X4 Pharmaceuticals Announces $55.0 Million At-the-Market Private Placement Financing

On March 19, 2021 X4 Pharmaceuticals, Inc. (Nasdaq: XFOR), a leader in the discovery and development of novel therapies targeting diseases resulting from dysfunction of the CXCR4 pathway, reported that it has agreed to sell an aggregate of 6,321,837 shares of its common stock, including pre-funded warrants to purchase common stock, to certain institutional accredited investors in a private investment in public equity (PIPE) financing (Press release, X4 Pharmaceuticals, MAR 19, 2021, View Source [SID1234576907]). X4 anticipates that gross proceeds from the PIPE will be approximately $55.0 million, before deducting fees to the placement agents and other estimated offering expenses payable by the Company, based on the offering price of $8.70 per share (or $8.69 per prefunded warrant), the last reported sale price of X4’s common stock on The Nasdaq Global Market on March 18, 2021.

The financing included participation from new investors including Abingworth, Altium Capital, Driehaus Capital Management, Lincoln Park Capital, Monashee Investment Management and Sio Capital as well as existing investors including lead investor Bain Capital Life Sciences, Ikarian Capital and OrbiMed.

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The proceeds from this transaction are expected to be used by X4 for clinical development of its pipeline, business development activities, working capital and general corporate purposes.

"We are pleased to have the support of several leading biotechnology-focused institutional investors, both new and existing investors, in this $55 million financing," said Paula Ragan, Ph.D., President and Chief Executive Officer of X4 Pharmaceuticals. "We believe these funds will enable us to continue to advance our lead candidate, mavorixafor, to potentially improve the lives of thousands of patients across a number of rare disease indications."

Citigroup, Cowen and Stifel served as joint lead placement agents for the financing.
The securities sold in this private placement are being made in a transaction not involving a public offering and have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the U.S. except pursuant to an effective registration statement or an applicable exemption from the registration requirements. X4 has agreed to file a registration statement with the Securities and Exchange Commission registering the resale of the shares of common stock issued in this private placement.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, 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.

HiFiBiO and Gustave Roussy Researchers Demonstrate the Contribution of Galectin-9 (Gal-9) in Tumor Immune Escape

On March 19, 2021 HiFiBiO Therapeutics reported that collaboration with researchers at Gustave Roussy have uncovered galectin-9’s contribution to tumor immune escape in a MB49 murine mode (Press release, HiFiBiO Therapeutics, MAR 19, 2021, View Source [SID1234576904])l. By comparing isogenic clones – either positive or negative for gal-9 – in both syngeneic mice and nude mice, the researchers linked tumor inhibition to the enhancement of the immune response against gal-9-KO tumors . The results are detailed in an article on Nature Scientific Reports.

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Gal-9 has been shown in previous reports to play a major role in the immune system, acting like a cytokine with mainly immunosuppressive effects. Normally, gal-9 is expressed at low levels in most tissues and organs but is ramped up under inflammatory conditions. In the context of cancer, the contribution of gal-9 to immune evasion has been reported in several malignancies including lung, breast and pancreatic carcinomas, melanomas and acute myeloid leukemias. However, the exact role of gal-9 in the malignant process has been difficult to discern, especially the respective contributions of gal-9 produced either by malignant cells or infiltrating cells.

The researchers (Gustave Roussy, CNRS and Université Paris-Saclay – UMR9018) used a gene editing approach to create isogenic gal-9 positive and gal-9 negative clones derived from the murine bladder carcinoma cell line MB49. Gal-9 gene ablation made MB49 cells more sensitive to an anti-tumor immune response and serial transplants further increased this sensitivity. Gal-9 ablation also led to enhanced T-cell activity and transcription of genes related to interferon-γ response. This response was not observed when the serial transplantation was made in nude mice.

The results further support the development of our HFB2009 program, which includes a potential first-in-class anti-gal-9 neutralizing antibody for AML and solid tumors which has demonstrated single agent anti-tumor activity in a mouse cancer model.

