Exelixis Announces Webcasts of Investor Conference Presentations in March

On February 26, 2020 Exelixis, Inc. (Nasdaq: EXEL) reported that members of Exelixis’ management team will provide a corporate overview at the following investor conferences in March (Press release, Exelixis, FEB 26, 2020, View Source [SID1234554825]):

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Cowen & Co. 40th Annual Health Care Conference: Exelixis is scheduled to present at 10:00 AM EST / 7:00 AM PST on Tuesday, March 3, 2020 in Boston.
Barclays Global Healthcare Conference: Exelixis is scheduled to present at 9:30 AM EDT / 6:30 AM PDT on Tuesday, March 10, 2020 in Miami Beach.
Oppenheimer & Co. 30th Annual Healthcare Conference: Exelixis is scheduled to present at 10:55 AM EDT / 7:55 AM PDT on Tuesday, March 17, 2020 in New York.
To access the webcast links, log onto www.exelixis.com and proceed to the News & Events / Event Calendar page under the Investors & Media heading. Please connect to the company’s website at least 15 minutes prior to the presentation to ensure adequate time for any software download that may be required to listen to the webcasts. Replays will also be available at the same location for 14 days.

NanoString Technologies Releases Fourth Quarter and Full Year 2019 Operating Results and Provides 2020 Financial Outlook

On February 26, 2020 NanoString Technologies, Inc. (NASDAQ:NSTG), a leading provider of life science tools for translational research, reported financial results for the fourth quarter and year ended December 31, 2019 (Press release, NanoString Technologies, FEB 26, 2020, View Source [SID1234554824]).

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Fourth Quarter Financial Highlights

Product and service revenue of $33.6 million, 42% year-over-year growth. Pro forma growth1 was 48% and reflects the impact of the Veracyte transaction on revenue recorded for Prosigna IVD kits
Instrument revenue of $13.8 million, including $7.8 million of GeoMx Digital Spatial Profiler (DSP) instrument revenue, 136% year-over-year growth
Life Science consumable revenue of $14.9 million, 14% year-over-year growth
Total consumable revenue of $16.9 million, including $2.0 million of Prosigna, 11% year-over-year growth. Pro forma growth was 16%
Service revenue of $3.0 million, 18% year-over-year growth
Full Year 2019 Financial Highlights

Product and service revenue of $103.7 million, 24% year-over-year growth. Pro forma growth was 27%
Instrument revenue of $31.1 million, including $10.0 million of GeoMx DSP instrument revenue, 45% year-over-year growth
Life Science consumable revenue of $51.6 million, 18% year-over-year growth
Total consumable revenue of $61.0 million, including $9.4 million of Prosigna IVD kits, 14% year-over-year growth. Pro forma growth was 18%
Service revenue of $11.6 million, 32% year-over-year growth
"Our record product and service revenue in 2019 was driven by the successful launch of GeoMx DSP and the continued momentum of our core nCounter business," said Brad Gray, president and CEO of NanoString. "Customer interest in GeoMx has exceeded our expectations and we expect to see an acceleration in systems orders when we begin selling GeoMx into the basic discovery market in mid-2020."

Recent Business Highlights

GeoMx DSP Platform

Generated approximately 60 GeoMx DSP instrument orders in 2019, bringing total cumulative orders received to more than 90 instruments
Shipped a total of 44 GeoMx instruments in the second half of 2019, and recorded the first consumable orders
Accumulated 12 peer-reviewed publications of studies utilizing GeoMx DSP technology, including two recent immune-oncology publications in the journal Nature
Began offering GeoMx Cancer Transcriptome Atlas service using read-out by Next Generation Sequencing (NGS) through GeoMx Technology Access Program
Announced the development of NGS-based capabilities that are expected to enable discovery research customers to use GeoMx DSP to analyze the whole transcriptome in selected regions of interest
nCounter Platform

Grew installed base to approximately 855 nCounter Analysis Systems at December 31, 2019, representing 17% growth over the prior year
Commercialized five new gene expression panels during 2019, including CAR-T Characterization, Human Organ Transplant, Metabolic Pathways and Fibrosis panels
Surpassed 3,200 cumulative peer-reviewed publications utilizing nCounter technology
Financial

