1stOncology™: Cancer Intelligence Service – Page 9988 – 1stOncology is recognized as a Top 10 Global Pharma Analytic Provider

Adagene plans $125M IPO to go after cancer niches targeted by BMS and Pfizer

On January 20, 2021 Chinese cancer biotech Adagene reported that it has filed to raise up to $125 million in a Nasdaq IPO (Press release, Adagene, JAN 20, 2021, View Source [SID1234574192]). The listing will give Adagene the means to run early-phase clinical trials of antibodies against CD137 and CTLA-4.

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

Schedule Your 30 min Free Demo!

Adagene is built on a platform designed to expand the available binding sites well beyond what is possible with conventional natural or synthetic antibodies. Working with the platform, Adagene has developed candidates it thinks have an edge over other drugs targeting CD137 and CTLA-4.

Drug developers including Bristol Myers Squibb and Pfizer are working on drugs against CD137, the target of ADG106. What sets ADG106 apart, according to Adagene, is its targeting of a unique conserved epitope of CD137 that gives it a novel mechanism of action. An end of phase 1 meeting for a clinical trial of ADG106 in solid tumors is scheduled for this quarter.

Two drugs targeting CTLA-4, ADG126 and ADG116, are following Adagene down the pipeline. The drugs, both of which are in phase 1, are based on different technologies. Adagene plans to focus on ADG126, the first asset generated using its SAFEbody technology.

SAFEbody is designed to prevent an antibody from binding to its target in healthy tissues. Antibodies featuring the technology should only bind to their targets when exposed to conditions found in the tumor microenvironment. Adagene has applied the technology to CTLA-4 in the belief it can better the safety of existing antibodies against the target, notably Bristol Myers’ Yervoy.

Around one-quarter of the IPO money will fund phase 1 development and the advancement into phase 2 for ADG106, with another quarter supporting the same work on ADG126 and ADG116. Most of the rest of the money is earmarked for the development of the platform and preclinical programs.

Oncocyte Announces $25 Million Registered Offering

On January 20, 2021 Oncocyte Corporation (NYSE American: OCX), a molecular diagnostics company with a mission to provide actionable answers at critical decision points across the cancer care continuum, reported that it has entered into definitive agreements with its two largest institutional investors to purchase approximately $25 million of Oncocyte’s common shares in a registered offering priced at $3.424 per share ("at market"), which was the average of the last five closing prices (Press release, Oncocyte, JAN 20, 2021, View Source [SID1234574168]). The lead investor in the offering, Pura Vida Investments, LLC, a fundamentally driven, healthcare-focused registered investment advisor, increases its ownership of Oncocyte from under 10% to approximately 16%, by agreeing to purchase $20 million of Oncocyte’s common shares, at the close of the transaction. Broadwood Partners, L.P., a long-term investor and Oncocyte’s largest shareholder, was the other participant in the offering.

This offering was completed directly with Oncocyte’s two top institutional investors and the Company incurred no placement agent fees.

"We are honored to have the continued support and vote of confidence from Pura Vida, a firm whose focus is on innovative and disruptive healthcare companies, and Broadwood Partners, L.P., our largest and long-term shareholder, for our expanding comprehensive portfolio of tests," said Ron Andrews, Chief Executive Office of Oncocyte. "We believe our strengthened balance sheet will help facilitate our planned expansion activities and offerings in lung and other cancers as we prepare to launch DetermaIO and DetermaTX later this year, as well as provide the resourcing necessary to complete development of our anticipated blood-based monitoring offerings. We greatly appreciate their increased investment in, and substantial commitment to, our Company and our mission."

Efrem Kamen, Founder and Managing Member of Pura Vida Investments said, "We believe Oncocyte has the team, technology and expertise to improve patient care across the cancer care continuum. After completing further diligence into the Company’s DetermaIO immune selection data and their blood-based monitoring approach, we believe the Company has done an outstanding job amassing a strong and under-the-radar portfolio of oncology diagnostics. Oncocyte is focused on opportunities in liquid and tissue biopsy that are overlooked and carry significant potential to benefit patient care, healthcare costs, and value for stakeholders. We have confidence in, and look forward to, continuing to work with them on their efforts to improve cancer diagnosis, treatment and patient outcomes."

In connection with the offering, the Company will sell an aggregate of 7,301,402 shares of its common stock at a purchase price of $3.424 per share ("at market"), the average of the last five closing prices. The registered offering is subject to customary closing conditions and is expected to close during the week of January 26, 2021. At the close of this offering, Oncocyte will have 78,661,802 shares outstanding and will have more than $37 million in cash and cash equivalents.

