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Olema Oncology Announces $54 Million Series B Financing

On July 22, 2020 Olema Oncology, a biopharmaceutical company developing innovative targeted therapies for women’s cancers, reported the closing of an oversubscribed $54 million Series B financing (Press release, Olema Pharmaceuticals, JUL 22, 2020, View Source [SID1234562240]). Proceeds will be used to advance OP-1250, the Company’s lead program in breast cancer, into Phase 1/2 clinical development and expand ongoing research and development activities.

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The financing was co-led by BVF Partners L.P., Logos Capital and Janus Henderson Investors, with participation from new investors Cormorant Asset Management, RA Capital Management, Wellington Management Company, Surveyor Capital (a Citadel company), Venrock Healthcare Capital Partners, and Foresite Capital. Graham Walmsley, M.D., Ph.D., Managing Partner at Logos Capital, has joined Olema’s Board of Directors, which also includes Frank McCormick, Ph.D., FRS, DSc (Hon), Professor, UCSF Helen Diller Family Comprehensive Cancer Center; Andy Rapapport, Partner Emeritus of August Capital; Gorjan Hrustanovic, Ph.D., Principal at BVF Partners, L.P.; and Cyrus Harmon, Ph.D., President and Chief Executive Officer of Olema Oncology.

"We are delighted to have the support of this premier syndicate of investors who share our commitment to developing targeted therapies designed to improve the lives of women living with breast cancer," said Dr. Harmon. "With our deep insight into the biology of breast cancer, including target engagement, receptor binding and intracellular signaling, we have carefully selected OP-1250 as our lead program and are advancing it into human studies. Our goal is to develop more effective medicines to treat estrogen receptor-positive breast cancer."

Olema expects to initiate a Phase 1/2 dose-escalation and expansion clinical trial of OP-1250 in the second half of 2020. The trial will evaluate OP-1250 as a single agent in women with estrogen receptor-positive (ER+), human epidermal growth factor receptor 2-negative (HER2-) recurrent, locally advanced or metastatic breast cancer, followed by studies of OP-1250 in combination with other targeted breast cancer therapies.

"We are excited to continue financing the next stage of growth for Olema, and to help build a premier targeted oncology company focused on women’s cancers," said Dr. Hrustanovic. "We were attracted to Olema by its excellent science, robust preclinical data, experienced management team, and potential to make a significant impact on what remains a large unmet need among patients with breast and other hormone-positive cancers. We see a tremendous opportunity for OP-1250 to become a backbone of therapy for patients living with breast and other cancers."

Aurinia Announces Public Offering of Common Shares

On July 22, 2020 Aurinia Pharmaceuticals Inc. (NASDAQ:AUPH) (TSX:AUP) ("Aurinia" or the "Company"), a late-stage clinical biopharmaceutical company focused on advancing voclosporin in multiple indications, reported that it has commenced a registered underwritten public offering of its common shares (the "Offering") (Press release, Aurinia Pharmaceuticals, JUL 22, 2020, View Source [SID1234562239]).

Jefferies and SVB Leerink are acting as joint book-running managers for the Offering.

The Company will grant the underwriters an option exercisable, in whole or in part, in the sole discretion of the underwriters, to purchase up to an additional 15% of common shares, for a period of up to 30 days. The Offering is subject to market 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.

The Company intends to use the net proceeds of the Offering for pre-commercialization and launch activities, research and development, as well as working capital and general corporate purposes.

The Offering is subject to customary closing conditions, including NASDAQ and TSX approvals. For the purposes of the TSX approval, the Company intends to rely on the exemption set forth in Section 602.1 of the TSX Company Manual, which provides that the TSX will not apply its standards to certain transactions involving eligible interlisted issuers on a recognized exchange, such as NASDAQ.

