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MSD and Taiho Pharmaceutical terminate co-promotion contract for anti-PD-1 antibody/anti-cancer drug KEYTRUDA® In Japan

On December 6, 2019 MSD K.K. (president and CEO Jannie Oosthuizen, Chiyoda-ku, Tokyo) and Taiho Pharmaceutical Co., Ltd. (president and CEO Masayuki Kobayashi, Chiyoda-ku, Tokyo) reported that they have agreed to terminate their co-promotion contract in Japan at the end of December 2019 for KEYTRUDA (pembrolizumab [genetical recombination]), anti-PD-1 therapy manufactured and marketed by MSD (Press release, Taiho, DEC 6, 2019, View Source [SID1234551968]).

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KEYTRUDA was launched on February 15, 2017 and has been co-promoted by MSD and Taiho Pharmaceutical in Japan. From January 2020, MSD will continue manufacturing, distribution and promotion of KEYTRUDA.

MSD and Taiho Pharmaceutical believe that they could make a significant contribution to patients and healthcare professionals by providing a novel cancer treatment option through the co-promotion activities. The companies will continue their commitment to the advancement in cancer therapy in the course of their business activities.

Xspray Pharma has carried out a directed share issue raising gross proceeds of approximately SEK 122 million

On December 5, 2019 Xspray Pharma reported the company has successfully carried out a directed share issue at a subscription price of SEK 73 per share (the "Issue") (Press release, Xspray, DEC 5, 2019, View Source [SID1234650106]). The subscription price is in line with the volume-weighted average price of the Xspray share during the last 30 days. The subscription price has been determined through an accelerated book-building procedure.

A group of Swedish and international institutional investors, among others C WorldWide Asset Management, Fourth Swedish National Pension Fund, Swedbank Robur, TIN Fonder, Third Swedish National Pension Fund and Unionen have subscribed for shares in the Issue. The Company believes that using the flexibility provided by a non-pre-emptive placing is the most appropriate transaction structure at this time in order to raise capital for the development of ongoing projects in a time and cost-effective manner. Moreover, through the Issue, the Company will further strengthen the shareholder base with institutional investors.

The Company intends to use the net proceeds from the Issue to:

enhance the Company’s financial flexibility ahead of anticipated registration application of its lead product, HyNap-Dasa, in 2020 and anticipated deal making pertaining to the launch of this candidate;
establish second source manufacturing;
working capital requirement at expected listing on Nasdaq Stockholm’s Main Market during the first half of 2020;
continue to expand its product portfolio;
general corporate purposes.
The Issue is expected to raise proceeds for the Company of approximately SEK 122 million before transaction costs. The subscription price has been determined through an accelerated book-building procedure. The Issue will result in an increase in the number of shares in Xspray of 1,675,162, from 15,076,460 to 16,751,622, and an increase in the share capital by SEK 1,675,162, from SEK 15,076,460 to SEK 16,751,622, resulting in a dilution of approximately 10 percent.

In connection with the Issue, the Company has, with customary exceptions, agreed to a lock-up undertaking on future share issuances for a period of 90 days after the Issue. In addition, the management and Board of Directors have undertaken not to sell any shares in Xspray during the same period, subject to customary exceptions.

The reason for using the flexibility provided by a non-pre-emptive placing is to raise capital for the development of ongoing projectsand to further strengthen the Company’s shareholder base in a time and cost-effective manner.

BiocurePharm, Korea (“BPK”) Announces Closing of Convertible Debenture Financing

On December 5, 2019 BiocurePharm, Korea ("BPK"), a wholly owned subsidiary of Biocure Technology Corp. (CSE: CURE) (OTCQB: BICTF) ("CURE" or the "Company") reported that it has closed its Convertible Debenture financing. BPK has issued convertible debentures for gross proceeds of Korean Won660,000,000 (CAD732,600) (Press release, Biocure Technology, DEC 5, 2019, View Source [SID1234628753]). Its maturity date is December 5, 2029, with the coupon rate of 3%. The investor has a right to convert to common shares of BPK at CAD12.21 per share three years after the issuance of Convertible Debenture. All dollar values are based on the published Exchange Rate of CAD0.001110/KRW1 on December 4, 2019, Bank of Canada.

Abbisko Therapeutics Announces the IND Approval of a Novel FGFR4 Inhibitor ABSK011 by the Taiwan FDA

On December 5, 2019 Abbisko Therapeutics, a clinical-stage biopharmaceutical company, reported that it has received the regulatory approval from the Taiwan FDA to initiate Phase 1 clinical trials for ABSK011, a fibroblast growth factor receptor 4 (FGFR4) inhibitor, in patients with hepatocellular carcinoma (HCC) (Press release, Abbisko Therapeutics, DEC 5, 2019, View Source;article_id=134 [SID1234556286]).