Proceeds from the registered offering provide the strategic capital to accelerate and support the commercial launch of DetermaRx, Oncocyte’s lung cancer treatment stratification test, DetermaIO, a research use only gene expression test to identify patients who will respond to immune therapies, and the continued development of DetermaMx as the company seeks to expand into the estimated $15 billion-plus blood based monitoring market, as well as for general corporate and working capital purposes. Oncocyte may also use proceeds to invest in or acquire businesses or technologies that it believes are complementary, although the Company has no binding agreements with respect to any strategic transactions or acquisitions as of the date of this press release.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any offer, solicitation, or sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful.

Epigenomics AG Plans to Challenge NCD Decision and Unveils Its Next Generation Liquid Biopsy Test for Colorectal Cancer Screening

On January 21, 2021 Epigenomics AG (Frankfurt Prime Standard: ECX, OTCQX: EPGNY; the "Company") reported that the management disagrees and is extremely disappointed with the non-coverage decision for Epi proColon as part of the NCD issued by CMS on Tuesday (Press release, Epigenomics, JAN 21, 2021, View Source [SID1234574164]). While the Company was pleased to see the elimination of guideline requirements as part of the final NCD, it was disappointed that CMS chose to retain the concept of performance criteria and a fixed testing interval. Together with several professional societies such as the American Cancer Society, which outlined its concerns as part of the public comment period for the NCD, Epigenomics believes the arbitrary performance criteria in the NCD is in conflict with the scientific evidence. The company is currently evaluating all available alternatives (appeal and/or litigation) to challenge the final decision.

"Randomly selecting sensitivity, specificity, and testing interval values from various tests and assuming it will reduce CRC mortality is not the appropriate way to make evidence-based coverage decisions", said Greg Hamilton, CEO of Epigenomics AG. "By denying coverage for the only FDA approved blood test at this time, a portion of Medicare beneficiaries will needlessly die of colorectal cancer. This is especially true for underserved populations including minority groups and the impoverished."

Despite the egregious decision by CMS, the Company will continue to pursue a leadership position in the colorectal cancer screening market and in liquid biopsy technology. Building on its expertise in liquid biopsy and DNA methylation biomarkers, Epigenomics AG has developed and validated a new colorectal cancer screening assay with clinical performance characteristics that meet the coverage criteria outlined in the final NCD.

The interpretive algorithm for this novel assay was trained in a study with 454 samples comprising CRC patients and clinical controls. Clinical performance was then established using a total of 2,504 plasma specimens, including 136 well-characterized colorectal cancer samples, available from two independent clinical screening trials in the average-risk population. This next generation multi-target real-time PCR blood test is based on a new proprietary core DNA methylation technology. The automated assay is highly robust, providing valid results for greater than 99% of samples analyzed, and provides a fast, easy to use and affordable option for detecting CRC in a liquid biopsy.

Greg Hamilton, CEO of Epigenomics AG: "We have been working on this new technology for the past few years and are extremely excited by the data. We look forward to pursuing multiple strategic options with this new assay either as a stand-alone entity or in partnership with other key players in our industry."

CytomX Therapeutics Announces Pricing of $100 Million Public Offering of Common Stock

On January 20, 2021 CytomX Therapeutics, Inc. (Nasdaq:CTMX), a clinical-stage, oncology-focused biopharmaceutical company with a vision of transforming lives with safer, more effective therapies, reported the pricing of an underwritten public offering of 14,285,714 shares of its common stock at a price to the public of $7.00 per share, for gross proceeds of $100 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by CytomX (Press release, CytomX Therapeutics, JAN 20, 2021, View Source [SID1234574163]). All shares are being offered by CytomX. In addition, CytomX has granted the underwriters a 30-day option to purchase up to an additional 2,142,857 shares of its common stock at the public offering price, on the same terms and conditions.

CytomX expects to use the net proceeds from this offering to further develop its proprietary Probody therapeutics pipeline and research. In particular, CytomX expects to use the net proceeds, together with existing cash resources, to fund: (i) the advancement and expansion of the clinical development program for CX-2009, including the ongoing Phase 2 study of CX-2009 as monotherapy and in combination with CX-072 in breast cancer; (ii) the advancement and expansion of the clinical development program for CX-2029, including the ongoing Phase 2 study of CX-2029 in four types of cancer; (iii) IND enabling studies for CX-2043 and CX-904, their IND submissions and Phase 1 clinical development; and (iv) further research and development activities related to our Probody platform, the tumor microenvironment, new drug candidates and translational sciences. CytomX expects to use any remaining net proceeds from this offering for capital expenditures, working capital and other general corporate purposes.

The offering is expected to close on or about January 25, 2021, subject to satisfaction of customary closing conditions.

