OncoSec Receives Exclusive Licensing Rights from Dana-Farber Cancer Institute to CAR T-Cell Therapies for the Treatment of Solid Tumor Cancers

On June 27, 2019 OncoSec Medical Incorporated (OncoSec) (NASDAQ:ONCS), a company developing late-stage intratumoral cancer immunotherapies, reported that it has entered into a collaboration with Dana-Farber Cancer Institute, a world-leading cancer research and treatment institution, and The Marasco Laboratory, a cutting-edge CAR T-cell research laboratory led by Wayne Marasco, M.D., Ph.D., a renowned cancer immunology researcher, to develop CAR T-cell therapies for triple-negative breast cancer and other solid tumor cancers (Press release, OncoSec Medical, JUN 27, 2019, View Source [SID1234537305]).

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Under the terms of the agreement, OncoSec has acquired an exclusive option to licensing rights to the CAR T-cell product candidates and associated IP resulting from the research being conducted at The Marasco Laboratory using engineered single-chain variable fragment (scFv) antibodies in a dual-targeted bi-specific CAR T-cell approach. Previous research conducted by The Marasco Laboratory suggests their proprietary CAR T-cell technology has the potential to be effective against numerous solid tumor indications, while minimizing the toxicity that current CAR T-cell technologies exhibit when applied beyond liquid tumor indications.

"This partnership has the potential to deliver novel, next-generation, dual-targeted CAR T-cell therapy for solid tumors, an achievement that has eluded researchers due to the toxicity of current CAR-T cell therapies. Prior research suggests that Dr. Marasco’s approach may hold the key to unlocking the safe and effective use of CAR T-cell therapies in solid tumors," said Daniel J. O’Connor, President and Chief Executive Officer of OncoSec. "CAR T-cell treatment of solid tumors is an early stage market with no approved products at the present time, and thus represents a considerable unrealized market opportunity. We believe the barriers preventing the advancement of CAR T-cell technology in the solid tumor setting are surmountable by Dr. Marasco and his team’s expertise. Further, combination with OncoSec’s intratumoral TAVO (IL-12) by electroporation may further enhance the efficacy of CAR T-cell therapy in solid tumors."

"The structure of our agreement with Dana-Farber provides for the greatest upside for our shareholders, while significantly de-risking our modest initial investment. Our financial contribution for the research is spread over several years and coincides with the generation of product candidates and data. We also have the flexibility to cease contribution should we opt to do so," continued Mr. O’Connor.

The Company plans to begin clinical trials with the TNBC CAR T-cell therapy in 2020, both as a monotherapy and in combination with OncoSec’s TAVO (IL-12).

Dr. Marasco, Professor, Department of Cancer Immunology at Dana-Farber and Professor of Medicine, Department of Medicine at Harvard Medical School, is a renowned antibody engineering expert who specializes in designing and engineering CAR T-cell therapies. Dr. Marasco and his team have a proven track record of developing monoclonal antibodies that attach to important proteins highly expressed in many common types of solid cancers, which is critical to developing an effective CAR T-cell therapy.

Importantly, the collaboration with Dana-Farber contemplates a vertically integrated development program, with the intent of conducting the CMC and clinical formulation work, as well as the clinical manufacturing of the drug product, at the Dana-Farber Core Manipulation Cell Facility (CMCF). The CMCF is an impressive GMP manufacturing facility located at Dana-Farber. Additionally, OncoSec plans to conduct the initial clinical trials within the Harvard University network of hospitals.

CAR T-cell therapies have been unable to achieve meaningful clinical results in solid tumors due to toxicity, specifically, the "on-target, off-tumor" side effects, which can trigger lethal immune pathology. The Marasco Lab has developed a proprietary strategy to limit off-tumor toxicity through the use of a bispecific CAR system in which both single-chain variable fragment (scFv) are strategically linked to drive the intracellular signaling sufficient for T cell activation/killing. Importantly, this activation/killing is triggered only if and when both targets are engaged simultaneously on a tumor.

