On June 26, 2020, Adhera Therapeutics, Inc. (the "Company") reported to an existing investor in the Company a 10% original issue discount Senior Secured Convertible Promissory Note for a purchase price of $52,500 (the "Note") (Filing, 8-K, Adhera Therapeutics, JUN 26, 2020, View Source [SID1234561567]).

Pursuant to the Note, the Company promises to pay the principal sum of the Note to the noteholder on the date that is the six (6) month anniversary of the original issue date, or such earlier date as the Note is required or permitted to be repaid as provided thereunder, and to pay interest to the noteholder on the aggregate unconverted and then outstanding principal amount of the Note in accordance with the provisions thereof. Interest shall accrue on the aggregate unconverted and then outstanding principal amount of the Note at the rate of 10% per annum, calculated on the basis of a 360-day year and shall accrue daily commencing on the original issue date until payment in full of the outstanding principal (or conversion to the extent applicable), together with all accrued and unpaid interest, liquidated damages and other amounts which may become due thereunder, has been made.

On or after September 24, 2020, the Note shall be convertible, in whole or in part, at any time, and from time to time, into shares of the common stock of the Company at the option of the noteholder at a conversion price of $0.02 (as adjusted for stock splits, stock combinations and similar events); provided, that if an event of default has occurred under the Note, then the conversion price shall be 65% of the lowest closing bid price of the Company’s common stock as reported on its principal trading market for the twenty consecutive trading day period ending on (and including) the trading day immediately preceding the date on which the conversion notice was delivered. The conversion price shall also be adjusted as a result of subsequent equity sales by the Company.

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The obligations of the Company under the Note are secured by a senior lien and security interest in all of the assets of the Company and certain of its wholly-owned subsidiaries pursuant to the terms and conditions of a Security Agreement dated June 26, 2020 by the Company in favor of the noteholder (the "Security Agreement"). In connection with the issuance of the Note, the holders of the secured promissory notes that the Company issued to select accredited investors between June 28, 2019 and August 5, 2019 in the aggregate principal amount of approximately $5.7 million agreed to subordinate their lien and security interest in the assets of the Company and its subsidiaries as set forth in the Security Agreement dated June 28, 2019 that such holders entered into with the Company and its subsidiaries to the security interest granted to the holder of the Note.

Maxim Group LLC ("Maxim") served as placement agent in connection with the offering of the Note. The Company intends to pay a placement fee to Maxim equal to 10% of the aggregate gross proceeds raised as a result of the issuance of the Note.

The foregoing summaries of the material terms of the form of Note and the Security Agreement are not complete and are qualified in their entirety by reference to the full text thereof, copies of which are filed herewith as Exhibits 4.1 and 10.1, respectively, and incorporated by reference herein.

On June 26, 2020 Philogen S.p.A., a privately-owned biotechnology company, reported that the Swiss national competent authority Swissmedic issued the authorization to run a clinical phase II study in patients with locally advanced, not metastatic nonmelanoma skin cancer (Press release, Philogen, JUN 26, 2020, View Source [SID1234561505]). A favorable opinion about the study has now also been obtained by EKOS (Ethics Committee of Eastern Switzerland).

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Patients enrolled in the clinical study will be treated with intralesional injections of NidlegyTM. NidlegyTM, the combination of the two active principles bifikafusp alfa (L19IL2) and onfekafusp alfa (L19TNF), has already shown promising results in the intralesional neoadjuvant treatment of patients with resectable Stage III melanoma in two phase III clinical trials. The durable responses, the excellent safety profile and the favorable cosmetic outcome of injected melanoma lesions have reinforced the investigation of efficacy and safety of NidlegyTM in injectable, locally advanced and not metastatic lesions of basal cell carcinoma or cutaneous squamous cell carcinoma.

"We are delighted to start the clinical phase II study in Switzerland and to explore the potential of NidlegyTM in patients with locally advanced, not metastatic nonmelanoma skin cancer," commented Prof. Dario Neri, co-founder and President of the Scientific Advisory Board of Philogen.

On June 26, 2020 PolyPid Ltd. (Nasdaq: PYPD), a Phase 3 clinical-stage pharmaceutical company focused on developing targeted, locally administered and prolonged-release therapeutics using its proprietary PLEX technology, reported the pricing of its initial public offering of 3,750,000 ordinary shares at a price to the public of $16.00 per share, for gross proceeds of $60.0 million (Press release, PolyPid, JUN 26, 2020, View Source [SID1234561507]). All of the ordinary shares are being offered by PolyPid.

