Soligenix Completes Enrollment in its Pivotal Phase 3 Clinical Trial of SGX942 for the Treatment of Oral Mucositis

On June 24, 2020 Soligenix, Inc. (Nasdaq: SNGX) (Soligenix or the Company), a late-stage biopharmaceutical company focused on developing and commercializing products to treat rare diseases where there is an unmet medical need, reported it has completed patient enrollment in its Phase 3 DOM-INNATE ("Dusquetide treatment in Oral Mucositis – by modulating INNATE Immunity") study for SGX942 (dusquetide) in the treatment of oral mucositis (OM) in head and neck cancer (HNC) patients (Press release, Soligenix, JUN 24, 2020, View Source [SID1234561454]). The study successfully enrolled 268 subjects, following positive interim analysis, which included a prospectively defined, unblinded assessment of the study’s primary efficacy endpoint by an independent Data Monitoring Committee (DMC). With enrollment completed, top-line results are expected in the fourth quarter of 2020.

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SGX942 is a novel, first-in-class, Innate Defense Regulator (IDR) which both modulates inflammation and enhances anti-infective and tissue-healing pathways of the innate immune system. Study enrollment was temporarily extended as Soligenix assessed the potential impact of COVID-19 on the study (e.g., patient treatment compliance and completion of necessary assessments). With extra efforts by participating patients, physicians and clinical staff, the Company can now successfully report that the negative impact of the pandemic on the overall study was much less than initially anticipated. The study remains on-track to provide top-line results before the end of 2020.

"We are pleased to have completed enrollment and look forward to the top-line results in the fourth quarter, particularly in light of the DMC recommendation at the interim analysis which observed a beneficial drug effect," stated Christopher J. Schaber, PhD, President and Chief Executive Officer of Soligenix. "We continue to positively position this fast-tracked program for approval. With approximately $8 million in cash as of the end of the first quarter, not including our non-dilutive government funding, along with the at-the-market sales issuance agreement with B. Riley FBR, Inc. to judiciously supplement our cash runway as needed, we anticipate having sufficient capital to achieve multiple inflection points across our rare disease pipeline, including top-line results in the DOM-INNATE study. As there is no FDA approved drug for the treatment of oral mucositis in head and neck cancer or other solid tumor settings, we believe SGX942 has the potential to be the first approved therapy to address this unmet medical need and dramatically improve the lives of patients undergoing chemoradiation therapy (CRT)."

"SGX942 has the potential to have a significant impact on the lives of patients undergoing CRT for squamous cell carcinoma of the oral cavity and oropharynx," stated Richard Straube, MD, Senior Vice President and Chief Medical Officer of Soligenix. "We would like to thank the DMC members, our esteemed medical advisory board and our dedicated clinical investigators for their efforts in the design and conduct of this important clinical trial, as well as all the subjects that are participating in the trial. Our focus now is to complete the treatments for all subjects in both the US and Europe and to lock the study database, facilitating top-line results in the fourth quarter of 2020."

Based on the positive results demonstrated in the Phase 2 study of SGX942, the Phase 3 trial is a highly powered, double-blind, randomized, placebo-controlled, multicenter and multinational trial. The primary endpoint for the study is the median duration of severe oral mucositis, assessed by oral examination at each treatment visit and then through six weeks following completion of CRT. Oral mucositis is evaluated using the WHO (World Health Organization) Grading system. Other secondary measures, including incidence of severe oral mucositis, incidence and duration of ulcerative oral mucositis, and incidence of infection will also be assessed at topline or during the 12-month follow-up.

A prospectively defined interim analysis was conducted in August 2019 by an independent DMC and was used to verify the underlying assumptions defining the required sample size of the study to maintain its rigorous 90% statistical power. The DMC identified a beneficial SGX942 effect and accordingly adjusted the study sample size to approximately 260. The DMC did not identify any safety concerns. The interim recommendation is described in the August 2019 press release here.

