Actinium Announces Actimab-A Plus 7+3 Combination Trial for Newly Diagnosed Acute Myeloid Leukemia Patients

On February 26, 2020 Actinium Pharmaceuticals, Inc. (NYSE AMERICAN: ATNM) ("Actinium") reported that it is expanding its CD33 program studying Actimab-A into a combination trial with the chemotherapy regimen 7+3 in patients with newly diagnosed acute myeloid leukemia (AML) who have intermediate or high-risk cytogenetic or molecular markers (Press release, Actinium Pharmaceuticals, FEB 26, 2020, View Source [SID1234554817]). The intent of this Phase 1 dose escalation study is to determine whether these patients can benefit from a combination of the 7+3 standard of care chemotherapy regimen, which causes DNA damage and has radiation sensitizing properties via inhibition of DNA replication and repair, with an ARC or Antibody Radiation Conjugate such as Actimab-A that delivers targeted, highly potent alpha particle radiation directly to tumor cells. This study builds upon results of an ongoing study with a similar rationale wherein a sub-therapeutic dose of Actimab-A when added to a chemotherapy regimen called CLAG-M was shown to improve responses by nearly sixty percent compared to CLAG-M given alone in relapsed or refractory AML patients. The planned Phase 1 study, if successful, could make Actimab-A a potential treatment for patients newly diagnosed with AML, which is a larger patient population than patients with refractory AML. The new trial could also support the rationale of combining ARCs with other treatment mechanisms to produce superior clinical results. To that end, Actimab-A is also being studied in a Phase 1 combination with the Bcl-2 inhibitor in patients with relapsed or refractory AML.

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Dr. Joseph Jurcic, Professor of Medicine and Director of Hematology Malignancies at Columbia University Herbert Irving Comprehensive Cancer Center, said, "Having studied ARCs extensively, including Actimab-A as the lead investigator in its prior Phase1/2 trial, I am fully aware of its potential and look forward to leading this combination trial. ARCs may enable us to deliver the validated modality of radiation to cancers at a cellular level without exposing patients to toxicities that would come from delivering radiation via external beam to diffuse hematologic malignancies. While 7+3 chemotherapy can produce high rates of initial complete remission, most patients still relapse, which suggests that this therapy is not potent enough to kill all AML cells and cancer stem cells at the levels that can be safely administered. There is a strong mechanistic rationale for adding Actimab-A to 7+3 that we believe will result in higher response rates and more durable complete remissions without additive toxicities. Indeed, this type of effect has recently been demonstrated with the promising results of combining Actimab-A with the salvage chemotherapy regimen CLAG-M."

Actimab-A is intended to selectively deliver Actinium-225 to cause double stranded DNA breaks in cancer cells, for which there is no known resistance mechanism. This leads to a potent anti-tumor effect. Prior clinical results in over 100 patients treated with Actimab-A, including a Phase 1/2 trial of 58 patients, demonstrated a safety profile with minimal non-hematologic toxicities and an unmatched ability to deliver attenuated doses of radiation internally to CD33 expressing cancer cells. In the Phase 1/2 trial, Actimab-A as a single agent produced a 69% remission rate (CR, CRi, CRp) at high doses in patients with newly diagnosed AML but Actinium elected to pursue low dose combination trials for therapeutic development based on observed myelosuppression. 7+3 is an intensive chemotherapy regimen considered to be the standard of care for patients with newly diagnosed AML who are able to tolerate intensive chemotherapy. The 7+3 regimen intended for this study consists of seven days of the chemotherapeutic cytarabine that inhibits DNA synthesis and replication and 3 days of the cytotoxic anthracycline daunorubicin that inhibits DNA replication and repair as well as RNA synthesis. Chemotherapy, such as 7+3, has shown to sensitize cancer cells to radiation.

The rationale for studying Actimab-A in combination with 7+3 is the potential for a synergistic effect due to the interplay of various mechanisms including DNA damage from alpha radiation, radiation sensitization and prevention of DNA damage repair. Supporting this rationale are results from an ongoing Phase 1 trial studying Actimab-A in combination with the salvage chemotherapy regimen CLAG-M support ARC combinations with chemotherapy were reported at the 2019 American Society of Hematology (ASH) (Free ASH Whitepaper) Annual Meeting. The addition of subtherapeutic doses of Actimab-A to CLAG-M resulted in an 86% complete remission rate, a nearly 60% increase over the 54% complete remission rate that was observed in a study of CLAG-M alone in the same patient population. Notably, 71% of patients receiving Actimab-A with CLAG-M achieved MRD or minimal residual disease negative status. The combination also had a clinically acceptable safety profile. The goal of this study is to evaluate the potential for generating deeper and more durable remissions with a favorable safety profile.

Dr. Mark Berger, Actinium’s Chief Medical Officer, said, "The ability of ARCs to deliver radiation at the cellular level to targeted cells provides multiple opportunities for development. The recent results showing that a subtherapeutic dose of Actimab-A is clinically synergistic with chemotherapy supports our low dose ARC development strategy. Our previously announced trial with Actimab-A in combination with venetoclax is a second example of this strategy, and this trial in front line AML with 7+3 is a further step in establishing Actimab-A as the backbone of combination therapies. We are excited to add this trial to our growing pipeline aimed at establishing our ARC based therapies as treatment options for patients with a wide range of hematologic diseases."

