Medivir AB – Interim Report January – March 2021

On April 28, 2021 Medivir AB reported that Interim Report January – March 2021 (Press release, Medivir, APR 28, 2021, View Source;interim-report-january–march-2021-301278700.html [SID1234578697]).

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!

Financing secured to bring the MIV-818 study into the next phase

January – March

Financial summary for the quarter

Net turnover amounted to SEK 9.9 (7.3) million.
The loss before interest, tax, depreciation and amortization (EBITDA) amounted to SEK -7.2 (-20.7) million. Basic and diluted earnings per share amounted to SEK -0.18 (-0.96) and SEK -0.18 (-0.96) respectively.
Cash flow from operating activities amounted to SEK -1.5 (-16.6) million.
Liquid assets and short-term investments at the end of the period amounted to SEK 269.3 (116.6) million.
Significant events during the quarter

In January the company signed an exclusive license agreement with IGM Biosciences, Inc. for birinapant. Medivir received a payment of USD 1 million after signing, which is to be followed by an additional USD 1.5 million when IGM includes birinapant in phase I clinical trials. In addition, the agreement entitles Medivir to milestone payments and royalties.
A rights issue of class B shares with preferential rights for existing shareholders was completed in early February. Through the rights issue, which was oversubscribed to 93.5 percent, Medivir received approximately SEK 170 million before transaction costs.
The Board of Directors decided to exercise the over-allotment option of SEK 25 million, directed to the specialist investor HealthInvest.
An Extraordinary General Meeting on March 11, 2021, decided on a directed new share issue of approximately SEK 28 million to Linc AB.
In February 2021 a licensing agreement with Ubiquigent was signed for the preclinical research program USP7.
In March, the last patient was included in the first part of the phase Ib study with MIV-818.
In March 2021, it was announced that Yilmaz Mahshid will leave his position as CEO of Medivir at the Annual General Meeting on May 5, for personal reasons. The recruitment process for a new CEO has begun.
Medivir’s Nomination Committee proposes the re-election of Uli Hacksell, Lennart Hansson, An van Es Johansson and Bengt Westermark as board members. The Nomination Committee proposes the election of Yilmaz Mahshid as new board member and that Uli Hacksell is elected Chairman of the Board.
Bengt Julander and Helena Levander have declined re-election.
Significant events after the end of the quarter

On April 16, it was announced that Magnus Christensen had been appointed interim CEO of Medivir. He will take up his new role in connection with Medivir’s Annual General Meeting on May 5, 2021.
On April 19, it was announced that the overall results from the first part of the phase Ib study with MIV-818 were positive with a good safety and tolerability profile. Thus, the starting dose for the second part of the phase Ib study could be determined.

Conference call for investors, analysts and the media
The Interim Report January – March 2021 will be presented by Medivir’s President & CEO, Yilmaz Mahshid.

The conference call will also be streamed via a link on the website: www.medivir.com
The presentation will be available on Medivir’s website after completion of the conference.

BioInvent International AB: Interim report January-March 2021

On April 28, 2021 BioInvent reported to make strong clinical and financial progress in Q1 2021 (Press release, BioInvent, APR 28, 2021, View Source [SID1234578699]). Positive interim results from the Phase 1/2a study of BI-1206 in B-cell non-Hodgkin’s lymphoma (NHL) are very encouraging. Our financial position was reinforced with a directed share issue, providing funding to continue the transformation of BioInvent with the expansion of our clinical programs and broadening our institutional shareholder base." – Martin Welschof, CEO BioInvent.

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!

Events in the quarter
PROJECT UPDATES

(R) BioInvent Phase 1/2a data suggest BI-1206 restores activity of rituximab in relapsed non-Hodgkin’s lymphoma patients.
BioInvent enrolled first patient in a Phase 1/2a trial of the first-in-class anti-TNFR2 antibody BI-1808 for the treatment of patients with solid tumors and CTCL.
BioInvent and Transgene enrolled first patient in Phase 1/2a trial of novel oncolytic virus BT-001 in solid tumors.
(R) BioInvent streamlined agreement with CRUK on anti-FcγRllB antibody, BI-1206, ahead of Phase 1/2 data. In exchange for a one-off payment of GBP 2.5 million, the revised deal simplifies and reduces BioInvent’s obligations to CRUK.
BioInvent presented proof-of-concept data on anti-FcyRIIB antibody BI-1607 at AACR (Free AACR Whitepaper) Annual Meeting 2021.
FINANCING

(R) BioInvent successfully carried out a directed share issue of approximately SEK 962 million (USD 116 million).
Events after the period

BioInvent received IND approval for Phase 1/2a trial of anti-TNFR2 antibody BI-1808.
Financial information
FIRST QUARTER 2021

Net sales SEK 6.2 (16.7) million.
Loss after tax SEK -79.8 (-32.6) million.
Loss after tax per share before and after dilution SEK -1.94 (-1.63).
Cash flow from operating activities and investment activities SEK -51.5 (-35.4) million.
Liquid funds as of March 31, 2021: SEK 1,577.1 (117.1) million.

