KemPharm, Inc. Announces Authorization of $50 Million Share Repurchase Program

On December 20, 2021 KemPharm, Inc. (NasdaqGS: KMPH), a specialty pharmaceutical company focused on the discovery and development of proprietary prodrugs, reported its Board of Directors has authorized a program to repurchase up to $50 million of the Company’s outstanding stock (Press release, KemPharm, DEC 20, 2021, View Source [SID1234597481]). The share repurchase authorization is effective immediately and valid through December 31, 2023. This program is equivalent to approximately 18 percent of KemPharm’s current market capitalization.

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"The Board’s decision to establish this share repurchase program reflects the positive momentum underway across all elements of our business, including our outlook for the ongoing commercialization of AZSTARYS, our strong balance sheet, and the expectations we have for 2022 and beyond, coupled with the strong belief that our shares are currently undervalued," said Travis Mickle, Ph.D., President and Chief Executive Officer of KemPharm. "We will continue our efforts to create value for our shareholders by continuing to prioritize capital allocation initiatives that support our growth strategies, including the advancement of our serdexmethylphenidate (SDX) pipeline and the exploration of other opportunities to expand our product pipeline."

The shares may be repurchased from time to time in open market transactions, through privately negotiated transactions or by other means in accordance with federal securities laws. The Company intends to fund repurchases from available working capital and cash provided by operating activities. The timing, as well as the number and value of shares repurchased under the program, will be determined by the Company at its discretion and will depend on a variety of factors, including the market price of the Company’s common stock, general market and economic conditions and applicable legal requirements. The exact number of shares to be repurchased by the Company is not guaranteed and the program may be suspended, modified, or discontinued at any time without prior notice. Any repurchases will be made in compliance with the SEC’s Rule 10b-18.

About AZSTARYS:

AZSTARYS is an FDA-approved, once-daily product for the treatment of attention deficit hyperactivity disorder (ADHD) in patients age six years or older. AZSTARYS consists of SDX, KemPharm’s prodrug of d-methylphenidate (d-MPH), co-formulated with immediate release d-MPH. Corium, Inc., a portfolio company of Gurnet Point Capital, is leading all commercialization efforts for AZSTARYS in the U.S.

CytomX Therapeutics Announces Preliminary Results for Ongoing Phase 2 Expansion Study of CX-2029, a First-in-Class Antibody-Drug Conjugate Candidate Targeting the Transferrin Receptor, CD71

On December 20, 2021 CytomX Therapeutics, Inc. (Nasdaq: CTMX), a leader in the field of conditionally activated therapeutics, reported preliminary Phase 2 results in patients with either advanced squamous non-small cell lung cancer (sqNSCLC) or head and neck squamous cell carcinoma (HNSCC), who were treated with CX-2029 – a CD71-directed conditionally activated antibody-drug conjugate (ADC) being co-developed by CytomX and AbbVie (Press release, CytomX Therapeutics, DEC 20, 2021, View Source [SID1234597454]).

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"We are pleased to report these first results from the ongoing Phase 2 expansion study of CX-2029, a novel ADC developed with the CytomX Probody Therapeutic platform. We are encouraged that the response rate in heavily-pretreated and unselected sqNSCLC patients at this recent data cut off is trending with our stated target of 20% and enrollment in this tumor type continues towards our goal of 25 efficacy-evaluable patients. No new safety signals were observed and we are also encouraged by the low discontinuation rate due to adverse events. These preliminary results corroborate our previous Phase 1 observations and open a potential sqNSCLC commercial opportunity in the growing post-checkpoint inhibitor setting where there are limited treatment options," said Sean McCarthy, D.Phil., president, chief executive officer and chairman of CytomX Therapeutics. "We continue to work closely with our partner, AbbVie, and look forward to completing the expansion phase of the CX-2029 development program and providing further data updates in 2022."

