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BioNTech Announces Full Year 2019 Financial Results and Corporate Update

On March 31, 2020 BioNTech SE (Nasdaq: BNTX, "BioNTech" or "the Company"), a clinical-stage biotechnology company focused on patient-specific immunotherapies for the treatment of cancer and infectious diseases, reported an update on its corporate progress and reported financial results for the quarter and full year ended December 31, 2019 (Press release, BioNTech, MAR 31, 2020, View Source [SID1234556044]).

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"2019 was transformational for BioNTech with pipeline advancements, additional collaborations with leading life science companies, and the completion of our initial public offering," said Ugur Sahin, BioNTech’s CEO. "We have continued this strong momentum into 2020 against a challenging market backdrop. We are continuing to advance our oncology pipeline and, along with our partners Pfizer and Fosun Pharma, aim to dose the first patient with our COVID-19 vaccine candidate within weeks. We also continued our efforts to strengthen our cell therapy capabilities and global footprint with our planned acquisition of Neon Therapeutics in the U.S., and look forward to multiple new trial starts and data read-outs across our pipeline during the year."

COVID-19 Vaccine Program Update

In early March 2020 BioNTech announced details of its efforts to develop a potential vaccine to induce immunity and prevent COVID-19 infection. BioNTech is working to initiate clinical testing for BNT162, a potential first-in-class mRNA vaccine against COVID-19, in late April 2020.

As part of the program, BioNTech announced two strategic collaborations with large pharma companies to ensure global development of a vaccine candidate and global access to any approved vaccine. BioNTech and Pfizer signed a letter of intent regarding the co-development and distribution of a potential mRNA-based coronavirus vaccine aimed at preventing COVID-19 infection. The collaboration aims to accelerate the development of BNT162, building on the existing research and development partnership between Pfizer and BioNTech signed in 2018,

under which the companies have been working together to develop mRNA-based vaccines for prevention of influenza. The companies expect to utilize multiple research and development sites from both companies. Details of the agreement regarding financial terms and all activities related to the development, manufacturing and potential commercialization are expected to be finalized shortly.

BioNTech also announced a strategic alliance with Fosun Pharma to develop its COVID-19 vaccine in China. Under the terms of the agreement, the two companies will work together on the development of BNT162 in China, conducting clinical trials in China and leveraging Fosun Pharma’s extensive clinical development, regulatory, and commercial capabilities in the country. If approved, Fosun Pharma will commercialize the vaccine in China.

Under the terms of the agreement, Fosun Pharma agreed to make an equity investment of $50 million (€44 million) for 1,580,777 ordinary shares in BioNTech, subject to execution of share subscription documentation and approval from regulatory authorities in China.

Fourth Quarter 2019 and Subsequent Updates

In addition to its development efforts, as the global COVID-19 pandemic continues to evolve, BioNTech has continuously monitored the situation in regards to its operations and has put significant measures in place to protect supply chain, operations, employees and the execution of clinical trials. Given the dynamic global situation, BioNTech notes there will be impacts to certain clinical trial timelines, as noted below. BioNTech will continue to evaluate potential effects and will provide updates as appropriate.

Oncology

FixVac

BNT111 – Data from the ongoing Phase 1 trial in advanced melanoma remains on track for publication in late 1H 2020. Based on further regulatory discussions, the Company expects to initiate a Phase 2 trial with registrational potential for BNT111 in 2H 2020.

It was dosed in a Phase 1/2a study in patients with prostate cancer. Eligible patients for dose titration have metastatic castration-resistant prostate cancer and will be treated with BNT112 as a single agent. For the expansion phase, patients with mCRPC and newly diagnosed high-risk, localized prostate cancer (LPC) are eligible and will be treated with BNT112 alone or in combination.

BNT114 – Data update from a Phase 1 trial in triple negative breast cancer (TNBC) is now expected in 2H 2020. Data was previously expected to be presented at The Association for Cancer Immunotherapy (CIMT) (Free CIMT Whitepaper) Annual Meeting in May 2020. Given the postponement of the conference, BioNTech is evaluating the appropriate opportunity to present the data.