The information was submitted for publication at 08:00 a.m. CEST on April 28, 2021.

Amgen Provides Updated Information On LUMAKRAS™ (Sotorasib)¹ Dose Comparison Study

On April 28, 2021 Amgen (NASDAQ:AMGN) reported that it agreed last night with the FDA’s proposed post-marketing requirement to conduct, as part of the ongoing development program, a multi-center randomized clinical trial to compare the safety and efficacy of LUMAKRAS at 960 mg once daily versus a lower daily dose of the drug (Press release, Amgen, APR 28, 2021, View Source [SID1234578701]). Based on the preclinical, pharmacokinetic, and clinical data, Amgen intends to proceed with the previously disclosed study comparing 960 mg once daily to a 240 mg once daily dose.

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!

Amgen anticipates the results from the study in late 2022 and does not expect any impact on the timelines of the ongoing priority review of LUMAKRAS.

Biohaven to Report First Quarter 2021 Financial Results and Recent Business Developments on May 10, 2021

On April 28, 2021 Biohaven Pharmaceutical Holding Company Ltd. (NYSE: BHVN), a commercial-stage biopharmaceutical company with a portfolio of innovative, late-stage product candidates targeting neurological and neuropsychiatric diseases, reported that it will hold its upcoming first quarter 2021 earnings call and webcast, reporting financial results for the quarter ended March 31, 2021 and providing a review of recent accomplishments and anticipated upcoming milestones, on Monday May 10, 2021 at 8:30 a.m. ET. (Press release, Biohaven Pharmaceutical, APR 28, 2021, View Source [SID1234578692])

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!

To access the call, please dial 877-407-9120 (domestic) or 412-902-1009 (international). The conference call webcast and accompanying slide presentation can be accessed through the "Investors" section of Biohaven’s website at www.biohavenpharma.com. To ensure a timely connection, it is recommended that participants register at least 15 minutes prior to the scheduled webcast. A replay of the call will be made available for two weeks following the conference call. To hear a replay of the call, dial 877-660-6853 (domestic) or 201-612-7415 (international) with conference ID 13718062. An archived webcast will be available on Biohaven’s website.

Lutris Pharma Phase 1 Results of LUT014 for Skin Toxicities Associated with Treatment of Colorectal Cancer Patients with EGFR Inhibitors Published in Cancer Discovery

On April 20, 2021 Lutris Pharma, a clinical stage biopharmaceutical company focusing on improving anti-cancer therapies by reducing dose limiting side effects, reported that results of a Phase1 study for its lead product, LUT014, assessing the safety, tolerability, and efficacy of topically administered LUT014 for the treatment of epidermal growth factor receptor (EGFR) inhibitor-induced acneiform lesions in metastatic colorectal cancer patients, were published in Cancer Discovery a journal of the American Association for Cancer Research (AACR) (Free AACR Whitepaper) (Press release, Lutris Pharma, APR 28, 2021, View Source [SID1234578691]).

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!

EGFR inhibitors, such as the anti-EGFR monoclonal antibodies cetuximab or panitumumab, are valuable therapeutic options in metastatic colorectal cancer. However, their use is often associated with skin toxicities, leading to potentially severe acne-like rashes on the face, chest and back, resulting in a reduced quality of life as well as treatment discontinuation. In fact, 70-80% of patients treated with EGFR inhibitors who developed a rash do not receive optimal anti-cancer treatment.[i]

LUT014 is a topical drug designed to ameliorate the skin toxicity of EGFR inhibitors. The Phase 1 clinical trial for assessing the safety, tolerability and initial efficacy of LUT014 was conducted in four leading centers in the US and two in Israel[ii], on 10 patients with metastatic colorectal cancer who had developed a grade 1 or 2 acneiform rash while being treated with cetuximab or panitumumab. Patients were divided into three dose cohorts, of 0.3, 1 or 2.5 mg/g and were treated for 28 days. In all dosage levels, LUT014 was well tolerated with no dose limiting toxicities. The acneiform rash improved in all the patients who started with grade 2 rash in the low and intermediate dose cohorts (6 patients), and the improvement was maintained a month after treatment cessation.

