On April 24, 2015 ImmunoGen, Inc. (Nasdaq: IMGN), a biotechnology company that develops novel anticancer therapeutics using its ADC technology, today reported financial results for the three-month period ended March 31, 2015 – the third quarter of the Company’s 2015 fiscal year. ImmunoGen also provided an update on its product pipeline and financial guidance (Press release, ImmunoGen, APR 24, 2015, View Source [SID1234503177]).

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"We are executing against our product development plan and recently strengthened our financial resources to support these programs," commented Daniel Junius, President and CEO. "The clinical findings with mirvetuximab soravtansine to date are encouraging, and we look forward to their presentation at ASCO (Free ASCO Whitepaper) next month. Based on these data and the medical need, we are expanding the compound’s clinical program and implementing preparations to support an accelerated development pathway."

Mr. Junius continued, "We are also expanding the development program for our CD37-targeting ADC, IMGN529, to include assessment in combination with rituximab for non-Hodgkin lymphoma as well as evaluation as a single agent for diffuse large B-cell lymphoma and chronic lymphocytic leukemia. Updates on other hematology programs include that we are developing our plans for the CD19-targeting ADC, coltuximab ravtansine, for B-cell malignancies that we recently regained from Sanofi, we remain on track for IND submission later this year with IMGN779 for acute myeloid leukemia, and Biotest continues to make important progress with their CD138-targeting ADC for multiple myeloma and certain solid tumors."

Pipeline Updates

Mirvetuximab soravtansine, a potential new therapy for many cases of ovarian cancer as well as for endometrial cancer and other solid tumors that highly express folate receptor α (FRα); wholly owned by ImmunoGen.

This ADC now has received orphan designation in ovarian cancer in the EU as well as in the US.
Initial findings with mirvetuximab soravtansine – used as a single agent – to treat FRα-positive platinum-resistant ovarian cancer will be presented at the 2015 ASCO (Free ASCO Whitepaper) Annual Meeting. The data are from a disease-specific Phase 1 cohort. ImmunoGen plans to initiate a Phase 2 trial in this indication by the end of 2015 that could potentially support an accelerated registration pathway.
ImmunoGen also plans to initiate in 2H2015 assessment of mirvetuximab soravtansine used in combination regimens for ovarian cancer.
Assessment of mirvetuximab soravtansine for the treatment of FRα-positive relapsed/ refractory (R/R) endometrial cancer is ongoing. ImmunoGen is preparing to also assess it for FRα-positive R/R non-small cell lung cancer.
In addition to the every three week dosing schedule being used in the disease-specific testing underway, dose-finding with a weekly dosing regimen is advancing. The findings to date also have been accepted for presentation at ASCO (Free ASCO Whitepaper).

IMGN529, a potential new treatment for B-cell malignancies; wholly owned by ImmunoGen.

Once the recommended Phase 2 dose is established, ImmunoGen plans to evaluate it specifically for the treatment of R/R diffuse large B-cell lymphomas (DLBCL) and chronic lymphocytic leukemia.
Preclinical findings with IMGN529 used with rituximab (Rituxan) will be reported at the International Conference on Malignant Lymphoma in Lugano in June 2015. ImmunoGen is planning to initiate a clinical trial to assess the combination.
The next IMGN529 clinical data presentation(s) are targeted for the ASH (Free ASH Whitepaper) annual meeting in December.

Indatuximab ravtansine (BT-062), a CD138-targeting ADC for multiple myeloma and certain solid tumors; wholly owned by Biotest; ImmunoGen holds rights to opt-in with Biotest on joint US development and commercialization.

Phase 2 trial ongoing in multiple myeloma; Phase 1 trial ongoing in triple-negative breast cancer and metastatic urinary bladder cancer.

Coltuximab ravtansine (SAR3419), a potential therapy for DLBCL and other B-cell malignancies; demonstrated encouraging activity in the treatment of R/R DLBCL in STARLYTE Phase 2 trial presented at ASCO (Free ASCO Whitepaper) 2014 and selected for Best of ASCO (Free ASCO Whitepaper).

ImmunoGen recently regained the rights to this promising ADC from Sanofi.

IMGN779, CD33-targeting ADC utilizing one of ImmunoGen’s DNA-acting payload agents; a potential treatment for acute myeloid leukemia and myelodysplastic syndrome; wholly owned by ImmunoGen.

Remains on track for IND submission in 2H2015.

IMGN289, EGFR-targeting ADC, wholly owned by ImmunoGen.

The Company has stopped Phase 1 testing and returned the program to research.

Genentech/Roche’s ado-trastuzumab emtansine (Kadcyla), which uses ImmunoGen’s ADC technology.

