VerImmune Inc Announces Closing of Seed Financing to Further Develop Novel Virus-inspired Particle Immunotherapies

On July 27, 2022 VerImmune, Inc. ("VerImmune"), a biotechnology company developing new therapeutic modalities that aim to redirect the body’s pre-existing immunity toward cancer, reported the close of $2.5 million in Seed funding (Press release, VerImmune, JUL 27, 2022, View Source [SID1234617020]). The round was led by SeedFolio, a seed series venture capital firm focused on innovative, early-stage companies with game-changing impact potential. The round also included participation from US and global investment venture firms such as Ulu Ventures, and Proxima VC as well as leading private investment syndicate funds such as the NuFund Venture group (previously Tech Coast Angels- San Diego), Gaingels, Mana Ventures, and others.

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VerImmune intends to use this Seed round financing to further accelerate VerImmune’s lead product development timelines as well as grow the company’s team.

"We are delighted to successfully complete this new seed financing round. Our ability to attract a high-quality diverse group of both US and international investors reflects the global enthusiasm for VerImmune’s technology, management and plans to develop this potentially transformative immuno-oncology treatment for all cancer patients," said Joshua Wang, Founding CEO. "This closing comes at an exciting time for VerImmune as it marks the third wave of deals VerImmune has been able to achieve in the last 6 months following announcements on collaborations with well-established global pharmaceutical companies earlier this year."

"We are delighted to have led the financing for VerImmune. They have stood out due to their highly differentiated platform and mechanistic approach to target tumors for destruction," said Joe Gatto, Managing Director of SeedFolio and VerImmune’s lead investor. "Despite their founding during the Covid-19 pandemic and recent market uncertainties, I have been very impressed by their resiliency and continued ability to produce strong supportive preclinical data."

Another major investor, Haolin Sung, Partner at Proxima VC, a healthcare investment firm that focuses on outstanding enterprises with highly innovative technologies, also said the following: "We are extremely excited for VerImmune’s ViP (Virus-inspired Particle) platform technology. Cancer remains as a huge unmet medical need, and we see the potential pivotal role of benefiting cancer patients through the Anti-tumor Immune Redirection (AIR) approach. Importantly, we see the opportunity for the ViP to change treatment paradigms beyond oncology." Mr. Sung, will be joining VerImmune’s board of directors and represent this round of seed investors.

VerImmune was founded in early 2020 and had been headquartered for the past two years at Fastfoward 1812, near Johns Hopkins East Baltimore Campus in Maryland. In early 2022, the company moved its research and development laboratories to Johnson & Johnson Innovation – JLABS @ Washington, DC and is now fully operational. The relocation of VerImmune’s laboratory headquarters continues to be within the BioHealth Capital Region (BHCR) cluster which consists of Maryland, Washington D.C and Virginia.

"As we contemplated expanding our presence and growth in 2022, remaining in the BHCR cluster was crucial for us given our strong existing relationships within this rich ecosystem of public and private institutions. This is an exciting time for us as we look towards expanding our team and maturing our company development pipeline with our funding, partnerships, and new state-of-the-art research facilities at JLABS @ Washington, DC," said John Troyer, COO.

UroGen Pharma to Report Second Quarter 2022 Financial Results on Thursday, August 11, 2022

On July 27, 2022 UroGen Pharma Ltd. (Nasdaq: URGN), a biotech company dedicated to developing and commercializing innovative solutions that treat urothelial and specialty cancers, reported that it will report second quarter 2022 financial results on Thursday, August 11, 2022, prior to the open of the market (Press release, UroGen Pharma, JUL 27, 2022, View Source [SID1234617019]). The announcement will be followed by a live audio webcast and conference call at 10:00 AM Eastern Time.

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A live public webcast of the earnings conference call can be accessed on UroGen’s Investor Relations website. Following the live webcast, a replay will be available on the site for approximately 30 days.

Soligenix Receives Agreement from FDA on Initial Pediatric Study Plan for HyBryte™ for the Treatment of Cutaneous T-Cell Lymphoma

On July 27, 2022 Soligenix, Inc. (Nasdaq: SNGX) (Soligenix or the Company), a late-stage biopharmaceutical company focused on developing and commercializing products to treat rare diseases where there is an unmet medical need, reported that it has received agreement from the US Food & Drug Administration (FDA) on an initial pediatric study plan (iPSP) for HyBryte (synthetic hypericin) for the treatment of cutaneous T-cell lymphoma (CTCL) (Press release, Soligenix, JUL 27, 2022, View Source [SID1234617018]). The agreed iPSP stipulates that Soligenix intends on requesting a full waiver of pediatric studies upon submission of a new drug application (NDA). Agreement with FDA on an iPSP is one of the regulatory requirements that must be met prior to submitting a NDA.