BNT116 – The product candidate has been added to the FixVac portfolio and is currently in preclinical development for non-small cell lung cancer (NSCLC).

Individualized neoantigen specific immunotherapy (iNeST)

BNT121 – At the J.P. Morgan Health Care Conference in January 2020, BioNTech provided updated data from a Phase 1 trial for BNT121, the precursor to RO7198457 (BNT122), our lead iNeST product candidate. The data showed stable disease up to 60 months post vaccination in a cohort of eight advanced melanoma patients who were followed for relapse-free disease control following vaccination with iNeST.

BNT122 – BioNTech and Genentech disclosed that two additional Phase 2 clinical trials in the adjuvant setting are planned for initiation in 2020. The first adjuvant Phase 2 study will evaluate the efficacy, safety, pharmacokinetics, immunogenicity and biomarkers of RO7198457 plus atezolizumab compared with atezolizumab alone in patients with Stage 2-3 non-small cell lung cancer (NSCLC) who are circulating tumor DNA (ctDNA) positive following surgical resection and have received standard-of-care adjuvant platinum-doublet chemotherapy.

BNT122 – Following changes to the timing of the American Association for Cancer Research (AACR) (Free AACR Whitepaper) Annual Meeting due to the COVID-19 pandemic, we now expect the data update for the Phase 1/2 trial in multiple solid tumors to be presented in August 2020. BioNTech expects to provide an enrollment update1 from the Phase 2 trial in first line melanoma in 2H 2020 with an interim data update anticipated in 2021.

mRNA intratumoral immunotherapy

BNT131 – Data update from Phase 1/2 trial in solid tumors remains on track for 2H 2020.

Next-generation checkpoint immunomodulators

BNT311 – BioNTech now expects to provide a data update from the Phase 1/2 trial in multiple solid tumors (PD-L1x4-1BB) in 2H 2020, ahead of our previous 1H 2021 expectations.

Targeted cancer antibodies

BNT321 (MVT-5873) – Dosing has begun in the resumed Phase 1 study, evaluating the safety, maximum tolerated dose and recommended Phase 2 dose of BNT321 as a single agent in patients with pancreatic and other CA19-9 positive malignancies.

CAR-T cell immunotherapy

BNT211 – Initiation of a Phase 1/2a trial in multiple solid tumors (CLDN6) remains on track for 1H 2020.

We expect this data update to include an update on the ongoing study, including patient enrollment numbers, with full efficacy and safety data for an interim update expected in the second half of 2021.

Publication in Science on the Company’s novel CAR-T therapeutic approach for solid tumors which utilizes a CAR-T Cell Amplifying RNA Vaccine, or CARVac. The report entitled "An RNA vaccine drives expansion and efficacy of claudin-CAR-T cells against solid tumors" provides preclinical proof-of-concept data for BioNTech’s first CAR-T product candidate BNT211.

Trial initiations for the following programs have been delayed as a result of the COVID-19 pandemic.

Toll-Like Receptor Binding

BNT411 – U.S. IND was approved in Q4 2019. A Phase 1/2a clinical trial of BNT411 is now expected to be initiated as a mono- or combination therapy in multiple solid tumors in 2H 2020.

Ribomabs

BNT141 – Initiation of a Phase 1 trial in multiple solid tumors is now expected in 1H 2021.

BNT142 – Initiation of a Phase 1 trial in multiple solid tumors (CD3+CLDN6) is now expected in 1H 2021.

RiboCytokines

BNT151 – Initiation of a Phase 1 trial in multiple solid tumors (optimized IL-2) is now expected in 1H 2021.

BNT152+153 – Initiation of a Phase 1 trial in multiple solid tumors is now expected in 1H 2021.

Rare Diseases

BNT171 – Initiation of a Phase 1 trial in undisclosed indication is now expected in 1H 2021.

