On November 20, 2020 F-star Therapeutics, Inc., (Nasdaq: FSTX, as of November 23, 2020) a clinical-stage immuno-oncology company determined to transform the lives of patients with cancer through the development of innovative tetravalent mAb2 bispecific antibodies, reported the completion of its business combination with Spring Bank Pharmaceuticals, Inc. (Nasdaq: SBPH through November 20, 2020), following Spring Bank stockholder approval on November 19, 2020 (Press release, F-star, NOV 20, 2020, View Source [SID1234574522]).

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"We are very excited to start our new journey as a public company through this combination with Spring Bank Pharmaceuticals," said Eliot Forster, president and CEO of F-star Therapeutics. "We are committed to finding new treatments to help patients with cancer live longer. By stopping the disease in its tracks and slowing progression, we envision a future in which cancer will be thought of as a chronic condition, where individuals can manage their disease, maintaining and enjoying productive lives."

Forster continued, "At F-star, we are pioneering a differentiated approach to bispecifics, using a natural human IgG1 antibody format that has already shown early signs of clinical activity, promising safety and employs established manufacturing processes. We seek to help the unmet medical needs of millions of patients with cancer whose initial immuno-oncology treatments have not achieved their hoped-for outcome."

Immediately prior to the combination, Spring Bank effectuated a 1:4 reverse stock split of shares of its common stock. Concurrent with the closing of the business combination today, each outstanding share of F-star was exchanged for Spring Bank common stock at an exchange ratio of 0.1125. The resulting ownership percentages for Spring Bank shareholders and F-star shareholders immediately as of the closing was 46.3% and 53.7%, respectively.

Concurrent with the closing of the combination, an investor syndicate that comprises Atlas, AESCAP, SR One, M Ventures, MH Partners and other new investors, invested $15.0 million in F-star. The projected cash and cash equivalents as of the close of the business combination are expected to be approximately $30 million, net of estimated transaction costs.

The combined company is now headquartered out of F-star’s existing facilities in Cambridge, U.K. and Cambridge, MA. Spring Bank has been re-named F-star Therapeutics, Inc. and will commence trading on the Nasdaq Capital Market on November 23, 2020 under the ticker symbol "FSTX."

Effective with the closing of the combination today, Eliot Forster, Ph.D., MBA, is the President and Chief Executive Officer of the combined company, and the F-star executive management team will remain the key leadership team of the combined company. Additionally, the board of directors of the combined company consists of eight directors. Of the prior Spring Bank board, David Arkowitz, MBA, Todd Brady, M.D., Ph.D. and Pamela Klein, M.D., continue as members of the combined company’s board of directors.

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. served as lead legal counsel to F-star. Mills & Reeve LLP served as UK counsel to F-star, Ladenburg Thalmann & Co. Inc. acted as exclusive financial advisor to Spring Bank for the transaction and Lowenstein Sandler LLP served as legal counsel to Spring Bank.

On November 20, 2020 The Spanish government has announced the public grants corresponding to the State Program for research, development and innovation call — geared towards societal challenges and called "Collaboration Challenges of the year 2019" (Press release, Laminar Pharma, NOV 20, 2020, View Source [SID1234572575]). These are instruments to help meet the needs of the Spanish Science, Technology and Innovation System and its main agents.

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One of the approved proposals has been the project GLIOPROG561 (RTC2019-007399-1) led by our company in collaboration with the CIBIR- Biomedical Research Center of La Rioja (Fundación Rioja Salud) and the University of the Balearic Islands (UIB), whose objective is the "Identification and validation of prognosis response biomarkers in treatment with the LAM561 molecule in patients with glioma and evaluation of the pharmacological activity of its main metabolite".

This is an interdisciplinary project in which lipid chemistry, proteomics, bioinformatics, genomics and molecular biology are combined to maximize the chances of finding effective biomarkers. The participation of the CIBIR in this consortium guarantees — thanks to their extensive experience — high quality bioinformatics analyses and great reliability in the validation of the identified biomarkers.

This project answers one of the call’s objectives, which is the consolidation of R&D and innovation capabilities as well as the generation of knowledge and research teams that carry out their activities in universities, public research organizations and other research organizations. In total, the grant amounts to 1,058,759 euros from the budget of the Ministry of Science and that of the State Research Agency for 2020.

The financed projects all have a duration of several years: they will have begun their execution throughout the present year 2020 and will end on the date indicated in the grant request, between mid and late 2023. The public Challenges-Collaboration grants correspond to the State Program for Generation of Knowledge and Scientific and Technological Strengthening of the R&D and Innovation System, within the framework of the State Program for R&D and Innovation Geared towards the Challenges of Society, belonging to the State Plan for Scientific and Technical Research and Innovation 2017-2020.

