ArQule has filed a 10-Q – Quarterly report [Sections 13 or 15(d)] with the U.S. Securities and Exchange Commission .

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On May 7, 2018 Mirati Therapeutics, Inc. (NASDAQ: MRTX), a clinical-stage oncology company, reported financial results for the first quarter ended March 31, 2018 (Press release, Mirati, MAY 7, 2018, View Source [SID1234527095]).

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"We have made significant progress in all of our programs and continue to be encouraged by positive clinical results for sitravatinib and mocetinostat with planned data presentations at a fall oncology conference," said Charles M. Baum, M.D., Ph.D., President and Chief Executive Officer. "Additionally, we are on track to file our planned Investigational New Drug application (IND) for MRTX849, a potent and selective inhibitor for KRAS, in the fourth quarter of 2018."

Financial Results for the First Quarter 2018

Cash, cash equivalents, and short-term investments were $148.7 million at March 31, 2018, compared to $150.8 million at December 31, 2017.

License and collaboration revenues for the first quarter of 2018 were $9.5 million, compared to none in the same period in 2017. License and collaboration revenues relate to the Collaboration and License Agreement between the Company and BeiGene, Ltd. ("BeiGene"), which became effective January 7, 2018, under which the Company granted BeiGene an exclusive license to develop, manufacture and commercialize sitravatinib in Asia (excluding Japan and certain other countries).

Research and development expenses for the first quarter of 2018 were $19.7 million, compared to $14.4 million for the same period in 2017. The increase in research and development expenses is primarily due to an increase in third party research and development expense for sitravatinib due to the continuation and expansion of ongoing clinical trials. The increase is also related to continued development of our KRAS inhibitor program for costs associated with preparing to file a planned IND application for our selected lead clinical compound, MRTX849. These increases are partially offset by a decrease in glesatinib expenses.

General and administrative expenses for the first quarter of 2018 were $5.2 million, compared to $3.7 million for the same period in 2017. The increase is primarily due to an increase in share-based compensation expense due to an increase in the fair value of stock options granted during the three months ended March 31, 2018 compared to the same period in 2017.

Net loss for the first quarter of 2018 was $14.7 million, or $0.51 per share basic and diluted, compared to net loss of $17.8 million, or $0.73 per share basic and diluted for the same period in 2017.

On May 7, 2018 CytomX Therapeutics, Inc. (Nasdaq:CTMX), a clinical-stage oncology-focused biopharmaceutical company pioneering a novel class of investigational antibody therapeutics based on our Probody therapeutic technology platform, reported it will present at the Bank of America Merrill Lynch 2018 Health Care Conference (Press release, CytomX Therapeutics, MAY 7, 2018, View Source [SID1234527067]). Sean McCarthy, D.Phil., president and chief executive officer will deliver a corporate overview on May 17, 2018, at 10:40 a.m. P.T./ 1:40 p.m. ET.

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A live audio webcast of the presentation will be available through the Investors and News section of CytomX’s website. An archived replay will be available for 90 days following the event.

On May 7, 2018 ORIC Pharmaceuticals, a clinical-stage oncology company focused on discovery and development of novel therapies against treatment-resistant cancers, reported the appointment of Jacob Chacko, MD, as Chief Executive Officer (Press release, ORIC Pharmaceuticals, MAY 7, 2018, View Source [SID1234526843]). Rich Heyman, PhD, who has been serving as the interim CEO, will become Chairman of the ORIC Board of Directors. The current Chairman, Peter Svennilson, will remain on the board.

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"Rich has been a key part of the ORIC story, and has ably led the company, including recently raising a new round of funding and advancing the pipeline, said Peter Svennilson, member of the board and outgoing Chairman. "The board is pleased that he will continue to guide the Company as a strategic partner for Jacob and the executive team."

"We are thrilled to welcome Jacob as the new CEO of ORIC," said Rich Heyman, incoming Chairman. "The board determined that Jacob’s broad experience in the healthcare industry, combined with his strategic expertise and previous success at Ignyta and TPG Capital, ideally position him to be a great partner to the board and management as we work to bring better therapies to patients with cancer."

"I am honored by the opportunity the board has extended to me, and am looking forward to working with the board and management to lead ORIC in its next phase of growth," said Jacob Chacko. "I have been impressed by the ongoing engagement of ORIC’s successful founders and the clinical expertise and scientific rigor of the team. I look forward to progressing our lead candidate, ORIC-101, and the other pipeline assets as we address the significant clinical challenge of therapy resistance."

Dr. Chacko was most recently CFO of Ignyta, a NASDAQ-listed precision oncology company acquired by Roche in February 2018. At Ignyta, he had a broad operational role and helped raise over $500 million in capital. During his tenure, the company grew from fewer than 20 employees and a $50 million enterprise value to 125 employees and a $1.7 billion enterprise value at the time of acquisition. Prior to Ignyta, Dr. Chacko was an investor at TPG Capital, where he helped lead teams that completed acquisitions having an aggregate value of over $10 billion. He has served on the board of directors of RentPath and EnvisionRx and was a board observer to Par Pharmaceutical, IMS Health and Quintiles Transnational. He previously served on the board of the Packard Children’s Health Alliance at the Lucile Packard Children’s Hospital Stanford.

Dr. Chacko concurrently received his M.D. from UCLA and his M.B.A. from Harvard Business School. Prior to that, he was a consultant serving healthcare clients at McKinsey & Company and received a M.Sc. from Oxford University as a Marshall Scholar. He currently serves on the board of directors of Bonti and AROG Pharmaceuticals and chairs the Western Regional Selection Committee for the Marshall Scholarship.

On May 7, 2018 National Cancer Center (Tokyo Japan, President: Hitoshi Nakagama) and Carna Biosciences, Inc (Kobe Japan, President and CEO: Kohichiro Yoshino) reported that they have entered into a research
collaboration agreement to discover novel therapeutic interventions in cancers (Press release, Carna Biosciences, MAY 7, 2018, View Source [SID1234526520]).

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Under the agreement, National Cancer Center and Carna Biosciences will collaborate on drug discovery research to develop a novel anticancer drug with new mechanisms of action that have been discovered by Dr. Kenkichi Masutomi, Chief, Division of Cancer Stem Cell at National Cancer Center Research Institute.

During the research term, both parties will leverage their respective expertise, including Carna’s extensive expertise in small molecule drug discovery with its powerful drug discovery engine and National Cancer Center’s profound knowledge of cancer research.

National Cancer Center and Carna Biosciences have been working together successfully under a research collaboration since 2008 to research and develop new drugs targeting WNT signal. This new collaboration agreement will further strengthen the relationship between both parties, which enables to accelerate the development of novel anti-cancer drugs to bring innovative treatment to cancer patients.