RenovoRx to Present at the H.C. Wainwright Bioconnect Virtual Conference

On January 6, 2022 RenovoRx, Inc. (NASDAQ: RNXT), a biopharmaceutical company and innovator in targeted cancer therapy, reported that Shaun Bagai, Chief Executive Officer, will participate in the H.C. Wainwright Bioconnect Virtual Conference on behalf of RenovoRx (Press release, Renovorx, JAN 6, 2022, View Source [SID1234598371]). The conference will be held January 10-13, 2022.

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Mr. Bagai’s investor presentation will be available on-demand beginning January 10th at 7:00 am EST.

Management will be available during the H.C. Wainwright Bioconnect conference for 1-on-1 meetings with the investment community. To schedule a meeting please reach out to your H.C. Wainwright representative or KCSA Strategic Communications by emailing [email protected].

For further information about the H.C. Wainwright Bioconnect conference and to register to attend virtually click here.

A webcast of the event will be available for a limited time on the Events page in the Investors section of the Company’s website at View Source

Gennao Bio Expands Leadership Team with Two Key Appointments

On January 6, 2022 Gennao Bio, a privately held genetic medicines company developing first-in-class, targeted nucleic acid therapeutics, reported the appointments of Joseph W. McIntosh, M.D., as chief medical officer, and Anuj Goswami, J.D., MBA, as general counsel (Press release, Gennao Bio, JAN 6, 2022, View Source [SID1234598370]).

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"We are thrilled to welcome Joe and Anuj to the Gennao Bio team. Joe is a proven leader with significant expertise in rare disease and oncology drug development and Anuj has deep legal experience leading financing and M&A transactions, as well as corporate governance, IP, and compliance activities for life science companies," said Stephen Squinto, Ph.D., chief executive officer and chair of the board of Gennao Bio. "These appointments reflect the tremendous growth of our organization, and our dedication to bringing together a best-in-class team to develop our GMAB platform for oncology and rare monogenic skeletal muscle diseases."

Dr. McIntosh joins Gennao with more than 16 years of drug development experience in the biopharmaceutical industry, with a focus on gene therapies and rare genetic disease. Previously, he served as chief medical officer for Jaguar Gene Therapy, responsible for the development of the company’s AAV9-based gene therapies. Prior to Jaguar, he served as chief medical officer at Aruvant Sciences, overseeing the clinical development of the company’s investigational gene therapy for sickle cell disease. Earlier in his career, he held positions of increasing leadership at PTC Therapeutics, NPS Pharmaceuticals, Eisai and Pfizer. Before joining the biopharma industry, he trained in emergency medicine at Kent and Canterbury Hospital in the UK. Dr. McIntosh earned a bachelor’s degree in chemistry and biochemistry and a medical degree from the University of Witwatersrand in South Africa.

Mr. Goswami joins the Gennao team with over 20 years of experience in private practice at Ballard Spahr LLP in Philadelphia. As a partner in Ballard’s Business & Finance practice, he served numerous clients through various stages of the growth cycle, leading multi-disciplinary teams to support a range of early stage and public company clients. Mr. Goswami brings a breadth of expertise advising clients in the life sciences, technology, and retail sectors on a variety of matters, including equity and debt financing, corporate governance, M&A transactions and employment law. He received his B.A. in economics from Haverford College and his J.D. and MBA from The Ohio State University.

AngioDynamics Reports Fiscal 2022 Second Quarter Financial Results; Reaffirms Revenue Guidance; Revises Gross Margin and Adjusted EPS Guidance

On January 6, 2022 AngioDynamics, Inc. (NASDAQ: ANGO), a leading provider of innovative, minimally invasive medical devices for vascular access, peripheral vascular disease, and oncology, reported financial results for the second quarter of fiscal year 2022, which ended November 30, 2021 (Press release, AngioDynamics, JAN 6, 2022, View Source [SID1234598369]).

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"We are pleased with our continued strong revenue growth as our team navigates this dynamic macro environment and manages through persistent COVID headwinds," commented Jim Clemmer, President and Chief Executive Officer of AngioDynamics. "Revenue growth this quarter was driven by our Med Tech platforms, particularly our atherectomy and thrombectomy portfolios. The ongoing disruptions from the COVID pandemic and resulting labor and supply chain headwinds led to a $4.0 million backlog at quarter end, impacting our gross margin and earnings. We have implemented measures to address these challenges. Our solid revenue growth and this backlog illustrate the strong demand for our products in the marketplace, and, despite these challenges, we remain firmly in investment mode. I am confident in our team’s ability to sustain the growth of our portfolio over time as we execute on our strategic plan to transform the company through investment in key growth technologies like our AlphaVac F22 mechanical thrombectomy system, which entered full market release in early December."

