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VERAXA Biotech Appoints Christoph Erkel as Chief Scientific Officer to Advance BiTAC® Technology Platforms and Portfolio

On July 23, 2026 VERAXA Biotech AG (NASDAQ: VRXA; "VERAXA"), an emerging leader in designing novel cancer therapies, reported the appointment of Christoph Erkel, Ph.D., as Chief Scientific Officer (CSO), effective immediately. Christoph Erkel, previously Vice President of Research & Development at VERAXA, will apply his extensive management expertise in R&D to direct and accelerate development of the company’s proprietary BiTAC (bi-targeted tumor-associated cytotoxicity) platform technologies, with the goal of developing safer and more effective cancer treatments for patients with solid tumors. He succeeds Rick Austin, Ph.D., who will be leaving the company after a successful transition period.

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Christoph Erkel is an accomplished scientific leader with 20 years of expertise in antibody therapeutics, with a career bridging early-stage discovery and clinical readiness. His expertise includes antibody engineering and preclinical development, advancing candidate molecules up to IND submission. Prior to joining VERAXA, he served as Research Program Leader at MorphoSys AG (acquired by Novartis), where he led cross-functional teams and therapeutic programs in immuno-oncology, including the development of conditionally active T cell engagers for solid and hematologic tumors. Earlier, he held senior roles in Discovery Biology and Antibody Engineering, as well as scientific and leadership positions at Sloning BioTechnology GmbH. Christoph Erkel earned his Ph.D. in Biology from Philipps University in Marburg and conducted postdoctoral research at the Max Planck Institute for Terrestrial Microbiology.

"I am excited to take on this role at such a pivotal moment for VERAXA," said Christoph Erkel, Ph.D., Chief Scientific Officer of VERAXA. "Our mission to translate the groundbreaking potential of the BiTAC platforms into transformative therapies for patients is both inspiring and pressing. I look forward to working with our exceptional team to expand our pipeline, accelerate our programs toward clinical trials, and deliver on the promise of a new generation of oncology treatments."

"We would like to thank Rick Austin for his many contributions during this transformative phase of our company’s journey," said Oliver R. Baumann, Chairman of the VERAXA Board. "His leadership has been instrumental in shaping our pipeline and target decisions. At the same time, we are thrilled to welcome Christoph Erkel as our new CSO. Christoph’s proven ability to manage complex, multi-disciplinary projects and his deep scientific expertise will be instrumental as we advance our innovative BiTAC technology platform and expand our product portfolio."

(Press release, Veraxa Biotech, JUL 23, 2026, View Source [SID1234669392])

Quest Diagnostics Reports Second Quarter 2026 Financial Results; Raises Revenue and EPS Guidance for Full Year 2026

On July 23, 2026 Quest Diagnostics Incorporated (NYSE: DGX), a leading provider of diagnostic information services, reported financial results for the second quarter ended June 30, 2026.

"Our robust top- and bottom-line growth in the second quarter demonstrates focused execution of our strategy to connect people and providers to innovative testing and actionable insights that illuminate paths for better health," said Jim Davis, Chairman, CEO and President. "Revenues increased by over 10%, almost all from organic revenue growth across our physician, hospital and consumer channels, and adjusted diluted EPS grew over 19%. With strong growth and sustained demand for our diagnostic insights, we are again raising our full year guidance."

Recent Highlights:

Serving Customers and Delivering Innovations

Continued to advance our Co-Lab Solutions implementation and joint venture laboratory with Corewell Health in Michigan and developed new capabilities in kidney care through our collaboration with Fresenius Medical Care in the United States.
Generated robust revenue growth through questhealth.com and our consumer, wearable and wellness partners.
Grew revenues by double-digits in several areas of Advanced Diagnostics, including Quest AD-Detect blood tests for Alzheimer’s disease and advanced cardiometabolic and endocrine tests, including liver fibrosis testing.
Granted New York State approval for our Haystack MRD test and became the largest reference lab to utilize Flatiron Health’s OncoEMR Molecular Profiling Integration (MPI) platform for select cancer tests, including Haystack MRD, starting with a pilot with American Oncology Network (AON).
Driving Operational Excellence

In the lab, extended automation solutions to improve quality and productivity in cervical cancer screening and front-end specimen processing to additional labs.
Outside the lab, launched IntelliDraw to guide clinical staff of our physician customers through specimen collection, to enhance quality and the service experience.

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

Change

2026

2025

Change

(dollars in millions, except per share data)

Reported:

Net revenues

$ 3,043

$ 2,761

10.2 %

$ 5,938

$ 5,413

9.7 %

Diagnostic Information Services
revenues

$ 2,978

$ 2,699

10.3 %

$ 5,810

$ 5,288

9.9 %

Revenue per requisition

(2.8) %

(2.1) %

Requisition volume

13.1 %

12.0 %

Organic requisition volume

13.0 %

11.9 %

Operating income (a)

$ 459

$ 438

4.6 %

$ 858

$ 784

9.4 %

Operating income as a percentage of net
revenues (a)

15.1 %

15.9 %

(0.8) %

14.4 %

14.5 %

(0.1) %

Net income attributable to Quest
Diagnostics (a)

$ 320

$ 282

13.4 %

$ 572

$ 502

13.9 %

Diluted EPS (a)

