On May 6, 2017 Acceleron Pharma Inc. (NASDAQ:XLRN) and Celgene Corporation (NASDAQ:CELG), reported preliminary Phase 2 results from the ongoing three-month base and long-term extension studies with investigational drug luspatercept in patients with lower-risk myelodysplastic syndromes (MDS) at the 14th International Symposium on MDS in Valencia, Spain (Press release, Acceleron Pharma, MAY 6, 2017, View Source [SID1234518875]). Luspatercept is being developed as part of the global collaboration between Acceleron and Celgene.

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"These positive data presented in lower-risk MDS confirm our optimism in new opportunities for luspatercept beyond our ongoing Phase 3 trials," said Michael Pehl, President, Hematology and Oncology for Celgene. "We are now planning a Phase 3 clinical trial to expand the development of luspatercept into this lower-risk MDS patient population."

"There is a high unmet medical need for a drug to treat patients earlier in the MDS treatment paradigm," said Habib Dable, President and CEO of Acceleron. "We continue to be motivated to find additional opportunities for luspatercept to treat anemia due to rare blood disorders and remain on track to initiate Phase 2 trials in myelofibrosis and non-transfusion dependent beta-thalassemia by year-end."

Luspatercept Phase 2 Data in First-Line, Lower-Risk MDS Patients

In lower-risk, erythropoiesis-stimulating agent (ESA)-naïve MDS patients, 48% (11/23) of patients treated with luspatercept achieved red blood cell transfusion independence (RBC-TI) and 51% (20/39) of patients achieved a clinically meaningful erythroid hematological improvement (HI-E) response per the International Working Group’s (IWG) criteria. The response rates were positive in patients treated with luspatercept in both ESA-naïve and prior ESA-treated patients.



IWG HI-E, N=82
n (%)

RBC-TI, N=56
n (%)
ESA-Naïve 20/39 (51%) 11/23 (48%)
Prior ESA 22/43 (51%) 11/33 (33%)

Luspatercept Phase 2 Data in RS+ and RS- Lower-Risk MDS Patients

In patients with baseline erythropoietin (EPO) levels ≤ 500 international units per liter (IU/L), RBC-TI and IWG HI-E response rates were positive in both ring sideroblast-positive (RS+) and -negative (RS-) patients.


Baseline
EPO (IU/L)
RS Status
IWG HI-E, N=82
n (%)

RBC-TI, N=56
n (%)
≤ 500 RS+ 30/46 (65%) 16/29 (55%)
RS- 6/14 (43%) 4/7 (57%)
> 500 RS+ 5/9 (56%) 2/9 (22%)
RS- 1/11 (9%) 0/9 (0%)
Unknown 0/2 (0%) 0/2 (0%)
*Table includes both ESA refractory and ESA naïve patients. Patients treated at dose levels ≥ 0.75 mg/kg.

Luspatercept Phase 2 Safety Data

The majority of adverse events (AEs) were grade 1 or 2. AEs at least possibly related to study drug that occurred in at least 3 patients during the studies were fatigue, headache, hypertension, diarrhea, arthralgia, bone pain, injection site erythema, myalgia, and edema peripheral. Grade 3 non-serious AEs possibly or probably related to study drug were ascites, blast cell count increase, blood bilirubin increase, hypertension, platelet count increase, and pleural effusion. Grade 3 serious AEs possibly or probably related to study drug were general physical health deterioration and myalgia.

Luspatercept is an investigational product that is not approved for use in any country.

The oral presentation given at the 14th International Symposium on MDS is available on Acceleron’s website (www.acceleronpharma.com) under the Science tab.

Acceleron MDS Symposium Conference Call Information

Acceleron will host a conference call and live webcast to discuss data presented at the MDS Symposium and its first quarter operational and financial results on May 8, 2017, at 8:00 a.m. EDT. To participate by teleconference, please dial 877-312-5848 (domestic) or 253-237-1155 (international) and refer to the Acceleron Earnings Call.

To access the live webcast, please select "Events & Presentations" in the Investors/Media section on Acceleron’s website (www.acceleronpharma.com) at least 10 minutes beforehand to ensure time for any downloads that may be required.

An archived webcast recording will be available on the Acceleron website beginning approximately two hours after the event.

