Guardant Health announces positive results from pivotal ECLIPSE study evaluating a blood test for the detection of colorectal cancer

On December 15, 2022 Guardant Health, Inc. (Nasdaq: GH), a leading precision oncology company, reported positive results from ECLIPSE (Evaluation of ctDNA LUNAR Assay In an Average Patient Screening Episode), an over 20,000 patient registrational study evaluating the performance of its blood test for detecting colorectal cancer (CRC) in average-risk adults (Press release, Guardant Health, DEC 15, 2022, View Source [SID1234625307]).

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The test demonstrated 83% sensitivity in detecting individuals with CRC. Specificity was 90% in both individuals without advanced neoplasia and in those who had a negative colonoscopy result. This test also demonstrated 13% sensitivity in detecting advanced adenomas. Based on these study results, Guardant Health plans to complete its premarket approval submission to the U.S. Food and Drug Administration (FDA) in the first quarter of 2023. These results exceed the performance criteria set forth by the Centers for Medicare & Medicaid Services (CMS) for reimbursement.1

In this study, two configurations of a multimodal blood-based screening test were evaluated independently – a cell-free DNA (cfDNA)-only test and a cfDNA test with protein biomarkers. The announced results were derived from the cfDNA-only test, which outperformed the cfDNA test with protein biomarkers.

In addition to the strong clinical performance, blood-based screening has been shown to significantly enhance adherence to CRC screening in a real-world setting. Among the initial 8,000 individuals for whom the test was ordered during a routine visit with their physician, 90% completed the test.2 This is in stark contrast with adherence rates ranging from 43%3 to 66%4 for other non-invasive stool tests. Screening rates remain stagnant and well below the Centers for Disease Control and Prevention’s goal of 80%.5 By providing accurate and convenient screening via a simple blood draw, the company’s blood-based screening test has the potential to significantly improve screening rates and help save lives.

"Over 49 million eligible people in the U.S. remain unscreened for colorectal cancer. We are confident that a high-sensitivity blood test can play a critical role in improving screening adherence rates by offering an accurate and convenient blood test to those reluctant to get screened," said AmirAli Talasaz, Guardant Health co-CEO. "These results demonstrate, for the first time, that a blood test can indeed achieve high-sensitivity detection for colorectal cancer, a disease that was thought to be difficult to detect in blood. And as groundbreaking as these results are, colorectal cancer is just the beginning. Fueled by this success, we will expand this test to detecting many other cancer types, including lung cancer, the leading cause of death from cancer."

"Colorectal cancer is curable if detected early, but rates of adherence to screening remain too low with current screening options. There is a significant unmet need for a convenient, highly accurate screening test to improve these rates," said Daniel Chung, MD, gastroenterologist at Massachusetts General Hospital and professor of medicine at Harvard Medical School. "The topline results from ECLIPSE are very encouraging and support the use of a blood-based test as a screening option that has the potential to dramatically improve colorectal cancer screening rates by overcoming barriers associated with current testing methods."

Investor Call

Company management will be webcasting a corresponding conference call beginning at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. Live audio of the webcast will be available on the "Investors" section of the company website at: www.guardanthealth.com. The webcast will be archived and available for replay after the event.

About ECLIPSE

ECLIPSE is a prospective registrational study to evaluate the performance of Guardant Health’s blood test in detecting signs of CRC compared to a screening colonoscopy in average-risk adults between the ages of 45 and 84 from across the U.S.

For more informationabout the ECLIPSE study (NCT04136002), visit www.clinicaltrials.gov. Full study data will be submitted to a peer-reviewed publication.

ECLIPSE diverse study representation

Designed to reflect a diverse population of the U.S., the ECLIPSE study included more than 200 clinical trial sites in rural and urban communities across 34 states. Study data includes 13% Black, 15% Hispanic and 7% Asian American populations. Enrollment among Black Americans was above average for a clinical trial, which is important given the disproportionate impact of CRC on the black community.6

Adherence to CRC screening is particularly poor among medically underserved populations, including those with low income and racial and ethnic minority populations. Only 59% of individuals age 50 and older who are Hispanic and 65% of individuals who are Black/African American are up to date with recommended screenings, compared to 68% of individuals who are white.7

ECLIPSE study locations included community hospitals, private clinics, gastroenterology clinics and academic medical centers. In addition, numerous strategies were implemented to increase representation from underserved communities that have lower CRC screening rates, including mobile phlebotomy, transportation/rideshare assistance and language translation services.

