CERENIS Therapeutics Acquires LYPRO Biosciences Expanding Its HDL Strategy Into Immuno-Oncology and Chemotherapeutic Drug Delivery

On November 8, 2017 CERENIS Therapeutics (FR0012616852 – CEREN – PEA PME eligible) (Paris:CEREN) an international biopharmaceutical company dedicated to the discovery and development of HDL-based innovative therapies for treating cardiovascular and metabolic diseases, reported the acquisition of LYPRO Biosciences assets, a portfolio of proprietary drug delivery nanotechnology (Press release, Cerenis Therapeutics, NOV 8, 2017, View Source [SID1234522017]). The operation positions CERENIS at the forefront of the chemotherapy drug delivery and immuno-oncology space. This represents a significant step towards the Company’s strategic objective of developing the next generation of multiple targeted drug delivery nanotechnologies associated with HDL therapy.

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Financial terms of the LYPRO Biosciences assets acquisition by CERENIS Therapeutics are not disclosed. LYPRO will receive single digit regulatory milestones as well as single digit royalties depending on products sales each year.

Jean-Louis Dasseux, CEO of CERENIS Therapeutics, commented: "We are thrilled to add the LYPRO technology development program and nanotechnology platform to our portfolio of world-class HDL assets. Building on the strong foundation of our lead HDL product, CER-001, this acquisition opens another therapeutic area characterized by a significant unmet medical need, while allowing us to leverage our leading HDL therapy capabilities to drive the development of this potentially revolutionary technology. We look forward to initiating the Phase I trial of NanoDisk and advancing other HDL-based assets, including CER-209 for NAFLD and NASH, in order to create value for patients, the medical community and other key stakeholders of CERENIS Therapeutics. Our enthusiasm about the fully enrolled TANGO trial continues, with results expected at the end of Q1, 2018."

Robert O. Ryan, Ph.D., Founder and Board Member of LYPRO, added: "We are extremely proud of accomplishments achieved by the LYPRO team. The product candidates that LYPRO has developed and associated with CERENIS’ proprietary HDL technology, could have a tremendous impact on the field of oncology, and we believe that CERENIS Therapeutics is the optimal company to lead future advancements of this groundbreaking technology. CERENIS Therapeutics holds the appropriate scientific, manufacturing, patent exclusivity, and clinical expertise to continue development of nanotechnology based delivery systems for therapies from laboratory bench to bedside."

Robert O. Ryan is a renowned expert in lipids, lipoproteins, lipid transport and metabolism. He is Professor and Chair of the Biochemistry and Molecular Biology Departments at the University of Nevada.

Michelle Stecklein Call, CEO of LYPRO Biosciences, added: "This agreement marks a transformational step for LYPRO Biosciences’ targeted HDL nanotechnology. CERENIS’ lead, drive and focus on HDL is a major competitive advantage to successfully take forward HDL-based targeted nanodelivery technologies to the market."

Combining LYPRO Biosciences’ NanoDisk technology with CERENIS’ HDL technology to build the first HDL particle delivery platform dedicated to the oncology market, including immuno-oncology and novel chemotherapeutic delivery technologies.

CERENIS acquires LYPRO Biosciences assets, including patent rights and in-depth pre-clinical data showing efficacy of lipid structures in encapsulating and delivering active drugs to tissues

LYPRO Biosciences is a privately-held therapeutic development company with a proprietary drug delivery nanotechnology that can increase the solubility and bioavailability of hydrophobic drugs and other therapeutic compounds as well as facilitates targeting to specific receptors. LYPRO’s technology, entitled "NanoDisk", is based on self-assembling, targetable, nanometer-scale bioparticles, incorporating active drugs into the stable and water-soluble NanoDisk.

The combination of the NanoDisk technology with CERENIS’ natural recombinant human apoA-I used in its HDL platform will result in the next generation of drug delivery platforms. This should allow for increased efficacy, while needing lower doses with reduced side effects compared to current drug delivery technology.

Targeting LYPRO NanoDisk to a specific cell surface receptor allows the delivery of a cell killing agent directly targeted to the diseased cell. Similar approaches are now being used for cancer treatment in the form of antibody-drug conjugates (ADC). However, these agents have a complex chemistry, limited drug to antibody stoichiometry and form an obstacle to drug release. Targeted NanoDisk may be considered as an ADC parallel technology unencumbered by ADC chemistries and patent estates.

