FDA approves Libtayo® (Cemiplimab-rwlc) as first immunotherapy indicated for patients with advanced basal cell carcinoma

On February 9, 2021 Sanofi reported The U.S. Food and Drug Administration (FDA) has approved the PD-1 inhibitor Libtayo (cemiplimab-rwlc) as the first immunotherapy indicated for patients with advanced basal cell carcinoma (BCC) previously treated with a hedgehog pathway inhibitor (HHI) or for whom an HHI is not appropriate (Press release, Sanofi, FEB 9, 2021, View Source [SID1234574794]). Full approval was granted for patients with locally advanced BCC and accelerated approval was granted for patients with metastatic BCC.

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"Patients with advanced forms of basal cell carcinoma face a very difficult prognosis," said Peter Adamson, Global Development Head, Oncology and Pediatric Innovation at Sanofi. "Thanks to the participation and support of researchers, clinicians, and patients around the world, we are proud to bring forward a new immunotherapy treatment option for appropriate patients in the U.S. affected by advanced BCC, another devastating non-melanoma skin cancer. Together with Regeneron, we continue to develop Libtayo in numerous clinical trials and settings, including as monotherapy and in combination with several other therapeutic approaches as part of our commitment to innovation towards meaningful treatment options for patients with significant unmet needs."

Libtayo is the first treatment to show a clinical benefit in patients with advanced BCC after HHI therapy in a pivotal trial. The full approval in locally advanced BCC is based on the primary analysis from the trial, and the accelerated approval in metastatic BCC is based on an interim analysis showing the impact of Libtayo on tumor response rate and durability of response. Continued approval may be contingent on additional data from the trial verifying clinical benefit.

"Today’s FDA approval of Libtayo will change the treatment paradigm for patients with advanced basal cell carcinoma," Karl Lewis, M.D., Professor in the Division of Medical Oncology at the University of Colorado and a trial investigator. "Advanced basal cell carcinoma is a persistent, painful and highly disfiguring cancer. While the primary systemic treatment options are hedgehog inhibitors, many patients will eventually progress on or become intolerant to this therapy. With Libtayo, these patients now have a new immunotherapy option that has demonstrated clinically meaningful and durable anti-tumor responses in locally advanced BCC."

This marks the second U.S. approval for Libtayo, and is based on FDA Priority Review, which is reserved for medicines that, if approved, would represent significant improvements in safety or efficacy in treating serious conditions. In 2018, Libtayo was approved as the first systemic treatment for adults with metastatic cutaneous squamous cell carcinoma (CSCC) or locally advanced CSCC who are not candidates for curative surgery or curative radiation. Immune-mediated adverse reactions, which may be severe or fatal, can occur in any organ system or tissue during or after treatment with Libtayo.

BCC is the most common type of skin cancer in the U.S., with approximately two million new cases diagnosed every year. While the vast majority of BCCs are caught early and cured with surgery and radiation, a small proportion of tumors can become advanced and penetrate deep into surrounding tissues (locally advanced) or spread to other parts of the body (metastatic), which is more difficult to treat.

"With today’s approval, Libtayo is now approved for both advanced cutaneous squamous cell and basal cell carcinomas, building a strong foundation in dermato-oncology," said Israel Lowy, M.D., Ph.D., Senior Vice President, Translational and Clinical Sciences, Oncology, at Regeneron. "Beyond skin cancers, we also continue to investigate the potential of Libtayo in other difficult-to-treat cancers, starting with non-small cell lung cancer where an FDA decision is expected by the end of February."

Pivotal Clinical Trial Supporting the Approval

The FDA approval of Libtayo was based on an open-label, multicenter, non-randomized Phase 2 trial of patients with unresectable locally advanced BCC or metastatic BCC (nodal or distant). This was the largest prospective clinical trial (n=132) among this patient population, with 112 patients included in the efficacy analysis. Patients in both cohorts had either progressed on HHI therapy, had not had an objective response after 9 months on HHI therapy, or were intolerant of prior HHI therapy.

