Elicio Therapeutics Announces FDA Clearance of IND application for ELI-002– A Therapeutic Vaccine Targeting mutated KRAS Cancers

On February 23, 2021 Elicio Therapeutics, a private biotechnology company developing a pipeline of potent immunotherapies based on its proprietary lymph-node targeting Amphiphile technology, reported it has received Investigational New Drug (IND) clearance from the U.S. Food and Drug Administration for ELI-002 (Press release, Elicio Therapeutics, FEB 23, 2021, View Source [SID1234575449]). ELI-002 is an Amphiphile (AMP) KRAS therapeutic vaccine containing AMP mKRAS peptides and a proprietary AMP CpG adjuvant, administered subcutaneously. The company’s novel therapeutic vaccine targets KRAS mutations that drive 99% of all KRAS-driven cancers. Phase I/II clinical trials of ELI-002 will enroll patients with mKRAS+ pancreatic ductal adenocarcinoma (PDAC) and other solid tumors. KRAS mutations are present in 90% of pancreatic cancers, 40% of colorectal cancers, 30% of non-small cell lung, 30% of bile duct, 14% of endometrial, and 14% of ovarian cancers. Elicio is developing ELI-002 to treat and prevent disease recurrence with potential to help one quarter of solid tumor patients.

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"Previous vaccine approaches utilizing synthetic peptides have not effectively targeted the critical immune cells residing in the lymph nodes and have elicited only weak or undetectable immune responses in patients," said Christopher Haqq, M.D., Ph.D., Elicio’s Executive Vice President, Head of Research and Development, and Chief Medical Officer. "The Amphiphile technology allows us to simultaneously generate immune response to all the mutations commonly present in KRAS driven cancers by targeting antigenic peptides with a powerful adjuvant directly to the lymph nodes, significantly amplifying the resulting immune responses, and producing highly functional mKRAS-specific T cells capable of destroying mKRAS positive cells like tumor cells."

Elicio’s Phase I/II trial will identify patients with PDAC and other solid tumors who have undergone standard of care surgery and neoadjuvant/adjuvant chemotherapy, that have persistent positive circulating tumor DNA indicating likely recurrence and rapid progression. Patients are studied in a window of opportunity after standard therapy is complete but before their tumors have had a chance to grow to a size where they are normally seen in radiographic scans.

"To date, "drugging" mKRAS directly has only been achieved in recent clinical trials for the G12C allele, using covalent inhibitors. Most human tumors have different mutations, where G12C is not a driver mutation. The ELI-002 therapeutic vaccine covers 99% of all mKRAS tumors creating the opportunity for improved durability of response and eradication of cancer," said Julian Adams Ph.D., chief executive officer of Gamida Cell and Chairman of Elicio Therapeutics’ Board of Directors.

About ELI-002

ELI-002 is an "AMP KRAS-vaccine" containing Amphiphile mKRAS peptides and a proprietary Amphiphile adjuvant, AMP CpG, administered subcutaneously. Elicio’s ELI-002 targets KRAS mutations, present in approximately 25% of all human solid tumors. The Amphiphile mKRAS peptides and Amphiphile CpG are targeted directly to the lymph node as a result binding to tissue albumin after injection, leading to accumulation of the complex into lymph nodes where the peptides and CpG payloads are delivered directly to key immune cells resulting in unprecedented efficiency. ELI-002 has the potential to become a multi-targeted mKRAS therapeutic vaccine with the ability to treat and prevent disease recurrence for hundreds of thousands of patients with mKRAS-driven cancers, including pancreatic, colorectal, lung, bile duct, endometrial, and ovarian. Elicio has demonstrated in multiple tumor models that improving the targeting of immunogens and cell-therapy amplifiers to lymph nodes, where resident immune cells potently orchestrate immunity, can substantially amplify their ability to induce effective tumor-killing immune responses.

