On May 15. 2023 AIM ImmunoTech Inc. (NYSE American: AIM) ("AIM" or the "Company"), an immuno-pharma company focused on the research and development of therapeutics to treat multiple types of cancers, immune disorders and viral diseases – including COVID-19, the disease caused by the SARS-CoV-2 virus – reported its financial results for the first quarter 2023 and provided a business update (Press release, AIM ImmunoTech, 15 15, 2023, View Source [SID1234631698]). As previously announced, the Company will host a conference call and audio webcast on Tuesday, May 16, 2023, at 8:30 AM ET (details below).

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"The significant progress we have made advancing Ampligen through numerous human clinical studies in multiple indications has provided us with a growing body of positive data. These data have supported and guided the prioritization of our oncology pipeline, with pancreatic cancer as our lead development program," commented Thomas K. Equels, Chief Executive Officer of AIM. "With a strong cash position and a fundamental plan to execute across our pipeline, we are positioning the Company to achieve a number of value-driving milestones in the near term."

Recent Highlights

Appointed preeminent biotechnology pioneer W. Neal Burnette, Ph.D., as Chairman of its Scientific Advisory Board (SAB)
Nancy K. Bryan, pharmaceutical industry veteran, appointed to Board of Directors
Received central Institutional Review Board ("IRB") approval for the protocol of Phase 2 study evaluating Ampligen as a therapeutic for patients with post-COVID conditions ("AMP-518")
Expected Upcoming Pipeline Milestones

Q2 2023

Locally Advanced Pancreatic Cancer: Enroll first patient in Phase 2 study
Post-COVID Conditions: Enroll and dose first patient in Phase 2 study
Q3 2023

Advanced Recurrent Ovarian Cancer: Announce protocol-planned interim results
Q4 2023

Metastatic Pancreatic Cancer: Begin clinical trial
Post-COVID Conditions: Enroll last patient in Phase 2 study
Summary of Financial Highlights for First Quarter 2023

As of March 31, 2023, AIM reported cash, cash equivalents and marketable securities of $30.8 million. Based on management’s current expectation, the Company’s cash runway is expected to fund operations through multiple key milestones through the end of 2024.
Research and development expenses for the three months ended March 31, 2023 were $2.1 million, compared to $1.0 million for the same period in 2022.
General and administrative expenses were $2.3 million for the three months ended March 31, 2023, compared to the $2.1 million for the same period 2022.
The net loss from operations for the three months March 31, 2023 was $3.7 million, or $0.08 per share, compared to $3.8 million, or $0.08 per share, for the three months ended March 31, 2022.
Please refer to the full 10-Q for complete details.

Conference Call and Webcast Details

As previously announced, the Company will host a quarterly conference call and live audio webcast to discuss the operational and financial results on May 16, 2023, at 8:30 AM ET.

The call will be hosted by members of AIM, CEO Thomas K. Equels and Scientific Officer Christopher McAleer, PhD. Interested participants and investors may access the conference call by dialing (877) 407-9219 (domestic) or (201) 689-8852 (international) and referencing the AIM ImmunoTech Conference Call. The live webcast will be accessible on the Events page of the Investors section of the Company’s website, aimimmuno.com, and will be archived for 90 days following the live event.

On May 15, 2023 Adamis Pharmaceuticals Corporation (NASDAQ: ADMP), a commercial-stage biopharmaceutical company focused on developing and commercializing products in various therapeutic areas, including opioid overdose, allergy, respiratory and inflammatory disease, reported financial results for the first quarter ended March 31, 2023, and provided an update on recent corporate developments (Press release, Adamis Pharmaceuticals, MAY 15, 2023, View Source [SID1234631697]).

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Q1 2023 Corporate Highlights

Nasdaq Continued Listing

· On February 23, 2023, Adamis announced that Nasdaq had granted its request to extend the period for the Company to regain compliance with the $1 minimum bid share price requirement, subject to the Company evidencing compliance with all applicable criteria for continued listing, by no later than a final extension date of June 26, 2023.

· The Company’s continued listing is subject to the timely satisfaction of certain interim milestones and undertaking of certain corporate actions during the compliance period, including without limitation: (1) the Company executing the merger agreement with DMK Pharmaceuticals Corporation; (2) effecting a reverse stock split of its common stock; and (3) achieving the minimum closing bid price of at least $1.00 per share for a minimum of ten consecutive business days prior to the expiration of the compliance period.

