Insmed to Host First Quarter 2022 Financial Results Conference Call on Thursday, May 5, 2022

On April 21, 2022 Insmed Incorporated (Nasdaq:INSM), a global biopharmaceutical company on a mission to transform the lives of patients with serious and rare diseases, reported that it will release its first quarter 2022 financial results on Thursday, May 5, 2022 (Press release, Insmed, APR 21, 2022, View Source [SID1234612885]).

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Insmed management will host a conference call for investors beginning at 8:30 a.m. ET on Thursday, May 5, 2022 to discuss the financial results and provide a business update.

Shareholders and other interested parties may participate in the conference call by dialing (844) 200-6205 (U.S. toll free), (646) 904-5544 (U.S. local), or +1-929-526-1599 (international) and referencing access code 388457. The call will also be webcast live on the company’s website at www.insmed.com.

A replay of the conference call will be accessible approximately 1 hour after its completion through June 4, 2022, by dialing (866) 813-9403 (U.S. toll free), (929) 458-6194 (U.S. local), or +44-204-525-0658 (international) and referencing access code 252664. A webcast of the call will also be archived for 90 days under the Investor Relations section of the company’s website at www.insmed.com.

March 2022 Quarterly Activity Report and Appendix 4C

On April 21, 2022 Race Oncology reported The March 2022 quarter (Q3 FY 2022) was highlighted by positive preclinical findings that Zantrene (bisantrene dihydrochloride) was found to kill kidney cancer cells both on its own and synergistically in combination with known anti-cancer drugs (ASX announcement: 10 March 2022) (Press release, Race Oncology, APR 21, 2022, View Source [SID1234613998]).

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A second highlight was the results of preclinical work in extramedullary AML, where Zantrene in combination with decitabine was shown to be highly effective in killing a diverse range of AML cells as well as in a mouse model of extramedullary AML (ASX announcement: 17 March 2022).

These results support the planned AML Phase 1 / 2 clinical trial (RAC-006) in extramedullary AML. Our planned extramedullary AML clinical trial was further enhanced with news that Astex Pharmaceuticals has partnered via a supply agreement, under which its oral decitabine and cedazuridine formulation ASTX727 will be provided free of charge to Race (ASX announcement: 30 March 2022). In sum, while the quarter saw some minor delays to planned programs, considerable progress has been made including post quarter Human Ethics approval and governance submission for the extramedullary AML clinical trial (ASX announcement: 6 April 2022)Key events of the quarter

 On 18 January 2022, Race announced that it had received a $708,000 R&D tax refund for the financial year ended 30 June 2021. This reflects investment in Australian based R&D projects and encourages us to utilise Australian based resources, where possible.

 On 23 February 2022, Race announced that MD Anderson Cancer collaborators had published an AML Preclinical study on Zantrene in the Journal Leukemia & Lymphoma. The study confirmed that Zantrene, when used in combination with the AML drugs venetoclax, panobinostat, decitabine and olaparib showed synergies in killing AML cells. This work further supports our extramedullary AML clinical trial plans where Zantrene will be used in combination with decitabine and cytarabine, with the objective of treating extramedullary AML more effectively.

 On 10 March 2022, Race announced results of a preclinical study that confirmed compelling kidney cancer results for Zantrene, both on its own and in combination with known cancer agents. Greater cell killing synergies were observed when Zantrene was combined with lenvatinib, cabozantinib and pazopanib. These results support advancing Zantrene into human kidney cancer trials.

 On 17 March 2022, Race announced AML mouse model results, that showed excellent effectiveness for Zantrene when used in combination with Decitabine, to target extramedullary tumours as well as in the bone marrow and spleen. The results showed that low dose Zantrene used in combination with decitabine killed AML tumours and this supports the planned extramedullary AML trial and possibilities for improved treatment for extramedullary AML patients.