Infectious Diseases

BNT162 – Initiation of clinical testing for COVID-19 vaccine is expected in April 2020.

BNT161 – Initiation of clinical testing for a vaccine against influenza is now expected in 1H 2021.

Corporate Development

BioNTech and Neon Therapeutics, Inc. (Nasdaq: NTGN) announced that they have entered into a definitive merger agreement under which BioNTech will acquire Neon in an all-stock transaction. Neon is a biotechnology company developing novel neoantigen-based T cell therapies and has

deep expertise in the development of neoantigen therapies, with both vaccine and T-cell capabilities. At closing, BioNTech will issue, and Neon shareholders will receive, 0.063 American Depositary Shares (ADS) (each ADS representing one ordinary share of BioNTech) in exchange for each of their shares of Neon’s common stock. The transaction is expected to close during the second quarter of 2020.

Operations

In response to the COVID-19 outbreak, we are continuing to assess our supply chain and operations, which includes mRNA manufacturing for FixVac and iNeST platform products, as well as our CAR-T manufacturing operations. Our manufacturing operations are currently unaffected, but we will continue to monitor the potential impact as the pandemic develops.

In terms of our personnel, we have instituted a range of precautionary measures to ensure their continued safety. We are closely monitoring any employee that has potentially been in any contact with affected individuals or in affected areas and limiting access to BioNTech facilities as appropriate.

Full Year 2019 Financial Results

Cash Position: Cash and cash equivalents as of December 31, 2019, were €519.1 million.

Revenue: Total revenue, consisting primarily of revenue from collaborative agreements, was €28.0 million for the quarter ended December 31, 2019, compared to €63.8 million for the quarter ended December 31, 2018. The decrease was primarily due to decreased revenues from our collaboration with Sanofi. Total revenue, consisting primarily of revenue from collaborative agreements, was €108.6 million for the year ended December 31, 2019, compared to €127.6 million for the year ended December 31, 2018. The decrease was primarily due to decreased revenues from our collaboration with Sanofi. The decrease in revenue from Sanofi is primarily driven by a revenue of €33.2 million for a one-time reimbursement of certain sublicense costs that was fully recognized in the year ended December 31, 2018.

Research and Development Expenses: Research and development expenses were €65.4 million for the quarter ended December 31, 2019, compared to €51.8 million for the quarter ended December 31, 2018. The increase was primarily due to an increase in headcount and higher expenses incurred in our collaboration and own clinical projects. Research and development expenses were €226.5 million for the year ended December 31, 2019, compared to €143.0 million for the year ended December 31, 2018. The increase was primarily due to an increase in headcount, the full year impact of our ESOP program and higher spending for purchased services and laboratory supplies for our collaboration and own projects.

General and Administrative Expenses: General and administrative expenses were €11.1 million for the quarter ended December 31, 2019, compared to €10.1 million for the quarter ended December 31, 2018. General and administrative expenses were €45.5 million for the year ended December 31, 2019, compared to €26.3 million for the year ended December 31, 2018. The increase was primarily due to an increase in headcount and the full year impact of our ESOP program.

Net Loss: Net loss was €58.2 million for the quarter ended December 31, 2019, compared to net loss of €1.5 million for the quarter ended December 31, 2018. Net loss was €179.2 million for the year ended December 31, 2019, compared to net loss of €48.3 million for the year ended December 31, 2018.

Shares Outstanding: Shares outstanding as of December 31, 2019 were 226,779,744.

Full financial statements can be found in the 20-F filing as published on the SEC website under View Source

Conference Call and Webcast Information

BioNTech SE will host a conference call and webcast today at 08:00 a.m. ET (2:00 p.m. CET) to report its financial results for the full year ended December 31, 2019 and provide a corporate update.

To participate in the conference call, please dial the following numbers 15-20 minutes prior to the start of the call and provide the Conference ID: 1957628.

