Vaccitech Reports First Quarter 2021 Financial Results and Recent Corporate Developments

On June 14, 2021 Vaccitech plc (NASDAQ: VACC), a clinical-stage biopharmaceutical company engaged in the discovery and development of novel immunotherapeutics and vaccines for the treatment and prevention of infectious diseases and cancer, reported financial results for the quarter ended March 31, 2021, and provided an overview of the Company’s recent corporate developments (Press release, Vaccitech, JUN 14, 2021, View Source [SID1234584933]).

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

"The first quarter of 2021 was transformational for Vaccitech as we closed a Series B financing round and initiated patient dosing in our two lead therapeutic programs, HBV and HPV," said Bill Enright, CEO of Vaccitech. "We drove on to successfully complete our IPO early in the second quarter and are now capitalized to advance multiple pipeline candidates into Phase 3 trials."

First Quarter and Recent Corporate Developments

Closed an initial public offering of American Depository Shares for total gross proceeds of $110.5 million
Initiated patient dosing in HPV001, a Phase 1/2 clinical trial of VTP-200, an immunotherapeutic in development for the treatment of high-risk and persistent HPV infection
Completed a $168 million Series B financing. This includes $43 million of proceeds from previously issued convertible loan notes that converted into Series B shares
Appointed three independent members to its Board of Directors
Initiated patient dosing in HBV002, a Phase 1b/2a clinical trial of VTP-300, an immunotherapeutic candidate in development for the treatment of chronic HBV infection
Upcoming Milestones

Third quarter of 2021: VTP-300 topline safety and immunogenicity results of the Phase 1 trial, HBV001, in healthy volunteers and patients with chronic HBV infection
Third quarter of 2021: VTP-600 dosing initiation in patients with non-small cell lung cancer in combination with a checkpoint inhibitor and chemotherapy
Fourth quarter of 2021: VTP-300 interim efficacy review, including surface antigen loss, of HBV002, the Phase 1/2a clinical trial in patients with chronic HBV infection
First quarter of 2022: VTP-200 interim efficacy review of HPV100, the Phase 1/2a clinical trial in patients with high-risk and persistent HPV infection
First Quarter 2021 Financial Highlights:

Cash position: As of March 31, 2021, cash and cash equivalents were $155.9 million, compared to $43.3 million as of December 31, 2021. The increase was primarily due to completion of the Series B financing. Subsequent to the end of the first quarter, the Company closed an initial public offering that raised a gross amount of $110.5 million. The Company believes its cash and cash equivalents are sufficient to fund operations into 2024.
Research and development (R&D) expenses: Research and development expenses were $4.6 million for the first quarter of 2021 compared to $4.2 million for the comparable period of the prior year. The increase in R&D expense was primarily due to increased spending on progressing VTP-300 and VTP-850 development.
General and administrative expenses: General and administrative expenses were $1.8 million for the first quarter of 2021 compared to $1.1 million for the comparable period of the prior year. The increase was primarily attributable to higher personnel costs driven by an increase in the Company’s headcount between the quarters and higher professional fees.
Other expenses: Other expenses, net were $9.3 million for the first quarter of 2021 compared to $0.7 million of income for the comparable period of the prior year. The increase in other expenses was primarily attributable to loss on extinguishment of convertible loan notes of $13.8 million and interest on loan notes of $2.7 million in the period, net of gain in fair value of derivatives of $6.0 million.
Net loss: The company generated a net loss of $15.3 million, or $1.90 per basic and diluted share, for the first quarter of 2021 compared to a net loss of $3.8 million, or $0.49 per basic and diluted share, for the comparable period of the prior year.

HiFiBiO Therapeutics Closes $75 Million Series D Financing to Accelerate Pipeline with Two Lead Immuno-Oncology Programs and Validate its DIS™ Approach in the Clinic

On June 14, 2021 HiFiBiO Therapeutics, a multinational biotechnology company with unique expertise in immune modulation and drug intelligent science, reported the completion of an oversubscribed $75M Series D financing round (Press release, HiFiBiO Therapeutics, JUN 14, 2021, View Source [SID1234583951]). The funding was led by the new investor Mirae Asset Financial Group. Further, B Capital Group, Sherpa, Maison Capital, Trinity Innovation Fund, Grand Mount, and HKSTP Venture Fund also participated in this round. The existing shareholders IDG, Sequoia, Legend Star, and Hengxu continued to invest.