Actimab-A targets CD33, an antigen expressed on nearly all AML cells, as well as on MDS cells. CD33 is a well validated and high-conviction target, with one anti-CD33 drug approved and a number of other antibody-based therapies in development. Mylotarg (gemtuzumab ozogamicin), an antibody drug conjugate targeting CD33, is approved for the treatment of AML in combination with chemotherapy. However, Mylotarg use has been associated with VOD or Veno-Occlusive Disease of the liver, especially in patients who receive an allogeneic hematopoietic cell transplant, and the addition of Mylotarg to 7+3 was most effective in patients with favorable cytogenetic/molecular risk. In fact, treatment of patients with poor cytogenetic/molecular risk with Mylotarg 7+3 was reported to have no benefit above 7+3 alone. Actimab-A by virtue of the radioisotope payload is agnostic to cytogenic or molecular markers and has not been associated with VOD. This dose evaluating, multi-center study will follow a standard 3+3 dose escalation design and would have the flexibility of adding additional cohorts above or in between the planned doses if further optimization required.

Stemline Therapeutics to Present at the Cowen 40th Annual Health Care Conference

On February 26, 2020 Stemline Therapeutics, Inc. (Nasdaq: STML), a commercial-stage biopharmaceutical company focused on the development and commercialization of novel oncology therapeutics, reported that management will present at the Cowen 40th Annual Health Care Conference on Monday, March 2, 2020 at 12:00 PM ET at the Boston Marriott Copley Place in Boston, MA (Press release, Stemline Therapeutics, FEB 26, 2020, https://ir.stemline.com/news-releases/news-release-details/stemline-therapeutics-present-cowen-40th-annual-health-care [SID1234554816]). A live webcast of the presentation can be viewed on the company’s website at www.stemline.com.

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About ELZONRIS
ELZONRIS (tagraxofusp), a targeted therapy directed to CD123, is approved by the U.S. Food and Drug Administration (FDA) and commercially available in the U.S. for the treatment of adult and pediatric patients, two years or older, with blastic plasmacytoid dendritic cell neoplasm (BPDCN). For full prescribing information in the U.S., visit www.ELZONRIS.com. In Europe, a marketing authorization application (MAA) is under review by the European Medicines Agency (EMA).

ELZONRIS is also being evaluated in additional clinical trials in other CD123+ indications, including chronic myelomonocytic leukemia (CMML), myelofibrosis (MF), acute myeloid leukemia (AML), and others are planned including a CD123+ all-comers trial.

About BPDCN
BPDCN, formerly blastic NK-cell lymphoma, is an aggressive hematologic malignancy, often with cutaneous manifestations, with historically poor outcomes. BPDCN typically presents in the bone marrow and/or skin and may also involve lymph nodes and viscera. The BPDCN cell of origin is the plasmacytoid dendritic cell (pDC) precursor. The diagnosis of BPDCN is based on the immunophenotypic diagnostic triad of CD123, CD4, and CD56, as well as other markers. The World Health Organization (WHO) termed this disease "BPDCN" in 2008; previous names included blastic NK cell lymphoma and agranular CD4+/CD56+ hematodermic neoplasm. For more information, please visit the BPDCN disease awareness website at www.bpdcninfo.com.

About CD123
CD123 is a cell surface target expressed on a wide range of malignancies including blastic plasmacytoid dendritic cell neoplasm (BPDCN), certain myeloproliferative neoplasms (MPNs) including chronic myelomonocytic leukemia (CMML) and myelofibrosis (MF), acute myeloid leukemia (AML) (and potentially enriched in certain AML subsets), myelodysplastic syndrome (MDS), and chronic myeloid leukemia (CML). CD123 has also been reported on multiple myeloma (MM), acute lymphoid leukemia (ALL), hairy cell leukemia (HCL), Hodgkin’s lymphoma (HL), and certain Non-Hodgkin’s lymphomas (NHL). In addition, CD123+ cells have been detected in the tumor microenvironment of several solid tumors as well as in certain autoimmune disorders including cutaneous lupus and scleroderma.

Moderna Reports 2019 Fourth Quarter and Full Year Financial Results and Highlights Advancements in Core Modalities

On February 26, 2020 Moderna, Inc., (Nasdaq: MRNA) a clinical stage biotechnology company pioneering messenger RNA (mRNA) therapeutics and vaccines to create a new generation of transformative medicines for patients, provided business updates and reported financial results for the fourth quarter and full year of 2019 and highlighted pipeline progress (Press release, Moderna Therapeutics, FEB 26, 2020, View Source [SID1234554815]).