$ 2.84

$ 2.47

15.0 %

$ 5.08

$ 4.41

15.2 %

Cash provided by operations

$ 597

$ 544

9.7 %

$ 875

$ 858

1.9 %

Capital expenditures

$ 138

$ 108

27.0 %

$ 252

$ 225

12.1 %

Adjusted (a):

Operating income

$ 502

$ 466

7.8 %

$ 949

$ 872

8.8 %

Operating income as a percentage of net
revenues

16.5 %

16.9 %

(0.4) %

16.0 %

16.1 %

(0.1) %

Net income attributable to Quest
Diagnostics

$ 350

$ 298

17.3 %

$ 631

$ 549

14.9 %

Diluted EPS

$ 3.12

$ 2.62

19.1 %

$ 5.62

$ 4.83

16.4 %

(a)

For further details impacting the year-over-year comparisons related to operating income, operating income as a percentage of net revenues, net income attributable to Quest Diagnostics, and diluted EPS, see note 2 of the financial tables attached below.

Updated Guidance for Full Year 2026

The company updates its full year 2026 guidance as follows:

Updated Guidance

Prior Guidance

Low

High

Low

High

Net revenues

$11.95 billion

$12.05 billion

$11.78 billion

$11.90 billion

Net revenues increase

8.3 %

9.2 %

6.8 %

7.8 %

Reported diluted EPS

$9.97

$10.17

$9.58

$9.78

Adjusted diluted EPS

$11.05

$11.25

$10.63

$10.83

Cash provided by operations

Approximately $1.80 billion

Approximately $1.75 billion

Capital expenditures

Approximately $550 million

Based on the favorable resolution of various tax contingencies in the second quarter, the full year adjusted effective tax rate is expected to be consistent with 2025.

(Press release, Quest Diagnostics, JUL 23, 2026, View Source [SID1234669391])

Etcamah (camizestrant) in combination with a CDK4/6 inhibitor approved in the EU for 1st-line advanced ER-positive breast cancer

On July 23, 2026 AstraZeneca reported that Etcamah (camizestrant) in combination with a cyclin-dependent kinase (CDK) 4/6 inhibitor (palbociclib, ribociclib or abemaciclib) has been approved in the European Union (EU) for the treatment of adult patients with estrogen receptor (ER)-positive, HER2-negative locally advanced or metastatic breast cancer upon detection of ESR1 mutation and without disease progression during 1st-line endocrine therapy in combination with a CDK4/6 inhibitor.

The approval by the European Commission follows the positive opinion of the Committee for Medicinal Products for Human Use and was based on the positive results from the pivotal SERENA-6 Phase III trial published in The New England Journal of Medicine.1

In a planned interim analysis, the Etcamah combination reduced the risk of disease progression or death by 56% versus standard-of-care treatment with an aromatase inhibitor (AI) (anastrozole or letrozole) in combination with a CDK4/6 inhibitor (based on a hazard ratio [HR] of 0.44; 95% confidence interval [CI]:0.31-0.60; p<0.00001; median progression-free survival (PFS) 16.0 versus 9.2 months).

In Europe, breast cancer remains the leading cause of cancer death among women, with more than 140,000 deaths in 2024 and more than 540,000 patients diagnosed in the same year.2 Hormone receptor (HR)-positive breast cancer, characterised by the expression of estrogen or progesterone receptors, or both, is the most common subtype of breast cancer with 70% of tumours considered HR-positive and HER2-negative.3 More than 97% of HR-positive breast cancer tumours are ER-positive.4,5 Across the UK, France, Germany, Spain and Italy, approximately 37,000 patients with HR-positive metastatic breast cancer are treated with a medicine in the 1st-line setting; most frequently with endocrine therapies paired with CDK4/6 inhibitors.6-8 However, many patients have tumours that develop resistance to these therapies, at which point treatment options are limited and survival rates are low, with only approximately 36% of patients anticipated to live beyond five years after diagnosis.3,8 Mutations in the ESR1 gene are a key driver of endocrine resistance and are associated with poor outcomes, emerging during treatment of the disease and becoming more prevalent as the disease progresses.9,10 Approximately 30% of patients with endocrine sensitive HR-positive disease develop ESR1 mutations during 1st-line treatment before disease progression.6

François-Clément Bidard MD, PhD, Professor of Medical Oncology at Institut Curie & Versailles University (Paris/Saclay) France and co-principal investigator for the trial, said: "Today’s approval is welcome news for the one in three patients in Europe with this form of advanced breast cancer whose tumours develop ESR1 mutations before disease progression and are in urgent need of new options that both delay this progression and extend the benefit of 1st-line treatments. As the first pivotal trial to demonstrate the clinical value of monitoring circulating tumour DNA in the 1st-line breast cancer setting, SERENA-6 represents a significant advance in clinical practice and it is now important to identify patients who may be able to benefit from this combination and intervene promptly before their disease progresses."

Dave Fredrickson, Executive Vice President, Oncology Haematology Business Unit, AstraZeneca, said: "The approval of the Etcamah combination marks an important shift in the 1st-line treatment paradigm for patients with ER-positive, HER2-negative advanced breast cancer in Europe, providing a new standard-of-care to address emerging resistance ahead of disease progression. It also reflects the strength of AstraZeneca’s oncology pipeline and our commitment to translate innovative science into practice-changing treatment options for patients."