The Offering is being made pursuant to a U.S. registration statement on Form F-10, declared effective by the United States Securities and Exchange Commission (the "SEC") on June 19, 2020 (the "Registration Statement"), and the Company’s existing Canadian short form base shelf prospectus (the "Base Shelf Prospectus") dated June 17, 2020. The prospectus supplements relating to the Offering (together with the Base Shelf Prospectus and the Registration Statement, the "Offering Documents") will be filed with the securities commissions in the provinces of British Columbia, Alberta and Ontario in Canada, and with the SEC in the United States. The Offering Documents will contain important detailed information about the securities being offered. Before you invest, you should read the Offering Documents and the other documents the Company has filed for more complete information about the Company and the Offering. Copies of the Offering Documents will be available for free by visiting the Company’s profiles on the SEDAR website maintained by the Canadian Securities Administrators at www.sedar.com or the SEC’s website at www.sec.gov, as applicable. Alternatively, copies of the prospectus supplement will be available upon request in the United States by contacting Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022; by phone at (877) 821-7388; or by e-mail at [email protected]; or SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, by telephone at 1-800-808-7525, ext. 6218, or by email at [email protected]; and in Canada by contacting Jefferies Securities, Inc., attention: Steven Latimer, 161 Bay Street, Suite 2700 Toronto, Ontario M5J 2S1, by telephone at 416-572-2215.

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

Replimune Appoints Andrea Pirzkall, M.D. as Chief Medical Officer

On July 22, 2020 Replimune Group, Inc. (Nasdaq: REPL), a biotechnology company developing oncolytic immuno-gene therapies derived from its Immulytic platform, reported the strengthening of its executive team with the appointment of Andrea Pirzkall, M.D. as Replimune’s Chief Medical Officer effective August 31st, 2020 (Press release, Replimune, JUL 22, 2020, View Source [SID1234562237]).

"We are very excited to have Andrea join the Replimune team as we aggressively advance our pipeline," said Philip Astley-Sparke, Chief Executive Officer of Replimune. "Andrea brings a unique profile and skill set in oncology with a track record of success in advancing cancer drugs through all stages of development, including in immuno-oncology, combined with a multi-disciplinary clinical background prior to moving to industry."

Dr. Pirzkall commented, "It is a privilege to be joining Replimune at this very exciting period in the Company’s growth. The data presented for RP1 in Replimune’s lead indications of cutaneous squamous cell carcinoma and anti-PD-1 relapsed/refractory melanoma and emerging data in other solid tumors are very promising. With initial RP2 data expected later this year and with the initiation of clinical development of RP3, it is a transformational time for Replimune and I am very excited to be joining the team. The Replimune team has built a great platform of HSV-based oncolytic immune-gene therapies with a growing pipeline of assets and I look forward to helping advance them to potentially becoming a next corner stone of immuno-oncology treatment regimens."

As Chief Medical Officer, Dr. Pirzkall will lead clinical development of Replimune’s pipeline of next-generation oncolytic immuno-gene therapies for the treatment of cancer. Dr. Pirzkall brings to Replimune over 13 years of biotechnology and pharmaceutical industry experience. Prior to joining Replimune, Dr. Pirzkall served as Executive Director of Clinical Development at BeiGene, Ltd., a publicly traded commercial-stage biotechnology company where she provided strategic oversight of, and worked closely with cross-functional teams in the US, China and Europe, on the development of tislelizumab (anti-PD1) and other pipeline agents, with a focus on thoracic indications, and including several pivotal studies of which an initial two in non-small cell lung cancer achieved positive outcomes earlier this year. She served also as the global clinical development lead on the BeiGene/Celgene joint development committee. Prior to BeiGene, Dr. Pirzkall was a Principal Medical Director at Genentech, a member of the Roche Group. During her 10-year tenure, she held increasing roles of responsibility and, as a Clinical Development Team Leader, worked with multiple cross-functional teams on the development of novel biologic agents (signaling pathway inhibitors, anti-angiogenesis, immunotherapy) in early to late stage development in oncology. Prior to her career in the biotechnology and pharmaceutical industry, Dr. Pirzkall trained in radiation oncology and completed her dissertation at the University Heidelberg and the German Cancer Research Center (dkfz). Following a fellowship in Medical Physics/Radiation Oncology at the University San Francisco (USCF), Andrea held academic positions at UCSF, including Associate Adjunct Professorships in Radiation Oncology, in Radiology, and in Neurosurgery, where she helped pioneer the use of advanced imaging modalities to guide focal therapeutic interventions and to assess responses to standard of care and novel targeted therapies. Dr. Pirzkall holds a Doctor of Medicine from Friedrich-Schiller University Jena, Germany.