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

HiFiBiO Therapeutics will use the proceeds from the financing to advance two lead antibody oncology assets into Phase I clinical trials – HFB200301, a novel anti-TNFR2 antibody and HFB301001, a differentiated second generation anti-OX-40 antibody. The company will leverage its Drug Intelligent Science (DIS) platform which combines deep-rooted biological expertise, single-cell science, and advanced data intelligence tools to enhance the probability of success of these two trials as well as future trials. Additionally, the company will continue to advance multiple pipeline programs through discovery and clinical development.

"Since the close of our last round, the company has achieved significant milestones, including the rapid development of HFB30132A1, a SARS-CoV-2 neutralizing antibody into Phase I trial (NCT04590430) and the successful launch of IND-enabling studies and biomanufacturing activities for antibodies against multiple novel immuno-oncology targets," said Liang Schweizer, PhD, President and CEO of HiFiBiO Therapeutics. "In addition, we remain fully committed to the advancement of our pioneering DIS approach for identifying disease relevant targets, high quality antibody therapeutics, as well as to validate our biomarker hypothesis in the clinical setting. We appreciate the backing from investor communities around the world who resonate with our vision to take this powerful drug discovery and development engine to the next level."

With the new round, Ryan Jeong from Mirae Asset Capital will be joining the company’s Board of Directors. "Mirae Asset strives to invest in breakthrough ideas and innovative teams in the life science industry," said Ryan. "Based on their most recent successful partnerships and demonstrated ability to rapidly advance a sustainable pipeline of innovative therapeutics, we are excited to support HiFiBiO Therapeutics as they pioneer the way immunotherapies are developed and delivered to each and every patient."

Dr. Paul Burton to Join Moderna as Chief Medical Officer

On June 14, 2021 Moderna, Inc., (Nasdaq: MRNA) a biotechnology company pioneering messenger RNA (mRNA) therapeutics and vaccines, reported that Paul Burton, M.D., Ph.D., F.A.C.C, M.R.C.S will join the Company as Chief Medical Officer, effective July 6, 2021 (Press release, Moderna Therapeutics, JUN 14, 2021, View Source [SID1234583967]). He will serve on Moderna’s Executive Committee and report to Chief Executive Officer Stéphane Bancel.

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

"Paul’s extensive medical experience in the global pharmaceutical and biotech industry will be important to Moderna as we expand internationally and continue our journey as a commercial company," said Stéphane Bancel, Chief Executive Officer of Moderna. "As we work to deliver on the promise of mRNA science to create a new generation of transformative medicines for patients, Paul’s expertise across multiple therapeutic areas and his proven track record leveraging data science and digital technologies to reimagine medical engagement will be invaluable. I look forward to working with Paul and re-inventing how medical affairs should be built and run in a digital world."

Dr. Burton joins Moderna after spending sixteen years with Johnson & Johnson (NYSE: JNJ). Since March 2020, he served as Chief Global Medical Affairs Officer of Janssen Pharmaceuticals where he was responsible for Janssen’s worldwide medical affairs strategy and execution. Previously, he served as Janssen’s Vice President and Head, Cardiovascular and Metabolic (CVM) Medical Affairs. Dr. Burton also led the Johnson & Johnson collaboration with APPLE for the digital HEARTLINE study, and previously led clinical operations for all therapeutic areas across the Americas.

"Moderna’s transformative platform has the potential to improve the lives of so many people around the world," said Dr. Burton. "I am honored to take on the role of Chief Medical Officer at Moderna."

