On January 11, 2021 Agios Pharmaceuticals, Inc. (NASDAQ: AGIO), a leader in the field of cellular metabolism to treat cancer and genetically defined diseases, reported its key 2021 milestones that will drive its recently announced strategic pivot to focus on developing and commercializing innovative treatments for genetically defined diseases, as well as its five-year vision for the company (Press release, Agios Pharmaceuticals, JAN 11, 2021, View Source [SID1234573824]). Agios will present at the virtual 39th Annual J.P. Morgan Healthcare Conference on Monday, January 11 at 10:50 a.m. ET, and a live webcast will be available at investor.agios.com.

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"Agios is at an exciting inflection point as we prepare to move forward with a singular focus on genetically defined diseases," said Jackie Fouse, Ph.D., chief executive officer of Agios. "2021 will be a year of significant momentum and further evidence of our potential to meaningfully impact the lives of patients with unmet needs in pyruvate kinase deficiency, thalassemia, sickle cell disease and other genetically defined diseases. This year, we expect to file for the approval of mitapivat in pyruvate kinase deficiency, which currently has no disease-modifying treatment options, and to initiate pivotal development programs in thalassemia and sickle cell disease. We also expect to further unlock the potential of PK activation across a range of genetically defined diseases by advancing our rich and sustainable research pipeline. As we reimagine the future of Agios, we look forward to building on our core values and pioneering leadership in cellular metabolism to expand and accelerate our work on behalf of patients."

Anticipated 2021 Key Milestones

Agios expects to achieve the following key milestones in 2021:

Corporate

Complete sale of oncology portfolio to Servier, in a transaction worth up to $2 billion plus royalties, in the second quarter of 2021 subject to shareholder approval and satisfaction of regulatory conditions, and commence return of at least $1.2 billion to shareholders post-closing
Genetically Defined Disease Program Milestones

File for regulatory approval for mitapivat in adults with PK deficiency: submit new drug application (NDA) in the U.S. in the second quarter of 2021 and marketing authorization application (MAA) in the EU in mid-2021
Initiate two Phase 3 studies of mitapivat, ENERGIZE and ENERGIZE-T, in not regularly transfused and regularly transfused adults with thalassemia in the second half of 2021
Announce pivotal development plan for mitapivat in adults with sickle cell disease in the first half of 2021 and initiate pivotal development program by year-end
Prioritize new indications for pyruvate kinase R (PKR) and pyruvate kinase M2 (PKM2) activator clinical development by year-end
Genetically Defined Disease Data Presentations

Report topline data from the Phase 3 ACTIVATE-T study of mitapivat in adults with PK deficiency who receive regular transfusions in the first quarter of 2021
Submit data from the following clinical studies for presentation at the European Hematology Association (EHA) (Free EHA Whitepaper) Virtual Congress, which will be held June 9-17, 2021:
Phase 3 ACTIVATE study of mitapivat in adults with PK deficiency who do not receive regular transfusions
Phase 3 ACTIVATE-T study of mitapivat in adults with PK deficiency who receive regular transfusions
Phase 2 study of mitapivat in adults with α- and β-thalassemia who do not receive regular transfusions
Submit data from ongoing clinical studies of mitapivat in sickle cell disease for presentation at medical meetings throughout 2021
Present data from the single ascending dose (SAD) and multiple ascending dose (MAD) cohorts of the Phase 1 study of AG-946, the company’s next-generation PKR activator, in healthy volunteers by year-end
Oncology Milestones & Data Presentations

Present mature overall survival data from the Phase 3 ClarIDHy study of TIBSOVO (ivosidenib tablets) in patients with previously treated IDH1-mutant cholangiocarcinoma at the American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) Gastrointestinal Cancers Symposium (ASCO-GI), which will be held virtually January 15-17, 2021
Submit supplemental new drug application (sNDA) in the U.S. for TIBSOVO in patients with previously treated IDH1-mutant cholangiocarcinoma in the first quarter of 2021
Enrollment in the Phase 3 AGILE trial of TIBSOVO in combination with azacitidine in adult patients with previously untreated IDH1-mutant acute myeloid leukemia is expected to be complete by year-end
Enrollment in the relapsed or refractory myelodysplastic syndrome arm of the TIBSOVO Phase 1 study of IDH1-mutant advanced hematologic malignancies is expected to be complete by year-end
Full-year net product revenue for TIBSOVO is expected to be $160-170 million
Agios 2025 Strategic Vision
The Agios 2025 strategic vision reflects the company’s expected evolution over the next five years in light of its singular focus on genetically defined diseases. As part of this vision, Agios expects to achieve the following milestones by the end of 2025:

Receive regulatory approval for mitapivat in three initial indications: PK deficiency, thalassemia and sickle cell disease
Advance a broad clinical pipeline of at least 5 molecules exploring at least 10 indications
Foster a robust research pipeline poised to deliver an investigational new drug (IND) every 12-24 months
Achieve cash-flow positivity
2020 Year-End Cash and Guidance
Agios ended 2020 with approximately $670.5 million of cash, cash equivalents and marketable securities. The company expects that its cash, cash equivalents and marketable securities as of December 31, 2020, together with anticipated product and royalty revenue, interest income and expense reimbursements under our collaboration agreements, but excluding any additional program-specific milestone payments, will enable the company to fund its planned operating expenses and capital expenditure requirements to the end of 2022. Following the completion of the transaction with Servier and the subsequent shareholder returns, Agios expects its cash runway to extend to cash-flow positivity in 2025.