As of the data cutoff on October 29, 2021, 23 patients with sqNSCLC and 29 patients with HNSCC had received at least one dose of CX-2029 at 3 mg/kg (safety population), of whom 16 sqNSCLC patients and 25 HNSCC patients had at least one post baseline assessment (efficacy-evaluable population), including, per protocol, 5 patients (2 sqNSCLC and 3 HNSCC) enrolled in the previously reported Part B (tumor biopsy cohorts). The median follow-up time was 3.8 months (range, 0.2-20.1). In the 16 efficacy evaluable patients with sqNSCLC, objective response rate (ORR) by local investigator was 18.8 percent, including two confirmed partial responses (PRs) and one unconfirmed PR that confirmed seven days after the data cutoff. Two of these responses were ongoing and the third had a response duration of 5.6 months. The disease control rate (DCR), which includes patients with a complete response, PR or stable disease, was 87.5 percent. In the 25 efficacy evaluable patients with HNSCC, there was one confirmed PR (ORR 4.0%) and a DCR of 56.0 percent, including one unconfirmed PR. Below is a summary table.

sqNSCLC HNSCC
Safety Evaluable Efficacy Evaluable Confirmed PR Safety Evaluable Efficacy Evaluable Confirmed PR
Part B 2 2 1 3 3 1
Part C 21 14 2* 26 22 0**
Total 23 16 3 29 25 1
ORR 18.8% 4.0%
*Includes one unconfirmed PR that confirmed after the data cutoff. **One unconfirmed PR was observed (will not confirm).

Safety analysis was conducted on all sqNSCLC and HNSCC patients who received at least one dose of CX-2029 at 3 mg/kg (N=52), either in Part B (N=5), or in the expansion cohorts (N=47). The median number of prior therapies in the metastatic setting was two (range, 1-5) for sqNSCLC and three (range, 1-9) for HNSCC. All patients with sqNSCLC had received prior platinum and prior checkpoint inhibition; in HNSCC, all but one patient received prior platinum and all but two, prior checkpoint inhibition.

The safety profile was consistent with previous Phase 1 observations, with no new safety signals identified. The most common treatment-related adverse events (TRAEs) in 10% or more of patients (All Grade, Grade 3) were anemia (78.8%, 67.3%), infusion related reactions (69.2%, 3.8%), fatigue (19.2%, 1.9%), and nausea (13.5%, 0.0%), and decreased neutrophil count (13.6%, 9.6% (plus one Grade 4 event 1.9%)). The most common reason for treatment discontinuation was disease progression (44.2%), three patients (5.8%) discontinued for a treatment-related adverse event (anemia; 2 Grade 2, 1 Grade 3). TRAEs leading to dose interruption or reduction were 40.4% and 34.6%, respectively. Thirteen patients, eight with sqNSCLC and five with HNSCC, were still on treatment as of the data cut off.

Conference Call & Webcast
CytomX management will host a conference call and a simultaneous webcast today at 5 p.m. ET (2 p.m. PT) to discuss these results. To join the conference call, please dial (877) 809-6037 (domestic) or (615) 247-0221 (international) and reference the conference ID 8065625. A live webcast of the call can be accessed via the Events and Presentations page of CytomX’s website at View Source A replay of the webcast will also be available for 30 days following the call.

About CX-2029
Co-developed by CytomX and AbbVie, CX-2029 is a conditionally activated antibody-drug conjugate (ADC) comprised of a CD71-directed humanized monoclonal antibody conjugated via a cleavable linker to the microtubule inhibitor, monomethyl auristatin E (MMAE), with a drug-to-antibody ratio (DAR) of 2. A key feature of CX-2029 is its masking peptide, which covers and blocks the cellular binding region of the antibody. Tethered to the antibody via a protease-cleavable linker, the masking peptide is designed to be removed in a protease-rich tumor microenvironment, enabling the then unmasked ADC to engage its target and deliver the toxic payload inside tumor cells. The goal is to have CX-2029 remain inert while in circulation, with the intent of limiting binding in healthy tissues until it is activated by tumor-associated proteases. CX-2029 is being evaluated as monotherapy in a Phase 2 expansion study (NCT03543813) designed to enroll patients in four cohorts; squamous non-small cell lung cancer, squamous head and neck cancer, esophageal and gastroesophageal junction cancers (both adenocarcinoma and squamous histologies), and diffuse large B-cell lymphoma.

