On June 23, 2025 Illumina, Inc. (NASDAQ: ILMN) reported it has entered into a definitive agreement with Standard BioTools (NASDAQ: LAB) under which Illumina will acquire SomaLogic, a leader in data-driven proteomics technology, and other specified assets for $350 million in cash payable at closing, subject to customary adjustments, plus up to $75 million in near-term performance-based milestones and performance-based royalties (Press release, Illumina, JUN 23, 2025, View Source [SID1234654052]).

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"The acquisition of SomaLogic will enhance Illumina’s presence in the expanding proteomics market and advance the multiomics strategy we announced in 2024. This will strengthen the value of the NovaSeq X product today and unlock greater capabilities in the future," said Jacob Thaysen, chief executive officer of Illumina. "Illumina and SomaLogic have partnered closely for more than three years, and this combination increases our ability to serve our customers and accelerate our technology roadmap towards advanced biomarker discovery and disease profiling."

This transaction builds on a co-development agreement Illumina established with SomaLogic in December 2021 to bring the SomaScan Proteomics Assay onto Illumina’s high-throughput next-generation-sequencing (NGS) platforms. Illumina Protein Prep is currently in use with nearly 40 early-access customers globally and will become available to all customers starting in the third quarter of 2025. Combining SomaLogic’s proteomics technology with Illumina’s scalable NGS ecosystem, DRAGEN software, and Illumina Connected Multiomics will accelerate the technology development roadmap for proteomics and reduce time and cost of proteomic research.

"We are taking the scalability of NGS into proteomics," continued Thaysen. "Illumina will remain an open, accessible, and enabling NGS platform. The Company is committed to maintaining and supporting its existing proteomics partnerships as well as continuing to develop the sequencing ecosystem and supporting a wide variety of multiomics solutions."

Scientific evidence* presented over the past year demonstrates the strength of SomaLogic’s proteomics offerings in the areas of plexity, scalability, and technical reproducibility. In addition, researchers can generate significant and pivotal insights with high sensitivity, high throughput, and thousands of protein markers in a single experiment.

SomaLogic has approximately 250 employees worldwide working in commercial, R&D, lab operations, manufacturing, and other roles. The company’s Boulder, Colorado, facilities—including a CLIA- and CAP-certified lab, office, and manufacturing space—will be part of the purchase. SomaLogic has a global footprint serving customers.

This transaction brings SomaLogic’s aptamer-based affinity proteomics platform into Illumina’s portfolio, enhancing Illumina’s presence in a high-growth area within the proteomics market. The kitted NGS-based panels business will add a high-margin consumables revenue stream. Based on the projected closing date, Illumina expects this business to become profitable in 2027 on a non-GAAP operating income basis, and for non-GAAP operating margins to be in line with Illumina in 2028.

Completion of the transaction is subject to customary closing conditions, including the receipt of required regulatory clearance. The parties intend to make the necessary filing under the Hart-Scott-Rodino Act in the United States in due course. Illumina expects to close the transaction in the first half of 2026. Until then, the companies will continue to operate as separate and independent entities.

Goldman Sachs and Co. LLC is serving as financial advisor and Cravath, Swaine & Moore LLP is serving as legal advisor to Illumina. Centerview Partners LLC is serving as financial advisor to Standard BioTools, and Freshfields LLP and Richards, Layton & Finger P.C. are serving as its legal counsel. UBS Investment Bank is serving as financial advisor to the Special Committee of the Standard BioTools Board of Directors.

On June 23, 2025 TriSalus Life Sciences Inc. (Nasdaq: TLSI), a company working to improve outcomes for patients with solid tumors by combining innovative drug delivery, current on-market therapeutics and immunotherapy ("TriSalus" or the "Company"), reported that it has commenced an exchange offer and consent solicitation involving its Series A Convertible Preferred Stock (the "Preferred Stock") identified in the Prospectus/Offer to Exchange (as defined below) (Press release, TriSalus Life Sciences, JUN 23, 2025, View Source [SID1234654077]).

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TriSalus is committed to simplifying its capital structure and reducing the potential impact of dilution from its Preferred Stock. By exchanging outstanding shares of Preferred Stock for common stock, the Company eliminates complex capital layers and potential preferential claims, providing investors with a clearer view of the Company’s equity value and improving transparency around ownership.