A disruptive technology with high potential in targeted oncology and immuno-oncology

LYPRO’s most advanced technology, NanoDisk, combined with the CERENIS HDL, CER-001, targets a specific human cell HDL receptor, SR-B1. The SR-B1 and other HDL receptors (ABCA1) are scavenger receptors essential to cell homeostasis, proliferation and growth that are up-regulated in cancer cells. Therefore, these receptors serve as a potential gateway for the delivery of therapeutic agents when reconstituted HDL nanoparticles are used to transport agents to cancer cells and tumors.

Research underlying HDL used for delivering drugs to cancer cells and tumors as well as the role of the SR-B1 receptor as a potential gateway for the delivery of therapeutic agents was originally conducted by Professor Daniel Sparks, Ottawa Heart Institute Research Corporation, Ottawa, Canada, and has been published in a number of peer-reviewed publications (e.g. Zheng et al., Frontiers in Pharmacology 7:326, September 2016).

The Targeted NanoDisk technology developed by LYPRO Biosciences and allied with the CER-001, an engineered complex of recombinant human apoA-I, the major structural protein of HDL with phospholipids, holds the promise to target and selectively kill malignant cells while sparing healthy ones. A wide variety of drugs can be embedded in nanodisks which will target markers specific to cancer cells and bring these potent drugs to their intended site of action, with lowered systemic toxicity.

Using its existing technologies with LYPRO’s NanoDisk discoidal HDL, CERENIS is positioned to utilize HDL related particles to selectively target a wide variety of tissues. HDL nanoparticles are ideal drug carriers to target cancer cells thanks to their attractive biological features, having important advantages over other delivery systems.

HDL particles are natural carrier agents and more efficient than existing solutions

The ability to accommodate highly water insoluble constituents in their core regions enables HDL type nanoparticles to effectively transport hydrophobic drugs subsequent to systemic administration. While the utilization of reconstituted HDL as a carrier can be considered for the treatment of a number of diseases, the initial focus for CERENIS will be on HDL type drug delivery agents for cancer chemotherapy and immuno-oncology.

HDL nanotechnology presents several major advantages over drug delivery agents such as liposomes. First, lipoproteins, including synthetic lipoprotein formulations, tend to be much smaller (6-50 nm diameter) than liposomes. This feature may be a significant advantage as the smaller drug carrying nanoparticles could more effectively enter the tumor environment. Moreover, the HDL biological structure, as a naturally occurring particle, presents a superior safety profile as it is completely biodegradable.

HDL particles are adaptive with the ability to carry different types of molecules allowing for a different location and pace of release. From lipid-poor apoA-I to NanoDisk (discoidal HDL), HDL related particles will be able to target a wide variety of tissues.

A range of CERENIS’ drug delivery HDL particles present numerous advantageous characteristics, including:

1) Enhanced safety and efficacy yielding a solid, non-leaking preparation due to a structure stabilized by apolipoproteins, particularly apolipoprotein A-I (apoA-I).

2) Biocompatibility and safety of the carrier, shown by several pharmaceutical formulations, made up of essentially the same ingredients as natural HDL

3) Strong ability to target cancer cells via the expression of the SR-B1 receptors on the cells’ surface.

4) The receptor-mediated uptake of the payload, carried in the core of the HDL particle makes this strategy uniquely applicable, especially for cancer chemotherapy and antigen carrying immune-oncologic applications.

5) This wide range of applications is made possible as apoA-I is flexible to adapt from lipid-poor apoA-I, to discoidal particles allowing different types and quantities of drug payloads.

6) Finally, CERENIS owns the right to an exclusive validated manufacturing process to produce apoA-I, apoA-I peptides and HDL on an industrial scale, and the Company benefits from a strong patent barrier to entry, preventing the emergence of similar competitive technologies.

Phase I study, evaluating the technology’s safety in delivering active drugs to cancer tissues, to be launched by the end of 2019.

Acquiring the LYPRO Biosciences pre-clinical data supporting the proof of concept, CERENIS Therapeutics could launch, by the end of 2019, the first Phase I study to evaluate an HDL particle as a nano transporter of active drug for an oncologic indication. In the short term, CERENIS will set up a clear clinical strategy to select the most appropriate initial indication in oncology in order to demonstrate safety and efficacy of its new product candidate. The company also plans to advance its effort in the use of this technology to encapsulate tumor antigens to induce an immune response, possibly in combination with existing therapy (e.g. a checkpoint inhibitor) in the pursuit of immuno-oncology applications.