In light of the positive results, Lutris initiated a Phase 2, randomized, double-blind, placebo-controlled efficacy and safety study of topically administered LUT014 in metastatic colorectal cancer patients with EGFR inhibitor-induced acneiform lesions. The study is designed to include 117 patients in 20 centers in the US and Israel, who will be treated for 28 days with either LUT014 gel or a placebo. The primary outcome is the proportion of subjects in each treatment group who reached treatment success, defined as an improvement (decrease) of at least one grade in the severity of the acneiform lesions from baseline to day 28. Interim results are expected by the end of 2021.

Antoni Ribas, M.D., Ph.D., Professor of Medicine, Surgery, and Molecular and Medical Pharmacology at the University of California Los Angeles, contributing author, and founder and director at Lutris Pharma, said, "We are excited with the positive results and high response rate seen in this preliminary trial for LUT014 in treating skin toxicities of EGFR inhibitors. These promising results offer initial hope that the potential of EGFR inhibitors, a significant tool for the treatment of metastatic colorectal cancer, could be maximized with fewer adverse effects."

Lead author Mario E. Lacouture, MD, Director of the Oncodermatology Program at Memorial Sloan Kettering Cancer Center in New York City, noted, "EGFR is highly expressed in skin cells, and therefore inhibition of this pathway in patients with cancer often results in debilitating skin rash that is frequently pruritic or painful, and may decrease quality of life and cancer therapy dosing. The preliminary results of the Phase 1 trial are encouraging, and future trials have the potential to translate this therapy into a clinically available treatment option for patients experiencing these untoward events from cancer treatment."

Noa Shelach, PhD, MBS, CEO of Lutris Pharma, said, "Currently there is no approved therapy for acneiform rash that accompany EGFR inhibition in up to 90% of patients. Most of the patients are not optimally treated for their cancer and their quality of life is negatively affected. LUT014 is emerging as an extremely useful topical treatment for EGFR-related acneiform rash, with no systemic adverse effects. In fact, our analysis shows there is negligible absorption and minimal systemic exposure to the drug. While this clinical trial assessed the effect of LUT014 on inhibition of EGFR by therapeutic antibodies, it is also applicable to acneiform rash induced by EGFR inhibitors that are small molecules. We look forward to the interim results of our ongoing Phase 2 trial with LUT014 for treating skin toxicities of EGFR inhibition, expected by the end of the year."

About LUT014

LUT014 is a novel B-Raf inhibitor which is applied topically on the skin. The B-Raf protein is part of the EGFR pathway, and was shown to be mutated in some human cancers such as melanoma cancer. Blocking the B-Raf pathway in B-Raf mutated cancer cells leads to tumor shrinkage, but when the same pathway is blocked in normal, non-mutated cells, the opposite happens: the MAPK pathway is activated and cells start growing. This phenomenon is recognized as the paradoxical effect of B-Raf Inhibitors. LUT014 harnesses the paradoxical effect of B-Raf Inhibitors in order to reverse the effect of EGFR inhibitors on downstream proteins in the skin cells, thereby reducing dose-limiting acneiform lesions associated with EGFR inhibitor treatment. Lutris Pharma is currently assessing the effectiveness of LUT014 in two clinical studies: a Phase 2 study for reduction of dose-limiting acneiform lesions associated with EGFRI treatment of metastatic colorectal cancer, and a Phase 1/2 study for the treatment of radiation induced dermatitis in breast cancer patients.

About EGFR inhibitor-induced rash

EGFR (Epidermal Growth Factor Receptor) is a receptor on the surface of cells which is expressed in many normal epithelial tissues, including skin. The EGFR signaling pathway is one of the most important pathways that regulate growth, survival, proliferation, and differentiation of cells. B-Raf is protein encoded by the BRAF gene and is a downstream effector component of EGFR signaling pathway. EGFR is shown to be over-activated in various human cancers, including colorectal, lung, head & neck, urinary bladder, pancreatic and breast cancers. While over-activated, it elicits downstream phosphorylation and activation of the MAP Kinase pathway.

Drugs called EGFR inhibitors can block the EGFR signal responsible for cell growth. Among the various types of pharmacological therapies for cancer, EGFR inhibitors are increasingly being used both as primary therapy as well as in patients who have failed prior chemotherapy. Although effective as anti-cancer therapy leading to tumor shrinkage, EGFR inhibitors have a number of adverse reactions associated with their use. The majority of patients treated with EGFR inhibitors will experience dermatological side effects typically manifested as a papulopustular skin rash, also known as acneiform lesions, which can impact quality of life and affect adherence to therapy.