On March 10, 2020 Cantargia AB reported the acquisition of a patent portfolio from Cellerant Therapeutics Inc covering aspects around the interleukin 1 receptor accessory protein (IL1RAP) (Press release, , MAR 10, 2020, View Source [SID1234638816]). The acquired IP includes a US patent on IL1RAP as a target for antibody therapy in leukemia. Thereby, Cantargia has broadened its IP portfolio and secured ownership of the key patents around IL1RAP as a target for cancer therapy.

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Cantargia develops antibody-based pharmaceuticals against the interleukin 1 receptor accessory protein (IL1RAP). In the most advanced program, the antibody CAN04 binds IL1RAP with high affinity and its anti-tumor activity consists of stimulation of immune cells to eradicate cancer cells as well as blockade of interleukin 1 signaling. CAN04 is being investigated in an open label phase I/IIa clinical trial, CANFOUR, examining first line chemotherapy combination with two different standard regimes in patients with non-small cell lung cancer (NSCLC) or pancreatic cancer (PDAC), as well as monotherapy in late stage patients (www.clinicaltrials.gov).

Cantargia has a broad patent protection, including IP on the antibody CAN04 valid until 2035, and other IL1RAP binding antibodies. In addition, Cantargia also has patents on antibody therapy targeting IL1RAP in both solid tumors and in hematological cancer. Besides the patents that Cantargia already owns, there is one additional patent on IL1RAP as target for antibody-based therapy in hematological cancer: US patent no. 8,715,619 from Cellerant, valid until 2029. Although hematological cancer is outside Cantargia’s current development focus, Cantargia has now acquired this and remaining patents and patent applications in this family as well as some additional IP from Cellerant’s IL1RAP portfolio. The additional IP concerns a few novel antibodies against IL1RAP that may be further evaluated in Cantargias CANxx program. Under the terms of the agreement, Cellerant will receive an insignificant upfront purchase payment and will also be entitled to a low single digit royalty on sales covered by claims in the acquired Cellerant patents, until they expire. No other milestone payment is included in the agreement.

"Cantargia has focused the CAN04 development on solid tumors and the clinical data we have generated in patients with NSCLC or PDAC are encouraging. By acquiring this IP, we have secured all relevant IP on IL1RAP as a target for cancer therapy", said Göran Forsberg, CEO of Cantargia.

On March 10, 2020 POINT Biopharma Inc. reported that it has entered into an agreement with SCINTOMICS GmbH for the exclusive use and development of a family of more than seventy patented next generation PSMA radioligands for targeted radiotherapy of prostate cancer (Press release, Point Biopharma, MAR 10, 2020, View Source [SID1234561513]). Under the terms of the agreement, POINT has acquired both North American and broad international rights to the compounds. SCINTOMICS is eligible to receive milestone payments and royalties over the life of the collaboration.

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The announcement of this acquisition complements POINT Biopharma’s PNT 2002 clinical program set to begin in 2020.

According to Michael Gottlieb, POINT Biopharma’s Chief Commercial Officer, "The breadth of this acquisition provides POINT with a clear strategic pathway of patient focused differentiation. POINT is committed to novel treatments and continued innovation of radiopharmaceutical assets."

Joe McCann, POINT Biopharma CEO adds, "We are excited to bring these compounds to patients. We anticipate commencement of a phase 1/2 clinical program in 2021."

Saskia Kropf, SCINTOMICS CEO stated, "We are delighted that in POINT Biopharma we have found an excellent partner for the clinical development of this unique targeting technology. We are certain that in the experienced leadership team from North America and Europe, POINT is well equipped to make this innovative radioligand therapy rapidly accessible to prostate cancer patients."

Dr. Vikas Prasad, (Vice Chair and Senior Physician Department of Nuclear Medicine University Hospital of Ulm Germany) a scientific advisor to POINT Biopharma adds, "Radiomolecular compounds for prostate cancer diagnosis and treatment have been used in Germany for many years with much success. They are positioned to revolutionize the global treatment landscape for patients around the world."

On March 10, 2020, Rexahn Pharmaceuticals, Inc. ("Rexahn") and BioSense Global LLC ("BioSense") reported that it has entered into an amendment (the "Amendment") to the Collaboration and License Agreement, dated as of February 25, 2019, by and between Rexahn and BioSense, as previously amended (the "Original Agreement" and, as amended by the Amendment, the "Amended Agreement") (Filing, 8-K, Rexahn, MAR 10, 2020, View Source [SID1234555611]). Under the terms of the Amended Agreement, the aggregate upfront payments were reduced to $1.65 million, $1.5 million of which had previously been paid as part of the upfront payment under the Original Agreement. Upon payment in full of the remaining unpaid portion, Rexahn will (i) grant an exclusive license to develop and commercialize pharmaceutical products containing RX-3117 ("Licensed Products") for any indication in the Republic of Singapore, China, Hong Kong, Macau and Taiwan (the "Territory") and (ii) assign and transfer to BioSense all of Rexahn’s patents and patent applications related to RX-3117 in the Territory.

Pursuant to the Amendment, BioSense has agreed to use commercially reasonable efforts to develop a Licensed Product in the Territory, file an investigational new drug application relating to a Licensed Product in China, and take certain other actions relating to commercialization upon any regulatory approval.

The Amendment reflects the agreement of the parties to terminate and remove collaboration provisions under the Original Agreement, reflects the intention of Rexahn not to conduct or sponsor any additional trials with RX-3117, and reduces the milestone payments and royalties payable under the Original Agreement. Under the Amended Agreement, Rexahn is eligible to receive milestone payments in an aggregate of up to $74.5 million upon the achievement of development, regulatory and commercial goals and will also be eligible to receive tiered royalties in the mid-single digits to low tens on annual net sales in the Territory.