United States international: +1 631 510 7495

United States domestic (toll-free): +1 866 966 1396

Germany: +49 692 443 7351

Participants may also access the slides and the webcast of the conference call via the "Events & Presentations" page of the Investor Relations section of the Company’s website at View Source A replay of the webcast will be available shortly after the conclusion of the call and archived on the Company’s website for 30 days following the call.

Aclaris Therapeutics Secures $11 Million Term Loan Facility

On March 31, 2020 Aclaris Therapeutics, Inc. (NASDAQ: ACRS), a physician-led biopharmaceutical company, reported that it has entered into a loan and security agreement with Silicon Valley Bank ("SVB") pursuant to which Aclaris has borrowed $11.0 million (Press release, Aclaris Therapeutics, MAR 31, 2020, View Source [SID1234556042]).

"This financing allows us to strengthen our financial position by extending our cash runway and to continue to execute on our refocused business strategy as planned," said Dr. Neal Walker, President and CEO of Aclaris. Aclaris believes the proceeds from the loan, in combination with its existing cash, cash equivalents, and marketable securities, will be sufficient to fund its operations into the first quarter of 2022.

Terms of Financing

The term loan requires interest only payments beginning April 1, 2020 and continuing through March 1, 2022, followed by monthly installments of principal, plus monthly payments of accrued interest, starting on April 1, 2022 and continuing through March 1, 2024. The loan is secured by substantially all of Aclaris’ assets, other than intellectual property. In connection with the term loan, Aclaris issued SVB a warrant to purchase up to 460,251 shares of Aclaris’ common stock at an initial exercise price of $0.956 per share. The warrant became immediately exercisable in full upon the funding of the loan. Other material terms related to the term loan and the warrant can be found in Aclaris’ Current Report on Form 8-K, which will be filed with the U.S. Securities and Exchange Commission.

Phio Pharmaceuticals Announces $4.0 Million Registered Direct Offering Priced At-the-Market

On March 31, 2020 Phio Pharmaceuticals Corp. (Nasdaq: PHIO), a biotechnology company developing the next generation of immuno-oncology therapeutics based on its proprietary self-delivering RNAi (INTASYL) therapeutic platform, reported that it has entered into definitive agreements with several institutional investors for the purchase and sale of 1,713,064 shares of Phio’s common stock, at a purchase price of $2.335 per share, for gross proceeds of approximately $4.0 million in a registered direct offering priced at-the-market under Nasdaq rules (Press release, Phio Pharmaceuticals, MAR 31, 2020, View Source [SID1234556040]). Phio has also agreed to issue to the investors unregistered warrants to purchase up to an aggregate of 1,713,064 shares of common stock. The closing of the offering is expected to occur on or about April 2, 2020, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The warrants have an exercise price of $2.21 per share of common stock, will be exercisable immediately following the date of issuance and will expire 5.5 years following the date of issuance.

Phio currently intends to use the net proceeds from the offering for the development of its immuno-oncology programs, other research and development activities and for general working capital needs.

The shares of common stock (but not the warrants or the shares of common stock underlying the warrants) are being offered by Phio pursuant to a "shelf" registration statement on Form S-3 (File No. 333-224031) previously filed with the Securities and Exchange Commission (the "SEC") on March 29, 2018 and declared effective by the SEC on April 6, 2018. The offering of the shares of common stock will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the shares of common stock being offered will be filed with the SEC. Electronic copies of the prospectus supplement and accompanying prospectus may be obtained, when available, on the SEC’s website at View Source or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (646) 975-6996 or e-mail at [email protected].

The warrants described above were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Act"), and Regulation D promulgated thereunder and, along with the shares of common stock underlying the warrants, have not been registered under the Act, or applicable state securities laws. Accordingly, the warrants and underlying shares of common stock may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Act and such applicable state securities laws.

