TRACON Pharmaceuticals Announces up to $30M Non-Recourse Non-Dilutive Financing Related to Arbitration Award Decision Expected in Q1 2023

On December 27, 2022 TRACON Pharmaceuticals (Nasdaq: TCON), a clinical stage biopharmaceutical company utilizing a cost-efficient, CRO-independent product development platform to advance its pipeline of novel targeted cancer therapeutics and to partner with other life science companies, reported entry into an up to $30 million non-recourse financing agreement (Press release, Tracon Pharmaceuticals, DEC 27, 2022, View Source [SID1234625618]).

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"This non-dilutive funding provides for upfront capital along with potential post-award financing, so we may realize the value of a potential arbitration award once issued," said Charles Theuer, M.D., Ph.D., TRACON’s Chief Executive Officer. "We look forward to the announcement of the arbitration award that is expected in the first quarter of 2023."

$3.5 million will be funded before December 31, 2022. The additional $26.5 million, or a lesser amount based on the amount awarded, will be available subject to the award exceeding a threshold and satisfaction of other conditions set forth in the agreement, with 25% of the total being available to be funded after award announcement and the remainder available over a multi-year period. The non-recourse funding will be repaid upon collection of any award from I-Mab at varying rates that depend on the time elapsed from funding and certain other matters related to the arbitration.

The Company plans to use the funds to confirm and enforce any award and for working capital and general corporate purposes.

SpringWorks Therapeutics Completes Submission of New Drug Application to the FDA for Nirogacestat for the Treatment of Adults with Desmoid Tumors

On December 27, 2022 SpringWorks Therapeutics, Inc. (Nasdaq: SWTX), a clinical-stage biopharmaceutical company focused on developing life-changing medicines for patients with severe rare diseases and cancer, reported that the Company has completed the submission of a New Drug Application (NDA) to the United States Food and Drug Administration (FDA) for nirogacestat, an investigational gamma secretase inhibitor, for the treatment of adults with desmoid tumors (Press release, SpringWorks Therapeutics, DEC 27, 2022, View Source [SID1234625617]).

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The NDA submission is being reviewed under the FDA’s Real-Time Oncology Review (RTOR) program and includes data from the Phase 3 DeFi trial, a global, randomized, double-blind, placebo-controlled trial in adult patients with desmoid tumors. The FDA previously granted Fast Track and Breakthrough Therapy designations to nirogacestat for the treatment of adult patients with progressive, unresectable, recurrent or refractory desmoid tumors or deep fibromatosis. Nirogacestat has also received Orphan Drug designation from the FDA for the treatment of desmoid tumors and from the European Commission for the treatment of soft tissue sarcoma.

"Nirogacestat holds tremendous potential to address the substantial unmet needs that remain for people living with desmoid tumors and the submission of our NDA represents an important step toward our goal of delivering the first approved therapy to treat this devastating disease," said Saqib Islam, Chief Executive Officer of SpringWorks. "We look forward to continuing to work closely with the FDA and aim to bring nirogacestat to patients with desmoid tumors as expeditiously as possible."

About the DeFi Trial
DeFi (NCT03785964) is a global, randomized (1:1), double-blind, placebo-controlled Phase 3 trial evaluating the efficacy, safety and tolerability of nirogacestat in adult patients with progressing desmoid tumors. The double-blind phase of the study randomized 142 patients (nirogacestat, n=70; placebo n=72) to receive 150 mg of nirogacestat or placebo twice daily. Key eligibility criteria included tumor progression by ≥20% as measured by Response Evaluation Criteria in Solid Tumors (RECIST 1.1) within 12 months prior to screening. The primary endpoint was progression-free survival, as assessed by blinded independent central review, or death by any cause. Secondary and exploratory endpoints included safety and tolerability measures, objective response rate (ORR), duration of response, changes in tumor volume assessed by magnetic resonance imaging (MRI), and changes in patient-reported outcomes (PROs). DeFi includes an open-label extension phase, which is ongoing.

About Desmoid Tumors
Desmoid tumors are rare, aggressive, locally invasive, and potentially morbid tumors of the soft tissues.1,2 While they do not metastasize, desmoid tumors are associated with a high rate of recurrence.2,3,4 Sometimes referred to as aggressive fibromatosis, or desmoid fibromatosis, these soft tissue tumors can be serious, debilitating, and, in rare cases when vital structures are impacted, they can be life-threatening.2,5

Desmoid tumors are most commonly diagnosed in patients between the ages of 20 and 44 years, with a two-to-three times higher prevalence in females.4,6,7,8 It is estimated that there are 1,000-1,650 new cases diagnosed per year in the United States.7,8,9

Historically, desmoid tumors were treated with surgical resection, but this approach has become less favored due to a high recurrence rate after surgery.1,4,10 There are currently no FDA-approved therapies for the treatment of desmoid tumors.