Other news from the quarter  Race expanded the preclinical team through the employment of Emily Ryan as a Research Assistant. Emily is based at the University of Wollongong and is developing new formulations of Zantrene.  Race signed a new supply contract signed with Laurus Laboratories (India) for the large-scale production of Zantrene over the next 2 years.  Dr Daniel Tillett, Race CSO, visited the University of Wollongong (UOW) to formally launch the research collaboration between Race and UOW. This visit was covered by WIN Television News.  Race signed an additional preclinical breast cancer research program with Nikki Verrills of the University of Newcastle exploring novel combinations of Zantrene and breast cancer drugs. The results of this program is expected in Q3 CY 2022. Race initiated of a number of preclinical animal studies exploring the use of Zantrene in AML, multiple myeloma, kidney cancer and breast cancer models with a range of international and Australian contract research organisations. The results of these studies are expected to be reported over the following two quarters. Summary of cash flow and quarterly activity As of 31 March 2022, Race held cash and equivalents of $35.68 million, compared with $37.10 million on 31 December 2021.

The change in cash reserves reflects planned higher research expenditure, offset by an R&D grant of $708k (net change of $1.43m vs $1.79m in the prior quarter). There was a reduction in this quarter’s administrative expense driven by timing differences. Listing rule 4.7C.3 Payments during the quarter to Related Parties amounted to $153k, comprising payments of salaries and superannuation to executive directors of $110k and board fees to non-executive directors of $43k. Shareholders by holding range Race is pleased to report that shareholders totalled 9,423 as of 31 March 2022, showing continued shareholder interest in Race’s progress.

Post quarter news
 On 6 April 2022, Race announced receiving Human Ethics approval and submitting its governance application for its extramedullary AML & Myelodysplastic syndromes (MDS) trial. governance approval is the final step required before initiating the clinical trial and treating the first patient. Approval is expected Q2 CT 2022.
 On 12 April 2022, Race executives Mr Phillip Lynch (CEO & MD) and Dr Daniel Tillett (CSO & ED) agreed to increase their formal time commitment to 75% reflecting an increased in Race related workload over the last 12 months.Expected news In the current quarter, shareholders can expect updates on the following activities:  Pre-clinical in vitro – cell-based programs in breast cancer, multiple myeloma, melanoma, and kidney cancer, as well as in cardioprotection are underway and will report over the next two quarters.

 Pre-clinical in vivo – the melanoma animal study will report during this quarter, with results to be shared as soon as the relevant IP protection process is in place. Animal work assessing cardioprotection and how Zantrene may offset anthracycline and carfilzomib induced heart damage are underway with results to be reported in Q2/3 CY 2022.  Clinical – an update on the relapsed / refractory AML trial in Israel which is in the dose escalation phase (6-12 patients) can be expected this quarter. Governance approval and first patient enrolment expected in Q2 CY 2022 for the extramedullary AML trial. Management commentary Race CEO Phillip Lynch said: "We are moving through CY 2022 with a comprehensive program of activities that will increasingly move into the clinic with expected AML results from Israel and commencement of the RAC-006 trial in Australia.

Our preclinical work is advancing to animal models, and we can expect this to support and guide clinical decisions. Importantly we remain well-resourced financially and in human capability to support our plans." Race CSO Daniel Tillett said: "It has been another busy quarter for Race, building on the new Three Pillar strategy. Zantrene continues to surprise us with positive results and I am looking forward to seeing its potential as we move to treating additional patients in the clinic." Race Chairman John Cullity said: "The strategy for Zantrene continues to form as the drug talks to us through our preclinical and clinical programs. We are coming up to an exciting time, reporting the first glimpses of data from the AML trial in Israel. My thanks goes to our clinical collaborators who continue to strongly support our efforts to bring Zantrene back to market, and to the Race team who are working overtime to realise the drug’s potential."

AIM ImmunoTech Provides Summary of Ampligen® Data Supporting Synergistic Potential with Checkpoint Blockade Therapies

On April 21, 2022 AIM ImmunoTech Inc. (NYSE: American AIM) ("AIM" or the "Company"), an immuno-pharma company focused on the research and development of therapeutics to treat multiple types of cancers, immune disorders, and viral diseases, including COVID-19, the disease caused by the SARS-CoV-2 virus, reported that a summary of clinical data that support the synergistic potential of Ampligen (rintatolimod) with checkpoint blockade therapies (Press release, AIM ImmunoTech, APR 21, 2022, View Source [SID1234612715]).

