Amyris Announces Closing Of $200 Million Private Placement

On June 10, 2020 Amyris, Inc. (Nasdaq: AMRS), a leading synthetic biotechnology company in Clean Health and Beauty markets through its consumer brands and a top supplier of sustainable and natural ingredients, reported the closing of its previously announced private investment in public equity (PIPE) in the Company (Press release, Amyris Biotechnologies, JUN 10, 2020, View Source [SID1234560984]).

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Amyris received total gross proceeds of $200 million, before deducting placement agent fees and offering expenses.

The investment was made by a consortium of high quality institutional and accredited investors and mutual funds with expertise in health care, biotechnology or a consumer orientation consisting of approximately 70% new investors and 30% existing investors. The Company expects to use the proceeds from the offering for general corporate purposes and to repay certain outstanding indebtedness.

Jefferies LLC and Cowen and Company, LLC served as joint lead placement agents for the financing. Oppenheimer & Co. Inc. served as co-placement agent.

Separately, H.C. Wainwright & Co. provided advisory services to the Company.

The securities sold in the private placement have not been registered under the Securities Act of 1933, as amended, or any state or other applicable jurisdiction’s securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state or other jurisdictions’ securities laws. The Company has agreed to file a registration statement with the U.S. Securities and Exchange Commission (the "SEC") registering the resale of the shares of common stock sold in the private placement and the shares of common stock issuable upon exercise of the preferred stock.

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 an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Additional details regarding the private placement are included in a Form 8-K filed with the Securities and Exchange Commission on June 4, 2020.

PharmAbcine execute an agreement with Thermo Fisher for the development and manufacturing of its next-generation immune checkpoint blockade, PMC-309 for Phase I

On June 10, 2020 PharmAbcine Inc. (KOSDAQ: 208340ks) reported that it has entered into a strategic partnership with Thermo Fisher Scientific for the development and manufacturing of PMC-309, a next-generation immune checkpoint blockade to treat cancer (Press release, PharmAbcine, JUN 10, 2020, View Source [SID1234560982]).

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Under this agreement, PharmAbcine will take advantage of Thermo Fisher’s Quick to Clinic integrated service offering, a program that accelerates drug development for IND submission for Phase I.

PMC-309 is a novel fully human monoclonal IgG targeting unique epitope of human VISTA (V-domain Ig suppressor of T cell activation) primarily expressed on MDSC (myeloid-derived suppressor cells). It can provide a promising immunotherapeutic strategy to improve the antitumor activity through inhibition of VISTA-positive immunosuppressive cell activities.

"Due to the limitation of response rate and drug resistance of all marketed PD1/PDL1 targeting immuno oncology drugs, next generation immuno oncology drug with new modality is desperately needed," said Dr. Jin-San Yoo, CEO of PharmAbcine. "We are excited about the progress we have made with PMC-309 and strongly believe that PMC-309 will fulfill the gap in immuno oncology drug landscape."

The drug product of PMC-309 for clinical trial will be developed at Thermo Fisher’s Princeton, NJ, USA and the Brisbane’s site in Australia will facilitate for the drug substances. PharmAbcine is planning to initiate IND enabling studies this year and submit global IND in 2021.

Ryvu Therapeutics Reports First Quarter 2020 Financial Results

On June 10, 2020 Ryvu Therapeutics (WSE: RVU) reported its first quarter 2020 financial results and provided a corporate update (Press release, Ryvu Therapeutics, JUN 10, 2020, View Source [SID1234560981]).

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"Q1 2020 was an exciting and eventful time for Ryvu. We have managed to achieve several important milestones including clinical ones, such as the successful completion of Phase I for SEL24/MEN1703 in acute myeloid leukemia, as well as the receipt of an Orphan Drug Designation for SEL120 for the treatment of AML patients," commented Pawel Przewiezlikowski, Chief Executive Officer of Ryvu.

"We have also secured additional non-dilutive grant financing to support the development of our synthetic lethality program. Together with very good data from our early pipeline projects, it allows us to successfully continue our mission to discover and develop drugs that will improve the lives of cancer patients and their families," adds Przewiezlikowski.