About the MDS Phase 2 Studies

Data from two Phase 2 studies were presented at the conference: the base study in which patients received treatment with luspatercept for three months and the long-term extension study in which patients may receive treatment with luspatercept for up to an additional five years. In both the three-month base study and the long-term extension study, lower-risk MDS patients were enrolled and treated with open-label luspatercept, dosed subcutaneously once every three weeks.

The outcome measures for the studies included the proportion of patients who had an erythroid response (IWG HI-E) or achieved RBC transfusion independence (RBC-TI). IWG HI-E was defined as hemoglobin increase ≥ 1.5 g/dL sustained for ≥ 8 weeks in patients with < 4 units RBC / 8 weeks transfusion burden at baseline and hemoglobin levels below 10 g/dL. For patients with a ≥ 4 units RBC / 8 weeks transfusion burden at baseline, erythroid response was defined as a reduction of ≥ 4 units RBC sustained for ≥ 8 weeks. RBC-TI was defined as no RBC transfusions for ≥ 8 weeks in patients with a ≥ 2 units RBC / 8 weeks baseline transfusion burden.

About Luspatercept

Luspatercept is a modified activin receptor type IIB fusion protein that acts as a ligand trap for members in the transforming growth factor-beta superfamily involved in the late stages of erythropoiesis (red blood cell production). Luspatercept regulates late-stage erythrocyte (red blood cell) precursor cell differentiation and maturation. This mechanism of action is distinct from that of erythropoietin (EPO), which stimulates the proliferation of early-stage erythrocyte precursor cells. Acceleron and Celgene are jointly developing luspatercept as part of a global collaboration. Acceleron and Celgene are enrolling Phase 3 clinical trials that are designed to evaluate the safety and efficacy of luspatercept in patients with myelodysplastic syndromes (the "MEDALIST" study) and in patients with beta-thalassemia (the "BELIEVE" study). For more information, please visit www.clinicaltrials.gov.

On May 5, 2017 TG Therapeutics, Inc. (NASDAQ:TGTX) reported its financial results for the first quarter ended March 31, 2017 and recent company developments (Press release, TG Therapeutics, MAY 5, 2017, View Source [SID1234518881]).

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Michael S. Weiss, the Company’s Executive Chairman and Chief Executive Officer, stated, "2017 has been an exciting and busy year for us already, with both the announcement of the positive topline data from the Phase 3 GENUINE trial and the subsequent $89M capital raise. Having achieved these two important milestones, we believe the company is well positioned for a successful remainder of the year and beyond." Mr. Weiss continued, "We plan to focus our attention on advancing our clinical programs towards success and look forward to a data and news rich summer where we will be presenting a more detailed analysis of the GENUINE data, announcing the interim analysis data from both our UNITY-CLL Phase 3 trial and UNITY-DLBCL trial, as well as commencing our global Phase 3 program in MS."

Recent Developments and Highlights

Received orphan drug designation for the combination of TG-1101 and TGR-1202 for the treatment of CLL and DLBCL
Announced the publication of clinical data from the Phase 1/2 trial of TG-1101 monotherapy in the British Journal of Haematology
Announced positive topline data from Phase 3 GENUINE study of TG-1101 in combination with ibrutinib in patients with high risk CLL
Solidified the Company’s balance sheet raising approximately $89M in gross proceeds through the combination of a public offering and an at-the-market sales facility
Presented preclinical data on our anti-PD-L1 monoclonal antibody at the American Association for Cancer Research (AACR) (Free AACR Whitepaper) annual meeting
Presented preliminary results, including B-cell depletion data from ongoing Phase 2 study of TG-1101 in patients with MS at the American Academy of Neurology (AAN) annual meeting
Reaffirming 2017 Milestones

Present updated clinical data including the full Phase 3 GENUINE data at a major medical meeting in the first half of 2017
Present clinical data from the Phase 2 Multiple Sclerosis (MS) trial
Initiate a global Phase 3 trial in MS
Complete the first interim analysis in the UNITY-CLL Phase 3 trial
Complete the first interim analysis in the UNITY-DLBCL trial
Meet with the FDA to review the Phase 3 GENUINE data and discuss suitability for filing for accelerated approval
Present new and updated data from ongoing trials at various scientific meetings throughout the year, including the American Society of Hematology (ASH) (Free ASH Whitepaper) annual meeting in December
Financial Results for the First Quarter 2017

Cash Position: Cash, cash equivalents, investment securities, and interest receivable were $109.5 million as of March 31, 2017.

