Biomea Fusion Announces 2022 Clinical Development Plan to Initiate Studies in up to Seven Different Tumor Types and in Diabetes for BMF-219

On January 10, 2022 Biomea Fusion, Inc. ("Biomea") (Nasdaq: BMEA), a clinical-stage biopharmaceutical company dedicated to the discovery and development of novel irreversible small molecules to treat and improve the lives of patients with genetically defined cancers and metabolic diseases, reported that in 2022 it plans to initiate clinical studies to dose its irreversible covalent menin inhibitor, BMF-219, in up to seven different cancer indications as well as in diabetes (Press release, Biomea Fusion, JAN 10, 2022, View Source [SID1234598475]). Biomea is also confirming the preclinical development timeline of its second program, which the company is on track to announce in the first half of 2022 with an Investigational New Drug application (IND) planned within 12 months of candidate selection.

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BMF-219 is designed to be a highly selective, orally bioavailable small-molecule irreversible inhibitor of menin. Menin, a protein involved in transcriptional regulation, impacting cell cycle control, apoptosis, and DNA damage repair, plays a direct role in oncogenic signaling in multiple cancers. The menin complex plays a critical role in MYC-dependent oncogenic signaling, whereby menin enhances MYC-mediated transcription to promote cancer progression. Inhibition of menin is a novel approach to cancer treatment. Nonclinical studies of BMF-219 have shown sustained potent abrogation of menin-dependent oncogenic signaling and pathway control in vitro and in vivo. BMF-219 demonstrated consistent on-target inhibition with a strong anti-proliferative effect on various menin-dependent acute myeloid leukemia (AML) cell lines; diffuse large B-cell lymphoma (DLBCL) cell lines representing categories of Double/Triple Hit Lymphoma (DHL/THL) and Double Expressor Lymphoma (DEL); and multiple myeloma (MM) cell lines harboring diverse mutational backgrounds, including MYC dysregulation. BMF-219 also exhibited high potency in in vitro KRAS-driven cancer cell models. MYC, which exerts much of its oncogenic activity through interaction with menin, is a major downstream effector of the KRAS pathway. As previously announced, BMF-219 was also able to normalize glucose levels in both diabetic preclinical models studied with the glucose tolerance and homeostasis effect maintained despite complete washout of BMF-219.

In 2021, Biomea transformed into a clinical stage company with the initiation of BF-MNN-101, its first Phase I clinical trial of BMF-219. The trial is designed to assess BMF-219’s control of menin’s negative impact on patients with relapsed/refractory acute myeloid leukemia (AML) and acute lymphocytic leukemia (ALL). Biomea is confirming its clinical development plans to initiate additional clinical studies of BMF-219 in the following liquid tumors —MM and DLBCL— in the first half of 2022, and the following solid tumors —non-small cell lung cancer (NSCLC), pancreatic cancer, and colorectal cancer (CRC)— in the fourth quarter of 2022. In addition, subject to submission and clearance of an IND, Biomea plans to initiate a Phase I/II clinical trial of BMF-219 in diabetes during the second half of 2022.

"The preclinical profile of BMF-219 is highly compelling due both to its strong control of the menin pathway and very favorable safety profile. I am excited for Biomea to explore the clinical potential of this first-in-class and first-in-human irreversible menin inhibitor in multiple tumor types. We now know that the menin pathway is central to multiple cancer types. Targeting menin with a covalent binder is a very innovative approach and oncologists are eager to utilize BMF-219 for these patients who have limited therapeutic options," said Steve Morris, MD, Independent Medical Oncologist and Leukemia/Lymphoma Expert, Retired Faculty Member, Yale University School of Medicine and St. Jude Children’s Research Hospital; who performed basic and translational research regarding menin-driven leukemias and cared for patients with these malignancies during his 30-year career in academic medicine.

"From the very beginning, we recognized menin as a key node in the oncogenic pathways of a broad array of tumors. We are very excited about what we have learned over the past years in preclinical studies with our irreversible menin inhibitor, BMF-219. Having observed essentially complete pathway control with consistent on-target effect across multiple tumor types, these studies demonstrated that BMF-219 has the potential to irreversibly inhibit the function of menin while maintaining a wide safety margin. These results have validated our plans to pursue BMF-219 for the treatment of 7 select liquid and solid tumors which we are planning to initiate during this year," said Thomas Butler, CEO and Chairman of the Board. "We have also completed the preclinical validation of BMF-219 for the treatment of diabetes with two important animal models and are now preparing the IND to support the initiation of a Phase I/II clinical trial to begin in the second half of this year."