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New updates and recent progress include:

Infectious Diseases

Two of three dose cohorts in Phase 2 CMV vaccine (mRNA-1647) dose-confirmation study completed enrollment, and third and final cohort is more than 85% enrolled; first Phase 2 interim analysis expected in the third quarter of 2020; Moderna actively preparing for pivotal Phase 3 study, expected to begin in 2021
First clinical-grade batch of novel coronavirus vaccine (mRNA-1273) shipped and received by NIH for use in Phase 1 study in the U.S.; delivered from Company’s cGMP facility in 42 days from sequence selection
Rare Diseases

Dosing complete for 0.6 mg/kg dose cohort with steroid premedication in the Phase 1 study of antibody against chikungunya virus (mRNA-1944); first participant dosed in additional cohort with two doses of 0.3 mg/kg (without steroid premedication) given one week apart
First patient enrolled in Phase 1/2 MMA (mRNA-3704) study; actively recruiting patients at U.S. sites following a protocol amendment expanding the first cohort eligibility criteria to patients 8 years and older
Corporate Updates

On February 25, 2020, the Company received notice that the underwriters had exercised their option to purchase an additional $75 million in shares of common stock in connection with the recently completed public offering. The closing of this additional sale is expected to occur on or about February 26, 2020, subject to the satisfaction of customary closing conditions.
"The Moderna team continues to execute our strategy, including our CMV Phase 2 study enrolling ahead of plan, shipping the coronavirus Phase 1 clinical materials to NIH/NIAID in just 42 days, and announcing five new development candidates in the last two months," said Stéphane Bancel, Moderna’s Chief Executive Officer. "We have up to $2 billion of capital to invest in the Company, a great team, a powerful mRNA platform and a state-of-the-art manufacturing site. I am more energized than ever about our future."

Moderna currently has 24 mRNA development candidates in its portfolio with 12 in clinical studies. Across Moderna’s pipeline, more than 1,700 participants have been enrolled in clinical studies. The Company’s updated pipeline can be found at www.modernatx.com/pipeline. Moderna and collaborators have published more than 40 peer-reviewed papers, including 21 in 2019.

Summary of Program Highlights by Modality

Core Modalities

Prophylactic Vaccines: Moderna is developing vaccines against viral diseases where there is unmet medical need – including complex vaccines with multiple antigens for common diseases, as well as vaccines against threats to global public health. The Company’s global public health portfolio is focused on epidemic and pandemic diseases for which funding has been sought from government and non-profit organizations.

Infections transmitted from mother to baby

Cytomegalovirus (CMV) vaccine (mRNA-1647): The first (50 µg) and second (100 µg) cohorts of the Phase 2 dose-confirmation study of mRNA-1647 have completed enrollment, and the third and final cohort (150 µg) is more than 85% enrolled. In February, Moderna announced that the first interim analysis of this Phase 2 study is expected in the third quarter of 2020. In January, Moderna announced positive seven-month interim data after the third and final vaccination from the Phase 1 study of mRNA-1647. Manufacturing and planning are underway for the pivotal Phase 3 study, which is designed to evaluate the efficacy of mRNA-1647 against primary CMV infection in a population that includes women of childbearing age and is expected to start in 2021. Moderna owns worldwide commercial rights for mRNA-1647.
Zika virus (mRNA-1893): The 10 µg, 30 µg and 100 µg cohorts in the Phase 1 study of mRNA-1893 have completed enrollment. This development candidate is being developed in collaboration with the U.S. Biomedical Advanced Research and Development Authority (BARDA) within the Office of the Assistant Secretary for Preparedness and Response at the U.S. Department of Health and Human Services. Moderna owns worldwide commercial rights to mRNA-1893.
Vaccines against respiratory infections

Human metapneumovirus (hMPV) and parainfluenza type 3 (PIV3) vaccine (mRNA-1653): The Phase 1b age de-escalation study of mRNA-1653 is ongoing. Moderna previously announced positive data from the second pre-planned interim analysis of the Phase 1 study of mRNA-1653. Moderna owns worldwide commercial rights to mRNA-1653.
Pediatric respiratory syncytial virus (RSV) vaccine (mRNA-1345): mRNA-1345 is a vaccine against respiratory syncytial virus (RSV) in young children encoding for a prefusion F glycoprotein, which elicits a superior neutralizing antibody response compared to the postfusion state. The Company intends to combine mRNA-1345 with mRNA-1653, its vaccine against hMPV and PIV3, to create a combination vaccine against RSV, hMPV and PIV3. There is no approved vaccine for RSV. Moderna owns worldwide commercial rights to the combined mRNA-1345/mRNA-1653 vaccine.
Respiratory syncytial virus (RSV) vaccine (mRNA-1172 or V172): The Phase 1 study of mRNA-1172 led by Merck is ongoing. Moderna has licensed worldwide commercial rights to mRNA-1172 to Merck.
Novel coronavirus (SARS CoV-2) vaccine (mRNA-1273): The first clinical-grade batch of mRNA-1273 has been shipped from Moderna facility to the NIH for use in a Phase 1 study in the U.S. mRNA-1273 was delivered from the Company’s cGMP facility in 42 days from sequence selection. NIH plans to conduct the Phase 1 clinical trial in the U.S. There is no approved vaccine for novel coronavirus.
Influenza H7N9 vaccine (mRNA-1851): Discussions regarding funding the Company’s influenza H7N9 vaccine program through approval are ongoing.
Vaccines against highly prevalent viral infections

Epstein-Barr virus (EBV) vaccine (mRNA-1189): mRNA-1189 is a vaccine against Epstein-Barr virus (EBV) containing five mRNAs that encode viral proteins (gp350, gB, gp42, gH and gL) in EBV. Similar to Moderna’s CMV vaccine (mRNA-1647), the viral proteins in mRNA-1189 are expressed in their native membrane-bound form for recognition by the immune system. There is no approved vaccine for EBV. Moderna owns worldwide commercial rights to mRNA-1189.
Systemic Secreted & Cell Surface Therapeutics: In this modality, mRNA is delivered systemically to create proteins that are either secreted or expressed on the cell surface.