R&D Expenses: Research and development (R&D) expense was $22.7 million for the three months ended March 31, 2017 compared to $11.6 million for the three months ended March 31, 2016. Included in research and development expense for the three months ended March 31, 2017 and 2016, was $5.3 million and $4.3 million, respectively, of manufacturing and CMC expenses for Phase 3 clinical trials and potential commercialization. The increase in R&D expenses for the three months ended March 31, 2017, is primarily due to the ongoing clinical development programs and related manufacturing costs for TG-1101 and TGR-1202.

G&A Expenses: General and administrative (G&A) expense was $5.0 million for the three months ended March 31, 2017 as compared to $2.4 million for the three months ended March 31, 2016. The period-over-period increase in G&A expenses for the three months ended March 31, 2017 relates primarily to non-cash compensation expenses related to equity incentive grants recognized during 2017. Other G&A expenses for the three months ended March 31, 2017 remained relatively flat compared to the first quarter of 2016, and we expect G&A expenses to remain relatively constant through the remainder of 2017.

Net Loss: Net loss was $27.7 million for the three months ended March 31, 2017 compared to a net loss of $13.8 million for the three months ended March 31, 2016.

Financial Guidance: The Company believes its cash, cash equivalents, investment securities, and interest receivable of $109.5 million as of March 31, 2017 will be sufficient to fund the Company’s planned operations through 2018.

On May 5, 2017 Oncolytics Biotech Inc. (TSX: ONC) (OTCQX: ONCYF) (Oncolytics or the Company) reported its financial results and operational highlights for the quarter ended March 31, 2017 (Filing, Q1, Oncolytics Biotech, 2017, MAY 5, 2017, View Source [SID1234518878]).

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"The last six months – particularly defining our clinical development plan and data announced at AACR (Free AACR Whitepaper) – have been exciting for us," said Dr. Matt Coffey, President and CEO of Oncolytics Biotech. "The compelling and statistically significant overall survival data from the IND 213 study in metastatic breast cancer presented at AACR (Free AACR Whitepaper) led us to select this indication as our registration pathway. This is part of our broader clinical development plan, which is focused on exploiting REOLYSIN’s mechanism of action incorporating both cancer cell lysis and immune system priming and activation."

Selected Highlights

Since January 1, 2017, selected highlights announced by the Company include:

Clinical Results

· Presented at the American Academy of Cancer Research (AACR) (Free AACR Whitepaper) Annual Meeting, in Washington, D.C., by the Canadian Cancer Trials Group at Queen’s University in Kingston, Ontario covering findings from IND 213, an open-label, randomized, phase 2 study to assess the therapeutic combination of intravenously-administered REOLYSIN given in combination with paclitaxel versus paclitaxel alone in patients with advanced or metastatic breast cancer. Results showed a statistically significant improvement in median overall survival from 10.4 months in the control arm to 17.4 months in the test arm.
· Announced registration pathway and clinical development plan with the dual objectives of obtaining regulatory approval for REOLYSIN based on the compelling metastatic breast cancer survival data recently presented at the AACR (Free AACR Whitepaper) Annual Meeting, in Washington, D.C., and expanding REOLYSIN into commercially valuable new treatment areas that include immunotherapy and immunomodulatory (IMiD) agents in collaboration with pharmaceutical partners.
· Announced, in collaboration with Celgene and cancer charity Myeloma UK, the launch of MUK eleven, a first-of-its-kind immunotherapy trial that aims to modulate the immune system to target myeloma. The phase 1b trial will study REOLYSIN in combination with Celgene’s IMiD’s, Imnovid (pomalidomide) and Revlimid (lenalidomide), as a rescue treatment in relapsing myeloma patients.
Corporate

· Appointed Oncolytics co-founder and long-serving senior executive Matt Coffey PhD, MBA, as President and CEO.
Financial

· At March 31, 2017, the Company reported $10.1 million in cash, cash equivalents and short-term investments.
· As at May 4, 2017, the Company had an unlimited number of authorized common shares with 121,836,722 common shares issued and outstanding, and 8,032,827 options outstanding (with exercise prices ranging between $0.26 and $6.72 and expiry dates ranging from 2017 to 2027).


