On May 19, 2016 Guided Therapeutics, Inc. (OTCQB:GTHP) reported its operating results for the first quarter ended March 31, 2016 (Press release, Guided Therapeutics, MAY 19, 2016, View Source [SID:1234512610]).

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Sales Revenue, Cost of Sales and Gross Profit (Loss) from Devices and Disposables: Sales revenue from the sale of LuViva devices and disposables for the three months ended March 31, 2016, was $262,000, a 106% increase compared to the same period in 2015. Related costs of sales and net realizable value expenses were approximately $68,000, which resulted in a gross profit of approximately $194,000 for the first quarter of 2016. For the same period in 2015, approximately $127,000 in sales revenue was offset by approximately $107,000 in related costs of sales, resulting in a gross loss on devices and disposables of approximately $20,000. The increase from gross loss to gross profit was due to increased sales of disposables with the Company’s primary distributor, which carry a higher profit margin than device sales.

Research and Development Expenses: Research and development expenses decreased to approximately $290,000 for the three months ended March 31, 2016, compared to $373,000 for the same period in 2015. The decrease, of approximately $83,000, was primarily due to a slight decrease in payroll expenses.

Sales and Marketing Expenses: Sales and marketing expenses were approximately $117,000 during the three months ended March 31, 2016, compared to $172,000 for the same period in 2015. The decrease was primarily due to Company-wide expense reduction and cost savings efforts.

General and Administrative Expenses: General and administrative expenses decreased to approximately $917,000 during the three months ended March 31, 2016, compared to approximately $963,000 for the same period in 2015. The decrease of approximately $46,000, or 5.0%, was primarily related to lower compensation and option expenses incurred during the same period.

Other Income: Other income for the three months ended March 31, 2016, was approximately $23,000, compared to other income of approximately $21,000 for the three months ended March 31, 2015.

Interest Expense: Interest expense decreased to approximately $158,000 for the three months ended March 31, 2016, as compared to approximately $492,000 for the same period in 2015, primarily due to amortization of debt discount and debt issuance costs that were higher for the same period in 2015.

Fair Value of Warrants Expense: Fair value of warrants expense recovery was approximately $1,395,000 for the three months ended March 31, 2016, as compared to approximately $714,000 for the same period in 2015.

Net income was approximately $130,000 during the three months ended March 31, 2016, compared to a net loss of $1,245,000 for the same period in 2015, for the reasons outlined above. Preferred stock dividends was approximately $470,000 during the three months ended March 31, 2016, compared to $31,000 for the same period in 2015. Basic Net loss per share, was $0.11 for the three months ended March 31, 2016, and $1.31 for the same period in 2015. Diluted Net loss per share, was $0.00 for the three months ended March 31, 2016, and $1.31 for the same period in 2015.

Cash on hand at March 31, 2016, was approximately $56,000, as compared to approximately $35,000 at December 31, 2015. Net inventory on hand at the end of the quarter was approximately $1.3 million. The Company continues to manage cash and liquidity with austerity.

"The first quarter was a record for shipping single-use disposable LuViva cervical guides with almost 24,000 going to our Turkish distributor," said Gene Cartwright, Chief Executive Officer of Guided Therapeutics. "We also shipped LuViva devices to Saudi Arabia and Indonesia during the quarter, bringing to 10 the number of units in the Middle East and 15 in Southeast Asia. As of the end of the first quarter, we shipped a total of 97 LuViva devices and approximately 60,000 disposable cervical guides, worldwide."

"During the first quarter, we received notification that the Health Services Sector of Nairobi County, Kenya, has agreed to purchase an additional five LuViva units for use in the agency’s cervical cancer screening program. The planned purchase brings to six the number of LuVivas ordered by Nairobi County, which is the largest population center in East Africa with approximately 900,000 screening-aged women," Mr. Cartwright said.

"Finally, we expanded our distribution in Latin America to include the Dominican Republic in the first quarter and subsequently shipped our first unit there," Mr. Cartwright said. "We continue to negotiate with potential partners for distribution and manufacturing rights in China, and are in late stage discussions with a partner for India."

On May 19, 2016 Provectus Biopharmaceuticals, Inc. (NYSE MKT: PVCT, www.pvct.com), a clinical-stage oncology and dermatology biopharmaceutical company ("Provectus" or "the Company"), reported the availability of an abstract titled "A phase 2 study of intralesional PV-10 followed by radiotherapy for localized in transit or recurrent metastatic melanoma" that has been published in conjunction with the annual meeting of the American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) ("ASCO") being held in Chicago June 3-7, 2016.