Data for the key secondary endpoints of time to second disease progression (PFS2) and overall survival (OS) were immature at the time of the interim analysis of the SERENA-6 trial, however, a subsequent pre-planned analysis demonstrated a statistically significant and clinically meaningful PFS2 benefit of 25.7 months versus 19.1 months in favour of the Etcamah combination (HR: 0.63; 95% CI: 0.46-0.86; p=0.00373) and OS continued to mature in favour of the Etcamah combination (HR: 0.87; 95% CI: 0.57-1.30). The trial will continue to assess OS as a key secondary endpoint.

The safety profile of Etcamah in combination with palbociclib, ribociclib or abemaciclib in the SERENA-6 trial was consistent with the known safety profile of each medicine. No new safety concerns were identified, and discontinuations were very low and similar in both arms.1

SERENA-6 is the first global, double-blind, registrational Phase III trial to use a circulating tumour DNA (ctDNA)-guided approach to detect the emergence of endocrine resistance and inform a switch in therapy before disease progression. The innovative trial design used ctDNA monitoring via a blood test at the time of routine tumour scans every two to three months to identify patients for early signs of endocrine resistance via the emergence of ESR1 mutations. Following detection of an ESR1 mutation without disease progression, the endocrine therapy of patients was switched to Etcamah from ongoing treatment with an AI, while continuing combination with the same CDK4/6 inhibitor.

Etcamah is also approved in Japan, the United Arab Emirates and Saudi Arabia based on the SERENA-6 Phase III trial. Regulatory applications for Etcamah in this setting are currently under review in several other countries including the US where the US Food and Drug Administration recently extended the Prescription Drug User Fee Act date to review the updated results from the trial.

Notes

HR-positive breast cancer
Breast cancer is the second most common cancer and one of the leading causes of cancer-related deaths worldwide.11 More than two million patients were diagnosed with breast cancer in 2024, with more than 690,000 deaths globally.11 While survival rates are high for those diagnosed with early breast cancer, only about 30% of patients diagnosed with or who progress to metastatic disease are expected to live five years following diagnosis.3

Globally, approximately 200,000 patients with HR-positive breast cancer are treated with a medicine in the 1st-line setting; most frequently with endocrine therapies that target ER-driven disease, which are often paired with CDK4/6 inhibitors.6-8

The optimisation of endocrine therapy and overcoming resistance to enable patients to continue benefiting from these treatments, as well as identifying new therapies for those who are less likely to benefit, are active areas of focus for breast cancer research. 

SERENA-6
SERENA-6 is a Phase III, double-blind, randomised trial evaluating the efficacy and safety of Etcamah in combination with a CDK4/6 inhibitor (palbociclib, ribociclib or abemaciclib) versus treatment with an AI (anastrozole or letrozole) in combination with a CDK4/6 inhibitor (palbociclib, ribociclib or abemaciclib) in patients with HR-positive, HER2-negative advanced breast cancer (patients with either locally advanced disease, or metastatic disease) whose tumours have an emergent ESR1 mutation.

The global trial enrolled 315 adult patients with histologically confirmed HR-positive, HER2-negative advanced breast cancer, undergoing treatment with an AI in combination with a CDK4/6 inhibitor as 1st-line treatment. The primary endpoint of the SERENA-6 trial is PFS as assessed by investigator, with secondary endpoints including OS, and PFS2 by investigator assessment.

Etcamah
Etcamah (camizestrant) is a potent, next-generation oral selective estrogen receptor degrader (SERD) and complete ER antagonist, administered orally, once daily. The recommended dose of Etcamah in combination with a CDK4/6 inhibitor is 75mg.

Etcamah in combination with a CDK4/6 inhibitor (palbociclib, ribociclib or abemaciclib) is approved in the EU, Japan and several other countries for the treatment of adult patients with HR-positive (or ER-positive), HER2-negative locally advanced or metastatic breast cancer upon detection or emergence of ESR1 mutation and without disease progression during 1st-line endocrine therapy based on the results from the SERENA-6 trial.

The broad, robust and innovative Etcamah clinical development programme, including the SERENA-4, CAMBRIA-1 and CAMBRIA-2 Phase III trials, is evaluating the safety and efficacy of Etcamah when used as a monotherapy or in combination with CDK4/6 inhibitors to address a number of areas of unmet need in HR-positive, HER2-negative breast cancer.

Etcamah has demonstrated anti-cancer activity across a range of preclinical models, including those with ER-activating mutations. In the SERENA-2 Phase II trial, camizestrant demonstrated a statistically significant and clinically meaningful improvement in PFS versus Faslodex (fulvestrant) in the overall trial population, including in patients with ESR1 tumour mutations irrespective of prior treatment with CDK4/6 inhibitors in patients with ER-positive locally advanced or metastatic breast cancer, previously treated with endocrine therapy. The SERENA-1 Phase I trial demonstrated that camizestrant is well tolerated and has a promising anti-tumour profile when administered alone or in combination with palbociclib, ribociclib and abemaciclib; three widely used CDK4/6 inhibitors.

