restrictions are lifted.
Patient enrollment in the Phase III clinical study (ODYSSEY VLY-686-3501) of tradipitant in COVID-19 Acute Respiratory Distress Syndrome (ARDS) is ongoing and an interim analysis will be conducted to determine next steps.
HETLIOZ (tasimelteon)

The Smith-Magenis Syndrome (SMS) marketing authorization applications were accepted by the FDA for priority review with a Prescription Drug User Fee Act (PDUFA-VI) target action date of December 1, 2020.1
The FDA appeals process related to the sNDA for HETLIOZ for the treatment of jet lag disorder is ongoing.
Key Publications

The article "Efficacy and Safety of Tradipitant in Patients with Diabetic and Idiopathic Gastroparesis in a Randomized, Placebo-Controlled Trial" was accepted for publication in the July 2020 issue of Gastroenterology.2
The article "Efficacy of Tasimelteon (HETLIOZ) in the Treatment of Jet Lag Disorder Evaluated in an 8-h Phase Advance Model; a Multicenter, Randomized, Double-Blind, Placebo-Controlled Trial" was published in the July 2020 issue of Frontiers in Neurology.3
GAAP Financial Results

Net income was $8.7 million in the second quarter of 2020, compared to net income of $11.5 million in the second quarter of 2019. Diluted net income per share was $0.16 in the second quarter of 2020, compared to diluted net income per share of $0.21 in the second quarter of 2019.

2020 Financial Guidance

Vanda will continue to assess the impact of the evolving pandemic on its business and operations and will provide future updates to its financial guidance as necessary. The financial guidance previously communicated by Vanda is shown below. In addition, Vanda provides an update to Year-end 2020 Cash.

Full Year 2020

Financial Objectives

Full Year 2020

Guidance

Total revenues

$240 to $260 million

HETLIOZ net product sales

$155 to $165 million

Fanapt net product sales

$85 to $95 million

Year-end 2020 Cash

Greater than $340 million as compared to prior
guidance of greater than $320 million

Conference Call

Vanda has scheduled a conference call for today, Wednesday, August 5, 2020, at 4:30 PM ET. During the call, Vanda’s management will discuss the second quarter 2020 financial results and other corporate activities. Investors can call 1-888-771-4371 (domestic) or 1-847-585-4405 (international) and use passcode 49854840.

The conference call will be broadcast simultaneously on Vanda’s website, www.vandapharma.com. Investors should click on the Investors tab and are advised to go to the website at least 15 minutes early to register, download, and install any necessary software or presentations. The call will also be archived on Vanda’s website for a period of 30 days.

References:

1 Refer to Company press release titled "FDA Accepts and Grants Priority Review of Vanda’s Applications for HETLIOZ (tasimelteon) in the Treatment of Smith-Magenis Syndrome" issued on August 3, 2020. View Source

2 Carlin, J. L., Lieberman, V. R., Dahal, A., Keefe, M. S., Xiao, C., Birznieks, G., Abell, T. L., Lembo, A., Parkman, H., & Polymeropoulos, M. H. (2020). Efficacy and safety of tradipitant in patients with diabetic and idiopathic gastroparesis in a randomized, placebo-controlled trial. Gastroenterology. Advance online publication. View Source

3 Polymeropoulos, C. M., Mohrman, M. A., Keefe, M. S., Brzezynski, J. L., Wang, J., Prokosch, L. S., Polymeropoulos, V. M., Xiao, C., Birznieks, G., & Polymeropoulos, M. H. (2020). Efficacy of tasimelteon (Hetlioz) in the treatment of jet lag disorder evaluated in an 8-h phase advance model; a multicenter, randomized, double-blind, placebo-controlled trial. Frontiers in Neurology, 11, 611. View Source

On August 11, 2020 BridgeBio Pharma, Inc. (NASDAQ: BBIO), a clinical-stage biopharmaceutical company focused on genetic diseases and cancers with clear genetic drivers, reported that it is partnering with Shanghai-based LianBio, a new company founded by Perceptive Advisors, to expand its global reach into China, the second-largest pharmaceutical market in the world (Press release, BridgeBio, AUG 11, 2020, View Source [SID1234576225]). The partnership marks the first major expansion of BridgeBio’s pipeline into Asian markets.