About Irreversible Menin Inhibitor BMF-219 Target Indications

Acute Myeloid Leukemia (AML) and Acute Lymphocytic Leukemia (ALL)
AML is the most common form of acute leukemia in adults and represents the largest number of annual leukemia deaths in the U.S. and Europe. AML originates within the white blood cells in the bone marrow and can rapidly move to the blood and other parts of the body, including the lymph nodes, spleen, and central nervous system. Approximately 20,000 people in the U.S are diagnosed with AML each year, and the five-year overall survival rate in adults is roughly 29% (Source: NCI SEER Data). Among patients with relapsed/refractory disease, the need is greatest, as the overall survival is approximately 3 to 9 months. It is estimated that upwards of 45% of AML patients have menin dependent genetic drivers (MLL-r or NPM1). ALL is a less common leukemia, with approximately 6,000 new cases in the U.S. each year and a higher five-year survival rate of nearly 70% (Source: NCI SEER Data). Between 10-15% of adult ALL patients and 60-70% of pediatric ALL patients have MLL-r translocations.

Multiple Myeloma (MM)
MM is a cancer of plasma cells, which make antibodies (immunoglobulins) and are mainly located in the bone marrow. As cancerous cells migrate from the bone marrow, organ damage due to excess immunoglobulins in bones and blood and weakening of bones are common features. Approximately 35,000 people in the U.S. are diagnosed with MM each year and the 5-year relative survival rate is ~56% (Source: NCI SEER Data). Among patients with relapsed or refractory disease, the need is greatest, with overall survival as low as 6 months in some patients. Additionally, it is estimated that more than 60% of MM patients have menin dependent genetic drivers (MYC addicted or driven) and that these drivers are more common in the relapsed or refractory setting.

Diffuse Large B-Cell Lymphoma (DLBCL)
DLBCL is the most common subtype of Non-Hodgkin Lymphoma. DLBCL starts in white blood cells called lymphocytes and it usually grows in lymph nodes. Every year, approximately ~18,000 people in the U.S. are diagnosed with DLBCL (Source: NCI SEER Data). Following initial treatment with standard chemotherapy, approximately 70% of patients have a complete response and approximately 50% of patients are cured. For patients with relapsed or refractory DLBCL, median overall survival is between 6-7 months. Double Hit Lymphomas (DHL), Triple Hit Lymphomas (THL), and Double Expressor Lymphomas (DEL) are high grade B-cell lymphomas (HGBLs) that have high MYC and BCL2 dependency. Based on their aggressive nature, DHL, THL, and DEL represent a large portion of the relapsed or refractory DLBCL population.

Non-Small Cell Lung Cancer (NSCLC)
Non-Small Cell Lung Cancer is the most common form of lung cancer, representing ~84% of all lung cancer cases or approximately 200,000 cases in the U.S. each year (Source: NCI SEER Data). Additionally, the five-year survival rate of NSCLC is ~25%. While lung cancer is the 3rd most common form of cancer in the U.S. based on incidence, lung cancer contributes to the highest number of annual cancer deaths in the U.S.. KRAS is the most frequent oncogene in NSCLC, occurring in ~30% of patients with NSCLC.

Pancreatic Cancer
Pancreatic cancer is a relatively rare form of cancer in the U.S., representing approximately 60,000 cases in the U.S. each year (Source: NCI SEER Data). Pancreatic cancer is an aggressive cancer with a very low five-year survival rate of ~11%, indicating that there is a large unmet need. It is rarely diagnosed early, contributing to the low survival rate. Among patients with pancreatic cancer, RAS mutations (including KRAS) occur in up to approximately 98% of patients.

Colorectal Cancer (CRC)
Colorectal cancer is the fourth most common form of cancer in the U.S., representing approximately 150,000 cases in the U.S. each year (Source: NCI SEER Data). These cancers start in the rectum or the colon and can be diagnosed/identified early, even potentially as noncancerous polyps. The five-year survival rate of CRC is approximately 65%. Among other mutations, KRAS mutations occur in approximately 50% of patients with CRC.