About the Amphiphile Platform

The Elicio Amphiphile platform enables precise targeting and delivery of immunogens and cell-therapy amplifiers directly to the lymphatic system, the "brain center" of the immune response, to significantly amplify and enhance the body’s own system of defenses, defeat solid and hematologic cancers, and prevent their recurrence. Once in the lymph nodes, Amphiphile immunotherapies are taken up by antigen presenting cells (APC’s) to orchestrate signaling to natural or engineered immune cells in order to maximize therapeutic immune responses to disease. This strategy has been used to improve the activity of immunostimulatory agents, antigens, adjuvants, and cell-therapies that generate little to no response when used in the conventional forms. By precisely targeting these immunotherapies to the lymph nodes, Amphiphiles can unlock their full potential to generate and amplify anti-tumor immune responses. This substantially enhanced anti-tumor functionality and long-term protective memory may someday unlock the full potential of the immune response to eliminate cancer.

GRAIL and Quest Diagnostics Announce Collaboration to Support Galleri, First-of-Kind Multi-Cancer Early Detection Blood Test

On February 23, 2021 GRAIL, Inc., a healthcare company whose mission is to detect cancer early, when it can be cured, reported an agreement with Quest Diagnostics (NYSE: DGX), the leading provider of diagnostic information services, to provide phlebotomy services to support Galleri, GRAIL’s multi-cancer early detection blood test (Press release, Quest Diagnostics, FEB 23, 2021, View Source [SID1234575448]).

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Quest Diagnostics maintains approximately 2,200 patient service centers and, through its ExamOne business, 5,000 mobile phlebotomists with expertise in at-home visits. Quest’s phlebotomy network will help provide blood specimen collection for Galleri in the United States once the test becomes available this year.

"Today, the majority of cancers go undetected until too late when outcomes are often deadly, and we believe Galleri could offer a unique and potentially life-saving solution by finding multiple types of cancers earlier," said Dr. Joshua Ofman, chief medical officer and head of external affairs at GRAIL. "We are pleased to work with Quest and are very encouraged by the interest in Galleri. Our agreement with Quest will help us support convenient access to blood collection for patients and healthcare providers."

"Quest Diagnostics is committed to providing the broadest access to diagnostic innovation. That includes multi-cancer early detection, an important area of oncology diagnostics with potential to radically improve cancer screening, monitoring, and treatment," said Kristie M. Dolan, vice president and general manager, Oncology Clinical Franchise, for Quest Diagnostics. "Galleri is a pioneer in early detection innovation, and we are eager to support GRAIL’s efforts to make it accessible to patients across the United States."

In January, GRAIL announced it expects to introduce Galleri in the second quarter of 2021. The blood test, which will be prescription only, will be available initially through partner health systems, medical practices, and self-insured employers.

An earlier version of Galleri demonstrated the ability to detect more than 50 types of cancers — over 45 of which lack recommended screening tests today — with a low false positive rate of less than 1%. When a cancer signal is detected, Galleri can determine the location of the cancer signal with high accuracy, all from a single blood draw. Galleri is intended to be used alongside standard of care screenings.

Galleri is available under investigational use in PATHFINDER, GRAIL’s prospective, interventional study evaluating the implementation of Galleri in clinical practice. Galleri is also expected to be offered to eligible patients in the United Kingdom (UK) later this year as part of a partnership with the UK National Health Service to support its Long Term Plan for earlier cancer diagnoses in an effort to transform cancer outcomes.

Entry into a Material Definitive Agreement

On February 23, 2021, Odonate Therapeutics, Inc. (the "Company") reported that entered into an Open Market Sale AgreementSM (the "Sale Agreement") with Jefferies LLC (the "Agent"), pursuant to which the Company may offer and sell shares of the Company’s common stock having an aggregate offering price of up to $100,000,000, from time to time, in "at the market" offerings through the Agent (Filing, 8-K, Odonate Therapeutics, FEB 23, 2021, View Source [SID1234575447]). Sales of the shares of common stock, if any, will be made at prevailing market prices at the time of sale, or as otherwise agreed with the Agent. The Agent will receive a commission from the Company of 3.0% of the gross proceeds of any shares of common stock sold under the Sale Agreement.