Turning Point Therapeutics Provides Regulatory Updates

On December 20, 2021 Turning Point Therapeutics, Inc. (NASDAQ: TPTX), a precision oncology company developing next-generation therapies that target genetic drivers of cancer, reported regulatory updates for its lead drug candidate, repotrectinib, a ROS1/TRK Inhibitor, and for elzovantinib (TPX-0022), its drug candidate targeting MET, CSF1R and SRC (Press release, Turning Point Therapeutics, DEC 20, 2021, View Source [SID1234597483]). These updates follow FDA meetings held earlier in December .

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REPOTRECTINIB, ROS1/TRK INHIBITOR

Based on the breakthrough therapy designation granted by the FDA earlier this quarter, the company participated in a Type B meeting with the FDA to discuss potential next steps for repotrectinib in NTRK-positive TKI-pretreated advanced solid tumor patients treated within expansion cohort 6 (EXP-6) of the registrational TRIDENT-1 study.

The FDA guided that a pre-NDA meeting should be requested to discuss the topline blinded independent central review (BICR) results from the Phase 2 TKI-pretreated EXP-6 and TKI-naïve EXP-5 patients, when responders have been followed for at least six months past onset of response. The FDA also acknowledged the company’s plan to submit to the pre-NDA meeting, BICR data from 40 patients from EXP-6 and BICR data from patients enrolled in EXP-5 cohort at that time (estimated at approximately 40 patients of the targeted 55 patients). The FDA noted that data from EXP-5 may be used to support the efficacy data for EXP-6, or potentially could be pooled with data from EXP-6 to support a broader indication. The FDA stated that whether the data from EXP-6 and EXP-5 are deemed potentially adequate to either support a broader indication or an indication in patients who have received a prior TKI across a wide range of tumor types will be determined at the time of the submission of the pre-NDA meeting package, and ultimately during the review of the NDA submission.

The company plans to provide guidance on the timing of the pre-NDA meeting for repotrectinib in patients with NTRK-positive advanced solid tumors after completion of enrollment of the targeted 40 EXP-6 patients is achieved.

ELZOVANTINIB (TPX-0022), MET/CSF1R/SRC INHIBITOR

The company participated in a Type B meeting with the FDA Division of Oncology 3 (DO3, the division responsible for oversight of gastric cancer therapeutic area). The purpose of the meeting was to discuss the proposed approach to identifying the recommended phase 2 dose (RP2D) and the planned Phase 2 portion of the SHIELD-1 study focused on the potential next steps for elzovantinib in patients with MET amplified gastric/GEJ cancer.

The FDA DO3 agreed with the approach for RP2D identification previously discussed with FDA Division of Oncology 2 (DO2, the division responsible for oversight of lung cancer therapeutic area).

The FDA also agreed with the company’s plan to proceed to the potentially registrational Phase 2 MET amplified gastric/GEJ cancer expansion cohorts of SHIELD-1 after RP2D determination. Based on guidance from the FDA, the company plans to submit data to the FDA from the Phase 2 to discuss the potential registrational aspect of the study. Currently, the company continues to enroll patients within Phase 1 dose expansion using 40 mg QD to 40 mg BID dosing and in Phase 1 dose escalation at the last anticipated dose level of 60 mg QD to 60 mg BID.

The company anticipates initiating the planned Phase 2 portion of SHIELD-1 in 2022.

"We are pleased with the feedback received from the FDA at our recent Type B meetings for repotrectinib and elzovantinib, and look forward to further advancing these important programs," said Mohammad Hirmand, M.D., Chief Medical Officer.

