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Flex Pharma and Salarius Pharmaceuticals Announce Merger Agreement to Accelerate Clinical Development of Novel Epigenetic Therapy for Cancer

On January 4, 2019 Flex Pharma, Inc. (NASDAQ: FLKS), and Salarius Pharmaceuticals, LLC, a clinical-stage oncology company targeting the epigenetic causes of cancers, reported that the companies have entered into a definitive merger agreement under which privately-held Salarius will merge with a wholly-owned subsidiary of Flex Pharma (Press release, Flex Pharma, JAN 4, 2019, View Source [SID1234532463]). Management believes that the proposed transaction will position the combined company to recognize multiple value inflection points based on Salarius’ clinical pipeline, which targets rare, orphan cancers with no targeted treatments and cancers that have a high unmet need.

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Salarius recently completed a $6.4 million private placement, which combined with cash from Flex Pharma is expected to fund the combined company to mid-2020, allowing it to report early cohort data from an ongoing Phase 1 Ewing sarcoma trial. Upon the closing of the transaction, Flex Pharma stockholders will own approximately 19.9% of the combined company and current Salarius investors will own approximately 80.1% of the combined company. Flex Pharma stockholders will also receive a right to receive warrants, six months and one day following the closing date of the transaction, allowing them to purchase additional shares. The total value of these warrants will be calculated such that upon exercise Flex Pharma stockholders would own an additional 2.4%, or a total of 22.3%, of the value of the combined entity, subject to adjustment based on Flex Pharma’s net cash at closing. A live conference call and webcast is scheduled for today at 9:00 a.m. Eastern Time.

Upon closing of the transaction, Flex Pharma is expected to be renamed Salarius Pharmaceuticals, Inc. and be under the leadership of Salarius’ current management team, led by Chief Executive Officer, David Arthur. The Salarius clinical pipeline will become the lead assets of the company following the transaction. Flex Pharma President and Chief Executive Officer, William McVicar, Ph.D., is expected to join the Board of Directors of the combined company following the closing of the transaction.

"After completing a comprehensive and highly competitive selection process, we are confident that the proposed transaction with Salarius offers the best opportunity for significant near- and long-term value creation," stated Dr. McVicar. "We were impressed by the compelling science supporting Salarius’ novel drug, as well as the company’s strong financial position and management team. Based on our diligence, we believe Salarius could be poised to advance multiple potential product opportunities that address significant unmet needs in oncology. I look forward to supporting the company and being a member of the Salarius Board of Directors following the closing of the transaction. Finally, I would like to thank our stockholders for their support and patience during this strategic process and to reiterate that the entire team is fully committed to enhancing stockholder value with this transaction and beyond."

Salarius’ lead compound, Seclidemstat, targets the epigenetic dysregulation underlying Ewing sarcoma, a devastating pediatric, adolescent and young adult bone cancer for which no targeted therapies currently exist. Seclidemstat is a differentiated, reversible inhibitor of the lysine-specific demethylase 1 enzyme, or LSD1, which is a widely studied epigenetic enzyme and a validated drug target for clinical development. The company is currently enrolling patients in an open-label Phase 1 dose escalation/dose expansion study, which is expected to conclude in 2020. Salarius is also preparing to initiate additional studies in advanced solid tumors, including prostate, breast and ovarian cancers.

Salarius’ Chief Executive Officer, David Arthur, commented, "This strategic transaction and Nasdaq listing represent a growth opportunity for both companies. As an emerging public company, we believe that the enhanced visibility and exposure to institutional investors will enable Salarius to showcase the potential of its clinical pipeline, and the progression of its programs should drive increased stockholder value. Our goal is to become a recognized leader in epigenetic cancer therapy."

Mr. Arthur is a seasoned life sciences executive with more than 25 years’ experience in biopharma leadership, building and leading multi-disciplinary teams, as well as launching and managing pharmaceutical and drug delivery device brands. For much of his career, he held executive roles at Eli Lilly and Boehringer-Ingelheim managing product development, business development and global commercialization.

About the Proposed Transaction

The transaction has been approved unanimously by the Board of Director of Flex Pharma and Board of Managers of Salarius. The proposed transaction is expected to close in the first half of 2019, subject to the approval of Flex Pharma stockholders at a special stockholder meeting and other customary conditions, including approval by Salarius’ members.

