Arcellx Announces Dosing of First Patient in its Phase 1 Clinical Trial Evaluating ACLX-001, the First Therapeutic in the Dosable and Controllable ARC-SparX Platform, for the treatment of Patients with Relapsed or Refractory Multiple Myeloma

On May 10, 2022 Arcellx, Inc. (NASDAQ: ACLX), a biotechnology company reimagining cell therapy through the development of innovative immunotherapies for patients with cancer and other incurable diseases, reported that the first patient has been dosed in its open-label, multicenter ACLX-001 Phase 1 clinical trial (NCT04155749) to evaluate the company’s novel ARC-SparX program in patients with relapsed or refractory multiple myeloma (r/r MM) (Press release, Arcellx, MAY 10, 2022, View Source [SID1234614145]). ARC-SparX is a universal cell therapy platform comprised of SparX (soluble protein antigen-receptor X-linkers) proteins engineered to target BCMA on myeloma cells together with ARC-T (Antigen Receptor Complex-T) cells that are dosed separately and are engineered to activate only when engaged with a SparX protein bound to a myeloma cell. Both the ARC-T cells and SparX proteins utilize the company’s proprietary novel synthetic binding scaffold called the D-Domain.

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"Our ARC-SparX platform, powered by our proprietary D-Domain technology, has the potential to yield transformative therapies that can unleash the full potential of CAR-Ts to treat challenging conditions, including solid tumors. By addressing antigen heterogeneity and dose limiting toxicities, ARC-SparX could help many patients and address significant unmet clinical needs," said Rami Elghandour, Arcellx’s chairman and chief executive officer. "ACLX-001 is intended to demonstrate the advantages for our ARC-SparX platform technology and may potentially enable rapid development of future ARC-SparX programs in our portfolio. We look forward to enrolling additional patients in this study and evaluating the clinical outcomes."

"We are excited to be participating in this clinical trial to evaluate ACLX-001 in patients with relapsed or refractory multiple myeloma," said Binod Dhakal, M.D., M.S., associate professor of medicine, Division of Hematology/Oncology, Medical College of Wisconsin, and clinical investigator on both Phase 1 trials of CART-ddBCMA and ACLX-001. "ARC-SparX provides physicians with the ability to control the dose and frequency of SparX administration. This may allow the physician to better manage toxicities associated with traditional CAR-T therapies, potentially increasing patient access to this treatment option."

Initial data from the ACLX-001 Phase 1 study is expected in 2023. For more information about the clinical trial program, visit ClinicalTrials.gov (NCT04155749).

About the ARC-SparX Platform Technology
The ARC-SparX platform is designed to allow for controllability and adaptability to potentially reduce toxicities that are often associated with serious dose-limiting adverse events and to overcome tumor heterogeneity. It is a modular therapy which utilizes a universal ARC-T cell combined with an off-the-shelf SparX protein to separate the tumor-recognition and tumor-killing functions. SparX (soluble protein antigen-receptor X-linkers) proteins utilize our D-Domain technology engineered to recognize antigens on the surface of diseased cells and flags those cells for detection by the ARC-T cells. ARC-T cells express a D-Domain-based CAR engineered to specifically recognize a unique TAG in the SparX protein. ARC-T cells are dosed separately and only activated to kill the target cell when they encounter a SparX protein bound to the target antigen and thus are controlled through SparX dose modulation. Arcellx has developed a collection of SparX proteins that bind different antigens on the surface of diseased cells. Multiple SparX proteins with different antigen specificity can be administered to potentially address antigen heterogeneity or antigen escape that contribute to relapsed and refractory disease.

About the Phase 1 Study Evaluating ACLX-001 for Patients with Relapsed or Refractory Multiple Myeloma (NCT04155749)
The Phase 1 study evaluating ACLX-001 in adults with relapsed or refractory multiple myeloma (r/r MM) is a first-in-human, open-label, multicenter, dose escalation clinical trial designed to evaluate ARC-SparX, in which a matrix escalation of either ARC-T cells or SparX-001 or both may be escalated based on clinical correlative data, including pharmacokinetics of SparX-001 and ARC-T expansion. The primary objective of this study is to evaluate the safety and tolerability of ARC-SparX. A secondary objective is to identify a dosing strategy associated with ARC-T cell expansion kinetics that results in the best mix of efficacy, as determined by International Myeloma Working Group response criteria, and safety profile.