About Nirogacestat
Nirogacestat is an oral, selective, small molecule gamma secretase inhibitor in Phase 3 clinical development for desmoid tumors and in Phase 2 clinical development for ovarian granulosa cell tumors. Nirogacestat is an investigational drug for which safety and efficacy have not been established.

Gamma secretase cleaves multiple transmembrane protein complexes, including Notch, which is believed to play a role in activating pathways that contribute to growth of desmoid and ovarian granulosa cell tumors. Gamma secretase has also been shown to directly cleave membrane-bound B cell maturation antigen (BCMA), resulting in the release of the BCMA extracellular domain (ECD) from the cell surface. By inhibiting gamma secretase, membrane-bound BCMA can be preserved, increasing target density while reducing levels of soluble BCMA ECD, which may serve as decoy receptors for BCMA-directed therapies. Nirogacestat’s ability to enhance the activity of BCMA-directed therapies has been observed in preclinical models of multiple myeloma. SpringWorks is evaluating nirogacestat as a BCMA potentiator and has several collaborations with industry-leading BCMA developers to evaluate nirogacestat in combinations across modalities. SpringWorks has also formed research collaborations with Fred Hutchinson Cancer Research Center and Dana-Farber Cancer Institute to further characterize the ability of nirogacestat to modulate BCMA and potentiate BCMA-directed therapies using a variety of preclinical multiple myeloma models.

Nirogacestat has received Orphan Drug designation from the U.S. Food and Drug Administration (FDA) for the treatment of desmoid tumors and from the European Commission for the treatment of soft tissue sarcoma. The FDA also granted Fast Track and Breakthrough Therapy designations for the treatment of adult patients with progressive, unresectable, recurrent or refractory desmoid tumors or deep fibromatosis.

Spectrum Pharmaceuticals Announces New Employment Inducement Grants for Commercial Staff

On December 27, 2022 Spectrum Pharmaceuticals (NasdaqGS: SPPI), a biopharmaceutical company focused on novel and targeted oncology therapies, reported that Spectrum’s Board of Directors granted an aggregate of 206,059 inducement restricted stock units ("RSUs") to commercial non-executive employees who were hired specifically for the launch of ROLVEDON (Press release, Spectrum Pharmaceuticals, DEC 27, 2022, View Source [SID1234625615]). The awards were granted under Spectrum’s 2022 Employment Inducement Incentive Award Plan ("Inducement Plan") as employment inducement awards pursuant to Nasdaq Listing Rule 5635(c)(4). The Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of Spectrum, or following a bona fide period of non-employment, as an inducement material to such individuals’ entering into employment with Spectrum, pursuant to Nasdaq Listing Rule 5635(c)(4).

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The RSUs will vest over three years on the first three anniversaries of the grant date, subject to continued service through each applicable vesting date.

PharmaMar receives Orphan Drug Designation for lurbinectedin from the Swiss Agency for Therapeutic Products for Malignant Mesothelioma

On December 27, 2022 PharmaMar (PHM:MSE) has reported that the Swiss Agency for Therapeutic Products (Swissmedic) has granted Orphan Drug designation to lurbinectedin for the treatment of Malignant Mesothelioma (Press release, PharmaMar, DEC 27, 2022, View Source [SID1234625614]).

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This decision is based on the orphan drug recognition granted by the European Medicines Agency in August, 2021.

Malignant Mesothelioma is a tumor that arises from the mesothelial cells of the pleural, peritoneal or pericardial lining of the lung, and is often associated with exposure to asbestos, usually with a very poor prognosis at the time of diagnosis.. There is currently no cure for most malignant mesotheliomas. Therefore, the goal of current cancer treatments (surgery, radiation therapy and chemotherapy) is to reduce or eliminate symptoms, as well as to prolong Progression-Free Survival (PFS) and/or Overall Survival (OS). It is estimated that the incidence of this type of cancer may increase in the coming years, after the exposure to asbestos, as there is a long latency period after exposure before a Malignant Mesothelioma forms.

NanoBiotix Announces First Patient Randomized in the United States in Global Phase 3 Pivotal Trial Evaluating Radioenhancer NBTXR3 in Head and Neck Cancer

On December 27, 2022 NANOBIOTIX (Euronext : NANO –– NASDAQ: NBTX – the ‘‘Company’’), a late-clinical stage biotechnology company pioneering physics-based approaches to expand treatment possibilities for patients with cancer, reported that the first patient in the United States has been randomized in NANORAY-312, a global Phase 3 registrational trial evaluating NBTXR3 for the treatment of elderly patients with locally advanced head and neck squamous cell carcinoma ("LA-HNSCC") who are ineligible for platinum-based chemotherapy (Press release, Nanobiotix, DEC 27, 2022, View Source [SID1234625612]). NBTXR3 activated by radiotherapy will be evaluated alone or in combination with cetuximab. NBTXR3 is a potentially first-in-class radioenhancer with broad application across solid tumors, with prioritized focus in head and neck cancer.

