On March 30, 2021 Schrödinger (Nasdaq: SDGR), whose physics-based software platform is transforming the way therapeutics and materials are discovered, reported that it will host a webcast to review the preclinical data being presented from its CDC7 program during a virtual poster session at the upcoming American Association for Cancer Research (AACR) (Free AACR Whitepaper) Annual Meeting (Press release, Schrodinger, MAR 30, 2021, View Source [SID1234577376]). The company will also provide an overview of two other internal programs, MALT1 and Wee1, as well as highlight the role of its computational platform in accelerating the discovery of its novel molecules. The webcast will take place Monday, April 12, 2021, at 10:00 a.m. ET.

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The webcast will be available under "News & Events" in the investors section of Schrödinger’s website, View Source and will be archived for approximately 7 days.

On March 30, 2021 AffaMed Therapeutics ("AffaMed"), a global clinical-stage biopharmaceutical company dedicated to addressing critical unmet patient need in ophthalmic, neurological and psychiatric disorders, reported the completion of over US$170 million in Series B financing (Press release, AffaMed Therapeutics, MAR 30, 2021, View Source [SID1234577392]). The oversubscribed financing was led by Lake Bleu Capital, with participation by new investors including Partners Investment, Superstring Capital, Orion Science Capital, and Fountainhead Partners, and with continuing support of its founding investor CBC Group. Proceeds from the financing will be used to advance clinical development of AffaMed’s robust pipeline of innovative therapeutic candidates, progress business development and partnering activities, and support preparations for future commercialization.

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Since its inception in 2019, AffaMed has built an exceptional global platform to develop therapeutics and solutions to serve patients in Greater China and worldwide. AffaMed has assembled world-class capabilities in clinical development, regulatory affairs and business development under the leadership of its CEO, Dr. Dayao Zhao, a seasoned industry veteran who has previously served as Head of China R&D for Pfizer; as Head of China R&D at the Janssen Pharmaceutical Companies of Johnson & Johnson; and as Genzyme’s head of Japan and Asia Pacific R&D.

Dr. Zhao commented: "AffaMed has established a strong portfolio of therapeutic candidates in ophthalmology and neuroscience and has made significant progress in developing its pipeline over the past year. With the support of this outstanding syndicate of investors who share our vision, we are well-positioned to transform AffaMed into a leading biopharmaceutical company in our chosen therapeutic areas while advancing our pipeline and pursuing new strategic partnerships."

Dr. Bin Li, Founding Partner, CEO and Chief Investment Officer of Lake Bleu Capital said: "AffaMed is a promising biopharmaceutical company with an unparalleled pipeline targeting neurological, psychiatric and ophthalmic disorders. We believe in AffaMed’s world-class management team, clear China and global business development plan, and impressive execution capabilities. Lake Bleu Capital is delighted to partner with the AffaMed team to support their globalization strategy and help unlock new treatment paradigms that will ultimately make a tangible difference to patients globally."

Wei Fu, CEO of CBC Group, commented: "AffaMed has built a robust clinical-stage portfolio with significant market potential, and has articulated a clear and transformative strategy for developing new therapies. Investing in the human talent behind biopharmaceutical companies like AffaMed is at the core of CBC Group’s value creation strategy. We look forward to continuing to support AffaMed’s strong leadership team as it accelerates growth to the next level."

AffaMed Appoints Dr. Ji Li as President and Board Member

In addition to today’s financing news, AffaMed has announced the appointment of Dr. Ji Li as President and member of its Board of Directors. A highly accomplished senior pharmaceutical executive with extensive business development and R&D experience, Dr. Li has previously served as Executive Vice President and Global Head of Business Development at BeiGene; as Vice President of Business Development and Licensing at Merck Research Laboratories, a subsidiary of Merck & Co. Inc.; and as Executive Director of External R&D at Amgen. Dr. Li holds a Ph.D. in Neuroscience from Mount Sinai School of Medicine, and a B.S. in Pharmacology from Shanghai Medical University.

Dr. Li commented: "I am pleased to join AffaMed at this pivotal time in the company’s development. The management team deeply appreciates the trust shown in AffaMed by our existing and new investors, and we are confident we will successfully advance AffaMed’s strategic plan to strengthen and broaden our portfolio towards serving the unmet medical needs of millions of patients in Greater China and the rest of the world."