Approved in the US, Europe, and other geographies based on the results from the EMILIA Phase 3 trial; in development by Roche for a number of indications, with data from the MARIANNE Phase 3 trial to be presented at ASCO (Free ASCO Whitepaper).
ImmunoGen recently reported a monetization transaction pertaining to the royalties earned on Kadcyla sales.

Financial Results

For the Company’s quarter ended March 31, 2015 (3QFY2015), ImmunoGen reported a net loss of $21.6 million, or $0.25 per basic and diluted share, compared to a net loss of $37.5 million, or $0.44 per basic and diluted share, for the same quarter last year (3QFY2014).

Revenues for 3QFY2015 were $11.4 million, compared to $6.9 million for 3QFY2014. They include $5.1 million of license and milestone fees, principally from a $5 million cash milestone payment earned from Novartis with the initiation of Phase 1 testing of its product candidate, LOP628. They also include $5.1 million of royalty payments received from Roche in March 2015 for sales of Kadcyla during the three-month period ended December 31, 2014. The royalty transaction recently announced impacts royalties earned on Kadcyla sales starting January 1, 2015. Revenues for 3QFY2015 also include $0.7 million of clinical materials revenue and $0.5 million of research and development support fees. The level of research support and the number of batches of clinical materials produced and released to partners varies on a quarter-to-quarter basis.

Operating expenses in 3QFY2015 were $32.7 million, compared to $44.3 million in 3QFY2014, and consist of research and development expenses of $25.7 million and general and administrative expenses of $7.0 million. The prior year period included a $12.8 million non-cash charge recorded to research and development expense related to a collaboration agreement executed with CytomX.

ImmunoGen had approximately $111.8 million in cash and cash equivalents as of March 31, 2015, – inclusive of a $20 million upfront payment received from Takeda – compared with $142.3 million as of June 30, 2014. Cash used in operations was $27.4 million in the first nine months of FY2015 and capital expenditures were $4.5 million.

Financial Guidance for Fiscal Year 2015

ImmunoGen has updated its guidance for its fiscal year ending June 30, 2015. The Company’s guidance for its net loss is unchanged, and expected to be between $60 million and $65 million. Expected revenues are now projected to be between $85 million and $95 million, compared with previous guidance of between $100 million and $105 million, due to changes in the expected timing of partner milestone events. Expected operating expenses are now projected to be between $145 million and $150 million, compared with previous guidance of between $160 million and $165 million.

ImmunoGen now projects cash and cash equivalents at June 30, 2015 to be between $265 million and $275 million, compared to previous guidance of $75 million to $85 million. This change principally reflects the Kadcyla royalty monetization transaction announced in March 2015. The Company’s guidance for cash used in operations and capital expenditures remains unchanged from that issued on January 2015. These are projected to be between $55 million and $60 million and between $7 million and $9 million, respectively.

On April 24, 2015 NEOMED reported that in collaboration with McGill University, it is embarking on a new drug discovery project that targets cancer (Press release, NEOMED, APR 24, 2015, View Source [SID1234527384]). Executed in collaboration with lead investigator Michael Witcher of the Lady Davis Institute at the Jewish General Hospital, McGill University, the project aims to identify small molecule inhibitors of poly (ADP-ribose) glycohydrolase (PARG) – an enzyme that plays a key role in DNA damage repair and in the transformation of normal cells to cancer cells, promoting their growth and invasive capability. PARG is elevated in cancers of the breast, lungs, prostate, and acute lymphoblastic leukemia. The inhibition of PARG aims to repress cancer growth and to sensitize cancer cells to DNA damage therapy.

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"Cancer is a devastating disease that is a major focus of academic and pharmaceutical research. At NEOMED, we’re looking forward to conducting an exciting project together with Dr. Witcher on this important and challenging cancer target," said Kemal Payza, Project Director at NEOMED.

"The collaboration between NEOMED and my lab has been organic from the start," stated Dr. Michael Witcher. "Innovative ideas fly around whenever the team meets, and I am confident this drug discovery program will have major clinical benefits."

On April 23, 2015 Commenting on the results, Joseph Jimenez, CEO of Novartis, reported: "Our focus on execution has resulted in a strong operational performance (Press release, Sandoz, APR 23, 2015, View Source [SID:1234506744]). We have completed the GSK and Lilly transactions and innovation continues to be strong. We had three approvals in Oncology, FDA priority review for LCZ696, Zarxio became the first biosimilar approved under the new pathway in the US and we launched Cosentyx globally. We are on track to deliver our full-year guidance."

