On May 5, 2021 Prothena Corporation plc (NASDAQ:PRTA), a late-stage clinical company with expertise in protein dysregulation and a pipeline of investigational therapeutics for rare peripheral amyloid and neurodegenerative diseases, reported that it will report its first quarter 2021 financial results on Tuesday, May 11, 2021 after the close of the U.S. financial markets (Press release, Prothena, MAY 5, 2021, View Source [SID1234579220]).

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Consistent with past practice, the Company will not be conducting a conference call in conjunction with this financial results release on May 11.

On May 5, 2021 BridGene Biosciences, Inc., a biotechnology company using cutting-edge chemoproteomic technology to discover and develop small molecules for high value, yet traditionally undruggable targets, reported that it has raised $12 million in a Series A private financing round led by Wedo Venture Partners with additional participation by Kaitai Capital and Takeda Ventures, alongside existing investor Pangu Venture (Press release, Bridgene Biosciences, MAY 5, 2021, View Source [SID1234579237]).

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BridGene plans to use proceeds from the Series A financing to expand the company’s proprietary covalent library to discover small-molecule ligands for a broader range of targets, advance existing oncology programs and enhance operations.

The Company’s proprietary chemoproteomic platform, IMTAC (Isobaric Mass Tagged Affinity Characterization), addresses many of the challenges associated with small-molecule drug discovery. Many disease drivers have long been deemed undruggable because their functional pockets are either too shallow or formed transiently in live cells, making such conditions difficult for conventional small molecules to address. While phenotypic screening can be performed in live cells, it is extremely difficult to identify small-molecule hits’ cellular targets that are responsible for the phenotypic modulation. BridGene has the unique ability to meet these challenges as IMTAC screening not only enables the efficient discovery of novel hits for myriad proteins, including those deemed undruggable in live cells, but also allows target deconvolution for phenotypic screening hits.

"We are pleased to make this investment, as we believe BridGene plays an important role in discovering small molecules for traditionally undruggable targets, as well as rapidly identifying (deconvoluting) targets in phenotypic screening, and revolutionarily developing precision medicine for a wide range of unmet medical need," said Leilei Wang, managing partner of Wedo Venture Partners. "Medical advancement requires greater efficiency across the spectrum of development – from discovery through commercialization, and BridGene’s IMTAC platform has the potential to positively impact the earliest, and often most challenging, steps in this process."

"This financing, combined with our recently announced collaboration with Takeda, affirms the strong support among investors and pharmaceutical developers for our proprietary drug discovery and development platform and experienced management team," stated Ping Cao, Ph.D., Co-Founder and CEO of BridGene Biosciences. "Over the last few years, we have pursued pioneering work in covalent small molecules and chemoproteomic screening to identify small molecules for traditional undruggable targets and quickly move from hits to leads. Today, thanks to the help of our investors, we are in a strong financial position to continue building a unique chemoproteomic platform and advance the development of our internal pipeline with the goal of providing new therapies for unmet medical needs."

On May 5, 2021 BioCryst Pharmaceuticals, Inc. (Nasdaq:BCRX) reported that the company will present at the Bank of America 2021 Healthcare Conference on Wednesday, May 12, 2021 at 12:30 p.m. ET and the 2021 RBC Capital Markets Global Healthcare Conference on Wednesday, May 19, 2021 at 1:20 p.m. ET (Press release, BioCryst Pharmaceuticals, MAY 5, 2021, View Source [SID1234579146]). Both are being conducted as virtual conferences.

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Links to a live audio webcast and replay of these presentations may be accessed in the Investors section of BioCryst’s website at http://www.biocryst.com.

On May 5, 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 that it will report its financial results for the first quarter ended March 31, 2021, after the market close on Thursday, May 13, and will host a corporate update conference call at 4:30pm Eastern Time (Press release, CorMedix, MAY 5, 2021, View Source [SID1234579179]).

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On May 5, 2021 Adaptive Biotechnologies Corporation ("Adaptive Biotechnologies") (Nasdaq: ADPT), a commercial stage biotechnology company that aims to translate the genetics of the adaptive immune system into clinical products to diagnose and treat disease, reported financial results for the quarter ended March 31, 2021 (Press release, Adaptive Biotechnologies, MAY 5, 2021, View Source [SID1234579205]).

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"We started the year strong with revenue increasing 84% year over year, driven by growth in both our sequencing and development revenue categories," said Chad Robins, chief executive officer and co-founder of Adaptive Biotechnologies. "I am encouraged by the solid momentum across all areas of our business as we continue to capitalize on the multiple opportunities originating from our platform."

Recent Highlights

Revenue of $38.4 million for the first quarter 2021, representing an 84% increase from the first quarter 2020
clonoSEQ clinical sequencing volume for the first quarter 2021 grew 35% versus prior year
Recognized $7.0 million in MRD regulatory milestones resulting from two biopharmaceutical partners who used data from our MRD assay to support their respective U.S. Food and Drug Administration (FDA) drug approvals
Received Emergency Use Authorization (EUA) from FDA for T-Detect COVID to confirm recent or prior COVID-19 infection
Generated new data that confirms the ability of T-Detect to diagnose patients with Crohn’s disease and distinguish between patients with colitis
Named Leslie Trigg and Katey Einterz Owen, PhD to the Board of Directors
First Quarter 2021 Financial Results

Revenue was $38.4 million for the quarter ended March 31, 2021, representing an 84% increase from the first quarter in the prior year. Sequencing revenue was $15.2 million for the quarter, representing a 60% increase from the first quarter in the prior year. Development revenue was $23.3 million for the quarter, representing a 103% increase from the first quarter in the prior year.

Operating expenses were $79.7 million for the first quarter of 2021, compared to $55.5 million in the first quarter of the prior year, representing an increase of 44%.

Net loss was $40.6 million for the first quarter of 2021, compared to $31.4 million for the same period in 2020.

Adjusted EBITDA (non-GAAP) was a loss of $30.1 million for the first quarter of 2021, compared to a loss of $28.0 million for the first quarter of the prior year.

Cash, cash equivalents and marketable securities was $745.0 million as of March 31, 2021.

2021 Financial Guidance

Adaptive Biotechnologies expects full year 2021 revenue to be in the range of $145 million to $155 million, representing 52% growth at the mid-point of the range over full year 2020 revenue.

Webcast and Conference Call Information

Adaptive Biotechnologies will host a conference call to discuss its first quarter 2021 financial results after market close on Wednesday, May 5, 2021 at 4:30 PM Eastern Time. The conference call can be accessed at View Source The webcast will be archived and available for replay at least 90 days after the event.