Checkmate Pharmaceuticals Reports First Quarter 2021 Financial Results and Provides Update on Recent Progress

On May 13, 2021 Checkmate Pharmaceuticals, Inc. (NASDAQ: CMPI) ("Checkmate"), a clinical stage biopharmaceutical company focused on developing its proprietary technology to harness the power of the immune system to combat cancer, reported first quarter 2021 financial results and provided an update on recent progress (Press release, Checkmate Pharmaceuticals, MAY 13, 2021, View Source [SID1234580045]).

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"Since the start of 2021, we have initiated patient dosing in our core clinical trials evaluating vidutolimod (CMP-001) in combination with PD-1 blockade in melanoma and head and neck cancer. We are pleased to have also recently announced our intention to broaden our vidutolimod clinical development program into non-melanoma skin cancers in combination with Libtayo (cemiplimab), under a collaboration agreement with Regeneron," said Barry Labinger, President and Chief Executive Officer of Checkmate.

Recent Progress

Vidutolimod Clinical Updates

Year to date, Checkmate has initiated patient dosing across all three of our core clinical trials evaluating vidutolimod.
A randomized Phase 2/3 trial of vidutolimod in combination with nivolumab vs. nivolumab monotherapy in first-line metastatic or unresectable melanoma.
A Phase 2 trial of vidutolimod in combination with nivolumab in anti-PD-1 refractory advanced melanoma. Both melanoma trials are supported by a clinical collaboration with Bristol Myers Squibb.
A Phase 2 trial of vidutolimod in combination with pembrolizumab in recurrent or metastatic squamous cell head and neck cancer. Initial data in a subset of patients are expected before the end of 2021.
New translational data were presented from our Phase 1b trial of vidutolimod in combination with pembrolizumab in patients with melanoma refractory to PD-1 blockade at the 2021 American Association for Cancer (AACR) (Free AACR Whitepaper) Annual Meeting.
Collaboration and New Indication Expansion

In May, Checkmate announced the planned expansion of the development program for vidutolimod into non-melanoma skin cancers supported by a clinical supply agreement with Regeneron to evaluate the combination of vidutolimod and Libtayo (cemiplimab). The companies will collaborate on a Phase 2, proof of concept, multi-indication trial with patient cohorts in anti-PD-1 naïve and anti-PD-1 refractory cutaneous squamous cell carcinoma and anti-PD-1 refractory Merkel cell carcinoma.
First Quarter 2021 Financial Results

Research and development expenses (R&D): R&D expenses for the first quarter of 2021 were $10.4 million, compared to $6.3 million for the same period in the prior year. This increase reflected a milestone payment of $2.0 million in the first quarter of 2021 triggered by initiation of patient dosing in our Phase 2, first-line melanoma trial, as well as increases in personnel and operating expense for the planning and initiation of additional clinical trials with vidutolimod.
General and administration expenses (G&A): G&A expenses for the first quarter of 2021 were $3.8 million, compared to $1.5 million for the same period in the prior year. This increase was primarily attributable to increases in personnel and operating expense incurred in connection with Checkmate operating as a publicly traded company.
Cash, cash equivalents and investments: Cash, cash equivalents and available-for-sale investments were $111.5 million as of March 31, 2021.

CorMedix Inc. Reports First Quarter 2021 Financial Results and Provides Business Update

On May 13, 2021 CorMedix Inc. (Nasdaq: CRMD), a biopharmaceutical company focused on developing and commercializing therapeutic products for the prevention and treatment of infectious and inflammatory disease, reported financial results for the first quarter ended March 31, 2021 and provided an update on recent business events (Press release, CorMedix, MAY 13, 2021, View Source [SID1234580200]).