New strategic markets and value-creation prospects: Immuno-oncology is one of the most promising cancer treatment technology in a market valued at $100 billion by 2020.

Recognized by experts as one of the most promising fields in cancer treatment, immuno-oncology is an innovative approach to the treatment of cancers by leveraging the body’s own immune system.

The immunotherapy global market (antibodies, cancer vaccines, immune checkpoint inhibitors, immunomodulators) is valued at $100 billion by 2020. The prophylactic cancer vaccine market (exclusive of therapeutic cancer vaccines) is expected to reach $4 billion in valuation by 2019. Expectations and interest for therapeutic cancer vaccines have increased dramatically as a means to increase immuno-oncology drug response, duration and survival of poorly responding and non-responding cancer patients. There are few accurate estimates for the therapeutic cancer vaccine market as there are, to date, few successes and approvals. CERENIS’ new HDL-based targeted nanotherapeutics address a new potential market with a very large upside growth potential in the oncology field. It gives CERENIS a new strategic value for its markets related to its apoA-I/HDL technology and the development of a targeted nanotechnology platform.

10-Q – Quarterly report [Sections 13 or 15(d)]

Inovio has filed a 10-Q – Quarterly report [Sections 13 or 15(d)] with the U.S. Securities and Exchange Commission (Filing, 10-Q, Inovio, 2017, NOV 8, 2017, View Source [SID1234521782]).

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TG Therapeutics, Inc. Provides Business Update and Reports Third Quarter 2017 Financial Results

On November 8, 2017 TG Therapeutics, Inc. (NASDAQ:TGTX) reported its financial results for the third quarter ended September 30, 2017, and recent company developments (Press release, TG Therapeutics, NOV 8, 2017, View Source [SID1234521767]).

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Michael S. Weiss, the Company’s Executive Chairman and Chief Executive Officer, stated, "The third quarter was an extremely productive and exciting time for the Company highlighted by the completion of enrollment into our UNITY-CLL Phase 3 study, the commencement of our global Phase 3 trials in multiple sclerosis, and the additional clarity we received from the FDA regarding the GENUINE study. We look forward, over the next 6-12 months, to what we believe will be a number of value creating milestones, including overall response data from UNITY-CLL and additional data supporting our strategy in NHL." Mr. Weiss continued, "From a financial perspective, we remain well positioned through these important milestones."

Third Quarter and Recent Highlights

ASH 2017: The Company looks forward to the upcoming American Society of Hematology (ASH) (Free ASH Whitepaper) Annual Meeting where data presentations will include three clinical poster presentations and three pre-clinical poster presentations.
TG-1101 Data at ECTRIMS: Updated results from the ongoing Phase 2 Study of TG-1101 in patients with Multiple Sclerosis were presented at the 7th Joint ECTRIMS-ACTRIMS Meeting demonstrating robust activity on B-cell depletion, reduction of T1 Gd enhancing lesions, and positive effects on disability measurements.
UNITY-CLL Enrollment: Full enrollment in the UNITY-CLL Phase 3 Trial was completed in October, which should allow for top-line data on Overall Response Rate (ORR) in Q2 2018.
GENUINE Update: The Company met with the FDA and confirmed that accelerated approval based on the ORR results from GENUINE would be a review issue and that the potential may exist for full approval based on the PFS results from the GENUINE study.
TGR-1202 Grant: TGR-1202 (umbralisib) was selected for a grant by the National Multiple Sclerosis Society to support the development of TGR-1202 as an oral B-Cell targeted treatment option in progressive Multiple Sclerosis (PMS).
Anti-PD-L1 Entered the Clinic: The Company’s anti-PD-L1 monoclonal antibody commenced clinical development, with the first patient being dosed in a Phase I clinical trial.
ULTIMATE Phase 3 Trials in MS: Received a Special Protocol Assessment (SPA) for the Phase 3 ULTIMATE I and II studies in relapsing forms of multiple sclerosis and commenced enrollment into the global studies.
UNITY-NHL: Announced successful outcome from the first pre-planned interim analysis by independent DSMB of the DLBCL cohort in the UNITY-NHL Phase 2b trial, where based on pre-set hurdles of ORR, the DSMB recommended continued enrollment in the TG-1101 plus TGR-1202 combination arm (also referred to as the U2 combination) and replacement of the single agent TGR-1202 arm with U2 plus bendamustine.
Financial Results for the Third Quarter 2017