Rallybio Announces In-Licensing of Potential First-In-Class Preclinical Antibody Candidate from Sanofi

On May 10, 2022 Rallybio Corporation (Nasdaq: RLYB), a clinical-stage biotechnology company committed to identifying and accelerating the development of life-transforming therapies for patients with severe and rare diseases, reported that it has obtained worldwide exclusive rights to Sanofi’s KY1066, which will be referred to as RLYB331 going forward, a preclinical potentially first-in-class antibody (Press release, Sanofi, MAY 10, 2022, View Source [SID1234614177]). RLYB331 has the potential to address a significant unmet need for patients with severe anemia with ineffective erythropoiesis and iron overload, such as beta thalassemia (BT) and a subset of myelodysplastic syndromes (MDS), amongst others. The transaction expands Rallybio’s pipeline, is strategically consistent with Rallybio’s existing focus on hematology, and aligns with its mission to accelerate the development of life-transforming therapies for patients with severe and rare disorders.

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"With our strong focus on portfolio expansion, the in-licensing of RLYB331, our first as a public company, marks a pivotal moment for Rallybio. We believe RLYB331 is differentiated from all programs in clinical development based on its mechanism of action, with the potential to be first-in-class. We expect that RLYB331 may address a significant unmet need by correcting ineffective erythropoiesis, improving hemoglobin, reducing red blood cell transfusions and reducing iron overload in multiple hematological disorders such as beta thalassemia and myelodysplastic syndromes," said Martin Mackay, Ph.D., Chief Executive Officer of Rallybio. "This product candidate is a natural fit with our R&D expertise and our focus on hematological disorders. Along with our existing pipeline it provides an additional opportunity to leverage our deep expertise in rare diseases and to identify and accelerate the development of transformative therapies for patients with severe and rare diseases. We look forward to integrating RLYB331 into our portfolio and ultimately deliver this therapy to transform the treatment of patients with severe benign hematological disorders."

RLYB331 is a monoclonal antibody that inhibits Matriptase-2 (MTP-2). The inhibition of MTP-2 significantly increases levels of hepcidin, decreases iron load and treats ineffective erythropoiesis. The standard of care for many such hematological disorders leaves a significant unmet need in iron overload associated anemias with patients experiencing significant morbidity and consequent mortality.

Rallybio plans to prosecute preclinical activities for RLYB331 including CMC, and dose-range finding and toxicity studies, which will then support transition of the asset into clinical development.

Under the terms of the license agreement, Rallybio will make an upfront cash payment of $3 million to Sanofi, in addition to development and commercial milestones, and mid to high single digit royalties on net sales.

Targovax and Oslo University Hospital announce collaboration to test TG mutant RAS vaccination in multiple myeloma

On May 10, 2022 Targovax ASA (OSE: TRVX), a clinical-stage immuno-oncology company developing immune activators to target hard-to-treat solid tumors, reported that it has entered into a clinical trial collaboration agreement with Oslo University Hospital (OUS) to run a phase 1/2 study testing polyvalent mutant RAS vaccine TG01 in multiple myeloma (MM) following standard of care (SoC) therapy (Press release, Targovax, MAY 10, 2022, View Source [SID1234614005]).

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Oncogenic mutations in the RAS family of genes drive up to 30% of all cancers and remain a major unmet medical need with few good treatment alternatives. Targovax was recently awarded two prestigious research grants from Innovation Norway and the Norwegian Research Council, totaling NOK 18m, to advance its TG mutant RAS cancer vaccine program. These grants include funding towards several clinical studies, of which the first to open will be a TG01 phase 1/2 trial in MM patients with relevant KRAS and NRAS mutations (approx. 15-20% of MM patients) to be run in Oslo, Norway.