The aforementioned State Plan is the main instrument of the General State Administration for the development and achievement of the objectives of the Spanish Strategy for Science and Technology and Innovation 2013-2020 and the European 2020 Strategy. It includes state grants for R&D and innovation, which are preferably awarded through competitive calls. These projects are evaluated by experts from the fields of basic science, clinical science, economics and finance.

On November 20, 2020 Black Diamond Therapeutics, Inc. (Nasdaq: BDTX), a precision oncology medicine company pioneering the discovery and development of small molecule, tumor-agnostic therapies, reported the nomination of BDTX-1535 as the Company’s development candidate for the treatment of glioblastoma multiforme (GBM), as well as the commencement of Investigational New Drug (IND)-enabling studies (Press release, Black Diamond Therapeutics, NOV 20, 2020, View Source [SID1234571569]).

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Additionally, Black Diamond Therapeutics reported a presentation at the 2020 Society for Neuro-Oncology Annual Meeting (SNO) of the pre-clinical data for BDTX-1535 and the biological rationale for a MasterKey approach to treating GBM patients whose tumors harbor allosteric oncogenic mutations in epidermal growth factor receptor (EGFR).

"These pre-clinical data demonstrate the achievement of our program’s key design principles, including potent and selective inhibition of the family of EGFR variants implicated in GBM and penetration of the blood-brain barrier, and further support our ability to develop a novel and differentiated candidate for the treatment of this disease," said Elizabeth Buck, Ph.D., Executive Vice President, Discovery and Translational Sciences at Black Diamond Therapeutics. "This profile, coupled with the in vivo data that showed tumor growth inhibition in intracranial patient-derived xenograft (PDX) tumor models expressing allosteric EGFR mutants, supports the potential for BDTX-1535 to meaningfully transform the treatment paradigm for patients with GBM."

GBM tumors express a family of allosteric oncogenic EGFR variants that often appear together in GBM and, as shown by the Company’s pre-clinical work, must all be effectively inhibited to secure a meaningful anti-tumor response. In cell-based assays, BDTX-1535 achieved potent MasterKey inhibition of all members of the family of oncogenic EGFR variants expressed in GBM with selectivity v. wild-type-EGFR (WT-EGFR). Additionally, in mouse models, BDTX-1535 demonstrated a pharmacokinetic profile that supports its ability to penetrate the blood-brain barrier. BDTX-1535 achieved complete and sustained inhibition of the phosphorylated state of EGFR in mouse models bearing Ba/F3 allosteric EGFR mutants, as well as tumor growth inhibition in mouse models bearing intracranial PDX tumors expressing allosteric EGFR mutants.

"Glioblastoma places an enormous burden on patients and their families, and we’re encouraged by these pre-clinical data that support BDTX-1535’s potential to improve treatment options for those impacted by GBM. The advancement of BDTX-1535 into early development is a critical step in our pursuit of a truly innovative approach for the treatment of this devastating disease," said David M. Epstein, Ph.D., President and Chief Executive Officer of Black Diamond Therapeutics. "We remain committed to the broad deployment of our proprietary MAP platform to produce novel MasterKey inhibitor therapies for a range of genetically defined diseases."

The presentation from the SNO 2020 meeting is available on the "Scientific Presentations and Publications" section of the Black Diamond Therapeutics website.

On November 20, 2020 Shanghai Antengene, a three-year old oncology company, reported that it completed a $340 million IPO in Hong Kong (Press release, Antengene, NOV 20, 2020, View Source [SID1234571518]). The company, which was originally backed by Celgene, said the offering was significantly oversubscribed . Antengene has built a portfolio of 12 first-in-class, only-in-class and best-in-class cancer therapies, six of which have begun clinical trials. It combines in-licensings with internal research. The company says it uses a synergistic approach to "unlock the full therapeutic potential" of its candidates.

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On November 20, 2020 Bicycle Therapeutics plc (NASDAQ:BCYC), a clinical-stage biotechnology company pioneering a new and differentiated class of therapeutics based on its proprietary bicyclic peptide (Bicycle) technology, reported that it has entered into a settlement and license agreement with Pepscan Systems B.V. regarding Bicycle’s use of Pepscan’s CLIPS peptide technology (Press release, Bicycle Therapeutics, NOV 20, 2020, View Source [SID1234571517]).

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The companies have agreed to settle all intellectual property disputes worldwide. Under the terms of the settlement, Bicycle has been granted a license to use CLIPS peptide technology in the development of its product candidates BT1718 and THR-149. Bicycle will pay €3 million upfront, will pay €1 million on the first anniversary of the date of settlement, and will make potential additional payments to Pepscan based on achievement of specified clinical, regulatory and commercial milestones.