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"We are pleased to have FDA’s agreement on our proposal to request a full waiver of pediatric studies at the time of our HyBryte NDA filing later this year," stated Christopher J. Schaber, PhD, President & Chief Executive Officer of Soligenix. "This is consistent with decisions by the European Medicines Agency (EMA) and Medicines and Healthcare products Regulatory Agency (MHRA) in the United Kingdom which have previously granted product-specific waivers from the requirement for pediatric studies in applications for marketing authorization of HyBryte in the UK and Europe."

About HyBryte
HyBryte (research name SGX301) is a novel, first-in-class, photodynamic therapy utilizing safe, visible light for activation. The active ingredient in HyBryte is synthetic hypericin, a potent photosensitizer that is topically applied to skin lesions that is taken up by the malignant T-cells, and then activated by visible light 16 to 24 hours later. The use of visible light in the red-yellow spectrum has the advantage of penetrating more deeply into the skin (much more so than ultraviolet light) and therefore potentially treating deeper skin disease and thicker plaques and lesions. This treatment approach avoids the risk of secondary malignancies (including melanoma) inherent with the frequently employed DNA-damaging drugs and other phototherapy that are dependent on ultraviolet exposure. Combined with photoactivation, hypericin has demonstrated significant anti-proliferative effects on activated normal human lymphoid cells and inhibited growth of malignant T-cells isolated from CTCL patients. In a published Phase 2 clinical study in CTCL, patients experienced a statistically significant (p=0.04) improvement with topical hypericin treatment whereas the placebo was ineffective. HyBryte has received orphan drug and fast track designations from the FDA, as well as orphan designation from the European Medicines Agency (EMA).

The recently published Phase 3 FLASH trial trial enrolled a total of 169 patients (166 evaluable) with Stage IA, IB or IIA CTCL. The trial consisted of three treatment cycles. Treatments were administered twice weekly for the first 6 weeks and treatment response was determined at the end of the 8th week of each cycle. In the first double-blind treatment cycle, 116 patients received HyBryte treatment (0.25% synthetic hypericin) and 50 received placebo treatment of their index lesions. A total of 16% of the patients receiving HyBryte achieved at least a 50% reduction in their lesions (graded using a standard measurement of dermatologic lesions, the CAILS score) compared to only 4% of patients in the placebo group at 8 weeks (p=0.04) during the first treatment cycle (primary endpoint). HyBryte treatment in the first cycle was safe and well tolerated.

In the second open-label treatment cycle (Cycle 2), all patients received HyBryte treatment of their index lesions. Evaluation of 155 patients in this cycle (110 receiving 12 weeks of HyBryte treatment and 45 receiving 6 weeks of placebo treatment followed by 6 weeks of HyBryte treatment), demonstrated that the response rate among the 12-week treatment group was 40% (p<0.0001 vs the placebo treatment rate in Cycle 1). Comparison of the 12-week and 6-week treatment groups also revealed a statistically significant improvement (p<0.0001) between the two groups, indicating that continued treatment results in better outcomes. HyBryte continued to be safe and well tolerated. Additional analyses also indicated that HyBryte is equally effective in treating both plaque (response 42%, p<0.0001 relative to placebo treatment in Cycle 1) and patch (response 37%, p=0.0009 relative to placebo treatment in Cycle 1) lesions of CTCL, a particularly relevant finding given the historical difficulty in treating plaque lesions in particular.

The third (optional) treatment cycle (Cycle 3) was focused on safety and all patients could elect to receive HyBryte treatment of all their lesions. Of note, 66% of patients elected to continue with this optional compassionate use / safety cycle of the study. Of the subset of patients that received HyBryte throughout all 3 cycles of treatment, 49% of them demonstrated a positive treatment response (p<0.0001 vs patients receiving placebo in Cycle 1). Moreover, in a subset of patients evaluated in this cycle, it was demonstrated that HyBryte is not systemically available, consistent with the general safety of this topical product observed to date. At the end of Cycle 3, HyBryte continued to be well tolerated despite extended and increased use of the product to treat multiple lesions.