The trial is a collaboration between OUS and Targovax and will test TG01 vaccination as a monotherapy in 20 KRAS or NRAS mutated MM patients who continue to have measurable disease after completion of SoC treatment. The aim is to assess whether anti-RAS T-cell priming induced by TG01 can enhance the clinical response. OUS will sponsor and be responsible for running and funding the trial, with Dr. Schjesvold as the principal investigator. Targovax will provide TG01 drug supply, scientific support and financial contribution.

Dr. Fredrik Schjesvold, Founder and Leader Oslo Myeloma Center, at Oslo University Hospital, and President of the Nordic Myeloma Study Group, said: "RAS-mutant multiple myeloma has poor prognosis and there are currently no available targeted treatment options for this patient population. Prior data clearly demonstrates the capability of TG01 to induce robust anti-RAS T-cell responses and eliminate residual disease in cancer patients, and suggest that TG vaccination could be a valuable tool to deepen and prolong responses in multiple myeloma. Being a Norwegian product makes it particularly interesting, and we very much look forward to collaborating with Targovax to test this concept in practice at our center."

Earlier in 2022, Targovax announced a collaboration with Agenus to utilize their proprietary vaccine adjuvant QS-21 STIMULON as an immune-stimulatory component of the TG vaccines for future development and commercialization. QS-21 has consistently demonstrated powerful antibody and cell-mediated immune responses both in cancer trials and commercially as a component of the Shingrix and Mosquirix vaccines. QS-21 should further potentiate the TG vaccines by driving stronger anti-RAS T-cell responses. The OUS trial will be the first study in patients of TG01 adjuvanted by QS-21.

Dr. Erik Digman Wiklund, Chief Executive Officer of Targovax ASA, added: "Following promising data from the first generation TG01 vaccine in pancreatic cancer, we have focused on enhancing our mutant RAS platform and establishing a cost-efficient, collaborative development plan to bring the program forward. We are now ready to bring TG01 back into the clinic in a new and improved format and are excited to work with Dr. Schjesvold and his team to assess the potential of TG01 in multiple myeloma. This trial will be the first step in a broader exploratory program with multiple collaboration partners aimed at testing TG01 vaccination in various RAS mutant cancer types and treatment combinations."

BAUSCH HEALTH COMPANIES INC. ANNOUNCES FIRST-QUARTER 2022 RESULTS

On May 10, 2022 Bausch Health Companies Inc. (NYSE/TSX: BHC) ("Bausch Health" or the "Company" or "we") reported its first-quarter 2022 financial results (Press release, Bausch Health, MAY 10, 2022, View Source [SID1234614049]).

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"Our organic3 growth in the first quarter of 2022 was stable compared to the same quarter last year, despite incremental macro pressures and a challenging supply chain environment," said Thomas J. Appio, incoming chief executive officer ("CEO"), Bausch Health. "Following the closing of the initial public offering of the Bausch + Lomb eye health business later today, we will operate as two companies, which enables Bausch Health to increase its focus on accelerating growth with strategic commercial investments and expanding our pipeline with innovative products that improve the quality of life for patients around the world."

Bausch + Lomb Launches IPO and Begins Trading Under "BLCO" Ticker; Bausch Health Will Separate Chairman and CEO Roles
Bausch Health’s eye health business, Bausch + Lomb, which launched its initial public offering ("IPO") and subsequently began trading under the ticker "BLCO" on May 6, 2022, expects the IPO to close today, May 10, 2022. Bausch + Lomb remains on track to spin off from Bausch Health, following the expiry of customary lock-ups related to the IPO, achievement of target net leverage ratios and subject to market conditions, receipt of applicable shareholder and other necessary approvals.2 The Company expects to close the IPO with $630 million in gross proceeds to be applied for the repayment of Bausch Health’s long-term debt on May 10, 2022.