GT Biopharma Announces Completion of $5.6 Million Bridge Financing

On July 22, 2020 GT Biopharma, Inc. (OTCQB:GTBP)(GTBP.PA) (the "Company or GT Biopharma") an immuno-oncology company focused on innovative therapies based on the Company’s proprietary natural killer (NK) cell engager (TriKE) technology reported that it had completed a private offering resulting in aggregate gross proceeds of approximately $5.6 million (Press release, GT Biopharma, JUL 22, 2020, View Source [SID1234562236]).

GT Biopharma is conducting its FDA Phase I/II Clinical Trial for GTB-3550 at the Masonic Cancer Center, University of Minnesota under the direction of Dr. Erica Warlick. GTB-3550 is a tri-specific recombinant fusion protein conjugate composed of the variable regions of the heavy and light chains of anti-CD16 and anti-CD33 antibodies and a modified form of IL-15. The NK cell stimulating cytokine human IL-15 portion of the molecule provides a self-sustaining signal that activates NK cells and enhances their cytotoxic activity.

Acute myeloid leukemia (AML) is a heterogeneous hematologic stem cell malignancy in adults with incidence rate of 3% to 5% per 100,000 people. The median age at the time of diagnosis is 65 to 69 years. AML is an aggressive cancer that is fatal on the absence of treatment. The five-year expected overall survival rate for AML is 27.4%, according to the National Cancer Institute (NCI). The monies raised by the financing will be used to fund the further clinical development of the Company’s TriKE product candidates, including GTB-3350.

Mr. Anthony Cataldo, the Chairman and Chief Executive Officer of GT Biopharma, commented "we are pleased to have completed our bridge financing which allows us to continue to fund our FDA clinical trial and helps to position the Company to seek approval for listing on a national securities exchange ." Mr. Cataldo also stated "we are pleased with the progress our clinical development team is making with the evaluation of GTB-3550 in AML advanced cancer patients and will be providing further clinical updates to our stakeholders in the coming weeks."

About GTB-3550 Trispecific NK cell Engager (TriKE)

GTB-3550 is the Company’s first TriKE product candidate being initially developed for the treatment of AML. GTB-3550 is a single-chain, tri-specific scFv recombinant fusion protein conjugate composed of the variable regions of the heavy and light chains of anti-CD16 and anti-CD33 antibodies and a modified form of IL-15. The NK cell stimulating cytokine human IL-15 portion of the molecule provides a self-sustaining signal that activates NK cells and enhances their ability to kill. We intend to study GTB-3550 in CD33 positive leukemias such as AML, myelodysplastic syndrome and other CD33+ hematopoietic malignancies.

BIOGEN REPORTS Q2 2020 REVENUES OF $3.7 BILLION

On July 22, 2020 Biogen Inc. (Nasdaq: BIIB) reported second quarter 2020 financial results (Press release, Biogen, JUL 22, 2020, View Source [SID1234562235]).
"In the second quarter, Biogen continued to deliver strong financial results. We are pleased to have completed the BLA submission for aducanumab and look forward to the prospect of launching the first therapy to reduce clinical decline in Alzheimer’s disease," said Michel Vounatsos, Biogen’s Chief Executive Officer. "Our progress with aducanumab exemplifies our broader strategy of building a multi-franchise portfolio based on our deep expertise in neuroscience, and we have multiple near-term value creation opportunities in other areas such as ALS, ophthalmology, lupus, stroke, and biosimilars."
Financial Results

Second quarter total revenues were $3,682 million, a 2% increase versus the second quarter of 2019.

Multiple sclerosis (MS) revenues, including $208 million in royalties on the sales of OCREVUS, decreased 2% versus the prior year to $2,335 million.

SPINRAZA revenues increased 1% versus the prior year to $495 million.

Biosimilars revenues decreased 7% versus the prior year to $172 million.

Other revenues increased 155% versus the prior year to $408 million primarily due to approximately $330 million in revenues related to the license of certain manufacturing-related intellectual property to one of our corporate partners.

Biogen estimates that its first quarter 2020 product revenues benefitted by approximately $100 million attributed to accelerated sales due to the COVID-19 pandemic, primarily in Europe, of which Biogen believes approximately $75 million was utilized in the second quarter of 2020.

Second quarter GAAP net income and diluted earnings per share (EPS) attributable to Biogen Inc. were $1,542 million and $9.59, respectively, compared to $1,494 million and $7.85, respectively, in the second quarter of 2019.

Second quarter Non-GAAP net income and diluted EPS attributable to Biogen Inc. were $1,651 million and $10.26, respectively, compared to $1,742 million and $9.15, respectively, in the second quarter of 2019.

