Gritstone bio Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

On September 13, 2023 Gritstone bio, Inc. (Nasdaq: GRTS), a clinical-stage biotechnology company that aims to develop the world’s most potent vaccines, reported that the Compensation Committee of the company’s Board of Directors granted one employee nonqualified stock options to purchase an aggregate of 14,000 shares of its common stock with an exercise price of $1.71, which is equal to the closing price of Gritstone’s common stock on September 6, 2023, the date of the grant (Press release, Gritstone Bio, SEP 13, 2023, View Source [SID1234635136]). These stock options are part of an inducement material to the new employees becoming an employee of Gritstone, in accordance with Nasdaq Listing Rule 5635(c)(4).

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The stock options will vest over a four-year period, with 25% of the options vesting on the first anniversary of the employees’ date of hire, and 1/48th of the options vesting monthly thereafter, subject to the employees’ continued employment with Gritstone on such vesting dates. The stock options are subject to the terms and conditions of Gritstone’s 2021 Employment Inducement Incentive Award Plan and the stock option agreement covering the grant.

Champions Oncology Reports Quarterly Revenue of $12.6 Million

On September 13, 2023 Champions Oncology, Inc. (Nasdaq: CSBR), a leading global technology-enabled biotech that is transforming drug discovery through innovative AI-driven pharmaco-pheno-multiomic integration, reported its financial results for its first quarter of fiscal 2024, ended July 31, 2023 (Press release, Champions Oncology, SEP 13, 2023, View Source [SID1234635135]).

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First Quarter and Recent Highlights:

•First quarter revenue of $12.6 million, a decline of 9%
•Strong quarterly bookings
•Hosting Scientific Symposium in Boston, MA on September 26th

Ronnie Morris, CEO of Champions, commented, "As outlined on our year-end earnings call, the down-turn in the economy, and specifically the biotech sector, was going to weigh on the Company into the start of our new fiscal year. While this is playing out as expected, demand for our services has remained strong and we’re beginning to see a positive trend in customer spending and a reduction in cancellations. Morris added, "our drug discovery initiative, operating under a wholly owned subsidiary, Corellia AI, continues to progress as we’re building therapeutic programs around two lead targets while other, new targets are being identified. We are actively engaged with investors in an effort to raise capital to support and accelerate these programs."

David Miller, CFO of Champions, added, "As we indicated last quarter, the increase in study cancellations during fiscal year 2023 would lead to lower revenue in the first half of 2024, impacting profitability. As our bookings grow and cancellations decline, we anticipate increasing quarterly revenue over the remainder of the year and gradually improving financial performance."

First Fiscal Quarter Financial Results

Exhibit 99.1

Total revenue for the first quarter of fiscal 2024 was $12.6 million compared to $13.7 million for the same period last year, a decrease of 8.6%. The decline in revenue resulted from customer cancellations during fiscal year 2023 which led to lower revenue conversion in our first quarter. Total costs and operating expenses for the first quarter of fiscal 2024 were $15.1 million compared to $14.0 million for the first quarter of fiscal 2023, an increase of $1.1 million or 7.7%.

For the first quarter of fiscal 2024, Champions reported a loss from operations of $2.6 million, including $423,000 in stock-based compensation and $445,000 in depreciation and amortization expenses, compared to a loss from operations of $284,000, inclusive of $206,000 in stock-based compensation and $528,000 in depreciation and amortization expenses, in the first quarter of fiscal 2023. Excluding stock-based compensation, depreciation and amortization expenses, Champions reported an adjusted EBITDA loss of $1.7 million for the first quarter of fiscal 2024 compared to adjusted EBITDA of $450,000 in the first quarter of fiscal 2023.

Cost of oncology solutions was $7.7 million for the three-months ended July 31, 2023, an increase of $632,000, or 9.0% compared to $7.1 million for the three-months ended July 31, 2022. The increase in cost of sales was primarily from outsourced lab services. For the three-months ended July 31, 2023, total gross margin was 38.8% compared to 48.7% for the three-months ended July 31, 2022. The lower margin resulted primarily from a higher expense base on lower revenue conversion percentages, with additional pressure stemming from the increase in outsourced services.

Research and development expense for the three-months ended July 31, 2023 was $2.8 million, a slight decrease of $94,000 or 3.3%, compared to $2.9 million for the three-months ended July 31, 2022. Approximately $1.2 million of the Company’s R&D expense was directed towards our target discovery program. Sales and marketing expense for both the three-months ended July 31, 2023 and July 31, 2022 was $1.7 million. General and administrative expense for the three-months ended July 31, 2023 was $2.9 million, an increase of $542,000, or 22.6%, compared to $2.4 million for the three-months ended July 31, 2022. The increase was primarily due to an increase in the provisions for bad debt and credit losses of approximately $160,000 and non-cash stock-based compensation expense.