· On April 12, 2023, Adamis received another notice from Nasdaq indicating that for the last 30 consecutive business days, the Company’s minimum Market Value of Listed Securities (MVLS) was below the minimum of $35 million required for continued listing on the Nasdaq Capital Market. Pursuant to Nasdaq listing rules, the Company will have until October 9, 2023, to regain compliance with the MVLS standard, which requires that the MVLS be at least $35 million for a minimum of 10 consecutive business days at any time before expiration of the compliance period. The notice had no current effect on the listing of the Company’s common stock.

· The Company believes that by both effecting a reverse stock split and closing the merger transaction with DMK Pharmaceuticals, it can regain compliance with both Nasdaq requirements prior to the June 26th deadline.

Merger Agreement with DMK Pharmaceuticals

· On February 24, 2023, the Company entered into an Agreement and Plan of Merger and Reorganization with DMK Pharmaceuticals Corporation (the "Agreement").

· DMK is a private, clinical-stage biotechnology company at the forefront of endorphin-inspired drug design focused on developing novel treatments for opioid use disorder and other neuro-based diseases.

· At a special meeting of stockholders of the Company held on May 15, 2023, the stockholders of the Company approved proposals relating to the proposed DMK merger transaction and the proposed reverse stock split. The Company expects to close the merger transaction as soon as all remaining closing conditions have been either met or waived by the parties.

Financing

· On March 14, 2023, the Company announced that it had entered into a securities purchase agreement with a single, healthcare-focused institutional investor for the purchase and sale of 16,500,000 shares of its common stock and pre-funded warrants to purchase up to 7,500,000 shares of common stock, together with warrants to purchase up to 48,000,000 shares of common stock. The Company received gross proceeds of approximately $3.0 million, before deducting fees and other estimated offering expenses.

· On May 2, 2023, the investor exercised the pre-funded warrants in full.

Q1 2023 Financial Highlights

· Total net revenue for the first quarter of 2023 was approximately $1.5 million compared to approximately $1.2 million in the first quarter of 2022, an increase of approximately 26%. The increase in revenues was primarily due to increased sales of ZIMHI. No revenues relating to SYMJEPI were reported in the first quarter of 2023 or 2022, due to its manufacturing hold and voluntary recall that was announced in March 2022.

· Operating expenses (selling, general and administrative expenses and research and development expenses) for the first quarter of 2023 were approximately $6.1 million compared to $7.6 million in the first quarter of 2022, a decrease of approximately 20%. The decrease was primarily due to lower development spending, offset by increases in legal, audit and advisory fees associated with both the proposed merger transaction with DMK and the March financing transaction.

· Net loss for the combined (continued and discontinued) operations for the first quarter of 2023 was approximately $8.9 million compared to a net loss of $10.4 million in the first quarter of 2022, a decrease of approximately 14%.

· Cash and cash equivalents as of March 31, 2023, were approximately $3.1 million.

Conference Call Information

Management will host a live webcast/conference call today, May 15, 2023, at 2:00 p.m. PT / 5:00 p.m. ET, during which Company executives will review financial information for the first quarter of 2023 and provide a corporate update, which may include an update concerning the results of the Company’s special meeting of stockholders held on May 15, 2023, as well as concerning the proposals acted upon at the meeting.

U.S. Dial-in (Toll Free): 1-877-423-9813

Toll/International Dial-in: 1-201-689-8573

A live audio webcast of the conference call will also be available via this link. If you are unable to participate in the live call, a replay will be available shortly after the live event. To listen to the replay please visit the events page of the Adamis investor relations section of the company website at View Source

On May 14, 2023 Innovent Biologics, Inc. ("Innovent") (HKEX: 01801), a world-class biopharmaceutical company that develops, manufactures and commercializes high-quality medicines for the treatment of oncology, metabolic, autoimmune, ophthalmology and other major diseases, reported that the Center for Drug Evaluation (CDE) of China’s National Medical Products Administration (NMPA) has granted Breakthrough Therapy Designation (BTD) for IBI351 (GFH925) for the treatment of previously treated advanced colorectal carcinoma (CRC) patients with KRASG12C mutation (Press release, Innovent Biologics, MAY 14, 2023, View Source [SID1234631631]).