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The shares are expected to begin trading on The Nasdaq Global Market under the symbol "PYPD" on June 26, 2020. The offering is expected to close on June 30, 2020, subject to customary closing conditions. In addition, PolyPid has granted the underwriters a 30-day option to purchase up to 562,500 additional ordinary shares at the initial public offering price less underwriting discounts and commissions.

Barclays and BMO Capital Markets acted as joint book-running managers. Raymond James acted as lead manager. National Securities Corporation, ODDO BHF and A.G.P/Alliance Global Partners acted as co-managers.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on June 25, 2020. The offering is being made only by means of a prospectus, copies of which may be obtained from Barclays Capital Inc. c/o Broadridge Financial Solutions by mail at 1155 Long Island Avenue, Edgewood, NY, 11717, by email at [email protected] , or by calling 888-603-5847 or BMO Capital Markets Corp., Attention: Equity Syndicate Department, 3 Times Square, New York, New York 10036, telephone: 1-800-414-3627 or by emailing [email protected] .

On June 26, 2020 Tikcro Technologies Ltd. (OTCQB: TIKRF), a pre-clinical stage developer of antibodies for cancer immune-therapy, reported its financial results for the first quarter ended March 31, 2020 (Press release, Tikcro, JUN 26, 2020, View Source [SID1234561506]).

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"We are exploring strategic opportunities for our anti-CTLA-4 antibody, which shows strong comparative results in pre-clinical cancer treatment assays. We reduced our operating expenses and are also considering businesses for a reverse merger and other corporate alternatives," said Aviv Boim, CEO of Tikcro.

Financial Results for the First Quarter Ended March 31, 2020
Net loss for the first quarter of 2020 was $96,000, or $0.01 per diluted share, compared to a net loss of $271,000, or $0.03 per diluted share, for the same period last year.

As of March 31, 2020, the company reported $4.3 million in cash, cash equivalents and short-term bank deposits.

Financial Results for the Fourth Quarter and Full Year Ended December 31, 2019
Net loss for the fourth quarter of 2019 was $173,000, or $0.02 per diluted share, compared to a net loss of $421,000, or $0.04 per diluted share, for the same period last year.

Net loss for the year ended December 31, 2019 was $929,000, or $0.09 per diluted share, compared to a net loss of $1,405,000, or $0.14 per diluted share, for the year ended December 31, 2018.

The company’s audited financial statements for the year ended December 31, 2019 are included in its annual report on Form 20-F, which was filed with the Securities and Exchange Commission on June 1, 2020. Attached are the company’s results for the three months ended December 31, 2019.

Results of the Extraordinary General Meeting of Shareholders
On March 12, 2020, the Company’s shareholders duly approved the proposal on the agenda by the requisite majority, as described in the proxy statement dated February 6, 2020.

On June 26, 2020 Philogen S.p.A., a privately-owned biotechnology company, reported that the Swiss national competent authority Swissmedic issued the authorization to run a clinical phase II study in patients with locally advanced, not metastatic nonmelanoma skin cancer (Press release, Philogen, JUN 26, 2020, View Source [SID1234561505]). A favorable opinion about the study has now also been obtained by EKOS (Ethics Committee of Eastern Switzerland).

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

Patients enrolled in the clinical study will be treated with intralesional injections of NidlegyTM. NidlegyTM, the combination of the two active principles bifikafusp alfa (L19IL2) and onfekafusp alfa (L19TNF), has already shown promising results in the intralesional neoadjuvant treatment of patients with resectable Stage III melanoma in two phase III clinical trials. The durable responses, the excellent safety profile and the favorable cosmetic outcome of injected melanoma lesions have reinforced the investigation of efficacy and safety of NidlegyTM in injectable, locally advanced and not metastatic lesions of basal cell carcinoma or cutaneous squamous cell carcinoma.

"We are delighted to start the clinical phase II study in Switzerland and to explore the potential of NidlegyTM in patients with locally advanced, not metastatic nonmelanoma skin cancer," commented Prof. Dario Neri, co-founder and President of the Scientific Advisory Board of Philogen.