"We were excited to further uncover the important role of gal-9 in tumor immune escape and develop a novel experimental system shedding new light on the underlying mechanisms," said Dr Pierre Busson, "working closely with HFiBiO enables us to explore potential therapeutics implications."

Liang Schweizer, PhD, CEO and CSO for HiFiBiO Therapeutics said, "These results further support our therapeutic rationale for our HFB2009 program as we continue to advance this exciting program. We are actively working with top academic institutions such as Gustave Roussy to explore and validate further disease mechanisms. This publication is another showcase of our open innovation strategy for developing novel therapeutics for unmet needs."

Race Initiates FTO Melanoma Preclinical Study

On March 19, 2021 Race Oncology Limited ("Race") reported that it has entered into a collaborative preclinical research program with The University of Newcastle (Press release, Race Oncology, MAR 19, 2021, View Source [SID1234576902]). Eminent melanoma cancer researchers, Professor Xu Dong Zhang and Associate Professor Lei Jin will lead the project.

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The aim of this project is to explore the use of Bisantrene as a novel treatment for melanoma using cellular and mouse models to identify drug combinations that improve melanoma treatment, with a focus on treatment resistant cancer patients.

Bisantrene has recently been identified as a potent targeted inhibitor of the Fat Mass and Obesity associated protein (FTO). Previous studies have observed that FTO is overproduced in approximately 50% of metastatic melanoma cancers and the inhibition of FTO can overcome PD-1 immune checkpoint resistance in mouse models of melanoma. While there have been major improvements with melanoma treatment in recent decades, the five-year survival rate for advanced melanoma is still as low as ~25%

Race is pursuing Bisantrene therapies targeted at inhibiting FTO in both melanoma and clear cell renal cell carcinoma, as part of its Three Pillar strategy (ASX Announcement 30 Nov 2020). This work could lead to new melanoma treatments with improved safety and efficacy especially in treatment resistant cancers.

The results of this study will support Phase II human trials of a Bisantrene in melanoma, currently scheduled to begin in Australia in early 2022.

This project is to start immediately with results expected to be reported over the coming 12 months.
Chief Scientific Officer, Dr Daniel Tillett said: "This is an exciting development for Race and we are looking forward to collaborating with Prof Zhang and Jin on this transformational project. Recent scientific developments have identified Bisantrene as a potent targeted agent of FTO which offers the possibility of novel treatment options for patients with drug resistant melanomas that can rapidly be translated into the clinic."

Melanoma remains one of the most dangerous cancers, with 7000 deaths in the USA and 1,500 deaths recorded in Australia in 2020.

Labcorp Scheduled to Speak at KeyBanc Capital Markets’ Life Sciences and MedTech Investor Forum

On March 19, 2021 Labcorp (NYSE: LH), a leading global life sciences company, reported that members of the executive management team will participate in a virtual fireside chat at KeyBanc Capital Markets’ Life Sciences and MedTech Investor Forum on Wednesday, March 24 at 2:00 p.m. ET (Press release, LabCorp, MAR 19, 2021, View Source [SID1234576900]).

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A live webcast of the presentation will be available via the company website at www.Labcorp.com and archived for replay.

LENVIMA® (lenvatinib) Plus KEYTRUDA® (pembrolizumab) Significantly Improved Progression-Free Survival and Overall Survival Versus Chemotherapy in Patients With Advanced Endometrial Cancer Following Prior Platinum-Based Chemotherapy in Phase 3 Study

On March 19, 2021 Eisai Co., Ltd. (Headquarters: Tokyo, CEO: Haruo Naito, "Eisai") and Merck & Co., Inc., Kenilworth, N.J., U.S.A. (known as MSD outside the United States and Canada) reported the first presentation of investigational data from the pivotal Phase 3 Study 309/KEYNOTE-775 trial in an oral plenary session (Plenary Session #10191) at the virtual Society of Gynecologic Oncology (SGO) 2021 Annual Meeting on Women’s Cancer (Press release, Eisai, MAR 19, 2021, View Source [SID1234576899]). The trial evaluated the combination of LENVIMA, the orally available multiple receptor tyrosine kinase inhibitor discovered by Eisai, plus KEYTRUDA, the anti-PD-1 therapy from Merck & Co., Inc., Kenilworth, N.J., U.S.A., for the treatment of certain patients with advanced, metastatic or recurrent endometrial cancer following one prior platinum-based regimen in any setting.