Second Quarter 2022 Financial Results

Net sales for the second quarter of fiscal 2022 were $78.3 million, an increase of 7.6% compared to the prior-year quarter.

Foreign currency translation did not have a significant impact on the Company’s sales in the quarter.

Med Tech net sales were $18.9 million, a 36.4% increase from $13.8 million in the prior year period, while Med Device net sales were $59.4 million, an increase of 0.8% compared to $58.9 million in the prior year period. Med Tech includes the Auryon Peripheral Atherectomy platform, thrombectomy and the NanoKnife irreversible electroporation platform. The Company’s performance during the quarter was particularly impacted by increasing supply chain constraints, as well as headwinds driven by lower procedural volumes that impacted some of the Company’s product lines. Hospitals faced meaningful staffing challenges during the quarter, in addition to increased COVID-related restrictions.

Endovascular Therapies (formerly Vascular Interventions and Therapies) net sales were $39.7 million, an increase of 17.0%, compared to $33.9 million a year ago. Growth was driven by strength in our atherectomy and thrombectomy portfolios relative to the prior-year period. Auryon sales during the quarter were $6.3 million, as the Company continued to see sequential sales growth of this platform.
Oncology net sales were $13.6 million, a decrease of 9.3%, compared to $14.9 million in the prior-year period. The year-over-year decline was largely due to lower capital sales, partially offset by increased sales of disposables.
Vascular Access net sales were $25.1 million, an increase of 4.8%, compared to $23.9 million a year ago.
U.S. net sales in the second quarter of fiscal 2022 were $65.4 million, an increase of 7.7% from $60.7 million a year ago. International net sales were $12.9 million, an increase of 7.0%, compared to $12.1 million a year ago.

Gross margin for the second quarter of fiscal 2022 was 51.8%, a decrease of 340 basis points compared to the second quarter of fiscal 2021. During the quarter, gross margin was negatively impacted by macro forces including labor shortages and under absorption of fixed costs as well as increased expense for raw materials, labor, and freight. Gross margins were also impacted by startup costs related to Auryon and AlphaVac.

The Company recorded a net loss of $8.4 million, or a loss per share of $0.21, in the second quarter of fiscal 2022. This compares to a net loss of $4.3 million, or a loss per share of $0.11, a year ago.

Excluding the items shown in the non-GAAP reconciliation table below, adjusted net loss for the second quarter of fiscal 2022 was $0.9 million, and adjusted loss per share was $0.02, compared to adjusted net income in the prior-year period of $0.6 million and adjusted earnings per share of $0.01.

Adjusted EBITDA in the second quarter of fiscal 2022, excluding the items shown in the reconciliation table below, was $4.4 million, compared to $5.2 million in the second quarter of fiscal 2021.

In the second quarter of fiscal 2022, the Company generated $1.9 million in operating cash, had capital expenditures of $1.1 million and additions to Auryon placement and evaluation units of $2.7 million. As of November 30, 2021, the Company had $34.3 million in cash and cash equivalents compared to $35.5 million in cash and cash equivalents on August 31, 2021. The Company had debt outstanding of $25.0 million on November 30, 2021, compared to $25.0 million on August 31, 2021.

Six Months Financial Results

For the six months ended November 30, 2021:

Net sales were $155.3 million, an increase of 8.6%, compared to $143.0 million for the same period a year ago.
The Company’s net loss was $15.3 million, or a loss of $0.39 per share, compared to a net loss of $8.5 million, or a loss of $0.22 per share, a year ago.
Gross margin decreased 110 basis points to 52.0% from 53.1% a year ago.
Excluding the items shown in the non-GAAP reconciliation table, below, adjusted net loss was $1.7 million, with adjusted loss per share of $0.04, compared to adjusted net income and adjusted earnings per share of $1.2 million, and $0.03, respectively, a year ago.
Adjusted EBITDA, excluding the items shown in the reconciliation table below, was $8.0 million, compared to $9.6 million for the same period a year ago.
Reiterating Fiscal Year 2022 Revenue Guidance; Revising Gross Margin and Adjusted EPS Guidance

The Company continues to expect its fiscal year 2022 net sales to be in the range of $310 to $315 million. Gross margin is now expected to be in the range of 52.0% to 54.0%, a decrease from the Company’s prior guidance of 55.0%, as headwinds persist regarding labor shortages and inflationary pressures on raw materials and transportation. Due to the macroeconomic pressures on gross margin, as discussed above, the Company now expects adjusted earnings per share in the range of a loss of $0.02 to a gain of $0.02, below its prior guidance of a range of $0.00 to $0.05.