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Recent Business Highlights:

CorMedix announced the appointment of Tom Nusbickel as the Company’s Executive Vice President and Chief Commercial Officer.
CorMedix successfully completed the agreed upon protocol for the manual extraction study identified in the Complete Response Letter that FDA is requiring as confirmation of in-process controls to demonstrate that the labeled volume can be consistently withdrawn from the vials.
CorMedix continues to focus our efforts on resolving the deficiencies sent to the third-party manufacturer in the Post-Application Action Letter. Based on our analyses, we have concluded that additional process qualification will be needed with subsequent validation to address the deficiencies identified by FDA.
CorMedix strengthened its balance sheet via equity financing activity during the first quarter, raising net proceeds of approximately $41.5 million.
CorMedix has been approved by the New Jersey Economic Development Authority (NJEDA) to transfer substantially all of the $1.3 million of its available tax benefits to an unrelated, profitable New Jersey corporation pursuant to the New Jersey Technology Business Tax Certificate Transfer (NOL) program for State Fiscal Year 2020, for approximately $1.3 million in net proceeds. Closing is anticipated in 2Q of 2021.
Khoso Baluch, CorMedix CEO commented, "As we continue to work through the items required by FDA for resubmission of the NDA, we remain confident in our efforts to bring DefenCath to hemodialysis patients as an important novel antimicrobial catheter lock solution to reduce catheter related blood stream infections in patients receiving hemodialysis via central venous catheters. We believe we have the right team and resources to accomplish this as we advance DefenCath through the regulatory approval process."

First Quarter 2021 Financial Highlights

For the first quarter of 2021, CorMedix recorded a net loss of $7.2 million, or $0.20 per share, compared with a net loss of $5.6 million, or $0.21 per share, in the first quarter of 2020, an increase of $1.6 million, driven by an increase in operating expenses.

Operating expenses in the first quarter 2021 were $7.2 million, compared with $5.6 million in the first quarter of 2020, an increase of approximately 29%. The increase was driven by higher SG&A, which rose by 45% to $4.6 million, primarily due to increased non-cash charges for stock compensation, increased costs related to market research in preparation for the potential approval of DefenCath and higher staffing costs due to additional hires. R&D expense increased approximately 7% to $2.6 million, driven primarily by increases in personnel expenses and non-cash charges for stock compensation, offset by a decrease in manufacturing costs and clinical trial expenses.

The Company reported cash and short-term investments of $81.2 million at March 31, 2021, excluding restricted cash. The Company believes that, based on its current cash resources, it has sufficient resources to fund operations at least into the second half of 2022.

Conference Call Information

The management team of CorMedix will host a conference call and webcast today, May 13, 2021, at 4:30 PM Eastern Time, to discuss recent corporate developments and financial results. Call details and dial-in information are as follows:

Following the live webcast, an archived version will be available for approximately 30 days on the Company’s website, www.cormedix.com.

Chemomab Therapeutics Announces First Quarter 2021 Financial Results and Provides a Business Update

On May 13, 2021 Chemomab Therapeutics Ltd. (Nasdaq: CMMB), a clinical-stage biotech company focused on the discovery and development of innovative therapeutics for fibrosis-related diseases with high unmet need, reported financial and operating results for the first quarter ended March 31, 2021 and provided a business update (Press release, Anchiano Therapeutics, MAY 13, 2021, View Source [SID1234579844]).

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"This quarter has been truly exciting for Chemomab as we accessed the public markets and began to trade on the Nasdaq exchange, successfully closed on a private offering of $45 million, announced positive data from our Phase Ib study in NAFLD, and initiated a Phase IIa study in PSC." said Dr. Adi Mor, CEO of Chemomab. "We also started treating patients in our Phase IIa liver fibrosis trial with our subcutaneous formulation of CM-101 and will look to build upon our substantial progress and positive momentum in the coming quarters with the initiation of our additional planned Phase II study of CM-101 in Systemic Sclerosis (SSc). CM-101 is a very promising therapy with the potential to treat multiple severe and life-threatening inflammatory and fibrotic diseases. With a strong financial position, and our unique development track record we believe we are well positioned to continue to advance our pipeline and execute our important milestones this year."