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Thomas Equels, Chief Executive Officer of AIM, commented, "We have amassed a growing body of encouraging Ampligen data to date through close collaborations with leading KOLs at preeminent institutions. These data have not only affirmed but significantly evolved our belief that Ampligen as a single agent therapy, as well as in combination with the latest powerful cancer therapies, has the potential to become a breakthrough therapy for some of the most difficult to treat and deadly cancers. We are going to continue working tirelessly to advance Ampligen towards approval and commercialization with the goal of bringing much needed hope to patients and solutions to treating physicians around the world."

Ampligen is the Company’s dsRNA drug currently being developed for globally important cancers. Ampligen has shown therapeutic synergy with checkpoint inhibitors, including increasing survival rates and efficacy, in the treatment of animal tumors when used in combination with checkpoint blockade therapies. The first detection of Ampligen’s synergistic potential with checkpoint blockade therapeutics was witnessed in pre-clinical mouse models of melanoma and pancreatic cancers. Additionally, the Company now has data from two clinical studies – in advanced recurrent ovarian cancer and triple negative breast cancer – that indicate that the drug may have similar anti-tumor activity in humans.

"Working with AIM, our Pancreatic Cancer R&D team at the Buffett Cancer Center did extensive pre-clinical research demonstrating in animal models that Ampligen had a significant therapeutic benefit in treating pancreatic cancer. This March, Prof. C.H.J. van Eijck and his team at Erasmus MC published data in the journal Cancers showing Ampligen alone was associated with extended overall survival in late-stage pancreatic cancer of 19 months. Just last week, at AACR (Free AACR Whitepaper), publications of clinical data by UPMC’s Dr. Bob Edwards in advanced recurrent ovarian cancer, and Roswell’s Dr. Pawel Kalinski in both stage 4 triple negative breast cancer and stage 4 colorectal cancer, strongly supported the advance of Ampligen into human trials for patients in pancreatic and other cancers where checkpoint drugs are not effective," stated Michael (Tony) Hollingsworth, PhD, Associate Director, Basic Research, University of Nebraska Medical Center.

"Checkpoint drugs are powerful and important therapies, but only work on ‘hot’ tumors visible to the immune system, not ‘cold’ tumors that are immune-silent. Ampligen appears, from these data, to turn cold tumors into hot tumors and create significant therapeutic potential for a successful second round of Ampligen plus checkpoint therapy for those who do not respond to checkpoint therapy alone," added Robert Edwards, MD, University of Pittsburgh School of Medicine and University of Pittsburgh Cancer Institute.

"The two ongoing Roswell Park clinical trials we recently presented findings from represent milestones in our 10-year-long NIH and DoD-funded research program aiming to convert immuno-resistant ‘cold’ tumors into ‘hot’ ones that would be more sensitive to immunotherapy. Seeing both studies successfully meet their predetermined efficacy endpoint – selective increase of cytotoxic T lymphocyte markers in tumor tissues – Roswell Park plans to move forward with critical studies assessing therapeutic efficacy of the combination of a rintatolimod-based chemokine-modulating regimen with PD-1 inhibitors, cancer vaccines and/or adoptive T cell therapies in solid tumors. Observations from our preclinical studies suggest that this multipronged strategy may benefit patients with multiple solid-tumor lesions, which are difficult to target individually," commented Pawel Kalinski, MD, PhD, Jacobs Family Endowed Chair of Immunology, Chief of the Division of Translational Immuno-Oncology and Senior Vice President for Team Science at, Roswell Park Comprehensive Cancer Center.

Recurrent Ovarian Cancer: ClinicalTrials.gov: NCT03734692

The investigator-initiated, Phase 2, single-arm, efficacy/safety trial to evaluate the effectiveness of combining intensive locoregional intraperitoneal (IP) chemoimmunotherapy of cisplatin with IP Ampligen (TLR-3 agonist) and IV infusion of the checkpoint inhibitor pembrolizumab (KEYTRUDA) (IVP) for patients with recurrent platinum-sensitive ovarian cancer is being conducted by the University of Pittsburgh Medical Center (UPMC). The Phase 2 trial is designed to enroll up to 45 subjects using Ampligen in combination with pembrolizumab to test the combinational activity of checkpoint blockade therapy where Ampligen is administered by injection in the peritoneal cavity where the tumor is located.