Conference Call

The Company’s management will host a conference call today at 8:00 a.m. ET to discuss its second quarter results.

To participate in the conference call, dial 1-877-407-0784 (domestic) or +1-201-689-8560 (international) and refer to the passcode 13725681.

This conference call will also be webcast and can be accessed from the "Investors" section of the AngioDynamics website at www.angiodynamics.com. The webcast replay of the call will be available at the same site approximately one hour after the end of the call.

A recording of the call will also be available from 11:00 a.m. ET on Thursday, January 6, 2022, until 11:59 p.m. ET on Thursday, January 13, 2022. To hear this recording, dial 1-844-512-2921 (domestic) or +1-412-317-6671 (international) and enter the passcode 13725681.

Bicara Therapeutics to Present at 40th Annual J.P. Morgan Healthcare Conference

On January 6, 2022 Bicara Therapeutics, a clinical-stage biotechnology company developing dual-action biologics designed to elicit a potent and durable immune response in the tumor microenvironment, reported that Claire Mazumdar, Ph.D., MBA, Chief Executive Officer of Bicara Therapeutics, will present a corporate overview at the 40th Annual J.P. Morgan Healthcare Conference, to be held virtually January 10-13, 2022 (Press release, Bicara Therapeutics, JAN 6, 2022, View Source [SID1234598367]).

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Presentation details:
Date: Monday, January 10, 2022
Time: 8:00 a.m. ET

Oral Decitabine and Cedazuridine (ASTX727) Granted Orphan Drug Designation (ODD) by the European Commission for the Treatment of Acute Myeloid Leukemia (AML)

On January 6, 2022 Astex Pharmaceuticals, Inc. ("Astex") reported that the European Commission (EC) has granted orphan-drug designation (ODD) to the oral fixed dose combination of decitabine and cedazuridine (ASTX727) for the treatment of Acute Myeloid Leukemia (AML)1 (Press release, Astex Pharmaceuticals, JAN 6, 2022, View Source [SID1234598366]).

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ODD is granted by the EC to medicinal products intended for the treatment, prevention or diagnosis of a disease that is life-threatening or chronically debilitating and which affects fewer than five in 10,000 people in the European Union (EU)2. The EC incentivises companies to develop medicines that provide significant benefit to those affected by rare conditions. ODD-granted therapies, such as ASTX727, entitle companies to 10 years of market exclusivity once the product is approved, among other benefits2. The ODD initiative plays a key role in facilitating and encouraging the development of these important medicines to potentially improve the lives of the 30 million people in the EU suffering from a rare disease2.

"The granting of ODD is a key and important step in the journey toward finding a new treatment option for patients with AML," said Andy Hodge, CEO of Otsuka Pharmaceutical Europe Ltd., Astex’s commercialization partner in Europe. "We will continue to collaborate with all key stakeholders, including the EC, to make this treatment available to patients in need."

Harold Keer MD, PhD, Chief Medical Officer of Astex Pharmaceuticals, Inc. said "AML continues to be a challenging disease area with high rates of relapse and low rates of five-year survival. The disease has a higher incidence rate in people aged over 60 years, which presents an important challenge as the population ages. The granting of ODD signifies that ASTX727 is considered to be a medicine that may potentially benefit those affected by this rare life-threatening condition."

ASTX727 is not approved for any indication in Europe and is not approved in any country for the treatment of AML.

About ASTX727

ASTX727 is an orally administered, fixed-dose combination of the approved anti-cancer DNA hypomethylating agent, decitabine, together with cedazuridine, an inhibitor of cytidine deaminase (CDA)3, 4. By inhibiting CDA in the gut and the liver, ASTX727 is designed to allow for oral delivery of decitabine over five days in a given cycle5. The phase 1 and phase 2 clinical study results have been published in Lancet Haematology and Blood, respectively5, 6.

ASTX727, under the brand name INQOVI, is approved in the U.S. and in Canada as follows:

U.S. and Canada Indications

INQOVI (decitabine and cedazuridine) tablets, for oral use, is approved for the treatment of adult patients with myelodysplastic syndromes (MDS), including previously treated and untreated, de novo and secondary MDS with the following French-American-British subtypes (refractory anemia, refractory anemia with ringed sideroblasts, refractory anemia with excess blasts, and chronic myelomonocytic leukemia [CMML]) and intermediate-1, intermediate-2, and high-risk International Prognostic Scoring System groups7.