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To see this abstract, visit: View Source

The abstract, ID: e21072, was published May 18, 2016, and is authored by Matthew Foote and colleagues at the Princess Alexandra Hospital and University of Queensland, in Brisbane, Australia.

Eric Wachter, Ph.D., Chief Technology Officer of Provectus, noted, "This abstract describes initial analysis of data from an investigator-initiated study of PV-10 followed by regional radiotherapy for refractory melanoma. Patients received a single course of PV-10, and if not immediately achieving a complete response they received a modest dose of radiation 6-10 weeks later. This combination yielded an 87% response rate with a third of patients achieving complete response. The response was durable (12.2 months mean duration of complete response), however, the protocol did not allow for subsequent retreatment, and the authors report that 80% of patients eventually had recurrence. Nonetheless, the melanoma specific survival of almost 5 and a half years is encouraging, and I agree with the authors’ conclusion that these results justify expanded evaluation in a randomized trial."

Wachter continued, "This work arose from observations by these same researchers several years ago that, as they stated at the time, melanoma patients treated with PV-10 followed by external beam radiotherapy ‘had an impressive response.’ Also as observed in those early cases, the data reported in this ASCO (Free ASCO Whitepaper) abstract show that there appears to be minimal potential for increased side effects when PV-10 is used in combination with radiotherapy."

Wachter concluded, "The primary purpose of presenting research data at international meetings such as ASCO (Free ASCO Whitepaper) is to share knowledge within the medical community. An important implication of this is fostering dialog within the community regarding appropriate use of such data. In this case, I hope this initial report will help foster relationships that facilitate advancement of these findings into advanced studies, as suggested by the authors."

On May 19, 2016 Novocure (NASDAQ: NVCR) reported that the last patient has been enrolled in the INNOVATE trial, a phase 2 pilot trial testing Tumor Treating Fields (TTFields) therapy in combination with weekly paclitaxel for the treatment of recurrent ovarian cancer (Press release, NovoCure, MAY 19, 2016, View Source [SID:1234512608]). The final data collection date will be six months after the last patient in.

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"TTFields therapy is an exciting, novel treatment modality with the potential to make a difference in the lives of recurrent ovarian cancer patients," said Professor Ignace Vergote, Chair of the Department of Obstetrics and Gynecology at the Catholic University Leuven and Director of the Leuven Cancer Institute, European Union. "We are eager to observe the results."

The open-label trial includes 30 patients from Spain, Belgium and Switzerland. INNOVATE is designed to test the feasibility, safety and preliminary efficacy of TTFields therapy together with weekly paclitaxel in recurrent ovarian cancer patients. Novocure plans to conduct a phase 3 pivotal trial in ovarian cancer if the results from the phase 2 trial are promising.

"We were happy to pioneer this pilot project and are looking forward to working on a randomized trial testing the efficacy of TTFields in ovarian cancer," said Professor Cristiana Sessa, Vice Head of Medical Oncology and Head of Clinical Research at the Oncology Institute of Southern Switzerland, Ospedale San Giovanni in Bellinzona.

"In all of our preclinical and clinical research over the last 15 years, we have observed a consistent physical antimitotic effect regardless of cancer type," said Uri Weinberg, MD, PhD, Novocure’s Vice President of Research and Development, Clinical Trials. "Our preclinical research has shown synergistic effects between TTFields and taxane-based chemotherapies, and we are hopeful about the results of this study of TTFields plus weekly paclitaxel in recurrent ovarian cancer. Novocure is committed to developing TTFields as a low toxicity, effective therapy for multiple solid tumor cancers."

About Ovarian Cancer

Ovarian cancer is the fifth most common cause of cancer death in women in the United States. The National Cancer Institute estimated that in 2015, there were approximately 21,000 new cases of ovarian cancer diagnosed and approximately 14,000 deaths in the United States. Ovarian cancer incidence increases with age, and the median age at time of diagnosis is 63 years old. The five-year survival rate is 44 percent, and the majority of patients present at advanced stage with 60 percent having metastatic disease. TTFields therapy is not approved for the treatment of ovarian cancer by the U.S. Food and Drug Administration. The safety and effectiveness of TTFields therapy for ovarian cancer has not been established.

On May 19, 2016 GlycoMimetics, Inc. (NASDAQ: GLYC) reported that initial efficacy data from a Phase 1/2 clinical trial on the effects of drug candidate GMI-1271 combined with chemotherapy on patients with acute myeloid leukemia (AML) were accepted as a poster to be presented at the European Hematology Association (EHA) (Free EHA Whitepaper)’s 21st Congress, taking place June 9-12 in Copenhagen, Denmark (Press release, GlycoMimetics, MAY 19, 2016, View Source [SID:1234512607]).