Antibody against the chikungunya virus (mRNA-1944): Dosing is complete for the 0.6 mg/kg cohort with steroid premedication in the Phase 1 study evaluating escalating doses of mRNA-1944 administered via intravenous infusion in healthy adults. The first participant has been dosed in the additional cohort with two doses of 0.3 mg/kg (without steroid premedication) given one week apart. In September 2019, Moderna announced positive interim data from the first analysis of safety and activity in the Phase 1 study. Moderna owns worldwide commercial rights to mRNA-1944.
IL-2 (mRNA-6231): mRNA-6231 is an mRNA encoding for a long-acting tolerizing IL-2. This new autoimmune development candidate is designed to preferentially activate and expand the regulatory T cell population. The Company plans to conduct a Phase 1 study of mRNA-6231 in healthy adult volunteers. mRNA-6231 uses the same LNP formulation as mRNA-1944. The Phase 1 study of mRNA-6231 will be the first clinical demonstration of subcutaneous administration of this delivery technology. Moderna owns worldwide commercial rights to mRNA-6231.
PD-L1 (mRNA-6981): mRNA-6981 is an mRNA encoding for PD-L1. This new autoimmune development candidate is designed to augment cell surface expression of PD-L1 on myeloid cells to provide co-inhibitory signals to self-reactive lymphocytes. As an initial step to addressing a range of autoimmune indications, the Company intends to pursue proof-of-concept in a Phase 1 study of mRNA-6981 in type 1 autoimmune hepatitis (AIH), a condition that involves liver inflammation and can lead to cirrhosis and liver failure. mRNA-6981 uses the same LNP formulation as mRNA-1944. Moderna owns worldwide commercial rights to mRNA-6981.
Relaxin (AZD7970): Partnered with AstraZeneca, AZD7970 is in preclinical development for the treatment of heart failure. Under the terms of the collaboration, AstraZeneca would sponsor the Phase 1 trial to assess safety, tolerability and duration of systemic exposure to the Relaxin protein. Moderna shares worldwide commercial rights to AZD7970 with AstraZeneca.
Fabry disease (mRNA-3630): Individuals with Fabry disease have a deficiency in the α-GAL enzyme resulting in a reduced or complete inability to metabolize glycosphingolipids in lysosomes. mRNA-3630 aims to instruct cells to produce α-GLA both locally in multiple affected tissues, and to secrete it into circulation from organs such as the liver for delivery to distal tissues. mRNA-3630 is in preclinical development. Moderna owns worldwide commercial rights to mRNA-3630.
Exploratory Modalities

Cancer Vaccines: These programs focus on stimulating a patient’s immune system with antigens derived from tumor-specific mutations to enable the immune system to elicit a more effective anti-tumor response.

Personalized cancer vaccine (PCV) (mRNA-4157): The randomized Phase 2 study investigating a 1 mg dose of mRNA-4157 in combination with Merck’s pembrolizumab (KEYTRUDA), compared to pembrolizumab alone, for the adjuvant treatment of high-risk resected melanoma is ongoing. The Phase 1 study is ongoing. Moderna shares worldwide commercial rights to mRNA-4157 with Merck.
KRAS vaccine (mRNA-5671 or V941): The Phase 1 open-label, multi-center study to evaluate the safety and tolerability of mRNA-5671 both as a monotherapy and in combination with pembrolizumab, led by Merck, is ongoing. Moderna shares worldwide commercial rights to mRNA-5671 with Merck.
Intratumoral Immuno-Oncology: These programs aim to drive anti-cancer T cell responses by injecting mRNA therapies directly into tumors.

OX40L (mRNA-2416): The first patient has been dosed in the Phase 1 dose escalation cohort of mRNA-2416 in combination with durvalumab (IMFINZI). The Company has removed the top dose of 8 mg in this cohort based on limitations due to the size of ovarian lesions. Moderna owns worldwide commercial rights to mRNA-2416.
OX40L/IL-23/IL-36γ (Triplet) (mRNA-2752): The Phase 1 trial evaluating mRNA-2752 as a single agent and in combination with durvalumab in patients with advanced solid tumor malignancies and lymphoma is ongoing. mRNA-2752 is an investigational mRNA immuno-oncology therapy that encodes a novel combination of three immunomodulators. Moderna owns worldwide commercial rights to mRNA-2752.
IL-12 (MEDI1191): The Phase 1 open-label, multi-center study of intratumoral injections of MEDI1191 alone and in combination with durvalumab in patients with advanced solid tumors, led by AstraZeneca, is ongoing. MEDI1191 is an mRNA encoding for IL-12, a potent immunomodulatory cytokine. Moderna shares worldwide commercial rights to MEDI1191 with AstraZeneca.
Localized Regenerative Therapeutics: Localized production of proteins has the potential to be used as a regenerative medicine for damaged tissues.

VEGF-A (AZD8601): The Phase 2a study of AZD8601 for VEGF-A for ischemic heart disease in patients undergoing coronary artery bypass grafting (CABG) surgery with moderately impaired systolic function, led by AstraZeneca, is ongoing. Moderna has licensed worldwide commercial rights to AZD8601 to AstraZeneca.
Systemic Intracellular Therapeutics: These programs aim to deliver mRNA into cells within target organs as a therapeutic approach for diseases caused by a missing or defective protein.