The Company’s recently announced positive interim results suggesting induction of T cell activation together with clinical responses may indicate prognostic evidence of tumor environment reprogramming that we do not see with chemotherapy alone and which may extend survival. A total of 17 patients have been enrolled and 13 were evaluable for response in the ongoing Phase 2 trial. The observed clinical responses were: 2 complete responses (15.4%), 3 partial responses (23.1%), 3 stable disease (23.1%), 5 progressions (38.4%) for a clinical benefit rate (CR+PR+SD) of 61.6%. From 13 patients, 77 IP wash samples were collected at serial time points. Measurements in IP washes revealed an acute increase in granzyme B (GZMB), perforin, TNF alpha, CXCL9, CXCL10 and CXCL11 after treatment (p<0.05). Longitudinal data revealed a progressive increase in some biomarkers in the locoregional environment; CXCL9, CXCL10, CXCL11, perforin and TNF alpha were all increased from baseline levels at cycle 1 to baseline of cycle 6 (p<0.05). CXCL12 was also increased acutely after treatment (p<0.05).

The cytokine CXCL12 observed to increase acutely after treatment functions as a chemotactic for lymphocytes. The cytokines CXCL9-11 active in antitumor responses in modulation of the tumor microenvironment (TME) to favor cytotoxic T cells required for anti-tumor cell immune activity versus regulatory T cells (Tregs), which function to protect non-tumor "self" tissue. Granzymes are serine proteases released by cytoplasmic granules within cytotoxic T cells and natural killer (NK) cells. They induce programmed cell death (apoptosis) in the target cell, eliminating cells that have become cancerous. Perforin is a protein, which creates tubules in the cell membrane allowing cell lysis. Perforin is a key effector molecule for T-cell- and natural killer-cell-mediated cytolysis.

Triple Negative Breast Cancer: ClinicalTrials.gov: NCT03599453

A Phase 1 study was conducted at Roswell Park Comprehensive Cancer Center in patients with metastatic triple-negative breast cancer using chemokine modulation therapy, including AIM ImmunoTech Inc.’s drug candidate, Ampligen, as well as interferon α-2b and pembrolizumab.

In the study, six evaluable patients (33-75 years) with mTNBC received 6 doses of Ampligen (200 mg i.v.), IFN α-2b (INTRON-A; 20MU/m2 i.v.) and COX-2 inhibitor (celecoxib; 2 x 200 mg, p.o.) over 2 weeks, with tumor biopsies obtained before (within 6 days) and after (within 5 days) CKM. All patients received follow-up pembrolizumab (200 mg, i.v, Q3 weeks). Uniform increase of immune markers upon treatment was observed: CD8 mRNA (6.1-fold; p-0.034), GZMB mRNA (3.5-fold; p=0.058), ratios of CD8 /FOXP3 and GZMB/FOXP3 (5.7-fold; p=0.036, and 7.6-fold; p=0.024 respectively), thus successfully meeting the pre-determined primary endpoint in the study (increase in CD8 in TME). In addition, an increase in CTL attractants CXCL10 (2.6-fold; p=0.104) and CCL5 (3.3-fold; p=0.019) was observed. In contrast, Treg marker FOXP3 or Treg attractants CCL22 or CXCL12 were not enhanced. Three patients had stable disease lasting 2.4, 2.5 and 3.8 months, as of data cut off September 1, 2021. An additional patient (non-evaluable) had a partial response (breast tumor autoamputation) with massive tumor necrosis in the post-CKM biopsy.

Results from this proof-of-concept study indicated that short-term systemic chemokine modulating regimen (CKM) followed by pembrolizumab is generally well tolerated and selectively enhances local cytotoxic T-lymphocytes (CTLs) infiltration in the tumor microenvironment (TME), providing rationale for concurrent CKM and PD1 blockade in prospective Phase 2 studies.

Based on the pre-clinical and human clinical data seen to-date, the Company believes Ampligen has the potential to expand into treatment of solid tumors.