Gritstone bio to Present at 41st Annual J.P. Morgan Healthcare Conference

On December 15, 2022 Gritstone bio, Inc. (Nasdaq: GRTS), a clinical-stage biotechnology company working to develop the world’s most potent vaccines, reported that Andrew Allen, M.D., Ph.D., Co-founder, President and Chief Executive Officer, will present at the 41st Annual J.P. Morgan Healthcare Conference occurring January 9-12, 2023 in San Francisco (Press release, Gritstone Oncology, DEC 15, 2022, View Source [SID1234625303]). The presentation will take place on Thursday, January 12, 2023 from 9:45 – 10:25 AM Pacific Time in Elizabethan A conference room.

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A webcast of the presentation will be available at View Source An archived replay will be accessible for 30 days following the event.

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

On December 15, 2022 Gritstone bio, Inc. (Nasdaq: GRTS), a clinical-stage biotechnology company that aims to develop the world’s most potent vaccines, reported that the company’s Board of Directors granted five employees nonqualified stock options to purchase an aggregate of 46,950 shares of its common stock with an exercise price of $2.69, which is equal to the closing price of Gritstone’s common stock on December 6, 2022, the date of the grant (Press release, Gritstone Oncology, DEC 15, 2022, View Source [SID1234625302]). These stock options are part of an inducement material to each of 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.

EISAI TERMINATES SPONSORED AMERICAN DEPOSITARY RECEIPT PROGRAM

On December 16, 2022 Eisai Co., Ltd. (Headquarters: Tokyo, CEO: Haruo Naito, "the Company") reported that it has decided to terminate its sponsored ADR (American Depositary Receipt) program on January 31, 2023 (Press release, Eisai, DEC 15, 2022, View Source [SID1234625301]).

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The Company established its sponsored ADR program in 1995 to improve the convenience for investors in the United States. However, as it became easier for foreign investors to have access to the Japanese stock market directly, with the increasing internationalization of the Japanese financial and securities markets, the Company has decided to terminate the program.

Checkpoint Therapeutics Announces $7.5 Million Registered Direct Offering Priced At-the-Market Under Nasdaq Rules

On December 15, 2022 Checkpoint Therapeutics, Inc. ("Checkpoint") (Nasdaq: CKPT), a clinical-stage immunotherapy and targeted oncology company, reported that it has entered into a definitive agreement with a single healthcare-dedicated institutional investor for the issuance and sale of an aggregate of 1,734,105 shares of its common stock (or pre-funded warrants in lieu thereof), Series A warrants to purchase up to 1,734,105 shares of common stock and Series B warrants to purchase up to 1,734,105 shares of common stock, at a purchase price of $4.325 per share of common stock (or pre-funded warrants in lieu thereof) and accompanying warrants, in a registered direct offering priced at-the-market under Nasdaq rules (Press release, Checkpoint Therapeutics, DEC 15, 2022, View Source,to%20be%20approximately%20%247.5%20million. [SID1234625300]). The Series A warrants will be exercisable immediately upon issuance and will expire five years following the issuance date and have an exercise price of $4.075 per share and the Series B warrants will be exercisable immediately upon issuance and will expire eighteen months following the issuance date and have an exercise price of $4.075 per share.

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H.C. Wainwright & Co. is acting as exclusive placement agent for the offering.

The closing of the offering is expected to occur on or about December 16, 2022, subject to the satisfaction of customary closing conditions. The gross proceeds from the offering are expected to be approximately $7.5 million. Checkpoint intends to use the net proceeds of this offering for working capital and general corporate purposes, including the planned submission of the Biologics License Application ("BLA") for cosibelimab.

The securities described above are being offered by Checkpoint pursuant to a shelf registration statement on Form S-3 (File No. 333-251005) that was previously filed with the Securities and Exchange Commission ("SEC") on November 27, 2020, and subsequently declared effective on December 17, 2020. The securities are being offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying base prospectus relating to, and describing the terms of, the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying base prospectus relating to the offering, when available, may also be obtained by contacting H.C. Wainwright & Co., LLC, at 430 Park Ave., New York, New York 10022, by telephone at (212) 856-5711, or by email at [email protected].

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in this offering, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.