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The study met the dual primary endpoints of progression-free survival (PFS), as assessed by blinded independent central review (BICR) per Response Evaluation Criteria in Solid Tumors (RECIST) v1.1, overall survival (OS), as well as the secondary efficacy endpoint of objective response rate (ORR), as assessed by BICR per RECIST v1.1, in the all-comer population (mismatch repair proficient [pMMR] and mismatch repair deficient [dMMR]) and in the pMMR subgroup. Median follow-up was 11.4 months for both the all-comer population and pMMR subgroup. A statistically significant and clinically meaningful improvement in PFS was seen in the all-comer population, in which LENVIMA plus KEYTRUDA (n=411) reduced the risk of disease progression or death by 44% (HR=0.56 [95% CI: 0.47-0.66]; p<0.0001), with a median PFS of 7.2 months (95% CI: 5.7-7.6; number of events=281) versus 3.8 months (95% CI: 3.6-4.2; number of events=286) for patients who received chemotherapy (treatment of physician’s choice [TPC] of doxorubicin or paclitaxel; n=416). Additionally, a statistically significant and clinically meaningful improvement in OS was seen in the all-comer population, in which LENVIMA plus KEYTRUDA reduced the risk of death by 38% (HR=0.62 [95% CI: 0.51-0.75]; p<0.0001), with a median OS of 18.3 months (95% CI: 15.2-20.5; number of events=188) versus 11.4 months (95% CI: 10.5-12.9; number of events=245) for patients who received TPC. The safety profile of LENVIMA plus KEYTRUDA was generally consistent with the established safety profiles of the individual monotherapies.

"Patients diagnosed with endometrial cancer, the most common type of gynecologic cancer in the U.S., face low survival rates when diagnosed at an advanced stage or at recurrence, especially once the disease progresses after prior platinum-based therapy and is not amenable to curative surgery or radiation," said Dr. Vicky Makker, Principal Investigator and Medical Oncologist, Memorial Sloan Kettering Cancer Center. "With a 38% reduction in risk of death regardless of mismatch repair status, LENVIMA plus KEYTRUDA significantly improved overall survival compared with chemotherapy in the all-comer group of patients with advanced, metastatic or recurrent endometrial carcinoma, which is very encouraging, as this arm included an investigational patient population for which more data have been sought after by the gynecologic oncology community."

In the all-comer population, the secondary efficacy endpoint of ORR was 31.9% (95% CI: 27.4-36.6), with a complete response (CR) rate of 6.6% and a partial response (PR) rate of 25.3%, for patients who received LENVIMA plus KEYTRUDA versus 14.7% (95% CI: 11.4-18.4), with a CR rate of 2.6% and a PR rate of 12.0% for patients who received TPC (ORR difference versus TPC: 17.2 percentage points; p<0.0001). For patients who responded, the median duration of response (DOR) was 14.4 months (range: 1.6-23.7) for patients who received LENVIMA plus KEYTRUDA versus 5.7 months (range: 0.0-24.2) for patients who received TPC.

"In this confirmatory Phase 3 study, KEYTRUDA plus LENVIMA demonstrated statistically significant improvements in progression-free survival, overall survival and objective response rate versus chemotherapy," said Dr. Gregory Lubiniecki, Vice President, Oncology Clinical Research, Merck & Co., Inc., Kenilworth, N.J., U.S.A. Research Laboratories. "We are encouraged by these results that reaffirm the companies’ commitment to explore the potential of the combination to help more patients with difficult-to-treat types of cancer."

"The positive results seen in Study 309/KEYNOTE-775 help confirm the currently approved use of the LENVIMA plus KEYTRUDA combination in certain patients with advanced endometrial carcinoma," said Dr. Takashi Owa, Chief Medicine Creation Officer and Chief Discovery Officer, Oncology Business Group at Eisai. "As this stage of disease has been notoriously difficult to treat, the companies remain committed to addressing the unmet need of advanced endometrial carcinoma. We are grateful to the patients and health care providers whose participation and persistence amid a global pandemic have made this milestone possible."