The remarkable success of CAR T-cell therapies in hematological malignancies has propelled its development in solid tumors. However, unlike the great strides made in liquid tumors, the clinical success of CAR T-cell therapies in solid tumors has been limited in large part due to the associated immunosuppressive elements of the tumor microenvironment (TME). Intratumoral TAVO (IL-12) has a proven ability to alter the immunosuppressive TME by eliciting a productive pro-inflammatory immune response.

This TAVO induced pro-inflammatory response both limits immune suppression while driving immunogenicity, thereby providing a strong rationale for the combination of this CAR T-cell therapy with OncoSec’s TAVO immunotherapy.

"We are excited to be partnering with OncoSec to work to bring new therapies to cancer patients in need," said Dr. Marasco. "The Marasco Labs are dedicated to using cutting edge science to develop new targeted CAR T therapies that can address the challenges associated with successfully treating solid tumors. This support from OncoSec will enhance our efforts."

DNA electroporation is already used as a method to make a CAR T-cell therapy. Levering OncoSec’s deep expertise in electroporation, the Company also intends to investigate DNA electro-transfection for the intratumoral in vivo generation of functional CAR-T cells, with the goal of making CAR T-cell therapy more affordable and accessible to patients.

Dr. Marasco studied at the University of Connecticut’s School of Medicine, where he received his Ph.D. in 1980. He completed his postdoctoral training at the University of Michigan Medical School, where he also earned a M.D. in 1986. He received his subspecialty training in infectious diseases at Harvard Medical School, where he is currently a professor, and he joined the Dana- Farber Cancer Institute in 1989. In 1992, he also joined the Division of Infectious Diseases at Brigham and Women’s Hospital. In 1980 and 1981, Dr. Marasco won the Biomedical Research Council Award and the National Research Service Award from the University of Connecticut School of Medicine, and the University of Michigan awarded him the United States Public Health Service Award in 1981, the Dean’s Award for Research Excellence in 1986 and the Lung Immunopathology Training Grant Award in 1987 and 1988.

In 2009, U.S. News & World Report listed Dr. Marasco as a "Medical Pioneer" and a top scientist in his field. In the same year, Dr. Marasco was selected as a Distinguished Speaker by the Walter Reed Army Institute of Research. For cancer, as well as HIV/AIDS and other infectious diseases, one possible treatment involves the use of human monoclonal antibodies (Mabs) – which are proteins that are produced to bind to only one substance. For cancer treatments, Mabs bind only to cancer cells and produce immunological responses against the cancer cells. There is great promise with Mabs because their tumor-fighting effects can be less harmful to normal cells than that of traditional cancer treatments.

The Marasco Laboratory, located in the Department of Cancer Immunology and Virology at Dana-Farber Cancer Institute, conducts research in the field of targeted immunotherapy. The Lab’s work has made major scientific advances in the treatment of infectious diseases and cancer. Specifically, the Lab’s research interests are in human monoclonal antibody (mAb) immunotherapy.

In 2003, Dr. Marasco became the Director of the National Foundation for Cancer Research (NFCR) Center for Therapeutic Antibody Engineering to expand the use of human monoclonal antibodies in the treatment of cancer.

Dr. Marasco has had great success developing Mabs that attach to an important protein – carbonic anhydrase IX (CAIX) – that is highly expressed in renal cell carcinoma, the most common type of kidney cancer. Most recently, his team at the NFCR Center developed a combination immunotherapy treatment that holds promise for treating metastatic kidney cancer more effectively. The immunotherapy they have engineered includes not only the CAIX antibody that detects and binds to CAIX growth-promoting proteins on cancerous kidney cells, but also unblocks T cells to enable more rigorous attacks against cancer. The OncoSec / Dana- Farber collaboration will capitalize on Dr. Marasco’s prior success using the double treatment approach, adapting it to triple negative breast cancer and other difficult-to-treat solid cancers using different antibodies.