# Net income attributable to Biogen Inc.
Note: Percent changes represented as favorable/(unfavorable)
A reconciliation of GAAP to Non-GAAP quarterly financial results can be found in Table 3 at the end of this news release.

In the second quarter of 2020 channel inventory levels in the U.S. increased by approximately $10 million for TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, and TYSABRI combined. This compares to a decrease in inventory levels of approximately $30 million in the second quarter of 2019 and a decrease of approximately $115 million in the first quarter of 2020.

Note: Percent changes represented as favorable/(unfavorable)

GAAP R&D expense in the second quarter of 2020 included $208 million related to Biogen’s agreement with Sangamo Therapeutics, Inc. (Sangamo) to develop gene regulation therapies for Alzheimer’s disease, Parkinson’s disease, neuromuscular disease, and other neurological diseases. Non-GAAP R&D expense in the second quarter of 2020 included $125 million related to the Sangamo agreement.

GAAP SG&A expense in the second quarter of 2019 included acquisition-related charges incurred in connection with our acquisition of Nightstar Therapeutics plc, totaling $33 million.
Other Financial Highlights

For the second quarter of 2020 GAAP and Non-GAAP net expense related to collaboration profit sharing was $22 million.

For the second quarter of 2020 GAAP other income was $63 million, which included $103 million in unrealized gains on investments, principally driven by an increase in the fair value of Biogen’s equity investments in Ionis Pharmaceuticals, Inc. and Sangamo. Non-GAAP other expense for the second quarter of 2020 was $30 million, driven by net interest expense, foreign exchange rate losses, and losses on security sales.

In the second quarter of 2020 net income attributable to noncontrolling interest included a $75 million payment to Neurimmune SubOne AG related to completing the submission of a Biologics License Application (BLA) to the U.S. Food and Drug Administration (FDA) for the approval of aducanumab.

For the second quarter of 2020 the Company’s effective GAAP tax rate was approximately 22%, an increase from approximately 14% in the second quarter of 2019. This is due to a non-recurring prior year income tax benefit on a change in the Company’s tax profile and a current year income tax expense related to a net valuation allowance against certain deferred tax assets, due to the decision of the U.S. District Court of the Northern District of West Virginia that the asserted claims of U.S. patent No. 8,399,514, which cover the treatment of MS with TECFIDERA, are invalid. For the second quarter of 2020 the Company’s effective Non-GAAP tax rate was approximately 19%, an increase from approximately 14% in the second quarter of 2019, primarily due to the non-recurring benefit of the prior year change in the Company’s tax profile.

In the second quarter of 2020 Biogen repurchased approximately 9.0 million shares of the Company’s common stock for a total value of approximately $2,809 million.

As of June 30, 2020, approximately $1,250 million remained under the share repurchase program authorized in December 2019.

As of June 30, 2020, Biogen had cash, cash equivalents, and marketable securities totaling $5,250 million and $7,424 million in notes payable.

In the second quarter of 2020 the Company generated approximately $1,948 million in net cash flows from operations.

For the second quarter of 2020 the Company’s weighted average diluted shares were 161 million.
2020 Financial Guidance
Biogen provided an update to its full year 2020 financial guidance. This financial guidance consists of the following components:

Revenue is expected to be approximately $13.8 billion to $14.2 billion, compared to the prior guidance range of $14.0 billion to $14.3 billion.

GAAP and Non-GAAP R&D expense is expected to be approximately 16% to 17% of total revenues, compared to the prior guidance range of approximately 15% to 16% of total revenues.

GAAP and Non-GAAP SG&A expense is expected to be approximately 17.5% to 18.5% of total revenues, compared to the prior guidance range of approximately 19.5% to 20.5% of total revenues.

GAAP tax rate is expected to be approximately 18.5% to 19.5%, compared to the prior guidance range of approximately 18% to 19%.

Non-GAAP tax rate is expected to be approximately 18% to 19%, unchanged versus the prior guidance range.

GAAP diluted EPS is expected to be between $32.00 and $34.00, an increase from the prior guidance range of $29.50 to $31.50.

Non-GAAP diluted EPS is expected to be between $34.00 and $36.00, an increase from the prior guidance range of $31.50 to $33.50.