The primary efficacy endpoint was confirmed objective response rate (ORR) and a key secondary endpoint was duration of response (DOR), assessed by independent central review.

Efficacy results for patients treated with Libtayo 350 mg every three weeks were clinically meaningful and durable, with specific data as follows:

+: Denotes ongoing at last assessment

Median duration of follow up: mBCC 9.5 months; laBCC 15.1 months
With longer follow-up, ORR in laBCC increased to 26 patients (31%) as reported at ESMO (Free ESMO Whitepaper) 2020
Among patients evaluable for safety (n=132), the most common adverse reactions reported in at least 15% of patients were fatigue, musculoskeletal pain, diarrhea, rash, pruritus and upper respiratory tract infection. Serious adverse reactions occurred in 32% of patients; those occurring in at least two patients included urinary tract infection, colitis, acute kidney injury, adrenal insufficiency, anemia, infected neoplasm and somnolence. Adverse reactions resulting in permanent discontinuation occurred in 13% of patients, with the most common reactions (occurring in at least two patients) being colitis and general physical health deterioration.

About Libtayo

Libtayo is a fully-human monoclonal antibody targeting the immune checkpoint receptor PD-1 on T-cells. By binding to PD-1, Libtayo has been shown to block cancer cells from using the PD-1 pathway to suppress T-cell activation.

The recommended dose of Libtayo is 350 mg administered as an intravenous infusion over 30 minutes every three weeks, until disease progression or unacceptable toxicity. Libtayo is available as a single-dose 350 mg vial. No PD-L1 or tumor mutational burden (TMB) testing is required before starting treatment with Libtayo for advanced BCC.

In the U.S., the generic name for Libtayo in its approved indications is cemiplimab-rwlc, with rwlc as the suffix designated in accordance with Nonproprietary Naming of Biological Products Guidance for Industry issued by the FDA. Outside of the U.S., the generic name for Libtayo in its approved indication is cemiplimab.

About the Libtayo Development Program

Libtayo is currently under Priority Review by the FDA for advanced non-small cell lung cancer with ≥50% PD-L1 expression with a target action date of February 28, 2021. The European Medicines Agency (EMA) is assessing Libtayo in both advanced NSCLC with ≥50% PD-L1 expression and locally advanced BCC following treatment with a hedgehog inhibitor, and decisions from the European Commission are expected in mid-2021.

The extensive clinical program for Libtayo is focused on difficult-to-treat cancers. In skin cancer, this includes trials in adjuvant and neoadjuvant CSCC. Libtayo is also being investigated in pivotal trials in NSCLC (in combination with chemotherapy) and cervical cancer, as well as in trials combining Libtayo with either conventional or novel therapeutic approaches for both solid tumors and blood cancers. These potential uses are investigational, and their safety and efficacy have not been evaluated by any regulatory authority.

Libtayo is being jointly developed by Sanofi and Regeneron under a global collaboration agreement.

Veracyte Announces Closing of Public Offering of Common Stock and Full Exercise of Underwriters’ Option to Purchase Additional Shares

On February 9, 2021 Veracyte, Inc. (Nasdaq: VCYT) reported the closing of its public offering of 8,547,297 shares of common stock, including 1,114,864 shares sold upon full exercise of the underwriters’ option to purchase additional shares, at a price to the public of $74.00 per share (Press release, Veracyte, FEB 9, 2021, View Source [SID1234574792]). The net proceeds to Veracyte from the offering were approximately $593.8 million, after deducting underwriting discounts and commissions and estimated offering expenses.

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Goldman Sachs & Co., LLC and SVB Leerink LLC acted as joint lead book-running managers for the offering. William Blair & Company, L.L.C. acted as a book-running manager and BTIG, LLC, Needham & Company, LLC, and Lake Street Capital Markets, LLC acted as co-managers.