ImmunoPrecise Antibodies and ChemPartner Biologics Announce PolyTope® TATX-03 Antibody Cocktail Manufacturing Collaboration

On December 20, 2021 IMMUNOPRECISE ANTIBODIES LTD. ("IPA" or the "Company") (NASDAQ: IPA) (TSX VENTURE: IPA) and ChemPartner Biologics Co. Ltd. ("ChemPartner") reported their global antibody manufacturing collaboration under which ChemPartner will manufacture and supply to IPA’s specifications IPA’s proprietary PolyTope TATX-03 Therapy, a rationally designed four monoclonal antibody cocktail developed for use in human clinical trial for the potential prevention and treatment of infection with current and future variants of SARS-CoV-2 (Press release, ImmunoPrecise Antibodies, DEC 20, 2021, View Source [SID1234597438]). The goal of this collaboration is to secure the ability to quickly develop and manufacture in parallel the individual cocktail antibodies in IPA’s PolyTope TATX-03 up to large scale required for use in clinical development and using ChemPartner’s state-of-the-art manufacturing facilities, with the potential for additional capacity to manufacture ‘plug-and-play’ antibodies addressing novel variants of concern in the event this is desired.

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"In light of the recent events as it pertains to concerns about vaccines and therapeutic antibodies losing efficacy against novel variants of concern, we believe that, if the preclinical data that we have to date is confirmed through human clinical studies, IPA is in a strong position to potentially address a worldwide need for alternative SARS-CoV-2 therapies using our Polytope cocktail. Our relationship with ChemPartner is one further step in that direction. Based on the work we have done to date with ChemPartner, and the positive interactions between our two teams, we believe that ChemPartner has the experience and global capabilities to meet our currently anticipated manufacturing needs for PolyTope TATX-03 cocktail," stated Dr. Jennifer Bath, President and Chief Executive Officer at IPA.

"We are impressed by the innovative approaches of ImmunoPrecise Antibodies and excited to help advance their TATX-03 PolyTope antibody cocktail program against SARS-CoV-2," said Livia Legg, Chief Commercial Officer at ChemPartner. "ChemPartner Biologics is strategically positioned to join forces in the battle against Covid-19 disease by utilizing our extensive capabilities and expertise in developing, scaling and manufacturing of complex biologics."

Kinnate Biopharma Inc. to Present Updates from its Lead RAF and FGFR Inhibitor Candidate Programs at Upcoming Scientific Meetings

On December 20, 2021 Kinnate Biopharma Inc. (Nasdaq: KNTE) ("Kinnate"), a biopharmaceutical company focused on the discovery and development of small molecule kinase inhibitors for difficult-to-treat, genomically defined cancers, reported that the company will present at two upcoming scientific meetings, the AACR (Free AACR Whitepaper) Special Conference: Targeting RAS, being held January 7-10, 2022 in Lake Buena Vista, Florida and the ASCO (Free ASCO Whitepaper) GI Cancers Symposium, being held January 20-22 in San Francisco, California (Press release, Kinnate Biopharma, DEC 20, 2021, View Source [SID1234597455]).

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"Since our founding, Kinnate has been driven by our mission to expand the availability of targeted therapies to all patients who may benefit from them," said Richard Williams, MBBS, Ph.D., Chief Medical Officer at Kinnate. "We are very pleased with the continued progress of both our RAF and FGFR inhibitor programs and look forward to sharing these updates with the oncology community at these upcoming meetings."

Details of the upcoming AACR (Free AACR Whitepaper) Special Conference: Targeting RAS presentation, which will be delivered by Paul Severson, Ph.D., Kinnate’s Senior Director of Translational Medicine and Bioinformatics, are as follows:

Abstract title: Real-World Clinico-Genomic Analysis of Patients with BRAF Mutated Solid Tumors Identifies BRAF Class II and III as a Significant Population of Unmet Need
Session: Poster Session A
Session date and time: Saturday, January 8, 2022, from 4:45PM -7:00PM ET
Additional information on the AACR (Free AACR Whitepaper) Special Conference: Targeting RAS is available through the conference website at: View Source

Details of the upcoming ASCO (Free ASCO Whitepaper) GI Cancers Symposium presentation, which will be delivered by Aleksandra Franovic, Ph.D., Senior Director of Translational Medicine at Kinnate, are as follows:

Abstract title: Activity of KIN-3248, a next-generation pan-FGFR inhibitor, against acquired FGFR-gatekeeper and molecular-brake drug resistance mutations
Session: Poster Session B
Session date and time: Friday, January 21, 2022, from 3:05PM – 4:35PM ET
Additional information on the ASCO (Free ASCO Whitepaper) GI Cancers Symposium is available through the conference website at: View Source