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ImmunoGen Announces Conference Call to Discuss Its Second Quarter 2021 Operating Results

On July 15, 2021 ImmunoGen Inc. (Nasdaq: IMGN), a leader in the expanding field of antibody-drug conjugates (ADCs) for the treatment of cancer, reported that the Company will host a conference call at 8:00 a.m. ET on Friday, July 30, 2021 to discuss its second quarter operating results (Press release, ImmunoGen, JUL 15, 2021, View Source [SID1234586881]). Management will also provide a brief update on the business.

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Conference Call Information

To access the live call by phone, dial (877) 621-5803; the conference ID is 1789134. The call may also be accessed through the Investors and Media section of the Company’s website, www.immunogen.com. Following the call, a replay will be available at the same location.

LifeArc and PharmEnable team up to discover novel oral antiviral drugs to treat coronaviruses

On July 15, 2021 PharmEnable, an AI drug discovery company unlocking challenging biological targets, reported that it has entered into a drug discovery collaboration with LifeArc, an independent UK medical research charity, to apply their respective technologies and expertise to discover novel oral antiviral drugs with activity against coronaviruses (Press release, LifeArc, JUL 15, 2021, View Source [SID1234585348]).

The COVID-19 pandemic has not only demonstrated the threat that novel and variant viruses pose, but also the vital role of innovative science to develop vaccines and drugs to combat infection, improving patient health while minimising economic impact. Although vaccines will be invaluable in controlling the pandemic, they are rarely 100% effective. The impact of COVID-19 is showing no signs of abating with the risk of new variants and novel coronaviruses remaining an ever-present threat.

The aim of the risk-sharing collaboration is to produce an oral therapeutic that has broad applicability across SARS-CoV-2 variants and emerging coronaviruses.

PharmEnable’s approach identifies three-dimensional (3D) small molecule drug candidates with improved specificity compared with traditional screening methods. Its proprietary advanced artificial intelligence (AI)-enabled and medicinal chemistry platform allows the company to mine unexplored chemical space to deliver innovative medicines, and has been used to identify and develop novel, highly specific drug leads.

LifeArc plays a vital role in advancing medical research through funding, advice and scientific expertise to translate early discoveries into patient benefit. Since the beginning of the pandemic, LifeArc has contributed £27m to research projects to address the healthcare challenges of COVID-19. Within this collaboration, it will provide resources for the synthesis, optimisation and biological validation of molecules and contribute its expertise in the translation of early-stage science into healthcare treatments.

Dr Hannah Sore, Chief Executive Officer of PharmEnable, said: "We are delighted that PharmEnable was chosen by LifeArc as part of its highly competitive coronavirus initiative. Our platform is proven in its ability to tap unexplored parts of the chemical universe to find novel and specific small molecule candidates for important and challenging targets. Combining our platform with the expertise and experience of LifeArc should enable us to generate several powerful oral drug candidate molecules against SARS-CoV-2 variants and similar viruses.

"We are excited that by working with LifeArc our technology platforms might play a role in expanding the arsenal of treatments available to manage coronavirus-related diseases and save lives."

Dr Justin Bryans, Executive Director, Drug Discovery and Diagnostics at LifeArc added: "We have been actively mobilising our resources and have forged new partnerships to enable us to find ways in which to address the ongoing challenges of COVID-19. This promising new collaboration combines our drug discovery expertise and translational science skills with PharmEnable’s technology to discover novel, anti-viral drug therapies that may be highly effective against evolving coronaviruses."

Entry into a Material Definitive Agreement

On July 15, 2021, Generex Biotechnology Corporation (the "Company") reported that it closed on a funding transaction by entering into a Securities Purchase Agreement with an investor pursuant to which the Company agreed to sell and sold a secured convertible promissory note bearing interest at 8% per annum with a 12-month maturity date (the "Note") in the aggregate principal amount of $1,085,000 (Filing, 8-K, Generex, JUL 15, 2021, View Source [SID1234585012]). The purchase price of the Note was $1,000,000 with $70,000 of principal amount represented original issue discount, along with the issuance of 705,173 shares of the Company’s common stock, as inducement shares. Pursuant to the Securities Purchase Agreement, the Company also sold to the Investor warrants to purchase up to an aggregate 904,167 shares of common stock.