The public offering was made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission on February 3, 2021. This offering was made solely by means of a prospectus supplement and accompanying prospectus relating to and describing the terms of the offering, copies of which may be obtained by contacting Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by email at [email protected], or by telephone at (866) 471-2526; or SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, Massachusetts 01220, by email at [email protected], or by telephone at (800) 808-7525, ext. 6105.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or other 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 other jurisdiction.

Veracyte, Afirma, Percepta, Envisia, Prosigna, "Know by Design" and the Veracyte, Afirma, Percepta, Envisia and Prosigna logos are Veracyte’s registered trademarks in the U.S. and selected countries.

Exelixis to Host Investor Briefing to Discuss Data Presented at the American Society of Clinical Oncology’s 2021 Genitourinary Cancers Symposium

On February 9, 2021 Exelixis, Inc. (Nasdaq: EXEL) reported that it will host an investor briefing to discuss data presented at the American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper)’s 2021 Genitourinary Cancers Symposium (ASCO GU 2021) (Press release, Exelixis, FEB 9, 2021, View Source [SID1234574791]). The online-only event will be held on Saturday, February 13, 2021, beginning at 5:30 p.m. EST / 2:30 p.m. PST.

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During the briefing, Exelixis management and invited guests from the clinical community will discuss and provide context for cabozantinib clinical data presented at ASCO (Free ASCO Whitepaper) GU 2021, including updated results with extended follow-up data from CheckMate -9ER, the phase 3 pivotal trial evaluating CABOMETYX (cabozantinib) in combination with OPDIVO (nivolumab) compared with sunitinib as first-line treatment in patients with advanced or metastatic renal cell carcinoma (RCC). The investor briefing is also expected to include discussion of other ASCO (Free ASCO Whitepaper) GU 2021 data sets evaluating the use of cabozantinib in treatment settings for RCC and other genitourinary cancers.

To access the investor briefing, log onto www.exelixis.com and proceed to the News & Events / Event Calendar page under the Investors & Media heading. Please connect to the company’s website at least 15 minutes prior to the event to ensure adequate time for any software download that may be required to view the webcast. After the event concludes, a replay will be available at that same location for a minimum of one year.

Deciphera Pharmaceuticals, Inc. Announces Fourth Quarter and Full Year 2020 Financial Results

On February 9, 2021 Deciphera Pharmaceuticals, Inc. (NASDAQ:DCPH) reported financial results for the fourth quarter and year ended December 31, 2020, and provided a business update (Press release, Deciphera Pharmaceuticals, FEB 9, 2021, View Source [SID1234574790]).

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"We made significant progress in 2020 with the successful launch of QINLOCK, completing enrollment in the Phase 3 INTRIGUE study in second-line GIST patients, and generating promising new data for both vimseltinib and rebastinib," said Steve Hoerter, President and Chief Executive Officer of Deciphera Pharmaceuticals. "We’re incredibly excited by the opportunities ahead for the Company in 2021. Specifically, we look forward to top-line results from the INTRIGUE study and are actively preparing for a potential EMA approval for QINLOCK in fourth-line GIST in the second half of this year."

Mr. Hoerter continued, "In addition, we remain very excited by the prospects of our maturing pipeline. We are on track to report additional data from and finalize pivotal development plans for both vimseltinib and rebastinib in the second half of this year, and also plan to initiate the Phase 1 study of DCC-3116, our ULK kinase inhibitor for the potential treatment of patients with cancers driven by mutations in RAS or RAF genes, in the second quarter of 2021."