Methylmalonic acidemia (MMA) (mRNA-3704): The first patient has been enrolled in the Phase 1/2 open-label, dose escalation study evaluating the safety and tolerability of escalating doses of mRNA-3704 administered via intravenous infusion in patients with isolated methylmalonic acidemia (MMA) due to MUT deficiency. The patient has entered an observational period prior to treatment, which evaluates the patient’s baseline disease prior to starting the treatment period. The Company is planning to initiate several sites outside the U.S. and has thus far received Medicines and Healthcare products Regulatory Agency (MHRA) approval in the U.K. The objectives of this study are to evaluate safety and tolerability, assess the pharmacodynamic response and characterize the pharmacokinetic profile of mRNA-3704. This is Moderna’s first rare disease program to begin clinical trial enrollment. mRNA-3704 uses the same LNP formulation as mRNA-1944. Moderna owns worldwide commercial rights to mRNA-3704.
Propionic acidemia (PA) (mRNA-3927): Study start-up in the U.S. is ongoing for the open-label, multi-center Phase 1/2 study of multiple ascending doses of mRNA-3927 in primarily pediatric patients with PA. The objectives of this study are to evaluate the safety and tolerability of mRNA-3927 administered via IV infusion, assess the pharmacodynamic response as assessed by changes in plasma biomarkers and characterize the pharmacokinetic profile of mRNA-3927. mRNA-3927 uses the same LNP formulation as mRNA-1944. Moderna owns worldwide commercial rights to mRNA-3927.
MMA and PA Natural History Study (MaP): This is a global, multi-center, non-interventional study for patients with confirmed diagnosis of MMA due to MUT deficiency or PA and is designed to identify and correlate clinical and biomarker endpoints for these disorders. Enrollment in the study has been completed.
Phenylketonuria (PKU) (mRNA-3283): Individuals with PKU have a deficiency in phenylalanine hydroxylase (PAH) resulting in a reduced or complete inability to metabolize the essential amino acid phenylalanine into tyrosine. mRNA-3283 encodes human PAH to restore the deficient or defective intracellular enzyme activity in patients with PKU. mRNA-3283 is in preclinical development. Moderna owns worldwide commercial rights to mRNA-3283.
Glycogen storage disease type 1a (GSD1a) (mRNA-3745): Individuals with GSD1a have a deficiency in glucose-6-phosphatase resulting in pathological blood glucose imbalance. mRNA-3745 is an IV-administered mRNA encoding human G6Pase enzyme, designed to restore deficient or defective intracellular enzyme activity in patients with GSD1a. mRNA-3745 is in preclinical development. Moderna owns worldwide commercial rights to mRNA-3745.
Information about each development candidate in Moderna’s pipeline, including those discussed in this press release, can be found on the investor relations page of its website: investors.modernatx.com.

Corporate Updates

Public offering, strategic alliances and available grant funding: After the closing of the underwriters’ option to purchase additional shares, the Company will have raised $550 million in net proceeds from the recent financing announced in early February 2020.
The Company has established a wide range of strategic alliances with leading biopharmaceutical companies, as well as grants from government-sponsored and private organizations focused on global health initiatives. As of December 31, 2019, Moderna had up to $185 million in additional funding available from grants (including amounts not yet committed)1.

With the offering proceeds, access to additional grant funding, and cash and investments of $1.26 billion as of December 31, 2019, Moderna has access to up to $2 billion in capital to invest in the business.

Shareholder letter: Moderna CEO Stéphane Bancel published a letter to shareholders on January 6, 2020.
Key 2020 Investor and Analyst Event Dates

Manufacturing & Digital Day – March 4 at Moderna’s Norwood, MA facility
Vaccines Day – April 14 in New York City
Science Day – June 2 in New York City
R&D Day – September 17 in New York City
Fourth Quarter and Full Year 2019 Financial Results (Unaudited)

