CytRx Corporation Reports Third Quarter 2018 Financial Results

On November 2, 2018 CytRx Corporation (Nasdaq: CYTR), a biopharmaceutical research and development company specializing in oncology, reported financial results for the quarter ended September 30, 2018, and provided an overview of recent accomplishments and plans for its research and development programs (Press release, CytRx, NOV 2, 2018, View Source [SID1234530692]).

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"The third quarter of 2018 was highlighted by the filing of a provisional patent by Centurion BioPharma for the breakthrough albumin companion diagnostic (ACDx) for use alongside our innovative LADR (Linker Activated Drug Release) assets," said Eric Curtis, CytRx’s President and Chief Operating Officer. "This new intellectual property is an important component of the overall LADR value proposition and will enhance our efforts to secure a strategic partnership to further advance these unique, promising assets, with the overarching goal of bringing these albumin binding ultra-high potency drug candidates to the physicians and patients who need them."

"Also during the quarter, we were pleased to make the final payment under our long-term loan agreement, and thereby extinguishing all of our outstanding debt. We also saw the expiration of approximately 3.2 million outstanding warrants for shares of our common stock, improving our overall capital structure."

Third Quarter 2018 and Recent Highlights

Centurion BioPharma Corporation

Breakthrough Personalized Medicine Companion Diagnostic Filed for Albumin-Binding LADR Drug Candidates. In July 2018, Centurion filed a provisional patent application with the U.S. Patent and Trademark Office covering its unique albumin companion diagnostic (ACDx) for use alongside its albumin binding ultra-high potency LADR drug candidates. The goal of ACDx is to identify patients with cancer who are most likely to benefit from the treatment with the Company’s lead assets, LADR-7, LADR-8, LADR-9 and LADR-10 and any albumin-binding drugs the Company may generate in the future.
CytRx Corporation

Receipt of Milestone Payment from Orphazyme A/S. In September 2018, CytRx announced receipt of a milestone payment totaling $250,000 (USD) from Orphazyme A/S (CPH: ORPHA). The payment was a result of Orphazyme dosing the first patient in their Phase 3 clinical trial evaluating arimoclomol in patients with amyotrophic lateral sclerosis. Orphazyme, a public company trading on the Nasdaq Copenhagen exchange, is testing arimoclomol in three additional indications beyond ALS, including Niemann-Pick disease Type C, Gaucher disease and sporadic Inclusion Body Myositis. Should arimoclomol be approved for NPC in Europe, CytRx will receive a $4 million milestone payment, plus royalties. Additional arimoclomol milestones include $6 million upon approval in the U.S. and $2 million upon approval in Japan, plus royalties on net sales in all territories.
Paid Off Long-Term Loan. In August 2018, CytRx announced that it made the final payment under a long-term loan agreement. As of August 1, 2018, the loan was paid in full, which extinguished all of CytRx’s outstanding debt.
Expiration of the Majority of Outstanding Warrants. In July 2018, CytRx announced the expiration of warrants for approximately 3.2 million shares of its common stock. CytRx believes the expiration of these warrants, the majority of which were associated with a public offering in December 2016, eliminates overhang and provides additional common share float stability.
Participated in Three Institutional Investor Conferences. During the third quarter, CytRx participated in three institutional investor conferences in New York City, including the H.C. Wainwright & Co. 20th Annual Global Investment Conference, the 2018 MicroCap Conference and the Singular Research Summer Solstice 2018 Conference. At each conference, CytRx executive management made a formal presentation and had one-on-one meetings with institutional investors.
Third Quarter 2018 Financial Results

CytRx reported cash and cash equivalents of $24.7 million as of September 30, 2018.

Net loss for the quarter ended September 30, 2018, was $3.3 million, or $(0.10) per share, compared with a net loss of $5.1 million, or $(0.19) per share, for the comparative 2017 period, a reduction of $1.8 million, or approximately 36 percent. The comparative 2017 quarter included a non-cash gain of $3.8 million on the fair value adjustment of warrant derivative liabilities related to warrants issued in 2016, compared to no gain during the current third quarter related to these now expired warrants.