First Quarter and Recent Highlights

·Announced positive results from its Phase Ib SPARK study evaluating CM-101 in nonalcoholic fatty liver disease (NAFLD) patients. The SPARK study was a double-blind, placebo-controlled study designed to evaluate the safety, tolerability and pharmacokinetic (PK) profile of CM-101 in NAFLD patients with normal liver function. In this study repeated CM-101 administrations were found to be safe and well-tolerated for both tested doses when administered as intravenous (IV) infusion or subcutaneous (SC) injection. No safety signals or unexpected adverse events were observed for CM-101 in either the IV or SC formulation and all reported adverse events were mild or moderate in intensity. Exploratory analysis of multiple pharmacodynamic parameters, including measurement of collagen turnover and fibrotic biomarkers, demonstrated that CM-101 treatment resulted in reduction of fibrotic and fibrogenesis markers compared to no change or slight elevation in the placebo treated group. In addition, there was a reduction in liver stiffness measured by FibroScanTM in the CM-101 treated group.

·Enrolled the first patient in its Phase IIa SPRING clinical trial of CM-101 for the treatment of patients with primary sclerosing cholangitis (PSC). The SPRING study is a multi-center, randomized, double-blind, placebo-controlled, multiple dose study designed to assess the mechanism of action, safety, pharmacokinetics and pharmacodynamic effects, as well as the antifibrotic effect of IV CM-101 in PSC patients. The trial will enroll and randomize up to 45 patients and is anticipated to complete enrollment by early 2022 with data expected in 1H 2022.

·Enrolled the first patient in its Phase IIa SPLASH clinical trial of CM-101 for the treatment of patients with nonalcoholic steatohepatitis (NASH). The SPLASH study is a multi-center, randomized, double-blind, placebo-controlled, multiple dose study designed to assess the mechanism of action, safety, pharmacokinetics and pharmacodynamic effects, as well as the anti-fibrotic effects of SC CM-101 in NASH patients with fibrosis stage F2-F3. The trial will enroll 40 patients and is anticipated to complete enrollment by the end of 2021 with data expected in 1H 2022.

·Completed a merger with Anchiano Therapeutics Ltd, and began trading on the Nasdaq Capital Market exchange under the symbol "CMMB" on March 17, 2021.

·Completed the successful pricing of a private placement of $45 million into the combined company led by new and certain existing investors including Cormorant Asset Management, OrbiMed, Peter Thiel, Christian Angermayer’s Presight Capital and Apeiron Investment Group, as well as other healthcare-focused and institutional investors.

·Strengthened its Board of Directors with the appointment of four new directors: Dr. Alan Moses, Dr. Claude Nicaise, Mr. Joel Maryles, and Mr. Neil Cohen. Dr. Stephen Squinto remains as Chairman of Chemomab’s Board, with Dr. Adi Mor and Dr. Nissim Darvish continuing in their roles as Directors.

Upcoming Milestones:

Chemomab is advancing in parallel three Phase 2 clinical trials with CM-101 in three distinct fibrotic indications; Systemic Sclerosis (SSc) is planned to be initiated by the end of 2021, and clinical readouts from the ongoing clinical trials in PSC and NASH are expected during 2022.

First Quarter 2021 Financial Highlights

·Cash and cash equivalents as of March 31, 2021 were $58.2 million which includes $45.5 million of gross proceeds from the private placement completed on March 22, 2021.

·Research and Development expenses for the three months ended March 31, 2021 were $1.2 million, compared to $1.6 million for the three months ended March 31, 2020. The decrease of $0.4 million was primarily related to a decrease in expenses to sub-contractors.

·General and administrative expenses were $0.5 million for the three months ended March 31, 2021, compared to $0.1 million for the three months ended March 31, 2020. The increase of $0.4 million was primarily related to merger related expenses.

·Net loss for the three months ended March 31, 2021 and 2020 was $1.7 million.

Fate Therapeutics Announces Encouraging Interim Phase 1 Data for iPSC-derived NK Cell Programs in Relapsed / Refractory Acute Myeloid Leukemia

On May 13, 2021 Fate Therapeutics, Inc. (NASDAQ: FATE), a clinical-stage biopharmaceutical company dedicated to the development of programmed cellular immunotherapies for cancer, reported encouraging interim Phase 1 data from the Company’s off-the-shelf, iPSC-derived natural killer (NK) cell programs in relapsed / refractory acute myeloid leukemia (AML) (Press release, Fate Therapeutics, MAY 13, 2021, View Source [SID1234579910]). The ongoing Phase 1 dose-escalation study of FT516 as monotherapy is currently enrolling patients in the third dose cohort (900 million cells per dose), with three patients treated in the first dose cohort (90 million cells per dose) and six patients treated in the second dose cohort (300 million cells per dose). The Phase 1 dose-escalation study of FT538 as monotherapy is currently ongoing, with three patients treated in the first dose cohort (100 million cells per dose).