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This strategic relationship will initially focus on two of BridgeBio’s targeted oncology drug candidates, FGFR inhibitor infigratinib, currently in Phase 3 development for FGFR-driven tumors and Phase 1-ready SHP2 inhibitor BBP-398, for tumors driven by RAS and receptor tyrosine kinase mutations. The agreement also provides LianBio with preferential future access in the territory to more than 20 drug development candidates currently owned or controlled by BridgeBio. This collaboration is designed to advance and accelerate BridgeBio’s programs in China and other major Asian markets, allowing BridgeBio to quickly bring innovation to large numbers of patients with high unmet need.

"Tremendous patient need and a fast-developing healthcare infrastructure make China a strategic priority. We are eager to not only expand late-stage therapies to the broader patient population there, but also to accelerate our clinical development efforts in Asia and better understand and address the needs of patients there – early. We are grateful to be deepening our relationship with Perceptive Advisors through this agreement with LianBio and look forward to a lasting partnership focused on expanding our reach to patients," said BridgeBio CEO and founder Neil Kumar, Ph.D.

"We value our relationship with BridgeBio and are happy to be enabling the entry of important programs to LianBio’s territories," said Adam Stone, CIO of Perceptive Advisors. "BridgeBio and its affiliate companies exemplify the commitment to science-driven, precision medicine that we believe is a key driver to innovation in healthcare. We are excited about this opportunity to leverage their promising pipeline and LianBio’s local expertise to accelerate both global development and local access to leading edge therapeutics."

Under the terms of the agreements, LianBio will receive commercial rights in China and selected Asian markets and participate in clinical development activities for infigratinib (housed in BridgeBio affiliate QED) and BBP-398 (housed in BridgeBio affiliate Navire). BridgeBio’s near-term economics includes a total of $26.5 million in upfront and milestone payments. BridgeBio will receive up to $505 million in future milestone payments, tiered royalty payments from single- to double-digits on net sales of both products in licensed territories. Additionally, BridgeBio will increase its equity interest via investment in LianBio and BridgeBio CEO Neil Kumar has been appointed to the LianBio board of directors.

LianBio is participating in the ongoing Phase 3 study of infigratinib in first line cholangiocarcinoma (PROOF) in mainland China and further plans to initiate a Phase 2a study of infigratinib in gastric cancer and other FGFR-driven tumors. Additionally, LianBio will contribute to clinical development of BBP-398 in combination with various agents in solid tumors such as non-small cell lung cancer (NSCLC), colorectal and pancreatic cancer, in mainland China and other major Asian markets.

On August 11, 2020 Northwest Biotherapeutics (OTCQB: NWBO)("NW Bio"), a biotechnology company developing DCVax personalized immune therapies for solid tumor cancers, reported that the Company has completed a financing on favorable terms for approximately $8 million (Press release, Northwest Biotherapeutics, AUG 11, 2020, View Source [SID1234569918]). The Company anticipates that this financing will help maintain the Company’s momentum, and will provide some prudent protection in the midst of the current global economic uncertainties. The financing also further broadens the lock-up of warrants that the Company has been building.

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The financing comprised:

Approximately $7 million from an offering at 32 cents per share of newly registered common stock of approximately 21.8 million shares with warrants averaging 21% (predominantly 20%, with a couple larger investors at 35%) exercisable at 34 cents per share for approximately 5.3 million shares, with an exercise period ranging from 18 to 30 months, and
$1 Million from a convertible note (the "Note") which is convertible at 34.5 cents. The Note contains no warrants unless it is converted. If, and only to the extent the Note is converted, it will carry 35% warrants exercisable at 34 cents per share.
The financing also broadened the warrant suspensions that the Company has been building and the Company plans to continue expanding:

An additional approximately 75.5 million existing warrants, outstanding prior to this financing and held by investors in this financing, have been suspended until December 15, 2020 as part of this financing. These warrant suspensions were compensated on a similar basis as the warrant suspensions previously reported. In addition, all new warrants in this financing are suspended until December 15, 2020.
As the Company approaches the read-out of its Phase III trial of DCVax-L for Glioblastoma brain cancer, the Company is working with a growing team of technical experts and regulatory advisers on various readiness preparations, including manufacturing related preparations. This financing will help the Company maintain its momentum in these very important activities.

"With this significant financing, we believe we are well positioned to execute on our near-term plans and to support the next critical phase of our business strategy," commented Linda Powers, Chairman and CEO of the Company. "We look forward to sharing more detail on these initiatives."

The majority of this financing involved no fees or placement expenses. On the remainder of the financing, the Company paid fees of 6% cash and 4% warrants.