Orum Therapeutics Announces First Patient Dosed in Phase 1 Clinical Trial of ORM-5029 in Development to Treat HER2-Expressing Advanced Solid Tumors

On October 31, 2022 Orum Therapeutics, a private biotechnology company pioneering the development of tumor-directed targeted protein degraders (TPDs), reported that the first patient has been dosed with ORM-5029 in a Phase 1 clinical trial for patients with HER2-expressing advanced solid tumors (Press release, Orum Therapeutics, OCT 31, 2022, View Source [SID1234622627]).ORM-5029 is one of two lead programs from the company’s GSPT1 platform leveraging the Dual-Precision Targeted Protein Degradation (TPD²) approach, which is designed to leverage antibody drug conjugates (ADCs) to precisely deliver and target intracellular proteins for degradation leading to cancer cell death.

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"The initiation of this clinical trial represents a series of firsts for Orum—it’s our first drug candidate from our GSPT1 degrader conjugate platform to enter the clinic, and ORM-5029 is a first-in-class molecule that represents a novel approach to precision targeted protein degraders," said Sung Joo Lee, Ph.D., CEO of Orum Therapeutics. "In addition to ORM-5029, we are harnessing the power of various protein degraders with the precision of antibodies with the potential to improve the treatment of cancer for more patients."

The Phase 1 trial (ClinicalTrials.gov Identifier: NCT05511844) is an open label, multicenter, dose escalation and expansion study of ORM-5029 in patients with HER2-expressing advanced solid tumors who are not eligible for standard of care therapy. The study is designed to evaluate the safety, pharmacokinetics, and preliminary anti-tumor activity of ORM-5029 administered intravenously.

"ORM-5029 combines the strengths of targeted protein degraders and ADCs while overcoming the limitations of each modality," said Olaf Christensen, M.D., Chief Medical Officer of Orum Therapeutics. "Using a GSPT1-degrading payload conjugated to a HER2-detecting antibody is a first-in-class approach for ADCs, differentiating ORM-5029 from ADCs with cytotoxic payloads."

Dr. Christensen added, "Although important progress has been made for the treatment of HER2-expressing cancers, patients with tumors that are refractory or becoming resistant to approved treatment approaches will need new therapeutic options. The Phase 1 trial will help us to understand the potential clinical impact of ORM-5029 on HER2-expressing advanced tumors."

Orum’s GSPT1 degrader conjugate platform is designed to deliver potent and differentiated TPDs by combining novel small molecule degraders with the precise cellular delivery mechanism of antibodies. For ORM-5029, Orum developed a proprietary class of GSPT1 degrader molecules, paired them with a HER2-targeting antibody pertuzumab, and screened numerous candidate conjugates to identify a molecule with the desired therapeutic profile. Preclinical data presented at AACR (Free AACR Whitepaper) 2022 demonstrate robust potency in vitro and in vivo in low-HER2 settings and dose-dependent efficacy of ORM-5029 compared to either small molecule GSPT1 degraders or standard-of-care ADCs.

About Orum’s GSPT1 Platform Using the TPD² Approach

Orum’s GSPT1 platform uses the Company’s unique Dual-Precision Targeted Protein Degradation (TPD²) approach to build novel targeted protein degraders (TPDs) combined with the precise tumor cell delivery mechanisms of antibodies to generate innovative, first-in-class, cell-specific TPD for the treatment of cancer. The company has developed new molecular glue degrader payloads to specifically degrade an intracellular target protein within cancer cells via the E3 ubiquitin ligase pathway. Conjugated to antibodies, the payloads are designed to be delivered specifically to cancer cells and degrade the intracellular target protein GSPT1 and cause tumor cell death.

ALX Oncology Enters $100 Million Loan Facility Agreement with Oxford Finance and Silicon Valley Bank to Support Ongoing Development of Evorpacept

On October 31, 2022 ALX Oncology Holdings Inc., ("ALX Oncology") (Nasdaq: ALXO) a clinical-stage immuno-oncology company developing therapies that block the CD47 checkpoint pathway, reported it has entered into a loan facility agreement with Oxford Finance LLC and Silicon Valley Bank for up to $100 million of non-dilutive financing (Press release, ALX Oncology, OCT 31, 2022, View Source [SID1234622626]). The facility will support the continued development of evorpacept, a next generation CD47 blocking therapeutic.