Dr. Burton has an M.D. from the University of London, is board certified in surgery and is a Member of the Royal College of Surgeons with specialist training in cardiothoracic surgery. He holds a Ph.D. in cardiovascular molecular and cellular biology from Imperial College in London and is a Fellow of the American College of Cardiology. He has published extensively in peer reviewed journals.

Earlier in 2021, the Company announced that Moderna’s Chief Medical Officer Tal Zaks, M.D., Ph.D., will be leaving the Company after six years of service.

"As Paul prepares to join us, I would like to thank Tal once again for his impact over the last six years. Tal’s guidance and contributions were important in helping Moderna move from a preclinical company to where we are today. Through his leadership in Moderna’s response to the COVID-19 pandemic, Tal’s contribution extends beyond Moderna to all of society. I have enjoyed having him as my partner and wish him all the best," said Stéphane Bancel.

With new data, Veracyte aims to expand prostate cancer test reach following Decipher acquisition

On June 14, 2021 Veracyte reported that $600 million to buy Decipher Biosciences and its genomic prostate cancer test (Press release, Veracyte, JUN 14, 2021, View Source [SID1234583986]). Now, that diagnostic has racked up new data showing it can help identify patients most likely to benefit from specific drugs.

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

Veracyte picked up urologic cancer specialist Decipher—itself once known as GenomeDx—in March in a cash deal to expand its diagnostic portfolio to seven of the 10 most common tumor types.

Its prostate test is already included in national cancer treatment guidelines, while its kidney and bladder cancer tests are in development, with the latter expected to launch later this year.

The new data—taken from a retrospective analysis of a phase 3 study of men with non-metastatic, castration-resistant prostate cancer, or nmCRPC, and published in JAMA Oncology—showed the test could use genomic data to judge which patients are most likely to see gains from early treatment with Janssen’s Erleada (apalutamide) alongside androgen-deprivation therapy.

RELATED: Veracyte drops $600M to acquire cancer tester Decipher Biosciences

The study is "the first clinical evaluation and demonstration of the Decipher test’s utility in the nmCRPC setting," said Veracyte’s senior VP for scientific and clinical operations in urologic cancers, Elai Davicioni, who added that the data helps demonstrate the test’s usefulness in multiple types of prostate cancer.

Previously, the study showed that Erleada combined with ADT could extend overall survival by 14 months and cut the risk of death by 22%. It also showed improvements in metastasis-free survival and other secondary endpoints. Annually, nmCRPC is estimated to affect about 60,000 men in the U.S.

The Decipher diagnostic relies on gene expression profiling to split patients into groups with low, average and high risks of metastasis, as well as by their tumor’s genetic subtype—with those with higher risks seeing the greatest benefits from Erleada therapy.

RELATED: J&J won’t pursue Erleada, Zytiga prostate cancer combo after trial results disappoint

The results "suggest that genomic testing provides useful information to guide treatment decisions that may improve outcomes among men with locally advanced disease, a population for which we’ve previously lacked genomic biomarkers," said the paper’s primary author, Felix Feng, vice chair for translational research in the department of radiation oncology at the University of California, San Francisco.

In addition, the molecular signature can help guide treatment decisions for years after an initial diagnosis, once the cancer has advanced locally, the company said.

RELATED: ASCO (Free ASCO Whitepaper): New data set up Veracyte’s nasal swab lung cancer test for launch later this year

The Decipher genomic classifier is currently being tested in seven randomized phase 3 prostate cancer trials sponsored by the National Cancer Institute, plus 13 more phase 2/3 trials, as well as more than 20 retrospective studies of phase 3 data, according to Veracyte.

Janssen Announces Results from Phase 3 MAIA Study Showing Significant Overall Survival Benefits for Treatment with DARZALEX®▼ (daratumumab) in Patients with Newly Diagnosed Multiple Myeloma Who are Transplant Ineligible

On June 12, 2021 The Janssen Pharmaceutical Companies of Johnson & Johnson reported overall survival (OS) results from the Phase 3 MAIA (NCT02252172) study showing the addition of DARZALEX ▼(daratumumab) to lenalidomide and dexamethasone (D-Rd) resulted in a statistically significant survival benefit over lenalidomide and dexamethasone (Rd) alone in patients with newly diagnosed multiple myeloma (NDMM) who were ineligible for autologous stem cell transplant (ASCT) and were treated to progression (Press release, Johnson & Johnson, JUN 12, 2021, View Source [SID1234583933]).1 These data were featured in the European Hematology Association (EHA) (Free EHA Whitepaper) 2021 Virtual Press Briefing and will be presented as a late-breaking abstract during the EHA (Free EHA Whitepaper) Virtual Congress (Abstract #LB1901).

