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Precision Optics Reports Third Quarter Fiscal Year 2020 Financial Results

On May 14, 2020 Precision Optics Corporation, Inc. (OTCQB: PEYE), a leading designer and manufacturer of advanced optical instruments for the medical and defense industries, reported that operating results on an unaudited basis for its third quarter fiscal year ended March 31, 2020 (Press release, Precision Optics, MAY 14, 2020, View Source [SID1234558085]).

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Third quarter fiscal 2020 highlights:

Revenue for the quarter ended March 31, 2019 was $2.4 million compared to $1.4 million in the same quarter of the previous fiscal year, an increase of 71% driven primarily by Ross Optical operating as a division of Precision Optics. Revenues for the quarter were impacted by approximately $300,000 – $400,000 during the third quarter due to COVID-19.
Gross margins for the quarter ended March 31, 2020 of 34% compared to 33% in the same quarter of the prior year.
Net loss of $466,130 during the quarter included $75,567 of stock-based compensation.
On April 14, 2020 the Company raised $250,000 from existing accredited investors with the sale of 200,000 shares at a purchase price of $1.25 per share. On May 6, 2020 the Company received an $809,000 loan from the Small Business Administration (SBA) Paycheck Protection Program.
Precision Optics’ CEO, Joseph Forkey, commented, "I am proud of the efforts by our team during the third quarter as we placed a high priority on the safety of our employees, while striving to meet the demands of our customers. Both our operations in Massachusetts and Texas were deemed essential operations and remained open with prudent workplace precautions. I am grateful to our employees who have worked diligently to keep our operations going during this difficult time. I am also grateful to our shareholders, led by the Pessin family, along with Hershey Strategic Capital and others for their quick support during the early days of the pandemic. The proceeds from our limited financing along with funds from the Paycheck Protection Program put us in a good position to maintain our operations and support our customers despite the real and potential impacts of the pandemic on our business and industry."

"During the quarter, we saw increased pull through in our Ross Optical division as customers built inventory in advance of disruptions that may occur due to COVID-19. This improvement however was offset by delays in shipments due to supply chain issues and a decrease in operational efficiency due to the enactment of workplace safety guidelines. Subsequent to the end of the quarter, we were notified by one of our major customers of the need to moderate deliveries for the next three quarters due to the impact of COVID-19 on their operations. Overall, our customers are very well funded and our activity relating to customer products in development remained on track and should have minimal long-term impact of COVID-19."

Conference Call Details
The Company has scheduled a conference call to discuss the third quarter 2020 financial results for Thursday, May 14, 2020 at 5:00 p.m. EDT.

Boston Scientific Prices $1.7 Billion of Senior Notes

On May 14, 2020 Boston Scientific Corporation (NYSE: BSX) reported the pricing of a public offering of $1.7 billion aggregate principal amount of its senior notes under the company’s shelf registration statement (Press release, Boston Scientific, MAY 14, 2020, View Source [SID1234558084]). The public offering consists of $500.0 million in aggregate principal amount of 1.900% notes due 2025 and $1.2 billion in aggregate principal amount of 2.650% notes due 2030.

Boston Scientific expects to receive the net offering proceeds upon closing on May 18, 2020, subject to customary closing conditions. The company intends to use the net proceeds from this offering to (i) refinance $450.0 million of borrowings under its revolving credit facility and a portion of its pre-payable bank debt, including $750.0 million under its $1.0 billion term loan credit facility maturing in February 2021 and $500.0 million under its $1.25 billion term loan credit facility maturing in April 2021 and (ii) pay related fees, expenses and premiums.

Nothing herein shall constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification under the securities laws of any such state or jurisdiction. The offering is being made by means of a prospectus and related preliminary prospectus supplement only, copies of which or information concerning this offering may be obtained by contacting the joint book-running managers: Barclays Capital Inc., toll-free at (888) 603-5847; Citigroup Global Markets Inc., toll-free at (800) 831-9146, J.P. Morgan Securities LLC, toll-free at (212) 834-4533, or Wells Fargo Securities, LLC, toll-free at (800) 645-3751.

