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Enochian BioSciences Forges Ahead With Focused Approach, Promising Future

On October 24, 2022 Enochian BioSciences (the Company) reported that significant progress toward re-prioritizing its focus on curing some of the world’s deadliest diseases (Press release, Enochian BioSciences, OCT 24, 2022, View Source [SID1234622284]). Last week, the Company announced its oncology platform was awarded a U.S. patent and has produced promising early results in studies conducted in conjunction with Dr. Ana Jewett at UCLA. The Company also awaits potentially positive results from studies on its HIV platform, which are being conducted by scientists at the Fred Hutchinson Cancer Center.

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"We continue to prioritize the efficient research, development, and commercialization of our promising oncology and HIV pipelines," said Enochian CEO Dr. Mark Dybul. "Enochian’s future is bright, and we look forward to advancing potentially curative therapies for some of the world’s deadliest diseases."

The Company also announced it filed a complaint against Serhat Gumrukcu, William Anderson Wittekind, SG & AW Holdings LLC, and Seraph Research Institute in the California Superior Court for Los Angeles County. As alleged in the complaint, the defendants engaged in a "concerted, deliberate scheme to alter, falsify, and misrepresent to [the Company] the results of multiple studies supporting its [Hepatitis B] and SARS-CoV-2/influenza pipelines." "Defendants manipulated negative results to reflect positive outcomes from various studies, and even fabricated studies out of whole cloth. Defendants’ conduct amounts to nothing short of brazen fraud, which has caused Enochian substantial harm." Through this lawsuit, the Company "intends to hold [the] Defendants responsible for their conduct and recover damages resulting" from their actions.

Sumitovant Biopharma, Sumitomo Pharma, and Myovant Sciences Enter into Definitive Agreement

On October 23, 2022 Sumitovant Biopharma Ltd. ("Sumitovant"), in conjunction with parent company Sumitomo Pharma Co., Ltd. ("Sumitomo Pharma"), and Myovant Sciences ("Myovant") (NYSE: MYOV) reported that they have entered into a definitive agreement pursuant to which Sumitovant will acquire all outstanding shares of Myovant not already owned by Sumitovant for $27.00 per share in cash (Press release, Sumitovant Biopharma, OCT 23, 2022, View Source [SID1234622281]). This corresponds to a total transaction value of $1.7 billion on a fully diluted basis, and a total company value of $2.9 billion on a fully diluted basis. Sumitovant currently beneficially owns 52% of the issued and outstanding shares of Myovant as more particularly described in Sumitovant’s Schedule 13D/A filed with the U.S. Securities and Exchange Commission (the "SEC").

The purchase price represents a premium of approximately 50% to Myovant’s closing share price on September 30, 2022, the last day of trading prior to Sumitovant’s initial non-binding proposal, and a premium of approximately 55% to the 60-day volume weighted average price of Myovant’s shares through September 30, 2022. The agreement has been approved by the boards of Sumitovant and Sumitomo Pharma and unanimously recommended by a Special Committee of the independent directors of Myovant and, acting upon such recommendation, approved by its full board of directors with the Sumitovant designated directors recusing themselves and abstaining from the deliberations and vote.

"This transaction represents an industry-leading opportunity to combine unique expertise, platforms, and resources to successfully commercialize products in Myovant’s program and to accelerate development of a robust pipeline addressing patient needs in women’s health and prostate cancer," said Myrtle Potter, CEO of Sumitovant. "We look forward to harnessing the combined strength of our talented teams to bring needed therapies to patients sooner and are confident both Myovant and its employees will benefit from the greater resources Sumitovant can provide to further support business growth and career opportunities overall."

"Myovant’s two products, ORGOVYX and MYFEMBREE have substantial potential. We believe the combination of Sumitovant and Myovant will strengthen Myovant’s product capabilities and help continue to deliver innovative therapies addressing unmet patient needs in prostate cancer and women’s health," said Hiroshi Nomura, CEO of Sumitomo Pharma. "By making Myovant a wholly owned subsidiary of Sumitovant, we believe that we will be able to accelerate implementation of management strategies that make full use of cash flow generated by ORGOVYX and MYFEMBREE for sustained growth of the Sumitomo Pharma Group."

"We are pleased to have reached an agreement with Sumitovant and Sumitomo Pharma that recognizes the remarkable success Myovant has achieved," said David Marek, CEO of Myovant. "With the expertise and resources of Sumitovant to best support Myovant, and our employees, we can do more to expand the impact of our differentiated therapies, advance our clinical programs, and work to remove barriers to access quality care for the patients we serve."

"After careful consideration and consultation with our legal and financial advisors, the Special Committee believes that this transaction provides immediate and compelling value to Myovant’s minority shareholders, as well as positioning the Company for continued growth, and is in the best interest of Myovant and its shareholders," said Mark Guinan, Chairman of the Special Committee.