J.P. Morgan Securities LLC, Cowen and Company, LLC and Piper Sandler are acting as joint bookrunning managers for the offering.

The securities are being offered pursuant to a registration statement that was filed with the Securities and Exchange Commission ("SEC") on November 6, 2018, amended on February 6, 2019, and was declared effective on February 11, 2019. A preliminary prospectus supplement relating to and describing the terms of the offering was filed with the SEC on January 19, 2021 and is available on the SEC’s website at www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to these securities may also be obtained for free from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: 1-866-803-9204, or by emailing at [email protected]; Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, via telephone: +1 (833) 297-2926, or via email: [email protected]; and Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, or by telephone at 800-747-3924, or by email at [email protected].

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

RenovoRx Announces Studies that Further Advance the Science of Pancreatic Cancer Treatment Presented at the 2021 ASCO Gastrointestinal Cancers Symposium

On January 20, 2021 RenovoRx, an innovator in targeted cancer therapy, reported two research studies were presented at the 2021 ASCO (Free ASCO Whitepaper) Gastrointestinal Cancers Symposium that further advance the science of pancreatic cancer treatment (Press release, Renovorx, JAN 20, 2021, View Source [SID1234574161]). In one presentation, preliminary data from the ongoing Phase III TIGeR-PaC Clinical Trial was used to investigate incidence of sepsis in pancreatic cancer patients. In the second presentation, data regarding resection rates in patients with Locally Advanced Pancreatic Cancer (LAPC) undergoing IV gemcitabine + nab-paclitaxel treatment regimens as part of the induction phase of the TIGeR-PaC study was shared. The TIGeR-PaC trial’s primary goal is to determine whether its proprietary Trans-Arterial Micro-Perfusion (TAMP) procedure utilizing intra-arterial gemcitabine can reduce the chance of cancer spreading and extend survival while improving quality of life for pancreatic cancer patients.

"The data presented at the 2021 ASCO (Free ASCO Whitepaper) Gastrointestinal Cancers Symposium indicates how the TIGeR-PaC trial is helping to advance the science for pancreatic cancer treatment beyond its primary goals," said Dr. Ramtin Agah, Chief Medical Officer and Co-Founder at RenovoRx. "One study addresses the potential of risk stratifying patients that may become septic in their standard of care systemic chemotherapy treatment protocol. The other presentation helps us better understand how the gemcitabine + nab-paclitaxel chemotherapy regimen can aid resection rates for LAPC patients."

Studies presented at 2021 ASCO (Free ASCO Whitepaper) Gastrointestinal Cancers Symposium:

"Sepsis and pancreatic cancer: Biliary stents a significant risk factor in patients undergoing chemotherapy," presented by Michael J. Pishvaian, Charles Li, et al. evaluated the occurrence of sepsis in pancreatic cancer patients with biliary stents included in the TIGeR-PaC trial. The placement of a biliary stent can be used to alleviate complications from the obstruction of the bile duct. The findings concluded that combined with the immunosuppressive qualities of chemotherapy, the likelihood of sepsis increases, with incidence rates significantly greater than those previously reported in the drugs’ prescribing information or previous studies. The current practice of the insertion of the biliary stent potentially introduces bacteria during the procedure, resulting in potential infection later with administration of chemotherapy.

"Resection rate of locally advanced pancreatic cancer in gemcitabine plus nab-paclitaxel versus FOLFIRINOX," presented by Michael J. Pishvaian, Shahriar Sharif, et al. evaluated the resection rate in LAPC patients using regimens approved for metastatic pancreatic cancer. There currently is no established treatment for LAPC and because of the complexity of surgically removing the tumor in this population, hope remains for rendering them to the point of resectablity with chemotherapy. This study compared the common systemic treatment regimens used in LAPC including intravenous gemcitabine plus nab-paclitaxel (Gem-Nab) chemotherapy and FOLFIRINOX (a combination of five chemotherapy agents). To evaluate the Gem-Nab treatment approach, the research team used data from the TIGeR-PaC clinical trial’s induction phase and control arm of the study. The study concluded that in the younger cohort of patients, TIGeR-PaC results are in line with the data of 15% resection rate from another trial of patients with median age of 65 years. In the TIGeR-PaC study the resection rate for LAPC treated with systemic Gem-Nab chemotherapy was 10% overall, and 18.2% for the younger patient population. These resection rates are comparable to the other reports for Gem-Nab and are similar to retrospective reports for the younger patients undergoing resection after treatment with FOLFIRINOX.

The TIGeR-PaC study, which currently has approximately 30 active clinical sites, is ultimately expected to involve approximately 200 participants in the US and Europe. To learn more, visit View Source