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"We appreciate the support of Oxford Finance and Silicon Valley Bank. The non-dilutive capital from this term loan facility combined with the cash already on our balance sheet further strengthens our financial position allowing us to advance our lead program, evorpacept, through multiple clinical trials and milestones in the coming years," said Peter Garcia, Chief Financial Officer of ALX Oncology. "With ability to draw down up to $50 million of the facility at our discretion, we expect to be able to extend our cash runway to mid-2025."

"ALX Oncology’s CD47 blocker, evorpacept, has demonstrated promising clinical results compared to other CD47 blockers," said Christopher A. Herr, Senior Managing Director at Oxford Finance. "We are pleased to partner with Silicon Valley Bank to support ALX in its continued development and advancement of its pipeline."

"Silicon Valley Bank is excited to expand our partnership with ALX Oncology," said Kale Frank, Director of Life Science and Healthcare at Silicon Valley Bank. "We continue to be impressed with ALX’s clinical progress, and this large commitment will support ALX’s important mission to help patients fight cancer."

Under the terms of the loan agreement, ALX Oncology drew $10 million of an initial $50 million tranche at closing, with the remaining $40 million available at its discretion through the end of 2023. ALX Oncology also has access up to an additional $50 million with $12.5 million available in each of two tranches based upon the achievement of milestones related to the development of evorpacept and one pre-clinical product candidate, and $25 million available at the Lenders’ discretion. The loan carries an interest-only period of 36 months (extendable to 48 months) and total term of 59 months. There are no warrants or financial covenants in the agreement.

Concert Pharmaceuticals to Report Third Quarter 2022 Results on November 7, 2022

On October 31, 2022 Concert Pharmaceuticals, Inc. (NASDAQ: CNCE) reported that it will report its financial results for the third quarter of 2022, on Monday, November 7, 2022, before the U.S. financial markets open (Press release, Concert Pharmaceuticals, OCT 31, 2022, View Source [SID1234622625]). The Company will host a conference call and webcast at 8:30 a.m. ET to discuss its third quarter 2022 financial results and provide a business update.

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To join the live call to ask questions, please register here. A dial in and unique PIN will be provided to join the call.

An audio-only webcast of the call may be accessed in the Investors section of the Company’s website at www.concertpharma.com. A replay of the webcast will be available on Concert’s website for three months.

Beihai Raises $27 Million to Support Increased Solubility Oncology Drugs

On October 31, 2022 Zhuhai Beihai Biotech reported that it raised $27 million in a Series B Round to develop novel oncology drugs (Press release, Zhuhai Beihai Biotech, OCT 31, 2022, View Source [SID1234622624]). Founded in 2013, Beihai’s lead drug, an innovative docetaxel product, has completed its clinical trials with seven IND approvals in China and the US. The company claims BH009 is the first global candidate built on its insoluble drug solubilization and delivery technology platform. A broad-spectrum antitumor drug, BH009 is indicated for solid tumors. The B round was led by Yikai Venture Capital

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CorreGene Closes $14 Million Pre-A+ round for Novel TCR Drugs

On October 31, 2022 Beijing CorreGene Biotechnology reported that it completed $14 million Pre-A+ financing round to develop new cancer drug using its cutting-edge T-cell receptor (TCR-T) platform (Press release, Corregene Biotechnology , OCT 31, 2022, View Source [SID1234622623]). The company says TCR-T can target almost all proteins expressed by tumor cells while CAR-T drugs are limited to targeting antigens expressed on the surface of tumor cells. The platform re-engineers patients’ T cells with optimized TCR. CorreGene has two candidates in early-stage clinical trials. The round was co-led by Riverhead Capital and Xinrui Investment and included Longmen Capital.

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