On August 30, 2021 Portage Biotech Inc. (NASDAQ: PRTG) ("Portage" or the "Company") a clinical-stage immuno-oncology company focused on the development of therapies and treatments targeting cancer treatment resistance, reported financial results for the quarter ended June 30, 2021 (Press release, Portage Biotech, AUG 30, 2021, View Source [SID1234586992]).

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"With the transformation of Portage now complete, our focus for the coming year is to significantly accelerate our clinical pipeline of novel immuno-oncology therapeutics designed to overcome cancer treatment resistance," said Dr. Ian Walters, chief executive officer of Portage Biotech. "Our recent financings provide us with the resources to complete Phase 1 and Phase 2 clinical trials for our lead invariant natural killer T cell (iNKT) agonists, PORT-2 and PORT-3, which we believe have the potential to synergize with PD-1 agents and overcome PD-1 resistance. These attributes represent a substantial opportunity to expand the already significant PD-1 cancer treatment market. Recent increased interest and transactional activity from big pharma in the iNKT space has served as further validation of the role of iNKT cells in cancer. With sufficient resources now in place, we plan to also advance our broader pipeline and to other value-driving catalysts in the coming fiscal year."

First Quarter FY 2022 Financial & Business Highlights

Increased financial resources with over $29 million raised since fiscal year-end:
Successful public offering of 1,150,000 shares with gross proceeds of $26.5 million, securing a cash runway sufficient to advance programs and enable achievement of numerous milestones.
Generation of an additional $2.6 million proceeds through the sale of approximately 91,000 shares via the Company’s At-the-Market offering.
Improved stock liquidity:
Inclusion in the Russell 2000 Index, bringing added visibility to the Company’s robust immuno-oncology pipeline.
Broad-based investor outreach planned for Fall 2021 through participation and/or presentation at the following conferences:
H.C. Wainwright 23rd Annual Global Investment Conference (Sept. 13-15, 2021)
Oppenheimer & Co. Fall Healthcare Life Sciences and MedTech Summit (Sept. 20-23, 2021)
Cantor Fitzgerald Virtual Global Healthcare Conference (Sept. 27-30, 2021)
First Quarter FY 2022 Clinical Highlights

Acceleration of development programs from the Company’s first-in-class immuno-oncology asset portfolio, including milestones related to lead iNKT agonists PORT-2 and PORT-3 and intratumoral amphiphilic therapy PORT-1. Key milestones included:
PORT-2: The first patient was dosed in the IMP-MEL randomized Phase 1/2 study of PORT-2, a liposomal formulation of Portage’s IMM60 iNKT agonist. In the trial, PORT-2 will be tested both as a monotherapy and in combination with standard of care (Keytruda) in melanoma and NSCLC. The PORT-2 study has 6 arms and is expected to enroll up to 100 patients.
PORT-3:
The first patient dosed in the PRECIOUS Phase 1 study of PORT-3, a nanoparticle coformulation of Portage’s iNKT agonist (IMM60) and NY-ESO-1 in patients with NY-ESO-1 expressing tumors. The Phase 1 portion of the trial is expected to enroll 15 patients while the randomized Phase 2 portion is expected to enroll an additional 42 patients.
This platform is designed to demonstrate proof of concept with NY-ESO-1 as an enrichment factor for patient accrual. Portage’s patent position extends to other known tumor antigens, and the Company is prepared to rapidly launch other assets into the clinic if we see strong activity of this formulation.
Notably, Portage received additional grant support from the Horizon 2020 program to explore next-generation targeted nanoparticles.
PORT-1: Presentation of interim data at the American Society for Clinical Oncology (ASCO) (Free ASCO Whitepaper) conference from the IT-01 Phase 2 trial conducted by Intensity Therapeutics demonstrated strong safety and survival data for INT230-6 (PORT-1) both as a monotherapy and in combination with pembrolizumab or ipilimumab in solid tumors.
First Quarter FY 2022 Financial Results

The Company generated a net loss and comprehensive loss of approximately $3.2 million in the three months ended June 30, 2021 ("Fiscal 2022 Quarter"), compared to a net loss of approximately $0.7 million and a comprehensive loss of approximately $0.6 million in the three months ended June 30, 2020 ("Fiscal 2021 Quarter"), an increase in loss of $2.5 million and $2.6 million, respectively, year over year. Operating expenses, which include research and development and general and administrative expenses, were $3.6 million in the Fiscal 2022 Quarter, compared to $1.0 million in the Fiscal 2021 Quarter, an increase of $2.6 million, which is discussed more fully below. Operating expenses included $2.2 million of non-cash stock-based compensation expense in the Fiscal 2022 Quarter, compared to $0.3 million in the Fiscal 2021 Quarter.