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

Propanc Biopharma Enters Into a $3 Million Financing with Institutional Investor

On March 31, 2020 Propanc Biopharma, Inc. (OTC: PPCB) ("Propanc" or the "Company"), a biopharmaceutical company developing new cancer treatments for patients suffering from recurring and metastatic cancer, reported that the company is entering into a financing of up to $3 million with an institutional investor, with an initial $450,000 of securities purchased at closing (Press release, Propanc, MAR 31, 2020, View Source [SID1234556039]). Funds raised will be used to undertake an engineering run and full scale GMP manufacture of PRP, the Company’s lead product candidate, as well as validation of the pharmacokinetics method to analyze the distribution of the drug in advanced cancer patients for a FIH study, which the Company intends to undertake at the Peter Mac Center in Melbourne, Australia.

To complete the transaction, the Company entered into a Securities Purchase Agreement for the purchase of 11,250,000 shares of common stock and prefunded warrants issued at closing and 11,250,000 Series A warrants to purchase common stock at $0.20 per share. At closing, the investor was also issued 63,750,000 Series B warrants to purchase common stock at $0.04 per share (for an aggregate maximum exercise price of $2,550,000), and 63,750,000 Series C warrants to purchase common stock at $0.20 per share, which vest upon exercise of the Series B warrants on a ratable basis. Such warrants contain cashless exercise and other cashless conversion provisions. The Company has agreed to register for resale all shares of common stock issued, or underlying securities issued. The Company will provide further information regarding this financing in a Current Report on Form 8-K to be filed with the U.S. Securities and Exchange Commission.

"The completion of this transaction is at a pivotal point for the Company, as we move towards commencing a FIH study for PRP," said James Nathanielsz, Propanc’s Chief Executive Officer. "Given the unique and challenging situation for humankind due to recent global events, the need to improve our standard of healthcare is ever more urgent. During this time, I am especially thinking of cancer sufferers, who may be exposed to standard treatments like radiation or chemotherapy, having a suppressed immune system and therefore exposure to infection like COVID-19 becomes an extremely high risk. Our goal is to improve quality of life, reduce side effects compared to standard treatments and extend life meaningfully. We are grateful to have a strategic institutional investor on board with us who is willing to support our vision."

Varian Brings Machine Learning to Proton Treatment Planning with Eclipse v16

On March 31, 2020 Driven by its Intelligent Cancer Care approach in developing new solutions that use advanced technologies like machine learning, Varian (NYSE: VAR), reported the newest release of its treatment planning system, Eclipse v16 (Press release, Varian Medical Systems, MAR 31, 2020, View Source [SID1234556038]). This new release includes intelligent features such as RapidPlan PT, the first clinical application of machine learning in proton treatment planning, and RT Peer Review, which is a collaborative workspace designed to streamline and accelerate the peer review process for radiotherapy treatment plans.

Previously only available for photon-based radiotherapy treatment planning, RapidPlan is knowledge-based treatment planning software that enables clinicians to leverage knowledge and data from similar prior treatment plans to quickly develop high-quality personalized plans for patients. This knowledge-based planning software is now available for proton treatment planning with RapidPlan PT. The software also allows dose prediction with machine learning models that can be used as a decision support tool to determine which patients would be appropriate for proton or photon therapy. Varian is the first vendor in the industry to offer machine learning capability in both proton and photon treatment planning.

"With the number of operational proton treatment rooms continuing to increase, there is a need for experienced proton therapy clinicians," said Kolleen Kennedy, chief growth officer, president, Proton Solutions, Varian. "RapidPlan PT helps bridge the learning curve, allowing established centers to share their models and clinical experience. The machine learning in RapidPlan PT has the potential to reduce proton treatment plan optimization from a one to eight hour process, as reported by clinical proton centers, to less than 10 minutes, while also potentially improving plan quality."

In many radiotherapy departments, radiation therapy peer review meetings have been routinely integrated into the clinical QA process for safer healthcare delivery for the patient. Although the relevant patient information is manually retrievable from the clinical database, there is currently no efficient and effective platform to support these peer reviews. The RT Peer Review feature in Eclipse v16 is designed for the oncology community to seamlessly integrate this review process into their normal clinical workflow by automatically presenting the necessary information that is required for peer review.