On November 2, 2018 Advaxis, Inc. (NASDAQ:ADXS), a late-stage biotechnology company focused on the discovery, development and commercialization of immunotherapy products, reported that it will be continuing its ongoing Phase 3, randomized, double-blinded, placebo-controlled, pivotal study of axalimogene filolisbac (AXAL) in high-risk, locally advanced cervical cancer (AIM2CERV) (Press release, Advaxis, NOV 2, 2018, View Source [SID1234530629]).
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The current trial design has a planned sample size of 450 subjects to maintain adequate statistical power over a broader range of survival outcomes, as well as a pre-planned interim analysis (IA) of safety and efficacy. However, the Company is evaluating the possibility of accelerating the IA timeline and establishing a more stringent futility boundary. The Company anticipates that over the next couple of months it will finalize the redesign of the trial and review it with the U.S. Food and Drug Administration (FDA). During this time, the study is continuing to enroll patients under its current design, which is being conducted under a Special Protocol Assessment with the FDA.
"Based on discussions over the past several months with a number of experts in the field regarding our AIM2CERV trial, we have become increasingly optimistic about the prospects of this study. We believe that continuing to invest in this study, along with certain other product candidates, provides us with a diversified portfolio across drug constructs, cancer types and stages of development," said Kenneth A. Berlin, President and Chief Executive Officer of Advaxis. "We believe this approach affords the best opportunity to demonstrate the therapeutic potential of drug candidates generated from our unique and proprietary Lm platform." He concluded, "The redesign of AIM2CERV with an earlier interim analysis would allow us to alter course or, if necessary, stop the study, depending on the results. If the FDA accepts our proposed revisions, we anticipate having a recommendation based on the interim analysis from the data monitoring committee as early as the fourth quarter of 2020."
In addition to continuing its AIM2CERV trial for AXAL, the Company plans to initiate an investigator-sponsored trial with a major research center in head and neck cancer in early 2019. The Company is also continuing to follow subjects in its Phase 1/2 study of ADXS-PSA in combination with KEYTRUDA in metastatic castration-resistant prostate cancer. Intriguing early data from 37 patients in this study presented at the American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) earlier this year showed an improvement in survival in subjects with PSA declines from baseline of 50% or greater (~19% of all treated subjects). The Company expects to provide an update on survival rates along with correlative biomarker work in the first quarter of 2019.
To maximize the efficient use of clinical funding resources, the Company will not continue enrollment in its Phase 1/2 study of AXAL in combination with durvalumab for the treatment of patients with advanced, recurrent or refractory cervical cancer and HPV-associated head and neck cancer, and will not initiate its ADVANCE study for the treatment of women with persistent, recurrent or metastatic (squamous or non-squamous cell) carcinoma of the cervix.
The Company’s Phase 1 dose-escalation study of ADXS-NEO expressing personalized tumor antigens in subjects with various solid tumors, in collaboration with Amgen, is continuing to enroll subjects and Advaxis anticipates providing safety, tolerability and immune correlative data from the first two cohorts in the first half of 2019.
The Company also continues to progress its ADXS-HOT 503 drug candidate, expressing public (shared) tumor antigens both as monotherapy and in combination with KEYTRUDA for the treatment of non-small cell lung cancer (NSCLC). The Company plans to have the first subject enrolled in this Phase 1/2 study by the end of 2018 with an anticipated readout of safety, tolerability and immune correlative data from the first cohort in the first half of 2019. The Company’s clinical testing of ADXS-HOT in prostate cancer and bladder cancer will continue as the next areas of focus. Initiation of clinical trials in each of these cancers will be delayed until early 2020 to ensure adequate funding for the Company’s other programs.
In support of these programs, Advaxis anticipates its annual cash usage to be approximately $45 million, which was reduced from an annual cash usage of approximately $80 million earlier this year.
The Company will be holding a conference call today, November 2, 2018, at 11:00 a.m. Eastern time to provide an update on its clinical programs.
Conference Call & Webcast Information
DOMESTIC DIAL-IN: (844) 348-6133
INTERNATIONAL DIAL-IN: (631) 485-4564
CONFERENCE ID: 1538717
WEBCAST: ir.advaxis.com/events-presentations
For those unable to participate in the live conference call or webcast, a digital recording will be available beginning today two hours after the close of the conference call. To access the recording, please dial (855) 859-2056 (domestic) or (404) 537-3406 (international) and provide the operator with the conference ID: 1538717. In addition, an audio webcast will be archived on the Company’s website for a period of time at www.advaxis.com.