On August 14, 2020 Equillium, Inc. (Nasdaq: EQ), a clinical-stage biotechnology company developing itolizumab to treat severe autoimmune and inflammatory disorders, reported that it intends to offer and sell shares of its common stock in an underwritten registered public offering (Press release, Equillium, AUG 14, 2020, View Source [SID1234563659]). All of the shares in the offering are to be sold by Equillium. Equillium also intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock offered in the public offering at the public offering price, less underwriting discounts and commissions. 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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Equillium expects to use the net proceeds from this offering to primarily fund the continued development of current and any future product candidates in its pipeline, potential acquisitions of new products, and for working capital, capital expenditures and general corporate purposes.

Jefferies, SVB Leerink and Stifel are acting as the joint book-running managers for this offering. H.C. Wainwright & Co. is acting as financial advisor to Equillium for this offering.

A registration statement on Form S-3 has been filed with the Securities and Exchange Commission (SEC) and was declared effective on November 25, 2019. The offering of these securities will be made only by means of a preliminary prospectus supplement and accompanying prospectus forming part of the effective registration statement relating to the shares. A copy of the preliminary prospectus supplement and accompanying prospectus relating to the offering, when available, may be obtained by contacting Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at 877-547-6340 or by email at [email protected]; SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, by telephone at 800-808-7525, ext. 6218 or by email at [email protected]; or Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, A 94104, by telephone at 415-364-2720 or by email at [email protected].

Before investing in this offering, you should read in their entirety the preliminary prospectus supplement and the accompanying prospectus and the other documents that Equillium has filed with the SEC that are incorporated by reference in the preliminary prospectus supplement and the accompanying prospectus, which provide more information about Equillium and such offering.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these 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.

On August 14, 2020 RAPT Therapeutics, Inc. (Nasdaq: RAPT), a clinical-stage, immunology-based biopharmaceutical company focused on discovering, developing and commercializing oral small molecule therapies for patients with significant unmet needs in oncology and inflammatory diseases, reported financial results for the second quarter ended June 30, 2020 and provided an update on recent operational and business progress (Press release, RAPT Therapeutics, AUG 14, 2020, View Source [SID1234563658]).

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"We remain on track to report initial results from our Phase 1/2 trial of FLX475 later this year and to report results from our Phase 1b study of RPT193 in patients with atopic dermatitis by year end," said Brian Wong, M.D., Ph.D., President and CEO of RAPT Therapeutics. "We are pleased with the progress we are making in moving our programs forward and adapting our organization in the face of the COVID-19 pandemic."

Financial Results for the Second Quarter and Six Months Ended June 30, 2020

Second Quarter Ended June 30, 2020
Net loss for the second quarter of 2020 was $12.4 million, compared to $10.6 million for the second quarter of 2019.

Research and development expenses for the second quarter of 2020 were $11.0 million, compared to $8.3 million for the same period in 2019 due to increased clinical costs for FLX475 and RPT193 as well as increased personnel costs associated with these studies and stock-based compensation expenses, offset by a decrease in lab supplies used for preclinical research.

General and administrative expenses for the second quarter of 2020 were $2.8 million, compared to $2.7 million for the same period of 2019. The slight increase was primarily due to an increase in stock-based compensation expense and costs associated with our public company status, offset by a decrease in professional fees.

Six Months Ended June 30, 2020
Net loss for the six months ended June 30, 2020 was $25.5 million, compared to $19.8 million for the same period in 2019.

Research and development expenses for the six months ended June 30, 2020 were $21.7 million, compared to $16.1 million for the same period in 2019. The increase was primarily due to increases in costs relating to the clinical development of FLX475 and RPT193 and increased preclinical program costs as well as increased stock-based compensation and personnel expenses, offset by decreases in costs relating to lab supplies used for preclinical research.

General and administrative expenses for the six months ended June 30, 2020 were $6.1 million, compared to $4.4 million for the same period of 2019. The increase in general and administrative expenses was primarily due to increased stock-based compensation expense as well as costs associated with our public company status, offset by a decrease in travel and personnel costs.

As of June 30, 2020, we had cash and cash equivalents and marketable securities of $133.0 million.

On August 14, 2020 Myriad Genetics, Inc. (NASDAQ: MYGN, "Myriad" or the "Company"), a global leader in molecular diagnostics and precision medicine, reported that in connection with the previously announced appointment of Paul J. Diaz as President and Chief Executive Officer of the Company, effective yesterday, August 13, 2020, the Company’s Board of Directors authorized the grant to Mr. Diaz of (i) a restricted stock unit award for 298,954 shares of the Company’s common stock, effective as of the first day of his employment (the "RSUs"); (ii) a performance stock unit award for 298,954 shares of the Company’s common stock, to be effective within a reasonable period of time following his first day of employment (the "PSUs"); (iii) a time-based non-qualified stock option for the purchase of 342,040 shares of the Company’s common stock, effective as of the first day of his employment (the "Time-Based Options"); and (iv) a performance-based non-qualified stock option for the purchase of 339,088 shares of the Company’s common stock, effective as of the first day of his employment (the "Performance-Based Options" and together with the RSUs, PSUs and Time-Based Options, the "Inducement Awards") (Press release, Myriad Genetics, AUG 14, 2020, View Source [SID1234563655]). The Inducement Awards are inducements material to Mr. Diaz’s entering into employment with the Company in accordance with Nasdaq listing Rule 5635(c)(4).