ONCOLYTICS BIOTECH INC.
INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(unaudited)

As at March 31,
2017
$ December 31,
2016
$
Assets
Current assets
Cash and cash equivalents 10,102,393 12,034,282
Short-term investments — 2,088,800
Accounts receivable 36,484 54,406
Prepaid expenses 182,897 260,841
Total current assets 10,321,774 14,438,329

Non-current assets
Property and equipment 301,534 319,955
Total non-current assets 301,534 319,955

Total assets 10,623,308 14,758,284
Liabilities And Shareholders’ Equity
Current Liabilities
Accounts payable and accrued liabilities 3,348,766 4,068,664
Total current liabilities 3,348,766 4,068,664

Shareholders’ equity
Share capital
Authorized: unlimited
Issued:
March 31, 2017 – 121,258,222
December 31, 2016 – 121,258,222 262,311,325 262,321,825
Contributed surplus 26,776,933 26,643,044
Accumulated other comprehensive income 533,312 554,060
Accumulated deficit (282,347,028) (278,829,309)
Total shareholders’ equity 7,274,542 10,689,620
Total liabilities and equity 10,623,308 14,758,284



ONCOLYTICS BIOTECH INC.
INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(unaudited)

2017 2016
For the three month period ending March 31 $ $

Expenses
Research and development 2,268,071 2,726,129
Operating 1,300,300 1,360,412
Operating loss (3,568,371) (4,086,541)
Interest 50,715 69,621
Loss before income taxes (3,517,656) (4,016,920)
Income tax (expense) recovery (63) 145
Net loss (3,517,719) (4,016,775)
Other comprehensive income items that may be
reclassified to net loss
Translation adjustment (20,748) (170,059)

Net comprehensive loss (3,538,467) (4,186,834)
Basic and diluted loss per common share (0.03) (0.03)

Weighted average number of shares (basic and diluted) 121,258,222 118,119,985


ONCOLYTICS BIOTECH INC.
INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(unaudited)


Share Capital
$
Contributed
Surplus
$
Accumulated
Other
Comprehensive
Income
$
Accumulated
Deficit
$
Total
$
As at December 31, 2015 261,324,692 26,277,966 760,978 (263,689,330) 24,674,306
Net loss and other comprehensive loss — — (170,059) (4,016,775) (4,186,834)
Issued, pursuant to "At the Market" Agreement 274,805 — — — 274,805
Share issue costs (375,349) — — — (375,349)
Share based compensation — 81,640 — — 81,640
As at March 31, 2016 261,224,148 26,359,606 590,919 (267,706,105) 20,468,568


Share Capital
$
Contributed
Surplus
$
Accumulated
Other
Comprehensive
Income
$
Accumulated
Deficit
$
Total
$
As at December 31, 2016 262,321,825 26,643,044 554,060 (278,829,309) 10,689,620
Net loss and other comprehensive loss — — (20,748) (3,517,719) (3,538,467)
Share issue costs (10,500) — — — (10,500)
Share based compensation — 133,889 — — 133,889
As at March 31, 2017 262,311,325 26,776,933 533,312 (282,347,028) 7,274,542



ONCOLYTICS BIOTECH INC.
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)

2017 2016
For the three month period ending March 31 $ $

Operating Activities
Net loss for the period (3,517,719) (4,016,775)
Amortization – property and equipment 24,036 45,942
Share based compensation 133,889 81,640
Unrealized foreign exchange loss 52,032 141,295
Net change in non-cash working capital (637,646) 724,655
Cash used in operating activities (3,945,408) (3,023,243)

Investing Activities
Acquisition of property and equipment (5,836) —
Redemption (purchase) of short-term investments 2,088,800 (27,823)
Cash provided by (used in) investing activities 2,082,964 (27,823)

Financing Activities
"At the Market" equity distribution agreement (10,500) (100,544)
Cash used in financing activities (10,500) (100,544)
Decrease in cash (1,872,944) (3,151,610)
Cash and cash equivalents, beginning of period 12,034,282 24,016,275
Impact of foreign exchange on cash and cash equivalents (58,945) (631,257)
Cash and cash equivalents, end of period 10,102,393 20,233,408


To view the Company’s Fiscal 2017 First Quarter Consolidated Financial Statements, related Notes to the Consolidated Financial Statements, and Management’s Discussion and Analysis, please see the Company’s annual filings, which will be available under the Company’s profile at www.sedar.com and on Oncolytics’ website at View Source

On May 5, 2017 CytomX Therapeutics, Inc. (Nasdaq:CTMX), a biopharmaceutical company developing investigational Probody therapeutics for the treatment of cancer, reported first quarter 2017 financial results (Press release, CytomX Therapeutics, MAY 5, 2017, View Source [SID1234518867]).