Flex Pharma’s strategic advisor in the transaction is Wedbush PacGrow. Healthios Capital Markets is serving as financial advisor to Salarius Pharmaceuticals. Dentons Canada LLP and Duane Morris LLP are serving as legal counsel to Flex Pharma and Pillsbury Winthrop Shaw Pittman LLP is serving as legal counsel to Salarius Pharmaceuticals.

Conference Call and Webcast

Flex Pharma and Salarius will host a joint conference call and simultaneous live audio webcast today at 9:00 a.m. Eastern Time to discuss the proposed transaction. The live call may be accessed by dialing:

(855) 780-7202 (U.S.)
(631) 485-4874 (international)
Conference ID: 4498626
A live audio webcast of the call will be available online from the investor relations section of the Flex Pharma website at www.flex-pharma.com and will be archived there for 30 days.

Ribon Therapeutics Raises $65 Million to Advance Pipeline of Novel Therapeutics Targeting Cellular Stress Pathways for Cancer

On January 4, 2019 Ribon Therapeutics, a biotechnology company developing first-in-class therapeutics targeting novel enzyme families activated under cellular stress conditions, reported the closing of a $65 million Series B financing (Press release, Ribon Therapeutics, JAN 4, 2019, View Source [SID1234532462]). Proceeds will be used to advance lead programs from the company’s growing pipeline into clinical testing, including small molecule monoPARP inhibitors.

The financing was led by the Novartis Venture Fund, with participation from new investors JJDC and Celgene Corporation, as well as existing investors, The Column Group, Deerfield Management, U.S. Venture Partners, Osage University Partners, Takeda Ventures and Euclidean Capital.

"We are delighted to have the support of such a distinguished group of investors who share our commitment to bringing novel therapies to cancer patients and excitement for the therapeutic potential of modulating cellular stress responses," said Victoria Richon, Ph.D., President and Chief Executive Officer, Ribon Therapeutics. "Leveraging landmark discoveries made by our scientific founders, which ushered in a better understanding of the molecular action and biological function of novel enzyme classes beginning with monoPARPs, we are applying our expertise in drug discovery to develop novel and effective treatments for defined patient populations with limited therapeutic options."

Targeting MonoPARPs

MonoPARPs are key regulators of stress responses that enable cancer cells to survive and also evade immune detection, and emerging science has linked their activity with disease development. Ribon has built an integrated technology platform to interrogate monoPARPs to develop first-in-class, small molecule therapeutics. The company’s initial focus is in oncology, however, the 12 distinct monoPARPs function across a variety of stress responses relevant to disease development in cancer, inflammatory diseases and neurodegenerative diseases, giving Ribon’s approach broad utility. The focus of Ribon’s lead program is on advancing the science of PARP7 inhibitors for the treatment of cancer, beginning with squamous cell carcinoma of the lung.

"We have been following Victoria and her team for more than a year and are impressed by Ribon’s tremendous progress and ability to execute," said Anja Koenig, Head of the Novartis Venture Fund, who will be joining the Ribon board of directors as part of the Series B financing along with an investor from JJDC. "Ribon has developed a novel platform with the flexibility and rigor to investigate and exploit new targets providing the opportunity to build a diverse and attractive pipeline of first-in-class therapeutics."

Immunocore Appoints Bahija Jallal as Chief Executive Officer

On January 4, 2019 Immunocore Limited, a leading T Cell Receptor (TCR) biotechnology company, reported that Bahija Jallal has been appointed as Chief Executive Officer and Director of the Board (Press release, Immunocore, JAN 4, 2019, View Source [SID1234532461]).

With more than 25 years of international leadership experience within the pharmaceutical industry, Bahija joins Immunocore from AstraZeneca, where she is President of MedImmune, its global biologics research and development arm, and a member of the senior executive team reporting to the CEO.