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

The prespecified interim analysis for OS found that after a median follow-up of nearly five years (56.2 months), a 32 percent reduction in the risk of death was observed in the D-Rd treatment arm vs. Rd arm.1 Median OS was not reached in either arm [hazard ratio (HR): 0.68, 95 percent confidence interval (CI), 0.53-0.86; p=0.0013].1 Median progression-free survival (PFS) was not reached after nearly five years and the PFS benefit observed with D-Rd was maintained, with a 47 percent reduction in risk of disease progression or death [HR: 0.53; 95 percent CI, 0.43-0.66; p<0.0001].1 These data are expected to form the basis of future regulatory submissions.

"The treatment of multiple myeloma becomes more complex with each relapse. Therefore, it is critical to achieve deep treatment responses and improved survival with frontline therapy," said Thierry Facon*, M.D., Professor of Haematology at Lille University Hospital, Lille, France and study investigator. "These results strongly support the use of daratumumab, lenalidomide and dexamethasone as a new standard of care to extend survival and improve clinical outcomes in transplant ineligible patients with newly diagnosed multiple myeloma."

All patients enrolled in the MAIA study (n=737) were diagnosed with NDMM, were ineligible for high-dose chemotherapy and ASCT, and received 28-day cycles of D-Rd (n=368) or Rd (n=369). Patients were treated until disease progression or unacceptable toxicity.1 The median age of patients was 73 years (range, 45-90 years). Median PFS was not reached with D-Rd vs. 34.4 months with Rd [HR, 0.53; 95 percent CI, 0.43-0.66; p<0.0001]. Of the 186 patients in the Rd arm who received subsequent therapy, 46 percent received daratumumab.1

Additional New Findings from the MAIA Longer-Term Follow-Up Analysis:

Estimated five-year OS rate of 66 percent with D-Rd vs. 53 percent with Rd (HR: 0.68; 95 percent CI, 0.53-0.86; p=0.0013).1
Estimated five-year PFS rate of 53 percent with D-Rd vs. 29 percent with Rd [HR: 0.53; 95 percent CI, 0.43-0.66; p<0.0001].1
Median time to next treatment was not reached with D-Rd vs. 42.4 months with Rd [HR, 0.47; 95 percent CI, 0.37-0.59 p<0.0001].1
Updated overall response rate (ORR) of 93 percent with D-Rd vs. 82 percent with Rd.1
No new safety concerns were identified in the D-Rd arm. The most common Grade 3 or 4 treatment-emergent adverse events were neutropenia (D-Rd: 54 percent; Rd: 37 percent); pneumonia (D-Rd: 19 percent; Rd: 11 percent); anaemia (D-Rd: 17 percent; Rd: 22 percent); and lymphopenia (D-Rd: 16 percent; Rd: 11 percent).1

"These latest findings from the MAIA study demonstrate the impact of this daratumumab combination regimen on long-term survival in the frontline setting, further establishing the importance of daratumumab as a backbone therapy in the treatment of multiple myeloma," said Craig Tendler, M.D., Vice President, Late Development and Global Medical Affairs, Oncology, Janssen Research & Development, LLC. "These results provide hope and confidence for newly diagnosed patients with multiple myeloma seeking effective treatment regimens that improve long term outcomes and reflect our commitment to continuing to explore the full potential of daratumumab in multiple myeloma."

