Novo Seeds Portfolio Company Galecto Raises USD 64 Million to Accelerate Development of Clinical Pipeline

On September 25, 2020 Novo Seeds, the early stage investment and company creation team of Novo Holdings, reported that its portfolio company Galecto Inc. (Galecto), a privately-held biotechnology company focused on the development of novel treatments for fibrosis and cancer, successful completed a USD 64 million equity financing (Press release, Novo, SEP 25, 2020, View Source [SID1234567623]).

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Galecto was first incubated through the pre-seed grant programme of the Novo Nordisk Foundation in 2009, and subsequently Novo Seeds led its first seed investment round in 2010. Novo Seeds was instrumental in recruiting the Chief Executive Officer (CEO) Hans Schambye who has been driving the progress since the start. Novo Seeds also led the company’s last fundraise in 2018, when it became its largest shareholder.

Søren Møller, Managing Partner at Novo Seeds, commented: "As the original incubators and first investor in Galecto, we are very proud of the company’s accomplishments to date. This solid financing positions this Nordic company as global leader in diseases with high unmet medical need and validates Novo Seeds’ investment strategy of building the next-generation of life sciences companies and continue financing as they build value. As one of the largest company creator teams in Europe, we are encouraged by this international syndicated fundraise and we look forward to continuing playing a prominent role in shaping the Nordic biotech ecosystem."

Hans Schambye, CEO of Galecto, said: "We are delighted to once again count on Novo Seeds’ support and look forward to continue working with this group of renowned investors in shaping the future of the company. Together with our existing cash balance, this raise will enable the continuing development of Galecto, including advancing our promising GB0139 product candidate, which has orphan drug designation in both the U.S. and EU, towards market. This financing will also support the further expansion of our clinical development as we aim to have three Phase 2 studies running by the end of 2020. We are looking forward to advancing our products through clinical development and potentially to market to address significant unmet medical needs."

Galecto intends to use the funds to prepare for a potential conditional approval of GB0139 for the treatment of Idiopathic Pulmonary Fibrosis (IPF) in the European Union in 2022 and to further expand and advance its clinical development pipeline. Galecto is currently conducting a Phase 2b trial of GB0139 in IPF and intends to initiate Phase 2 studies of GB1211 in liver fibrosis related to Non-Alcoholic SteatoHepatitis (NASH) and GB2064 in Myelofibrosis by the end of this year.

The financing was led by Soleus Capital and co-led by Eir Ventures, with the participation of Novo Holdings, and new and existing investors including: OrbiMed, Ysios Capital, HBM Healthcare Investments, Sunstone Capital, Bristol Myers Squibb, Seventure, Maverick Ventures,Cormorant Asset Management, Janus Henderson Investors, Hadean Capital, Sphera, Asymmetry Capital Management and Canica.

RemeGen Announces US FDA Has Granted Breakthrough Therapy Designation for Disitamab Vedotin (RC48) in Urothelial Cancer

On September 25, 2020 RemeGen Co., Ltd. ("RemeGen") reported that the U.S. Food and Drug Administration (FDA) has granted Breakthrough Therapy designation for disitamab vedotin (RC48), a novel humanized anti-HER2 antibody drug conjugate (ADC), for the second-line treatment of patients with HER2 positive locally advanced or metastatic urothelial cancer (UC) who have also previously received platinum-containing chemotherapy treatment (Press release, RemeGen, SEP 25, 2020, View Source [SID1234567622]). Earlier this year, RemeGen announced the FDA’s clearance of an Investigational New Drug (IND) application for a Phase II clinical study in the United States and the grant of Fast Track designation for disitamab vedotin.

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A drug development program with Breakthrough Therapy designation is eligible for all Fast Track designation features, intensive guidance on an efficient drug development program beginning as early as Phase I, and organizational commitment involving senior managers. This process is designed to expedite the development and review process.