Net cash used in operating activities was $4.0 million for the three-months ended July 31, 2023. The cash used in operating activities was primarily due to an increase in accounts receivable due to timing differences in the ordinary course of business and a decrease in deferred revenue as a result of study cancellations. Net cash used in investing activities was $670,000 from investment in additional lab and computer equipment. Net cash used in financing activities was $590,000 resulting from repurchases of common stock related to our stock buy-back program offset slightly by proceeds from options exercises.

The Company ended the quarter with cash and cash equivalents on hand of approximately $5.0 million. The Company has no debt.

Conference Call Information:
The Company will host a conference call today at 4:30 p.m. EDT (1:30 p.m. PDT) to discuss its first quarter financial results. To participate in the call, please call 888-506-0062 (Domestic) or 973-528-0011 (International) and enter the access code 417178, or provide the verbal reference "Champions Oncology".

BRIM closes a $45.8 million rights issue early to accelerate its pipeline of regenerative peptides

On September 13, 2023 BRIM Biotechnology, Inc. ("BRIM," TPEx 6885), a clinical-stage biotechnology company focusing on developing regenerative peptides for ophthalmology and degenerative joint diseases, reported that 22,500 shares have been issued at a premium of NT$65 (~US$2.03), raising a total of NT$1.4625 billion (~US$45.8 million) (Press release, BRIM Biotechnology, SEP 13, 2023, View Source [SID1234635134]). The rights issue was fully paid on 31st August 2023, four days early compared to the scheduled date of 4th September.

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The fund will be used to accelerate the development of several assets within BRIM’s pipeline, including the ongoing phase 3 trial of lead asset BRM421 for dry eye disease (DED) in the US and the enrollment of the phase 2 trial of BRM424 for neurotrophic keratitis (NK). BRIM will also progress the development of BRM521 for osteoarthritis, as well as assessing other applications of its innovative Pigment Epithelium-Derived Factor (PEDF) derived Short Peptide (PDSP) platform.

Under the leadership of Mr. Andrew Lin, the Chairman of BRIM, who is also the Chairman of TaiRx Inc. and Nuwa Healthcare and the managing partner of Affinity Capital, BRIM completed the NT$1.4625 billion fundraising four days earlier than expected, thanks to the trust and support of both existing and new shareholders.

Mr. Lin commented, "I would like to express special thanks to both our original shareholders and new investors for their belief in BRIM. The early completion of this rights issue is a great endorsement from our investors that they are confident in BRIM’s future. It also indicates that BRIM’s operation and current development are recognized by the market to have great potential."

As well as closing early, the rights issue was over-subscribed, with the demand exceeding NT$3 billion, more than twice the planned fundraising target. Because the share subscription by original shareholders and employees in this round exceeded 70%, Mr. Lin apologized to disappointed investors for the limited availability.

After this round, BRIM’s largest shareholder is Affinity Health Fund One, L.P. with 10.37% of shares. Affinity Health Fund Two, L.P. also acquired positions with 2.66% of shares. Both funds are managed by Affinity Capital, Inc. which controls 13.03% of the company’s shares.

BRIM’s regenerative peptides, developed from its proprietary PDSP platform, have neurotrophic effects and can activate stem cells. This unique mechanism of action promotes the proliferation and differentiation of the limbal stem cells around the damaged cornea to repair corneal wounds. The PDSP platform can be applied across multiple therapy areas and indications, including the stimulation of mesenchymal stem cells (MSCs) to regenerate cartilage and help treat osteoarthritis.

BRIM’s Chief Executive Officer, Dr. Wen Chyi Shyu, commented, "We are on track to achieve our product development milestones for the year. This additional funding will help to speed up the development of our current clinical trials and enable us to expand and diversify our pipeline. We are cautiously optimistic that, subject to the outcomes of the phase 3 trial, BRM421 could become the first-line and first-in-class treatment for DED and help to improve the daily lives of people impacted by this debilitating eye disease in the near future."

Positive DEP® irinotecan clinical results to be presented at international oncology conference

On September 13, 2023 Starpharma (ASX: SPL, OTCQX: SPHRY) reported that positive interim results from its Phase 1/2 clinical trial of DEP irinotecan will be presented at the upcoming American Association of Cancer Research (AACR) (Free AACR Whitepaper), National Cancer Institute (NCI) and European Organisation for Research and Treatment of Cancer (EORTC) AACR-NCI-EORTC (Free AACR-NCI-EORTC Whitepaper) International Conference on Molecular Targets and Cancer Therapeutics (EORTC-NCI-AACR) (Free ASGCT Whitepaper) (Free EORTC-NCI-AACR Whitepaper) in Boston, US, from 11 to 15 October 2023 (Press release, Starpharma, SEP 13, 2023, View Source;mc_eid=bf52dd3418 [SID1234635114]).

