On October 31, 2022 ALX Oncology Holdings Inc., ("ALX Oncology") (Nasdaq: ALXO) a clinical-stage immuno-oncology company developing therapies that block the CD47 checkpoint pathway, reported it has entered into a loan facility agreement with Oxford Finance LLC and Silicon Valley Bank for up to $100 million of non-dilutive financing (Press release, ALX Oncology, OCT 31, 2022, View Source [SID1234622626]). The facility will support the continued development of evorpacept, a next generation CD47 blocking therapeutic.

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"We appreciate the support of Oxford Finance and Silicon Valley Bank. The non-dilutive capital from this term loan facility combined with the cash already on our balance sheet further strengthens our financial position allowing us to advance our lead program, evorpacept, through multiple clinical trials and milestones in the coming years," said Peter Garcia, Chief Financial Officer of ALX Oncology. "With ability to draw down up to $50 million of the facility at our discretion, we expect to be able to extend our cash runway to mid-2025."

"ALX Oncology’s CD47 blocker, evorpacept, has demonstrated promising clinical results compared to other CD47 blockers," said Christopher A. Herr, Senior Managing Director at Oxford Finance. "We are pleased to partner with Silicon Valley Bank to support ALX in its continued development and advancement of its pipeline."

"Silicon Valley Bank is excited to expand our partnership with ALX Oncology," said Kale Frank, Director of Life Science and Healthcare at Silicon Valley Bank. "We continue to be impressed with ALX’s clinical progress, and this large commitment will support ALX’s important mission to help patients fight cancer."

Under the terms of the loan agreement, ALX Oncology drew $10 million of an initial $50 million tranche at closing, with the remaining $40 million available at its discretion through the end of 2023. ALX Oncology also has access up to an additional $50 million with $12.5 million available in each of two tranches based upon the achievement of milestones related to the development of evorpacept and one pre-clinical product candidate, and $25 million available at the Lenders’ discretion. The loan carries an interest-only period of 36 months (extendable to 48 months) and total term of 59 months. There are no warrants or financial covenants in the agreement.

On October 31, 2022 Concert Pharmaceuticals, Inc. (NASDAQ: CNCE) reported that it will report its financial results for the third quarter of 2022, on Monday, November 7, 2022, before the U.S. financial markets open (Press release, Concert Pharmaceuticals, OCT 31, 2022, View Source [SID1234622625]). The Company will host a conference call and webcast at 8:30 a.m. ET to discuss its third quarter 2022 financial results and provide a business update.

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To join the live call to ask questions, please register here. A dial in and unique PIN will be provided to join the call.

An audio-only webcast of the call may be accessed in the Investors section of the Company’s website at www.concertpharma.com. A replay of the webcast will be available on Concert’s website for three months.

On October 31, 2022 Zhuhai Beihai Biotech reported that it raised $27 million in a Series B Round to develop novel oncology drugs (Press release, Zhuhai Beihai Biotech, OCT 31, 2022, View Source [SID1234622624]). Founded in 2013, Beihai’s lead drug, an innovative docetaxel product, has completed its clinical trials with seven IND approvals in China and the US. The company claims BH009 is the first global candidate built on its insoluble drug solubilization and delivery technology platform. A broad-spectrum antitumor drug, BH009 is indicated for solid tumors. The B round was led by Yikai Venture Capital

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On October 31, 2022 Beijing CorreGene Biotechnology reported that it completed $14 million Pre-A+ financing round to develop new cancer drug using its cutting-edge T-cell receptor (TCR-T) platform (Press release, Corregene Biotechnology , OCT 31, 2022, View Source [SID1234622623]). The company says TCR-T can target almost all proteins expressed by tumor cells while CAR-T drugs are limited to targeting antigens expressed on the surface of tumor cells. The platform re-engineers patients’ T cells with optimized TCR. CorreGene has two candidates in early-stage clinical trials. The round was co-led by Riverhead Capital and Xinrui Investment and included Longmen Capital.

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On October 31, 2022 Palatin Technologies, Inc. (NYSE American: PTN), a biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin receptor system, reported that it has entered into a definitive agreement with a single healthcare-focused institutional investor for the issuance and sale of an aggregate of 1,818,182 shares of its common stock (or common stock equivalents in lieu thereof) and warrants to purchase up to an aggregate of 1,818,182 shares of common stock, at a purchase price of $5.50 per share and accompanying warrant (Press release, Palatin Technologies, OCT 31, 2022, View Source [SID1234622622]). The warrants will be exercisable commencing six months following the issuance date, will expire five and one-half years following the issuance date and have an exercise price of $5.83 per share.

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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

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H.C. Wainwright & Co. is acting as exclusive placement agent for the offering.

The closing of the offering is expected to occur on or about November 2, 2022, subject to the satisfaction of customary closing conditions. The gross proceeds from the offering are expected to be approximately $10 million. Palatin intends to use the net proceeds of this offering for general corporate purposes.

The securities described above are being offered by Palatin pursuant to a shelf registration statement on Form S-3 (File No. 333-262555) that was previously filed with the Securities and Exchange Commission (SEC) on February 7, 2022 and subsequently declared effective on September 26, 2022. The securities are being offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying base prospectus relating to, and describing the terms of, the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying base prospectus relating to the offering, when available, may also be obtained by contacting H.C. Wainwright & Co., LLC, at 430 Park Ave., New York, New York 10022, by telephone at (212) 856-5711, or by email at [email protected].

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in this offering, 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.