On March 30, 2021 Acacia Pharma Group plc ("Acacia Pharma", the "Group" or the "Company") (EURONEXT: ACPH), a hospital pharmaceutical company focused on the development and commercialization of new products aimed at improving the care of patients undergoing significant treatments such as surgery, other invasive procedures or cancer chemotherapy, reported the publication of its Annual Report and Financial Statements for the Year ended 31 December 2020 (Press release, Acacia Pharma, MAR 30, 2021, View Source [SID1234577279]).

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The Annual Report is attached below and also available on www.acaciapharma.com in the Investors/Financial Reports and Presentations section.

On March 30, 2021 Pyxis Oncology ("Pyxis" or the "Company") reported the closing of a $152 million Series B financing, led by Arix Bioscience and co-led by RTW Investments, LP, with participation from additional new investors, including Perceptive Advisors, RA Capital Management, Pfizer Ventures, BVF Partners, L.P., Janus Henderson Investors, Cormorant Asset Management, HBM Healthcare Investments, funds managed by Tekla Capital Management LLC, Acuta Capital Partners, Ridgeback Capital Investments, Surveyor Capital (a Citadel company), Laurion Capital Management, Logos Capital, and LifeSci Venture Partners (Press release, Pyxis Oncology, MAR 30, 2021, View Source [SID1234577345]). This round brings Pyxis’ total funding to $174 million. The Longwood Fund-founded Company’s existing Series A investors including Leaps by Bayer, Longwood Fund, Agent Capital and Ipsen also participated in the offering.

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Pyxis will use the proceeds from the financing to advance its differentiated portfolio of ADCs, a growing class of therapies that deliver highly potent targeted treatments directly to cancer cells, including PYX-201 and PYX-203, both in-licensed from Pfizer, and PYX-202, recently in-licensed from LegoChem Biosciences. The Company will also continue advancing its I/O pipeline to pursue a broad range of therapeutic indications.

In conjunction with the Series B financing, Christian Schetter, Ph.D., Managing Director at Arix Bioscience, Gotham Makker, M.D., Head of Strategic Investments at RTW Investments, LP, and Chris O’Donnell, Partner at Pfizer Ventures, will join the Pyxis Board as Directors.

"We are grateful for the support of these highly sophisticated investors as we strive to improve the lives of patients with difficult-to-treat cancers by progressing a diverse portfolio of potentially groundbreaking ADCs and immunotherapies," said Lara Sullivan, M.D., Chief Executive Officer of Pyxis. "This financing strengthens our ability to build a differentiated portfolio of biologics and allows us to accelerate our efforts to advance multiple promising programs into Phase 1 clinical trials."

Christian Schetter, Ph.D., Managing Director of Arix Bioscience, added, "We are pleased to lead this funding round for Pyxis. Our investment reflects our enthusiasm for the strength of both the management team and the Company’s diverse pipeline of biologics, which have the potential to make a meaningful difference for patients. I/O and ADCs represent two of the most promising strategies for treating cancer and we look forward to supporting this team of industry veterans as they build on their history of advancing groundbreaking therapies for patients suffering from difficult-to-treat cancers."

Gotham Makker, M.D., Head of Strategic Investments at RTW Investments, LP, commented, "We are excited to co-lead this funding round. Under the leadership of its expert management team, the company has developed a robust strategy for growth through its multiple biologics platforms, programs and strategic partnerships. We believe that Pyxis will continue to execute its multi-asset multi-platform corporate strategy and quickly grow into an industry leader in oncology."

About PYX-201
PYX-201 is a first-in-class non-internalizing ADC that targets a tumor-restricted antigen that is overexpressed in several solid tumor types to selectively kill tumor cells while enhancing a robust anti-cancer immune response.

About PYX-202
PYX-202 targets a tumor cell surface antigen that is expressed in a range of solid tumors. PYX-202 is an ADC designed to reduce toxicity by using a highly stable linker and a well-understood cytotoxic agent.

About PYX-203
PYX-203 is an ADC that targets an antigen expressed in certain hematologic malignancies. PYX-203 utilizes a highly potent DNA-damaging agent designed to reduce the potential for development of drug resistance and disease relapse.