The Company’s other items of income and expense were substantially non-cash in nature and were approximately $0.3 million net other income in each of the Fiscal 2022 Quarter and the Fiscal 2021 Quarter. Non-cash items included in other income and expenses in the Fiscal 2022 Quarter were:

A gain of $0.4 million representing the change in the fair value of the warrants issued with respect to the SalvaRx settlement; and
A small loss of $0.04 million generated by Stimunity, which operates our STING platform, accounted for under the equity method in the Fiscal 2022 Quarter, compared to a $0.4 million gain in the Fiscal 2021 Quarter.
Additionally, the Company reflected a net income tax benefit of approximately $0.1 million in the Fiscal 2022 Quarter, attributable to recoverable research and development tax credits generated in the U.K., partially offset by the foreign currency exchange rate effect on deferred tax liability.

Research & Development ("R&D") costs increased by approximately $1.0 million, from approximately $0.5 million during the three months ended June 30, 2020, to approximately $1.5 million during the three months ended June 30, 2021. The increase was primarily attributable to non-cash stock-based compensation expense associated with grants made under the 2021 Equity Incentive Plan in connection with our R&D efforts of $1.0 million.

General and administrative ("G&A") expenses increased by approximately $1.5 million, from approximately $0.5 million during the three months ended June 30, 2020, to approximately $2.0 million during the three months ended June 30, 2021. The principal reason for the increase in the Fiscal 2022 Quarter was the $1.1 million of non-cash stock-based compensation expense associated with the Company’s 2021 Equity Incentive Plan. No stock-based compensation expense under the 2021 Equity Incentive Plan was incurred during the three months ended June 30, 2020. Additionally, the Company incurred an increase of $0.3 million in professional fees relating to initiatives associated with a corporate restructuring and public relations/business development. Finally, D&O insurance premiums increased by $0.4 million in the current year period due to market rate increases in the cost of coverage.

As of June 30, 2021, the Company had cash and cash equivalents of approximately $28.6 million and total current liabilities of approximately $2.5 million (inclusive of approximately $0.7 million warrant liability settleable on a non-cash basis). For the three months ended June 30, 2021, the Company is reporting a net loss of approximately ($3.2) million and cash used in operating activities of approximately $1.6 million. As of July 31, 2021, the Company had approximately $28.0 million of cash on hand.

On August 30, 2021 Castle Biosciences, Inc. (Nasdaq: CSTL), a dermatologic diagnostics company providing personalized genomic information to inform treatment decisions, reported that it has been included in The Healthcare Technology Report’s Top 100 Healthcare Technology Companies of 2021 list (Press release, Castle Biosciences, AUG 30, 2021, View Source [SID1234587008]).

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The companies selected for this year’s list include a variety of organizations, from well-known names to newer, rapidly growing companies, in the fields of healthcare software, biotechnology, medical devices and consumer health technology. Awardees were nominated and selected based on a thorough evaluation process. Among the key criteria considered were product or service quality, customer adoption, management team caliber, organizational effectiveness and company growth, among other factors.

"Congratulations to Castle Biosciences for being recognized as one of the Top Healthcare Technology companies in our 2021 list," said the editorial team of The Healthcare Technology Report. "Organizations such as Castle are making great strides to both modernize and advance healthcare. We look forward to continued advancements from Castle in the field of skin cancer testing."

"We are honored to be recognized as a Top 100 Healthcare Technology Company," said Derek Maetzold, president and chief executive officer of Castle Biosciences. "We are committed to transforming the management of skin cancer and other dermatologic conditions through our innovative genomic tests. Since our formation in 2008, we have been focused on improving patient care and outcomes through the application of emerging artificial intelligence techniques in molecular diagnostics. As we continue to grow our suite of tests for diseases with unmet clinical need, accolades like these reinforce our focus and reflect our position as a leader in dermatologic testing."

The full list can be viewed at https://thehealthcaretechnologyreport.com/.

About The Top 100 Healthcare Technology Companies of 2021

This year’s awardees comprise a broad range of companies from well-known names to relatively newer but rapidly growing enterprises. The diverse range of sophisticated products and services offered through these companies — from digital pharmacies to holistic patient care and AI-powered robotics to digital healthcare payments — have not only led to the modernization of the healthcare sector but also to a brighter future where healthcare is democratized for all. Advancements in healthcare, whether through data and communications, research and clinical trials, or consumer offerings, have also helped to create an environment where more promising care alternatives are possible. The pioneering companies selected for this year’s list have one thing in common: they are revolutionizing the way we live, and the way we navigate one of the most important factors for all of us: our health.

About The Healthcare Technology Report

The Healthcare Technology Report provides market research and insights, business news, investment activity updates and important corporate developments related to the healthcare technology sector. Based in New York City, the firm is run by a seasoned team of editors, writers and media professionals highly knowledgeable on healthcare technology and the various companies, executives and investors that make up the sector.