Propanc Biopharma’s Intellectual Property Portfolio Undergoes Rapid Growth

On June 27, 2019 Propanc Biopharma, Inc. (OTC: PPCBD) ("Propanc"), a biopharmaceutical company developing new cancer treatments for patients suffering from recurring and metastatic cancer, reported that Propanc’s intellectual property ("IP") portfolio has undergone rapid growth recently, with sixty-five patents currently either in force or pending in most major countries and regions around the world (Press release, Propanc, JUN 27, 2019, View Source [SID1234537304]). The IP covers Propanc’s underlying anti-cancer technology in development. In the past year, three additional patent families entered national phase, where a patent application is filed in individual countries and regions, in order to achieve grant status.

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"Our IP portfolio is a world leader in the field of administration of proenzymes for the treatment and prevention of metastatic cancer. IP is the cornerstone of any biotech company, and places us in a strong position to unlock significant value, as we plan to progress into a First-In-Human study and then hopefully towards proof of concept in a specific cancer indication, where we will then look at possible licensing opportunities," said Dr. Julian Kenyon, Propanc’s Chief Scientific Officer. "We are firmly of the opinion that our current market value does not truly reflect the advancement of our lead product, PRP, or its true potential as a breakthrough, long term treatment for aggressive and fast spreading cancers from solid tumors by targeting and eradicating cancer stem cells."

Propanc has a total of four patent families covering the use of proenzymes for treating cancer via a combination of trypsinogen and/or chymotrypsinogen pancreatic proenzymes, which includes Propanc’s lead product candidate, PRP. The IP portfolio includes composition of matter claims and a method of treatment to eradicate cancer stem cells. Further applications are also expected relating to the formulation and methods of use, as well as research programs with its joint research partners designed to further optimize the quality, safety and performance of PRP.

Advaxis Announces Increasing Focus On Neoantigen-Directed Immunotherapies And Closing Of Its Phase 3 AIM2CERV Study

On June 27, 2019 Advaxis, Inc. (NASDAQ:ADXS), a clinical-stage biotechnology company focused on the discovery, development and commercialization of immunotherapy products, reported that it is increasing its focus on neoantigen-directed immunotherapies and closing the AIM2CERV Phase 3 clinical trial with axalimogene filolisbac (AXAL) in high-risk locally advanced cervical cancer (Press release, Advaxis, JUN 27, 2019, View Source [SID1234537303]). Advaxis intends to continue to support the clinical development of AXAL, its single-antigen construct, in other HPV-related cancers while redirecting resources towards advancing its neoantigen-directed programs. Specifically, the company plans to continue developing ADXS-NEO, currently in a Phase 1 clinical trial, in patients with several types of advanced or metastatic solid tumors including melanoma, lung, colorectal, head and neck and bladder cancers, and ADXS-HOT, currently in a Phase 1/2 clinical trial, for non-small cell lung cancer. The company anticipates advancing additional drug constructs from its ADXS-HOT program into the clinic over the next 18 months.

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"We remain firmly committed to our Lm Technology platform, including our personalized and off-the-shelf approaches for neoantigen-directed therapies, and the development of AXAL against HPV-related cancers," said Kenneth A. Berlin, President and Chief Executive Officer of Advaxis. "While closing the AIM2CERV trial was a difficult decision due to the efforts of many individuals including the investigators and patients, the delays we incurred as a result of the recent FDA partial clinical hold and the estimated cost and time to completion for AIM2CERV led us to believe the best path forward for the company is to focus on our neoantigen programs. We believe this increased focus will enable a quicker and more cost-effective approach to demonstrate the strength and versatility of our Lm platform, thereby enhancing shareholder value."

The estimated remaining cost to complete the AIM2CERV trial ranges from $80 million to $90 million, and initial efficacy data is not anticipated for at least three years. Therefore, results from the clinical trial were not the basis for the decision to close the study, nor was safety as the trial recently underwent its third Independent Data Monitoring Committee (IDMC) review with no safety issues noted. The company plans to unblind the AIM2CERV clinical data generated to date and anticipates submitting these data for publication. In addition, Advaxis will continue to pursue monetization opportunities for AXAL.