Overall safety of HyBryte is a critical attribute of this treatment and was monitored throughout the three treatment cycles (Cycles 1, 2 and 3) and the 6-month follow-up period. HyBryte’s mechanism of action is not associated with DNA damage, making it a safer alternative than currently available therapies, all of which are associated with significant and sometimes fatal, side effects. Predominantly these include the risk of melanoma and other malignancies, as well as the risk of significant skin damage and premature skin aging. Currently available treatments are only approved in the context of previous treatment failure with other modalities and there is no approved front-line therapy available. Within this landscape, treatment of CTCL is strongly motivated by the safety risk of each product. HyBryte potentially represents the safest available efficacious treatment for CTCL. With no systemic absorption, a compound that is not mutagenic and a light source that is not carcinogenic, there is no evidence to date of any potential safety issues.

The Phase 3 CTCL clinical study was partially funded by the National Cancer Institute via a Phase II SBIR grant (#1R44CA210848-01A1) awarded to Soligenix, Inc.

About Cutaneous T-Cell Lymphoma (CTCL)
CTCL is a class of non-Hodgkin’s lymphoma (NHL), a type of cancer of the white blood cells that are an integral part of the immune system. Unlike most NHLs which generally involve B-cell lymphocytes (involved in producing antibodies), CTCL is caused by an expansion of malignant T-cell lymphocytes (involved in cell-mediated immunity) normally programmed to migrate to the skin. These malignant cells migrate to the skin where they form various lesions, typically beginning as patches and may progress to raised plaques and tumors. Mortality is related to the stage of CTCL, with median survival generally ranging from about 12 years in the early stages to only 2.5 years when the disease has advanced. There is currently no cure for CTCL. Typically, CTCL lesions are treated and regress but usually return either in the same part of the body or in new areas.

CTCL constitutes a rare group of NHLs, occurring in about 4% of the approximate 700,000 individuals living with the disease. It is estimated, based upon review of historic published studies and reports and an interpolation of data on the incidence of CTCL that it affects over 25,000 individuals in the U.S., with approximately 3,000 new cases seen annually.

Quest Diagnostics Named a "Best Place to Work for Disability Inclusion" for Fifth Consecutive Year

On July 27, 2022 Quest Diagnostics (NYSE: DGX), the world’s leading provider of diagnostic information services, reported it has been named to the 2022 Disability Equality Index (DEI) Best Places to Work for Disability Inclusion by Disability: IN and the American Association of People with Disabilities (AAPD) (Press release, Quest Diagnostics, JUL 27, 2022, View Source [SID1234617017]). The Disability Equality Index (DEI) is the world’s most comprehensive benchmarking tool for the Fortune 1000 to measure disability workplace inclusion against competitors.

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"We are honored to be named a ‘Best Place to Work for Disability Inclusion’ for the fifth consecutive year," said Cecilia McKenney, Quest’s Chief Human Resources Officer. "At Quest we are continuously working to create a diverse, equitable, inclusive, and accessible workplace where our employees can thrive in an environment that supports them."

As part of its commitment to empowering people with disabilities, Quest launched the DiverseAbilities Employee Business Network (EBN) in 2016, an open-door network of over 350 members. The vision of the group is to create and foster an inclusive culture of knowledge and dynamic acceptance of the disability community and support the company’s goal of becoming an Employer of Choice for the disability community. Earlier this year, the DiverseAbilities EBN launched the Cancer Awareness Connections sub-team to bring education and awareness that supports cancer patients, survivors, and caregivers. The DiverseAbilities EBN is one of 10 EBNs throughout Quest which are actively engaged in driving advocacy and influencing a culture of belonging.

"Quest is committed to building an inclusive culture that supports all employees," said Desyra Highsmith Holcomb, Director, Diversity & Inclusion at Quest Diagnostics. "We are proud of our EBNs and the supportive environments they create to help bring people together. The newly launched Cancer Awareness Connections sub-team is a great example of how our employees are connecting and supporting one another in meaningful ways."

The Disability Equality Index (DEI) is a comprehensive benchmarking tool that helps companies build a roadmap of measurable, tangible actions that they can take to achieve disability inclusion and equality. The DEI was created by the DEI Advisory Committee, a diverse group of business leaders, policy experts and disability advocates. Now in its eighth year, the DEI exists to help businesses make a positive impact on the unemployment/underemployment of people with disabilities.