On August 30, 2021 Ziopharm Oncology, Inc. ("Ziopharm" or the "Company") (Nasdaq: ZIOP), reported the appointment of Kevin S. Boyle, Sr. as its new Chief Executive Officer, effective today (Press release, Ziopharm, AUG 30, 2021, View Source [SID1234586993]). As previously planned, Heidi Hagen, Interim CEO, is returning to her position as a member of the Board of Directors (the "Board"). Mr. Boyle has also been named to the Board. In addition, today the Company has announced promotions within its senior leadership.

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Mr. Boyle has over 20 years of experience in leading businesses in competitive and transformative situations and has a strong track record of delivering shareholder value. He is also an accomplished capital markets professional with strong banking relationships cultivated by raising over $2.0 billion in equity and debt capital over his career. Most recently, Mr. Boyle was CEO of Kuur Therapeutics (formerly known as Cell Medica Ltd.), leading the company through a successful transformation, culminating in a $185 million acquisition in May 2021 by Athenex, a global biopharma company focusing on the development and commercialization of cancer therapies.

The appointment of Mr. Boyle and the elevation of roles and responsibilities for select executives continue the Board’s actions to solidify the senior leadership team, move the Company forward and execute on its distinctive cell therapy platform and potentially groundbreaking cancer therapies.

"On behalf of the entire Board of Directors, we welcome Kevin to the Company," said James Huang, Executive Chairman. "During the robust search process, the Board was pleased to interview a number of very strong candidates. The Board was deliberative, and considered candidates from big pharma to small biotechs, and Kevin rose to the top of the list during the process. Kevin brings tremendous business experience with his operational expertise, strong financial acumen, and an ability to drive disciplined capital allocation. He has a strong track record of successfully guiding companies, both in and out of the biotech sector, through critical periods in their growth trajectories. In particular, his work at Kuur demonstrated his operational expertise in effectively managing a business with capital constraints and demanding timelines. We have the right science and scientific team to deliver, and we are confident that we now have the right person to successfully lead the Company forward towards clinical and business success."

Mr. Huang continued, "We also sincerely thank Heidi for her commitment to the Company and the outstanding job she has done over the past six months. We look forward to her continued contributions as a dedicated and valued Board member."

Mr. Boyle said, "I am excited to join the Ziopharm team and am impressed by the extraordinary opportunity that lies ahead. Heidi, the management team and the Board have laid the foundation for Ziopharm to succeed based on its best-in-class science. I understand the challenges ahead and I look forward to working diligently with our dedicated and talented team to unlock our incredible potential as an innovative, world-class oncology company. My priorities will be to deliver shareholder value and to ensure the success of the organization by driving the TCR-T program forward, while seeking and executing validating partnerships across our entire portfolio of scientific assets."

The Board’s selection of Mr. Boyle was unanimous. The CEO search committee was comprised of Robert Postma, Heidi Hagen and Mary Thistle, with support and guidance from the entire Board.

About Kevin S. Boyle, Sr.

During Mr. Boyle’s tenure as CEO of Kuur Therapeutics, he successfully led the company through a $185 million acquisition of Kuur by Athenex. After the acquisition, he supported the integration of Kuur’s CAR-NKT cell platform into Athenex’s Cell Therapy Division. Mr. Boyle joined Kuur Therapeutics in 2018 as CFO, playing a lead role in corporate strategy and financial planning as the company progressed with a pipeline of cell therapy products in both the US and Europe. He successfully led fundraising efforts while executing a restructuring of the company and he was promoted to CEO by the Kuur Board as an endorsement of his leadership abilities during this time.

Kevin previously served as CFO of multiple companies including FloWorks International, Sigma3, RecoverCare, and SPT. He was also previously an officer at two public companies, American Commercial Lines and Seabulk International. He started his career in investment banking.

Mr. Boyle received a law degree from the University of Pennsylvania and a Bachelor of Science degree in Industrial Management & Economics from Carnegie Mellon University. Houston is home to Mr. Boyle and his family. He was recently honored by the Houston Business Journal with the 2021 Most Admired CEO Award.

Executive Team Promotions

The Company also announced today that it has promoted Dr. Raffaele Baffa MD, Ph.D., to Head of Research and Development, adding to his role as Chief Medical Officer. Dr. Baffa joined the Company in November 2020 and has been instrumental in refocusing the Company’s development pipeline. In his expanded role, in addition to directing the development and implementation of Ziopharm’s clinical strategy and plans, Dr. Baffa will oversee and direct research and preclinical development activities in alignment with Ziopharm’s strategy for the development of innovative cell therapies. As the Head of Research and Development, he will also be responsible for ensuring the quality of science and expansion of its therapeutic application.