Concluded the year with approximately $157 million in cash, cash equivalents and short-term investments
Completed transaction with Veracyte, Inc. to sell assets related to Prosigna and exclusively license certain nCounter-based diagnostic assets and rights, for initial consideration totaling $50 million in cash and Veracyte stock
Reduced operating costs through the Veracyte transaction, resulting in an approximate $12 million net improvement in the company’s operating loss on an annualized, pro forma basis
The Veracyte transaction resulted in the recording of transaction-related gains and charges in the fourth quarter of 2019. These gains and charges, and the impact of other items such as collaboration revenue and stock-based compensation, may make it more challenging to compare the company’s operating results across periods. As a result, the company has elected to present selected non-GAAP, or adjusted, financial measures, including Adjusted EBITDA. A reconciliation of adjusted financial measures to the nearest comparable GAAP financial measure can be found in the notes and table at the end of this press release.

The company, based on its plans and initiatives for 2020, expects to record results approximately as follows.

Total product and service revenue of $124 to $131 million, representing growth of 20% to 26% as compared to 2019 and pro forma growth of 26% to 34% compared to 2019
GeoMx DSP revenue of $30 to $35 million, with $25 to $30 million derived from instrument sales and approximately $5 million from sales of consumables
Adjusted gross margin on product and service revenue of 54% to 55%
Adjusted research and development expenses of $46 to $48 million, representing a reduction of 24% to 27% as compared to 2019
Adjusted selling, general and administrative expenses of $76 to $78 million, representing a reduction of 6% to 8% as compared to 2019
Adjusted EBITDA loss of $46 to $51 million, an improvement of 37% to 43% as compared to 2019
Supplemental Information

Where expected future results are presented on an adjusted basis, change percentages are compared to the adjusted result from the prior year. As a supplement to the table above, the company has posted to the investor relations section of the company’s website, at www.nanostring.com, adjusted financial measures as compared to nearest comparable GAAP financial measure for each quarter of and the full year 2019.

Conference Call

Management will host a conference call today beginning at 1:30 pm PT / 4:30 pm ET to discuss these results and answer questions. Individuals interested in listening to the conference call may do so by dialing (866) 211-0364 for domestic callers, or (647) 689-6861 for international callers. Please reference Conference ID 3797821. To listen to a live webcast, please visit the investor relations section of the company’s website at www.nanostring.com. A replay of the call will be available beginning February 26, 2020 at 7:30pm ET through midnight ET on March 5, 2020. To access the replay, dial (800) 585-8367 or (416) 621-4642 and reference Conference ID: 3797821. The webcast will also be available on the company’s website for one year following the completion of the call.

Non-GAAP, or Adjusted, Financial Information

The company believes that the presentation of non-GAAP, or adjusted, financial information provides important supplemental information to management and investors regarding financial and business trends relating to the company’s financial condition and results of operations. Reconciliation of adjusted financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. A reconciliation of adjusted guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding certain expenses that may be incurred in the future. For further information regarding why the company believes that these adjusted measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to "Notes Regarding Non-GAAP Financial Information" at the end of this press release.

1 As used in this press release, "pro forma growth" percentages are calculated by comparing the applicable period-over-period financial results to reflect the impact of the Veracyte transaction as if such transaction had occurred at the beginning of each respective period. Further disclosure regarding the terms and pro forma impact of the Veracyte transaction can be obtained in the company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 4, 2019.

Manhattan Scientifics Affiliate Moves to Initiate its First FDA Human Clinical Early Cancer Detection Studies

On February 26, 2020 Manhattan Scientifics Inc. (MHTX: OTCQ: BB) , a principal & major shareholder of Imagion Biosystems Ltd. (IBX.AX) reported IMAGION’S initiation of manufacturing medical devices and pharma products to be used in first human clinical studies of very early cancer detection as approved by the FDA (Press release, Manhattan Pharmaceuticals, FEB 26, 2020, View Source [SID1234554823]).

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The primary operational focus for Imagion’s past quarter has been on ensuring the readiness of its contract-manufacturing partners to begin the manufacturing of the nanoparticle formulation to be used in the study. Imagion is pleased to report it has purchased equipment and supplies and has completed the necessary vendor qualifications and audits to confirm compliance with GMP (Good Manufacturing Practice), required for the manufacturing of medical devices and pharmaceutical products used in human clinical studies.