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Continuing operations1 saw sales, core2 operating income and core EPS grow (cc2) in Q1
Net sales were USD 11.9 billion (-7%, +3% cc)2
Operating income was USD 2.8 billion (-1%, +15% cc)
Core operating income (-4%, +9% cc) grew faster than sales (cc), resulting in core margin of 30.6%
Core EPS was USD 1.33 (-1%, +11% cc))
Further strengthening of USD impacted sales by -10% and core operating income by -13%
Free cash flow2 increased 27% to USD 1.5 billion

For total Group, Q1 divestments resulted in exceptional operating income gains totaling USD 12.8 billion and net income gains of USD 10.8 billion

Strong progress on innovation continued in Q1
Three approvals in Oncology: Jakavi in polycythemia vera (EU), Farydak in multiple myeloma (US) and Jadenu for chronic iron overload (US)

LCZ696 granted FDA priority review and CHMP accelerated assessment in heart failure
Positive trials on Cosentyx in psoriasis showing superiority to Stelara, sustained two-year efficacy
Sandoz received FDA approval for first biosimilar Zarxio and in April for first substitutable generic version of Copaxone 20mg one-time-daily injection, Glatopa

Growth Products3 and Emerging Growth Markets3 continued to drive performance in Q4
Growth Products grew 14% (USD) to USD 4.7 billion, or 32% of Group net sales
Strong performance in Emerging Growth Markets (+12% cc)

Portfolio rejuvenation continued in Q1, reinforcing growth prospects for continuing operations
Growth Products3 grew 15% (USD) to USD 3.7 billion, or 31% of net sales
Strong performance in Emerging Growth Markets3 (+12% cc)

Continued progress in transforming portfolio and increasing productivity
Transactions with GSK and Lilly closed on March 2 and January 1, respectively; divestment of influenza Vaccines business to CSL expected to be completed in H2 2015
For continuing operations, core margin improved (+1.7 percentage points cc) mainly due to ongoing productivity initiatives

Outlook 2015 for continuing operations confirmed
Net sales expected to grow mid-single digit (cc); core operating income expected to grow ahead of sales at a high-single digit rate (cc) (cc)

On April 21, 2015 SignalRx Pharmaceuticals Inc., focused on developing more effective oncology drugs though molecular design imparting selected multiple target inhibition, reported the presentation of scientific data on the Company’s proprietary dual inhibitor program in oncology (Press release, SignalRx, APR 21, 2015, http://www.ireachcontent.com/news-releases/signalrx-presents-at-10th-annual-drug-discovery-chemistry-conference-on-its-dual-kinase-epigenetic-inhibitors-for-treating-cancer-500857951.html [SID1234527330]). The presentation by Dr. Donald L. Durden, MD, PhD, co-founder and science advisor to SignalRx was made at the Tenth Annual Drug Discovery Chemistry meeting at the Hilton San Diego Resort & Spa in San Diego, California.

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The oral presentation entitled "Discovery of Dual PI3K/BRD4 (kinase/epigenetic) Inhibitors" was given during the Second Annual Epigenetic Inhibitor Discovery track of the meeting at the "Advances in BET Bromodomain Inhibitor Development" session. The presentation highlighted a novel thienopyranone molecular scaffold that selectively inhibits both PI3 kinase (PI3K) and the bromodomain protein BRD4. The presentation described how molecular modeling studies were used to identify and design SignalRx’s single small molecules that can bind and inhibit simultaneously PI3K and BRD4. While the small molecule SF2523 inhibits PI3K via ATP competitive binding at the catalytic site, BRD4 inhibition appears to take place by binding in the acetyl-lysine recognition moiety of BRD4 thus blocking BRD4’s ability to alter chromatin structure and induce transcription. Blocking the binding of BRD4 to acetylated histones within chromatin can then block the transcription of various genes that are promoting cancer cell survival and growth. Recent reports suggest that BRD4 inhibition may block cancer cell resistance arising from widespread epigenetic kinome adaptation following exposure to targeted kinase inhibitor drugs which in turn may lead to more durable anticancer effects.