Mr. Appio will assume the role of CEO of Bausch Health, effective upon the closing of the IPO of Bausch + Lomb. The Company also separated the roles of chairman and CEO, with Joseph C. Papa remaining as Chairman until the full separation of Bausch + Lomb. Mr. Papa will be succeeded by Robert N. Power.4

1 This is a non-GAAP measure or a non-GAAP ratio. For further information on non-GAAP measures and non-GAAP ratios, please refer to the "Non-GAAP Information" section of this news release. Please also refer to tables at the end of this news release for a reconciliation of this and other non-GAAP measures to the most directly comparable GAAP measure.
2 The Bausch + Lomb common shares have been approved for listing on the New York Stock Exchange ("NYSE") and conditionally approved for listing on the Toronto Stock Exchange ("TSX"). The common shares began trading on the NYSE and on an "if, as and when issued basis" on the TSX on May 6, 2022; and the IPO is expected to close on May 10, 2022, subject to customary closing conditions.
3 Organic growth/change, a non-GAAP ratio, is defined as a change on a period-over-period basis in reported revenues on a constant currency basis (if applicable) excluding the impact of recent acquisitions, divestitures and discontinuations.
4 All leadership and board appointments are conditional and effective upon the closing of the IPO of Bausch + Lomb.

First-Quarter 2022 Revenue Performance
Total reported revenues were $1.918 billion for the first quarter of 2022, as compared to $2.027 billion in the first quarter of 2021, a decrease of $109 million, or 5%. Excluding the unfavorable impact of foreign exchange of $41 million and the impact of divestitures and discontinuations of $72 million, primarily due to the divestiture of Amoun Pharmaceutical Company S.A.E. ("Amoun") on July 26, 2021, revenue was flat organically1,3 when compared to the first quarter of 2021.

Revenues by segment were as follows:

Salix Segment
Salix segment reported and organic1,3 revenues were $464 million for the first quarter of 2022, as compared to $472 million for the first quarter of 2021, a decrease of $8 million, or 2%. The decrease was primarily driven by lower volumes due to the loss of exclusivity of certain products, partially offset by increased sales of XIFAXAN (rifaximin), TRULANCE (plecanatide) and PLENVU (polyethylene glycol 3350, sodium ascorbate, sodium sulfate, ascorbic acid, sodium chloride and potassium chloride for oral solution), which grew by 1%, 14% and 60%, respectively, compared to the first quarter of 2021.

International Segment5
International segment reported revenues were $244 million for the first quarter of 2022, as compared to $306 million for the first quarter of 2021, a decrease of $62 million, or 20%. Excluding the unfavorable impact of foreign exchange of $12 million and the impact of divestitures and discontinuations of $69 million, primarily due to the divestiture of Amoun on July 26, 2021, International segment revenues increased organically1,3 by 8% compared to the first quarter of 2021.

Diversified Products Segment5
Diversified Products segment reported and organic1,3 revenues were $249 million for the first quarter of 2022, as compared to $296 million for the first quarter of 2021, a decrease of $47 million, or 16%, primarily attributable to a decrease in volumes, partially offset by an increase in net realized pricing.

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5 Commencing in the first quarter of 2022, the Company realigned its segment reporting structure and now operates in the following reportable segments: Salix, International, Diversified Products, Solta Medical and Bausch + Lomb. Under the new segment structure, Ortho Dermatologics is now part of the current Diversified Products segment and the Solta reporting unit is now the sole reporting unit of the Solta Medical segment.
6 To assist investors in evaluating the Company’s performance, reported sales are adjusted for changes in foreign currency exchange rates. Change at constant currency, a non-GAAP ratio, is determined by comparing 2022 reported amounts adjusted to exclude currency impact, calculated using 2021 monthly average exchange rates, to the actual 2021 reported amounts.

Solta Medical Segment5
Solta Medical segment reported and organic1,3 revenues were $72 million for the first quarter of 2022, which was flat with the first quarter of 2021, which reflects an increase in net realized pricing, offset by a decline in volumes primarily due to inventory shortfalls resulting from the impact of lockdowns in China due to the new COVID-19 variant and microchip supply chain constraints.