Cash Position: Cash, cash equivalents and investments as of December 31, 2019 and 2018 were $1.26 billion and $1.69 billion, respectively.
Net Cash Used in Operating Activities: Net cash used in operating activities was $459.0 million for the year ended December 31, 2019 compared to $330.9 million for the year ended December 31, 2018.
Cash Used for Purchases of Property and Equipment: Cash used for purchases of property and equipment decreased $74.2 million, or 70.2%, to $31.6 million for the year ended December 31, 2019 from $105.8 million for the year ended December 31, 2018. Of these amounts, cash disbursements specifically related to Moderna Technology Center (MTC) manufacturing facility in Norwood, MA were $14.6 million and $94.5 million for the years ended December 31, 2019 and 2018, respectively. Our MTC manufacturing facility opened in July 2018.
Revenue: Total revenue was $14.1 million for the fourth quarter of 2019 compared to $35.4 million for the fourth quarter of 2018. Total revenue was $60.2 million for the year ended December 31, 2019 compared to $135.1 million for the year ended December 31, 2018. The decreases in both periods were mainly due to lower collaboration revenue across all our strategic alliances, particularly AstraZeneca and Merck, driven by our adoption of ASC 606 and the completion of the initial four-year research period under the 2016 Merck Agreement.
Research and Development Expenses: Research and development expenses were $118.8 million for the fourth quarter of 2019 compared to $150.4 million for the fourth quarter of 2018. Research and development expenses were $496.3 million for the year ended December 31, 2019 compared to $454.1 million for the year ended December 31, 2018. The decrease in the fourth quarter was primarily due to a decrease in our in-licensing payments to Cellscript, LLC and its affiliate, and a reduction of our lab supplies and materials costs. The increase for the year ended December 31, 2019 was primarily due to an increase in personnel related cost, including stock-based compensation, and an increase in clinical trial and manufacturing costs, mainly driven by an increase in the number of employees and costs supporting research and development programs.
General and Administrative Expenses: General and administrative expenses were $25.9 million for the fourth quarter of 2019 compared to $38.0 million for the fourth quarter of 2018. General and administrative expenses were $109.6 million for the year ended December 31, 2019 compared to $94.3 million for the year ended December 31, 2018. The decrease in the fourth quarter was primarily due to a decrease in stock-based compensation, mainly attributable to certain performance-based equity awards with vesting or commencement contingent on our initial public offering in 2018. The increase for the year ended December 31, 2019 was primarily due to an increase in insurance, consulting and outside services, and facility related costs, primarily driven by an increase in the number of employees and costs in support of being a public company.
Net Loss: Net loss was $124.2 million for the fourth quarter of 2019 compared to $141.4 million for the fourth quarter of 2018. Net loss was $514.0 million for the year ended December 31, 2019 compared to $384.7 million for the year ended December 31, 2018.
Reiterating Financial Guidance

Moderna expects net cash used in operating activities and for purchases of property and equipment in 2020 to be similar to 2019, between $490 million and $510 million.
Investor Call and Webcast Information

Moderna will host a live conference call and webcast at 8:00 a.m. ET on Wednesday, February 26, 2020. To access the live conference call, please dial 866-922-5184 (domestic) or 409-937-8950 (international) and refer to conference ID 3639288. A webcast of the call will also be available under "Events and Presentations" in the Investors section of the Moderna website at investors.modernatx.com. The archived webcast will be available on Moderna’s website approximately two hours after the conference call and will be available for 30 days following the call.

Sangamo Therapeutics Announces Fourth Quarter and Full Year 2019 Conference Call and Webcast

On February 26, 2020 Sangamo Therapeutics, Inc. (Nasdaq: SGMO), a genomic medicine company, announced today that the Company has scheduled the release of its fourth quarter and full year 2019 financial results before market opens on Friday, February 28, 2020 (Press release, Sangamo Therapeutics, FEB 26, 2020, View Source [SID1234554814]). The press release will be followed by a conference call at 8:00 a.m. ET, which will be open to the public via telephone and webcast. During the conference call, the Company will review its financial results and provide a business update.

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The conference call dial-in numbers are (877) 377-7553 for domestic callers and (678) 894-3968 for international callers. The conference ID number for the call is 4609858. Participants may access the live webcast via a link on the Sangamo Therapeutics website in the Investors and Media section under Events and Presentations. A conference call replay will be available for one week following the conference call. The conference call replay numbers for domestic and international callers are (855) 859-2056 and (404) 537-3406, respectively. The conference ID number for the replay is 4609858.

Momenta Pharmaceuticals Reports Fourth Quarter and Full Year 2019 Financial Results

On February 26, 2020 Momenta Pharmaceuticals, Inc. (Nasdaq: MNTA), a biotechnology company focused on discovering and developing novel biologic therapeutics to treat rare immune-mediated diseases, reported its financial results for the fourth quarter and full year ended December 31, 2019 (Press release, Momenta Pharmaceuticals, FEB 26, 2020, View Source [SID1234554808]).

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"2019 was a transformative year for Momenta as the power of our pipeline began to show itself," said Craig A. Wheeler, President and Chief Executive Officer of Momenta Pharmaceuticals. "Thanks to our talented research team, we are also expanding our pipeline, starting with the nomination of M267, our new SIFbody development candidate earlier this year."

Fourth Quarter 2019 Highlights, Recent Events and Anticipated Upcoming Milestones

Novel Therapeutics Pipeline:

M254 (hsIgG): a hypersialylated immunoglobulin designed as a high potency alternative for intravenous immunoglobulin (IVIg)

•The Company’s multi-part Phase 1/2 clinical trial in idiopathic thrombocytopenic purpura (ITP) is progressing through Part B, which is evaluating M254 compared to IVIg in a single ascending dose (SAD) cohort of ITP patients. In January 2020, Momenta announced interim results, featuring early favorable responses to M254 (5/6 patients on treatment exhibited platelet counts ≥ 50 x 109/L). Based on these data, the Company is expanding Part B to include at least one additional lower dose cohort and to augment the number of patients in existing cohorts. Enrollment for the study is ongoing, with additional data from Part B to be submitted for presentation at a medical conference in the second quarter of 2020.

•The Company plans to launch a Phase 2 study of M254 in chronic inflammatory demyelinating polyneuropathy (CIDP) in the fourth quarter of 2020.