"An estimated 81,400 new cases of urothelial cancer and 17,980 deaths are predicted in the United States in 2020i," said Jianmin Fang, Ph.D., founder, CEO and CSO of RemeGen. "The high prevalence of metastatic urothelial cancer underscores the need for effective and accessible treatment methods for patients. This Breakthrough Therapy designation will bring RemeGen one step closer to finding a safe and effective treatment for this devastating disease. We look forward to working with the FDA to advance the clinical development of disitamab vedotin."

Urothelial cancer represents the ninth most common cancer worldwide and the fourth most common cancer in men in the United States.ii

About RC48
RC48 was developed to treat HER2 expressing solid tumors. It has a novel antibody with a higher affinity to HER2 compared to standard of care, and superior anti-tumor activity compared to other treatments in animal models. RC48 was the first ADC drug approved for human clinical trials in China and favorable safety profile has been observed in clinical trials. It is currently being studied in multiple late-stage clinical trials across solid tumor types.

Genelux Announces Closing of a Strategic Financing Transaction

On September 25, 2020 Genelux Corporation, a privately-held clinical-stage immunotherapy company, reported that it has entered into a convertible note and warrant financing transaction with Woodward Diversified Capital (WDC) (Press release, Genelux, SEP 25, 2020, View Source [SID1234567101]). Genelux and WDC have completed the first close of a private placement of unsecured convertible notes of up to $20M and associated warrants.

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The transaction underscores the strength and promise of Olvi-Vec, Genelux’s lead oncolytic immunotherapy candidate. The Company intends to use the proceeds from the financing primarily to finalize preparations for and initiate its planned Phase 3 (registration) trial of Olvi-Vec in platinum refractory/resistant ovarian cancer and to fund further expansion of our clinical program, and for general corporate purposes.

Gabe Woodward, Partner at WDC, commented, "We were attracted to Genelux because of the caliber of the team and because they meet our criteria of having a breakthrough and innovative approach to address a significant unmet medical need."

"Genelux is fortunate to have the financial and sophisticated strategic support of WDC as we successfully advance Olvi-Vec towards its first registration trial," said Thomas Zindrick, J.D., President and CEO of Genelux.

About Olvimulogene Nanivacirepvec (Olvi-Vec)
Olvi-Vec is a proprietary, non-pathogenic oncolytic vaccinia virus, modified to increase its safety, tumor selectivity and anti-tumor activity. Virus-mediated oncolysis results in immunogenic cell death and triggers immune activation and memory for long-term immunotherapy against cancer. Clinical results in more than 150 subjects have shown Olvi-Vec is well tolerated with documented clinical benefits.

Blueprint Medicines Announces European Commission Approval of AYVAKYT® (avapritinib) for the Treatment of Adults with Unresectable or Metastatic PDGFRA D842V Mutant Gastrointestinal Stromal Tumors

On September 25, 2020 Blueprint Medicines Corporation (NASDAQ: BPMC), a precision therapy company focused on genomically defined cancers, rare diseases and cancer immunotherapy, reported that the European Commission (EC) has granted conditional marketing authorization to AYVAKYT (avapritinib) as a monotherapy for the treatment of adult patients with unresectable or metastatic gastrointestinal stromal tumors (GIST) harboring the platelet-derived growth factor receptor alpha (PDGFRA) D842V mutation. For the first time in Europe, there is an approved therapy for patients with PDGFRA D842V mutant GIST specifically designed to target the underlying molecular driver of their disease (Press release, Blueprint Medicines, SEP 25, 2020, View Source [SID1234565614]).

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The EC approval is based on efficacy results from the Phase 1 NAVIGATOR trial as well as combined safety results from the NAVIGATOR and Phase 3 VOYAGER trials. AYVAKYT demonstrated deep and durable clinical activity and was generally well-tolerated in patients with PDGFRA D842V mutant GIST with or without prior therapy. In 38 NAVIGATOR trial patients with PDGFRA D842V mutant GIST at a starting dose of 300 mg or 400 mg once daily, AYVAKYT had an overall response rate (ORR) of 95 percent (95% CI: 82.3%, 99.4%), with 13 percent of patients achieving a complete response, and the median duration of response (DOR) was 22.1 months (95% CI: 14.1 months, not estimable). The median progression-free survival (PFS) was 24 months, and the median overall survival (OS) was not reached. These efficacy data were reported earlier this month during the European Society for Medical Oncology (ESMO) (Free ESMO Whitepaper) Virtual Congress 2020. The most frequently reported adverse reactions (≥20 percent) were nausea, fatigue, anemia, periorbital edema, face edema, hyperbilirubinemia, diarrhea, vomiting, peripheral edema, increased lacrimation, decreased appetite and memory impairment.