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As of the data cutoff date of April 16, 2021, five of 12 patients had achieved an objective response with complete leukemic blast clearance in the bone marrow (FT516 [n=9]: 3 complete remission with incomplete hematologic recovery [CRi], 1 morphologic leukemia-free state [MLFS]; FT538 [n=3]: 1 CRi). Of the four patients achieving a CRi, one patient successfully proceeded to allogeneic stem cell transplant and the other three patients remained on-study and in remission without further therapeutic intervention, two of whom remained in remission having been on-study for more than six months. Clinical assessments were based on the 2017 European LeukemiaNet (ELN) response criteria (Blood (2017) 129 (4): 424–447).

Importantly, no dose-limiting toxicities, and no cases of any grade of cytokine release syndrome, immune effector cell-associated neurotoxicity syndrome, or graft-versus-host disease, were observed. Patients had received a median of three prior lines of therapy, with 11 of 12 patients refractory to their last prior therapy. At baseline prior to conditioning chemotherapy, 11 of 12 patients had significant hematopoietic impairment, with both neutrophil counts below 1,000/µL and platelet counts below 100,000/µL.

"We are highly encouraged by these Phase 1 data in patients with relapsed / refractory AML, which clearly indicate that off-the-shelf, iPSC-derived NK cells administered as monotherapy in the outpatient setting were well-tolerated, and have the potential to induce complete leukemic blast clearance in the bone marrow and confer durable remissions without further therapeutic intervention. Complete leukemic blast clearance in the bone marrow is essential as recent studies in relapsed / refractory AML have shown that this clinical outcome results in a statistically-significant improvement in patient survival," said Scott Wolchko, President and Chief Executive Officer of Fate Therapeutics. "Additionally, we are excited that a patient receiving FT538 in the initial dose escalation cohort achieved a complete remission with incomplete hematologic recovery, and that FT538 continued to be detected in the peripheral blood at Day 8 post-infusion. This suggests that the additional engineered functionality of FT538 can augment NK cell pharmacokinetics without the need for exogenous cytokine support during patient treatment."

FT516 Phase 1 Study
FT516 is an investigational, universal, off-the-shelf NK cell cancer immunotherapy derived from a clonal engineered master induced pluripotent stem cell (iPSC) line. The Phase 1 clinical trial in relapsed / refractory AML is assessing FT516 administered as monotherapy. Up to two cycles of treatment are administered, with each cycle consisting of three days of conditioning chemotherapy followed by three weekly doses of FT516, with IL-2 cytokine support after each FT516 dose. FT516 may be administered in the outpatient setting with no requirement for inpatient monitoring during the treatment period.

Three patients in the first dose cohort of 90 million cells per dose and six patients in the second dose cohort of 300 million cells per dose were assessed for safety and activity (see Table 1). Of the nine patients, eight had adverse molecular risk based on the 2017 ELN risk category and eight patients were refractory to their last prior therapy. Patients had received a median of three prior lines of therapy. At baseline prior to conditioning chemotherapy, all nine patients were significantly cytopenic, with eight patients having neutrophil counts below 1,000/µL and nine patients having platelet counts below 100,000/µL, and the median bone marrow leukemic blast percentage was 39%.

Safety Data
No dose-limiting toxicities, and no cases of any grade of cytokine release syndrome, immune effector cell-associated neurotoxicity syndrome, or graft-versus-host disease, were observed. The multi-dose treatment schedule was well-tolerated with no treatment discontinuations due to adverse events. Three patients experienced Grade 3 febrile neutropenia, and no other FT516-related Grade 3 or greater adverse events were reported by investigators. In addition, no evidence of anti-product T- or B-cell mediated host-versus-product alloreactivity was detected, supporting the potential to safely administer up to six doses of FT516 in the outpatient setting without the need for patient matching.