Since joining MedImmune in 2006, Bahija has overseen the development of several new medicines, including Imfinzi, Fasenra, Lumoxiti, Siliq and FluMist Quadrivalent. Under Bahija’s leadership, MedImmune has significantly boosted its pipeline, expanding from 40 to more than 130 molecules in research and development targeting cancer; respiratory, inflammation, and autoimmunity; cardiovascular, renal and metabolic; and infectious diseases. Bahija has fostered an entrepreneurial culture that resulted in hundreds of patent applications and significant growth in the publication of MedImmune science in high impact journals. She forged industry-first collaborations and led efforts to acquire four independent biotech, big data and technology companies. Bahija also laid the foundation for the creation of an inflammation and autoimmunity carve out as an independent biotech.

Bahija has authored more than 70 peer-reviewed publications and holds more than 15 patents. She serves on the Board of Anthem, Inc. in Indianapolis, Indiana and on the Board of Trustees of the Johns Hopkins University in Baltimore, Maryland. She is a member of the Government-University-Industry Research Roundtable (GUIRR) of the National Science Foundation and is the immediate past President of the board of the Association of Women in Science. In 2017, Bahija was named Woman of the Year by the Healthcare Businesswomen’s Association.

Sir John Bell, Chairman of Immunocore, said: "Bahija is the ideal candidate to lead Immunocore at this transformational point in its development. A champion for science and diversity, Bahija is a highly seasoned pharmaceutical executive with considerable experience in biologics R&D and immuno-oncology. Her appointment will significantly strengthen Immunocore as we advance our lead candidate, IMCgp100, towards commercialisation, and our growing pipeline of TCR candidates through clinical development. I would like to extend my thanks also to Andrew Hotchkiss, who has been a highly capable interim CEO of Immunocore, for his support."

"I am excited to have the opportunity to head Immunocore, the leader in cutting-edge TCR bispecifics," said Bahija Jallal, incoming Chief Executive Officer of Immunocore. "With its strong platform, with potential to be applicable in multiple therapy areas, Immunocore has successfully translated its innovative science into the clinic with ongoing pivotal trials in uveal melanoma and clinical and pre-clinical stage programs in other disease areas. I am looking forward to helping the company, and its talented employees, bring innovative T cell receptor-based medicines to patients."

Blueprint Medicines Announces "2020 Blueprint" Global Business Strategy and Outlines Key Corporate Goals

On January 4, 2019 Blueprint Medicines Corporation (NASDAQ: BPMC), a precision therapy company focused on genomically defined cancers, rare diseases and cancer immunotherapy, reported "2020 Blueprint," a two-year strategy to launch Blueprint Medicines’ global commercial business (Press release, Blueprint Medicines, JAN 4, 2019, View Source [SID1234532460]). Under this strategy, by the end of 2020, the company expects to have two marketed products and at least four additional marketing applications pending in the United States and Europe. In addition, Blueprint Medicines reported recent milestones and key goals through 2020 across its differentiated portfolio of investigational precision therapies.

"Our vision is to rapidly evolve Blueprint Medicines into the leading global precision therapy company, with a robust scientific platform reproducibly designing innovative compounds and an effective and nimble commercial organization delivering a portfolio of important medicines to patients worldwide," said Jeff Albers, Chief Executive Officer of Blueprint Medicines. "As we enter the new year, we are at the precipice of this transformation with the planned submission of our first new drug application for our lead therapeutic candidate avapritinib and growing momentum in building our commercial capabilities. Combined with seven ongoing or planned registration-enabling clinical trials for avapritinib and BLU-667, we believe Blueprint Medicines is well-positioned to quickly capitalize on this first potential regulatory approval and realize our goal of becoming a portfolio-based commercial-stage company."

"2020 Blueprint" Global Business Strategy

The "2020 Blueprint" strategy establishes a path to transform Blueprint Medicines into a global commercial enterprise focused on delivering a portfolio of precision therapies to patients with cancer and rare diseases. Under this strategy, Blueprint Medicines anticipates achieving the following by the end of 2020:

2 marketed products in the United States and 1 marketed product in Europe
4 additional marketing applications pending in the United States and Europe
6 therapeutic candidates in global clinical development
8 research programs that leverage strategic areas of focus
"Our ‘2020 Blueprint’ strategy extends to our ongoing research efforts, where we are advancing multiple programs designed to complement our scientific and clinical expertise and planned commercial profile," said Marion Dorsch, Ph.D., Chief Scientific Officer of Blueprint Medicines. "Under this strategy, we have three research areas of focus: franchise opportunities in gastrointestinal stromal tumors, systemic mastocytosis and lung cancer where we believe our understanding of mutational drivers gives us an advantage; cancer immunotherapy under our ongoing collaboration with Roche; and novel genetic drivers that we characterize and target with our differentiated scientific platform."