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DEP irinotecan is a novel, patented, nanoparticle formulation of SN38, the active metabolite of the widely used anti-cancer drug, irinotecan (marketed as Camptosar), developed using Starpharma’s proprietary DEP technology.

The DEP irinotecan data being presented include encouraging durable signs of efficacy combined with excellent tolerability not only in the irinotecan-approved indication of advanced metastatic colorectal cancer (CRC), but also in platinum-resistant/refractory ovarian cancer, which represents a new market opportunity. These positive results, including prolonged disease control and significant tumour shrinkage, have been achieved in heavily pre-treated patients who have received an average of up to 6 prior treatment regimens and 31 cycles and exhausted all available treatment options.

The data will be presented at the AACR (Free AACR Whitepaper)-NCI-EORTC AACR-NCI-EORTC (Free AACR-NCI-EORTC Whitepaper) International Conference on Molecular Targets and Cancer Therapeutics (EORTC-NCI-AACR) (Free ASGCT Whitepaper) (Free EORTC-NCI-AACR Whitepaper) by Dr Jenny Liu, MD, PhD, FRACP, Medical Oncologist and Principal Investigator at the Kinghorn Cancer Centre, St Vincent’s Hospital in Sydney, who commented on the positive results:

"The results of the DEP irinotecan trial to date have been very promising for patients with advanced colorectal cancer who have exhausted standard treatment options, with prolonged responses and excellent tolerance of the product, including in patients who could not previously tolerate standard irinotecan or had failed prior therapy.

"Our experience in treating more than 20 patients on the trial to date have shown promisingly low rates of severe gastrointestinal adverse events and absence of cholinergic toxicity, which are both common and problematic side effects of standard irinotecan therapy. I am also getting consistent feedback from several patients in the trial that they far prefer DEP irinotecan plus 5-FU/LV compared to the standard FOLFIRI regimen, which uses conventional irinotecan.

"In this heavily pre-treated group of CRC patients, prolonged disease control seen with DEP irinotecan is an excellent outcome and a significant clinical benefit and warrants ongoing development."

Dr Natalie Cook, MBChB, MRCP, PhD, the Principal Investigator of the study, a Medical Oncologist and Clinical Lead for the Manchester Experimental Cancer Medicine Centre at the Christie Hospital and University of Manchester in the UK, commented:

"I am impressed with the data on Starpharma’s novel dendrimer formulation of the irinotecan active metabolite, SN38. In our patients, DEP irinotecan has shown excellent tolerability and very encouraging efficacy.

"Compared to conventional irinotecan, tolerability for DEP irinotecan is much improved. Based on the trial data, I believe DEP irinotecan represents a well-tolerated and promising treatment alternative for patients with colorectal cancer, and potentially others, including platinum-resistant ovarian cancer."

DEP irinotecan interim clinical results in colorectal cancer1 (CRC)

Advanced metastatic CRC patients enrolled in the monotherapy cohort (N=38) were heavily pre-treated, having received an average of 4 prior treatment regimens and 31 cycles before entering the study. These patients, aged 35 to 78 years, had exhausted all available treatment options. All but one (97%) of the patients had progressed after prior treatment with conventional irinotecan (up to 4 lines) either as monotherapy or in combination. Despite this heavy pre-treatment, DEP irinotecan monotherapy achieved durable efficacy responses (stable disease [SD] and tumour shrinkage) for up to 72 weeks (~16 months), with disease control in 48% (15/31) of evaluable2 patients.

DEP irinotecan is also being evaluated in combination with 5-fluorouracil (5-FU) and leucovorin (LV), which is a standard irinotecan combination regimen used in the treatment of CRC known as "FOLFIRI". In this combination cohort, there are five evaluable CRC patients thus far, with treatment and enrolment ongoing. The DCR3 achieved in this cohort is 100%, with an ORR4 of 20%. For comparison, published data in advanced CRC patients for conventional irinotecan plus 5-FU/LV (FOLFIRI) as second-line therapy (i.e., in patients less heavily pre-treated than in the current study) reported an ORR of 4%5. In the DEP irinotecan combination cohort, clinicians have reported significant clinical benefit in these heavily pre-treated patients, including durable responses for up to 27 weeks (SD and partial response [PR]) and very good tolerability. Multiple patients have also provided positive feedback about the improved quality of life experienced with DEP irinotecan compared to conventional irinotecan therapy.