Activity Data
Six of nine relapsed / refractory AML patients showed anti-leukemic activity as evidenced by on-treatment reduction in bone marrow blasts, with four patients achieving an objective response with complete clearance of leukemic blasts in the bone marrow. Three of these four responders achieved a best overall response of CRi based on 2017 ELN response criteria, including two patients in the second dose cohort (Table 1: Subjects 1006 and 1007), each of whom had ongoing remission without further therapeutic intervention at six months’ follow-up, and one patient in the first dose cohort (Table 1: Subject 1001) who successfully proceeded to allogeneic stem cell transplant.

FT538 Phase 1 Study
FT538 is an investigational, universal, off-the-shelf NK cell cancer immunotherapy derived from a clonal master iPSC line engineered with three functional components designed to enhance innate immunity. The Phase 1 clinical trial in relapsed / refractory AML is assessing FT538 administered as monotherapy. Up to two cycles of treatment are administered, with each cycle consisting of three days of conditioning chemotherapy followed by three weekly doses of FT538 without IL-2 cytokine support. FT538 may be administered in the outpatient setting with no requirement for inpatient monitoring during the treatment period.

Three patients were enrolled in the first dose cohort of 100 million cells per dose, two of whom were evaluable for safety and anti-leukemic activity and one patient who discontinued from the study prior to completion of the first treatment cycle due to clinical evidence of failure to respond to therapy (see Table 2). Of the two evaluable patients, one patient had adverse molecular risk based on the 2017 ELN risk category. Both patients had received at least three prior lines of therapy, were refractory to their last prior therapy, and were significantly cytopenic with neutrophil counts below 1,000/µL and platelet counts below 100,000/µL at baseline prior to conditioning chemotherapy.

Safety Data
No dose-limiting toxicities, and no cases of any grade of cytokine release syndrome, immune effector cell-associated neurotoxicity syndrome, or graft-versus-host disease, were observed. The multi-dose treatment schedule was well-tolerated with no FT538-related Grade 3 or greater adverse events reported by investigators. In addition, no evidence of anti-product T- or B-cell mediated host-versus-product alloreactivity was detected, supporting the potential to safely administer up to six doses of FT538 in the outpatient setting without the need for patient matching.

Activity Data
Both evaluable patients showed anti-leukemic activity as evidenced by on-treatment reduction in bone marrow blasts. One patient (Table 2: Subject 1003), who was refractory to their two most recent prior therapies (an investigational CD33-targeted tri-specific NK cell engager [TriKE], followed by glasdegib in combination with low-dose cytarabine), achieved a CRi based on 2017 ELN response criteria at the end of the first treatment cycle and remained on-study. FT538 was detected in the peripheral blood at Day 8 prior to administration of the second dose in both patients.

CRi (Complete Remission with incomplete hematologic recovery) = Bone marrow blasts <5%; absence of circulating blasts and blasts with Auer rods; absence of extramedullary disease; recovery of either neutrophils to ≥1,000/µL or platelets to ≥100,000/µL
MLFS (Morphologic Leukemia-free State) = Bone marrow blasts <5%; absence of circulating blasts and blasts with Auer rods; absence of extramedullary disease; residual neutropenia (<1,000/µL) and residual thrombocytopenia (<100,000/µL)
PD = Progressive Disease
SD = Stable Disease
As of April 16, 2021 database entry. Data subject to source document verification.
a Subject 1001 received 2 of 3 doses of FT538 in the first treatment cycle and discontinued from study due to evidence of non-response to therapy.

Today’s Webcast
The Company will host a live audio webcast today, Thursday, May 13, 2021 at 5:00 p.m. ET to review the relapsed / refractory AML treatment landscape and discuss interim Phase 1 clinical data for the Company’s FT516 and FT538 off-the-shelf, iPSC-derived NK cell programs. The live webcast can be accessed under "Events & Presentations" in the Investors section of the Company’s website at www.fatetherapeutics.com. The archived webcast will be available on the Company’s website beginning approximately two hours after the event.

HTG Molecular Diagnostics Reports First Quarter 2021 Results and Provides a Corporate Update

On May 13, 2021 HTG Molecular Diagnostics, Inc. (Nasdaq: HTGM) (HTG), a life science company whose mission is to advance precision medicine, reported its financial results for the first quarter ended March 31, 2021 (Press release, HTG Molecular Diagnostics, MAY 13, 2021, View Source [SID1234579926]).