Presentation at 39th Annual J.P. Morgan Healthcare Conference
Agios will webcast its corporate presentation from the virtual 39th Annual J.P. Morgan Healthcare Conference on Monday, January 11, 2021 at 10:50 a.m. ET (7:50 a.m. PT). A live webcast of the presentation can be accessed under "Events & Presentations" in the Investors section of the company’s website at agios.com. A replay of the webcast will be archived on the Agios website for at least two weeks following the presentation.

On January 11, 2021 Bristol Myers Squibb (NYSE: BMY) reported that its Board of Directors has authorized incremental share repurchases of up to an additional $2 billion of the company’s outstanding shares of common stock (Press release, Bristol-Myers Squibb, JAN 11, 2021, View Source [SID1234573823]). With this increase, the company’s total outstanding share repurchase is approximately $6.4 billion.

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The timing and amount of any share repurchases under the authorization will be determined by management at its discretion and based on market conditions and other considerations. Share repurchases under the authorizations may be made through a variety of methods, which may include open market purchases, pursuant to pre-set trading plans meeting the requirements of Rule 10b-1 under the Securities Exchange Act of 1934, in privately negotiated transactions, block trades, accelerated share repurchase transactions, or any combination of such methods. The program does not obligate Bristol Myers Squibb to acquire any particular amount of its common stock, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion.

On January 11, 2021 Aileron Therapeutics, Inc. (Nasdaq: ALRN) reported the completion of its previously announced registered direct offering of 32,630,983 of its shares of common stock at a purchase price of $1.10 per share, for gross proceeds of $35.9 million, before deducting placement agent fees and other offering expenses payable by Aileron (Press release, Aileron Therapeutics, JAN 11, 2021, View Source [SID1234573822]). Aileron is developing ALRN-6924 as a novel medicine to selectively protect healthy cells in patients with cancers that harbor p53 mutations to reduce or eliminate chemotherapy-induced side effects while preserving chemotherapy’s effects against cancer cells, a concept known as chemoprotection.

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New fundamental investors, including Acorn Bioventures, BVF Partners, L.P., Maven Investment Partners and Grand Oaks Capital, participated in the offering, in addition to several existing Aileron investors, including Satter Medical Technology Partners and Lincoln Park Capital Fund, LLC.

JonesTrading Institutional Services LLC ("JonesTrading") acted as the placement agent for the offering.

In addition to the $35.9 million registered direct offering, between November 12, 2020 and January 5, 2021, Aileron sold an aggregate of 9,894,519 shares of its common stock in "at the market" offerings under the Capital on DemandTM Sales Agreement with JonesTrading resulting in aggregate gross proceeds of approximately $12.7 million. Gross proceeds combined from both offerings were $48.6 million before deducting commissions and fees.

With the proceeds from these transactions, Aileron believes that its cash, cash equivalents and investments will enable it to fund its current strategic plan into the second half of 2023, including the planned clinical trial of ALRN-6924 in patients with advanced non-small cell lung cancer (NSCLC).

"We are thrilled to welcome Acorn Bioventures, BVF Partners and Maven Investment Partners as fundamental healthcare investors in Aileron. We believe that the participation of these funds, in addition to the continued support of key existing Aileron investors, is further validation of the potential of ALRN-6924 as an important medicine in the emerging chemoprotection field," said Manuel Aivado, M.D., Ph.D., President and Chief Executive Officer of Aileron. "With the completed offering, we are well positioned to continue advancing toward our vision to bring chemoprotection to all patients with p53-mutant cancer regardless of cancer type or chemotherapy."

Dr. Aivado continued, "For decades, the medical community has largely been resigned to the sad reality that chemotherapy destroys healthy cells while destroying cancer cells. 2021 holds the promise to begin a shift in this long-held mindset with the imminent PDUFA date and potential approval of the industry’s first chemoprotective agent1 that, similar to ALRN-6924, aims to protect healthy cells from chemotherapy’s side effects. Given the increasing interest in chemoprotection and the significant unmet medical need, we believe ALRN-6924 has the potential to have an important and broad role in proactively preventing chemotherapy’s harmful effects on cancer patients."