About Oral Mucositis

Mucositis is the clinical term for damage done to the mucosa by anticancer therapies. It can occur in any mucosal region, but is most commonly associated with the mouth, followed by the small intestine. It is estimated, based upon review of historic published studies and reports and an interpolation of data on the incidence of mucositis, that mucositis affects approximately 500,000 people in the US per year and occurs in 40% of patients receiving chemotherapy. Mucositis can be severely debilitating and can lead to infection, sepsis, the need for parenteral nutrition and narcotic analgesia. The gastrointestinal damage causes severe diarrhea. These symptoms can limit the doses and duration of cancer treatment, leading to sub-optimal treatment outcomes.

The mechanisms of mucositis have been extensively studied and have been recently linked to the interaction of chemotherapy and/or radiation therapy with the innate defense system. Bacterial infection of the ulcerative lesions is now regarded as a secondary consequence of dysregulated local inflammation triggered by therapy-induced cell death, rather than as the primary cause of the lesions.

It is estimated, based upon review of historic published studies and reports and an interpolation of data on the incidence of oral mucositis, that oral mucositis in HNC is a subpopulation of approximately 90,000 patients in the US, with a comparable number in Europe. Oral mucositis almost always occurs in patients with HNC treated with CRT and is severe, causing inability to eat and/or drink, in >80% of patients. It is common (40-100% incidence) in patients undergoing high dose chemotherapy and hematopoietic cell transplantation, where the incidence and severity of oral mucositis depends greatly on the nature of the conditioning regimen used for myeloablation.

In the pediatric population, head and neck cancer is a rarer occurrence and is caused by different underlying pathologies. The major types of HNC in children are lymphoma, sarcomas (including rhabdomyosarcomas), and neuroblastoma rather than squamous cell carcinoma, the major type of adult HNC cancers. Hematopoietic stem cell transplantation (HSCT), especially allogeneic transplantation with higher risk of oral mucositis, is more frequently used in the pediatric population than in adults when treating a number of primary tumor types, as seen in leukemia and lymphoma. Both treatment of HNC and HSCT are associated with high risk of oral mucositis in the pediatric population.

Oral mucositis remains an area of unmet medical need where there are currently no approved drug therapies in the context of any solid tissue tumors.

About the Phase 3 DOM-INNATE Study

This multinational, placebo-controlled, randomized study is targeted to enroll approximately 260 subjects with squamous cell carcinoma of the oral cavity and oropharynx, scheduled to receive a minimum total cumulative radiation dose of 55 Gy fractionated as 2.0-2.2 Gy per day with concomitant cisplatin chemotherapy given as a dose of 80-100 mg/m2 every third week. Subjects are randomized to receive either 1.5 mg/kg SGX942 or placebo given twice a week during and for two weeks following completion of CRT. The primary endpoint for the study is the median duration of severe oral mucositis, assessed by oral examination at each treatment visit and then through six weeks following completion of CRT. Oral mucositis is evaluated using the WHO (World Health Organization) Grading system. Severe oral mucositis is defined as a WHO Grade of ≥3. Subjects are to be followed for an additional 12 months after the completion of treatment. Soligenix has been working with leading oncology centers internationally, a number of which participated in the Phase 2 study.

About Dusquetide

Dusquetide (the active ingredient in SGX942) is an innate defense regulator (IDR), a new class of short, synthetic peptides. It has a novel mechanism of action whereby it modulates the body’s reaction to both injury and infection towards an anti-inflammatory, anti-infective and tissue healing response. IDRs have no direct antibiotic activity but, by modulating the host’s innate immune system responses, increase survival after infections caused by a broad range of bacterial Gram-negative and Gram-positive pathogens. It also accelerates resolution of tissue damage following exposure to a variety of agents including bacterial pathogens, trauma and chemo- and/or radiation therapy. Preclinical efficacy and safety has been demonstrated in numerous animal disease models including mucositis, colitis, macrophage activation syndrome (MAS) as well as bacterial infections, including melioidosis.

SGX942 has demonstrated safety in a Phase 1 clinical study in 84 healthy human volunteers. Positive efficacy results were demonstrated in an exploratory Phase 2 clinical study in 111 patients with oral mucositis due to CRT for HNC. Soligenix is working with leading oncology centers in the US and Europe to advance SGX942 in oral mucositis with the conduct of a pivotal Phase 3 clinical trial referred to as the "DOM–INNATE" study (Dusquetide treatment in Oral Mucositis – by modulating INNATE immunity).