This is the fifth consecutive year Quest has been recognized by the DEI, which is acknowledged as the most comprehensive benchmarking tool to measure disability workplace inclusion. The 2022 DEI measured: Culture & Leadership; Enterprise-Wide Access; Employment Practices (Benefits, Recruitment, Employment, Education, Retention & Advancement, Accommodations); Community Engagement; Supplier Diversity; Non-U.S. Operations.

"Disability inclusion is a rapidly expanding aspect of corporate culture, and it’s gratifying to partner with 415 companies on the 2022 Disability Equality Index," said Jill Houghton, President and CEO of Disability:IN. "These top-scoring companies not only excel in disability inclusion, many are also adopting emerging trends and pioneering measures that can move the disability agenda from accommodation to inclusion and ultimately, genuine belonging."

Read more about Quest’s award-winning culture on the company’s ESG Resources page. Find the full 2022 Disability Equality Index here.

PharmaMar Group reports results for the first half of 2022

On July 27, 2022 Pharma Mar Group (MSE: PHM) reported total revenues of €101.4 million at 30 June 2022, up 3% year-on-year. Of total revenues, recurring revenues (sales plus royalties) continued to grow due to the strong performance of the oncology business, rising 5% to €86.7m in the first half. Of these revenues, net sales of Yondelis totalled €35.9 million at 30 June (Press release, PharmaMar, JUL 27, 2022, View Sourcepharmamar-group-reports-results-for-the-first-half-of-2022/" target="_blank" title="View Sourcepharmamar-group-reports-results-for-the-first-half-of-2022/" rel="nofollow">View Source [SID1234617016]). It is important to note that gross sales of Yondelis grew 6% in the first six months of the year and that it was price pressure in Europe which brought net sales of Yondelis to the same level as in the first half of last year.

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Sales of raw material to our partners, both for Yondelis and Zepzelca, increased notably in the first half of the year to €15.4 million, 54% more than in the same period of the previous year. This growth is mainly due to increased demand for Yondelis from Pharma Mar’s new partners in territories other than the US and Japan.

Zepzelca revenues from the early access programme in Europe totalled €11.1 million in the first six months of the year. This amount reflects the new law regulating in France the prices of drugs offered under the Temporary Authorisation for Use (ATU) system, which has led to significant discounts for those drugs.

This discount is the reason why, despite the increase in the number of patients treated with Zepzelca in the early access programme, revenues in the first half were below the €15.8 million of the first half of last year.

Royalty revenues totalled €21.5 million1 at 30 June, up 24% year-on-year.

Non-recurring revenues from licensing agreements amounted to €14.7 million at 30 June 2022 (€16.3 million at June 2021). This income corresponds to the recognition in revenues of the amounts received in 2020 as a result of the Zepzelca license agreement with Jazz Pharmaceuticals ($300 million), which are being recognized in the income statement based on the degree of progress with contractual commitments.

PharmaMar Group R&D investment in the first six months of the year increased by 39% to €40.3 million as a result of the progress in the various development areas, where, among other earlier trials, the company is currently conducting four Phase IIIs. Oncology is the area with the highest investment, with a total of €33.3 million euro, compared with €24.4 million in the same period of the previous year.

At 30 June, the PharmaMar Group generated €35.2 million in cash from operating activities. As a result, the Group’s cash and cash equivalents position increased to €251.5 million as of June 30 2022, compared with €212.6 million at the end of 2021. For its part, the company’s financial debt has been reduced by 10% compared to December 2021 and stands at €41.0 million, the Group’s lowest level of debt in more than 20 years. Thus, net cash has grown by 26% since the beginning of the year to €210.5 million.

As a result, PharmaMar Group obtained a net profit of €34.9 million in the first half.

Earnings videoconference call for analysts and investors

PharmaMar will host a videoconference for analysts and investors on Thursday 28 July 2022 at 13:00h (CET). The numbers to connect to the conference call are: +34 91 901 16 44 (from Spain), +1 646 664 1960 (from the US or Canada) or +44 20 3936 2999 (other countries). Participants’ access code: 307798

The videoconference and its recording can also be accessed via the following link: View Source on PharmaMar’s website, by visiting the Events Calendar section of the company’s website View Source

1 As our partner, Jazz Pharmaceuticals, has not yet reported its financial results for the first half of 2022, the royalties recorded in the first half of this year are an estimation based on our available information.