(Press release, AstraZeneca, JUL 23, 2026, View Source [SID1234669390])

AH-008 Achieves Key Clinical Milestone with Successful First Subject First Dose in Phase I Study for Prevention of Chemotherapy-Induced Peripheral Neuropathy (CIPN)

On July 23, 2026 AnHorn Medicines reported the successful completion of the first subject first dose in the Phase I clinical trial of AH-008, a first-in-class neuroprotective candidate being developed to prevent chemotherapy-induced peripheral neuropathy (CIPN). This milestone marks the clinical advancement of a novel therapeutic approach designed to address one of the most common and debilitating complications of cancer treatment.

Addressing a Significant Unmet Medical Need
Chemotherapy-induced peripheral neuropathy (CIPN) is a frequent and dose-limiting side effect of widely used cancer therapies, including taxanes, platinum-based agents, vinca alkaloids, and antibody-drug conjugates (ADCs). CIPN can cause numbness, tingling, pain, and sensory impairment that often persist long after treatment ends.

Studies indicate that 60–70% of patients experience CIPN during or shortly after chemotherapy, and nearly one-third continue to suffer six months or longer post-treatment. Despite its substantial burden, no approved therapies currently exist to prevent CIPN, and treatment options for established neuropathy remain limited.[1]

Preventing CIPN: Benefits for Patients and Cancer Care
CIPN not only impacts patient quality of life but also forces oncologists to reduce chemotherapy doses, delay schedules, or discontinue therapy—compromising treatment outcomes.

By preventing nerve damage before it occurs, AH-008 has the potential to:

Improve quality of life for patients undergoing chemotherapy
Reduce treatment-related pain, numbness, and sensory dysfunction
Preserve chemotherapy dose intensity and adherence
Enable patients to remain on optimal anti-cancer regimens
Reduce long-term healthcare costs associated with chronic neuropathy
"The economic burden of CIPN is estimated at approximately $17,000 per patient, translating into a total societal burden of up to $153 billion. Preventing CIPN represents one of the most significant unmet needs in supportive oncology today," said Shu-Jen Chen, Chief Scientific Officer of AnHorn Medicines. "The successful first patient dosing in our Phase I study marks an important step toward developing a disease-modifying therapy that could protect patients from debilitating nerve damage while enabling them to receive the full benefit of cancer treatment."

Large and Growing Market Opportunity
Each year, millions of cancer patients worldwide receive neurotoxic chemotherapy agents associated with CIPN. As these regimens expand across global markets, CIPN remains one of the most common and clinically meaningful dose-limiting toxicities in oncology.

With no approved preventive therapies, the global addressable market for CIPN prevention is estimated at US$15-19 billion annually, underscoring the significant commercial opportunity for a first-in-class approach.[2]

The treatment-enabling paradigm of AH-008 is analogous to granulocyte colony-stimulating factors (G-CSF), such as Neulasta, which prevent chemotherapy-induced neutropenia and enable full-dose chemotherapy. Similarly, AH-008 may establish a new standard of care in supportive oncology by addressing a key toxicity that currently limits cancer treatment delivery.

AH-008 Highlights
AH-008 is a novel neuroprotective drug candidate designed to prevent chemotherapy-induced nerve damage before irreversible neuropathy develops.

Key differentiators include:

First-in-class mechanism targeting pathways of chemotherapy-induced neuroinflammation
Preventive approach focused on reducing CIPN incidence
Broad applicability across multiple chemotherapy classes, including taxanes, platinum compounds, and ADCs
Potential to preserve chemotherapy intensity without compromising efficacy
Address a major unmet need with no approved preventive therapies
Strong commercial potential in the growing supportive oncology market
About the AH-008 Phase I Study
The Phase I clinical trial is designed to evaluate the safety, tolerability, and pharmacokinetics of AH-008 in healthy volunteers. The data generated will support subsequent clinical development in cancer patients at risk of developing CIPN.

(Press release, AnHorn Medicines, JUL 23, 2026, View Source [SID1234669389])

Alligator discontinues independent development of mitazalimab for a strategic refocus on the HLX22 project, announces a rights issue of units of approximately SEK 125.6 million and raises bridge loans

On July 23, 2026 Alligator Bioscience AB ("Alligator Bioscience" or the "Company") reported to discontinue further independent development of mitazalimab and to strategically refocus the Company’s resources on the out-licensed HLX22 project and, in order to secure funding for the Company’s continued operations, the Board of Directors has today, subject to approval by an extraordinary general meeting on 26 August 2026, resolved to carry out an issue of ordinary shares and warrants ("units") with preferential rights for the Company’s existing shareholders of initially approximately SEK 125.6 million (the "Rights Issue"). The decision follows a reassessment of the pancreatic cancer market, where recent advances in targeted therapies are expected to reshape the competitive landscape. The Company has received subscription undertakings amounting to a total of SEK 2 million, corresponding to approximately 2 percent of the Rights Issue. Furthermore, the Company has received guarantee commitments amounting to a total of SEK 56.8 million, corresponding to approximately 45 percent of the Rights Issue. The Rights Issue is thus covered to SEK 58.8 million by subscription undertakings and guarantee commitments, corresponding to approximately 47 percent of the Rights Issue. Alligator Bioscience intends to use the proceeds from the Rights Issue, after repayment of the bridge loans, to refocus its operations on maintaining the future royalty upside from HLX22, fund the wind-down of its mitazalimab development activities, thereby providing a funding to at least the topline data readout from the ongoing HLX22 Phase 3 trial, as well as for general corporate purposes and near-term strategic opportunities within mitazalimab. The Rights Issue is subject to approval by the extraordinary general meeting to be held on 26 August 2026. The notice of the extraordinary general meeting will be announced in a separate press release. To secure the Company’s liquidity needs until the completion of the Rights Issue, the Company has entered into bridge loan agreements of SEK 19 million in total on market terms. In connection with the Rights Issue, Alligator Bioscience has also renegotiated the outstanding loan from Fenja Capital II A/S ("Fenja Capital"). As part of the renegotiation, Alligator Bioscience has undertaken to issue warrants to Fenja Capital, free of charge. Due to the Rights Issue, the Board of Directors has resolved to bring forward the publication of the interim report for the second quarter of 2026 to 26 August 2026.