Cash Position: Cash, cash equivalents, investment securities, and interest receivable were $91.8 million as of September 30, 2017, as compared to $86.5 million at June 30, 2017.
R&D Expenses: Research and development (R&D) expenses were $27.1 million and $76.5 million for the three and nine months ended September 30, 2017, respectively, compared to $21.8 million and $46.9 million for the three and nine months ended September 30, 2016. Included in research and development expense for the three and nine months ended September 30, 2017 was $7.1 million and $20.4 million, respectively, of manufacturing and CMC expenses for Phase 3 clinical trials and potential commercialization. The increase in R&D expenses for both the three and nine months ended September 30, 2017, is primarily due to the ongoing clinical development programs and related manufacturing costs for TG-1101 and TGR-1202.
G&A Expenses: General and administrative (G&A) expenses were $4.5 million and $11.3 million for the three and nine months ended September 30, 2017, respectively, as compared to $3.2 million and $8.1 million for the three and nine months ended September 30, 2016. The increase in G&A expenses for the nine months ended September 30, 2017 relates primarily to non-cash compensation expenses related to equity incentive grants recognized during 2017. We expect G&A expenses to remain relatively constant through the remainder of 2017.
Net Loss: Net loss was $31.5 million and $87.6 million for the three and nine months ended September 30, 2017, respectively, compared to a net loss of $24.8 million and $54.6 million for the three and nine months ended September 30, 2016, respectively.
Financial Guidance: The Company believes its cash and cash equivalents will be sufficient to fund the Company’s planned operations through 2018.
Conference Call Information

The Company will host an investor conference call today, November 8, 2017, at 8:30am ET, to discuss the Company’s third quarter 2017 financial results and provide a business outlook for the remainder of 2017.

In order to participate in the conference call, please call 1-877-407-8029 (U.S.), 1-201-689-8029 (outside the U.S.), Conference Title: TG Therapeutics Third Quarter 2017 Earnings Call. A live webcast of this presentation will be available on the Events page, located within the Investors & Media section, of the Company’s website at www.tgtherapeutics.com. An audio recording of the conference call will also be available for replay at www.tgtherapeutics.com, for a period of 30 days after the call.

Inovio Pharmaceuticals Reports 2017 Third Quarter Financial Results

On November 8, 2017 Inovio Pharmaceuticals, Inc. (NASDAQ:INO) reported financial results for the quarter ended September 30, 2017 (Press release, Inovio, NOV 8, 2017, View Source [SID1234521796]).

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Total revenue was $2.6 million for the three months ended September 30, 2017, compared to $12.5 million for the same period in 2016. Total operating expenses were $31.8 million for the current year quarter compared to $32.7 million for the prior year quarter.

The net loss attributable to common stockholders for the quarter ended September 30, 2017 was $34.1 million, or $0.39 per basic share, compared to $20.8 million, or $0.28 per share, for the quarter ended September 30, 2016. The increase in net loss for the quarter resulted primarily from lower revenue recognized from our DARPA Ebola grant and a higher non-cash accounting expense related to the change in fair value of our investment in an affiliated entity.

Revenue

The decrease in revenue was primarily due to lower revenues recognized due to the nearing of successful completion of our DARPA Ebola grant.

Operating Expenses

Research and development expenses for the third quarter of 2017 were $25.5 million compared to $27.0 million for the third quarter of 2016. The decrease in R&D expenses was primarily the result of lower expenses incurred related to our DARPA Ebola grant. General and administrative expenses were $6.3 million for the third quarter of 2017 versus $5.8 million for the third quarter of 2016. The increase in G&A expenses was primarily related to an increase in employee headcount.

Capital Resources

As of September 30, 2017, cash and cash equivalents and short-term investments were $141.9 million compared with $104.8 million as of December 31, 2016. At quarter end the company had 90.3 million shares of common stock outstanding and 99.7 million shares of common stock outstanding on a fully diluted basis.