Results were similar across the all-comer population and the pMMR subgroup. In the pMMR subgroup, LENVIMA plus KEYTRUDA reduced the risk of disease progression or death by 40% (HR=0.60 [95% CI: 0.50-0.72]; p<0.0001), with a median PFS of 6.6 months (95% CI: 5.6-7.4; number of events=247) versus 3.8 months (95% CI: 3.6-5.0; number of events=238) for patients who received TPC. LENVIMA plus KEYTRUDA reduced the risk of death by 32% (HR=0.68 [95% CI: 0.56-0.84]; p =0.0001), with a median OS of 17.4 months (95% CI: 14.2-19.9; number of events=165) versus 12.0 months (95% CI: 10.8-13.3; number of events=203) for patients who received TPC. The secondary endpoint of ORR was 30.3% (95% CI: 25.5-35.5), with a CR rate of 5.2% and a PR rate of 25.1%, for patients who received LENVIMA plus KEYTRUDA versus 15.1% (95% CI: 11.5-19.3), with a CR rate of 2.6% and a PR rate of 12.5%, for patients who received TPC (ORR difference versus TPC: 15.2 percentage points: p<0.0001). For patients who responded, the median DOR was 9.2 months (range: 1.6-23.7) for patients who received LENVIMA plus KEYTRUDA versus 5.7 months (range: 0.0-24.2) for patients who received TPC.

In the all-comer population, in the LENVIMA plus KEYTRUDA arm (n=406), any grade treatment-emergent adverse events (TEAEs) led to discontinuation of LENVIMA in 30.8% of patients, of KEYTRUDA in 18.7% of patients, and of both in 14.0% of patients. In the TPC arm (n=388), any grade TEAEs led to discontinuation of chemotherapy in 8.0% of patients. Grade 5 TEAEs of any cause occurred in 5.7% of patients in the LENVIMA plus KEYTRUDA arm and in 4.9% of patients in the TPC arm. Grade ≥3 TEAEs occurred in 88.9% of patients in the LENVIMA plus KEYTRUDA arm and in 72.7% of patients in the TPC arm. In the LENVIMA plus KEYTRUDA arm, the most common TEAEs of any grade occurring in at least 25% of patients were hypertension (64.0%), hypothyroidism (57.4%), diarrhea (54.2%), nausea (49.5%), decreased appetite (44.8%), vomiting (36.7%), weight decrease (34.0%), fatigue (33.0%), arthralgia (30.5%), proteinuria (28.8%), anemia (26.1%), constipation (25.9%), and urinary tract infection (25.6%). In the TPC arm, the most common TEAEs of any grade occurring in at least 25% of patients were anemia (48.7%), nausea (46.1%), neutropenia (33.8%), alopecia (30.9%), and fatigue (27.6%). Median treatment duration was 231 days (range: 1-817) with LENVIMA plus KEYTRUDA and 104.5 days (range: 1-785) with TPC.

Study 309/KEYNOTE-775 is the confirmatory trial for Study 111/KEYNOTE-146, which supported the U.S. Food and Drug Administration’s (FDA) 2019 accelerated approval of the LENVIMA plus KEYTRUDA combination for the treatment of patients with advanced endometrial carcinoma that is not MSI-H or dMMR, who have disease progression following prior systemic therapy and are not candidates for curative surgery or radiation.

Study 309/KEYNOTE-775 is a multicenter, randomized, open-label, Phase 3 trial (ClinicalTrials.gov, NCT03517449(New Window)) evaluating LENVIMA in combination with KEYTRUDA in patients with advanced endometrial cancer following one prior platinum-based regimen in any setting. The dual primary endpoints are PFS, as assessed by BICR per RECIST v1.1, and OS. Select secondary endpoints include ORR by BICR per RECIST v1.1 and safety/tolerability. Of the 827 patients enrolled, 697 patients had tumors that were pMMR, and 130 patients had tumors that were dMMR. Patients were randomized 1:1 to receive LENVIMA (20 mg orally once daily) in combination with KEYTRUDA (200 mg intravenously [IV] every three weeks) for up to 35 cycles (approximately two years); or chemotherapy treatment of physician’s choice (TPC) of either doxorubicin 60 mg/m2 IV every three weeks for up to a maximum cumulative dose of 500 mg/m2 or paclitaxel 80 mg/m2 IV on a 28-day cycle [three weeks of receiving weekly paclitaxel and one week of not receiving paclitaxel]).