Neurocrine Biosciences to Present at the RBC Capital Markets 2020 Global Healthcare Conference

On May 14, 2020 Neurocrine Biosciences, Inc. (Nasdaq: NBIX) reported that it will present at the RBC Capital Markets 2020 Global Healthcare Conference at 3:40 p.m. ET on Tuesday, May 19, 2020 (Press release, Neurocrine Biosciences, MAY 14, 2020, View Source [SID1234558083]). Kevin Gorman, Chief Executive Officer, will present at the conference .

The live presentation will be webcast and may be accessed on the Company’s website under Investors at www.neurocrine.com. A replay of the presentation will be available on the website approximately one hour after the conclusion of the event and will be archived for approximately one month.

Innovent Announces Key Results from a Number of Clinical Studies to Be Presented at the 2020 American Society of Clinical Oncology (ASCO) Annual Meeting

On May 14, 2020 Innovent Biologics, Inc. ("Innovent" or "the Company") (HKEX: 01801), a world-class biopharmaceutical company that develops, manufactures and commercializes high-quality medicines for the treatment of cancer, autoimmune, metabolic and other major diseases, reported that clinical data on its ORIENT-2 study of TYVYT (sintilimab injection), an innovative anti-PD-1 antibody co-developed with Eli Lilly and Company, in patients with advanced or metastatic esophageal squamous cell carcinoma will be presented by poster discussion, and six other clinical studies will be presented as posters or online publications at the 56th American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) Annual Meeting (Press release, Innovent Biologics, MAY 14, 2020, View Source [SID1234558082]).

Poster Discussion

Title:
Sintilimab in Patients with Advanced or Metastatic Esophageal Squamous Cell Carcinoma Refractory to Previous Chemotherapy: A Randomized, Open-Label Phase 2 Study (ORIENT-2)
Abstract ID: 4511
Poster ID: 119
Session:
Gastrointestinal Cancer—Gastroesophageal, Pancreatic, and Hepatobiliary
First Author:
Jianming Xu, MD (The Fifth Medical Center of PLA General Hospital)

Poster

Title:
Phase 1a Dose Escalation of IBI318, a First-in-Class Bispecific Anti-PD-1/PD-L1, in Patients with Advanced Tumors
Abstract ID: 3062
Poster ID: 126
Session:
Developmental Therapeutics-Immunotherapy
First Author:
Ruihua Xu, MD (Sun Yat-sen University Cancer Center)

Title:
Preliminary Results of Sintilimab Plus Different Dose of IBI305 (anti-VEGF Monoclonal Antibody) in Patients with Advanced Hepatocellular Carcinoma: A Phase 1b Study
Abstract ID: 3079
Poster ID: 143
Session:
Developmental Therapeutics-Immunotherapy
First Author:
Wen Zhang, MD (Cancer Hospital, Chinese Academy of Medical Sciences)

Title:
Sintilimab for Relapsed/Refractory Classical Hodgkin’s Lymphoma: Long-Term Follow-up on the Multicenter, Single-Arm Phase 2 ORIENT-1 Study
Abstract ID: 8034
Poster ID: 367
Session:
Hematologic Malignancies–Lymphoma and Chronic Lymphocytic Leukemia
First Author:
Hang Su, MD (The Fifth Medical Center of PLA General Hospital)

Title:
Sintilimab for Relapsed/Refractory (r/r) Extranodal NK/T Cell Lymphoma (ENKTL): Extended Follow-up on the Multicenter, Single-Arm Phase 2 Study (ORIENT-4)
Abstract ID: 8050
Poster ID: 383
Session:
Hematologic Malignancies–Lymphoma and Chronic Lymphocytic Leukemia
First Author:
Jianyong Li, MD, PhD (Jiangsu Province Hospital)