GIST is a genomically driven sarcoma of the gastrointestinal (GI) tract, with PDGFRA D842V mutations implicated in a rare subset of patients. A retrospective study of patients with PDGFRA D842V mutant GIST showed that treatment with imatinib, the standard first-line GIST therapy, led to an ORR of 0 percent.2 ESMO (Free ESMO Whitepaper) guidelines recommend including mutational testing in the GIST diagnostic work-up as standard practice.

"There have historically been no treatments offering hope for patients with PDGFRA D842V mutant GIST. AYVAKYT represents the first major therapeutic breakthrough for patients with GIST harboring this mutation, defining a new standard of care," said Sebastian Bauer, M.D., medical oncologist at the West German Cancer Center in Essen, and an investigator on the NAVIGATOR trial. "The NAVIGATOR trial confirmed that almost all patients with PDGFRA D842V mutant GIST achieved tumor shrinkage and clinical responses were durable. These patients have lived longer than what is expected based on historical outcomes, and side effects have been well-tolerated in most patients. With this approval, it is more important than ever to conduct mutational testing prior to first-line treatment, so that patients with PDGFRA D842V mutant GIST may begin therapy with AYVAKYT, the only effective treatment for their tumor type."

"This year, Blueprint Medicines has received three marketing approvals globally, highlighting our commitment to rapidly advance a portfolio of transformative treatments and effectively deliver them to patients worldwide," said Jeff Albers, Chief Executive Officer at Blueprint Medicines. "AYVAKYT is the first highly active treatment option for PDGFRA D842V mutant GIST, offering much-needed hope for this rare patient population who have long been underserved by existing therapies. As we progress toward our AYVAKYT launches in Europe, we are focused on raising awareness about the therapy’s differentiated clinical profile and the importance of mutational testing, and working closely with health authorities to enable patient access to AYVAKYT as rapidly as possible."

In Europe, Blueprint Medicines plans to initiate its first commercial launch in Germany following the EC approval, and the timing of AYVAKYT availability will vary for other countries based on local reimbursement and access pathways. AYVAKYT will be available in 100 mg, 200 mg and 300 mg dose strengths, and the recommended starting dose is 300 mg once daily. As part of the conditional marketing authorization, Blueprint Medicines plans to conduct an observational, long-term study in patients with PDGFRA D842V mutant GIST treated with AYVAKYT.

"The introduction of a new targeted therapy, AYVAKYT, is an important milestone for patients with PDGFRA D842V mutant GIST, who have historically had no effective treatment options," said Markus Wartenberg, chair of Sarcoma Patients EuroNet Association (SPAEN). "We appreciate working with companies like Blueprint Medicines to advance treatment for those living with GIST, and empower the patient community through education and support."

About AYVAKYT (avapritinib)

AYVAKYT (avapritinib) is a kinase inhibitor approved in the EU for the treatment of adults with unresectable or metastatic GIST harboring the PDGFRA D842V mutation. AYVAKYT is the first precision therapy approved in Europe to treat a genomically defined population of patients with GIST. The EC previously granted orphan medicinal product designation for AYVAKYT for the treatment of GIST. This medicine was approved by the U.S. Food and Drug Administration (FDA) for the treatment of adults with unresectable or metastatic GIST harboring a PDGFRA exon 18 mutation, including PDGFRA D842V mutations, under the brand name AYVAKIT.

This therapy is not approved for the treatment of any other indication in the U.S. or Europe, or for any indication in any other jurisdiction by any other health authority. It is being developed globally for the treatment of advanced and indolent systemic mastocytosis (SM). The FDA granted breakthrough therapy designation to AYVAKIT for the treatment of advanced SM, including the subtypes of aggressive SM, SM with an associated hematologic neoplasm and mast cell leukemia.