Inovio’s balance sheet and statement of operations are provided below. The Form 10-Q providing the complete 2017 third quarter financial report can be found at: View Source

Corporate Update

Cancer Immunotherapies

VGX-3100: Cervical Pre-Cancer (Phase 3)

In June, Inovio commenced its phase 3 clinical program to evaluate the efficacy of Inovio’s DNA-based immunotherapy, VGX-3100, to treat cervical dysplasia caused by human papillomavirus (HPV). In a little over three months since trial initiation, Inovio has opened nearly 35 sites, recruiting and dosing patients. The company is on track to open at least 50 sites by the end of the year.

VGX-3100: Vulvar Pre-Cancer (Phase 2)

In April, Inovio commenced a randomized, open-label phase 2 trial to evaluate the efficacy of VGX-3100 in women with high-grade HPV-related vulvar high-grade intraepithelial lesions (HSIL), a disease with a high unmet medical need. The primary endpoint of the study is histologic clearance of high-grade lesions and virologic clearance of the HPV virus in vulvar tissue samples. The study will also evaluate safety and tolerability. There are 10 sites in the U.S. open and recruiting patients.

MEDI0457: HPV-Related Head & Neck Cancer (Phase 1/2)

In May, Inovio announced that MedImmune, AstraZeneca’s global biologics research and development arm, commenced a new clinical trial investigating the combination of MEDI0457 (formerly INO-3112, in-licensed from Inovio), an immunotherapy designed to generate antigen-specific killer T cell responses targeting HPV-associated tumors, and durvalumab (IMFINZI), MedImmune’s PD-L1 checkpoint inhibitor. The combination trial will enroll patients with metastatic HPV-associated squamous cell carcinoma of the head and neck (SCCHN) with persistent or recurrent disease after chemotherapy treatment. This study marks a significant moment for Inovio as it transitions into a late-stage biotechnology company. MedImmune is investigating elevating the response rate of checkpoint inhibitors by using durvalumab in combination with a DNA plasmid vaccine originally licensed from Inovio, which has shown the ability to generate killer T cells.

INO-5401: Metastatic bladder cancer phase 1/2 trial initiated in combination with Genentech’s TECENTRIQ

In October, Inovio initiated a phase 1b/2 immuno-oncology trial to evaluate Genentech/Roche’s atezolizumab (TECENTRIQ) in combination with Inovio’s INO-5401, a T cell activating immunotherapy encoding multiple antigens, and INO-9012, an immune activator encoding IL-12. The multi-center, open-label efficacy trial will be managed by Inovio, and Genentech will supply atezolizumab. The trial is evaluating the safety, immune response and clinical efficacy of the combination therapy in approximately 80 patients with advanced bladder cancer, specifically advanced unresectable or metastatic urothelial carcinoma (UC), the most common type of bladder cancer. The majority of the patients to be enrolled in the trial will have previously received and failed to demonstrate meaningful response to an anti-PD-1 or PD-L1 checkpoint inhibitor alone. Thus, the study will evaluate the potential benefit of a checkpoint inhibitor combined with a DNA-based immunotherapeutic and T cell activator within a bladder cancer patient population with very limited treatment options and poor outcomes.

INO-5401: Glioblastoma phase 1/2 trial initiated in combination with Regeneron’s PD-1 inhibitor

In November, Inovio initiated a phase 1b/2a immuno-oncology trial in patients with newly diagnosed glioblastoma (GBM) designed to evaluate Regeneron’s PD-1 inhibitor, REGN2810, in combination with Inovio’s INO-5401 and INO-9012. The open-label trial of 50 patients will be conducted at approximately 30 U.S. sites, and will evaluate safety, tolerability, immune responses as well as progression-free survival and overall survival. GBM is the most aggressive brain cancer and its prognosis is extremely poor, despite a limited number of new therapies approved over the last 10 years. The median overall survival for patients receiving standard of care therapy is approximately 15 months, and the average five-year survival rate is less than three percent.