Quest Diagnostics Reports First Quarter 2022 Financial Results; Raises Guidance for Full Year 2022

On April 21, 2022 Quest Diagnostics Incorporated (NYSE: DGX), the world’s leading provider of diagnostic information services, reported financial results for the first quarter ended March 31, 2022 (Press release, Quest Diagnostics, APR 21, 2022, View Source [SID1234612761]).

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"We’re off to a good start in 2022, as we drove strong year-over-year growth in our base business, which excludes COVID-19 testing," said Steve Rusckowski, Chairman, CEO and President. "COVID-19 volumes remained strong early in the quarter and decreased in February and March, in line with the market. We continue to make investments to further accelerate growth in the base business, while our efforts to improve productivity are helping us to offset inflationary pressures. Based on our strong performance in the quarter and our expectations for the remainder of 2022 we have raised our full year guidance."

Three Months Ended March 31,

2022

2021

Change

(dollars in millions, except per share data)

Reported:

Net revenues

$ 2,611

$ 2,720

(4.0)%

Base business revenues (a)

$ 2,012

$ 1,892

6.3%

COVID-19 testing revenues

$ 599

$ 828

(27.6)%

Diagnostic information services revenues

$ 2,541

$ 2,643

(3.9)%

Revenue per requisition

(5.2)%

Requisition volume

1.3%

Organic requisition volume

—%

Operating income (b)

$ 513

$ 660

(22.3)%

Operating income as a percentage of net revenues (b)

19.7%

24.3%

(4.6)%

Net income attributable to Quest Diagnostics (b)

$ 355

$ 469

(24.3)%

Diluted EPS (b)

$ 2.92

$ 3.46

(15.6)%

Cash provided by operations

$ 480

$ 731

(34.2)%

Capital expenditures

$ 63

$ 86

(26.7)%

Adjusted (b):

Operating income

$ 554

$ 708

(21.8)%

Operating income as a percentage of net revenues

21.2%

26.0%

(4.8)%

Net income attributable to Quest Diagnostics

$ 392

$ 508

(23.0)%

Diluted EPS

$ 3.22

$ 3.76

(14.4)%

(a)

Excludes COVID-19 testing.

(b)

For further details impacting the year-over-year comparisons related to operating income, operating
income as a percentage of net revenues, net income attributable to Quest Diagnostics, and diluted EPS, see note 2 of the financial tables attached below.

Updated Guidance for Full Year 2022
The company raises its Full Year 2022 guidance as follows:

Updated Guidance

Prior Guidance

Low

High

Low

High

Net revenues

$9.2 billion

$9.5 billion

$9.0 billion

$9.5 billion

Net revenues decrease

(14.7)%

(11.9)%

(16.6)%

(11.9)%

Base business revenues (a)

$8.35 billion

$8.50 billion

$8.3 billion

$8.5 billion

Base business revenues increase

4.1%

6.0%

3.5%

6.0%

COVID-19 testing revenues

$0.85 billion

$1.00 billion

$0.7 billion

$1.0 billion

COVID-19 testing revenues decrease

(69.3)%

(63.9)%

(74.7)%

(63.9)%

Reported diluted EPS

$7.88

$8.38

$7.63

$8.33

Adjusted diluted EPS

$9.00

$9.50

$8.65

$9.35

Cash provided by operations

At least $1.6 billion

At least $1.6 billion

Capital expenditures

Approximately $400 million

Approximately $400 million

(a) Excludes COVID-19 testing

Note on Non-GAAP Financial Measures
As used in this press release the term "reported" refers to measures under accounting principles generally accepted in the United States ("GAAP"). The term "adjusted" refers to non-GAAP operating performance measures that exclude special items such as restructuring and integration charges, certain financial impacts resulting from the COVID-19 pandemic, amortization expense, excess tax benefits ("ETB") associated with stock-based compensation, costs associated with donations, contributions, and other financial support through Quest for Health Equity (our initiative with the Quest Diagnostics Foundation to reduce health disparities in underserved communities), gains and losses associated with changes in the carrying value of our strategic investments, and other items.