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The Company is not obligated to sell, and the Agent is not obligated to buy or sell, any shares of common stock under the Sale Agreement. No assurance can be given that the Company will sell any shares of common stock under the Sale Agreement, or, if it does, as to the price or amount of shares of common stock that it sells or the dates when such sales will take place.

In the Sale Agreement, the Company agreed to indemnify the Agent against certain liabilities, including under the Securities Act of 1933, as amended, or to contribute payments that the Agent may be required to make because of such liabilities.

The shares of common stock sold pursuant to the Sale Agreement will be offered pursuant to a shelf registration statement on Form S-3 (File No. 333‑233990), which became effective on October 18, 2019. The Company filed a prospectus supplement with the U.S. Securities and Exchange Commission on February 23, 2021 in connection with the offer and sale of shares of the Company’s common stock pursuant to the Sale Agreement.

A copy of the Sale Agreement is attached as Exhibit 1.1 hereto and is incorporated herein by reference. The foregoing description of the Sale Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Sale Agreement.

Leidos Named to World’s Most Ethical Companies List for Fourth Consecutive Year

On February 23, 2021 Leidos (NYSE:LDOS), a FORTUNE 500 science and technology leader, reported it has been named to Ethisphere Institute’s annual list of the World’s Most Ethical Companies (Press release, Leidos, FEB 23, 2021, View Source [SID1234575446]). Ethisphere, a global leader in defining and advancing the standards of ethical business practices recognized Leidos for the fourth consecutive year. Ethisphere recognized 135 honorees spanning 22 countries and 47 industries.

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"Our commitment to maintaining the highest ethical standards is core to our culture at Leidos," said Leidos Chairman and Chief Executive Officer Roger Krone. "Our 39,000 employees across the world embody this value as we strive to deliver a safer, healthier, and more efficient world. We are proud to receive this recognition, and will work to maintain it for years to come."

"Continuing to make the World’s Most Ethical Companies list year after year is a significant achievement, and is a testament to our employees’ pledge to do what is right every day," said Leidos Chief Ethics and Compliance Officer Michele Brown. "Our commitment to ethics and integrity guides every decision and reinforces the value we bring to our customers."

The World’s Most Ethical Companies assessment is based on Ethisphere’s Ethics Quotient framework. It includes more than 200 questions on culture, environmental and social practices, ethics and compliance activities, governance, diversity and other initiatives to support a strong value chain. The process captures and codifies the leading practices of organizations across industries and around the globe.

"While addressing the tough challenges of 2020, we saw companies lead – above all other institutions – on earning the trust of stakeholders through resilience and a commitment to ethics and integrity," said Ethisphere CEO, Timothy Erblich. "As one of the World’s Most Ethical Companies honorees, Leidos continues to demonstrate an unwavering commitment to the highest values and positively impacting the communities it serves."

Rubius Therapeutics Reports Fourth Quarter and Full Year 2020 Financial Results and Provides Business Update

On February 23, 2021 Rubius Therapeutics, Inc. (Nasdaq:RUBY), a clinical-stage biopharmaceutical company that is genetically engineering red blood cells to create an entirely new class of cellular medicines called Red Cell Therapeutics, reported fourth quarter and full year 2020 financial results and provided a business update (Press release, Rubius Therapeutics, FEB 23, 2021, View Source [SID1234575445]).

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"Last year was one of strong execution for Rubius Therapeutics as we advanced our clinical trials in oncology and strengthened our in-house manufacturing capabilities," said Pablo J. Cagnoni, M.D., president and chief executive officer of Rubius Therapeutics. "2021 is set to be an important year in which we plan to further advance our programs and report the clinical results from the Phase 1 trial of RTX-240 in advanced solid tumors early in the year. We are encouraged by the initial key clinical takeaways we presented in January, showing the ability of RTX-240 to stimulate innate and adaptive immune responses in advanced solid tumors. We are continuing to enroll patients in our trials for RTX-240 in relapsed/refractory acute myeloid leukemia and solid tumors and screen patients for the RTX-321 trial in advanced HPV 16-positive cancers."