Recent Portfolio Milestones and Key Goals through 2020

RECENT MILESTONES:

Blueprint Medicines today announced:

Top-line results from the Phase 1 NAVIGATOR clinical trial of avapritinib in patients with advanced gastrointestinal stromal tumors (GIST), as of a data cutoff date of November 16, 2018. These data will be used to support the submission of a planned new drug application (NDA) to the U.S. Food and Drug Administration (FDA) in the first half of 2019 for the treatment of patients with PDGFRA Exon 18 mutant GIST, which primarily includes PDGFRα D842V GIST, and fourth-line GIST. The primary endpoints for registration are objective response rate (ORR) and duration of response (DOR) based on central radiology and modified Response Evaluation Criteria in Solid Tumors version 1.1 (mRECIST 1.1) criteria.
In 43 patients with PDGFRA Exon 18 mutant GIST treated with a starting dose of 300 or 400 mg once daily (QD), the ORR was 86 percent (one response pending confirmation). Median DOR was not reached.
In 111 patients with fourth-line GIST treated with a starting dose of 300 or 400 mg QD, the ORR was 22 percent (one response pending confirmation). Median DOR was 10.2 months.
Top-line safety results were consistent with those previously reported. Avapritinib was well-tolerated, and most adverse events (AEs) reported by investigators were Grade 1 or 2. Across all doses (n=237), only 23 patients (9.7 percent) discontinued treatment with avapritinib due to treatment-related AEs.
Two registration-enabling clinical trials for avapritinib in systemic mastocytosis (SM) are now underway. The first clinical site recently opened for the Phase 2 PIONEER clinical trial for patients with indolent and smoldering SM, and initial patient screening for this trial is anticipated in January 2019. In addition, patient dosing has been initiated in the Phase 2 PATHFINDER clinical trial for patients with advanced SM.
As part of the collaboration with CStone Pharmaceuticals, the China National Medicinal Products Administration has approved an investigational new drug (IND) application for the ongoing global Phase 1 trial of BLU-554 in advanced hepatocellular carcinoma. The companies expect to initiate patient enrollment in the trial by the middle of 2019.
The FDA has cleared an IND application for BLU-782, a selective ALK2 inhibitor in development for patients with fibrodysplasia ossificans progressiva (FOP), and the company plans to initiate a Phase 1 clinical trial in healthy volunteers in the first quarter of 2019.
KEY GOALS:

Blueprint Medicines reported the following key goals and anticipated milestones through 2020:

Avapritinib: advanced gastrointestinal stromal tumors

Submit an NDA to the FDA for PDGFRA Exon 18 mutant GIST and fourth-line GIST in the first half of 2019.
Present additional data from the Phase 1 NAVIGATOR trial in the first half of 2019.
Complete enrollment of the Phase 3 VOYAGER trial in third- or fourth-line GIST in the second half of 2019.
Initiate the Phase 3 COMPASS-2L precision medicine trial in second-line GIST in the second half of 2019.
Submit an NDA to the FDA for third-line GIST in 2020.
Avapritinib: systemic mastocytosis

Present updated data from the Phase 1 EXPLORER trial in advanced SM in the first half of 2019.
Present initial data from the Phase 2 PIONEER trial in indolent and smoldering SM in the second half of 2019.
Complete enrollment of the Phase 2 PATHFINDER trial in advanced SM in the second half of 2019.
Submit an NDA to the FDA for advanced SM in 2020.
BLU-667: RET-altered non-small cell lung cancer (NSCLC), medullary thyroid cancer (MTC) and other solid tumors