Non-GAAP adjusted measures are presented because management believes those measures are useful adjuncts to GAAP results. Non-GAAP adjusted measures should not be considered as an alternative to the corresponding measures determined under GAAP. Management may use these non-GAAP measures to evaluate our performance period over period and relative to competitors, to analyze the underlying trends in our business, to establish operational budgets and forecasts and for incentive compensation purposes. We believe that these non-GAAP measures are useful to investors and analysts to evaluate our performance period over period and relative to competitors, as well as to analyze the underlying trends in our business and to assess our performance. The additional tables attached below include reconciliations of non-GAAP adjusted measures to GAAP measures.

Conference Call Information
Quest Diagnostics will hold its quarterly conference call to discuss financial results beginning at 8:30 a.m. Eastern Time today. The conference call can be accessed by dialing 888-455-0391 within the U.S. and Canada, or 773-756-0467 internationally, passcode: 7895081; or via live webcast on our website at www.QuestDiagnostics.com/investor. We suggest participants dial in approximately 10 minutes before the call.

A replay of the call may be accessed online at www.QuestDiagnostics.com/investor or, from approximately 10:30 a.m. Eastern Time on April 21, 2022 until midnight Eastern Time on May 5, 2022, by phone at 800-583-8095 for domestic callers or 203-369-3815 for international callers. Anyone listening to the call is encouraged to read our periodic reports, on file with the Securities and Exchange Commission, including the discussion of risk factors and historical results of operations and financial condition in those reports.

Legend Biotech Achieves Milestone Under Collaboration Agreement with Janssen Biotech, Inc. for BCMA CAR-T

On April 21, 2022 Legend Biotech Corporation (NASDAQ: LEGN) (Legend Biotech), a global biotechnology company developing, manufacturing and commercializing novel therapies to treat life-threatening diseases, reported the achievement of a $50 million milestone under its collaboration agreement with Janssen Biotech, Inc. (Janssen) for ciltacabtagene autoleucel (cilta-cel), now marketed in the United States under the brand name CARVYKTI (Press release, Legend Biotech, APR 21, 2022, View Source [SID1234612870]). Cilta-cel is a B-cell maturation antigen (BCMA)-directed chimeric antigen receptor T-cell (CAR-T) therapy.

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Legend Biotech entered into the agreement with Janssen to develop, manufacture and commercialize cilta-cel for the treatment of multiple myeloma. Under the agreement, Legend Biotech received an upfront payment of $350 million and is entitled to receive additional payments upon achievement of landmarks for development, production performance, regulatory and sales.

The global agreement specifies a 50-50 cost and profit-sharing agreement in all markets, excluding Greater China, where the split is 70 percent for Legend and 30 percent for Janssen. Including the $50 million payment announced above, Legend has achieved $300 million in milestone payments during the collaboration.

About CARVYKTI (Ciltacabtagene autoleucel; cilta-cel)

CARVYKTI is a BCMA-directed, genetically modified autologous T-cell immunotherapy, which involves reprogramming a patient’s own T-cells with a transgene encoding a chimeric antigen receptor (CAR) that identifies and eliminates cells that express BCMA. BCMA is primarily expressed on the surface of malignant multiple myeloma B-lineage cells, as well as late-stage B-cells and plasma cells. The CARVYKTI CAR protein features two BCMA-targeting single domain antibodies designed to confer high avidity against human BCMA. Upon binding to BCMA-expressing cells, the CAR promotes T-cell activation, expansion, and elimination of target cells.

In December 2017, Legend Biotech Corporation entered into an exclusive worldwide license and collaboration agreement with Janssen Biotech, Inc. to develop and commercialize cilta-cel.

CARVYKTI received U.S. FDA approval for the treatment of adult patients with relapsed or refractory multiple myeloma in February 2022. In March 2022, CARVYKTI received a positive opinion from the Committee for Medicinal Products for Human Use (CHMP). In addition to U.S. Breakthrough Therapy Designation granted in December 2019, cilta-cel received a Breakthrough Therapy Designation in China in August 2020. Cilta-cel also received Orphan Drug Designation from the U.S. FDA in February 2019 and from the European Commission in February 2020.