Research and development (R&D) expenses were $0.9 million for the third quarter of 2018, which represents primarily expenses for the development of the albumin companion diagnostic (ACDx). In the third quarter of 2017, R&D expenses of $4.8 million included $3.7 million related to our aldoxorubicin program and its clinical support and $1.0 million for pre-clinical development of new albumin-binding, ultra-high potency cancer drugs.

General and administrative (G&A) expenses were $2.4 million for the third quarter of 2018, compared with $3.4 million for the third quarter of 2017. G&A expenses decreased by approximately 31 percent primarily due to a decrease in professional fees.

Based on our currently projected expenditures for the next 13 months our monthly burn rate is estimated at approximately $700,000 per month.

Conference Call and Webcast

CytRx will be hosting a conference call and webcast today beginning at 11:00 am Eastern Time (8:00 am Pacific Time). To access the conference call, dial (+1) 844-358-6753 (U.S. and Canada) or (+1) 216-562-0397 (international callers) and enter the conference ID number: 4382473. A live and archived webcast will be available in the News and Events/Events Calendar section of the Company’s website, www.cytrx.com. A replay of the call and webcast will begin approximately two hours after the live call has ended. To access the replay, dial (+1) 855-859-2056 (U.S. and Canada) or (+1) 404-537-3406 (international callers) and enter the conference ID number: 4382473.

I-Mab and Genexine Announce China IND Approval for Innovative Immunotherapy

On November 2, 2018 I-MAB Biopharma Co., Ltd. ("I-Mab"), a Shanghai-based biotech company exclusively focused on innovative biologics in immuno-oncology and autoimmune diseases, and Genexine Inc. (KOSDAQ: 095700), a South Korea-listed clinical stage pharma company developing innovative biologics, jointly reported that China National Medical Products Administration (NMPA) has officially approved the Investigational New Drug (IND) application for TJ107 (HyLeukin), the first and only long-acting recombinant human interleukin-7 (rhIL-7) globally to treat chemotherapy induced lymphopenia and cancer (Press release, I-Mab Biopharma, NOV 2, 2018, View Source [SID1234530691]).

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"We are pleased that the NMPA has given their greenlight to the IND filing, which is another significant development milestone in advancing our China Portfolio," said Joan Shen, M.D., Ph.D., President of R&D at I-Mab. "The clinical potential of TJ107 (HyLeukin) has been recognized and endorsed by the regulatory authorities, since there is no approved treatment globally for lymphopenia, the unmet medical need is substantial."

TJ107 (HyLeukin) is an immuno-oncology agent comprised of an optimally engineered interleukin-7 (IL-7) molecule based on Genexine’s proprietary hybrid Fc (hyFc) technology for half-life extension, with improved stability and developability. I-Mab has development and commercialization rights to TJ107 (HyLeukin) in Greater China through an exclusive licensing agreement with Genexine in December 2017.

"The IND approval in China for Hyleukin-7 clinical trial is a very important progress in its development and the data generated from the study in cancer patients with lymphopenia will significantly contribute to the global development of Hyleukin-7 as an antitumor immunotherapeutic," commented by Kyudon Kim, Ph.D., President at Genexine, Inc..

"Our long term goal is to develop TJ107 into a potential global first-in-class immuno-oncology therapy," Shen added

Tolero Pharmaceuticals to Highlight New Data Evaluating Investigational Agents Alvocidib and TP-1287 at 2018 American Society of Hematology Annual Meeting