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This BTD for IBI351 was based on the pooled analysis of two ongoing clinical trials (NCT05005234, NCT05497336), which include 54 CRC patients that received IBI351 monotherapy. Favorable safety and tolerability and promising antitumor activity of IBI351 monotherapy were observed. The study results will be published at the upcoming American Society Of Clinical Oncology (ASCO) (Free ASCO Whitepaper) Annual Meeting 2023.

IBI351 is the first KRASG12C inhibitor that received NMPA BTD for advanced CRC. In January 2023, IBI351 has received NMPA BTD for the treatment of patients with advanced non-small cell lung cancer (NSCLC) harboring KRASG12C mutation who have received at least one systemic therapy.

"We are glad to see the NMPA grants another Breakthrough Therapy Designation based on the preliminary results of IBI351 monotherapy in advanced colorectal carcinoma," said Dr. Hui Zhou, Senior Vice President of Innovent. "The prognosis of advanced colorectal carcinoma patients with KRASG12C mutation is worse than KRAS wild type patients with limited therapeutic options. Currently, there are no approved drugs targeting KRASG12C available on the market in China. The preliminary data of IBI351 monotherapy has shown outstanding efficacy and favorable safety in previously treated advanced colorectal carcinoma. We look forward to obtaining more data from the ongoing clinical trials, and further validating the clinical benefits of IBI351 as monotherapy or combination therapy in patients with advanced colorectal carcinoma."

NMPA Breakthrough Therapy Designation is intended to facilitate and expedite the development and review of an investigational drug to treat a serious disease or condition when preliminary clinical evidence indicates that the drug has demonstrated substantial improvement over current therapies. The BTD will not only qualify a drug candidate to receive status for rapid review by the CDE, but it will also allow the sponsor to obtain timely advice and communication from the CDE to accelerate the approval and launch to address the unmet clinical need of patients at an accelerated pace. Click here for the published list of drugs which have been granted BTD by NMPA.

About Colorectal Carcinoma (CRC)
According to GLOBOCAN 2020 report, there were about 1.14 million new cases and 580,000 deaths of colorectal cancer worldwide in 2020. In the past 30 years, the number of CRC cases and deaths has continued to increase in China. In 2015, there were 376,000 new cases and 191,000 deaths, and the numbers will continue to increase in the next 25 years, which is a major public health problem that China is faced with. KRASG12C is a specific KRAS mutation subtype that causes KRAS to be in a state of sustained GTP-binding activation. KRASG12C mutation occurs in about 3% of colorectal cancer patients in the Western population and 2.33% of Chinese colorectal cancer patients.

About IBI351/GFH925 (KRASG12C Inhibitor)
Discovered by GenFleet Therapeutics, GFH925 (Innovent R&D code: IBI351) is a novel, orally active, potent KRASG12C inhibitor designed to effectively target the GTP/GDP exchange, an essential step in pathway activation, by modifying the cysteine residue of KRASG12C protein covalently and irreversibly. Preclinical cysteine selectivity studies demonstrated high selectivity of IBI351 towards KRASG12C. Subsequently, IBI351 effectively inhibits the downstream signal pathway to induce tumor cells’ apoptosis and cell cycle arrest.

In September 2021, Innovent and GenFleet Therapeutics entered into an exclusive license agreement for the development and commercialization of IBI351 in China (including mainland China, Hong Kong, Macau and Taiwan) with additional option-in rights for global development and commercialization.

On May 12, 2023 Panolos Bioscience reported that the company signed a consulting contract with MediRama (CEO Moon Hanlim) on May 3 (Presentation, Panolos Bioscience, MAY 12, 2023, View Source [SID1234633691]).

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Based on a high level of understanding of clinical development, MediRama provides a successful clinical performance strategy by acting as Biotech’s clinical development headquarters.

Through this contract, Panolos commenced MediRrama to consult on clinical development for the successful clinical performance of PB101/PB102, a key pipeline, and appointed CEO Moon Hanlim as a SAB (Scientific Advisory Board) to solidify a close partnership to devise Panolos’ pipeline portfolio operation strategy.

On May 12, 2023 Oncolys BioPharma reported that non-consolidated Financial Results for the Three Months Ended March 31, 2023 (Press release, Oncolys BioPharma, MAY 12, 2023, View Source [SID1234632948]).

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