On March 30, 2021 Terns Pharmaceuticals, Inc. ("Terns" or the "Company") (Nasdaq: TERN), a clinical-stage biopharmaceutical company developing a portfolio of small-molecule single-agent and combination therapy candidates for the treatment of non-alcoholic steatohepatitis (NASH) and other chronic liver diseases, reported financial results for the fourth quarter and full year ended December 31, 2020 and provided a corporate update (Press release, Terns Pharmaceuticals, MAR 30, 2021, View Source [SID1234577361]).

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2020 Business Highlights and Recent Developments

TERN-101 – Liver-distributed farnesoid X receptor (FXR) agonist

Completed patient enrollment in the Phase 2a LIFT study in January 2021; reported final results from a Phase 1 clinical trial, which confirmed sustained liver FXR activation and a favorable tolerability profile
TERN-201 – Vascular adhesion protein-1 (VAP-1) inhibitor

Reported positive results from the completed Phase 1 SAD/MAD clinical trial that demonstrated robust and sustained target engagement and tolerability
TERN-501 – Thyroid hormone receptor-beta (THR-β) agonist

Initiated dosing in a first-in-human Phase 1 SAD/MAD clinical trial
Expanded board of directors

Appointed three industry leaders to the board of directors: David Fellows, most recently Chief Executive Officer (CEO) of Nightstar Therapeutics, Jeff Kindler, CEO of Centrexion Therapeutics and former CEO of Pfizer, and Jill M. Quigley Chief Operating Officer at Passage Bio
Key management team appointments

Added Senthil Sundaram, formerly Chief Financial Officer (CFO) of Nightstar Therapeutics, as CEO and Board Director, Mark Vignola, Ph.D., formerly CFO of Applied Therapeutics, as CFO, and Bryan Yoon, formerly Chief Administrative Officer, General Counsel and Secretary of LogicBio Therapeutics, as Chief Operating Officer and General Counsel, and promoted Erin Quirk, M.D., to President
Strengthened balance sheet

Closed an $87 million Series C financing led by Deerfield Management Company alongside a strategic equity investment from Eli Lilly and Company in December 2020 and completed an upsized $147 million initial public offering in February 2021
Anticipated 2021 Milestones

TERN-101

Report top-line data from the ongoing Phase 2a LIFT study in NASH patients in July 2021
TERN-201

Initiate 12-week Phase 1b clinical trial in NASH patients in 1H21 with expected top-line data in 1H22
TERN-501

Report top-line data from the ongoing Phase 1 trial in 2H21
GLP1-R agonist (oral):

Nominate a final candidate for further development in NASH in 2H21
"2020 was a year of significant growth and momentum at Terns, during which the team made tremendous progress advancing our pipeline of single-agent and combination NASH therapies which in turn allowed us to significantly strengthen our financial position," said Senthil Sundaram, CEO at Terns. "With the recent initiation of our Phase 1 clinical trial of TERN-501, we now have three clinical-stage NASH programs focused on clinically validated targets. As we look ahead to 2021 and 2022, we anticipate data readouts for all three of our ongoing clinical programs and look forward to initiating our first combination clinical trial of TERN-101 and TERN-501 – all with the goal of developing best-in-class therapies we hope can change the lives of people with NASH."

Full Year and Fourth Quarter Financial Results

Cash, Cash Equivalents and Investments Position: As of December 31, 2020, cash, cash equivalents and investments were $74.9 million as compared with $19.7 million as of December 31, 2019. Based on its current operating plan, Terns expects its cash and cash equivalents will be sufficient to fund its planned operating expenses into 2024.
Research and Development (R&D) Expenses: R&D expenses were $7.8 million and $28.0 million for the quarter and year ended December 31, 2020, respectively, as compared with $7.6 million and $61.5 million for the quarter and year ended December 31, 2019, respectively.
General and Administrative (G&A) Expenses: G&A expenses were $1.0 million and $9.0 million for the quarter and year ended December 31, 2020, respectively, as compared with $2.4 million and $8.7 million for the quarter and year ended December 31, 2019, respectively.
Net Loss: Net loss was $9.9 million and $40.6 million for the quarter and year ended December 31, 2020, respectively, as compared with $10.0 million and $68.8 million for the quarter and year ended December 31, 2019, respectively.