What’s Being Offered

TriSalus is offering all holders of outstanding shares of Preferred Stock the chance to exchange their shares for common stock. Each share of Preferred Stock can be exchanged for common stock based on the total value it would accrue (including dividends through August 10, 2027), divided by $4.00 per share.

In total, TriSalus is offering up to 11,860,206 shares of common stock to complete the exchange.

Consent Solicitation: Proposed Change to Preferred Stock Terms

Along with the exchange offer, TriSalus is asking preferred shareholders to approve an amendment to the Certificate of Designations of the Preferred Stock. If approved, this amendment would allow the Company to automatically convert all remaining Preferred Stock into common stock after the offer closes, based on a slightly lower exchange ratio (11.3% less than the current offer).

Investors holding approximately 55% of the outstanding Preferred Stock have previously agreed to exchange their shares and approve the proposed changes pursuant to tender and support agreements. If the remaining conditions outlined in the Company’s Prospectus/Offer to Exchange are met, these changes will go into effect.

Key Dates and Information

Deadline to Participate: The offer expires at 12:01 a.m. Eastern Time on July 23, 2025, unless extended.
Preferred Stock holders can withdraw their tendered shares any time before the deadline.
Offer Details

The offer is described in full in the Prospectus/Offer to Exchange and Schedule TO, both filed with the U.S. Securities and Exchange Commission (SEC) on June 23, 2025.

Common Stock Symbol: TLSI (traded on the Nasdaq Global Market);
Preferred Stock: Not publicly traded; 3,594,002 shares outstanding as of June 13, 2025;
Morrow Sodali LLC has been appointed as the Information Agent for the Offer and Consent Solicitation, and Continental Stock Transfer & Trust Company has been appointed as the Exchange Agent. Requests for documents should be directed to Morrow Sodali LLC at (800) 662-5200 (for individuals) or (203) 658-9400 (for banks and brokers) or via the following email address: [email protected].

On June 23, 2025 The University of Cincinnati Cancer Center (UC), The Ohio State University Comprehensive Cancer Center – Arthur G. James Cancer Hospital and Richard J. Solove Research Institute (OSUCCC – James) and Jabez Biosciences reported their partnering to open a new phase 1 clinical trial studying JBZ-001, a potential new treatment for acute myeloid leukemia (AML) (Press release, Jabez Biosciences, JUN 23, 2025, View Source [SID1234654054]).

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The trial is supported by a more than $3.4 million grant from the National Institutes of Health’s National Cancer Institute awarded to UC and OSUCCC – James. It also offers a new approach for research and industry partnerships that will benefit patients by improving efficiency for the therapeutic pipeline.

AML is diagnosed in more than 20,000 individuals per year in the U.S., with more than half of these patients estimated to die each year. This high mortality rate emphasizes the need for new treatments, and JBZ-001 has demonstrated best in class pharmaceutical properties with worldwide patent protection.

The development of the trial drug is unique, as it was initially developed as part of an undergraduate chemistry class at Hendrix College in Arkansas under the mentorship of Thomas Goodwin, PhD. The class was focused on developing small-molecule inhibitors of dihydroorotate dehydrogenase (DHODH), a critical pathway for cancer cell proliferation, using a novel synthesis method called the Suzuki reaction.

The project progressed when Goodwin approached John C. Byrd, MD, a Hendrix alumnus, board member and former student of his. Byrd, along with Erin Hertlein, PhD, and Ola Elgamal, PhD, performed preclinical testing of the drug at OSU before moving to UC in 2021.

In collaboration with the Drug Development Institute at OSU, many iterations of the initial compounds (originally referred to as the HOSU series for Hendrix and OSU) were tested until HOSU-53 was developed as the lead candidate for human therapy trials. HOSU-53 was licensed by Jabez Biosciences in 2024 and then became JBZ-001.

The development of JBZ-001 marks a significant milestone in Jabez Biosciences’ "bench-to-bedside" academic collaboration, with the compound receiving Investigational New Drug approval for first-in-human trials in solid tumors and non-Hodgkin lymphoma in 2024. A Phase 1 trial is currently underway at the OSUCCC – James.