Fourth Quarter 2020 Highlights and Upcoming Milestones

QINLOCK (ripretinib)
Recorded $19.5 million in QINLOCK net product revenue in the fourth quarter of 2020, including $18.5 million in U.S. net product revenue.
Completed enrollment in the INTRIGUE Phase 3 clinical study evaluating the efficacy and safety of QINLOCK compared to sunitinib in patients with second-line GIST. Top-line results for this study are expected in the second half of 2021.
Received validation from the European Medicines Agency (EMA) for the Marketing Authorisation Application for QINLOCK in fourth-line GIST. Potential EMA approval is expected in the second half of 2021.
Presented new data at the Connective Tissue Oncology Society (CTOS) 2020 Virtual Annual Meeting with results from an exploratory analysis from the Phase 3 INVICTUS study that highlighted the broad spectrum of mutations that drive GIST and clinical data demonstrating QINLOCK’s clinically meaningful activity in patients with a broad spectrum of KIT and PDGFRA mutations.
Expects potential approval from the China National Medical Products Administration (NMPA) in the first half of 2021.
Vimseltinib (DCC-3014)
Presented preliminary results from the ongoing Phase 1/2 study of vimseltinib, a CSF1R inhibitor, in patients with tenosynovial giant cell tumor (TGCT) at the CTOS 2020 Virtual Annual Meeting. The results showed a 41% objective response rate, confirmed and unconfirmed, including one confirmed complete response, and treatment was generally well-tolerated with treatment-emergent adverse events mostly grade 1 or 2. Based on these preliminary results, the expansion cohorts for vimseltinib in TGCT patients opened at the recommended Phase 2 dose of 30 mg twice weekly.
Expects to present updated data from the ongoing Phase 1/2 study in patients with TGCT in the second half of 2021.
Plans to finalize the pivotal development plan for vimseltinib in TGCT in the second half of 2021.
Rebastinib
Completed enrollment in the endometrial cancer cohort and the platinum-resistant ovarian cancer cohort of the ongoing Phase 1b/2 study of rebastinib, an inhibitor of TIE2, in combination with paclitaxel.
Expects to present updated data from the ongoing Phase 1b/2 study of rebastinib in combination with paclitaxel in the endometrial cancer cohort in the second quarter of 2021, and the platinum-resistant ovarian cancer cohort in the second half of 2021.
Plans to finalize the pivotal development plan for rebastinib in combination with paclitaxel in the second half of 2021.
DCC-3116
Submitted an Investigational New Drug (IND) application to the U.S. Food and Drug Administration (FDA).
Plans to initiate the Phase 1, multicenter, open-label, first-in-human study of DCC-3116 as a single agent and then in combination with trametinib in patients with advanced or metastatic tumors with a mutant RAS or RAF gene in the second quarter of 2021.
Corporate Update
Today announced the appointment of Margarida Duarte as Senior Vice President, Head of International. Ms. Duarte was most recently Vice President, Head of Commercial for Canada, Europe, Middle East and Africa at Alnylam Pharmaceuticals, where she was instrumental in the launch of multiple new products. She brings to Deciphera over 15 years of experience in the global pharmaceutical industry and previous leadership roles in commercial, marketing, and strategy, along with experience leading cross functional teams in medical, regulatory, supply chain, and global product development.
Fourth Quarter and Full Year 2020 Financial Results