Diabetes
Diabetes mellitus is characterized by a reduced ability to produce insulin and/or by a dysregulated response to insulin and affects nearly 34 million people in the U.S. (Source: CDC). Diabetes is grouped into a few clinical categories based on etiology or timing of diagnosis according to the latest guidance from the American Diabetes Association. Accounting for 1.6 million diagnosed patients in the U.S., Type 1 diabetes is due to autoimmune beta-cell destruction, usually leading to absolute insulin deficiency, including latent autoimmune diabetes of adulthood. Type 2 diabetes has been diagnosed in approximately 25.3 million people in the U.S. and is due to a progressive loss of adequate beta-cell insulin secretion frequently on the background of insulin resistance. The primary treatment goal is to achieve glycemic control by reducing HbA1c (A1c), a marker for the amount of sugar in the bloodstream, to 6.5% or lower. Glycemic control is a validated approach to delaying disease progression, which leads to significant and potentially fatal renal, cardiac, neurological, and ophthalmic comorbidities.

Century Therapeutics and Bristol Myers Squibb Enter into a Strategic Collaboration to Develop iPSC-derived Allogeneic Cell Therapies

On January 10, 2022 Century Therapeutics (NASDAQ: IPSC) and Bristol Myers Squibb (NYSE: BMY) reported a research collaboration and license agreement (the "agreement") to develop and commercialize up to four induced pluripotent stem cell ("iPSC") derived, engineered natural killer cell ("iNK") and / or T cell ("iT") programs for hematologic malignancies and solid tumors (Press release, Century Therapeutics, JAN 10, 2022, View Source [SID1234598474]). The first two programs include a program in acute myeloid leukemia and a program in multiple myeloma, which could incorporate either the iNK or a gamma delta iT platform. Bristol Myers Squibb has the option to add two additional programs which can be nominated subject to certain conditions agreed with Century in the agreement.

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This press release features multimedia. View the full release here: View Source

"We are pleased to partner with Bristol Myers Squibb, a global leader in oncology and hematology, to further expand our pipeline of iPSC-derived cell therapy products for challenging hematological and solid tumor malignancies," said Lalo Flores, Chief Executive Officer, Century Therapeutics. "Bristol Myers Squibb is an ideal partner for us because they bring extensive clinical development and scientific expertise in cell therapy that will increase the probability of technical success of these programs. Additionally, this collaboration will enable deployment of our next-generation iPSC platform to develop products targeting malignancies that are difficult for biotech companies to tackle on their own."

"The collaboration with Century Therapeutics is an important part of our investment strategy in next-generation cell therapies for hematologic and solid tumors," said Rupert Vessey, M.A., B.M., B.Ch., F.R.C.P., D.Phil., Executive Vice President & President, Research & Early Development, Bristol Myers Squibb. "Century’s iPSC-based gamma delta T and NK cell platforms show promise and are complementary to Bristol Myers Squibb’s existing cell therapy technologies. We look forward to exploring the full potential of the iPSC approach to develop potentially best-in-class allogeneic cell therapies to help patients with hematologic and solid tumor malignancies."

Terms of the Collaboration

Century will be responsible for development candidate discovery and preclinical development activities. Thereafter, Bristol Myers Squibb will be responsible for clinical development and commercialization activities subject to Century’s co-promotion rights on certain programs. Under the terms of the agreement, Century will receive a $100 million upfront payment and Bristol Myers Squibb will make a $50 million equity investment in Century Therapeutics’ common stock at a price of $23.14 per share. In addition, Century will receive reimbursement of certain preclinical development costs for development candidates licensed by Bristol Myers Squibb, and is eligible for additional payments for future program initiations and development, regulatory, and commercial milestone payments totaling more than $3 billion across the four potential programs.

Century will also receive tiered royalties as a percentage of global net sales in the high-single to low-double digits. In addition, under the agreement, Century may elect to co-promote the AML program and one of the additional programs in the United States for no exercise fee which will also trigger enhanced U.S. royalties.

As part of this transaction, Century has amended its agreements with FUJIFILM Cellular Dynamics for Japanese development and commercialization rights for the products under the Bristol Myers Squibb collaboration.