Blueprint Medicines has an exclusive collaboration and license agreement with CStone Pharmaceuticals for the development and commercialization of avapritinib in Mainland China, Hong Kong, Macau and Taiwan. Blueprint Medicines retains development and commercial rights for avapritinib in the rest of the world.

About GIST

GIST is a sarcoma, or tumor of bone or connective tissue, of the GI tract. Tumors arise from cells in the wall of the GI tract and occur most often in the stomach or small intestine. Most patients are diagnosed between the ages of 50 to 80, and diagnosis is typically triggered by GI bleeding, incidental findings during surgery or imaging and, in rare cases, tumor rupture or GI obstruction.

About 5 to 6 percent of primary GIST cases are caused by a PDGFRA D842V mutation, the most common PDGFRA exon 18 mutation. Published data have shown poor outcomes in patients with PDGFRA D842V mutant GIST treated with imatinib and other approved therapies, including a median OS of 15 months, a median PFS of 3 months and an ORR of 0 percent.2

Combined Therapeutics Wins $250,000 MilliporeSigma Advance Biotech Grant

On September 25, 2020 MilliporeSigma reported that it has awarded MIT spin-out Combined Therapeutics a check for $250,000 as the winner of its 2020 Advance Biotech Grant (Press release, MilliporeSigma, SEP 25, 2020, View Source [SID1234565613]).

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Combined Therapeutics (CTx) is an early stage startup developing next generation virotherapy targeted with nucleic acids. The pre-clinical biotech aims to develop therapies to treat liver cancer using its mRNA using its targeted oncolytic platform.

The firm—founded by MIT professors Robert Langer and Dan Anderson, along with entrepreneur Romain Micol—was the prestigious winner Thursday of the MilliporeSigma Advance Biotech Grant, part of the 2020 National Xconomy Awards event.

The Advance Biotech Grant, sponsored and presented by MilliporeSigma, the life science business of Merck KGaA, looks to help resolve the limitations for emerging biotech companies in accessing the equipment, products, and services they need to discover, develop, and push the next generation of drugs to market. The rotating grant program began in 2014 and runs every six months in Europe, North America, and Asia with over €4 million ($4.7 million) having already been awarded.

Senior scientist Lauren Speciner picked up the award for Combined Therapeutics during the virtual event, and thanked MilliporeSigma in her acceptance speech.

"We’ve already had some really great discussions [with them]. They provided good input and helped us to give some solutions to some of the process issues that we’ve been having," she told delegates. "This grant will help us to scale up quickly and create the next generation of mRNA therapeutics and we look forward to continue working with them."

Combined Therapeutics will be able to use the $250,000 USD for the purchase of:

$160,000 in Bioprocessing Technologies
$36,800 in Bioprocessing Technologies consultation in upstream and downstream processes, media optimization, Spent Media Analysis offerings, a visit to M Lab Collaboration Center located in Burlington, MA with dedicated support onsite, and one free classroom-based application training course
$40,000 in the Actives and Formulation catalogue portfolio for biomolecule formulation (e.g., stabilizers, buffers, biodegradable polymers, lipids, etc.)—training on the Emprove program and its advantages for the preparation of the registration process is included
$13,200 for a full subscription to the Emprove Suite (access for a one-year period)
MilliporeSigma’s Head of Process Solutions, Andrew Bulpin, introduced the award, explaining how the company strives to help biotech startups understand the challenges in the quest to push the next generation of drugs to market.

"Whether you operate in the field of monoclonal antibodies, and recombinant antibody, drug conjugates, vaccines, or gene therapies, our products, services, and experts are there to help you find the best way to move your molecule to the next scale faster," he said. "Through our advanced biotech grant program, we recognize stand-out emerging biotech companies and help them navigate their path to commercialization."

Combined Therapeutics was one three finalists from over 50 applicants. The other two finalists—Frank Jing of Tenaya Therapeutics and Tim Pelura of Respana Therapeutics—both received $10,000 in products and services for their respective companies.