About Endometrial Cancer1,2,3,4,5

Endometrial cancer begins in the inner lining of the uterus, which is known as the endometrium and is the most common type of cancer in the uterus. In 2020, it was estimated there were more than 417,000 new cases and more than 97,000 deaths from uterine body cancers worldwide (these estimates include both endometrial cancers and uterine sarcomas; more than 90% of uterine body cancers occur in the endometrium, so the actual numbers for endometrial cancer cases and deaths are slightly lower than these estimates). In Japan, there were more than 17,000 new cases of uterine body cancer and more than 3,000 deaths from the disease in 2020. In the U.S., it is estimated there will be more than 66,000 new cases of uterine body cancer and nearly 13,000 deaths from the disease in 2021. The five-year survival rate for metastatic endometrial cancer (stage IV) is estimated to be approximately 17%.

About LENVIMA (lenvatinib) Capsules

LENVIMA, discovered and developed by Eisai, is a kinase inhibitor that inhibits the kinase activities of vascular endothelial growth factor (VEGF) receptors VEGFR1 (FLT1), VEGFR2 (KDR), and VEGFR3 (FLT4). LENVIMA inhibits other kinases that have been implicated in pathogenic angiogenesis, tumor growth, and cancer progression in addition to their normal cellular functions, including fibroblast growth factor (FGF) receptors FGFR1-4, the platelet derived growth factor receptor alpha (PDGFRα), KIT, and RET. In syngeneic mouse tumor models, lenvatinib decreased tumor-associated macrophages, increased activated cytotoxic T cells, and demonstrated greater antitumor activity in combination with an anti-PD-1 monoclonal antibody compared to either treatment alone. Currently, LENVIMA has been approved for monotherapy as a treatment for thyroid cancer in over 70 countries including Japan, in Europe, China and in Asia, and in the U.S. for radioiodine-refractory differentiated thyroid cancer. In addition, Lenvima has been approved for monotherapy as a treatment for unresectable hepatocellular carcinoma in over 65 countries including Japan, the United States, in Europe, China and in Asia. It is also approved in combination with everolimus as a treatment for renal cell carcinoma following prior antiangiogenic therapy in over 60 countries, including the United States, in Europe and Asia. In Europe, the agent was launched under the brand name Kisplyx for renal cell carcinoma. In addition, it is approved in combination with KEYTRUDA as a treatment for advanced endometrial cancer that is not microsatellite instability-high (MSI-H) or mismatch repair deficient (dMMR), who have disease progression following prior systemic therapy and are not candidates for curative surgery or radiation in over 10 countries including the United States, Canada and Australia. Continued approval for this indication is contingent upon verification and description of clinical benefit in the confirmatory trials.

About KEYTRUDA (pembrolizumab) Injection, 100mg

KEYTRUDA is an anti-PD-1 therapy that works by increasing the ability of the body’s immune system to help detect and fight tumor cells. KEYTRUDA is a humanized monoclonal antibody that blocks the interaction between PD-1 and its ligands, PD-L1 and PD-L2, thereby activating T lymphocytes which may affect both tumor cells and healthy cells.

Merck & Co., Inc., Kenilworth, N.J., U.S.A. has the industry’s largest immuno-oncology clinical research program. There are currently more than 1,400 trials studying KEYTRUDA across a wide variety of cancers and treatment settings. The KEYTRUDA clinical program seeks to understand the role of KEYTRUDA across cancers and the factors that may predict a patient’s likelihood of benefitting from treatment with KEYTRUDA, including exploring several different biomarkers.