1stOncology™: Cancer Intelligence Service – Page 10452 – 1stOncology is recognized as a Top 10 Global Pharma Analytic Provider

December 2020. International Consortium Awarded Eurostars Grant for the Development of First-in-class Treatment of Metastatic Cancer

On December 16, 2020 ONA Therapeutics, Absolute Antibody and RIC-three leading European companies in the biotech landscape reported that have been awarded a Eurostars grant for a two-year project that will develop a proprietary biological drug with a unique mode of action for the treatment of various types of metastatic cancers (Press release, Ona Therapeutics, DEC 16, 2020, View Source [SID1234572930]). Taking the lives of more than 9 million people globally each year, metastatic cancers are often unresponsive to existing cancer treatments, leaving a large unmet need. In order to tackle this important health problem, the newly established consortium-named LIPOLOGIC-will combine industry know-how in complementary areas of drug development: from target discovery, across molecule formatting and manufacturing, to lead selection and characterization.

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!

ONA Therapeutics, a Spanish biotech company specialized in the discovery and development of therapeutic biologics targeting tumor metastatic-initiating cells and lipid metabolism, will take the lead in the LIPOLOGIC program. "Our research demonstrates that the survival of metastatic cells is linked to the intake of certain saturated fats and if we block the capacity for intake of these fats, we significantly reduce the cell’s metastatic potential. We are excited to partner with Absolute Antibody and RIC to develop novel revolutionary therapies that target this mechanism of action and with the potential to treat multiple types of metastatic cancer" said ONA co-founder and CEO Valerie Vanhooren.

Absolute Antibody, experts in recombinant antibody technology, will engineer the biologic into an optimized format and then recombinantly produce and purify the molecule for preclinical analysis. According to Ian Wilkinson, Chief Scientific Officer, "Our contribution to the team will result in a reproducible, defined biologic to progress to the IND stage and clinical trials. We are very excited about the potential of this unique mode of action."

RIC, expert in biopharma analytics, will apply its comprehensive knowledge and in-house platforms to provide the CMC data necessary for evaluating the project’s candidate molecules and selecting the best lead: identifying physicochemical liabilities, better understanding target binding through epitope mapping and evaluating overall pharmacokinetics. "The complex nature of biological products makes the development of innovative therapies like these truly challenging. We are proud to bring our analytical skill set to the table and help make this new type of treatment a reality" said Koen Sandra, CEO at RIC.

The LIPOLOGIC consortium has just kicked off its pre-clinical development against a variety of tumor types and plans to move its lead candidate into first clinical studies in patients with metastatic cancer in the upcoming years. The initiative is funded by the Eurostars-2 joint programme with co-funding from the European Union Horizon 2020 research and innovation programme.

EMMAC Life Sciences Group raises £15 million via successful issue of convertible notes

On December 16, 2020 EMMAC Life Sciences Group ("EMMAC" or the "Group" or the "Company"), Europe’s largest independent cannabis company, reported that it has raised £15.0 million via an issue of Convertible Loan Notes (the "CLN Issue") (Press release, EMMAC Life Sciences, DEC 16, 2020, View Source [SID1234572927]). The CLN Issue saw strong support from existing shareholders, with Measure 8 Venture Partners LP, EMMAC’s largest existing cash investor, leading the round with a significant investment.

EMMAC continues to build upon its leading position as Europe’s largest independent cannabis company and is seeing growth in its key markets in Europe as the demand for premium medical cannabis and wellness products grows. The UK medical cannabis market in particular is witnessing significant momentum, with EMMAC leading the way in enabling greater patient access in terms of product accessibility and cost for patients.

Antonio Costanzo, CEO of EMMAC, said: "We are pleased to see strong interest in this round of funding, which will allow EMMAC to continue to scale and build on its position as the European leader. I would like to take the opportunity to thank Measure 8 for its support leading this funding round and to all shareholders for their support as we grow a robust and sustainable business."

ONO Enters into Exclusive License Agreement with Chordia Therapeutics on CTX-177, a MALT1 Inhibitor, and its Related Compounds

On December 15, 2020, Ono Pharmaceutical Co., Ltd. (Osaka, Japan; President, Representative Director, Gyo Sagara; "ONO") reported that it entered into a license agreement with Chordia Therapeutics Inc. (Kanagawa, Japan; President and CEO, Hiroshi Miyake; "Chordia") on CTX-177, Chordia’s MALT1 inhibitor and its related compounds (Press release, Ono, DEC 15, 2020, View Source [SID1234618703]).