Recent Achievements

On February 26, Ryvu signed a grant agreement for the development of targeted oncology therapies based on the synthetic lethality concept. This grant provides Ryvu with almost $8.3 million of non-dilutive financing to discover, develop and select a clinical candidate targeting cancers which had been considered in the past as largely undruggable using rational approaches. Total net value of the project amounts to $14.0 million and the anticipated project duration is until December 2023.
On March 5, 2020 Menarini Group announced the successful completion of Phase I clinical study of SEL24/MEN1703 in Acute Myeloid Leukemia, which entitled Ryvu to receive a $1.96 million milestone payment. The full data from the study will be presented as a poster "Results of the dose escalation part of DIAMOND trial (CLI24-001): First-in-human study of SEL24/MEN1703, a dual PIM/FLT3 kinase inhibitor, in patients with acute myeloid leukemia" during the Virtual 25th EHA (Free EHA Whitepaper) Congress taking place June 11-21.

Throughout the dose escalation part, SEL24/MEN1703 showed an acceptable safety profile up to the recommended dose established at 125 mg/day (14 days ON – 7 days OFF in 21-days cycles). Initial evidence of single agent efficacy was observed with 1 CR and 1 CRi in elderly patients who had exhausted standard therapeutic options. Cohort Expansion study planned in relapsed/refractory AML patients in the United States and Europe including Poland will further investigate the single agent activity and the safety profile of SEL24/MEN1703.
On March 25, 2020 the U.S. Food and Drug Administration (FDA) granted an orphan drug designation (ODD) to Ryvu’s SEL120, for the treatment of patients with acute myeloid leukemia (AML).
Important milestones in 2020, before the report date

On April 16, Galapagos NV (Euronext &NASDAQ: GLPG) and Ryvu Therapeutics S.A. (WSE: RVU) announced a collaboration focused on the discovery and development of novel small molecule drugs in inflammation. The collaboration is based on a novel target identified by Ryvu. Ryvu will contribute its biology and chemistry platform as well as related intellectual property to the program. During the joint research collaboration, Ryvu is responsible for early drug discovery and Galapagos will be responsible for all further development of the program.
On June 2, Ryvu obtained the occupancy permits for its newly built R&D Center for Innovative Drugs, meaning it has completed the construction of the facility. The Company plans to move to the new headquarters by the end of June 2020.
On June 3, NodThera, Ryvu spin-off company, secured £44.5million ($54.5million) Series B financing. NodThera was founded by Epidarex Capital and Ryvu in 2016 based on world class research on NLRP3 inflammasome conducted at Ryvu (at that time Selvita) in 2012 -2016. The company focused on the development of inflammasome inhibitors has already raised over £80.8 million (over $100 million) in three funding series. After the full completion of Series B capital increase, Ryvu will own 4.8% in NodThera.
On June 4, Ryvu signed a grant agreement for the development of targeted immuno-oncology therapy, which provides Ryvu with almost $5.6 million of non-dilutive financing to discover, develop and select a clinical candidate targeting cancers which had been considered in the past as largely undruggable using rational approaches. Total net value of the project amounts to over $8.9 million and the anticipated project duration is until December 2023.
In Q1 2020, Ryvu Therapeutics participated and presented at several investor conferences, including Solebury Trout Investor Access during JP Morgan 2020, Solebury Trout Virtual Investor Conference, BIO-Europe Spring 2020 and 32nd Annual ROTH Conference.

Ryvu First Quarter 2020, Financial Results

In the past quarter, Ryvu Therapeutics noted a 56% increase in its revenues, up to PLN 13.6 million ($3.5 million). Revenues from partnering contracts have increased from PLN 1.1 million ($0.3 million) in Q1 2019, up to PLN 7.8 million ($2.0 million) in Q1 2020.

Operational costs related in majority to the research and development expenditures, remain at a stable level and amounted to PLN 18.6 million ($4.7 million), as compared to PLN 18.4 million ($4.9 million) in same quarter last year. Operational loss has decreased and amounted to PLN 5.0 million ($1.3 million), compared to PLN 9.7 million ($2.6 million) in 1Q 2019.

On June 5, 2020, Ryvu Therapeutics held PLN 48.2 million ($11.6 million) in cash, cash equivalents, and short-term investments.