Transaction Details
The transaction is anticipated to close in the first quarter of 2023, subject to customary closing conditions, including obtaining the requisite regulatory approvals and approval by Myovant shareholders holding a majority of the outstanding shares not beneficially owned by Sumitovant and its affiliates. The transaction will be financed through a combination of cash on hand and external debt financing. A financing commitment has been received from Sumitomo Mitsui Banking Corporation. The transaction is not subject to a financing condition.

Upon completion of the transaction, Myovant will become a wholly owned subsidiary of Sumitovant and Myovant’s shares will no longer be listed on the New York Stock Exchange.

Advisors
J.P. Morgan Securities LLC is serving as financial advisor and Sullivan & Cromwell LLP is serving as legal counsel to Sumitovant and Sumitomo Pharma. Goldman Sachs & Co. LLC is serving as financial advisor to the Special Committee of the Board of Directors of Myovant and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel to the Special Committee.

Mevion Identifies Site for New Compact Proton Therapy System in Development

On October 23, 2022 Mevion Medical Systems, the leading provider of compact proton therapy systems for use in radiation treatment for cancer patients, reported that it is developing the MEVION S250-FIT Proton Therapy System with HYPERSCAN Pencil Beam Scanning (PBS) (Press release, Mevion Medical Systems, OCT 23, 2022, View Source [SID1234622279]). Stanford Health Care has been selected as the first site where the system will be developed and installed.

Proton therapy is a precise form of radiation therapy that reduces the amount of unnecessary radiation exposure to healthy tissue, which has the potential to decrease or eliminate the treatment side effects and lessen the risk of secondary malignancies.

Historically, the size, cost, and inherent complexity of proton technologies have limited the adoption of proton therapy. Mevion believes that the MEVION S250-FIT system has the potential to overcome the practical challenges of other technologies because the system is designed to be a more compact, affordable solution that can fit into an existing LINAC vault. Today, new proton therapy centers in the U.S. are almost exclusively compact single-room systems. Mevion’s compact system would continue to advance the design and accessibility of proton therapy. The MEVION S250-FIT system is currently in development and has not received regulatory clearance for clinical use.

"Mevion is dedicated to making proton therapy deployment similar to conventional radiation by simplifying room renovation requirements, enabling faster installation, and facilitating integration with other radiation therapy modalities," said Tina Yu, Ph.D., CEO and President of Mevion Medical Systems. "Through our arrangement with Stanford Health Care, Mevion is aiming to demonstrate that proton therapy can fit in an existing vault of a radiation oncology department and in turn become more accessible."

*The MEVION S250-FIT Proton Therapy System has not received regulatory clearance.

DEFENCE THERAPEUTICS INITIATES LUNG CANCER TREATMENT PROGRAM WITH ITS NOVEL ACCUTOXTM FORMULATION VIA
INTRANASAL

On October 22, 2022 Defence Therapeutics Inc. ("Defence" or the "Company"), a Canadian biopharmaceutical company specialized in the development of immuneoncology vaccines and drug delivery technologies, is pleased to reported the start of a pre-clinical program using its novel patent pending technology AccuTOXTM (Press release, Defence Therapeutics, OCT 22, 2022, View Source [SID1234626253]). The novel AccuTOXTM formulation is designed for the treatment of lung cancer including various types of malignancy of the upper or lower respiratory tracks. The AccuTOXTM will be delivered intranasal to effectively deliver the AccuTOXTM into the transmucosal and will target the lungs. Future programs may expand into targeting various malignancy of the upper and lower respiratory.

The AccuTOXTM technology is an AccumTM variant developed by Defence Therapeutics to specifically halt tumor growth when administered intratumorally. The use of this compound in combination with various immune-checkpoints results in a substantial cure rate. At the molecular level, AccuTOXTM impairs several crucial cellular pathways exploited by tumors such as: DNA replication, cell division, nuclear integrity, and various modifications affecting the genome. The net outcome culminates in limited cell repair as well as accumulation of misfolded proteins and generation of free radicals capable of eliciting irreversible DNA damage. AccuTOXTM causes the overall cellular equilibrium to collapse consequently resulting in effective diseased cell death.

Small cell lung cancer, lung carcinoid tumor and non-small cell lung cancer are three different types of lung cancer. Global lung cancer therapeutics market was valued at USD 24,667.82 million in 2021 and is expected to reach USD 54,475.11 million by 2029, registering a CAGR of 10.41% during the forecast period of 2022-2029.

"AccuTOXTM represents a key player in Defence’s research and development programs. This molecule is not only suitable for combinatory therapies with immune-checkpoints or in the design of a novel antibody-drug conjugate, but it can be also exploited as a treatment for "hard-to-reach" tumors such as lung cancer. With the AccumTM technology in hand, Defence Therapeutics intends to become a word leader by providing a new line of products capable of accumulating in target cells while exhibiting unheralded pharmacological properties", says Mr. Plouffe, the CEO of Defence Therapeutics.

Financial Results Quarter Ended September 30, 2022

On October 21, 2022 Jubilant Life Sciences reported its Financial Results Quarter Ended September 30, 202 (Presentation, Jubilant Life Sciences, OCT 21, 2022, View Source [SID1234624657]).