Summary

The Company intends to discontinue all further independent development of its lead candidate mitazalimab and refocus its operations on maintaining the future royalty upside from its economic interest in the out-licensed HLX22 project, a potential blockbuster anti-HER2 antibody currently in global Phase 3 development. The Company also intends to wind down its remaining activities and reduce its organization to minimize general operating costs. This strategic refocus follows the rapid and fundamental changes in the pancreatic cancer treatment landscape, including the breakthrough data reported for RAS(ON) inhibitors. The Company intends to seek to out-license or divest mitazalimab as a broader immuno-oncology asset during 2026.
The Rights Issue comprises a maximum of 3,140,534,240 units where each unit consists of two (2) ordinary shares, one (1) warrant series TO 15 free of charge and one (1) warrant series TO 16 free of charge.
The subscription price is SEK 0.04 per unit, corresponding to SEK 0.02 per ordinary share, which, assuming that the Rights Issue is fully subscribed, results in the Company initially raising approximately SEK 125.6 million before issue costs, which are estimated to amount to approximately SEK 17 million, of which guarantee compensation amounts to approximately SEK 8 million.
In January 2027 and in January 2028, the Company may receive additional proceeds if the warrants series TO 15 and TO 16 that are issued in the Rights Issue are exercised for subscription of ordinary shares.
Alligator Bioscience intends to use the proceeds from the Rights Issue, after repayment of the bridge loans, to refocus its operations on maintaining the future royalty upside from HLX22, fund the wind-down of its mitazalimab development activities, thereby providing a funding to at least the topline data readout from the ongoing HLX22 Phase 3 trial, as well as for general corporate purposes and near-term strategic opportunities within mitazalimab.
One (1) existing ordinary share in the Company on the record date entitles to five (5) unit rights. One (1) unit right entitles to subscription of one (1) unit.
One (1) warrant series TO 15 will entitle the holder to subscribe for one (1) new ordinary share in the Company at an exercise price corresponding to 70 percent of the volume-weighted average price of the Company’s share on Nasdaq Stockholm during the period from and including 16 December 2026 up to and including 4 January 2027, however not lower than the quota value of the share or SEK 0.01, whichever is highest (where the exercise price shall always be rounded off to the nearest whole öre). The exercise period will run between 8 to 22 January 2027.
One (1) warrant series TO 16 will entitle the holder to subscribe for one (1) new ordinary share in the Company at an exercise price corresponding to 70 percent of the volume-weighted average price of the Company’s share on Nasdaq Stockholm during the period from and including 17 December 2027 up to and including 3 January 2028, however not lower than the quota value of the share or SEK 0.01, whichever is highest (where the exercise price shall always be rounded off to the nearest whole öre). The exercise period will run between 7 to 21 January 2028.
The record date for the Rights Issue is 2 September 2026 and the subscription period runs from and including 4 September 2026 up to and including 18 September 2026.
The Rights Issue is covered by subscription undertakings and guarantee commitments of a total of approximately SEK 58.8 million, corresponding to approximately 47 percent of the Rights Issue.
To secure the Company’s liquidity needs until the completion of the Rights Issue, the Company has entered into bridge loan agreements of SEK 19 million in total on market terms.
In connection with the Rights Issue, Alligator Bioscience has renegotiated the outstanding loan originally raised in 2024 from Fenja Capital.
The Company intends to publish a prospectus regarding the Rights Issue around 31 August 2026 (the "Prospectus").
Søren Bregenholt, CEO of Alligator Bioscience, comments:
"While we remain confident that mitazalimab has the potential to benefit patients with pancreatic cancer and other indications, the rapid and radical changes in the treatment landscape have led us to conclude that standalone development is not commercially viable. In addition, we have to realize that the resources required to reposition the program are not available to Alligator Bioscience. We have therefore decided to discontinue further self-development of mitazalimab – a very difficult but necessary decision."

Hans-Peter Ostler, Chairman of the Board of Alligator Bioscience, comments:
"The financing announced today, together with a reduced cost base, allows Alligator Bioscience to preserve shareholder value via our financial interest in the out-licensed HLX22, which offers potential future revenue without development cost exposure. The financing is estimated to provide runway at least until Phase 3 topline data for HLX22, an important potential value inflection point, while we retain flexibility to realize the broader value of mitazalimab through partnering or other strategic options."
Strategic refocus and discontinuation of mitazalimab
Alligator Bioscience is refocusing its strategy and operations on maintaining the value of its financial interest in HLX22 while minimizing the Company’s general operating costs. HLX22 is an anti-HER2 monoclonal antibody that originated from a discovery collaboration with AbClon Inc. ("AbClon") and is being developed by Shanghai Henlius Biotech Inc. ("Henlius"). Through the sublicense arrangement, Alligator Bioscience is entitled to 35 percent of AbClon’s revenues from Henlius, including milestone payments and royalties, without incurring any development costs. This corresponds to an effective royalty of approximately 1.5 – 2 percent on any HLX22 net sales, currently estimated to amount to SEK 150 – 450 million annually for Alligator Bioscience at peak sales.