Aileron plans to begin enrollment in a Phase 1b randomized, double-blind, placebo-controlled clinical trial of ALRN-6924 in patients with advanced p53-mutated NSCLC undergoing treatment with first-line carboplatin doublet chemotherapy (with or without immune checkpoint inhibitors), in the second quarter of 2021. The planned Phase 1b NSCLC trial follows Aileron’s presentation in October 2020 of clinical data from its ongoing Phase 1b clinical trial of ALRN-6924 in small cell lung cancer (SCLC) demonstrating clinical proof-of-concept that treatment with ALRN-6924 resulted in a protective effect against severe anemia, thrombocytopenia and neutropenia in patients with p53-mutated SCLC treated with topotecan. Aileron anticipates reporting initial results from the trial late in the fourth quarter of 2021 and full results in mid-2022.

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 sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

How ALRN-6924 Is Designed to Protect Healthy Cells from Chemotherapy

ALRN-6924 is being developed by Aileron as a novel chemoprotective medicine to selectively protect healthy cells in patients with cancers that harbor p53 mutations to reduce or eliminate chemotherapy-induced side effects.

Chemotherapy preferentially acts on cells that are cycling or undergoing the process of cell division. In cancer cells, the cell cycle is unchecked, which leads to uncontrolled cell proliferation, a hallmark of cancer. Certain types of healthy cells also naturally need to cycle, such as bone marrow cells, hair follicle cells, skin cells, and cells lining the oral cavity and the gastrointestinal tract. As a result, chemotherapy preferentially targets and kills both cycling healthy cells and cycling cancer cells. This, in turn, can lead to a spectrum of chemotherapy-induced side effects, from unpleasant to life-threatening and fatal.

ALRN-6924, an investigational first-in-class MDM2/MDMX dual inhibitor, is administered prior to chemotherapy to patients with p53-mutant cancers. ALRN-6924 is designed to activate normal p53 protein in patients’ healthy cells, temporarily and reversibly pausing cell cycling to selectively shield the patients’ healthy cells from chemotherapy. The protection is limited to healthy cells, as ALRN-6924 cannot work in p53-mutated cancer cells given that mutated p53 has lost its function in those cells. Therefore, cancer cells continue to cycle uninterrupted and remain fully susceptible to destruction by chemotherapy.

1 The U.S. Food & Drug Administration has assigned a Prescription Drug User Fee Act (PDUFA) date of February 15, 2021 for G1 Therapeutics, Inc.’s investigational therapy trilaciclib.

On January 11, 2021, Ideaya Biosciences Presented the corporate presentation (Filing, 8-K, Ideaya Biosciences, JAN 11, 2021, View Source [SID1234573821])

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On January 11, 2021 IGM Biosciences, Inc. (Nasdaq: IGMS) reported that it has entered into an exclusive license agreement with Medivir AB (Nasdaq Stockholm: MVIR), through which IGM will receive global, exclusive development and commercialization rights for birinapant, a clinical-stage SMAC mimetic that binds to and degrades Inhibitors of Apoptosis Proteins (IAPs), leading to cell death (apoptosis) in tumor cells (Press release, IGM Biosciences, JAN 11, 2021, View Source [SID1234573820]). The combination of IGM-8444, an IgM antibody targeting Death Receptor 5 (DR5) being developed by IGM, and birinapant has been shown to enhance anti-tumor activity preclinically.

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Under terms of the agreement, Medivir will receive an upfront payment of $1 million upon signing the agreement, followed by an additional $1.5 million when birinapant is included by IGM in clinical Phase I studies. The terms of the agreement also entitle Medivir, should birinapant be successfully developed and approved, to receive milestone payments up to a total of approximately $350 million, plus tiered royalties from the mid-single digits up to mid-teens on net sales.

"Based on our in vitro and in vivo models, which have shown remarkable synergy between IGM-8444 and birinapant, we are excited to explore this combination’s potential to deliver superior anti-tumor activity in patients with solid tumors," said Fred Schwarzer, Chief Executive Officer of IGM Biosciences. "This agreement is part of a broader strategy to realize the full potential of our IgM drug candidates by maintaining control over the timing and development path of the more promising combinations to emerge from our preclinical and clinical work. We look forward to moving the IGM-8444-birinapant combination into clinical testing to begin validating the significance of targeting DR5 with an IgM antibody in certain combinations and to continue to explore similar strategic options across our IgM platform."

"Agreements, such as the one announced today with IGM, continue to be a core component of Medivir’s corporate mission and business model," said Yilmaz Mahshid, Chief Executive Officer of Medivir. "Today’s announcement further exemplifies our focus and commitment to the development and commercialization of innovative treatments for cancer, and we look forward to IGM’s progress in the clinic and beyond."

In addition to its apoptotic activity, birinapant augments anti-tumor immune system activity. Through this double action, on both tumor cells and cells of the immune system, birinapant has the potential to improve the treatment of several types of cancer when used in combination with other drugs. IGM-8444 is currently being tested in a Phase 1 dose escalation study in patients with solid and hematologic malignancies. DR5 is a member of the tumor necrosis factor receptor superfamily (TNFrSF) and is often expressed on the surface of cancer cells. Subject to regulatory review, IGM plans to begin the clinical testing of birinapant in combination with IGM-8444 for the treatment of solid tumors later this year.