Present updated data from the Phase 1 ARROW trial in RET-altered cancers in the first half of 2019.
Complete enrollment of previously treated NSCLC and MTC cohorts in the Phase 1 ARROW trial in the first half of 2019.
Initiate a Phase 3 trial in first-line RET-fusion NSCLC in the second half of 2019.
Initiate a Phase 2 combination trial of BLU-667 and osimertinib in treatment-resistant, EGFR-mutant NSCLC harboring an acquired RET alteration in the second half of 2019.
Submit an NDA to the FDA for second-line RET-fusion NSCLC and second-line RET-mutant MTC in the first half of 2020.
BLU-554: advanced hepatocellular carcinoma

Enroll the first patient in China in the ongoing global Phase 1 trial of BLU-554 under the collaboration with CStone Pharmaceuticals by the middle of 2019.
Initiate a Phase 1 combination trial of BLU-554 and CS-1001, CStone Pharmaceuticals’ anti-PD-L1 inhibitor, in China in the second half of 2019.
BLU-782: fibrodysplasia ossificans progressiva

Initiate a Phase 1 trial in healthy volunteers in the first quarter of 2019.
Initiate a Phase 2 trial in patients with FOP in the first half of 2020.
Research portfolio

Provide an update on the company’s robust and diverse research portfolio, including disclosure of up to two new targets, at a Blueprint Medicines Research and Development day in 2019.
Nominate at least one new wholly-owned discovery program in 2019.

MabVax Therapeutics and Oncotelic Enter into Merger Discussions

On January 4, 2019 MabVax Therapeutics Holdings, Inc. (OTC Pink: MBVX), a clinical-stage immuno-oncology drug development company with a fully human antibody discovery platform focused on the clinical development of products to address unmet medical needs in the treatment of cancer and pancreatitis, reported that it has entered into discussions to merge with Oncotelic, Inc., a privately held cancer immunotherapy company (Press release, MabVax, JAN 4, 2019, View Source [SID1234532459]). Oncotelic is developing a unique TGF-b antisense therapy which has demonstrated the ability to break immune tolerance in mid-stage clinical trials for the treatment of glioblastoma and pancreatic cancer.

Based on terms of a non-binding letter of intent signed by both companies on January 3, 2019, MabVax and Oncotelic are entering discussions to combine the companies to form a publicly traded company focused on the development of proprietary immunotherapy-based products of both companies to diagnose and treat cancer. Under the terms of the letter of intent, Oncotelic will merge with a wholly-owned subsidiary of MabVax in an all-stock transaction and will become a wholly-owned subsidiary of MabVax. The merger is subject to the approval of the MabVax board of directors and achieving certain financing objectives and other customary conditions. Upon closing of the transaction, MabVax will be re-named Oncotelic, Inc. and will operate under the leadership of the combined Oncotelic and MabVax management teams, with Vuong Trieu, founder of Oncotelic, an experienced and successful biotechnology entrepreneur, as executive chairman. Certain current senior management team members at MabVax will remain with the merged companies to fill key operational roles.

On a pro forma basis, calculated at the close of the merger, the current MabVax stockholders will own 25% and Oncotelic stockholders will own 75% of the combined company, respectively. The merger agreement contemplates securing financing of at least $10 million simultaneous with execution of the merger to support the clinical development of Trabedersen, Oncotelic’s TGF-b antisense therapy, in both glioblastoma and pancreatic cancer trials.

Vuong Trieu, Ph.D., who will be executive chairman of the company post-merger, said, "Our goal has been to grow a strong RNA therapeutic company that leverages innate immunity to achieve durable and effective immunotherapies for solid tumors and the merger with MabVax will allow us to complement that effort with key programs and capabilities from MabVax that will significantly strengthen the effort."

David Hansen, President and CEO of MabVax, said, "Through this transaction we hope to leverage our clinical and operational expertise in the post-merger company to advance the clinical development of Trabedersen while also integrating the development of key assets discovered by MabVax. This will allow us to continue the process of realizing the maximum value of assets we have developed through a process already initiated with Objective Capital while simultaneously maximizing the value of our lead technologies for stockholders."

On December 13, 2018, MabVax announced that it had engaged Objective Capital Partners, LLC to serve as a financial advisor to assist MabVax in exploring the sale of clinical and preclinical assets of the Company with the goal of maximizing the value of these assets within the near term. MabVax’s lead monoclonal antibody product, 5B1 for the treatment of pancreatic cancer, could be one of the assets that potentially could be developed into later stage clinical trials by the combined company.