Revenue: Total net revenue for fourth quarter was $19.5 million, which includes U.S. sales of QINLOCK of $18.5 million and ex-U.S. sales of QINLOCK of $1.0 million. In the fourth quarter of 2019, the Company did not generate revenue. Total revenue for the year ended December 31, 2020 was $42.1 million, which includes $39.5 million in sales of QINLOCK and $2.6 million in collaboration revenue. Net product revenues for the year ended December 31, 2020 includes U.S. sales of QINLOCK of $38.0 million and ex-U.S. sales of QINLOCK of $1.5 million. This compares to total revenue of $25.0 million for the year ended December 31, 2019, which was related to the Company’s exclusive license agreement with Zai Lab to advance the development and commercialization of ripretinib in Greater China.
Cost of Sales: Cost of sales were $0.1 million in the fourth quarter of 2020 and $0.2 million for the year ended December 31, 2020. There were no cost of sales in 2019 as no product sales were generated during that period. Cost of sales will not be significant until the initial pre-launch inventory is depleted, and additional inventory is manufactured and sold.
R&D Expenses: Research and development expenses for the fourth quarter of 2020 were $52.3 million, compared to $46.6 million for the same period in 2019, and $199.0 million for the year ended December 31, 2020, compared to $157.6 million for the same period in 2019. The increase was primarily due to personnel costs, preclinical costs, and clinical trial costs related to vimseltinib, rebastinib, DCC-3116, and the Phase 3 INTRIGUE study in second-line GIST. The increase was partially offset by a decrease in clinical trial expenses related to the Phase 3 INVICTUS study in fourth-line and fourth-line plus GIST. Non-cash, stock-based compensation was $17.4 million and $7.9 million for the year ended December 31, 2020 and 2019, respectively.
SG&A Expenses: Selling, general and administrative expenses for the fourth quarter of 2020 were $30.1 million, compared to $23.7 million for the same period in 2019 and $114.1 million for the year ended December 31, 2020, compared to $68.1 million for the same period in 2019. The increase was primarily due to personnel costs as well as external spend associated with commercial preparedness and launch of QINLOCK, increased expenses incurred in connection with Deciphera’s new headquarters that commenced in October 2019, and technology-related costs to support the growth of the business. Non-cash, stock-based compensation was $19.7 million and $12.5 million for the year ended December 31, 2020 and 2019, respectively.
Net Loss: For the fourth quarter of 2020, Deciphera reported a net loss of $62.7 million, or $1.10 per share, compared with a net loss of $67.2 million, or $1.31 per share, for the same period in 2019. Net loss for the year ended December 31, 2020 was $266.5 million, or $4.78 per share, compared with a net loss of $192.3 million, or $4.48 per share, for the year ended December 31, 2019.
Cash Position: As of December 31, 2020, cash, cash equivalents and marketable securities were $561.3 million, compared to $579.6 million as of December 31, 2019. Based on its current operating plans, Deciphera expects its current cash, cash equivalents, and marketable securities together with anticipated product revenues, but excluding any potential future milestone payments or other payments under its collaboration or license agreements, will enable the Company to fund its operating and capital expenditures into the second half of 2022.
Conference Call and Webcast

Deciphera will host a conference call and webcast to discuss this announcement today, February 9, 2021 at 4:30 PM ET. To access the live call by phone please dial (866) 930-5479 (domestic) or (409) 216-0603 (international); the conference ID is 5826559. A live audio webcast of the event may also be accessed through the "Investors" section of Deciphera’s website at www.deciphera.com. A replay of the webcast will be available for 30 days following the event.

Quest Diagnostics to Host Virtual Investor Day On March 11, 2021

On February 9, 2021 Quest Diagnostics (NYSE: DGX), the world’s leading provider of diagnostic information services, reported that it will host a virtual Investor Day for institutional investors and financial analysts on Thursday, March 11, 2021 at 9:00 a.m. ET.
During the event, Steve Rusckowski, Chairman, CEO and President, Mark Guinan, Executive Vice President & Chief Financial Officer, and other senior executives will provide updated views of the U.S. laboratory market and the company’s growth and capital deployment strategies (Press release, Quest Diagnostics, FEB 9, 2021, View Source [SID1234574789]).

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To access the live webcast, including audio, video and presentation slides, register here. Securities analysts and institutional investors are advised to register in advance.

Investors and analysts will have an opportunity to ask questions in live Q&A sessions with speakers. Participants who would like to ask a question can dial 888-455-0391 within the U.S. and Canada, or (773) 756-0467 internationally, using the passcode "7895081."

Interested parties unable to watch the live webcast will be able to view and listen to an archived copy of the webcast, which will be available on the Quest Diagnostics Investor Relations website following the conclusion of the event.