SGX942 has received Fast Track Designation from the FDA for the treatment of oral mucositis as a result of radiation and/or chemotherapy treatment in HNC patients, as well as Promising Innovative Medicine designation in the United Kingdom by the Medicines and Healthcare Products Regulatory Agency for the treatment of severe oral mucositis in HNC patients receiving CRT. In addition, products containing the same active ingredient, dusquetide, have been granted Fast Track Designation as an adjunctive therapy with other antibacterial drugs, for the treatment of melioidosis and Orphan Drug Designations in the treatment of MAS and the treatment of acute radiation syndrome.

Soligenix has a strong intellectual property position in the IDR technology platform, including composition of matter for dusquetide and related analogs. Dusquetide was developed pursuant to discoveries made by Professors B. Brett Finlay, PhD and Robert Hancock, PhD of the University of British Columbia, Canada. Soligenix has received partial funding from NIH for its oral mucositis clinical studies. The Phase 2 study was supported with a Phase I SBIR grant (#R43DE024032) award, with the Phase 3 study being supported by a Phase II SBIR grant (#R44DE024032) award.

In addition, a high level review of the IDR technology platform is available here.

USPTO Issues Xenocor a U.S. Patent Protecting Their Novel Offering of Surgical Scopes

On June 24, 2020 Xenocor, Inc., a privately held company focused on identifying, developing and commercializing innovative and differentiated endoscopes to address significant unmet needs in making minimally invasive approaches more accessible at a lower cost, reported that the United States Patent and Trademark Office (USPTO) is scheduled to issue Xenocor U.S. Patent No. 10,702,128 on July 7, 2020 (Press release, Xencor, JUN 24, 2020, View Source [SID1234561452]).

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This newly allowed patent is the latest U.S. patent to issue in connection with the Xenoscope Single-use Laparoscopic System and provides valuable protection for materials used in the disposable scope that reduce fogging and improve the clarity of the resulting images provided by the system.

"We are extremely pleased with the continued development of the patent portfolio. This new issuance continues to expand the breadth and depth of our Xenoscope intellectual property portfolio covering numerous key features," said Evan Kelso, CEO of Xenocor.

Recently, clinical adoption of single-use endoscopes has seen significant increases in the Global marketplace with CAGR of 18.7% through 2025. The volatility of the Covid-19 pandemic has accelerated the demand for single use surgical endoscopes and will continue as innovations like this come to market with the triple-aim in mind of improving care, improving the health of populations and reducing the cost of healthcare.

Demonstration video of the product in live use can be viewed here: View Source

Magenta Therapeutics Announces Pricing of Public Offering

On June 24, 2020 Magenta Therapeutics, Inc. (Nasdaq: MGTA), a clinical-stage biotechnology company developing novel medicines to bring the curative power of stem cell transplant to more patients, reported the pricing of an underwritten public offering of 7,500,000 shares of its common stock at a public offering price of $8.00 per share (Press release, Magenta Therapeutics, JUN 24, 2020, View Source [SID1234561451]). Magenta also granted the underwriters a 30-day option to purchase up to an additional 1,125,000 shares of its common stock. The gross proceeds from the offering, before deducting underwriting discounts and commissions and estimated offering expenses, are expected to be $60.0 million, excluding any exercise of the underwriters’ option to purchase additional shares. All of the shares in the offering are to be sold by Magenta.

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Goldman Sachs & Co. LLC and Cowen are acting as joint bookrunning managers for the offering. The offering is expected to close on or about June 29, 2020, subject to customary closing conditions.

The securities described may be offered pursuant to a shelf registration statement on Form S-3 (File No. 333-233127), including a base prospectus. A preliminary prospectus supplement and accompanying prospectus relating to and describing the terms of the offering was filed with the U.S. Securities and Exchange Commission (the "SEC") on June 24, 2020. The final prospectus supplement relating to the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. When available, copies of the final prospectus supplement and the accompanying prospectus relating to these shares may also be obtained from: Goldman Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York, NY 10282, telephone: 866-471-2526, facsimile: 212-902-9316, e-mail: [email protected]; or Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, Attn: Prospectus Department, by telephone at (833) 297-2926, or by email at [email protected].