On November 2, 2018 Tolero Pharmaceuticals, Inc., a clinical-stage company focused on developing novel therapeutics for hematological and oncological diseases, reported that new data from three abstracts on the Company’s pipeline of investigational agents will be presented at the 60th Annual Meeting of the American Society of Hematology (ASH) (Free ASH Whitepaper), December 1-4 in San Diego, California (Press release, Tolero Pharmaceuticals, NOV 2, 2018, View Source [SID1234530690]). Among the presentations, updated data from Zella 201, an ongoing Phase 2 study evaluating the efficacy and safety of alvocidib, a potent CDK9 inhibitor, in combination with cytarabine and mitoxantrone in patients with relapsed or refractory MCL-1-dependent acute myeloid leukemia (AML) will be featured in an oral presentation. Additional data from Tolero’s pipeline will also be presented, including preclinical findings on the activity of alvocidib and decitabine, as well as preclinical data evaluating the activity of TP-1287, an oral CDK9 inhibitor, in combination with bortezomib or venetoclax for the potential treatment of multiple myeloma. Three additional abstracts on Tolero sponsored research will be presented by independent research institutions.

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"We look forward to sharing the latest data from our pipeline at the ASH (Free ASH Whitepaper) Annual Meeting, including updated findings from the Zella 201 study, which further informs our understanding of the potential role of alvocidib in relapsed or refractory MCL-1-dependent acute myeloid leukemia," said David J. Bearss, Ph.D., Chief Executive Officer of Tolero Pharmaceuticals. "These data at ASH (Free ASH Whitepaper) reinforce our commitment and progress in advancing our clinical programs focused on hematologic and oncologic diseases."

Below are the details for the Tolero presentations:

Abstract Title

Details

Presenter

Zella 201: A Biomarker-Guided Phase II
Study of Alvocidib Followed by Cytarabine
and Mitoxantrone in MCL-1 Dependent
Relapsed/ Refractory Acute Myeloid
Leukemia (AML)

Abstract #30

December 1, 8:45 a.m. PT

Oral Presentation

Joshua F. Zeidner,
Lineberger Comprehensive
Cancer Center, University of
North Carolina, Chapel Hill, NC

The Oral CDK9 Inhibitor, TP-1287, Is
Active in Non-Clinical Models of Multiple
Myeloma

Abstract #3269

December 2, 6 – 8 p.m. PT

Poster Presentation

Clifford Whatcott,

Tolero Pharmaceuticals, Inc.

The CDK9 Inhibitor, Alvocidib, Potentiates
the Non-Clinical Activity of Azacytidine or
Decitabine in an MCL-1-Dependent
Fashion, Supporting Clinical Exploration of
a Decitabine and Alvocidib Combination

Abstract #4355

December 3, 6- 8 p.m. PT

Poster Presentation

Wontak Kim, Tolero
Pharmaceuticals, Inc.

Below are selected details for the presentations from Tolero sponsored research:

Abstract Title

Details

The PIM Kinase Inhibitor TP-3654 in Combination with
Ruxolitinib Exhibits Marked Improvement of Myelofibrosis in
Murine Models

Abstract #54

December 1, 8:45 am PT

Oral Presentation

Enhanced Expression of Beta-Catenin and Axl Receptor
Tyrosine Kinase (RTK) in Chronic Lymphocytic Leukemia
(CLL) B-Cells with Co-Culture on Marrow Stromal Cells:
Implications for Leukemic Cell Drug Resistance

Abstract #3125

December 2, 6 – 8 p.m. PT

Poster Presentation

Axl-RTK Inhibition Modulates T Cell Functions and Synergizes
with Chimeric Antigen Receptor T Cell Therapy in B Cell
Malignancies

Abstract #728

December 3, 3 p.m. PT

Oral Presentation

A bout Alvocidib
Alvocidib is an investigational small molecule inhibitor of cyclin-dependent kinase 9 (CDK9) currently being evaluated in a Phase II study, Zella 201, in patients with relapsed or refractory MCL-1 dependent acute myeloid leukemia, AML, in combination with cytarabine and mitoxantrone ( NCT02520011 ). Alvocidib is also being evaluated in Zella 101, a Phase I clinical study evaluating the maximum tolerated dose, safety and clinical activity of alvocidib in combination with (7+3) in newly diagnosed patients with AML ( NCT03298984 ), and Zella 102, a Phase 1b/2 study in patients with myelodysplastic syndromes, MDS, in combination with decitabine ( NCT03593915 ). In addition, alvocidib is being evaluated in a Phase 1 study in patients with relapsed or refractory AML in combination with venetoclax ( NCT03441555 ).