Nipocalimab (M281): a fully human anti-neonatal Fc receptor (FcRn) aglycosylated immunoglobulin G (IgG1) monoclonal antibody (mAb)

•The Company has completed its target enrollment in Vivacity-MG, the Phase 2 clinical study of nipocalimab in generalized myasthenia gravis (gMG). The Company expects to report top-line data in the third quarter of 2020.
•Unity, the Company’s global multi-center Phase 2 clinical study of nipocalimab in hemolytic disease of the fetus and newborn (HDFN), is enrolling well. The Company expects to report top-line data from this study in 2021.
•Energy Study, the Company’s adaptive Phase 2/3 clinical study of nipocalimab in warm autoimmune hemolytic anemia (wAIHA) is enrolling patients and the Company is activating clinical sites in both the United States and European Union. Top-line data are expected from this study around the end of 2021.

M230 (CSL730): a recombinant Fc multimer being developed in collaboration with CSL

•A Phase 1 clinical program to evaluate the safety and tolerability of M230 in healthy volunteers is continuing. Momenta’s partner, CSL, plans to introduce a subcutaneous formulation into the Phase 1 program this year.

Momenta’s SIFbody platform combines multiple Fc’s with antibody fabs to optimally activate Fc and complement effector function and effectively deplete target cells.

•In January 2020, Momenta nominated M267, a SIFbody candidate targeting CD38, for clinical development. Pre-clinical data suggest this candidate has the potential to be a best-in-class therapeutic to target CD38 expressing cells, which are prevalent in plasmacyte-mediated diseases such as multiple myeloma, AL amyloidosis and rare, autoantibody-mediated diseases.
•The Company plans to initiate IND-enabling studies for this candidate in 2020.

Legacy Products:

GLATOPA 20 mg and 40 mg: FDA approved generic versions of COPAXONE 20 mg and 40 mg, developed and commercialized in collaboration with Sandoz

•In the fourth quarter of 2019, Momenta recorded $7.9 million in product revenue from Sandoz’s sales of GLATOPA products.

M710: a proposed biosimilar to EYLEA (aflibercept) candidate being developed in collaboration with Mylan

•Mylan continues its pivotal clinical trial in patients with diabetic macular edema to compare safety, efficacy and immunogenicity of M710 with EYLEA. Mylan expects to target U.S. submission in 2021.

Corporate:

•In January 2020, Momenta announced the appointment of Young Kwon, Ph.D. as Chief Financial and Business Officer. Dr. Young previously served as Chief Business Officer at the Company.

•In December 2019, the Company announced the appointment of Jane F. Barlow, M.D., M.P.H., M.B.A. to its Board of Directors.

•In December 2019, Momenta announced the closing of a public offering of 16.7 million shares of its common stock at the price of $15.50 per share. Net proceeds from the offering were $244.2 million.

•In December 2019, Momenta and Sandoz entered into a settlement agreement with The Hospital Authority of Metropolitan Government of Nashville and Davidson County, Tennessee, d/b/a Nashville General Hospital, or NGH, resolving all pending litigation between the parties related to Enoxaparin Sodium Injection, an FDA-approved, substitutable generic LOVENOX, which Momenta developed in collaboration with Sandoz. As a result of the settlement, the Company agreed to pay an aggregate of $35.0 million as consideration for the release of all alleged claims.

Fourth Quarter and Full Year 2019 Financial Results

Revenue:

In the fourth quarter of 2019, the Company recorded $7.9 million in product revenue from Sandoz’s sales of GLATOPA, compared to $10.8 million for the same period in 2018. For the year ended December 31, 2019, the Company recorded $19.1 million in product revenue from Sandoz’s sales of GLATOPA, compared to $39.7 million for the same period in 2018. The decrease in product revenue of $2.9 million, or 27%, from the fourth quarter of 2018 to the fourth quarter of 2019 was primarily due to lower net sales of GLATOPA driven by competition. The decrease in product revenue of $20.6 million, or 52%, from the year ended 2018 to the year ended 2019 was primarily due to lower net sales of GLATOPA driven by competition, a $1.5 million legal settlement payment to Teva Pharmaceuticals Industries Ltd. and related entities in the first quarter of 2019, representing Momenta’s 50% share, and $1.7 million received by Momenta in the third quarter of 2018 for the Pfizer settlement.

Research and development revenue for the fourth quarter of 2019 was $0.3 million compared to $32.1 million for the same quarter in 2018. For the year ended December 31, 2019, research and development revenue was $4.8 million compared to $35.9 million for the same period in 2018. The decrease in research and development revenue of $31.8 million, or 99.1%, and $31.1 million, or 87%, from the fourth quarter of 2018 to the fourth quarter of 2019, and from the year ended 2018 to the year ended 2019, respectively, was primarily due to $28.4 million of revenue recognized related to Mylan’s upfront payment of $45.0 million during the fourth quarter of 2018 and lower reimbursement revenue for GLATOPA expenses in 2019.

Total revenue for the fourth quarter of 2019 was $8.2 million, compared to $42.8 million for the same period in 2018. For the year ended December 31, 2019, total revenue was $23.9 million, compared to $75.6 million for the same period in 2018.