"Jabez Biosciences is extremely proud and grateful to be partnering with the University of Cincinnati Cancer Center and The James Comprehensive Cancer Center at OSU in a new JBZ-001 phase 1 trial in AML," said Tamara Jovonovich, PhD, chief executive officer of Jabez Biosciences. "The excitement around this potential treatment is growing exponentially and this collaboration exemplifies the commitment each has to realizing the potential of JBZ-001 in oncology care."

The Phase 1 clinical study in AML will open at UC and OSU in 2026. This study aims to assess the safety, tolerability and preliminary efficacy of JBZ-001 in patients with AML. Co-principal investigators Byrd, Hertlein and OSU’s Alice Mims, MD, and Christopher Coss, PhD, will partner to define pharmacokinetic and pharmacodynamic exposure-response relationships in patients with AML treated with JBZ-001.

"We are excited to move JBZ-001 from the bench to the clinic," said Byrd, a University of Cincinnati Cancer Center physician-researcher and the Gordon and Helen Hughes Taylor Professor and Chair of the Department of Internal Medicine at the UC College of Medicine. "This three-institution collaboration has been phenomenal. We are grateful for the NCI support to do this trial."

Additional studies will be performed to study the specific mechanism(s) of action, and single cell sequencing technologies will explore potential resistance mechanisms.

"We are thrilled to work with UC and Jabez Biosciences to explore JBZ-001 as a potential new therapeutic option for patients with AML," said Mims, professor of internal medicine and co-leader of the OSUCCC – James Leukemia and Hematologic Malignancies Program. "Though there have been advances made in the past 10 years for new therapeutic options for patients with AML, most patients are still not cured of their disease. Novel treatments to improve patient outcomes remain a high need in these patient populations."

At UC, the trial will join more than 40 additional open trials for blood cancers operating at the Blood Cancer Healing Center. Other UC investigators involved with this study include Emily Curran, MD, and Shesh Rai, PhD.

On June 23, 2025 Leap Therapeutics, Inc. (Nasdaq:LPTX), a biotechnology company focused on developing targeted and immuno-oncology therapeutics, reported updated results from Part B of the DeFianCe study (NCT05480306), a Phase 2 study of sirexatamab (DKN-01), an anti-DKK1 monoclonal antibody, in combination with bevacizumab and chemotherapy (Sirexatamab Arm) compared to bevacizumab and chemotherapy (Control Arm) in patients with advanced microsatellite stable (MSS) colorectal cancer (CRC) who have received one prior systemic therapy for advanced disease (Press release, Leap Therapeutics, JUN 23, 2025, View Source [SID1234654056]). Due to the Company’s financial position, Leap’s Board of Directors is taking further steps to preserve capital and has initiated a process to explore strategic options to preserve and maximize shareholder value.

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"Sirexatamab demonstrated a statistically significant benefit in patients with high levels of DKK1, no prior exposure to anti-VEGF therapy, or liver metastasis, with a positive trend on ORR and PFS in the full second-line CRC population. With the additional patient follow-up, we believe that the objectives of the DeFianCe study have been achieved. On behalf of everyone at Leap, I thank all the patients and physicians who have participated in our sirexatamab clinical trials," said Douglas E. Onsi, President and Chief Executive Officer of Leap. "However, due to current market conditions, we have decided to wind-down the DeFianCe clinical trial and further reduce internal expenses. In parallel, we have initiated a review of the full range of strategic alternatives to maximize shareholder value."

DeFianCe Study Update

In the updated analysis as of May 22, 2025, sirexatamab demonstrated a positive trend on overall response rate (ORR), by investigator assessment (IA) and blinded independent central review (BICR), and progression-free survival (PFS) in the full second-line CRC population, driven by the statistically significant benefit in patients with high levels of DKK1, no prior exposure to anti-VEGF therapy, or liver metastasis.