FGFRs, belonging to tyrosine receptor kinase family, comprise four subtypes (FGFR1-4), and their activation play critical roles in cell growth, proliferation, survival and metastasis in multiple advanced tumors. Aberrant activation of FGFR4 signaling pathway is frequently observed in HCC. Blocking its activities represents a potential therapeutic approach for HCC treatment. HCC is one of the most common types of malignant tumors with high prevalence in Asia and strong unmet clinical need. At present, there are no FGFR4-targeted therapeutic drugs available on the market worldwide.

ABSK011 was independently discovered and developed by Abbiskso Therapeutics with global intellectual property rights. It is an orally available, highly potent and selective small molecule inhibitor of FGFR4 with best-in-class potential.

Founded in April 2016, Abbisko Therapeutics Co., Ltd. is a biopharmaceutical company dedicated to discovering and developing innovative therapeutics to treat cancer and other diseases with unmet medical needs. The founders and core team of Abbisko are industrial veterans with strong leadership and managerial experiences from top international pharmaceutical companies. In three years, Abbisko has established a strong oncology pipeline with multiple programs entering the clinic.

Mogrify wins Innovation Award and Dr. Jane Osbourn, OBE receives Lifetime Achievement Award at Scrip Awards 2019

On December 5, 2019 Mogrify Ltd (Mogrify), a UK company aiming to transform the development of cell therapies, reported that it received MSD’s Innovation Award at the 15th Annual Scrip Awards, and the Lifetime Achievement Award was presented to Dr. Jane Osbourn, OBE, Chair at Mogrify (Press release, Mogrify, DEC 5, 2019, View Source [SID1234553997]). The Innovation Award recognizes the significant potential the Company’s direct cellular conversion technology has to disrupt the future development of new medicines. Dr. Osbourn received the Lifetime Achievement Award in recognition of her outstanding contribution to the biotech industry throughout her career.

Mogrify has developed a proprietary direct cellular conversion technology, which makes it possible to transform any human cell type into any other, without going through a pluripotent stem cell- or progenitor cell-state. The Company is using this platform to produce cell types with unrivaled safety, efficacy and scalable manufacturing profiles that can be used to develop novel cell therapies addressing musculoskeletal, auto-immune, cancer immunotherapy, ocular and respiratory diseases.

Dr. Osbourn is a scientific leader in the field of antibody engineering with more than 30 years of experience in biologics discovery and development. During this time she has been Vice President for Research and Development and Site Leader at MedImmune (AstraZeneca), formerly Cambridge Antibody Technology (CAT), Chair of the Board of Directors of the BioIndustry Association, a Director of Babraham Bioscience Technologies, and a Director of Cambridge Enterprise. She has made significant contributions to the discovery and development of phage display technology, eight marketed drugs (including HUMIRA and BENLYSTA) and over 40 clinical candidates. Dr. Osbourn holds a doctorate from the John Innes Institute in Norwich, UK and a first-class degree in natural sciences from the University of Cambridge, and was awarded an OBE for services to drug discovery, development and biotechnology.

The Scrip Awards seek to applaud the role that the pharmaceutical, biotech and other allied industries play in improving healthcare. Its trophies span a range of industry activities, from new drug launches and clinical trials, to innovative deals, outsourcing and fundraising. This year’s new category, MSD’s Innovation Award, acknowledges and celebrates the outstanding scientific or technological breakthroughs that have the potential to be transformative in the discovery or development of new medicines. Scrip’s Lifetime Achievement Award is presented to individuals who have had a distinguished career in the biotech or pharmaceutical arena, primarily within industry with a consistent history of exceptional service, throughout their career.

Dr. Darrin M. Disley, OBE, CEO, Mogrify, said: "Our systematic approach to the discovery of novel cell conversions has the potential to transform cell therapy. Mogrify’s technology opens up the opportunity to develop and scale up any autologous and allogeneic cell therapies, as well as create a new class of therapies: in vivo reprograming and could therefore have a significant impact on the treatment of degenerative conditions and cancers. We are proud to have our innovative platform and pioneering approach recognized by the judges.

Dr. Osbourn has contributed significantly to the industry throughout her impressive career and is globally renowned for her expertise in biologics discovery and development. She is an inspirational leader and we look forward to celebrating her exceptional achievements."

Dr. Jane Osbourn, OBE, Chair, Mogrify, said "I am honored to have received the Lifetime Achievement Award. Throughout my career I have been fortunate to have worked with many pioneering scientists, who have helped us achieve success in biologics discovery and development. Working together in a diverse team is vital if we are to build great culture and drive innovation. I would like to thank all the extraordinary people who have supported me and I hope to continue to foster many more successful collaborations."

Prof. Jose Polo, CMO (Co-founder) and Prof. Julian Gough, CSO (Co-founder) were presented with the Innovation Award at the prestigious ceremony, which took place in at the London Hilton on Park Lane in Mayfair on 4 December.