About TP-1287
TP-1287 is an investigational oral cyclin-dependent kinase 9 ( CDK9) inhibitor entering into a Phase 1 study in patients with advanced solid tumors ( NCT03604783) . TP-1287 has shown favorable oral bioavailability in preclinical models. TP-1287 is enzymatically cleaved, yielding the parent drug, alvocidib, a potent inhibitor of CDK9.

About CDK9 Inhibition and MCL-1
MCL-1 is a member of the apoptosis-regulating BCL-2 family of proteins.2 In normal function, it is essential for early embryonic development and for the survival of multiple cell lineages, including lymphocytes and hematopoietic stem cells.3 In MCL-1–dependent AML, MCL-1 inhibits apoptosis and sustains the survival of leukemic blasts, which may lead to relapse or resistance to treatment.2,4 The expression of MCL-1 in leukemic blasts is regulated by cyclin-dependent kinase 9 (CDK9).5,6 Because of the short half-life of MCL-1 (2-4 hours), the effects of targeting upstream pathways are expected to reduce MCL-1 levels rapidly.5 Inhibition of CDK9 has been shown to block MCL-1 transcription, resulting in the rapid downregulation of MCL-1 protein, thus restoring the normal apoptotic regulation.2

FibroGen to Report Third Quarter 2018 Financial Results on Thursday, November 8, 2018

On November 2, 2018 FibroGen, Inc. (NASDAQ: FGEN), a biopharmaceutical company, reported that it will report third quarter 2018 financial results on Thursday, November 8, 2018, after market close, and will host a conference call to discuss financial results and provide a business update at 5:00 p.m. ET (2:00 p.m. PT) (Press release, FibroGen, NOV 2, 2018, View Source;p=irol-newsArticle&ID=2375179 [SID1234530689]).

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Conference Call and Audio Webcast
Interested parties may access a live audio webcast of the conference call via the investor section of the FibroGen website, www.fibrogen.com. It is recommended that listeners access the website 15 minutes prior to the start of the call to download and install any necessary audio software. A replay of the webcast will be available shortly after the call for a period of two weeks. To access the replay, please dial (888) 843-7419 (domestic) or (630) 652-3042 (international), and use passcode 4778 0296#.

Dial-In Information
Live (U.S./Canada): (888) 771-4371
Live (International): (847) 585-4405
Confirmation number: 47780296

Asterias Biotherapeutics to Report Third Quarter 2018 Results on November 12, 2018

On November 2, 2018 Asterias Biotherapeutics, Inc. (NYSE American: AST), a biotechnology company dedicated to developing cell-based therapeutics to treat neurological conditions associated with demyelination and cellular immunotherapies to treat cancer, reported that it will release third quarter 2018 financial and operating results on Monday, November 12, 2018 after the close of the U.S. financial markets (Press release, BioTime, NOV 2, 2018, View Source;p=RssLanding&cat=news&id=2375072 [SID1234530688]). The Company will host a conference call and webcast on November 12, 2018 at 5:00 p.m. ET / 2:00 p.m. PT to discuss the results and corporate developments.

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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

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For both "listen-only" participants and those participants who wish to take part in the question-and-answer portion of the call, the dial-in number in the U.S./Canada is 888-394-8218. For international participants outside the U.S./Canada, the dial-in number is 323-794-2591. For all callers, refer to Conference ID 6651165. To access the live webcast, go to View Source

A replay of the conference call will be available for one month beginning about two hours after the conclusion of the live call, by calling toll-free (from U.S./Canada) 888-203-1112; international callers dial 719-457-0820. Use the Conference ID 6651165. Additionally, the archived webcast will be available at View Source