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Recent Business Highlights

● Released a second technical white paper (White Paper Two) characterizing the company’s planned transcriptome panel using the HTG EdgeSeq technology. White Paper Two, among other things, compares the performance and feasibility of a prototype of HTG’s planned transcriptome panel to RNA sequencing (RNA-Seq) across multiple cancer indications. White Paper Two also demonstrates the feasibility and expected performance of the transcriptome panel, including:

○ Ability to differentiate samples based on gene expression profiles;
○ Repeatability amongst replicates from multiple cancer indications with archived samples;
○ Accuracy of differential expression analysis using a direct comparison to RNA-Seq;
○ Potential as a robust alternative to RNA-Seq for gene expression profiling while maintaining the advantages of the HTG EdgeSeq technology.

With the feasibility testing for all elements of the panel’s design complete, the company is now in the optimization phase of development, working to further improve the panel’s design, workflow, and robustness. Having completed our final round of probe quality control testing, defined our quality control metric strategy and finalized the reagent formulation during the quarter, we have ordered our final probe pool for the panel. Final panel design lock is anticipated in the second quarter of 2021 followed by formal panel design verification with initial commercialization anticipated by the third quarter of 2021.

● Increased participation in the company’s transcriptome panel Early Adopter Program (EAP), refining study details with over 25 collaborators to date, including those in both academia and pharma. The EAP allows a select group of customers access to the initial transcriptome panel for use in their laboratories or through services performed by HTG prior to commercial launch of the panel.

"Our team continues to be very optimistic about the launch of the transcriptome panel using our HTG EdgeSeq technology," said John Lubniewski, President and CEO of HTG. "Data published in our second white paper highlight the potential of this panel as a robust, clinically deployable alternative to RNA-Seq for gene expression profiling. We believe the benefits of our HTG EdgeSeq technology and the transcriptome panel, including ease of use, cost savings, turnaround time and broad applicability, will make this a very attractive alternative for gene expression profiling applications. We continue to meet our development milestones and look forward to providing updates on our progress in the coming months."

"In the fourth quarter of 2020, our base business showed signs of recovery after experiencing a substantial impact from COVID-19 in the second and third quarters of 2020. The reopening process stalled again in the first quarter of 2021 in Europe and our pharmaceutical company customers have continued a slow return to pre-COVID-19 clinical trial levels. We are hopeful of a return to pre-COVID revenue levels as vaccinations become more widely available and business continues to normalize," Mr. Lubniewski continued.

First Quarter 2021 Financial Highlights:

Total revenue for the first quarter ended March 31, 2021 was $1.4 million, compared with $2.2 million for the same period in 2020. HTG believes the decrease in revenue is a result of the impact of the COVID-19 pandemic requiring the closure of customer facilities, causing a significant reduction in oncology-related clinical trial activity or limiting the ability of our customers to operate at pre-pandemic levels.

Product and product-related services revenue was $1.4 million, compared with $2.0 million for the same period in 2020. Throughout the pandemic, HTG’s ability to ship instruments and consumables to customer facilities and the ability of its customers to prepare and ship samples to HTG’s VERI/O laboratory for processing has been limited.

There was no collaborative development services revenue for the quarter ended March 31, 2021, compared with $0.2 million for the same period in 2020, reflecting the completion of remaining tasks under existing arrangements. The company has ongoing sales efforts to identify and contract new programs in this area.

Net loss from operations for the first quarter ended March 31, 2021 was $4.6 million, compared with $5.4 million for the same period in 2020. Net loss per share was $(0.80) for the quarter ended March 31, 2021 compared with $(1.27) for the same period in 2020.

Cash, cash equivalents and short-term available-for-sale securities totaled $30.8 million as of March 31, 2021, with current liabilities of approximately $8.3 million and non-current liabilities of $11.5 million.

Conference Call and Webcast:

HTG will host a conference call for the investment community today beginning at 4:30 p.m. Eastern Time. Conference call and webcast details are as follows: