NKarta Therapeutics’ NKT Cells Elicit Better Response than CAR-T Cells Alone

On February 18, 2021 NKarta Therapeutics is using engineered chimeric antigen receptor natural killer cells (CAR-NK cells) for allogeneic therapy, reported that it showing substantial benefits both in vitro and in vivo, according to James Trager, CSO, speaking Wednesday at the virtual CAR-TCR Summit – Europe (Press release, Nkarta, FEB 18, 2021, View Source [SID1234575345]).

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Specifically, one of NKarta’s two lead compounds, NKX019, "showed robust activity, longer half-life than non-engineered NK cells, faster onset of activity, and the production of fewer cytokines than CAR T cells. A first-in-human trial of NKX019 in B cell malignancies is planned for 2H 2021," Trager said.

"Natural killer cells are the cornerstone of innate immune surveillance," Trager said. They offer allogeneic, "off-the-shelf" accessibility.

NKarta’s engineering enhances their persistence and tumor targeting.

"They are more potent when used allogeneically, and can be scaled to a large degree. They also can be cryopreserved, which lowers the cost of manufacturing," Trager said.

The company’s engineered NK cell program is based on four core technologies. For expansion, the program co-cultures cells with a stimulatory cell line to achieves high doses. Persistence is achieved by expressing membrane-bound IL-15 (mbIL15). For tight targeting, the cells are engineered to express optimized CARs.

"Researchers can put on different targeting heads to change the tropism of the cells," Trager said.

Cryopreservation, the fourth technology, exacts no toll on the cells. Their effectiveness matches that of non-cryopreserved cells.

Notably, NKarta expands the cells before transducing them.

"This puts the expensive part of the process up front," he explained. "Efficacy is much greater when cells are in a robustly proliferatively state, so the expansion and retroviral engineering occur during the first few days." Although such early expansion is not necessarily easy to achieve, "working with small cell numbers lowers cost of goods."

"After that, we’re expanding in a bioreactor," he continued, where continued expansion is driven by the expression of mbIL-15.

This approach drives large-scale manufacturing, enabling NK cells to be expanded more than 1,000-fold (including viral transduction) in two weeks. Trager shared a chart showing the expansion level at 3,364 cells after 15 days. Projected cost estimates for commercial manufacturing, at 500 doses per batch, are approximately $2,000 per dose.

"That’s very competitive in the cell therapy field," Trager said.

"A lot of work goes into this," he pointed out, discussing NK cell engineering. "NK cells, even before we engineer them, provide initial control over tumor cells, but they lose control after a couple of challenges."

NKarta’s engineered, but-not-yet optimized CAR NK cells, in contrast, can withstand six to seven challenges. Optimized CAR-NK cells withstood more than seven challenges by tumor cells.

"Cryopreservation is difficult to achieve while maintaining potency," Trager noted, but NKarta seems to have succeeded. In a chart comparing the activity of cryopreserved and thawed CAR-NK cells to fresh and non-engineered NK cells, the differences in activity among fresh cells and three runs of frozen and thawed NKX101 cells were minuscule.

The real difference was between engineered and non-engineered cells. Tumor activity was approximately three-fold lower for fresh and frozen/thawed CAR-NK cells than non-engineered NKs, and approximately six-fold lower than for controls, thus reinforcing the superiority of the engineered cells.

As Trager said, NKX019, a CD-19-targeted CAR NK, provides "stunning potency" and "options for patients the point of need with, possibly, less risk or toxicity."

Others are reporting beneficial results, too. A trial at MD Anderson Cancer Center (published in the New England Journal of Medicine last year) involving Takeda’s CAR19-NK showed complete responses in more than half of patients with advanced B cell malignancies, and no instances of cytokine release syndrome, graft versus host disease, or neurotoxicity.

NKarta’s studies in mice indicated that cryopreserved NKX019 inhibited tumor activity in lymphoma models, as well as prolonged persistence in tumor-naïve mice. Non-engineered NK cells "have a half-life of about nine days. We can roughly double that with engineering," Trager elaborated.

The goal of this therapy is to maintain the NK cells’ potency while delivering a large number of cells and to ensure acceptable safety profiles. In the case of NKX019, cytokine generation is one-to-two levels of magnitude lower than with unengineered CAR T cells so, Trager surmised, "there’s low risk of triggering cytokine release syndrome."

Additionally, NKX019 works swiftly, with a faster onset of activity and enhanced potency that combine to kill tumor cells faster than CAR19 T cells.

NKarta also is exploring the synergy between NK and T cells for enhanced potency. "When we combine the two cell types, we see greater potency, and additive activity… that is greater than the sum of the individual components," he said.

That synergy between NK and T cells stimulated NK cell proliferation and depressed – but did not halt – T cell proliferation. Furthermore, combining CAR19-NK and CAR19-T cells lowered the accumulation of cytokines associated with cytokine release syndrome. "NK cells act as a sink for cytokines," Trager pointed out.

In mouse models, "The NK or T cells provided limited control but, when combined, survival extended to four months (and in one mouse, six months) before dying of natural causes.

NKarta is eager to learn, later this year, whether such benefits translate to humans.

Bristol Myers Squibb Announces Early Participation Results and Early Settlement of Tender Offers for Up to an Aggregate Purchase Price of Up to $4.0 Billion

On February 18, 2021 Bristol-Myers Squibb Company (NYSE:BMY) ("Bristol Myers Squibb"), with its wholly-owned subsidiary Celgene Corporation ("Celgene") (collectively, the "Offerors"), reported the early participation results, as of 5:00 p.m. (New York City time) on February 18, 2021 (the "Early Tender Deadline"), of the previously announced 20 separate offers to purchase for cash notes issued by the Offerors listed in the tables below for up to an aggregate purchase price of up to $4.0 billion (Press release, Bristol-Myers Squibb, FEB 18, 2021, View Source [SID1234575306]).

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The Offerors were advised by Global Bondholder Services Corporation, as the tender agent and information agent, that as of the Early Tender Deadline, the aggregate principal amounts of the Notes (as defined below) specified in the tables below were validly tendered and not validly withdrawn

* Denotes a series of Notes for which the Total Consideration, the Tender Consideration, and the Offer Yield (each as defined in the Offer to Purchase) will be determined taking into account the par call date, instead of the maturity date, of the Notes of such series in accordance with standard market practice.

The outstanding debt securities listed in (i) the first table above labeled "2023 Pool" are referred to collectively as the "2023 Pool Notes," (ii) the second table above labeled "2024 Pool" are referred to collectively as the "2024 Pool Notes," (iii) the third table above labeled "2025 Pool" are referred to collectively as the "2025 Pool Notes," and (iv) the fourth table above labeled "High Coupon Pool" are referred to collectively as the "High Coupon Pool Notes." The High Coupon Pool Notes, the 2023 Pool Notes, the 2024 Pool Notes and the 2025 Pool Notes are referred to collectively as the "Notes," and each series of Notes is referred to as a "series." We refer to each offer to purchase a series of Notes for cash as an "Offer," the offers to purchase the 2023 Pool Notes collectively as the "2023 Pool Offers," the offers to purchase the 2024 Pool Notes collectively as the "2024 Pool Offers," the offers to purchase the 2025 Pool Notes collectively as the "2025 Pool Offers," the offers to purchase the High Coupon Pool Notes collectively as the "High Coupon Pool Offers," and all the offers to purchase Notes are referred to collectively as the "Offers."

The Offerors’ obligations to accept Notes tendered in the Offers are subject to the terms and conditions described in the Offer to Purchase dated February 4, 2021 (as it may be amended or supplemented from time to time, the "Offer to Purchase") which sets forth a detailed description of the Offers, including (i) the Acceptance Priority Procedures (as defined in the Offer to Purchase")), (ii) a $950 million maximum aggregate purchase price of the 2023 Pool Notes validly tendered in the 2023 Pool Offers, excluding the applicable Accrued Coupon Payments (as defined below) (the "2023 Pool Maximum"), (iii) a $1.5 billion maximum aggregate purchase price of the 2024 Pool Notes validly tendered in the 2024 Pool Offers, excluding the applicable Accrued Coupon Payments (the "2024 Pool Maximum"), (iv) a $650 million maximum aggregate purchase price of the 2025 Pool Notes validly tendered in the 2025 Pool Offers, excluding the applicable Accrued Coupon Payments (the "2025 Pool Maximum"), and (v) a $900 million maximum aggregate purchase price of the High Coupon Pool Notes validly tendered in the High Coupon Pool Offers, excluding the applicable Accrued Coupon Payments (the "High Coupon Pool Maximum").

The withdrawal rights for the Offers expired at 5:00 p.m. (New York City time) on February 18, 2021. All conditions of the Offers were deemed satisfied or waived by the Offerors by the Early Tender Deadline. The Offerors have elected to exercise their Early Settlement Right (as defined in the Offer to Purchase). The Early Settlement Date (as defined in the Offer to Purchase) will occur on February 23, 2021. The Offers will each expire at 11:59 p.m. (New York City time) on March 4, 2021, unless extended or earlier terminated by the Offerors.

Promptly after 11:00 a.m. (New York City time) on February 19, 2021 (the "Price Determination Date"), the Offerors will issue a press release specifying, among other things, (i) the aggregate principal amount of Notes accepted in each Offer, (ii) the offer yield, which is the applicable yield to maturity based on the price of the applicable Reference U.S. Treasury Security for that series as of the Price Determination Date plus the applicable fixed spread (as specified in the Offer to Purchase) (the "Offer Yield"), and (iii) the proration factor (if any) applied to such validly tendered Notes. All Holders of Notes (each, a "Holder" and collectively, "Holders") whose Notes are accepted in an Offer will receive a cash payment equal to accrued and unpaid interest on such Notes to, but not including, the relevant Settlement Date (as defined in the Offer to Purchase) (the "Accrued Coupon Payment") in addition to their Total Consideration or Tender Consideration, as applicable. For the avoidance of doubt, interest will cease to accrue on the Settlement Date for all Notes accepted in the Offers. Under no circumstances will any interest be payable to Holders because of any delay on the part of Global Bondholder Services Corporation, as the tender agent and information agent, The Depository Trust Company or any other party in the transmission of funds to Holders. See the Offer to Purchase for additional information.

All Notes accepted in the Offers will be cancelled and retired and will no longer remain outstanding obligations of the relevant Offeror. Following the Price Determination Date, the Offerors may elect to redeem all of Bristol Myers Squibb’s 4.000% Notes due 2023 or Celgene’s 4.000% Notes due 2023 that are not tendered and accepted in the Offers in accordance with the terms of the optional redemption provisions in the indentures governing such Notes.

The Offerors have retained Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC as dealer managers for the Offers. Questions regarding terms and conditions of the Offers should be directed to Deutsche Bank Securities Inc. at (866) 627-0391 (toll-free) or (212) 250-2955 (collect) or Morgan Stanley & Co. LLC at (800) 624-1808 (toll-free) or (212) 761-1057 (collect). Global Bondholder Services Corporation is acting as the tender agent and the information agent for the Offers (the "Tender and Information Agent").

This announcement is for informational purposes only. This announcement is not an offer to sell or purchase, a solicitation of an offer to sell or purchase, or the solicitation of tenders with respect to any of Notes described herein. The Offers are being made solely pursuant to the Offer to Purchase. The Offers are not being made to Holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the securities laws or blue sky laws require the Offers to be made by a licensed broker or dealer, the Offers will be deemed to be made on behalf of the Offerors by the dealer managers or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.

This communication is not being made by, and has not been approved by, an authorized person for the purposes of Section 21 of the Financial Services and Markets Act 2000, as amended (the "FSMA)". Accordingly, this communication is not being distributed to, and must not be passed on to, persons within the United Kingdom save in circumstances where section 21(1) of the FSMA does not apply.

Accordingly, this communication is only addressed to and directed at (i) persons that are outside the United Kingdom or (ii) persons in the United Kingdom falling within the definition of investment professionals (as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Financial Promotion Order")) or within Article 43 of the Financial Promotion Order, or to other persons to whom it may otherwise lawfully be communicated under the Financial Promotion Order, all such persons together being referred to as "Relevant Persons". Any investment or investment activity to which this communication relates is available only to and will be engaged in only with Relevant Persons, and any person who is not a Relevant Person should not rely on it.

In the European Economic Area, this communication is only directed at qualified investors as defined in Article 2 of Regulation (EU) 2017/1129.

Veru Announces Proposed Public Offering of Common Stock

On February 18, 2021 Veru Inc. (NASDAQ: VERU), an oncology biopharmaceutical company with a focus on developing novel medicines for the management of prostate and breast cancer, reported that it intends to offer and sell, subject to market conditions, shares of its common stock in an underwritten public offering (Press release, Veru, FEB 18, 2021, View Source [SID1234575305]). Veru intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of its common stock offered in the public offering. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

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Jefferies is acting as the sole book-running manager for the offering.

Veru intends to use the net proceeds of the proposed offering for research and development, clinical trial, regulatory, and sales and marketing expenditures, and for working capital and other general corporate purposes.

The offering is being made by Veru pursuant to a shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission (SEC) on June 26, 2020 and declared effective by the SEC on July 1, 2020. The offering will be made only by means of a written prospectus and prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement and accompanying prospectus related to the offering will be filed with the SEC and will be available on the website of the SEC at www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the proposed offering may also be obtained by contacting Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at (877) 821-7388 or by e-mail at [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Nordic Nanovector Sees Significant Improvement in Patient Recruitment Rate in PARADIGME, its Single-arm Phase 2 Pivotal Trial with Betalutin® in R/R Follicular Lymphoma

On February 18, 2021 Nordic Nanovector ASA (OSE: NANOV) reported an update on PARADIGME, its ongoing pivotal Phase 2b trial of Betalutin (177Lu lilotomab satetraxetan) in 3rd-line relapsed/refractory follicular lymphoma (3L R/R FL) (Press release, Nordic Nanovector, FEB 18, 2021, View Source [SID1234575300]).

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Despite COVID has the company seen a significant improvement in the enrolment rate from approximately two to approximately five patients per month. After the expected lessening of COVID restrictions plus the ongoing operational improvements, this rate could further increase to at least seven patients on average per month by late spring.

14 patients were enrolled from November 2020 to 17 February 2021 (three patients from August to November 2020), with visibility on increasing numbers of patients in screening. 73 patients were enrolled as of 17 February 2021 (59 enrolled as of 18 November 2020).

In addition, following discussions with the US Food and Drug Administration and an internal review, the company believes that a robust clinical data set (safety and efficacy) to support a filing at the designated dosing regimen of 40/15 can be achieved with a reduction of the initially targeted population from 130 to 120 patients. On this basis, 47 more patients are required to complete PARADIGME for regulatory submission of Betalutin.

The trial protocol amendments that were submitted in Q3’2020 have now been approved in all of the 24 participating countries including the US. In addition, further initiatives have been implemented, especially in the US, to improve the enrolment rate by entering agreements with organisations that specialise on focused patient enrolment campaigns.

The recent improvement in the enrolment rate has been driven by these protocol amendments and the initiatives being implemented to facilitate trial execution. The company anticipates the enrolment rate to continue improving as the most recent initiatives pay back fully and the impact of COVID-19 recedes with restrictions lifting over time as the roll out of global vaccination programmes takes effect.

As a result, the company is more confident that it can deliver preliminary three-month top-line data from PARADIGME in H2’2021.

Christine Wilkinson Blanc, Chief Medical Officer of Nordic Nanovector, commented: "We are beginning to see an encouraging improvement in the enrolment rate for PARADIGME based on changes to the trial protocol and the initiatives we are implementing to improve the execution of the trial. We now have clarity from key regulators on the clinical data set that is expected as a basis for our filing. This clarity, in conjunction with the improving enrolment rate and the continuing recruitment initiatives, gives us confidence that we can meet our goal of having preliminary three-month top-line data in H2′ 2021."

Protalix BioTherapeutics Completes Raise of Approximately $40 Million in Gross Proceeds

On February 18, 2021 Protalix BioTherapeutics, Inc. (NYSE American: PLX) (TASE: PLX), a biopharmaceutical company focused on the development, production and commercialization of recombinant therapeutic proteins produced by its proprietary ProCellEx plant cell–based protein expression system, reported it has completed a raise bringing in gross proceeds of approximately $40 million, before deducting the underwriting discount and estimated expenses of the offering (Press release, Protalix, FEB 18, 2021, View Source [SID1234575299]). BofA Securities acted as book-running manager for the offering with Oppenheimer & Co. acting as co-manager.

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"I am very proud of our team for all our accomplishments this past year, especially having executed on our strategic plans during the global pandemic. We are on a new trajectory as a company with the potential upcoming commercial launch in a significant market with a new, exciting treatment option for patients, if approved; a pipeline of proprietary assets designed to enhance shareholder value supported by a strong balance sheet allowing us to execute on our strategic goals," said Dror Bashan, President and Chief Executive Officer of Protalix.

Eyal Rubin, Chief Financial Officer of Protalix added, "With this financing, we were able to accomplish our goal of bringing in new institutional investors to the Company while strengthening our balance sheet to accelerate clinical trial development. We are grateful for the commitment and the confidence in our strategic plans and goals and look forward to continuing to execute and achieve our milestones planned for this year."

Protalix intends to use the net proceeds from the offering to fund clinical trials for its product candidates, to fund its research and development activities and for working capital and other general corporate purposes.