Operating Expenses:

Research and development expenses for the fourth quarter of 2019 were $38.3 million, compared to $28.7 million for the same period in 2018. The increase of $9.6 million, or 33%, was primarily due to an increase in manufacturing and clinical trial costs for nipocalimab and M254, offset in part by lower personnel costs following the Company’s workforce reduction in the fourth quarter of 2018 and a reduction in lease costs. For the year ended December 31, 2019, research and development expenses were $144.5 million, compared to $124.0 million for the same period in 2018. The increase of $20.5 million, or 17%, was primarily due to an increase in manufacturing and clinical trial costs for nipocalimab and M254, offset partially by a decrease in our share of CSL collaboration costs, lower personnel costs following the Company’s workforce reduction in the fourth quarter of 2018 and a reduction in lease costs.

General and administrative expenses for the fourth quarter of 2019 were $58.9 million, compared with $21.5 million for the same period in 2018. The increase of $37.4 million, or 174%, was primarily due to $35.0 million related to a settlement agreement with Nashville General Hospital related to Enoxaparin Sodium Injection. For the year ended December 31, 2019, general and administrative expenses were $149.8 million, compared to $85.1 million for the same period in 2018. The increase of $64.7 million, or 76%, was primarily due to $35.0 million related to the settlement agreement with Nashville General Hospital, $21.0 million paid to Amphastar Pharmaceuticals in June 2019, reflecting the Company’s portion of the required settlement payments related to Enoxaparin Sodium Injection, increased depreciation of $4.8 million associated with a change in the estimated useful life of certain leasehold improvements in the fourth quarter of 2018, increased share-based compensation expense of $4.1 million, driven primarily by expense recognized on performance-based restricted stock units in the fourth quarter of 2019, and increased consultant spend of $4.2 million. These increases were partially offset by decreased personnel costs, including salaries and share-related benefits, of $3.9 million due to the workforce reduction announced in October 2018.

In July 2019, the Company entered into an amendment to its office and laboratory space lease at 320 Bent Street in Cambridge, Massachusetts, reducing the Company’s footprint at this location. During the year ended December 31, 2019, the Company recognized a non-cash gain of $13.7 million, reflecting the reduction in the lease liability and the related right-of-use asset.

Total GAAP operating expenses for the fourth quarter of 2019 were $95.5 million, compared to $52.5 million for the same period in 2018. For the year ended December 31, 2019, total GAAP operating expenses were $322.0 million, compared to $256.9 million for the same period in 2018.

Fourth quarter non-GAAP operating expense was $86.9 million. Full year 2019 non-GAAP operating expense was $298.5 million. Non-GAAP operating expense is total operating expenses, less restructuring costs, stock-based compensation expense and collaborative reimbursement revenues. See "Non-GAAP Financial Information and Other Disclosures" and the table below entitled "Reconciliation of GAAP Results to Non-GAAP Financial Measures" for a reconciliation of GAAP operating expense to non-GAAP operating expense.

Net Income (Loss):

The Company reported a net loss of $86.7 million, or $0.85 per share for the fourth quarter of 2019, compared to a net loss of $8.2 million, or $0.10 per share for the same period in 2018. For the year ended December 31, 2019, the Company reported a net loss of $290.1 million, or $2.92 per share compared to a net loss of $176.1 million, or $2.26 per share for 2018.

Cash Position:

At December 31, 2019, the Company had $545.1 million in cash, cash equivalents and marketable securities, reflecting the December 2019 common stock financing compared to $325.9 million at September 30, 2019.

2020 Financial Guidance

Momenta provides non-GAAP operating expense guidance, which it believes can enhance an overall understanding of its financial performance when considered together with GAAP financial measures. Refer to the section of this press release below entitled "Non-GAAP Financial Information and Other Disclosures" for further discussion of this subject.

Non-GAAP operating expense is total operating expenses, less stock-based compensation expense, restructuring expense and collaborative reimbursement revenues. Momenta is providing full-year non-GAAP operating expense guidance of $220 – $240 million for 2020.

Non-GAAP Financial Information and Other Disclosures

Momenta uses a non-GAAP financial measure, non-GAAP operating expense, to provide operating expense guidance. Momenta believes this non-GAAP financial measure is useful to investors because it provides greater transparency regarding Momenta’s operating performance as it excludes non-cash stock compensation expense, restructuring expense and collaborative reimbursement revenues. This non-GAAP financial measure should not be considered a substitute or an alternative to GAAP total operating expense and should not be considered a measure of Momenta’s liquidity. Instead, non-GAAP operating expense should only be used to supplement an understanding of Momenta’s operating results as reported under GAAP. Momenta has not provided GAAP reconciliation for its forward-looking non-GAAP annual operating expense because Momenta cannot reliably predict without unreasonable efforts the timing or amount of the factors that substantially contribute to the projection of stock compensation expense, which is excluded from the forward-looking non-GAAP financial measure. The Company does not expect restructuring expense and collaboration reimbursement revenue to be material.

Conference Call Information

Management will host a conference call and webcast today at 8:30 am ET to discuss these results and provide an update on the Company. A live webcast of the conference call may be accessed on the "Investors" section of the Company’s website, www.momentapharma.com. Please go to the site at least 15 minutes prior to the call in order to register, download, and install any necessary software. An archived version of the webcast will be posted on the Momenta website approximately two hours after the call.

To access the call you may also dial (866) 209-9686 (domestic) or (825) 312-2288 (international) prior to the scheduled conference call time and provide the access code 8677153.