Subject to certain ownership limitations, the Note will be convertible at the option of the holder six months from the issue date into shares of the Company’s common stock at an effective conversion price of the lower of (i) $0.60 and (ii) 75% of the lowest VWAP during the 30 consecutive trading days immediately preceding the delivery of the conversion. Subject to certain ownership limitations, the warrants will be exercisable after the six-month anniversary of the initial exercise date through the fifth anniversary of issuance at an exercise price of $0.60 per share of common stock.

The conversion price of the Note and the exercise of the warrants will be subject to adjustment in the case of stock splits, stock dividends, combinations of shares, similar recapitalization transactions and certain pro-rata distributions to common stockholders. If the Company defaults on a timely repayment, then the conversion price will also be adjusted if the Company sells or grants any shares of common stock or securities convertible into, or rights to acquire, common stock at an effective price per share that is lower than the then conversion price, except in the event of certain exempt issuances.

The Company is required to file a registration statement with the SEC by July 26, 2021, and have the registration statement become effective within 90 days of closing.

The Company has the right to prepay the Note at a premium after issuance. If the Note is prepaid within 60 days, the Company will pay 105% of the principal amount; if the Note is prepaid after 60 days but prior to 90 days, the Company will pay 110% of the principal amount. If the Note is prepaid after 90, the Company will pay 120% of the principal amount.

The net cash proceeds to the Company from the sale of the Note, after deducting the Company’s estimated offering expenses, and excluding the proceeds, if any, from the exercise of the warrants issued in the offering, is expected to be approximately $1,000,000.

The Note, warrants, and the shares of common stock underlying the warrants, were offered privately pursuant to Rule 506 of Regulation D under the Securities Act of 1933.

Entry into a Material Definitive Agreement.

On July 15, 2021, Royalty Pharma plc (the "Issuer") reported that it entered into an underwriting agreement (the "Underwriting Agreement"), by and among the Issuer, Royalty Pharma Holdings Limited (the "Guarantor"), RP Management, LLC (the "Manager") and BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC, as representatives of the several underwriters listed on Schedule I thereto (the "Underwriters"), pursuant to which the Issuer has agreed to issue and sell to the Underwriters $600 million aggregate principal amount of its 2.150% Senior Notes due 2031 and $700 million aggregate principal amount of its 3.350% Senior Notes due 2051 (the "Notes") in a registered public offering pursuant to an effective shelf registration statement on Form S-3 (Registration File No. 333- 257883) (Filing, 8-K, Royalty Pharma , JUL 15, 2021, View Source [SID1234584917]). The Notes will be guaranteed on a senior unsecured basis by Royalty Pharma Holdings Ltd. The offering is expected to close on July 26, 2021, subject to the satisfaction of customary closing conditions. The description of the Underwriting Agreement contained herein is qualified in its entirety by reference to the Underwriting Agreement, a copy of which is included as Exhibit 1.1 to this Current Report on Form 8-K and is incorporated herein by reference.

ERASCA ANNOUNCES PRICING OF UPSIZED INITIAL PUBLIC OFFERING

On July 15, 2021 Erasca, Inc. (Nasdaq: ERAS), a clinical-stage precision oncology company singularly focused on discovering, developing, and commercializing therapies for patients with RAS/MAPK pathway-driven cancers, reported the pricing of its upsized initial public offering of 18,750,000 shares of common stock at an initial public offering price of $16.00 per share (Press release, Erasca, JUL 15, 2021, View Source [SID1234584916]). All of the shares are being offered by Erasca. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Erasca, are expected to be $300.0 million. The shares are expected to begin trading on the Nasdaq Global Select Market on July 16, 2021 under the ticker symbol "ERAS." The offering is expected to close on July 20, 2021, subject to the satisfaction of customary closing conditions. In addition, Erasca has granted the underwriters a 30-day option to purchase up to an additional 2,812,500 shares of common stock at the initial public offering price, less underwriting discounts and commissions.

J.P. Morgan, Morgan Stanley, BofA Securities, Evercore ISI and Guggenheim Securities are acting as joint book-running managers for the offering.

Registration statements relating to the offering have been filed with the Securities and Exchange Commission and became effective on July 15, 2021. The offering will be made only by means of a prospectus. When available, copies of the final prospectus may be obtained from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by telephone at (866) 803-9204, or by email at [email protected]; from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, or by email at [email protected]; from BofA Securities, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, North Carolina 28255-0001, Attention: Prospectus Department, or by email at [email protected]; from Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, New York 10055, by telephone at (888) 474-0200, or by email at [email protected]; or from Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, New York 10017, by telephone at (212) 518-9544, or by email at [email protected].

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