On March 23, 2017 Ethicon* reported the completion of its acquisition of Torax Medical, Inc., a privately held medical device company that manufactures and markets the LINX Reflux Management System for the surgical treatment of Gastroesophageal Reflux Disease (GERD) (Press release, Johnson & Johnson, MAR 23, 2017, View Source [SID1234518409]). This acquisition is aligned with Ethicon’s strategy of expanding its portfolio of minimally invasive options for patients suffering from prevalent and serious medical conditions. Financial terms of the transaction have not been disclosed.

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"Millions of patients continue to suffer from GERD symptoms even when taking high dosages of medication to treat the acid reflux and are left with limited choices to improve their symptoms," said Michael del Prado, Group Company Chair of Ethicon. "This novel technology offers patients an attractive minimally invasive surgical alternative, that preserves gastric anatomy, establishes normal physiological function, and is reversible."

GERD can have a significant impact on a patients’ quality of life. For those patients with symptoms that are not well controlled by lifestyle or medical management, anti-reflux surgery is an option. The LINX Reflux Management System offers patients a clinically proven, safe, effective and durable alternative to the anatomy-altering Laparoscopic Nissen Fundoplication (LNF).i, ii The LINX Reflux Management System is a small implant comprised of interlinked titanium beads with magnetic cores. The magnetic attraction between the beads augments the esophageal sphincter’s barrier function to prevent reflux.

"Torax and Ethicon share a vision for the transformational role that our products can have in advancing patient care," said Todd Berg, CEO and President of Torax Medical. "We are excited to join together to expand patient access to the clinical benefits of LINX."

On March 22, 2017 FACIT reported a seed stage investment in Propellon Therapeutics (the "Company" or "Propellon"), a start-up created by FACIT focused on developing a portfolio of WDR5-targeted anti-cancer therapeutics (Press release, FACIT, MAR 22, 2017, View Source [SID1234532028]). FACIT’s investment, combined with non-dilutive capital, achieves a targeted $3.0M financing for the lead program. The seed funding enables Propellon to accelerate the nomination of a candidate drug and position the Company for financing and/or entering a strategic partnership for clinical trials in patients with haematological cancers.

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"Since forming the Company, significant progress has been made towards identification of a clinical candidate," said Jeff Courtney, President of FACIT. "Our investment will further accelerate the advancement of this exciting first-in-class therapeutic and is a critical step in FACIT’s strategy to support early-stage oncology innovations in the Province."

"Our partnership with the Drug Discovery team at the Ontario Institute for Cancer Research has yielded substantial progress toward a breakthrough epigenetic therapy for haematological malignancies. FACIT’s resources and funding ensures the Company moves to the next stage of development and growth in Ontario," said Dr. David O’Neill, President of Propellon. "Propellon has entered strategic discussions to further advance our promising lead program and the Company through a Series A financing round. This timely seed investment allows the Company to maintain development momentum and select the best partners for bringing this important therapy to patients in need."

On March 22, 2017 Calithera Biosciences, Inc. (NASDAQ:CALA), a clinical-stage pharmaceutical company focused on discovering and developing novel small molecule drugs directed against tumor metabolism and tumor immunology targets for the treatment of cancer, reported the pricing of its previously announced underwritten public offering of 6,830,000 shares of its common stock at a price to the public of $10.25 per share (Press release, Calithera Biosciences, MAR 22, 2017, View Source [SID1234535252]). Gross proceeds to Calithera from the offering are expected to be approximately $70.0 million, before deducting underwriting discounts and commissions and estimated offering expenses. All of the shares of common stock are being offered by Calithera. In addition, Calithera has granted the underwriters a 30-day option to purchase up to 1,024,500 of additional shares of common stock at the public offering price. The offering is expected to close on March 27, 2017, subject to customary closing conditions.

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Leerink Partners is acting as sole book-running manager for the offering. Wells Fargo Securities is acting as a lead manager and JMP Securities is acting as a co-manager for the offering.

A shelf registration statement relating to the offered shares of common stock was filed with the Securities and Exchange Commission (SEC), and was declared effective on November 24, 2015. A preliminary prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and are available on the SEC’s website, located at www.sec.gov. Copies of the final prospectus supplement and accompanying prospectus related to the offering may be obtained, when available, from Leerink Partners LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA, 02110, by email at [email protected], or by telephone at (800) 808-7525, ext. 6132.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

On March 22, 2017 ABGSC reported that it is acting as stabilisation manager in connection with the offer to acquire shares in the Company and the listing on Nasdaq Stockholm (the "Offering"), and ABGSC may, acting as a stabilisation manager, effect transactions aimed at supporting the market price of the shares at levels above those which might otherwise prevail in the open market (Press release, Oncopeptides, MAR 22, 2017, View Source [SID1234574078]).