Bausch + Lomb Segment5
Bausch + Lomb segment reported revenues were $889 million for the first quarter of 2022, as compared to $881 million for the first quarter of 2021, an increase of $8 million, or 1%. Excluding the unfavorable impact of foreign exchange of $29 million and the impact of divestitures and discontinuations of $3 million, the Bausch + Lomb segment increased organically1,3 by approximately 5% compared to the first quarter of 2021, primarily due to higher sales in the global Vision Care business, including LUMIFY (brimonidine tartrate ophthalmic solution 0.025%), Biotrue Multi-Purpose Solution and Ocuvite/PreserVision, and higher sales in the Global Surgical business.

Operating Results
Operating income was $285 million for the first quarter of 2022, as compared to an operating loss of $221 million for the first quarter of 2021, a favorable change of $506 million, primarily driven by a goodwill impairment charge of $469 million in our Ortho Dermatologics business that occurred in the first quarter of 2021, a decrease in asset impairments, including the loss associated with the sale of Amoun on July 26, 2021, and a decrease in amortization of intangible assets.

Net Loss
Net loss for the first quarter of 2022 was $69 million, as compared to $610 million for the first quarter of 2021, a favorable change of $541 million. The change was primarily due to the increase in operating results discussed above.

Adjusted net income (non-GAAP)1 for the first quarter of 2022 was $263 million, as compared to $370 million for the first quarter of 2021, a decrease of $107 million.

Cash from Operations
Cash used by operations was $63 million in the first quarter of 2022, as compared to cash generated from operations of $443 million in the first quarter of 2021, a decrease of $506 million. The decrease is primarily attributable to $349 million in payments of legacy legal settlements and the timing of payments in the ordinary course of business.

Earnings Per Share
GAAP Earnings Per Share ("EPS") Diluted for the first quarter of 2022 was ($0.19), as compared to ($1.71) for the first quarter of 2021.

Adjusted EBITDA (non-GAAP)1
Adjusted EBITDA (non-GAAP)1 was $732 million for the first quarter of 2022, as compared to $852 million for the first quarter of 2021, a decrease of $120 million, primarily due to the divestment of Amoun on July 26, 2021; increased Selling, General & Administrative expenses due to profit protection measures taken in the first quarter of 2021 to manage and reduce our operating expenses and preserve cash during the COVID-19 pandemic; and increased R&D spending.

Balance Sheet Highlights:
•First-quarter cash, cash equivalents, restricted cash and other settlement deposits were $2.460 billion7 on March 31, 2022
•Gross proceeds from the IPO2 of $630 million and from Bausch + Lomb’s debt financing of $2.5 billion are expected upon closing and will be used to reduce Bausch Health’s total long-term debt
•The Company’s availability under its 2023 Revolving Credit Facility was $1.171 billion at March 31, 2022

Select Company and Pipeline Highlights
•Launched XIPERE8 (triamcinolone acetonide injectable suspension), a therapy that uses the suprachoroidal space to treat patients suffering from macular edema associated with uveitis, in the United States
•Launched Bausch + Lomb ULTRA ONE DAY daily disposable silicone hydrogel contact lenses in 14 markets in Europe and Malaysia
•Reported revenues for Clear + Brilliant franchise increased by 27% during the first quarter of 2022 compared to the first quarter of 2021
•Published new data in Advances In Therapy on the cost impact of treating opioid-induced constipation with FDA-approved medications, including RELISTOR subcutaneous injection (methylnaltrexone bromide), in the Emergency Department
•To date, 83 patients have been enrolled in Phase 2 trial evaluating amiselimod (S1P modulator) for the treatment of mild to moderate ulcerative colitis
•Global enrollment continues in the Phase 3 trial evaluating the use of rifaximin SSD for the prevention of cirrhosis complications – hepatic encephalopathy, and the Company is preparing for regulatory meetings outside of the United States
•Received regulatory approval for LUMIFY (brimonidine tartrate ophthalmic solution 0.025%) and VYZULTA (latanoprostene bunod ophthalmic solution), 0.024%, in Lebanon; VYZULTA is now approved in 17 countries