Under the terms of the agreement, ONO will have exclusive global rights to develop, manufacture and commercialize CTX-177 and its related compounds. ONO will pay to Chordia JPY0.8 billion as an upfront payment and JPY2.5 billion at the time of starting Phase 1 clinical study, as one of development milestones. ONO will also pay to Chordia up to JPY49.6 billion if subsequent certain development and commercial milestones are achieved. ONO will also pay to Chordia high-single digits to low double-digit tiered royalties based on net global sales of CTX-177.

Scandion Oncology: Supplement to previously published press release regarding the outcome of Scandion Oncology’s rights issue

On December 15, 2020 As Scandion Oncology A/S ("Scandion" or the "Company") reported that receives approximately SEK 236 million before issue costs from its rights issue (Press release, Scandion Oncology, DEC 15, 2020, View Source;supplement-to-previously-published-press-release-regarding-the-outcome-of-scandio,c3255229 [SID1234574543]). The issue costs amount to approximately SEK 36 million, which has been stated in the prospectus published by the Company on 24 November 2020. Hence, the Company receives net proceeds of approximately SEK 200 million from its rights issue.

SCANDION ONCOLOGY ANNOUNCES OUTCOME IN THE RIGHTS ISSUE

On December 15, 2020 Scandion Oncology A/S ("Scandion" or the "Company") reported that the result of its rights issue (the "Rights Issue"), where the subscription period ended on December 10, 2020, shows that 3,600,363 shares, corresponding to approximately 34 percent of the shares offered, were subscribed for by exercise of subscription rights (Press release, Scandion Oncology, DEC 15, 2020, View Source,c3254864 [SID1234574542]). Additionally, 1,634,048 shares, corresponding to approximately 15 percent of the Right Issue, were subscribed for without use of subscription rights, of which 1,318,505 shares, corresponding to 12 percent of the Rights Issue, were subscribed for by external professional investors. The remaining part of the Rights Issue, corresponding to 5,477,437 shares or approximately 51 percent, were subscribed for by the guarantors. The Rights Issue is therefore fully subscribed and provides Scandion with proceeds amounting to approximately SEK 236 million before issue costs.

Not for publication, distribution or announcement, directly or indirectly, in or into the United States, Australia, Hong Kong, Japan, Canada, New Zealand, Switzerland, Singapore, South Africa or any other jurisdiction in which publication, distribution or announcement of this press release is unlawful or is subject to legal restrictions other than those required by Swedish law.

3,600,363 shares, corresponding to 34 percent of the Rights Issue, were subscribed for using subscription rights.
1,318,505 shares, corresponding to approximately 12 percent of the Rights Issue, were subscribed for by external professional investors.
315,543 shares, corresponding to approximately 3 percent of the Rights Issue, were subscribed for by existing shareholders and others without subscription rights.
The remaining part of the Rights Issue, corresponding to 5,477,437 shares or approximately 51 percent, were subscribed for by the guarantors.
Approximately 1.3 percent of the Rights Issue, corresponding to approximately SEK 3 million, were subscribed for by certain members of the board of directors and the management.
"I am extremely pleased to embrace the capitalization of Scandion Oncology and the strong support from our existing and new shareholders. This capital raise is a defining moment for us in our journey to make a difference for the many patients with drug resistant cancers. With this amount of new funding we are poised to deliver strong validating data for our first in class lead candidate SCO-101 and it gives Scandion Oncology the opportunity to implement our strategy to become the cancer drug resistance company" says Bo Rode Hansen, President & CEO of Scandion Oncology A/S.

Allocation of shares subscribed for without using subscription rights has been done in accordance with the principles stated in the prospectus published on 24 November 2020. Notice of allotment is made through a settlement note sent to the respective subscribers. Payment for allotted shares must be made in accordance with the instructions in the settlement note.

Following settlement and registration of the new shares with the Danish Business Authority, the Company’s share capital will increase by DKK 787,320.8280 to a total of DKK 2,361,962.4840. The number of shares in the Company will increase by 10,711,848 shares to a total of 32,135,544 shares.

Following settlement, trading in paid subscribed shares (BTA) takes place on the Spotlight Stock Market until the BTAs have been converted to ordinary shares, following registration of the new shares with the Danish Business Authority, which is expected to take place during week 52, 2020, at which point the temporary ISIN code for the BTAs will be merged with the permanent ISIN code for the Company’s shares.

Advisors

Vator Securities is financial adviser and Advokatfirman Schjødt (as to Swedish law) and Plesner Advokatpartnerselskab (as to Danish law) are legal advisers to the Company in connection with the Rights Issue.