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Such stabilisation transactions may be effected on Nasdaq Stockholm, the OTC market, or otherwise, at any time during the period starting on the date of commencement of trading in the shares on Nasdaq Stockholm and ending no later than 30 calendar days thereafter. ABGSC is, however, not required to undertake any stabilisation, and there is no assurance that stabilisation will be undertaken. Stabilisation, if undertaken, may furthermore be discontinued at any time without prior notice. In no event will transactions be effected to support the market price of the shares at levels above the price in the Offering.

In order to cover potential over-allotment in relation to the Offering, the Company has, at the request of the Joint Global Coordinators (ABGSC and Carnegie Investment Bank AB) committed to issue up to 2,119,565 additional new shares, corresponding to a maximum of 15 percent of the number of shares in the Offering at a price corresponding to the price in the Offering.

On March 21, 2017 Redx (AIM: REDX) reported its results for the year ended 30 September 2016 (Press release, Redx Pharma, MAR 21, 2017, View Source [SID1234524746]):

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Discovery engine delivers two assets to progress into clinical stage from extensive pipeline
Strategic refocus — Redx restructures to become a research and development focused company
£12 million gross raised post the period end and £10 million gross raised in March 2016
Pipeline produces first development assets
RXC004 — our best-in-class Porcupine inhibitor
Development candidate nominated for pancreatic, biliary and gastric cancer
Shown to have the potential to be used in combination with other immune-oncology products such as immune checkpoint inhibitors (anti-PD-1), with data presented at EORTC-AACR meeting in November 2016
Scheduled to enter first-in-human studies post clinical trial application (CTA) submission in Q2
Potential to treat fibrotic disease being investigated
RXC005 — our best-in-class reversible BTK inhibitor
In vivo proof of concept achieved for the reversible BTK program
Development candidate nominated for drug resistant chronic lymphocytic leukaemia (CLL) post -period
Pre-clinical profile presented at ASH (Free ASH Whitepaper) meeting in December 2016
Investigational new drug (IND) application and CTA to be filed around the end of 2017
Strategic Refocus
Redx will refocus its business to concentrate on its key assets in oncology and immunology, namely Porcupine and BTK
Anti-infectives research proposed to continue only under external collaborations
Redx remains committed to discovery research, but at a reduced investment level
Head count will be significantly reduced by around 86 positions. This equates to an approximately 60% reduction in staff
Key Financials
Net cash at 30 September 2016: £5.8m (2015: £9.4m)
Other operating income: £2.4m (2015: £2.6m)
Changes to the Board of Redx Pharma
The Board has received notifications from two directors, Dr Frank M. Armstrong, Chairman of the Board of Directors and Mr Peter McPartland, Non-Executive Director, have decided not to stand for re-election at the upcoming Annual General Meeting for shareholders. Dr Peter Jackson, Non-Executive Director, co-founder of Redx and Executive Chairman up to August 2014, will be stepping down from the Board on 31 March 2017.

Neil Murray, Chief Executive of Redx Pharma Plc, commented, Redx has created a world-class capability in small molecule drug discovery in oncology and immunology. We have a strong research engine that continues to deliver an innovative pipeline, but we must now shift our focus towards developing our key portfolio assets, specifically our Porcupine and BTK programs for hard to treat diseases. To reflect this new focus, we are reorganizing our business, including plans to reduce headcount.

On behalf of the Board of Redx I would like to thank Dr Frank M. Armstrong, Dr Peter Jackson and Mr Peter McPartland for their immense contributions to the success of Redx, both as a private and as a public company. Dr Peter Jackson has worked tirelessly for Redx since he helped found the business. I would also like to extend my personal thanks to Frank, Pete and Peter for the support they have given me and for the highly professional way in which they have carried out their roles.

Dr Frank M. Armstrong, Chairman of Redx Pharma Plc, added, I am pleased to have been a part of Redx, guiding the Company through the transition from private to public markets. Redx has made substantial progress with the portfolio since the IPO and I look forward to the Company’s continued progress as it makes this critical transition to clinical development and wish the Management, staff and shareholders every success for the future.