This financial guidance does not include any operational impact from the potential entry of generic versions of TECFIDERA in the U.S. in 2020. This financial guidance does not include any impact from potential acquisitions or large business development transactions, as both are hard to predict. This financial guidance assumes additional SG&A expense in the second half of 2020 related to aducanumab, a stable share count, and no change to foreign exchange rates for the remainder of the year.

Biogen may incur charges, realize gains or losses, or experience other events or circumstances in 2020 that could cause actual results to vary from this financial guidance. A reconciliation of GAAP to Non-GAAP financial guidance can be found in Table 3 at the end of this news release.

Recent Events

In July 2020 Biogen completed the submission of a BLA to the FDA for aducanumab as a treatment for Alzheimer’s disease. The completed submission followed ongoing collaboration with the FDA and includes clinical data from the Phase 3 EMERGE and ENGAGE studies as well as the Phase 1b PRIME study. As part of the completed submission, Biogen has requested Priority Review. If approved, aducanumab would become the first therapy to reduce the clinical decline of Alzheimer’s disease and would also be the first therapy to demonstrate that removing amyloid beta resulted in better clinical outcomes. Aducanumab is being developed in collaboration with Eisai Co., Ltd.

In July 2020 Biogen announced it plans to initiate a global Phase 4 clinical study, RESPOND, to evaluate the efficacy and safety of SPINRAZA in patients with spinal muscular atrophy (SMA) who have a suboptimal response to gene therapy Zolgensma (onasemnogene abeparvovec). People with SMA do not produce enough survival motor neuron (SMN) protein, which is critical for the maintenance of motor neurons that support walking and basic functions of life, including breathing and swallowing. The RESPOND study will seek to understand if the proven efficacy of SPINRAZA and its continuous production of SMN protein may also benefit patients treated with gene therapy. Biogen plans to submit the study protocol to the regulatory authorities in the coming months and aims for the first eligible patients to be enrolled in the RESPOND study in Q1 2021.

In July 2020 the Alzheimer’s Clinical Trials Consortium, Eisai Co., Ltd. and Biogen announced that a new Phase 3 clinical study (AHEAD 3-45) of BAN2401, an anti-amyloid beta (Aβ) antibody, has been initiated for individuals with preclinical Alzheimer’s disease who have intermediate or elevated levels of amyloid in their brains. Currently, BAN2401 is being studied in a pivotal Phase 3 clinical study in symptomatic early Alzheimer’s disease (Clarity AD), following the outcome of a Phase 2 clinical study (Study 201). AHEAD 3-45 will be conducted in the U.S., Japan, Canada, Australia, Singapore, and Europe.

In July 2020 Biogen announced that positive results from a Phase 1/2 study of tofersen (BIIB067) for the potential treatment of superoxide dismutase 1 (SOD1) amyotrophic lateral sclerosis (ALS) were published in The New England Journal of Medicine. Final Phase 1/2 study results demonstrated proof-of-concept and proof-of-biology of tofersen, which is currently being investigated in the ongoing Phase 3 VALOR study. SOD1 ALS is the second most common genetic form of ALS, accounting for approximately 2% of all ALS cases. Tofersen is Biogen’s lead clinical program in its ALS portfolio, which also includes BIIB078 (IONIS-C9Rx) for C9orf72 ALS and BIIB100 (XPO1 inhibitor) for all forms of ALS.

In July 2020 Biogen dosed the first patient in a Phase 1 study of BIIB101, an antisense oligonucleotide targeting alpha synuclein, in multiple system atrophy.

In July 2020 Biogen entered into an exclusive licensing agreement with Massachusetts Eye and Ear, a member hospital of Mass General Brigham, to develop a potential treatment for inherited retinal degeneration due to mutations in the PRPF31 gene, which are among the most common causes for autosomal dominant retinitis pigmentosa. Biogen will conduct pre-clinical studies needed to support progression to clinical trials of PRPF31 gene therapy. As part of this agreement, Biogen will receive an exclusive license to develop the potential treatment worldwide and will be responsible for all FDA required investigational new drug enabling studies, clinical development, and commercialization.

In June 2020 Samsung Bioepis Co., Ltd. (Samsung Bioepis) initiated a Phase 3 study for SB15, a biosimilar referencing EYLEA. EYLEA is widely used to treat ophthalmologic conditions such as neovascular (wet) age-related macular degeneration, macular edema following retinal vein occlusion, diabetic macular edema (DME), and diabetic retinopathy in patients with DME. Biogen has the exclusive rights to commercialize SB15 in major markets worldwide, including the U.S., Canada, Europe, Japan, and Australia.

