On March 11, 2014 TG Therapeutics announced it has priced an underwritten sale of 2,702,809 shares of its common stock at $6.71 per share, the closing price on March 11, 2014, to JP Morgan Asset Management’s Global Healthcare Fund. Gross proceeds from the sale are expected to be approximately $18.1 million (Press release TG Therapeutics, MAR 11, 2014, View Source [SID:1234500264]). TG Therapeutics intends to use the proceeds from the offering to fund the clinical development of TG-1101 and TGR-1202 and other general corporate purposes. The offering is expected to close on or about March 17, 2014, subject to customary closing conditions.
Michael S. Weiss, the Company’s Executive Chairman and Interim Chief Executive Officer, commented on the transaction, "We are very excited to have consummated this financing with a premier biotechnology investor. The proceeds from the financing and existing cash provide us with funding to support our current and planned clinical programs for the next several years as well as flexibility to opportunistically acquire additional complimentary products or technologies."

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(Press release, Selvita, MAR 11, 2014, View Source [SID:1234504706])

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(Report, JHL Biotech, MAR 10, 2014, View Source,%20a%20leading%20online%20provider%20of%20biopharmaceutical%20information(1).pdf [SID:1234503386])

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(Press release, New Amsterdam Sciences, MAR 10, 2014, View Source!news/nws17/B15A676B-EE12-429B-8F67-3D4B19755DBE/new-amsterdam-sciences-secures-research-and-funding-support-from-the-national-institute-of-health [SID:1234505522])

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On March 7, 2014 Cancer Research UK reported that Dr Nigel Blackburn, director of Cancer Research UK’s Drug Development Office, said: "It is fantastic news that this study has been successfully completed in partnership with GlaxoSmithKline. This is the first trial to conclude under Cancer Research UK’s Clinical Development Partnerships (CDP) initiative. This achievement clearly shows the CDP scheme is succeeding in providing an alternative route for companies to advance new anti-cancer drugs that would not otherwise be developed(Press release, Cancer Research Technology, MAR 7, 2014, View Source [SID1234523229])."

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Background Information

The Phase I trial was led by Professor Christopher Twelves at the Leeds and NIHR Experimental Cancer Medicine Centre (ECMC) and the Clinical Research Facility at St James’s Institute of Oncology and by Professor Iain Mcneish at the ECMC at Barts Cancer Institute in London. Cancer Research UK and GSK have agreed that pre-determined success criteria have been met, which in turn means that Cancer Research UK will receive a success payment from GSK. This was the third drug to enter Cancer Research UK’s CDP pipeline and is the first project to be completed.

The clinical trial involved GSK1070916, an inhibitor of Aurora B/C kinases that play a key role in multiple steps of cell division and are over-expressed in a range of cancers. The trial involved 36 adult patients with solid tumours and assessed the drug’s safety profile, dosing and tumour response. The drug was well tolerated and measurement of a surrogate marker of inhibition indicated on-target activity at the established maximum tolerated dose.