"The emerging data from our neoantigen programs look very promising, and therefore these programs merit an increased focus of the company’s resources," stated Mr. Berlin. "With this redirection of resources to our neoantigen programs, we anticipate our cash usage for the next 12 months will be in the range of $33 million to $37 million, which includes $8 million to $9 million in non-recurring costs associated with prior AXAL studies including AIM2CERV. This reduction in our cash burn is a significant improvement over the past several years and also betters the goal we set of $45 million at the beginning of our fiscal year 2019." He concluded, "We believe these changes will enable us to pursue a leadership position in the neoantigen field by building upon the early and exciting data from our ADXS-NEO and ADXS-HOT programs."

ImmunoGen Announces Completion of Operational Review

On June 27, 2019 ImmunoGen, Inc., (Nasdaq: IMGN), a leader in the expanding field of antibody-drug conjugates (ADCs) for the treatment of cancer, reported the completion of an in-depth operational review designed to extend the Company’s cash runway and deliver on its commitment to develop next-generation ADCs to bring more good days to patients and generate increased value for shareholders (Press release, ImmunoGen, JUN 27, 2019, View Source [SID1234537299]). Based on the outcomes of this review, the Company will prioritize continued development of mirvetuximab and a select portfolio of three earlier-stage product candidates targeting solid tumors and hematological malignancies. The Company will end the current quarter with approximately $240 million on its balance sheet and expects this cash, together with expense reductions resulting from the operational changes announced today and anticipated cash receipts from partners, will fund operations through the release of top-line results from the upcoming mirvetuximab Phase 3 study in platinum-resistant ovarian cancer, which are expected in the first half of 2022.

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The operational review commenced following the announcement that FORWARD I, ImmunoGen’s Phase 3 clinical trial evaluating mirvetuximab compared to chemotherapy in women with folate receptor alpha (FRα)-positive, platinum-resistant ovarian cancer, did not meet the primary endpoint. Data from FORWARD I did, however, demonstrate a consistent efficacy signal across a range of parameters in the pre-specified subset of patients with high FRα expression. Following consultation with the U.S. Food and Drug Administration (FDA), the Company will pursue a new Phase 3 study in this patient population.

In light of these developments and with the goal of extending the Company’s existing cash runway, ImmunoGen has established three strategic priorities for the business: execute a registration study for mirvetuximab in platinum-resistant ovarian cancer; advance a select portfolio of earlier-stage product candidates; and further strengthen its balance sheet through partnering. Consistent with these priorities, ImmunoGen will focus on the following core activities:

Initiate the registration study for mirvetuximab as a monotherapy for women with FRα-high, platinum-resistant ovarian cancer by the end of this year;

Complete enrollment and continue follow up in the ongoing FORWARD II mirvetuximab combination cohorts;

Continue IMGN632 development in patients with relapsed acute myeloid leukemia (AML), blastic plasmacytoid dendritic cell neoplasm (BPDCN), and other CD123-positive hematologic malignancies in collaboration with Jazz Pharmaceuticals;

Advance two additional assets that demonstrate ImmunoGen’s continued innovation in ADCs: IMGC936, which is in co-development with MacroGenics with an IND expected by the end of 2019; and the Company’s next generation anti-FRα ADC, which is expected to enter development in mid-2020; and

Monetize its remaining portfolio and platform technologies through out-licensing transactions or asset sales.

Correspondingly, the Company will reduce ongoing expenses through the following portfolio prioritization and restructuring initiatives:

Discontinue the development of IMGN779 in adults with relapsed/refractory CD33-positive AML;

Suspend all other research activities;

Reduce its workforce by approximately 220 employees, with a majority of these employees separating from the business by mid-July 2019; and

Seek to sub-lease excess office and lab space.

Following a transition period, the savings generated by the restructuring are expected to reduce ImmunoGen’s quarterly expenses by more than 50%. As a result of the workforce reduction, the Company expects to record a one-time charge totaling approximately $16.4 million related to termination benefits and other related expenses. This charge is expected to be recorded in the quarter ending June 30, 2019, and the related cash payments will be substantially paid out by June 30, 2020. In addition, an anticipated charge of $3.7 million is expected to be incurred for retention benefits in the same time period. Updated 2019 financial guidance will be provided when ImmunoGen announces it second quarter operating results on August 2, 2019.