Bristol Myers Squibb: Creating a Better Future for People with Cancer

Bristol Myers Squibb is inspired by a single vision—transforming patients’ lives through science. The goal of the company’s cancer research is to deliver medicines that offer each patient a better, healthier life and to make cure a possibility. Building on a legacy across a broad range of cancers that have changed survival expectations for many, Bristol Myers Squibb researchers are exploring new frontiers in personalized medicine, and through innovative digital platforms, are turning data into insights that sharpen their focus. Deep scientific expertise, cutting-edge capabilities and discovery platforms enable the company to look at cancer from every angle. Cancer can have a relentless grasp on many parts of a patient’s life, and Bristol Myers Squibb is committed to taking actions to address all aspects of care, from diagnosis to survivorship. Because as a leader in cancer care, Bristol Myers Squibb is working to empower all people with cancer to have a better future.

Learn more about the science behind cell therapy and ongoing research at Bristol Myers Squibb here.

Investor Presentation, dated January 2022

On January 10, 2022 Oncorus, Inc. (the "Company") Presented the Corporate Presentation (Presentation, Oncorus, JAN 10, 2022, View Source [SID1234598473]).

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HALOZYME PROVIDES 2022 FINANCIAL GUIDANCE AND OUTLOOK

On January 10, 2022 Halozyme Therapeutics, Inc. (NASDAQ: HALO) reported 2022 financial guidance and commented on its outlook for the upcoming year (Press release, Halozyme, JAN 10, 2022, View Source [SID1234598472]).

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"Halozyme had another strong year of financial performance in 2021 with record revenues and profitability driven by strong growth of our wave 2 partner products including the subcutaneous forms of DARZALEX and Phesgo," said Dr. Helen Torley, president and chief executive officer. "Also in 2021, we made substantial progress expanding the future opportunity set for our ENHANZE technology. We signed an exciting new collaboration agreement with ViiV Healthcare to advance the use of our technology in infectious disease and small molecule applications. In 2022, we project at least four new products utilizing ENHANZE will enter Phase 1 development, resulting in at least twenty partner programs in our pipeline. We look forward to strong continued total and royalty revenue growth, advancement of at least five ENHANZE partner programs into Phase 2 and 3 development, and potential new ENHANZE collaborations and new target nominations. We are also making strategic investments to further drive revenue growth and extend revenue durability. These include investments to expand robust API supply of high yield ENHANZE and development of a new rHuPH20, with extended room temperature stability, and with patent protection to 2032 in Europe and 2034 in the US."

Anticipated 2022 Key Events:

Projected growth of approximately 50% in the Company’s high-margin, recurring revenue stream from royalties to approximately $300 million driven by continued uptake of wave 2 launch products, subcutaneous DARZALEX (daratumumab) and Phesgo (pertuzumab, trastuzumab and hyaluronidase) utilizing ENHANZE technology;
At least five new Phase 2/3 starts for existing ENHANZE programs;
At least four new products utilizing ENHANZE entering Phase 1 development by the Company’s collaboration partners resulting in at least 20 products in development by end of 2022, compared to 16 at the end of 2021;
Data from ENHANZE collaboration partner argenx SE for Phase 3 study of efgartigimod SC utilizing ENHANZE technology in myasthenia gravis expected in the first half of 2022;
Investments to further drive revenue growth and extend revenue durability, including:
New, higher yield ENHANZE API;
New rHuPH20, with extended room temperature stability, and with patent protection to 2032 in Europe and 2034 in the US;
At least one new global collaboration and license agreement for ENHANZE, which is included in Company revenue guidance;
Up to $250 million in share repurchases, inclusive of $150 million accelerated share repurchase announced in December 2021, as part of the $750 million three-year share repurchase plan authorized by Halozyme’s board of directors in December 2021 demonstrating the Company’s continued commitment to a balanced capital allocation strategy.
2022 Financial Guidance:

Revenue

For 2022, Halozyme expects total revenue of $530 million to $560 million, representing growth of 23-26% over 2021 expected total revenue. The Company expects revenue from royalties to increase approximately 50% over expected revenue from royalties in 2021, to approximately $300 million. Product sales related to API and revenue under collaborative agreements are expected to be overall similar to 2021.