DEP irinotecan interim clinical results in platinum-resistant/refractory ovarian cancer

In addition to the positive results in CRC patients, DEP irinotecan demonstrated excellent responses in patients with advanced metastatic ovarian cancer (N=23). These patients were very heavily pre-treated, with an average of ~6 prior treatment regimens and 30 cycles before treatment with DEP irinotecan. Furthermore, all patients’ cancer was resistant or refractory to platinum-based therapies, which are the standard-of-care in ovarian cancer, and patients had exhausted all available standard-of-care treatment options.

DEP irinotecan monotherapy achieved a DCR of 100% and an ORR of 29% in ovarian cancer patients dosed every 2 weeks (Q2W). The DCR achieved in all ovarian cancer patients (Q2W and Q3W) is 72%, with several patients continuing to receive treatment and experiencing clinical benefit.

DEP Irinotecan Response Rates in Platinum-Resistant/Refractory Ovarian Cancer Patients

Endpoint

DEP Irinotecan Dosing Regimen

Once every 2 weeks (Q2W)

(N=7)

Q2W + Once every 3 weeks (Q3W)

(N=18)

DCR

100%

72.2%

ORR

28.6%

16.7%

DCR, disease control rate; ORR, objective response rate

Responses to DEP irinotecan treatment in these heavily pre-treated ovarian cancer patients have included tumour shrinkage of up to 60%, response durations of up to 36 weeks, and tumour biomarker reductions of up to 98% in more than 75% of patients. Clinical benefits reported by investigators in the study included complete resolution of a patient’s debilitating tumour-related ascites and pleural effusion.

DEP irinotecan’s impressive ORR of 29% in these heavily pre-treated patients compares favourably to standard-of-care single-agent therapies for platinum-resistant ovarian cancer, including paclitaxel (Taxol), topotecan (Hycamtin), gemcitabine (Gemzar) or pegylated liposomal doxorubicin (Caelyx), which report ORRs ranging from ~9 to 16%6,7,8.

This cohort of patients with platinum-resistant/refractory ovarian cancer represents a significant unmet medical need and a potential expansion of the current market for irinotecan, given conventional irinotecan is not approved for the treatment of ovarian cancer, either alone or in combination.

The anti-tumour activity of DEP irinotecan, including prolonged disease control in heavily pre-treated CRC and ovarian cancer patients, is encouraging as it demonstrates the promising clinical utility of DEP irinotecan and its potential for application in colorectal and platinum-resistant/refractory ovarian cancers.

In addition to CRC and ovarian cancer, DEP irinotecan has also shown encouraging efficacy signals in pancreatic, gastrointestinal and breast cancer patients.

Safety and tolerability of DEP irinotecan

Throughout the study, DEP irinotecan therapy has been very well tolerated, with significantly fewer severe gastrointestinal treatment-related adverse events (TRAEs) reported compared to published data on conventional irinotecan.

Importantly, DEP irinotecan therapy resulted in no reports of severe or life-threatening (≥ grade 3) diarrhoea across ~100 patients enrolled in the study. This result is a significant improvement in the side effect profile when compared to conventional irinotecan (Camptosar) treatment, which is associated with severe or life-threatening diarrhoea in more than 20% of patients9. Irinotecan-induced diarrhoea is frequently associated with the discontinuation of treatment and hospitalisation, and can have potentially fatal outcomes.

In patients treated with DEP irinotecan, either alone or in combination with 5-FU/LV, there have also been no reports of cholinergic syndrome, which occurs in approximately 47% of patients treated with conventional irinotecan8. This problematic adverse event involves symptoms such as acute diarrhoea, slow heartbeat, low blood pressure, increased salivation and tears, blurred vision, excessive sweating, flushing, and abdominal cramping.

TRAEs for DEP irinotecan have been mostly mild/moderate and include nausea, vomiting, fatigue, hair loss, and bone marrow toxicity (myelosuppression). Importantly, there have also been no immune-mediated adverse events with DEP irinotecan, making it suitable for combination with immune-oncology agents. In addition, no new adverse events were observed with DEP irinotecan compared to conventional irinotecan.