Until March 31, 2020, pursuant to the Amended Agreement, BioSense has the option to obtain an exclusive license to develop and commercialize Licensed Products outside the Territory upon the payment of an additional upfront fee.

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On March 10, 2020 Axial Biotherapeutics, a biotechnology company dedicated to building a unique class of gut-targeted programs for neurodegenerative diseases and neurodevelopmental disorders, reported that David H. Donabedian, Ph.D., Co-founder and Chief Executive Officer of Axial Biotherapeutics will present a virtual company overview and participate in a virtual panel on "Modulating the Microbiome" at the Chardan 2nd Annual Microbiome Medicines Summit on Monday, March 16, 2020 at 8:45 AM ET and 12:40 PM ET, respectively (Press release, Axial Biotherapeutics, MAR 10, 2020, View Source [SID1234555563]).

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On March 10, 2020 Pascal Biosciences Inc. (TSX.V: PAS) ("Pascal") is reported that it has entered into a non-binding term sheet (the "Term Sheet") with SōRSE Technology Corporation ("SōRSE"), pursuant to which it has agreed to exclusively negotiate a potential transaction (the "Potential Transaction") with SōRSE (Press release, Pascal Biosciences, MAR 10, 2020, View Source [SID1234555447]). In exchange for the exclusive right to negotiate a definitive agreement, SōRSE has agreed to purchase units of Pascal, each unit consisting of one share and one warrant of Pascal, for gross proceeds of US$250,000 on a private placement basis (the "Private Placement").

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Pascal intends to use the proceeds of the Private Placement for working capital purposes. Further details regarding the Private Placement, including the price of the units, the terms of the warrants and proposed closing date, will be announced. Completion of the Private Placement remains subject to the approval of the TSX Venture Exchange. All securities issued pursuant to the Private Placement will be subject to a statutory four month hold period.

Pursuant to the Term Sheet, Pascal has agreed to exclusively negotiate the terms of the Potential Transaction with SōRSE until May 27, 2020. Although Pascal and SōRSE have not yet finalized the binding terms of the Potential Transaction, Pascal expects that:

SōRSE will purchase Pascal’s cannabinoid programs in exchange for common shares of SōRSE valued at US$9.5 million.
Upon closing of the Potential Transaction, Pascal will hold at least 15.8% of the outstanding shares of SōRSE.
The Potential Transaction will be structured as a share purchase agreement whereby SōRSE will purchase all of the shares of Pascal Biosciences US, Inc. ("US SubCo"), a wholly-owned subsidiary of Pascal which, in addition to other assets, holds all of Pascal’s cannabinoid assets and employs certain personnel responsible for researching and advancing Pascal’s scientific programs.
Upon closing of the Potential Transaction, Pascal will focus on the advancement of its leukemia program which will not be transferred to SōRSE as part of the Potential Transaction.
As additional consideration for the sale of the cannabinoid assets, SōRSE will permit US SubCo’s employees to support Pascal’s retained intellectual property and scientific programs at no additional cost to Pascal, in accordance with a work program to be determined in the definitive agreement.
Upon closing of the Potential Transaction, SōRSE will invest an additional US$250,000 in Pascal on a private placement basis.
A binding commitment with respect to the Potential Transaction will result in an enforceable agreement only if Pascal and SōRSE negotiate and execute terms and conditions of a definitive agreement prior to the expiry of the exclusivity period, which is May 27, 2020. If entered into, the definitive agreement, and any ancillary transaction agreements, will contain representations and warranties, conditions relating to regulatory approvals, TSX Venture Exchange approvals and any required shareholder approvals, and other terms as are customary in comparable transactions of this nature. In addition, if the Potential Transaction results in the sale of more than 50% of Pascal’s assets, business or undertaking, as an additional condition to closing of the Potential Transaction, Pascal will be required to obtain approval of the Potential Transaction from its shareholders in accordance with Policy 5.3 of the TSX Venture Exchange. If a definitive agreement is not entered into and the Potential Transaction is not completed, Pascal will retain ownership of US SubCo and all rights to its cannabinoid assets.

If completed, the Potential Transaction would leverage SōRSE’s industry-leading formulation technology with Pascal’s cannabinoid programs for clinical trials. Pascal is the first company to identify a mechanism for cannabinoids to directly benefit cancer immunotherapy, and is also developing PAS-403, a cannabinoid-derived drug targeting glioblastoma. In addition, both of these programs would be funded and developed by SōRSE, which would expedite their path to human clinical trials.

SōRSE has developed a proprietary water-soluble cannabinoid emulsion technology (patent-pending) that enables increased bioavailability, accurate dosing, and over 12 months shelf stability. SōRSE is science and data-driven, with 53 employees, 30 of whom specialize in R&D and Quality Assurance. In 2019, SōRSE secured a $5 million raise and a $10 million strategic partnership with a third party and currently has multiple partnerships which provide profitable revenue streams.

"The potential of Pascal’s cannabinoid programs for clinical applications in cancer in combination with SōRSE’s proprietary emulsification methods offers a promising path for future medical applications of cannabinoid products," said Dr. Patrick Gray, CEO of Pascal Biosciences. "If a definitive agreement is entered into with SōRSE in connection with the Potential Transaction, it would come on the heels of recent, successful collaborative efforts with SōRSE that allowed Pascal to examine SōRSE formulations in several Pascal ongoing studies."

This press release will not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the securities in any state in which such offer, solicitation, or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.