Fourth Quarter and Full Year Highlights

RTX-240 Phase 1/2 Clinical Program for Advanced Solid Tumors or Relapsed/Refractory Acute Myeloid Leukemia (AML)

Escalated the dose and continue to enroll patients in the relapsed/refractory AML arm of the Phase 1 RTX-240 clinical trial
At the J.P. Morgan Healthcare Conference in January 2021, the Company presented key takeaways from 5 cohorts (n=14) of the Phase 1/2 RTX-240 solid tumor clinical trial, showing activation and expansion of both NK and T cells, indicating the ability of RTX-240 to stimulate innate and adaptive immune responses. The key takeaways from the initial data were:
◦ No treatment-related Grade 3 or Grade 4 adverse events and no dose limiting toxicities observed (n=14)
◦ All patients showed activation of NK or T cells or both cell types (n=14)
◦ In the majority of patients (n=8), all of the following were observed across dose levels:
• Activation of NK cells, activation of T cells, expansion of NK cells and expansion of T cells
As more patients are enrolled and data mature, the Company expects to disclose additional clinical results in early 2021 and plans to present the data at a medical conference
By showing that RTX-240 stimulates innate and adaptive immune responses, Rubius Therapeutics believes that the full data set from the Phase 1 clinical trial will validate its RED PLATFORM and potentially de-risk clinical development of its oncology pipeline, in particular for RTX-321. RTX-321 has an encouraging preclinical data package and expresses combinations of agonists on the cell surface, similar to RTX-240.

RTX-321 Artificial Antigen-Presenting Cell (aAPC) Development Program for Human Papillomavirus (HPV) 16-Positive Cancers

Phase 1 clinical trial of RTX-321 is screening for HLA-A*02:01-positive patients with advanced HPV 16-positive cancers, including cervical cancer, head and neck cancer and anal cancer
Achievements from Rubius Fully Owned Manufacturing Site

Continue to provide consistent cGMP supply for the two Phase 1 arms in the ongoing RTX-240 trial and Phase 1 RTX-321 clinical trial
Achieved increases in productivity and liquid in-vial shelf life for RTX-240
Continously met red blood cell identity and target product profile criteria for clinical supply for RTX-240
Introduced frozen drug substance for the first time as part of the IND application for RTX-321, resulting in a truly off-the-shelf cellular therapy with a potential shelf life of up to several years
Preclinical Data 2020 Summary
The Company presented preclinical oncology data for RTX-240 and RTX-321 at the following conferences:

Society for Immunotherapy of Cancer (SITC) (Free SITC Whitepaper) Annual Meeting;
Federation of Clinical Immunology Societies (FOCIS) Virtual Annual Meeting;
American Association for Cancer Research (AACR) (Free AACR Whitepaper) Tumor Immunology Conference; and
American Society of Gene & Cell Therapy 23rd Annual Meeting
Anticipated 2021 Catalysts and Operational Objectives

Present additional clinical data from the Phase 1 RTX-240 solid tumor trial in early 2021
Continue to enroll patients in the second Phase 1 arm of the RTX-240 clinical trial in patients with relapsed/refractory AML
Dose the first patient in the RTX-321 clinical trial in HPV 16-positive tumors
Continue to produce cGMP material for the RTX-240 and RTX-321 clinical trials
Present an integrated clinical program for RTX-240, including plans for expansion cohorts, and plans for the Company’s oncology pipeline
About RTX-240
RTX-240, Rubius Therapeutics’ lead oncology program, is an allogeneic, off-the-shelf cellular therapy product candidate that is engineered to simultaneously present hundreds of thousands of copies of the costimulatory molecule 4-1BB ligand (4-1BBL) and IL-15TP (trans-presentation of IL-15 on IL-15Rα) in their native forms. RTX-240 is designed to broadly stimulate the immune system by activating and expanding both NK and memory T cells to generate a potent anti-tumor response.