HLX22 is currently being evaluated in a global Phase 3 trial in first-line HER2-positive gastric and gastroesophageal junction cancer (GEJ), in combination with trastuzumab and chemotherapy, with patients being dosed across all participating regions, including the US, Europe, China, Japan, Korea, Latin America and Australia. HLX22 has been granted orphan drug designation for gastric cancer in both the US and the EU. Topline data from the Phase 3 trial is estimated for the second half of 2027, with a potential launch in the second half of 2029 and first royalties expected from around 2030.

As part of the refocusing, the Company intends to discontinue all further independent development of, and Phase 3 trial preparation and support for, its lead candidate mitazalimab, and to wind down its activities and reduce its organization to the minimal staff required to monitor the HLX22 program, subject to negotiation with the relevant trade unions, which will be initiated immediately. Alligator Bioscience will continue to supply mitazalimab to support ongoing externally funded investigator-initiated trials, including the randomized Phase 2/3 study in biliary tract cancer, thus preserving the opportunity to explore the broader potential of mitazalimab without additional cost to the Company. In connection with this, the Company will also initiate a review of the cost base of the business in order to identify and implement further cost-saving measures.

Mitazalimab, an agonistic CD40 antibody, was evaluated in the OPTIMIZE-1 trial in combination with chemotherapy (mFOLFIRINOX) in first-line metastatic pancreatic cancer. Notwithstanding the positive data generated to date, the Company has concluded that it is not in a position to fund mitazalimab’s continued development towards Phase 3 on a standalone basis, due to the development in the pancreatic cancer treatment landscape, including recent clinical data from novel targeted therapies such as RAS(ON) inhibitors and rapidly advancing late-stage development pipelines, which are expected to significantly impact future treatment paradigms in the indication. The Company believes that mitazalimab has broader potential as an immune-oncology asset beyond pancreatic cancer, and Alligator Bioscience intends to seek to out-license or divest mitazalimab during 2026.

Use of proceeds for the Rights Issue
Alligator Bioscience intends to use the proceeds from the Rights Issue, after repayment of the bridge loans, to refocus its operations on maintaining the future royalty upside from HLX22, fund the wind-down of its mitazalimab development activities, thereby providing a funding to at least the topline data readout from the ongoing HLX22 Phase 3 trial, as well as for general corporate purposes and near-term strategic opportunities within mitazalimab.

Terms of the Rights Issue
Those who are registered as shareholders on the record date 2 September 2026 have the preferential right to subscribe for units in the Rights Issue in relation to the number of shares held on the record date. One (1) existing ordinary share in the Company on the record date entitles to five (5) unit rights. One (1) unit right entitles to subscription of one (1) unit. In addition, investors are offered the opportunity to subscribe for units without unit rights. One (1) unit consists of two (2) ordinary shares, one warrant series TO 15 free of charge and one (1) warrant series TO 16 free of charge. The warrants series TO 15 and TO 16 are intended to be admitted to trading on Nasdaq Stockholm.

The Rights Issue entails the issuance of a maximum of 3,140,534,240 units, corresponding to 6,281,068,480 ordinary shares, 3,140,534,240 warrants series TO 15 and 3,140,534,240 warrants series TO 16.

The subscription price is SEK 0.04 per unit, corresponding to SEK 0.02 per ordinary share. The warrants series TO 15 and TO 16 are issued free of charge. Upon full subscription in the Rights Issue, Alligator Bioscience will initially receive approximately SEK 125.6 million before issue costs. In the event the warrants series TO 15 and TO 16 are fully exercised for subscription of new ordinary shares, at the same subscription price per ordinary share as in the Rights Issue, the Company will receive additional proceeds of approximately SEK 62.8 million in January 2027 and approximately SEK 62.8 million in January 2028, before issue costs.

Subscription of units shall take place during the period from and including 4 September 2026 up to and including 18 September 2026. The Board of Directors has the right to extend the subscription and payment period. Trading in unit rights takes place on Nasdaq Stockholm during the period from and including 4 September 2026 up to and including 15 September 2026 and trading in paid subscribed units (Sw. Betalda tecknade units, BTU) takes place during the period from and including 4 September 2026 up until 6 October 2026.

One (1) warrant series TO 15 will entitle the holder to subscribe for one (1) new ordinary share in the Company at an exercise price corresponding to 70 percent of the volume-weighted average price of the Company’s share on Nasdaq Stockholm during the period from and including 16 December 2026 up to and including 4 January 2027, however not lower than the quota value of the share or SEK 0.01, whichever is highest (where the exercise price shall always be rounded off to the nearest whole öre). The exercise period will run between 8 to 22 January 2027.