2022 Financial Outlook
Bausch Health updated its guidance for the full year of 2022 as follows:
•Full-Year revenue range of $8.25 – $8.40 billion, reaffirming organic1,3 growth of 3 – 5%
•Full-Year Adjusted EBITDA (non-GAAP)1 range of $3.225 – $3.375 billion, including $100 million of the previously disclosed $150 million annual run rate of dis-synergies

Other than with respect to GAAP Revenues, the Company only provides guidance on a non-GAAP basis. The Company does not provide a reconciliation of forward-looking Adjusted EBITDA (non-GAAP)1 to GAAP net income (loss), due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. Because deductions (such as restructuring, gain or loss on extinguishment of debt and litigation and other matters) used to calculate projected net income (loss)

vary dramatically based on actual events, the Company is not able to forecast on a GAAP basis with reasonable certainty all deductions needed in order to provide a GAAP calculation of projected net income (loss) at this time. The amount of these deductions may be material and, therefore, could result
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7 Cash, cash equivalents, restricted cash and other settlement deposits includes restricted cash of $1.210 billion of payments into an escrow fund under the terms of a settlement agreement regarding certain U.S. securities litigation (subject to an objector’s appeal of the final court approval of the agreement).
8 In 2019, the Company acquired an exclusive license from Clearside Biomedical, Inc. for the commercialization and development of XIPERE in the United States and Canada.

in projected GAAP net income (loss) being materially less than projected Adjusted EBITDA (non-GAAP)1. These statements represent forward-looking information and may represent a financial outlook, and actual results may vary. Please see the risks and assumptions referred to in the Forward-looking Statements section of this news release.

GeneCentric to Present Initial Clinicogenomic Results from the GARNER High-Risk Non-Muscle Invasive Bladder Cancer Real-World Study

On May 10, 2022 GeneCentric Therapeutics, a company making precision medicine more precise through RNA-based diagnostics, reported an upcoming presentation of initial results from the GARNER (Genomic Analysis of high-Risk Non-muscle invasive bladder cancer) real-world study at the 2022 American Urological Association (AUA) Annual Meeting, which is being held in New Orleans, Louisiana, May 13-16, 2022 (Press release, GeneCentric Therapeutics, MAY 10, 2022, View Source [SID1234614066]). In this moderated poster presentation, the frequency of fibroblast growth factor receptor (FGFR) alterations in high-risk non-muscle invasive bladder cancer (HR-NMIBC) and the association with bacillus Calmette-Guérin (BCG) outcome will be discussed.

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The GARNER Study is the largest HR-NMIBC real-world patient cohort ever assembled with both clinical and genomic detail and the first study of the broader GARNER Bladder Cancer Program. The study is a collaboration between the Department of Urology at Erasmus MC Cancer Institute (EMC), Janssen Research & Development, LLC (Janssen) and GeneCentric Therapeutics. The collaboration, led at EMC by Tahlita Zuiverloon, MD, PhD, Principal Investigator at the Erasmus MC Urothelial Cancer Research Group (EUCRG), involves retrospective longitudinal, genomic analysis of samples from a cohort of almost 600 NMIBC patients who underwent surgery and adjuvant BCG treatment.

"The initial results from the GARNER Study provide a comprehensive picture of FGFR alteration frequency and other findings and provides a deeper understanding of drivers of disease progression, as well as potential factors related to treatment response and failure or drug resistance," said Dr Zuiverloon. "We look forward to presenting the initial findings from the study with our collaborators at GeneCentric and Janssen as we continue to explore the complexities of FGFR in HR-NMIBC."

While topline clinicogenomic results from this study will be presented at AUA2022, further results will be presented as part of a subsequent publication.

Details regarding the presentation are provided below and will be available following the meeting at View Source

Title: Frequency of Fibroblast Growth Factor Receptor Alterations and Association with Bacillus Calmette-Guérin Outcomes in a Real-World Genomic Analysis of High-Risk Non-Muscle-Invasive Bladder Cancer (GARNER) Study

First Author: Tahlita C.M. Zuiverloon, MD, Department of Urology, Erasmus MC Cancer Institute, Rotterdam, The Netherlands