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As of March 31, 2017, CytomX had cash, cash equivalents and short-term investments of $162.5 million. After the quarter, CytomX will receive $200 million from Bristol-Myers Squibb as part of the previously announced worldwide collaboration extension. This payment will be reflected in the second quarter financial results based on the transaction close date of April 24, 2017, under the Hart-Scott-Rodino Antitrust Improvements Act. Based upon its current operating plan, the Company expects its existing capital resources will be sufficient to fund operations at least through 2019.

"The first quarter was highly productive for CytomX as we continued to rapidly progress our diverse pipeline of potentially transformative Probody therapeutics. During the quarter, we treated the first patients in the PROCLAIM-CX-072 clinical trial, filed the Investigational New Drug (IND) application for CX-2009 and moved CX-2029 into IND-enabling studies," said Sean McCarthy, D.Phil., president and chief executive officer of CytomX Therapeutics. "We also entered into a major expansion of our foundational strategic alliance with Bristol-Myers Squibb, that emphasizes their belief in the power of the Probody platform and that will strengthen our balance sheet."

Business Highlights and Recent Developments

PROCLAIM-CX-072 (PD-L1 Probody) Program

Enrollment in the initial monotherapy dose-escalation arm is progressing on plan in the PROCLAIM clinical study of CX-072, a PD-L1-targeting Probody therapeutic for the treatment of cancer patients.
The CX-072 combination arms with Yervoy (ipilimumab) and Zelboraf (vemurafenib) are expected to open in the second half of 2017.
PROCLAIM-CX-2009 (CD166 Probody Drug Conjugate) Program

In April, CytomX filed the IND for CX-2009, a first-in-class Probody drug conjugate targeting the highly expressed tumor antigen, CD166.
Phase 1/2 trial initiation is expected mid-year in multiple CD166-positive tumor types.
Partnerships

Expanded the 2014 worldwide collaboration with Bristol-Myers Squibb (BMS) to include up to six additional oncology targets and two non-oncology targets using CytomX’s proprietary Probody platform.
CytomX will receive a $200 million upfront payment and additional research funding, milestones and royalties.
The expansion takes total milestones under the alliance to more than $5 billion and represents one of the largest platform deals in recent years.
BMS has initiated IND-enabling studies for a CTLA-4-directed Probody therapeutic discovered within the collaboration. Clinical initiation is anticipated by early 2018.
CX-2029, a CD-71-directed Probody therapeutic in co-development with AbbVie, has progressed into IND-enabling studies with an IND filing anticipated in 2018.
First Quarter Financial Results
Cash, cash equivalents and investments totaled $162.5 million as of March 31, 2017, compared to $181.9 million as of December 31, 2016.

Revenue was $11.7 million for the three months ended March 31, 2017, compared to $2.2 million for the three months ended March 31, 2016. The increase was primarily attributable to $6.5 million in recognized revenue triggered by the Company’s delivery of a development and commercialization license to ImmunoGen in connection with its collaboration with ImmunoGen, which was entered in January 2014, an increase of $1.6 million in recognized revenue related to BMS’s third and fourth target selections under the collaboration, and an increase of $1.4 million in recognized revenue related to upfront payment received from AbbVie pursuant to a collaboration entered in April 2016.

Research and development expenses were $14.6 million for the three months ended March 31, 2017, compared to $13.4 million for the three months ended March 31, 2016. The increase was primarily attributable to $1.9 million to advance the Company’s CX-072 and CX-2009 into Phase 1/2 clinical development, an increase of $1.0 million in personnel-related expenses due to an increase in headcount, an increase of $1.0 million in facilities-related expenses relating to the Company’s relocation to a larger facility in October 2016, and an increase of $0.6 million in costs related to acquisitions made with respect to the Company’s patent portfolio. Expenses were partly offset by a decrease of $2.7 million in manufacturing costs for the Company’s CX-072 and CX-2009 programs, a decrease of $0.3 million in royalty payments due to BMS’s third target selection in January 2016, and a decrease of $0.3 million in professional and outside services.

General and administrative expenses were $5.7 million for the three months ended March 31, 2017, compared to $5.0 million for the three months ended March 31, 2016. The increase was attributable to $0.4 million in personnel-related expenses due to an increase in headcount and an increase of $0.3 million in non-cash stock based compensation due to increase in headcount.