Important Information

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any offer or sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

Castle Biosciences Announces Pricing of $74.0 Million Public Offering of Common Stock

On June 24, 2020 Castle Biosciences, Inc. (Nasdaq: CSTL), reported the pricing of its underwritten public offering of 2,000,000 shares of its common stock at a price to the public of $37.00 per share (Press release, Castle Biosciences, JUN 24, 2020, View Source [SID1234561450]). The gross proceeds to Castle Biosciences from the offering, before deducting the underwriting discounts and commissions and offering expenses, are expected to be $74.0 million. In addition, Castle Biosciences has granted the underwriters a 30-day option to purchase up to an additional 300,000 shares of common stock at the offering price, less the underwriting discounts and commissions. The offering is expected to close on June 29, 2020, subject to customary closing conditions.

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SVB Leerink and Baird are joint book-running managers for the offering and representatives of the underwriters. Canaccord Genuity is a passive book-runner and BTIG is a co-manager for the offering.

Registration statements relating to these securities have been filed with the Securities and Exchange Commission ("SEC") and became effective on June 24, 2020. The offering is being made only by means of a prospectus. A preliminary prospectus related to this offering was filed with the SEC and is available on the SEC’s website located at View Source." target="_blank" title="View Source." rel="nofollow">View Source A final prospectus related to the offering, when available, may be obtained for free by visiting the SEC’s website located at View Source; from SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, by telephone: (800) 808-7525, ext. 6218, or by email: [email protected]; or from Robert W. Baird & Co. Incorporated, Attention: Syndicate Department, 777 East Wisconsin Ave., Milwaukee, WI 53202, by telephone: (800) 792-2473, or by email: [email protected].

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any offer or sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

XPOVIO® (selinexor) Now Approved for the Treatment of Relapsed/Refractory Diffuse Large B-Cell Lymphoma, Available from Onco360

On June 24, 2020 Onco360, the nation’s largest independent Oncology Pharmacy, reported that it has been selected by Karyopharm to be a specialty pharmacy partner for XPOVIO (selinexor), a new oral treatment for adult patients with relapsed or refractory diffuse large B-cell lymphoma (DLBCL), not otherwise specified, including DLBCL arising from follicular lymphoma, after at least two lines of systemic therapy (Press release, Onco360, JUN 24, 2020, View Source [SID1234561449]).

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"Onco360 is excited to be selected as a specialty pharmacy provider for XPOVIO patients," said Paul Jardina, President and CEO, Onco360. "The recent approval of XPOVIO unlocks a new treatment option for relapsed or refractory DLBCL patients who have failed previous lines of treatment. As a provider of this key treatment, Onco360 can support the highly specialized needs of relapsed or refractory DLBCL patients and their physicians across the states."

DLBCL is the most common type of non-Hodgkin lymphoma (NHL). According to the National Comprehensive Cancer Network Guidelines for B-Cell Lymphomas, 74,200 patients are diagnosed with NHL annually with a corresponding 19,970 deaths from NHL annually. Approximately 32% of NHL cases are classified as DLBCL. The median age at initial diagnosis with DLBCL is 66 years old. The five-year overall survival for DLBCL is 63.8% when considering all stages of disease.

XPOVIO is manufactured by Karyopharm Therapeutics, a global, commercial-stage, research-based biotechnology company, and was previously approved by the U.S. FDA for the treatment of adult patients with relapsed or refractory multiple myeloma, in combination with dexamethasone, who have received at least four prior therapies and whose disease is refractory to at least two proteasome inhibitors, at least two immunomodulatory agents, and an anti-CD38 monoclonal antibody. The FDA’s approval of XPOVIO for relapsed/refractory DLBCL is based on the results of the Phase IIb SADAL (NCT02227251) Clinical Trial which demonstrated a 29% overall response rate in patients who failed two to five prior lines of systemic therapy. For full prescribing information, visit XPOVIO.com.