"Despite multiple myeloma being a difficult to treat, incurable blood cancer, we are pleased to see this daratumumab-based regimen in combination with lenalidomide and dexamethasone continue to deliver positive overall survival and progression-free results to patients with newly diagnosed multiple myeloma within this extended follow-up" said Edmond Chan, EMEA Therapeutic Area Lead Haematology, Janssen-Cilag Ltd. "The new findings from the MAIA study reinforce the transformative role of daratumumab in multiple myeloma and highlight our ongoing commitment to changing what a multiple myeloma diagnosis means to patients".

#ENDS#

About the MAIA Trial2

The randomised, open-label, multicentre Phase 3 study included 737 newly diagnosed patients with multiple myeloma ineligible for high-dose chemotherapy and ASCT, aged 45-90 years (median age of 73).1 Patients were randomised to receive either daratumumab-Rd (D-Rd) or Rd alone in 28-day cycles. In the D-Rd arm, patients received daratumumab 16 milligrams per kilogram (mg/kg) IV weekly for Cycles 1 – 2, every two weeks for Cycles 3 – 6 and every 4 weeks for Cycle 7 and thereafter.1 Patients in the D-Rd and Rd treatment arms received 25 mg of lenalidomide on Days 1 – 21 of each 28-day cycle, and dexamethasone at 40 mg once a week for each cycle. Patients in both treatment arms continued until disease progression or unacceptable toxicity.1

Earlier results from the MAIA study supported the European Commission (EC) approval of daratumumab in combination with Rd, marking the first approval of a CD-38 monoclonal antibody for patients with transplant ineligible NDMM. These data were also published in The New England Journal of Medicine in 2019.

About daratumumab

In August 2012, Janssen Biotech, Inc. and Genmab A/S entered a worldwide agreement, which granted Janssen an exclusive license to develop, manufacture and commercialise daratumumab. Since launch, it is estimated that nearly 190,000 patients have been treated with daratumumab worldwide.3 Daratumumab is also the only CD38-directed antibody approved to be given subcutaneously to treat patients with multiple myeloma (MM). Daratumumab SC is co-formulated with recombinant human hyaluronidase PH20 (rHuPH20), Halozyme’s ENHANZE drug delivery technology.4

CD38 is a surface protein that is highly expressed across MM cells, regardless of the stage of disease. Daratumumab binds to CD38 and induces myeloma cell death through multiple immune-mediated mechanisms of action, including complement-dependent cytotoxicity (CDC), antibody-dependent cell-mediated cytotoxicity (ADCC) and antibody-dependent cellular phagocytosis (ADCP), as well as through apoptosis, in which a series of molecular steps in a cell lead to its death.5

Data across nine Phase 3 clinical trials in the frontline and relapsed settings for MM and newly diagnosed light chain (AL) amyloidosis, have shown that daratumumab-based regimens resulted in significant improvement in progression-free survival and/or overall survival.6,7,8,9,10,11,12,13,14 Additional studies have been designed to assess the efficacy and safety of daratumumab in the treatment of other malignant and pre-malignant haematologic diseases in which CD38 is expressed.15

For further information on daratumumab, please see the Summary of Product Characteristics at View Source

About Multiple Myeloma

Multiple myeloma (MM) is an incurable blood cancer that starts in the bone marrow and is characterised by an excessive proliferation of plasma cells.16 In Europe, more than 50,900 people were diagnosed with MM in 2020, and more than 32,500 patients died.17 Around 50 percent of newly diagnosed patients do not reach five-year survival,18,19 and almost 29 percent of patients with MM will die within one year of diagnosis.20

Although treatment may result in remission, unfortunately, patients will most likely relapse as there is currently no cure.21 Relapsed and refractory MM is defined as disease that is nonresponsive while on salvage therapy, or progresses within 60 days of last therapy in patients who have achieved minimal response (MR) or better at some point previously before then progressing in their disease course.22 While some patients with MM have no symptoms at all, others are diagnosed due to symptoms that can include bone problems, low blood counts, calcium elevation, kidney problems or infections.23 Patients who relapse after treatment with standard therapies, including proteasome inhibitors and immunomodulatory agents, have poor prognoses and require new therapies for continued disease control.24