One (1) warrant series TO 16 will entitle the holder to subscribe for one (1) new ordinary share in the Company at an exercise price corresponding to 70 percent of the volume-weighted average price of the Company’s share on Nasdaq Stockholm during the period from and including 17 December 2027 up to and including 3 January 2028, however not lower than the quota value of the share or SEK 0.01, whichever is highest (where the exercise price shall always be rounded off to the nearest whole öre). The exercise period will run between 7 to 21 January 2028.

If not all units are subscribed for by exercise of unit rights, allotment of the remaining units shall be made within the highest amount of the Rights Issue:

firstly, to those who have subscribed for units by exercise of unit rights (regardless of whether they were shareholders on the record date or not) and who have applied for subscription of units without exercise of unit rights and if allotment to these cannot be made in full, allotment shall be made pro rata in relation to the number of unit rights that each and every one of those, who have applied for subscription of units without exercise of unit rights, have exercised for subscription of units;
secondly, to those who have applied for subscription of units without exercise of unit rights and if allotment to these cannot be made in full, allotment shall be made pro rata in relation to the number of units the subscriber in total has applied for subscription of units; and
thirdly, to those who have provided guarantee commitments with regard to subscription of units, in proportion to such guarantee commitments.
To the extent that allotment in any section above cannot be done pro rata, allotment shall be determined by drawing of lots.

Change in share capital, number of shares and dilution
Provided that the Rights Issue is fully subscribed, the share capital will increase by a maximum of SEK 31,405,342.40 to SEK 34,545,876.64 (calculated on the new quota value following the contemplated share capital decreases described below) by the issuance of a maximum of 6,281,068,480 new ordinary shares, resulting in that the total number of outstanding ordinary shares in the Company will increase from 628,106,848 to 6,909,175,328. Shareholders who choose not to participate in the Rights Issue will, provided that the Rights Issue is fully subscribed, have their ownership of ordinary shares diluted by approximately 90.9 percent, but are able to financially compensate for this dilution by selling their unit rights.

If all warrants series TO 15 are fully exercised for subscription of new ordinary shares in the Company, the share capital will increase by an additional maximum of SEK 15,702,671.20 to SEK 50,248,547.84 (calculated on the new quota value following the contemplated share capital decreases described below) by the issuance of an additional maximum of 3,140,534,240 ordinary shares, resulting in that the total number of outstanding ordinary shares in the Company will increase to 10,049,709,568. Shareholders who choose not to exercise their warrants series TO 15 will have their ownership of ordinary shares diluted by an additional approximately 31.3 percent, based on the number of ordinary shares after the Rights Issue and full exercise of warrants series TO 15.

If all warrants series TO 16 are fully exercised for subscription of new ordinary shares in the Company, the share capital will increase by an additional maximum of SEK 15,702,671.20 to SEK 65,951,219.04 (calculated on the new quota value following the contemplated share capital decreases described below) by the issuance of an additional maximum of 3,140,534,240 ordinary shares, resulting in that the total number of outstanding ordinary shares in the Company will increase to 13,190,243,808. Shareholders who choose not to exercise their warrants series TO 16 will have their ownership of ordinary shares diluted by an additional approximately 23.8 percent, based on the number of ordinary shares after the Rights Issue and full exercise of warrants series TO 15 and TO 16.

The total dilution effect, in the event that both the Rights Issue and all warrants series TO 15 and TO 16 are subscribed for, and exercised, in full, amounts to approximately 95.2 percent, based on the number of ordinary shares after the Rights Issue and full exercise of all warrants series TO 15 and TO 16.

Subscription undertakings and guarantee commitment
Existing shareholders, including inter alia Roxette Photo S.A. and CEO Søren Bregenholt, have entered into subscription undertakings totaling SEK 2 million, corresponding to approximately 2 percent of the Rights Issue. No compensation will be paid for subscription undertakings.

In addition, Vator Securities AB ("Vator Securities") and Mangold Fondkommission AB ("Mangold"), have entered into guarantee commitments totaling SEK 56.8 million, corresponding to approximately 45 percent of the Rights Issue. According to the guarantee commitments, Vator Securities and Mangold shall subscribe for any units not otherwise subscribed for up to SEK 56.8 million. A guarantee commission of on average approximately 13.6 percent of the guaranteed amount is payable in cash, or on average approximately 15.6 percent in the event guarantors elect to receive compensation in the form of newly issued units in the Company, with the same terms and conditions as for units in the Rights Issue, including the subscription price in the Rights Issue. Vator Securities and Mangold, respectively, have entered into put option agreements for a predetermined consideration with a number of investors, according to which Vator Securities and Mangold have the right to sell any units acquired and allocated in the Rights Issue at a price corresponding to the subscription price in the Rights Issue.

In total, the Rights Issue is covered by subscription undertakings and guarantee commitments up to SEK 58.8 million, corresponding to approximately 47 percent of the Rights Issue. None of the above-mentioned subscription undertakings or guarantee commitment are secured by bank guarantee, blocked funds, pledges or similar arrangements.

A subscription of units in the Rights Issue (other than by exercising preferential rights) which results in an investor acquiring a shareholding corresponding to or exceeding a threshold of ten (10) percent or more of the total number of votes in the Company following the completion of the Rights Issue, must prior to the investment be filed with the Inspectorate of Strategic Products (Sw. Inspektionen för strategiska produkter, "ISP") in accordance with the Swedish Screening of Foreign Direct Investments Act (Sw. lagen (2023:560) om granskning av utländska direktinvesteringar).

