On August 1, 2016 Progenitor Life Sciences LLC, developer of proprietary technologies for producing induced-pluripotent stem cells (iPSCs) and natural killer (NK) cells from adult donors for use as universally compatible ‘off-the-shelf’ cellular immuno-therapies, reported it has retained Maxim Group LLC as its exclusive financial advisor (Press release, Progenitor Cell Therapy, AUG 1, 2016, View Source [SID:1234514165]). Maxim will assist the Company in identifying and negotiating partnerships that could result in a wide range of strategic transactions.

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Progenitor CEO Gary R. Sams stated, "Our approach using proprietary iPSC and immunocompatibility technologies to generate universal donor/recipient-compatible chimeric antigen receptor T cells and NK cells (CAR-T and CAR-NK cells) is truly unique and efficient. Our technologies provide developers of CAR therapies a competitive advantage by enabling rapid, high throughput production and functional screening of CAR-expressing immune cells. Because our cell lines are generated with non-disruptive DNA insertion technology, they are more reliable and offer a potentially greater margin of safety for use in cell-based therapies. The agreement with Maxim Group will enhance our ability to establish strategic partnerships and collaborations with companies in the immuno-oncology sector that would benefit significantly from our unique capabilities."

On August 1, 2016 GenSpera, Inc. (OTC/QB: GNSZ), a clinical-stage biotechnology company developing a novel prodrug therapeutic for the treatment of cancer, reported that it will change its corporate name to Inspyr Therapeutics, Inc. and will begin trading on OTC/QB under the ticker symbol NSPX effective August 2, 2016 (Press release, GenSpera, AUG 1, 2016, View Source [SID:1234514164]). The Company will also unveil a new corporate website at www.inspyrtx.com.

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"The changing of our corporate name is a first step in a number of upcoming actions that will define our path forward and our focus on building shareholder value," said Peter E. Grebow, Ph.D., Interim Chairman. "Our new corporate name, Inspyr Therapeutics, reflects the significant potential we see with the novel prodrug mipsagargin and our Company’s future potential."

On August 1, 2016 PDL BioPharma, Inc. (PDL or the Company) (NASDAQ: PDLI) reported that it has funded the second tranche of $50 million to ARIAD Pharmaceuticals, Inc. (ARIAD) (NASDAQ: ARIA) which was due on the first anniversary of the closing date under the terms of the ARIAD Royalty Agreement (Press release, PDL BioPharma, AUG 1, 2016, View Source [SID:1234514163]). This agreement was entered into in July 2015, in exchange for royalties on the net revenues of Iclusig (ponatinib). As a result of the second tranche payment, under the terms of the ARIAD Royalty Agreement, PDL’s royalty percentage will increase to 5.0% of the U.S. and European net revenues of Iclusig and 5.0% of the payments ARIAD receives elsewhere in the world until December 31, 2018 (subject to agreed-upon annual maximum payments). Beginning January 1, 2019 and thereafter, the royalty rate will increase to 6.5% in all jurisdictions and continue until December 31, 2033, subject to a put option of PDL upon the occurrence of specified events and a call option of ARIAD.

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In May of 2016, PDL and ARIAD agreed to amend the ARIAD Royalty Agreement, as a result of ARIAD’s share purchase agreement with Incyte Corporation (Incyte), to include net sales of Iclusig made by Incyte once it takes over ARIAD’s commercialization operations with respect to Iclusig in the European Union and certain other countries. In addition, the Company and ARIAD agreed to restructure future funding under the Royalty Agreement such that ARIAD’s option to draw up to an additional $100 million between January and July of 2016 was reduced to a maximum amount of up to an additional $40 million, which can be drawn at ARIAD’s option in July of 2017.

On August 01, 2016 Emergent BioSolutions Inc. (NYSE:EBS) reported that it has completed its previously announced spin-off of Aptevo Therapeutics Inc (Press release, Emergent BioSolutions, AUG 1, 2016, View Source [SID:1234514159]). (Nasdaq:APVO) through the distribution of all of the shares of Aptevo common stock to the holders of Emergent BioSolutions common stock. As a result of the spin-off, Aptevo is now an independent public company and listed on the Nasdaq Global Select Market under the ticker symbol "APVO."

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"Completion of this spin-off is a significant milestone for both Emergent and Aptevo that allows each company to tailor its business strategy to best address opportunities within its target market," said Daniel J. Abdun-Nabi, president and chief executive officer of Emergent BioSolutions. "We are excited about Aptevo’s potential and extend our best wishes for success to Aptevo’s management team and board of directors."

As previously announced, Emergent stockholders of record as of the close of business on July 22, 2016, the record date for the distribution, received one share of Aptevo common stock for every two shares of Emergent common stock held as of the record date, plus cash in lieu of any fractional shares. No action or payment by Emergent stockholders was required to receive Aptevo shares.

As a result of the completion of the distribution, the conversion rate under the indenture governing Emergent’s 2.875% convertible senior notes due 2021 will be adjusted in accordance with the terms of the indenture, with the ten-trading day valuation period contemplated by the indenture commencing today and ending on August 12, 2016. The new conversion rate will be determined and announced promptly following the end of the ten-trading day valuation period.