BryoLogyx Announces Agreements with Neurotrope to Acquire Bryostatin-1 Immuno-Oncology Data Package, Supply Synthetic Bryostatin-1

On June 10, 2020 BryoLogyx Inc. reported it has entered into two agreements with Neurotrope, Inc. (Nasdaq: NTRP) to acquire Neurotrope’s preclinical data package and drug product for use of bryostatin-1 in an immuno-oncology application, and to supply Neurotrope with synthetic bryostatin-1 for use in clinical trials and commercialization for the treatment of Alzheimer’s disease and other neurodegenerative diseases. Neurotrope has been developing bryostatin-1 under a Cooperative Research and Development Agreement ("CRADA") with the National Cancer Institute (NCI) (Press release, BryoLogyx, JUN 10, 2020, View Source [SID1234560980]). Specific financial terms were not disclosed.

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"BryoLogyx is capitalizing on recent advances demonstrating that bryostatin-1 has great promise in amplifying the immune response to cancer immunotherapies by multiple mechanisms, including increasing tumor antigen expression," said Thomas M. Loarie, CEO of BryoLogyx. "These two agreements with Neurotrope will accelerate our drive to clinical trials to demonstrate proof-of-concept in patients." The agreements should position BryoLogyx to begin clinical trials with the NCI in late 2020.

Under the first agreement, Neurotrope will transfer to BryoLogyx the right to develop bryostatin­‑1 for the potential treatment of CD22+ B-cell acute lymphoblastic leukemia (ALL). Relapsed ALL in CD22 CAR-T treated patients has been associated with reduced CD22 antigen density. Bryostatin-1 has been shown to increase CD22 expression levels in leukemia patients, and in a mouse model, resulted in improved treatment response and durability. Neurotrope will also transfer to BryoLogyx the Investigational New Drug ("IND") application that is in development. BryoLogyx will be responsible for the IND going forward and will pay a nominal fee on gross revenues generated by the commercial sale of bryostatin-1 product sold by BryoLogyx for the treatment of ALL.

In return, under a supply agreement, BryoLogyx will supply Neurotrope with specified amounts of synthetic, GMP-grade bryostatin-1 for manufacture of drug product to be used in clinical trials for treating Alzheimer’s and other neurological diseases. Bryostatin-1 will be chemically synthesized by Albany Molecular Research Inc. (AMRI) in collaboration with BryoLogyx.

"AMRI is privileged to be selected for this complex commercial synthesis, the first ever to be conducted for bryostatin-1," said Christopher Conway, AMRI President. "Bryostatin-1 is based from a rare marine resource; our ability to provide GMP-level material for a clinical studies program should greatly reduce the cost, and minimize related supply chain risks, for this promising therapeutic."

BryoLogyx is currently the sole global source of synthetic bryostatin-1. The Company has invested heavily to scale the patented bryostatin-1 synthesis technology developed by Dr. Paul Wender at Stanford University and licensed by the Company from Stanford. This technology holds great promise for development of commercial scale quantities of bryostatin-1 at a cost much less than the cost of extracting natural bryostatin-1 from marine sources, which has proven prohibitive for commercial development.

bioAffinity Technologies Validation Trial for Non-Invasive Lung Cancer Test Results in High Sensitivity and Specificity

On June 10, 2020 bioAffinity Technologies, a privately held biotech company, reported its test validation trial for CyPath Lung resulted in specificity of 88% and sensitivity of 82%, similar to far more invasive procedures commonly used to diagnose lung cancer (Press release, BioAffinity Technologies, JUN 10, 2020, View Source [SID1234560979]). Overall accuracy of CyPath Lung was 87%.

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"It is important to note that our clinical trial compared two very similar and therefore difficult to distinguish cohorts – those at high risk with and without cancer – in contrast to the trials of some other lung cancer diagnostics that compare healthy individuals to cancer patients," said bioAffinity President and Chief Executive Officer Maria Zannes. "In an earlier study using our porphyrin marker to label sputum on microscope slides, we saw 100% accuracy in distinguishing sputum from healthy patients from those diagnosed with lung cancer. While impressive, the true test of a lung cancer diagnostic is its ability to distinguish those at high risk with and without cancer, which CyPath Lung has shown it can do. We are extremely pleased with our trial results."