Preliminary time plan for the Rights Issue

Extraordinary general meeting 26 August 2026
Estimated publication of the Prospectus 31 August 2026
Last day of trading in shares including right to receive unit rights 31 August 2026
First day of trading in shares excluding right to receive unit rights 1 September 2026
Record date for the right to receive unit rights 2 September 2026
Trading in unit rights 4 – 15 September 2026
Subscription period 4 – 18 September 2026
Announcement of the outcome of the Rights Issue Around 22 September 2026
Trading in paid subscribed units (BTU) 4 September – 6 October 2026
Lock-up agreements
In connection with the Rights Issue, all shareholding members of the Board of Directors and senior management in Alligator Bioscience have undertaken towards APREA Partners AB, subject to customary exceptions, not to sell or carry out other transactions with a similar effect as a sale unless, in each individual case, first having obtained written approval from APREA Partners AB. Decisions to give such written consent are resolved upon by APREA Partners AB and an assessment is made in each individual case. Consent may depend on both individual and business reasons. The lock-up undertakings only cover the shares held prior to the announcement of the Rights Issue and the lock-up period lasts for 180 days after the announcement of the Rights Issue.

Extraordinary general meeting
The Board of Directors’ resolution on the Rights Issue is subject to approval by the extraordinary general meeting on 26 August 2026. The resolution on the Rights Issue is subject to and conditional upon that the extraordinary general meeting also resolves to reduce the share capital (resulting in that the quota value of the share decreases from current SEK 0.20 per share to the newly proposed SEK 0.005 per share), to amend the Articles of Association, as well as to authorize the Board of Directors to resolve on issue of units to the guarantor and warrants to Fenja Capital in accordance with the Board of Directors’ proposals to the extraordinary general meeting. Notice of the extraordinary general meeting will be announced in a separate press release.

Bringing forward of the interim report for the second quarter of 2026
Due to the Rights Issue, the Board of Directors has resolved to bring forward the publication of the interim report for the second quarter of 2026 to 26 August 2026 instead of 27 August 2026 as previously communicated.

Bridge loans and renegotiation of previous loan
In order to secure the Company’s liquidity needs until the Rights Issue has been completed, the Company has raised bridge loans of SEK 19 million in total from Fenja Capital and Rikard Akhtarzand. As compensation for the loans, an arrangement fee of 5 percent and a monthly interest rate of 1.5 percent are paid. According to the bridge loans, the loans shall be repaid in connection with the Rights Issue or no later than 31 October 2026.

In June 2024, Alligator Bioscience entered into a financing agreement with Fenja Capital, which has thereafter been renegotiated several times. The outstanding nominal amount under the loan amounts to approximately SEK 6.6 million. In connection with the Rights Issue, Alligator Bioscience has renegotiated the outstanding loan with Fenja Capital, amending the maturity date of the loan from 30 September 2026 to 30 June 2027 and adding a repayment procedure tied to the warrants series TO 15 issued in the Rights Issue, whereof 50 percent of the net proceeds from the warrants series TO 15 shall be used for repayment of the loan. Other material loan terms remain unchanged. For a closer description of the original financing agreement and the renegotiations of the loan terms, please refer to the Company’s press releases from 25 June 2024, 9 May 2025, 8 September 2025 and 22 October 2025.

In connection with the renegotiation, Alligator Bioscience has undertaken to issue warrants series 2026/2031 to Fenja Capital, free of charge. The warrants series 2025/2030 that were issued to Fenja Capital in connection with the Company’s previous rights issue in 2025 will be cancelled. The number of warrants series 2026/2031 to be issued shall correspond to a total dilution of five percent calculated on the total number of ordinary shares outstanding in the Company immediately after the completion of the Rights Issue (including any ordinary shares issued as part of the units issued as guarantee compensation). The exercise price for the warrants shall correspond to 140 percent of the subscription price in the Rights Issue, rounded to the nearest whole öre. The warrants will be subject to terms and conditions that contain recalculation terms that entail a so-called "full dilution protection", meaning that Fenja Capital, with certain exceptions, shall be compensated in the event of corporate actions so that Fenja Capital always has the right to subscribe for shares corresponding to a total dilution of five percent calculated on the total number of outstanding ordinary shares in the Company. The Board of Directors intends to resolve on the issue of warrants series 2026/2031 to Fenja Capital pursuant to an authorization from the extraordinary general meeting intended to be held on 26 August 2026, no later than five business days following the registration of the Rights Issue with the Swedish Companies Registration Office. The warrants will be exercisable for subscription of ordinary shares in the Company from the date of registration of the warrants with the Swedish Companies Registration Office up to and including 31 October 2031. The warrants will not be admitted to trading.

Prospectus
Full terms and conditions for the Rights Issue as well as other information about the Company and information about subscription undertakings, guarantee commitment and lock-up commitments will be presented in the Prospectus that the Company is expected to publish around 31 August 2026.

Advisers
APREA Partners AB acts as financial adviser in connection with the Rights Issue. Setterwalls Advokatbyrå AB is legal adviser to Alligator Bioscience. Vator Securities AB acts as the issuing agent in connection with the Rights Issue.

(Press release, Alligator Bioscience, JUL 23, 2026, View Source [SID1234669388])