In June 2020 Biogen submitted a Supplemental Biologics License Application (sBLA) for a subcutaneous (SC) formulation of TYSABRI (natalizumab) to the FDA. This follows a regulatory submission for SC TYSABRI to the European Medicines Agency in March 2020. The filings are supported by data from the DELIVER and REFINE studies, which demonstrated that natalizumab 300 mg SC every 4 weeks (Q4W) was comparable to standard 300 mg intravenous Q4W dosing with respect to clinical and MRI efficacy, pharmacokinetics / pharmacodynamics, immunogenicity, and safety.

In June 2020 Biogen announced new results from NURTURE, the longest study of pre-symptomatic patients with SMA. In infants genetically diagnosed with SMA, new data demonstrated that early and sustained treatment with SPINRAZA for up to 4.8 years enabled unprecedented survival. Patients

continued to maintain and make progressive gains in motor function compared to the natural course of the disease. These results were presented at the virtual Cure SMA Research & Clinical Care Meeting.

In June 2020 Biogen shared positive data from the 16-week cutaneous lupus erythematosus (CLE) portion of the Phase 2 LILAC study. The study evaluated the efficacy and safety of BIIB059, a fully humanized IgG1 monoclonal antibody (mAb) targeting blood dendritic cell antigen 2 (BDCA2) expressed on plasmacytoid dendritic cells (pDCs). The data were presented at the European E-Congress of Rheumatology (EULAR).

In May 2020 Biogen entered into a process development and manufacturing agreement with Vir Biotechnology, Inc. (Vir). Under this agreement, Biogen will perform process development activities and specified manufacturing and process transfer services to enable commercial supply of Vir’s SARS-CoV-2 monoclonal antibodies.

In May 2020 Samsung Bioepis announced that the primary endpoints were met in the randomized, double-masked, Phase 3 trial comparing the efficacy, safety, and immunogenicity of SB11 to the reference product (LUCENTIS). Biogen has the exclusive rights to commercialize SB11 in major markets worldwide, including the U.S., Canada, Europe, Japan, and Australia.

In May 2020, through the 2020 American Academy of Neurology (AAN) Science Highlights virtual platform, Biogen announced new data from its MS treatment portfolio. Additional clinical data support VUMERITY as an important oral treatment option in relapsing MS and reinforce the efficacy of TECFIDERA. In addition, an analysis of TYSABRI contributed to data demonstrating the reduced risk of progressive multifocal leukoencephalopathy (PML) through extended interval dosing (EID; approximately every six weeks) as compared to the currently approved dosing of every four weeks.

In May 2020, through the 2020 AAN Science Highlights virtual platform, Biogen announced additional data from the SPINRAZA clinical development program that further demonstrated the sustained efficacy and longer-term safety of SPINRAZA in a broad range of patients with SMA. The SHINE open-label extension study (NCT02594124) has enrolled 292 patients (infants through teenagers) from 5 previous SPINRAZA clinical studies, including ENDEAR. New findings from the SHINE study show that treatment with SPINRAZA resulted in motor function improvement or disease stabilization in toddlers, children, and young adults who were treated continuously, some for up to six and a half years.

In April 2020 Biogen released its 2019 Corporate Responsibility Report that demonstrated continuous progress across several environmental, social, and governance (ESG) metrics. The report outlines the Company’s long-term commitment to corporate responsibility by taking a multi-stakeholder approach to business decisions, creating an inclusive culture, reducing its environmental footprint, and increasing reporting transparency on ESG issues.
Leadership Update

In July 2020 Biogen announced that Michael R. McDonnell has been appointed Executive Vice President (EVP) and Chief Financial Officer (CFO) effective August 15, 2020, replacing Jeffrey D. Capello, who will step down as EVP and CFO. Mr. Capello will remain at the Company through September 15, 2020, and will assist with the transition.

Conference Call and Webcast
The Company’s earnings conference call for the second quarter will be broadcast via the internet at 8:00 a.m. ET on July 22, 2020, and will be accessible through the Investors section of Biogen’s website, www.biogen.com. Supplemental information in the form of a slide presentation is also accessible at the same location on the internet and will be subsequently available on the website for at least one month.