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"Our pivotal, global Phase 3 NANORAY-312 trial for lead candidate NBTXR3 continues to build momentum with sites now active in the United States, Europe and Asia," said Laurent Levy, co-founder of Nanobiotix and chairman of the executive board. "NANORAY-312 is the first of our prioritized registrational trials in head and neck cancer and is designed to prove that our innovation can make a difference for elderly patients around the world, a growing patient population with high unmet medical need. We believe data on survival and anti-tumoral response in our proof-of-concept Phase 1 Study 102 continue to support the potential of NBTXR3 as a single agent activated by radiotherapy for the treatment of elderly patients with head and neck cancer and we look forward to reporting additional milestones from our head and neck cancer franchise studies in 2023."

The first patient in NANORAY-312 was randomized in Europe by Nanobiotix in January of 2022, followed by randomization of the first patient in Asia by Nanobiotix’ strategic collaborator LianBio in August of 2022. The addition of the first patient in the United States completes the Company’s planned study initiation milestones in 2022. Nanobiotix remains focused on expanding the trial’s site footprint, building on the 80 sites currently activated; driving patient recruitment; and preparing for planned milestone reporting in 2023.

About NANORAY-312
NANORAY-312 is a global, two-arm, randomized, Investigator’s Choice Phase 3 registrational study that is designed to investigate the efficacy and safety of radiotherapy-activated NBTXR3 with or without cetuximab versus radiotherapy with or without cetuximab in high-risk, platinum-based chemotherapy-ineligible elderly patients with locally advanced head and neck squamous cell carcinoma (LA-HSNCC). Eligible participants will be treated with NBTXR3 at a 1:1 ratio after an Investigator’s Choice of radiotherapy alone or radiotherapy in combination with cetuximab. This pivotal trial is expected to enroll 500 patients globally, with the United States, Europe, and Asia as its major regions. NANORAY-312 is co-led by principal investigators Sue Yom, MD, PhD, Professor and Vice Chair, Strategic Advisory Department of Radiation Oncology; Professor, Otolaryngology-Head and Neck Surgery at The University of California, San Francisco, and Christophe Le Tourneau, MD, PhD, senior medical oncologist and head of the Department of Drug Development and Innovation (D3i) at Institut Curie (Paris).

NANORAY-312 is being conducted in partnership with LianBio. LianBio is leading clinical development in Asia and holds exclusive rights to develop and commercialize NBTXR3 in Greater China, South Korea, Singapore and Thailand. Nanobiotix is leading clinical and commercial development in all other regions.

About NBTXR3
NBTXR3 is a novel, potentially first-in-class oncology product composed of functionalized hafnium oxide nanoparticles that is administered via one-time intratumoral injection and activated by radiotherapy. The product candidate’s physical mechanism of action (MoA) is designed to induce significant tumor cell death in the injected tumor when activated by radiotherapy, subsequently triggering adaptive immune response and long-term anti-cancer memory. Given the physical MoA, Nanobiotix believes that NBTXR3 could be scalable across any solid tumor that can be treated with radiotherapy and across any therapeutic combination, particularly immune checkpoint inhibitors.

NBTXR3 is being evaluated in locally advanced head and neck squamous cell carcinoma (HNSCC) as the primary development pathway. The company-sponsored phase I dose escalation and dose expansion study has produced favorable safety data and early signs of efficacy; a phase III global registrational study was launched in 2021; and all major regions planned for the study are currently active and enrolling patients. In February 2020, the United States Food and Drug Administration granted regulatory Fast Track designation for the investigation of NBTXR3 activated by radiation therapy, with or without cetuximab, for the treatment of patients with locally advanced HNSCC who are not eligible for platinum-based chemotherapy—the same population being evaluated in the phase III study.

Nanobiotix has also prioritized an Immuno-Oncology development program—beginning with a Company-sponsored phase I clinical study evaluating NBTXR3 activated by radiotherapy in combination with anti-PD-1 checkpoint inhibitors for patients with locoregional recurrent or recurrent/metastatic HNSCC and lung or liver metastases from any primary cancer eligible for anti-PD-1 therapy.

Given the Company’s focus areas, and balanced against the scalable potential of NBTXR3, Nanobiotix has engaged in a strategic collaboration strategy with world class partners to expand development of the product candidate in parallel with its priority development pathways. Pursuant to this strategy, in 2019 Nanobiotix entered into a broad, comprehensive clinical research collaboration with The University of Texas MD Anderson Cancer Center to sponsor several phase I and phase II studies to evaluate NBTXR3 across tumor types and therapeutic combinations.