IMPORTANT SAFETY INFORMATION

WARNINGS AND PRECAUTIONS

Myelosuppression: Fatal and serious myelosuppression can occur with INQOVI. Based on laboratory values, new or worsening thrombocytopenia occurred in 82% of patients, with Grade 3 or 4 occurring in 76%. Neutropenia occurred in 73% of patients, with Grade 3 or 4 occurring in 71%. Anemia occurred in 71% of patients, with Grade 3 or 4 occurring in 55%. Febrile neutropenia occurred in 33% of patients, with Grade 3 or 4 occurring in 32%. Myelosuppression (thrombocytopenia, neutropenia, anemia, and febrile neutropenia) is the most frequent cause of INQOVI dose reduction or interruption, occurring in 36% of patients. Permanent discontinuation due to myelosuppression (febrile neutropenia) occurred in 1% of patients. Myelosuppression and worsening neutropenia may occur more frequently in the first or second treatment cycles and may not necessarily indicate progression of underlying MDS.

Fatal and serious infectious complications can occur with INQOVI. Pneumonia occurred in 21% of patients, with Grade 3 or 4 occurring in 15%. Sepsis occurred in 14% of patients, with Grade 3 or 4 occurring in 11%. Fatal pneumonia occurred in 1% of patients, fatal sepsis in 1%, and fatal septic shock in 1%.

Obtain complete blood cell counts prior to initiation of INQOVI, prior to each cycle, and as clinically indicated to monitor response and toxicity. Administer growth factors, and anti‑infective therapies for treatment or prophylaxis as appropriate. Delay the next cycle and resume at the same or reduced dose as recommended.

Embryo-Fetal Toxicity: INQOVI can cause fetal harm. Advise pregnant women of the potential risk to a fetus. Advise patients to use effective contraception during treatment with INQOVI and for 6 months (females) or 3 months (males) after last dose.

ADVERSE REACTIONS

Serious adverse reactions in > 5% of patients included febrile neutropenia (30%), pneumonia (14%), and sepsis (13%). Fatal adverse reactions included sepsis (1%), septic shock (1%), pneumonia (1%), respiratory failure (1%), and one case each of cerebral hemorrhage and sudden death.

The most common adverse reactions (≥ 20%) were fatigue, constipation, hemorrhage, myalgia, mucositis, arthralgia, nausea, dyspnea, diarrhea, rash, dizziness, febrile neutropenia, edema, headache, cough, decreased appetite, upper respiratory tract infection, pneumonia, and transaminase increased. The most common Grade 3 or 4 laboratory abnormalities (>50%) were leukocytes decreased, platelet count decreased, neutrophil count decreased, and hemoglobin decreased.

USE IN SPECIFIC POPULATIONS

Lactation: Because of the potential for serious adverse reactions in the breastfed child, advise women not to breastfeed during treatment with INQOVI and for at least 2 weeks after the last dose.

Renal Impairment: No dosage modification of INQOVI is recommended for patients with mild or moderate renal impairment (creatinine clearance [CLcr] of 30 to 89 mL/min based on Cockcroft-Gault). Due to the potential for increased adverse reactions, monitor patients with moderate renal impairment (CLcr 30 to 59 mL/min) frequently for adverse reactions. INQOVI has not been studied in patients with severe renal impairment (CLcr 15 to 29 mL/min) or end-stage renal disease (ESRD: CLcr <15 mL/min).

Please see the accompanying Full Prescribing Information

Commercialization of INQOVI in the U.S. and Canada is conducted by Taiho Oncology, Inc. and Taiho Pharma Canada, Inc., respectively. Astex, Otsuka and Taiho are all members of the Otsuka group of companies.

In Europe, ASTX727 is currently being evaluated within the ASCERTAIN phase 3 trial (EudraCT Number: 2018-003395-12) for the treatment of Acute Myeloid Leukemia (AML)8.

About Acute Myeloid Leukemia (AML)

AML is the most common form of acute leukemia in adults9. The median age at diagnosis is 70 years10. Within Europe, there is an increase in incidence of AML; this may be attributed to the ageing population: AML incidence in Europe has risen from 3.48 in 1976 to 5.06 patients per 100,000 people in 201310. Across Europe and all age groups, AML is notably more common in males than it is in females10. The outlook for patients diagnosed with AML has improved over time due to improved care and treatment, however between the years of 2000 and 2007, five-year survival for patients over 65 years-old was 17%10. After two courses of intensive induction therapy, 10 to 20% of younger and 50% of older AML patients do not achieve complete response (CR). While those that do obtain CR, 50-70% of these patients will relapse. Following relapse, prognosis for the patients is poor and treatment is challenging, with few therapeutic options available10.