INO-5150: Prostate cancer immunotherapy slowed PSA rise in patients with recurrent prostate cancer

An interim data analysis from an ongoing open-label phase 1b study showed that Inovio’s INO-5150 cancer immunotherapy product generated antigen-specific CD8+ killer T cell responses measured in peripheral blood from subjects with biochemically recurrent prostate cancer. In the study, INO-5150 treatment as a monotherapy generated prostate specific antigen (PSA) and prostate specific membrane antigen (PSMA) specific T cell responses in peripheral blood in 60% of the subjects. Moreover, patients with specific CD8+ T cell responses experienced dampening in the rise of PSA and significant increases in PSA Doubling Times (PSADT). PSA is a prostate cancer-associated biomarker, and positive changes in PSA levels could signal INO-5150’s potential positive impact on the treatment of prostate cancer.

dMAb shrunk prostate tumors and protected against antibiotic-resistant bacterial infection in published preclinical studies

Two peer-reviewed scientific papers highlighted the potential impact of dMAb constructs on prostate tumors and in preventing infection from a pneumonia-causing bacteria in preclinical studies. A journal article detailed how Inovio’s dMAb construct against PSMA produced monoclonal antibodies that shrank prostate tumors in a preclinical animal model. This research publication is significant because it is the first to report on the use of Inovio dMAb technology to develop novel monoclonal antibody-based therapies against cancer targets. In another first, Inovio also published results of studies in which its dMAb constructs targeting antibiotic-resistant bacteria protected mice when challenged with a lethal dose of drug-resistant pseudomonas, a pneumonia-causing bacteria.

Infectious Disease Vaccines

Positive Zika vaccine clinical data published in New England Journal of Medicine

In October, Inovio reported positive safety and immune response results from a first-in-man, multi-center phase 1 trial of a vaccine against the Zika virus. The phase 1 trial of Inovio’s DNA-based Zika vaccine (GLS-5700) induced high levels of binding antibodies in 100% of participants. Robust neutralizing antibody and T cell immune response were also observed in vaccinated subjects. These positive results were published in the New England Journal of Medicine in the article, titled "Safety and Immunogenicity of an Anti-Zika Virus DNA Vaccine," authored by Inovio researchers and collaborators. A second phase 1 study, now fully enrolled with 160 participants in Puerto Rico, is designed with a placebo control to explore a potential trend towards clinical efficacy. Inovio is the first company to generate positive human data that clearly supports advancement of DNA technology and its Zika vaccine candidate.

Fully-funded phase 1/2 MERS trial initiated in South Korea

Following approval by the Korean Ministry of Food and Drug Safety, in September, Inovio and its development partner, GeneOne Life Science, initiated a study to evaluate GLS-5300, Inovio’s vaccine against the MERS virus (Middle East Respiratory Syndrome), in a phase 1/2a trial. The International Vaccine Institute (IVI) is fully funding this trial utilizing a $34 million grant from the Samsung Foundation provided to IVI in 2015 to support the development of a MERS vaccine. This phase 1/2a trial represents the second clinical trial of GLS-5300, which remains the first and only MERS vaccine being tested in humans. In the first phase 1 MERS study conducted in the United States, high levels of binding antibodies were measured in 92% of evaluated subjects. Significant antigen-specific cytotoxic T-lymphocyte (CTL) responses were also observed.

Lassa fever vaccine advances

Demonstrating its commitment to global public health, in October, Inovio announced positive results of a preclinical study in which a DNA vaccine provided protection against the Lassa fever virus, which infects about 300,000 people annually. In the study, partnered with U.S. Army scientists and fully funded by a grant from the NIH, Inovio’s DNA vaccine provided 100% protection for non-human primates challenged with a lethal dose of the Lassa fever virus. Inovio’s DNA-based platform is especially well-suited to rapidly respond to viral outbreaks and newly emerging pathogens due to its safety profile, ease and speed of development and manufacturing, as well as the ability to be shipped and stored without a cold-chain environment.

Spectrum Pharmaceuticals to Present Corporate Update at the Jefferies 2017 London Healthcare Conference on November 15th

On November 8, 2017 Spectrum Pharmaceuticals, Inc. (NasdaqGS: SPPI), a biotechnology Company with fully integrated commercial and drug development operations with a primary focus in Hematology and Oncology, reported that an overview of the Company’s business strategy and commercial and development-stage programs will be given at the Jefferies 2017 London Healthcare Conference being held at the Waldorf Hilton in London. The Company presentation is on Wednesday, November 15th at 4:00 PM GMT (Press release, Spectrum Pharmaceuticals, NOV 8, 2017, View Source [SID1234521765]).

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A live webcast of Spectrum’s presentation will be available at View Source