Marvin Maslow, Chairman of MHTX said, "MHTX invested millions of dollars to commercialize Edward Flynn’s work to create a reliable and inexpensive cancer diagnostic, with a stated goal to identify pre symptomatic cancers well before they metastasize in humans."

MPM Capital Announces $100M Oncology Innovations Fund as Part of Novel Venture Philanthropy Collaboration with Dana-Farber Cancer Institute

On February 26, 2020 MPM Capital (MPM) and Dana-Farber Cancer Institute reported that they have entered into a unique, first-of-its-kind, impact investing collaboration (Press release, MPM Capital, FEB 26, 2020, View Source [SID1234554822]). The initiative partners fundraising for biotech venture capital investing with philanthropic fundraising for cancer research. This collaboration has successfully raised two funds: the MPM Oncology Innovations Fund (INV) with $100M in capital for creating and investing in early-stage biotech companies developing oncology therapeutic technologies; and the Dana-Farber Innovations Research Fund (IRF) with more than $26M in pledged donations to support early-stage oncology research at Dana-Farber.

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"We are thrilled to have partnered with MPM on this innovative venture philanthropy model. We have generated substantial philanthropic support for exciting areas of cancer research at Dana-Farber, and MPM will support the creation of biotech companies that seek to bring new and advanced treatments to our patients," said Laurie H. Glimcher, MD, President and Chief Executive Officer of Dana-Farber.

Qualified investors who donated to the Dana-Farber IRF were eligible to invest in MPM’s INV. Through INV, MPM intends to create and invest in early-stage companies developing innovative therapeutic technologies in oncology. MPM expects 50% of the capital from INV to be invested in new companies generated from Dana-Farber research. As part of the collaboration, MPM, through INV, has the right of first offer to license certain Dana-Farber technologies that have been identified for commercialization.

MPM and Dana-Farber have a history of creating companies together, including CoStim Pharmaceuticals, which was acquired by Novartis, and Tizona Therapeutics, which has a significant clinical-stage collaboration with AbbVie.

Dana-Farber’s Innovations Research Fund (IRF) is focused on basic research and is independently managed by a committee of Dana-Farber faculty research leaders. The committee will determine how to use the philanthropic funds through an RFP and competitive review process. The RFP process will continue twice a year for at least the next five years. "The IRF will enable more of our faculty who are tackling fundamental questions to help improve our understanding of cancer development and progression. And through this unique collaboration with MPM, our faculty have a trusted partner to find opportunities to further advance their findings," said Barrett J. Rollins, MD, PhD, Chief Scientific Officer Emeritus of Dana-Farber.

"With innovative new funding structures, such as the collaboration between MPM and Dana-Farber, we believe we can expand and accelerate important research efforts while putting in place a path for developing this research into novel therapeutics. We are honored to partner with one of the world’s leading cancer research centers to execute on this strategy and, having partnered before to bring groundbreaking science to patients, we are excited to continue working with our esteemed colleagues at Dana-Farber to advance the search for cancer cures," said Ansbert Gadicke, co-founder and Managing Director at MPM Capital. INV furthers MPM’s commitment to exploring innovative impact models that give back to the research community and expands capital available for company formation and early-stage investments in the oncology arena.

Puma Biotechnology Receives U.S. FDA Approval of Supplemental New Drug Application for Neratinib to Treat HER2-Positive Metastatic Breast Cancer

On February 26, 2020 Puma Biotechnology, Inc. (NASDAQ: PBYI), a biopharmaceutical company, reported that the U.S. Food and Drug Administration (FDA) approved a supplemental New Drug Application (sNDA) for neratinib in combination with capecitabine for the treatment of adult patients with advanced or metastatic HER2-positive breast cancer who have received two or more prior anti-HER2-based regimens in the metastatic setting (Press release, Puma Biotechnology, FEB 26, 2020, View Source [SID1234554821]). The sNDA approval was based on results of the Phase III NALA trial, a randomized controlled trial of neratinib plus capecitabine in patients with HER2-positive metastatic breast cancer who have received two or more prior anti-HER2-based regimens.

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"Based on the results of our NALA data, we believe NERLYNX could be a promising therapeutic opportunity for these patients."