Gastrointestinal Treatment-Related Adverse Events (TRAE) in CRC Patients Treated with DEP Irinotecan Monotherapy* versus Camptosar^ (Conventional Irinotecan)

Treatment

DEP Irinotecan

Camptosar

DEP Irinotecan

Camptosar

TRAE

Grade 3/4

Grade 3/4

All Grades

All Grades

Diarrhea

0%

22%

33.3%

84%

Nausea

2.6%

12.7%

71.8%

70%

Vomiting

0%

14%

30.8%

62%

*N=38; ^N=316

Dr Jackie Fairley, CEO at Starpharma, said:

"We are pleased to report positive results for DEP irinotecan, which has shown promising activity and significantly improved tolerability in advanced colorectal cancer and ovarian cancer. The conference in October is a great opportunity to showcase both DEP irinotecan and the DEP platform more broadly.

"Starpharma has received consistent feedback from patients and clinicians indicating that DEP irinotecan represents a better-tolerated treatment option than conventional irinotecan regimens, which are the mainstay chemotherapeutics for colorectal cancer. Advanced colorectal and ovarian cancers both represent significant unmet medical needs. According to the World Health Organisation (WHO), an increase of about 70% in colorectal cancers globally is expected by 2030."

Recruitment into the DEP irinotecan trial has been completed for the monotherapy arm, with a small number of ovarian cancer patients ongoing. Recruitment of colorectal cancer patients into the combination arm is approaching completion and is expected to complete during September 2023, with top-line Phase 2 results to be released following completion of patient treatment and data analyses. While finalising the enrolment, treatment and analyses of clinical trial results, Starpharma is also engaging in commercial partnership discussions for DEP irinotecan and other DEP assets.

NOTES

About DEP irinotecan

DEP irinotecan is a novel, patented, nanoparticle formulation of SN38, the active metabolite of the widely used anti-cancer drug, irinotecan (marketed as Camptosar), delivered using Starpharma’s proprietary DEP technology. Camptosar and all generic forms of conventional irinotecan carry ‘black box’ warnings mandated by the US Food and Drug Administration (FDA) for both neutropenia and severe diarrhoea, which can be dose-limiting and life-threatening. DEP irinotecan has not resulted in severe diarrhoea in Phase 2 studies. DEP irinotecan has patent filings to 2039 and up to an additional five years.

The severe diarrhoea caused by conventional irinotecan results from the production of toxic metabolites during the liver metabolism of irinotecan to SN38. DEP irinotecan was designed to eliminate the need for liver metabolism, thereby avoiding the production of toxic metabolites.

About Starpharma’s DEP irinotecan Phase 2 clinical trial

Starpharma is evaluating DEP irinotecan as both a monotherapy and in combination with 5-fluorouracil (5-FU) and leucovorin (LV), which is a standard irinotecan combination regimen used in the treatment of CRC known as "FOLFIRI". The Phase 2 DEP irinotecan trial is being conducted at multiple sites, including Guy’s Hospital in London, Beatson Cancer Centre in Glasgow, Imperial College London, and the Kinghorn Cancer Centre in Sydney.

Clinical and commercial opportunity for DEP irinotecan

The global colorectal cancer drugs market was valued at ~US$14 billion in 2023 and is forecast to reach more than US$16 billion by 202710.

Camptosar and generic forms of conventional irinotecan are standard-of-care treatments for advanced CRC, with Pfizer’s Camptosar achieving peak sales of ~US$1.1 billion. CRC accounts for approximately 10% of all new cancer diagnoses and is the second leading cause of cancer, affecting more than 1 million people annually, and is the fourth leading cause of cancer-related death.

CRC incidence is increasing markedly among younger age groups, with rates of colon cancer more than doubling in adults aged 20 to 54 since the 1990s. Studies have shown that, compared with adults born around 1950, those born around 1990 have double the risk of colon cancer and quadruple the risk of rectal cancer11.

PRESS RELEASE: Carina to present at 7th annual Cell and Gene Therapy World Asia 2023 Conference

On September 12, 2023 Carina Biotech, a cell therapy immuno-oncology company, reported that it will be presenting at the 7th Annual Cell and Gene Therapy World Asia 2023 Conference in Singapore on 14-15 September (Press release, Carina Biotech, SEP 13, 2023, View Source;utm_medium=rss&utm_campaign=press-release-carina-to-present-at-7th-annual-cell-and-gene-therapy-world-asia-2023-conference [SID1234635096]).

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The conference attracts more than 300 cell and gene therapy professionals from over 150 companies. The conference is an opportunity for Asia-Pacific companies to connect with leading global cell and gene therapy companies and big pharma in networking and speaking sessions.

Chief Executive Officer Dr Deborah Rathjen will be presenting Carina’s success in taking its lead CAR-T asset CNA3103 from preclinical development through to clinical trials. Dr Rathjen will also be participating in a leadership panel discussion to share her extensive experience in biotech and pharmaceutical industries locally and internationally.