Online Publication

Title:
IBI310 Monotherapy or in Combination with Sintilimab in Patients with Advanced Melanoma: An Open-Label Phase 1a/1b Study
Abstract ID: 302489
First Author:
Bin Lian, MD (Beijing Cancer Hospital)

Title:
Transarterial Infusion Chemotherapy (TAI) Combined with Sintilimab in Locally Advanced, Potentially Resectable Hepatocellular Carcinoma (HCC)
Abstract ID: e16593
First Author:
Li Xu, MD (Sun Yat-sen University Cancer Center)

NantKwest and ImmunityBio to Initiate a Phase 2 Study of Immunotherapy for Metastatic Pancreatic Cancer

On May 14, 2020 NantKwest, Inc. (Nasdaq: NK), a clinical-stage, natural killer cell-based therapeutics company, and ImmunityBio, a privately-held immunotherapy company, reported plans for a Phase 2, randomized, open-label study to evaluate the efficacy and safety of their combination immunotherapy: NantKwest’s PD-L1 t-haNK, ImmunityBio’s N-803, and aldoxorubicin HCI plus standard of care, versus standard-of-care chemotherapy for first- and second-line treatment of locally advanced or metastatic pancreatic cancer (Press release, NantKwest, MAY 14, 2020, View Source [SID1234558081]).

Four metastatic pancreatic cancer patients have been treated with PD-L1 t-haNK and N-803 under single patient INDs, with two patients on treatment for an evaluable period. One patient reported ongoing, durable, complete response six months after treatment, and one observed response of stable disease. The Investigational New Drug (IND) application has received authorization from the U.S. Food and Drug Administration (FDA) with the study anticipated to begin in June 2020.

"Our results from expanded access use of PD-L1 t-haNK in combination with N-803 offer proof-of-concept that, together with these agents, the immune system may play a role to activate robust and durable responses in metastatic cancer patients who have failed all standard-of-care therapies," said Patrick Soon-Shiong, M.D., Chairman and Chief Executive Officer of NantKwest and ImmunityBio. "Based on these encouraging data, we are moving forward with a randomized Phase 2 program that will evaluate our immunotherapy combination on top of standard of care, compared to standard of care alone, in first- and second-line treatment settings. This unique approach to orchestrating the innate and adaptive immune systems to induce immunogenic cell death may be an important new approach for pancreatic cancer patients—these being among the most challenging to treat with poor prognoses."

"Abraxane, a protein-based nanoparticle that activates macrophages, was our first evolution in making an impact on pancreatic cancer. With this addition of PD-L1 t-haNK and N-803, we are hopeful that we can proceed to the next step of long-term remission in this difficult to treat disease. Adding a natural killer cell with a checkpoint via PD-L1 t-haNK and activating memory T cells via N-803 will complete the ‘triangle offense’ we are orchestrating. The early results of complete response in one patient using the therapy on a compassionate use basis is encouraging and we are excited to initiate this trial involving other patients who suffer from pancreatic cancer," he said.

Study Details:

This Phase 2, randomized, two-cohort, open-label study will evaluate the comparative efficacy and overall safety of standard-of-care chemotherapy versus standard-of-care chemotherapy in combination with PD-L1 t-haNK, N-803, and aldoxorubicin HCl in subjects with locally advanced or metastatic pancreatic cancer (QUILT-88). Each treatment setting, and first- and second-line or later maintenance, will be evaluated independently as Cohort A and Cohort B, respectively, with each Cohort having independent experimental and control arms. The study will initially enroll 268 subjects across both cohorts with the primary objective of comparative efficacy by progression free survival (PFS) per RECIST V1.1. Secondary objectives include initial safety and additional efficacy measures, including overall response rate (ORR), complete response (CR) rate, durability of response (DoR), disease control rate (DCR), and overall survival (OS).

Pancreatic cancer kills an estimated 47,000 people annually; it is the fourth leading cause of cancer-related death in the U.S., and 57,600 new cases are expected in 2020. Less than 5% of these patients will live for more than five years after diagnosis, and the median survival prognosis is 5 to 8 months.