Operating Income

For 2022, Halozyme expects GAAP operating income of $350 million to $380 million, representing growth of 32-36% over 2021 expected GAAP operating income, resulting in operating margins greater than 65%. This strong growth is anticipated despite higher projected operating expenses excluding cost of product sales resulting from the Company investing in new initiatives to drive revenue growth and extend revenue durability.

Net Income and Earnings per Share

The Company notes that 2022 will be the first full fiscal year in which Halozyme will record income tax expense as part of its income statement, reflecting Halozyme’s strong profitability.

Net Income

For 2022, Halozyme expects GAAP net income of $270 million to $295 million and Non-GAAP net income of $290 million to $315 million.1

Earnings per Share

For 2022, Halozyme expects GAAP diluted earnings per share of $1.90 to $2.05. In 2021 the Company recorded a one-time, non-cash income tax benefit of $142 million or $0.97 per share, related to the reversal of its tax valuation allowance in the third quarter.

Non-GAAP diluted earnings per share are expected to be $2.05 to $2.20.1 The company notes that 2022 will be the first full fiscal year in which the company will record income tax expense, projected to be $0.55-$0.60 per share.

The Company’s earnings per share guidance does not consider the impact of potential future share repurchases.

Table 1. 2022 Financial Guidance

Guidance Range

Net Revenue

$530 to $560 million

GAAP Operating Income

$350 to $380 million

GAAP Net Income

$270 to $295 million

Non-GAAP Net Income

$290 to $315 million1

GAAP Diluted EPS

$1.90 to $2.05

Non-GAAP Diluted EPS

$2.05 to $2.201

Footnotes:
1. Reconciliations between GAAP reported and non-GAAP financial information and adjusted guidance measures are provided at the end.

Akoya Announces Preliminary Financial Results for the Fourth Quarter and Full Year 2021

On January 10, 2022 Akoya Biosciences, Inc. (Nasdaq: AKYA) ("Akoya"), The Spatial Biology Company, reported preliminary unaudited revenue for the fourth quarter and full year ended December 31, 2021 (Press release, Akoya Biosciences, JAN 10, 2022, View Source [SID1234598471]).

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Akoya reported the following preliminary financial results for the fourth quarter and full year 2021, which remain subject to quarter end closing adjustments:

Revenue for the fourth quarter of 2021 is expected to be between $16.0 million and $16.2 million, as compared to $12.9 million for the corresponding quarter of last year
For the fiscal year of 2021, revenue is expected to be between $54.8 million and $55.0 million, as compared to $42.4 million for fiscal year 2020
"The fourth quarter of 2021 was a record revenue quarter for Akoya and it demonstrates continued momentum in our business," said Brian McKelligon, Chief Executive Officer. "We made significant progress in 2021 on a number of major initiatives, including our IPO in April, approximately 30% growth in revenues, nearly doubling the company’s headcount with specific emphasis on the commercial and R&D organizations, and announcement of our new 2022 product offerings at our inaugural Spatial Day on December 15, 2021. We enter 2022 with tremendous confidence in our strategy as we drive adoption of our spatial biology platforms to our research, translational and clinical customers."

A link to a webcast replay of Akoya’s inaugural Spatial Day, which took place virtually on December 15, 2021, can be found below:

Akoya Spatial Day 2021 | Akoya (akoyabio.com)

The financial results in this press release reflect expectations based on currently available information. The company has yet to complete its quarter end closing and actual results are therefore subject to change.

Use of forward-looking statements

This press release contains forward-looking statements that are based on management’s beliefs and assumptions and on information currently available to management. All statements contained in this release other than statements of historical fact are forward-looking statements, including statements regarding our fourth quarter 2021 revenue outlook.

In some cases, you can identify forward-looking statements by the words "may," "will," "could," "would," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue," "ongoing" or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks, uncertainties and other factors are described under the captions "Risk Factors," and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in our Registration Statement on Form F-1 filed with the U.S. Securities and Exchange Commission and elsewhere in the documents we file with the Securities and Exchange Commission from time to time. We caution you that forward-looking statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. As a result, the forward-looking statements may not prove to be accurate. The forward-looking statements in this press release represent our views as of the date hereof. We undertake no obligation to update any forward-looking statements for any reason, except as required by law.