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The Time-Based Options and Performance-Based Options have an exercise price of $13.38 per share, the fair market value of the Company’s common stock on the date of grant. The Time-Based Options will vest as to 25% of the shares on each of the first four anniversaries of Mr. Diaz’s employment. The shares subject to the Performance-Based Options become eligible to vest upon achievement of certain stock price targets and shall vest as to one-fifth (1/5) of the shares subject to the Performance-Based Options upon achievement of each of five stock price targets, provided that no portion of the Performance-Based Options may vest earlier than the first anniversary of Mr. Diaz’s employment. The Time-Based Options and Performance-Based Options each have seven-year terms and are subject to the terms and conditions of their respective stock option agreements.

The RSUs will vest as to 50% of the shares on the first anniversary of Mr. Diaz’s employment with the remainder vesting in equal instalments on each of the second, third and fourth anniversaries of Mr. Diaz’s employment. The shares subject to the PSUs become eligible to vest upon achievement of certain performance targets for the fiscal year ending June 30, 2021. To the extent that the performance targets have been met, the PSUs will vest as to 25% of the shares on the date the performance targets are determined to have been met, with the remainder vesting in equal instalments on each of the second, third and fourth anniversaries of Mr. Diaz’s employment. The RSUs and PSUs are subject to the terms and conditions of their respective restricted stock unit agreements.

On August 14, 2020 Seneca Biopharma, Inc. (Nasdaq: SNCA), a biopharmaceutical company focused on developing novel treatments for diseases of high unmet medical need, reported its financial results for the quarter ended June 30, 2020 (Press release, Neuralstem, AUG 14, 2020, View Source [SID1234563654]).

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Business Highlights for 2020 to date.

During the First Half of 2020, the Company achieved the following business milestones:

Completed offerings resulting in net proceeds of over $14.8 million.
Continued progress on both the Company’s out-licensing effort to partner NSI-566 and NSI-189 programs and initiative to in-license or acquire novel therapeutics.
Appointed of Matthew W. Kalnik, Ph.D. as President and Chief Operating Officer and Dane R. Saglio as Chief Financial Officer.
Affirmed guidance that data readout from the Company’s non-GCP Phase II trial evaluating NSI-566, for the treatment of chronic ischemic stroke, is expected during the second half of 2020.
Announced that as a result of feedback received from the FDA, Seneca believes that the existing Phase 1 and 2 trial results support moving into a Phase 3 clinical study for ALS.
Completion of the Company’s stem cell manufacturing facility in Suzhou, China which will be used to manufacture NSI-566 for clinical trials within China.
Financial Results for the Quarter Ended June 30, 2020

Cash Position and Liquidity: At June 30, 2020, cash was approximately $15.8 million as compared to approximately $10 million at March 31, 2020. The increase in cash is attributed to the May 2020 warrant exercises and registered direct offering.

Operating Loss: Operating loss for the quarter ended June 30, 2020 was $1.9 million compared to a loss of $1.9 million for the comparable 2019 period. For the six-month period ended June 30, 2020, the operating loss was $3.9 million versus $4.4 million for the six months ended June 30, 2019. The decrease in operating loss for 2020 was primarily due to a decrease in R&D expenses as we continue to wind down the clinical programs. This decrease was partially offset by an increase in G&A expenses which reflects an enhanced management structure to support corporate objectives as compared to the same period of 2019.

Net Loss: Net loss for the quarter ended June 30, 2020 was $2.0 million, or $0.15 per share, compared to a loss of $1.4 million, or $1.45 per share on a post-reverse stock-split basis, for the same period in 2019. For the 2020 six-month period the net loss was $9.5 million, or $0.92 per share versus a net loss of $4.6 million, or $4.78 per share for the same period in 2019. The 2020 increase in net loss was primarily attributed to a non-cash expense of $5.6 million related to the January 2020 warrant inducement transaction.

On August 14, 2020 CureVac B.V. ("CureVac" or the "Company"), a clinical-stage biopharmaceutical company developing a new class of transformative medicines based on messenger ribonucleic acid ("mRNA"), reported the pricing of its initial public offering of 13,333,333 common shares at an initial public offering price of $16.00 per common share, for total gross proceeds of approximately $213.3 million (Press release, CureVac, AUG 14, 2020, View Source [SID1234563653]). In addition, the Company has granted the underwriters a 30-day option to purchase up to an additional 1,999,999 common shares at the public offering price, less underwriting discounts and commissions. All of the common shares are being offered by CureVac. The shares are scheduled to begin trading on the Nasdaq Global Market today, August 14, 2020, under the ticker symbol "CVAC." The offering is expected to close on August 18, 2020, subject to customary closing conditions.

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BofA Securities, Jefferies and Credit Suisse are acting as joint book-running managers for the proposed offering, with Berenberg and Kempen & Co acting as passive book-running managers.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission ("SEC") on August 13, 2020. The offering is being made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained, when available, for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, copies of the final prospectus, when available, may be obtained from BofA Securities, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, by telephone at (800) 299-1322 or by email at [email protected]; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at (877) 821-7388 or by email at [email protected]; and Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, by telephone at (800) 221-1037 or by email at [email protected].