CyPath Lung is a flow cytometric test to aid in the diagnosis of lung cancer. Patients collect sputum samples non-invasively at home, a particular benefit during the COVID-19 pandemic. The sample is shipped overnight to the laboratory for processing. Sample data is acquired by flow cytometry, a technique that can count, sort and profile individual cells with remarkable speed. Using an automated analysis with pre-set parameters, CyPath Lung profiles the lung environment including the presence of cancer-associated cells. Data acquisition and physician reports can be generated in minutes.

"We successfully tested our automated analysis program and found it to be fast and very robust in predicting what is cancer and what is high risk," Zannes said. "Physician reports can be generated immediately after flow cytometry acquires sample data in approximately 20 minutes per sample. Looking beyond lung cancer, we believe our automated platform can be successfully applied to cancer diagnostic tests for several other cancers, which will improve overall survival rates for patients through early diagnosis and treatment."

CyPath Lung’s automated flow cytometry analysis reveals four distinct predictors that distinguish the sputum collected from high-risk individuals from samples collected from patients with lung cancer. The Company’s proprietary porphyrin compound preferentially binds to cancer and cancer-related cells. Confirming results of an earlier clinical trial, the test validation trial found cells labeled by the porphyrin molecule are a significant predictor in the test’s automated analysis for lung cancer.

"CyPath Lung reveals the lung environment by profiling cell populations in sputum, meaning that the test analyzes whole cells and cell populations to find predictors of lung cancer in a sample that comes directly from the lung," explained Executive Vice President and Chief Medical and Science Officer Vivienne Rebel, MD, PhD. "Our technology has advantages over genomic approaches to diagnosing earlier stage lung cancers that search for circulating tumor cells or cell fragments in a much more dilutive blood sample."

The test validation trial compared sputum samples collected from individuals at high risk for lung cancer with sputum samples collected from lung cancer patients. Individuals at high risk for lung cancer have smoked the equivalent of one pack of cigarettes a day for 30 years or more, have not quit smoking in the past 15 years and are 55-80 years of age. Trial participants who had lung cancer collected their sputum sample prior to tissue biopsy that confirmed the cancer diagnosis. Trial results are based on analysis of 150 samples, including samples from 122 high-risk individuals and 28 people diagnosed with lung cancer.

The U.S. Preventive Services Task Force recommends that smokers and former smokers at high risk for lung cancer undergo annual screening by low dose computed tomography (LDCT). Screening by LDCT has been proven to detect lung cancer at earlier stages when it can be more successfully treated. The National Lung Cancer Screening Trial (NLCST) of more than 53,000 participants resulted in a 20% decrease in lung cancer–specific mortality when LDCT screening is performed in high-risk patients. However, screening by LDCT had a low 3.8% positive predictive value (PPV) which raises the risk of unnecessary, invasive, and costly procedures for those who test positive. In the NLCST, for every 100 people who received a positive LDCT, less than four of those individuals actually had lung cancer.

In the CyPath Lung validation trial, the non-invasive test showed a positive predictive value (PPV) of 62% and a 95% negative predictive value (NPV). Using CyPath Lung after a positive LDCT screen has the potential to significantly improve PPV compared to LDCT alone in the high-risk population. Early diagnosis of lung cancer followed by treatment can significantly increase survival. Studies have shown early diagnosis of lung cancer can increase the 10-year survival rate of the disease to 88% from the present overall 5-year survival rate of 19%.

"CyPath Lung proves to be a highly accurate test for the early detection of lung cancer," Zannes said. "Our test for lung cancer has high specificity and sensitivity, in contrast to other tests that claim high sensitivity and very low specificity, or vice versa."

CyPath Lung has been licensed by Precision Pathology Services, a CAP/CLIA laboratory in San Antonio, TX. Precision Pathology Services anticipates certification and sale of CyPath Lung in 2020 as a Laboratory Developed Test (LDT). Following its certification as an LDT, physicians will order CyPath Lung for their patients at high risk for lung cancer and who receive a positive screening result or otherwise are suspected of having the disease.