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"Although there have been many new treatment options for patients with HER2-positive breast cancer, patients still need additional treatment options once they progress," said Alan H. Auerbach, Chief Executive Officer and President of Puma. "Based on the results of our NALA data, we believe NERLYNX could be a promising therapeutic opportunity for these patients."

Adam M. Brufsky, MD, Ph.D., of Magee-Womens Hospital and the Hillman Cancer Center at the University of Pittsburgh Medical Center, added, "Together with the NALA investigators around the world, I am pleased to see the FDA approval of NERLYNX for the treatment of advanced HER2-positive metastatic breast cancer. This approval is based on data from the NALA trial, which we presented at ASCO (Free ASCO Whitepaper) last year, demonstrating that neratinib in combination with capecitabine offers a significant improvement over currently available therapies in this heavily pretreated patient population and can be added to NERLYNX’s established role in the treatment of early breast cancer."

In the United States, NERLYNX is approved for the extended adjuvant treatment of adult patients with early stage HER2-positive breast cancer, following adjuvant trastuzumab-based therapy. In Europe, NERLYNX is approved for the extended adjuvant treatment of adult patients with early stage hormone receptor-positive HER2-overexpressed/amplified breast cancer and who are less than one year from completion of prior adjuvant trastuzumab-based therapy. NERLYNX has also received approval for use in the extended adjuvant setting in Canada, Australia, Hong Kong, Singapore and Argentina.

In collaboration with its global licensing partners, Puma expects to seek approval of this second indication in all countries where NERLYNX is currently approved.

About NALA

Efficacy of neratinib in combination with capecitabine was investigated in NALA (NCT01808573), a randomized, multicenter, open-label, Phase III clinical trial in 621 patients with metastatic HER2-positive breast cancer who received two or more prior anti-HER2-based regimens in the metastatic setting. Patients were randomized (1:1) to receive neratinib 240 mg orally once daily on days 1-21 in combination with capecitabine 750 mg/m2 given orally twice daily on days 1-14 for each 21-day cycle (n=307) or lapatinib 1250 mg orally once daily on days 1-21 in combination with capecitabine 1000 mg/m2 given orally twice daily on days 1-14 for each 21-day cycle (n=314). Patients were treated until disease progression or unacceptable toxicity. The trial was conducted globally at sites in North America, Europe, Israel, Asia-Pacific and South America.

The main efficacy outcome measures were progression-free survival (PFS) as assessed by a blinded independent central review per RECIST v1.1 and overall survival (OS). Key secondary outcome measures were objective response rate (ORR) and duration of response (DOR). Treatment with neratinib in combination with capecitabine resulted in a statistically significant improvement in PFS (Hazard Ratio 0.76; 95% CI: 0.63, 0.93; p=0.0059) compared to treatment with lapatinib plus capecitabine. The PFS rate at 12 months was 29% (95% CI: 23, 35) for patients who received neratinib plus capecitabine vs 15% (95% CI: 10, 20) for patients who received lapatinib plus capecitabine; the PFS rate at 24 months was 12% (95% CI: 7, 18) vs 3% (95% CI: 1, 8), respectively.

Median OS was 21 months (95% CI: 17.7, 23.8) for patients who received neratinib in combination with capecitabine compared to 18.7 months (95% CI: 15.5, 21.2) for patients who received lapatinib in combination plus capecitabine (HR 0.88; 95% CI: 0.72, 1.07; p=0.2086). The ORR was 32.8% (95% CI: 27.1, 38.9) vs 26.7% (95% CI: 21.5, 32.4), respectively. Median duration of response was 8.5 months (95% CI: 5.6, 11.2) vs 5.6 months (95% CI: 4.2, 6.4), respectively.

The most common adverse reactions of any grade (>5%) in the neratinib plus capecitabine arm were diarrhea, nausea, vomiting, decreased appetite, constipation, fatigue/asthenia, weight decreased, dizziness, back pain, arthralgia, urinary tract infection, upper respiratory tract infection, abdominal distention, renal impairment, and muscle spasms. The most frequently reported Grade 3 or 4 adverse reactions were diarrhea, nausea, vomiting, fatigue and decreased appetite.