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The poster (P191), entitled "Results of a Phase 1 study of GMI-1271, a novel E-selectin antagonist in combination with induction chemotherapy in relapse/refractory AML: a novel, well-tolerated regimen with a high remission rate," is scheduled for 5:15 p.m. CET on Friday, June 10.

The abstract is available here

About GMI-1271

GMI-1271 is designed to block E-selectin (an adhesion molecule on cells in the bone marrow) from binding with acute myeloid leukemia (AML) cells in ways that help the cancer cells evade the effects of chemotherapy treatment. Preclinical research points to the drug’s potential role in moving cancerous cells out of the protective environment of the bone marrow where they hide and escape the effects of chemotherapy. By blocking E-selectin, GMI-1271 also may protect normal blood-producing cells, and reduce the toxic side effects of chemotherapy such as low white blood cell counts that make some patients more prone to infections. GMI-1271 may also reduce mucositis (inflammation or lesions in the intestinal tract and mouth), which can be a side effect of chemotherapy. GlycoMimetics has announced encouraging initial top line data from the first two cohorts in its ongoing Phase 1/2 clinical study.

On May 19, 2016 Clovis Oncology, Inc. (NASDAQ: CLVS) reported its presence at the 2016 American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) Annual Meeting, where it will share updated results from clinical studies of rucaparib (Press release, Clovis Oncology, MAY 19, 2016, View Source;p=irol-newsArticle_Print&ID=2170005 [SID:1234512606]). ASCO (Free ASCO Whitepaper) will take place June 3-7, 2016 in Chicago.

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"We look forward to providing updates on rucaparib data in ovarian cancer, including in patients with mutations beyond BRCA, as well as the first presentation of our pancreatic cancer data," said Patrick J. Mahaffy, CEO and President of Clovis Oncology. "These datasets demonstrate rucaparib’s encouraging clinical activity and tolerability profile in the treatment of ovarian and pancreatic cancers. Both represent diseases in which BRCA mutations play a significant role in certain patients, as well as areas where additional treatment options are very much needed."

Rucaparib is the Company’s oral, potent, small molecule inhibitor of PARP1-3 currently being developed for the treatment of ovarian cancer, specifically in patients with tumors with BRCA mutations and other DNA repair deficiencies beyond BRCA, including those with high genomic loss of heterozygosity (LOH) commonly referred to as "BRCA-like." Data from rucaparib studies are the subject of three poster presentations at the conference:

Abstract 4110 – RUCAPANC: An open-label, phase 2 trial of the PARP inhibitor rucaparib in patients (pts) with pancreatic cancer (PC) and a known deleterious germline or somatic BRCA mutation.

Susan M. Domchek, MD, University of Pennsylvania, Philadelphia, PA
Saturday, June 4 from 8:00am-11:30am CDT
Location: Hall A, Poster Board #102
Abstract 5540 – Refinement of prespecified cutoff for genomic loss of heterozygosity (LOH) in ARIEL2 part 1: A phase II study of rucaparib in patients (pts) with high grade ovarian carcinoma (HGOC).

Robert L. Coleman, MD, The University of Texas MD Anderson Cancer Center, Houston, TX
Monday, June 6 from 1:00pm-4:30pm CDT
Location: Hall A, Poster Board #363
Abstract 5549 – Feasibility of monitoring response to the PARP inhibitor rucaparib with targeted deep sequencing of circulating tumor DNA (ctDNA) in women with high grade serous carcinoma on the ARIEL2 trial.

Anna Piskorz, PhD, Cancer Research UK Cambridge Institute, University of Cambridge
Monday, June 6 from 1:00pm-4:30pm CDT
Location: Hall A, Poster Board #372
About Rucaparib

Rucaparib is an oral, potent small molecule inhibitor of PARP1-3 being developed for the treatment of ovarian cancer, specifically in patients with tumors with BRCA mutations and other DNA repair deficiencies beyond BRCA, including those with high genomic loss of heterozygosity (LOH) commonly referred to as "BRCA-like." Clovis is also exploring rucaparib in other solid tumor types with significant BRCA and BRCA-like populations, including prostate, breast and gastroesophageal cancers. Rucaparib was granted Breakthrough Therapy designation by the U.S. FDA in April 2015. Clovis holds worldwide rights for rucaparib.