"I thank the employees separating from the business for their significant contributions to ImmunoGen and to the advancement of the ADC field," said Mark Enyedy, ImmunoGen’s President and Chief Executive Officer. "Reorganizing the business is critical to the Company’s future, enabling us to extend our cash position and continue the development of mirvetuximab and our portfolio of promising ADCs in earlier stages of development. We look forward to continued progress with the business, including the start of the registration study for mirvetuximab by year-end and additional monotherapy and combination data at ESMO (Free ESMO Whitepaper) in September, identifying a recommended Phase 2 dose and initiating combination studies with IMGN632 in the second half of the year, and filing an IND for IMGC936 by the end of 2019."

"This was an extremely difficult decision for the Board, as we believe deeply in the therapeutic promise of ADCs, the Company’s science, and its people," said Steve McCluski, ImmunoGen’s Chairman of the Board. "These are, however, the right steps to take to bring mirvetuximab to patients and offer the best opportunity to capture long-term value for our shareholders, whom we thank for their support."

CONFERENCE CALL INFORMATION

ImmunoGen will hold a conference call today at 8 a.m. ET to discuss these results. To access the live call by phone, dial 1-786-789-4797; the conference ID is 6921368. The call may also be accessed through the Investors section of the Company’s website, www.immunogen.com. Following the live webcast, a replay of the call will be available at the same location through July 9, 2019.

ABOUT MIRVETUXIMAB SORAVTANSINE

Mirvetuximab soravtansine (IMGN853) is the first folate receptor alpha (FRα)-targeting ADC. It uses a humanized FRα-binding antibody to target the ADC specifically to FRα-expressing cancer cells and a potent anti-tumor agent, DM4, to kill the targeted cancer cells.

ABOUT FORWARD I

FORWARD I is a Phase 3 trial in which 366 patients were randomized 2:1 to receive either mirvetuximab soravtansine or the physician’s choice of single-agent chemotherapy (pegylated liposomal doxorubicin, topotecan, or weekly paclitaxel). Eligible patients were diagnosed with platinum-resistant ovarian cancer that expresses medium or high levels of FRα and were treated with up to three prior regimens. The primary endpoint of this study was progression free survival (PFS), which was assessed in the entire study population and in the subset of patients with high FRα expression. ImmunoGen estimates that 12,000-14,000 patients per year in the U.S. meet these criteria, with a comparable number in the major markets in Europe.

ImmunoGen partnered with the GOG Foundation Inc., a leader in clinical research in gynecologic malignancies, on FORWARD I, which was conducted in North America and Europe.

ABOUT FORWARD II

FORWARD II is a Phase 1b/2 study of mirvetuximab in combination with Avastin (bevacizumab), carboplatin or Keytruda (pembrolizumab) in patients with FRα-positive platinum-resistant or platinum-agnostic ovarian

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cancer, primary peritoneal, or fallopian tube tumors, as well as a triplet combination of mirvetuximab plus carboplatin and Avastin in patients with platinum-sensitive ovarian cancer.

Delmar Pharmaceuticals Announces Termination Of Rights Offering

On June 27, 2019 DelMar Pharmaceuticals, Inc. (NASDAQ: DMPI) ("DelMar" or the "Company"), a biopharmaceutical company focused on the development and commercialization of new cancer therapies, reported it has terminated the rights offering of its securities previously announced on April 18, 2019 (Press release, DelMar Pharmaceuticals, JUN 27, 2019, View Source [SID1234537298]). The termination results from an assessment by the Company’s management that current market conditions are not conducive for an offering on terms that would be in the best interests of the Company’s shareholders. The Company intends to withdraw its registration statement on Form S-1 and post-effective amendment thereto related to the rights offering previously filed with the US Securities and Exchange Commission.

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