The recommended neratinib dose for advanced or metastatic breast cancer is 240 mg (6 tablets) given orally once daily with food on days 1-21 of a 21-day cycle plus capecitabine (750 mg/m2 given orally twice daily) on days 1-14 of a 21-day cycle until disease progression or unacceptable toxicities.

About HER2-Positive Breast Cancer

Approximately 20% to 25% of breast cancer tumors over-express the HER2 protein. HER2-positive breast cancer is often more aggressive than other types of breast cancer, increasing the risk of disease progression and death. Although research has shown that trastuzumab can reduce the risk of early stage HER2-positive breast cancer returning after surgery, up to 25% of patients treated with trastuzumab experience recurrence.

IMPORTANT SAFETY INFORMATION

NERLYNX (neratinib) tablets, for oral use

INDICATIONS AND USAGE: NERLYNX is a kinase inhibitor indicated:

As a single agent, for the extended adjuvant treatment of adult patients with early-stage HER2-positive breast cancer, to follow adjuvant trastuzumab-based therapy.
In combination with capecitabine, for the treatment of adult patients with advanced or metastatic HER2-positive breast cancer, who have received two or more prior anti-HER2 based regimens in the metastatic setting.
CONTRAINDICATIONS: None

WARNINGS AND PRECAUTIONS:

Diarrhea: Aggressively manage diarrhea. If diarrhea occurs despite recommended prophylaxis, treat with additional antidiarrheals, fluids, and electrolytes as clinically indicated. Withhold NERLYNX in patients experiencing severe and/or persistent diarrhea. Permanently discontinue NERLYNX in patients experiencing Grade 4 diarrhea or Grade ≥ 2 diarrhea that occurs after maximal dose reduction.
Hepatotoxicity: Monitor liver function tests monthly for the first 3 months of treatment, then every 3 months while on treatment and as clinically indicated. Withhold NERLYNX in patients experiencing Grade 3 liver abnormalities and permanently discontinue NERLYNX in patients experiencing Grade 4 liver abnormalities.
Embryo-Fetal Toxicity: NERLYNX can cause fetal harm. Advise patients of potential risk to a fetus and to use effective contraception.
ADVERSE REACTIONS:

The most common adverse reactions (reported in ≥ 5% of patients) were as follows:

NERLYNX as a single agent: Diarrhea, nausea, abdominal pain, fatigue, vomiting, rash, stomatitis, decreased appetite, muscle spasms, dyspepsia, AST or ALT increased, nail disorder, dry skin, abdominal distention, epistaxis, weight decreased, , and urinary tract infection.
NERLYNX in combination with capecitabine: Diarrhea, nausea, vomiting, decreased appetite, constipation, fatigue/asthenia, weight decreased, dizziness, back pain, arthralgia, urinary tract infection, upper respiratory tract infection, abdominal distention, renal impairment, and muscle spasms.
To report SUSPECTED ADVERSE REACTIONS, contact Puma Biotechnology, Inc. at 1-844-NERLYNX (1-844-637-5969) and www.NERLYNX.com or FDA at 1-800-FDA-1088 or www.fda.gov/medwatch.

DRUG INTERACTIONS:

Gastric acid reducing agents: Avoid concomitant use with proton pump inhibitors. When patients require gastric acid reducing agents, use an H2-receptor antagonist or antacid. Separate NERLYNX by at least 3 hours with antacids. Separate NERLYNX by at least 2 hours before or 10 hours after H2-receptor antagonists.
Strong CYP3A4 inhibitors: Avoid concomitant use.
Moderate CYP3A4 and P-glycoprotein (P-gp) dual inhibitors: Avoid concomitant use.
Strong or moderate CYP3A4 inducers: Avoid concomitant use.
P-glycoprotein (P-gp) substrates: Monitor for adverse reactions of narrow therapeutic agents that are P-gp substrates when used concomitantly with NERLYNX.
USE IN SPECIFIC POPULATIONS:

Lactation: Advise women not to breastfeed.
Please see Full Prescribing Information for additional safety information.

To help ensure patients have access to NERLYNX, Puma has implemented the Puma Patient Lynx support program to assist patients and healthcare providers with reimbursement support and referrals to resources that can help with financial assistance. More information on the Puma Patient Lynx program can be found at www.NERLYNX.com or 1-855-816-5421.