Ziopharm also announced the promotion of Dr. Adam Levy Ph.D., MBA to Executive Vice President, Corporate Development and Investor Relations. Dr. Levy joined Ziopharm in November 2020 as Executive Vice President of Investor Relations and Corporate Communications. Previously, Dr. Levy held the position of Executive Director and Head, Corporate Strategy and Investor Relations for Gilead Sciences. Prior to Gilead, Dr. Levy served in corporate strategy roles at Alexion and Bristol Myers Squibb. In his newly expanded role, Dr. Levy will lead the Company’s corporate development strategy, including executing licensing and business development deals across the Company’s portfolio, which is an increasingly critical priority for the Company. Dr. Levy will continue to direct investor-related activities and communications.

Mr. Huang added, "It is with great pleasure we announce the promotions of Raffaele and Adam. They each bring tremendous experience and we have benefitted from their contributions since they joined the company in 2020. We look forward to their continued efforts in their expanded roles."

Conference Call and Webcast

Ziopharm will host a conference call and webcast for the investment community today, August 30, 2021, at 4:30 p.m. EDT. The conference call can be accessed by dialing 877-451-6152 (U.S. and Canada) or 201-389-0879 (International). The passcode for the conference call is 13722687. A live webcast may be accessed using the link here, or by visiting the "Investors" section of the Ziopharm website at www.ziopharm.com. The call will be recorded and available for replay on the Company’s website for approximately 90 days after the call.

On August 30, 2021 Samyang Biopharm USA, Inc. (View Source) a subsidiary of Samyang Holdings Corp. (View Source), reported that the company has entered into a research collaboration with the Spanish National Research Council (CSIC), a state agency for scientific research and technological development (Press release, Samyang Biopharmaceuticals, AUG 30, 2021, View Source [SID1234587009]). The two organizations will work together to study the effect of NKG2D-ligand-containing vesicles and Samyang’s proprietary monoclonal antibody, SYB-010, on NKG2D receptor expression and NK cell function. Financial terms of the agreement were not released.

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"CSIC is the ideal partner for our early-stage discovery program with their proven scientific capability and successful track record in analyzing the immunomodulatory impact of antibodies. We look forward to future involvement within this collaboration" said Sean McKenna, Ph.D., Vice President of Research, Samyang Biopharm USA. "Partnering with CISC on SYB-010 will allow Samyang to advance our promising drug candidate."

SYB-010 is a monoclonal antibody targeting the human NKG2D-ligands, MCA/B, which has shown a clear immumodulatory effect in pre-clinical models. Treatment with this antibody markedly reduces tumor growth; while showing potential to also reduce the number of metastases and increasing overall animal survival. In 2019, Samyang acquired global rights for the development, manufacturing and commercialization of SYB-010 (formerly CuraB-10) from CanCure, LLC. More information on that collaboration can be found here. Samyang continues to develop this antibody both internally and through collaborations to enable future clinical programs.

"By combining our expertise in pre-clinical research that analyzes the immunomodulatory effect of drug candidates, we hope to confirm the potential of SYB-010 as a transformative cancer agent," said Drs. Valés-Gómez and Reyburn, Group Leaders at Spanish National Research Council. "We believe that this project is an important step in helping improve our overall understanding of the biology regulating this receptor and its ligands; and will allow us to foster further discovery and development efforts for Samyang."

"We believe that SYB-010 has great clinical potential and are pleased to be collaborating with CSIC whose breadth of experience in pre-clinical research will allow Samyang to advance this compound forward into the clinic," said Helen Hyun Jung Lee M.D., President/CEO, Samyang Biopharm USA, Inc. "Through this collaboration, we will benefit from our partner’s strong science expertise and enabling technologies to further influence and enhance our lead program and have the opportunity to evaluate the full potential of SYB-010 at this critical juncture."

On August 30, 2021 Novo Nordisk reported that initiated a share repurchase programme in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 (the "Safe Harbour Rules") (Press release, Novo Nordisk, AUG 30, 2021, View Source [SID1234587027]). This programme is part of the overall share repurchase programme of up to DKK 18 billion to be executed during a 12-month period beginning 3 February 2021.

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Under the programme initiated 4 August 2021, Novo Nordisk will repurchase B shares for an amount up to DKK 3.3 billion in the period from 5 August 2021 to 1 November 2021.

Since the announcement 23 August 2021, the following transactions have been made:

With the transactions stated above, Novo Nordisk owns a total of 18,897,886 B shares of DKK 0.20 as treasury shares, corresponding to 0.8% of the share capital. The total amount of A and B shares in the company is 2,310,000,000 including treasury shares.

Novo Nordisk expects to repurchase B shares for an amount up to DKK 18 billion during a 12- month period beginning 3 February 2021. As of 27 August 2021, Novo Nordisk has since 3 February 2021 repurchased a total of 20,091,414 B shares at an average share price of DKK 486.93 per B share equal to a transaction value of DKK 9,783,088,903.