The presentation also included a specific rationale for the dual PI3K/BRD4 inhibition approach in cancers driven by the key cancer promoting transcription factor MYC. MYC (both cMYC and MYCN) acts downstream of many cell receptor complexes and signal transduction pathways to activate genes that drive cancer cell growth and proliferation. To date, small molecule inhibitors of MYC have been elusive. Inhibition of PI3K enhances the degradation of the cancer promoting transcription factor MYC. Inhibition of BRD4 blocks the production of MYC; thus, a dual PI3K/BRD4 inhibitor can lead to maximal MYC extinction by inhibiting these two different mechanisms. Our approach enables us to go after cancers expected to be susceptible to maximal MYC extinction as a beneficial treatment, such as CLL, medulloblastoma, multiple myeloma, and certain ovarian cancers exhibiting elevated MYCN expression. In vivo data also showed that SF2523 (50 mg/kg 3X per week) exhibited potent antitumor efficacy and anti-metastatic effects without toxicity in renal cell carcinoma xenograft models, neuroblastoma mouse models, orthotopic pancreatic cancer model and Lewis lung cancer models. Lastly, pre-clinical in vivo proof-of-concept with SF2523 was presented showing the pharmacodynamic knockdown of both the PI3K pathway and MYC in mouse neuroblastoma tumor samples four hours after administration, confirming the dual PI3K/BRD4 inhibitory profile of lead compound SF2523. Further preclinical studies of several PI3K/BRD4 dual inhibitor thienopyranones are underway to identify and select a clinical candidate.

On April 21, 2015 OPKO Health, Inc. (NYSE:OPK) reported the online publication of a study entitled "Predicting High-Grade Cancer at Ten-Core Prostate Biopsy Using Four Kallikrein Markers Measured in Blood in the ProtecT Study" in the Journal of the National Cancer Institute (Press release, Opko Health, APR 21, 2015, View Source [SID:1234506587]). The study shows that the four kallikrein panel of biomarkers utilized in the OPKO 4Kscore Test (Total PSA, Free PSA, Intact PSA and hK2) accurately identifies risk for aggressive prostate cancer prior to prostate biopsy.

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The Prostate Testing for Cancer and Treatment (ProtecT) study is a prospective randomized controlled trial conducted in the United Kingdom for the purpose of evaluating the cost effectiveness of conventional treatments in PSA-detected, clinically localized prostate cancer. Of the 82,428 men recruited for the trial, a total of 6129 men with elevated PSA (≥3.0 ng/mL) who underwent prostate biopsy and provided an adequate blood sample were tested for the four kallikreins and their 4Kscore result was determined. The study showed that the four kallikrein panel enhanced aggressive prostate cancer detection compared with PSA and age alone. The area under the curve (AUC) for the 4K model was 0.820 (95% CI = 0.802 to 0.838) while the PSA model was 0.738 (95% CI = 0.716 to 0.761) for high-grade cancer.

"The ProtecT study is the latest in a series of peer-reviewed publications demonstrating the superior clinical value that testing with four kallikrein markers adds to risk prediction for aggressive prostate cancer compared to PSA alone," said Dr. Peter Scardino, Chair, Department of Surgery, Memorial Sloan Kettering Cancer Center. "The high level of discrimination for differentially detecting high-grade disease supports use of the four kallikrein panel as a reflex test prior to having a prostate biopsy for men with an elevated PSA."

"The 4Kscore biomarker algorithm has now been tested and published on over 20,000 men in 11 peer-reviewed publications covering multiple US and European cohorts," said David Okrongly, President of OPKO Diagnostics. "The results all demonstrated the high discrimination and favorable decision curve benefit of the 4Kscore algorithm for predicting the results of prostate biopsy pathology, as well as 20 year outcomes for risk of metastatic prostate cancer."

About Prostate Cancer

According to the World Health Organization, prostate cancer is the second most common cancer in men worldwide, with over 1.1 million men diagnosed with prostate cancer in 2012 and over 300,000 men dying from the disease. In countries like the U.S. where screening for prostate cancer with the PSA test began 20 years ago there has been a sharp increase in the number of prostate cancers detected. However, most of the prostate cancers detected are an indolent, non-life threatening form of the disease. The net result has been a decrease in prostate cancer mortality during the PSA era, but at a cost of over detection and over treatment of indolent prostate cancers.

About the 4Kscore Test

The 4Kscore is the only blood test that accurately identifies risk for aggressive prostate cancer. The 4Kscore measures the blood plasma levels of four different prostate-derived kallikrein proteins: Total PSA, Free PSA, Intact PSA and Human Kallikrein-2 (hK2). These biomarkers are combined with a patient’s age, Digital Rectal Exam (DRE) status (nodule / no nodule), and prior negative biopsy status (yes / no) using a proprietary algorithm to calculate the risk (probability) of finding a Gleason Score 7 or higher prostate cancer. The four kallikrein panel of biomarkers utilized in the 4Kscore Test is based on over a decade of research conducted by scientists at Memorial Sloan-Kettering Cancer Center and leading European institutions. The 4Kscore Test provides individualized risk for the presence of aggressive prostate cancer and adds new information to the shared decision making discussion between a Urologist and patient.