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Kinnate Biopharma Inc. Provides Statement on Silicon Valley Bank Receivership

On March 12, 2023 Kinnate Biopharma Inc. ("Kinnate") reported that it is aware of the recent events involving Silicon Valley Bank ("SVB") culminating in its placement into receivership with the Federal Deposit Insurance Corporation (Press release, Kinnate Biopharma, MAR 12, 2023, View Source [SID1234628543]).

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As of December 31, 2022, Kinnate had cash and cash equivalents and short-term and long-term investments of $240.6 million, of which $1.0 million was held in cash in deposit accounts at SVB (less than 1% of Kinnate’s cash and cash equivalents as of such date) and $239.6 million was held in accounts managed by third-party custodians. In addition, Kinnjiu Biopharma Inc. ("Kinnjiu"), now a wholly owned subsidiary of Kinnate, held $25.1 million in cash in deposit accounts at SVB. Additionally, Kinnate has $0.4 million of restricted cash held in a collateral account at SVB relating to the company’s office lease in San Diego.

Kinnate is seeking to minimize risk associated with the cash deposits held at SVB, including opening accounts with other banks, engaging a different asset manager and initiating transfers of funds from SVB to other banks.

Phase II clinical trial of ImmuneOnco Biopharmaceuticals IMM0306 completes first subject enrollment for dosing

On March 11, 2023 ImmuneOnco Biopharmaceuticals (Shanghai) Inc. (hereinafter referred to as "ImmuneOnco") reported that the Phase II clinical trial of ImmuneOnco Biopharmaceuticals bispecific antibody-receptor recombinant protein drug (Project No. IMM0306), which targets both CD47 and CD20, was completed on 3rd April (Press release, ImmuneOnco Biopharma, MAR 11, 2023, View Source [SID1234655683]). This is another milestone achievement in the rapid development of ImmuneOnco Biopharmaceuticals.

Previously, IMM0306 had obtained clinical trial approvals from China NMPA and US FDA, as well as patent authorizations from China, US, and Japan, solidifying ImmuneOnco Biopharmaceuticals’ leading position in the development of CD47 targeted drugs and bispecific antibodies research. On March 16th, following unanimous agreement from project research experts, IMM0306 selected a safe and effective single-agent dose of 2mg/kg to enter into the IIa phase of clinical trials, targeting further clinical development in indications for indolent lymphomas such as third-line and above follicular lymphoma (FL) and marginal zone lymphoma (MZL). At the same time, the Ib/IIa phase of clinical trials for IMM0306 in combination with lenalidomide for second-line diffuse large B-cell lymphoma (DLBCL) and second-line follicular lymphoma (FL) is also underway.

The preliminary data from the Phase I clinical trial has demonstrated encouraging efficacy and favorable safety profile of IMM0306. IMM0306 was safe and well tolerated up to 2.0 mg/kg. Among the evaluable patients across four cohorts dosed from 0.8 mg/kg to 2.0 mg/kg, who had relapsed or progressed after receiving rituximab previously, three CRs and four PRs were observed. Also, no significant cytokine storm toxicity was observed in all patients.

Dr. Wenzhi Tian, founder and chairman of ImmuneOnco Biopharmaceuticals, said:

"We are very pleased to see the first subject enrolled in our Phase II clinical trial of IMM0306, a recombinant antibody-receptor protein (mAb-Trap) targeting both CD47 and CD20 and is the first CD47 and CD20 dual-targeting bispecific to enter into clinical stage globally. IMM0306 does not bind to human erythrocytes in vitro and has been shown to be significantly more effective than rituximab at the same dose in preclinical in vivo efficacy trials. data from phase I clinical studies have demonstrated a favorable safety and clinical efficacy response as a single agent, with encouraging tumor efficacy observed particularly in patients with relapsed refractory FL and MZL and DLBCL. We will continue to advance the IMM0306 program and strive to bring early benefits to the majority of cancer patients."

Immix Biopharma Confirms No Exposure to Silicon Valley Bank or Silvergate Bank

On March 11, 2023 Immix Biopharma, Inc. (Nasdaq: IMMX) ("ImmixBio", "Company", "We" or "Us"), a biopharmaceutical company pioneering Tissue-Specific Therapeutics (TSTx) targeting oncology and immuno-dysregulated diseases, reported that neither ImmixBio, nor any of its subsidiaries, have any exposure to Silicon Valley Bank ("SVB") or Silvergate Bank (Press release, Immix Biopharma, MAR 11, 2023, View Source [SID1234628546]).

Mersana Therapeutics Provides Statement About SVB

On March 11, 2023 Mersana Therapeutics, Inc. (NASDAQ: MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, reported an update about its capital resources (Press release, Mersana Therapeutics, MAR 11, 2023, View Source [SID1234628544]). A de minimis amount of Mersana’s capital is currently held in a checking account at Silicon Valley Bank (SVB). The balance of the company’s capital resources is held in a custodial account managed by another institution and in money market funds of institutions other than SVB.

Mersana has a loan and security agreement with Oxford Finance LLC and SVB. As previously disclosed, to date the company has borrowed $25 million under the loan agreement, and $15 million is available to be borrowed at the company’s option under the terms of the loan agreement. The recent closure of SVB and the appointment of the Federal Deposit Insurance Corporation as receiver is not a repayment trigger pursuant to the terms of the loan agreement.

Veracyte Provides Statement on Impact of Events Surrounding Silicon Valley Bank

On March 11, 2023 Veracyte, Inc. (Nasdaq: VCYT) outlined the company’s cash, reported its cash equivalents and short-term investment status in light of the events surrounding Silicon Valley Bank (SVB) (Press release, Veracyte, MAR 11, 2023, View Source [SID1234628542]).

As of December 31, 2022, the company had $178.9 million in cash, cash equivalents and short-term investments. The majority of these assets are not restricted by the Federal Deposit Insurance Corporation’s (FDIC) action to take control of SVB. The company believes its currently accessible cash, cash equivalents and short-term investments will be sufficient to satisfy its operations and obligation