· Across the intent-to-treat population (n=188):

Sirexatamab Arm
(n=94) Control Arm
(n=94)
Median PFS 9.2 months 8.31 months HR 0.84
95% CI: 0.57, 1.22
p = 0.1749
ORR by IA 35.1% 26.6% p = 0.1009
ORR by BICR 33.0% 20.2% P = 0.0203
Remaining on study drug 21 15

· In patients with high DKK1 levels (upper quartile, n=44):

Sirexatamab Arm
(n=25) Control Arm
(n=19)
Median PFS 9.36 months 5.88 months HR 0.47
95% CI: 0.22, 1.01
p = 0.0237
ORR by IA 44.0% 15.8% p = 0.0149
ORR by BICR 40.0% 15.8% p = 0.0301
Median OS Not Yet Reached 9.66 months HR 0.19
95% CI: 0.05, 0.73
p = 0.0037
Remaining on study drug 7 1

· In patients with DKK1 levels above the median (upper median, n=88):

Sirexatamab Arm
(n=50) Control Arm
(n=38)
Median PFS 9.03 months 7.23 months HR 0.56
95% CI: 0.33, 0.94
p = 0.0146
ORR by IA 38.0% 23.7% p = 0.0706
ORR by BICR 40.0% 15.8% p = 0.0039
Median OS Not Yet Reached 14.39 months HR 0.48
95% CI: 0.2, 1.16
p = 0.0475
Remaining on study drug 12 3

· In patients who had not received prior anti-VEGF therapy (n=95):

Sirexatamab Arm
(n=49) Control Arm
(n=46)
Median PFS 11.2 months 8.34 months HR 0.61
95% CI: 0.35, 1.06
p = 0.0383
ORR by IA 55.1% 32.6% p = 0.0116
ORR by BICR 44.9% 26.1% p = 0.0252
Median OS Not Yet Reached Not Yet Reached HR 0.47
95% CI: 0.14, 1.6
p = 0.1069
Remaining on study drug 15 5

· In patients with liver metastases (n=138):

Sirexatamab Arm
(n=73) Control Arm
(n=65)
Median PFS 9.03 months 7.26 months HR 0.7
95% CI: 0.46, 1.06
p = 0.0443
ORR by IA 37.0% 27.7% p = 0.1203
ORR by BICR 30.1% 24.6% p = 0.233
Median OS Not Yet Reached 15.74 HR 0.69
95% CI: 0.33, 1.43
p = 0.1584
Remaining on study drug 14 6

Corporate Update

Leap is taking additional steps to reduce spending and preserve capital. Over the next two months as the DeFianCe study completes, the Company will implement a workforce reduction of approximately 75%. The total cash payments and costs related to this reduction in force, including severance payments, are estimated to be approximately $3.2 million. The majority of these costs will be recognized in the third quarter of 2025. The Company’s cash and cash equivalents totaled $32.7 million as of March 31, 2025.

Leap has initiated a process to explore strategic alternatives to preserve and maximize shareholder value, including leveraging its cash balance and exploring potential sale or partnership opportunities for sirexatamab and FL-501. The Company’s Board of Directors has approved the engagement of Raymond James & Associates, Inc. to serve as exclusive financial advisor to assist in the strategic evaluation process.

On June 23, 2025 Lyell Immunopharma, Inc. (Nasdaq: LYEL), a clinical-stage company advancing next-generation CAR T-cell therapies for patients with cancer, reported that members of its senior management team will participate in the H.C. Wainwright "HCW@Home" Series taking place virtually on Wednesday, June 25, 2025, at 12:00 PM ET (Press release, Lyell Immunopharma, JUN 23, 2025, View Source [SID1234654057]).

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The discussion will highlight the positive new clinical data recently presented in an oral session at the International Conference on Malignant Lymphoma (ICML) in Lugano, Switzerland, on LYL314, Lyell’s lead product candidate, and the emerging landscape of next-generation dual targeting chimeric antigen receptor (CAR) T-cell therapy for patients with large B-cell lymphoma (LBCL). LYL314 is an autologous dual-targeting CD19/CD20 CAR T-cell product candidate with Regenerative Medicine Advanced Therapy (RMAT) and Fast Track designations from the U.S. Food and Drug Administration (FDA) that is in pivotal-stage development for patients with relapsed and/or refractory LBCL. LYL314 is designed to increase complete response rates and prolong the duration of the responses as compared to the approved CD19‑targeted CAR T-cell therapies for the treatment of LBCL.

Fireside chat details are as follows:

Lyell Speakers: Lynn Seely, MD, President and Chief Executive Officer and Charlie Newton, Chief Financial Officer
Date and Time: Wednesday, June 25, 2025, 12:00 PM to 1:00 PM ET
Webcast Link: Register here

A live webcast of the presentation can be accessed through the Investors section of the Company’s website at www.lyell.com. Following the live presentation, a replay of the webcast will be available on the Company’s website.