About RTX-321
RTX-321, the Company’s second oncology program, is an allogeneic, off-the-shelf aAPC therapy product candidate that is engineered to induce a tumor-specific immune response by expanding antigen-specific T cells. RTX-321 expresses hundreds of thousands of copies of an HPV peptide antigen bound to major histocompatibility complex class I proteins, the costimulatory molecule 4-1BBL and the cytokine IL-12 on the cell surface to mimic human T cell-APC interactions.

Fourth Quarter 2020 Financial Results
Net loss for the fourth quarter of 2020 was $40.5 million or $0.50 per common share, compared to $44.5 million or $0.56 per common share in the fourth quarter of 2019.

In the fourth quarter of 2020, Rubius invested $25.6 million in research and development (R&D) related to its novel RED PLATFORM and towards expanding and advancing its product pipeline, as compared to $30.5 million in the fourth quarter of 2019. This year-over-year decrease was driven primarily by a $6.2 million reduction in costs following the deprioritization of our rare disease pipeline in March 2020. The decrease in rare disease program expenses was offset by $8.4 million of incremental costs to advance our lead cancer programs, including RTX-240 and RTX-321, which were principally related to costs incurred for our Phase 1/2 clinical trial of RTX-240 for the treatment of solid tumors, including clinical CRO and internal manufacturing costs, as well as to costs incurred for IND-enabling activities and clinical startup costs for RTX-321. Additionally, R&D expenses not allocated to programs were reduced by $7.1 million driven primarily by a shift in manufacturing activities towards the technical development and production of clinical supply for our oncology programs and the shift in discovery activities from the development of clinical candidates towards work to enable more advanced programs.

G&A expenses were $14.1 million during the fourth quarter of 2020, as compared to $14.9 million for the fourth quarter of 2019. The lower costs were principally driven by a reduction in stock-based compensation expense.

Full Year 2020 Financial Results
Net loss for the full year 2020 was $167.7 million or $2.08 per common share, compared to $163.5 million or $2.08 per common share for the full year 2019.

For the full year 2020, Rubius invested $116.1 million in R&D related to its novel RED PLATFORM and towards expanding and advancing its product pipeline, compared to $112.4 million for the full year 2019. The year-over-year increase was driven by $36.6 million of incremental costs to advance our lead cancer programs, including RTX-240 and RTX-321, which were principally related to costs incurred for our Phase 1/2 clinical trial of RTX-240 for the treatment of solid tumors, including clinical CRO and internal manufacturing costs, as well as to costs incurred for preclinical, IND-enabling activities and clinical startup costs for RTX-321. The increase in cancer program costs was offset by a $19.0 million decrease in expenses related to our rare disease pipeline following the deprioritization of these programs in March 2020. Additionally, costs not allocated to programs were reduced by $13.9 million driven primarily by a shift in manufacturing activities towards the technical development and production of clinical supply for our oncology programs and the shift in discovery activities from the development of clinical candidates towards work to enable more advanced programs.

G&A expenses were $50.3 million during the twelve months of 2020, as compared to $57.2 million for the same period in 2019. The lower costs were principally driven by a reduction in stock-based compensation expense.

Cash Position
As of December 31, 2020, cash, cash equivalents and investments were $176.3 million as compared to $283.3 million as of December 31, 2019, providing Rubius with a cash runway into the first quarter of 2022. The Company has the ability to extend runway into the middle of 2022 by scaling back certain activities. During 2020, the Company used $127.8 million of cash to fund operations and $5.5 million to fund capital expenditures, consisting of payments for assets purchased in 2019 related to our manufacturing facility in Rhode Island, as well as computer and laboratory equipment purchased in 2020 for both of our locations. In addition, during 2020 the Company drew down the third and final tranche of $25.0 million pursuant to its $75.0 million loan agreement with Solar Capital.