Scilex Holding Company Announces that its Majority Stockholder, Sorrento Therapeutics, Inc., has Issued an “FAQ” Regarding the Dividend of Scilex Holding Company Common Stock

On January 30, 2023 Scilex Holding Company (Nasdaq: SCLX) reported that its majority stockholder, Sorrento Therapeutics, Inc. (Nasdaq: SRNE, "Sorrento") today posted a "Frequently Asked Questions" document under the "Investors" section of its website at www.sorrentotherapeutics.com regarding its recent dividend to Sorrento stockholders of shares of common stock of Scilex Holding Company held by Sorrento (Press release, Sorrento Therapeutics, JAN 30, 2023, View Source [SID1234626646]).

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The FAQs address questions regarding the details of the dividend, including the record date, payment date, dividend ratio, distribution of the shares of Scilex common stock, how Sorrento stockholders can obtain certain information regarding the dividend, CUSIP information for Scilex common stock, and transfer restrictions on the dividend stock as well as questions related to issues that may arise with respect to the dividend in connection with short positions in Sorrento common stock.

The FAQs and related annexes are included in this press release and can also be found on Scilex’s website View Source

Quince Therapeutics Provides Pipeline Update and Business Outlook for 2023

On January 30, 2023 Quince Therapeutics, Inc. (Nasdaq: QNCX), a biotechnology company focused on acquiring, developing, and commercializing innovative therapeutics that transform patients’ lives, reported an update on the company’s development pipeline and business outlook for 2023 (Press release, Quince Therapeutics, JAN 30, 2023, View Source [SID1234626645]). The company intends to prioritize capital resources toward the expansion of its development pipeline through opportunistic in-licensing and acquisition of clinical-stage assets targeting debilitating and rare diseases. Quince plans to out-license its bone-targeting drug platform and precision bone growth molecule NOV004 designed for accelerated fracture repair in patients with bone fractures and osteogenesis imperfecta.

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"We believe our optimal growth plan lies in dedicating our capital, drug development, and corporate resources toward the in-licensing and acquisition of clinical-stage assets. We are actively seeking partnership opportunities focused around clinical-stage assets in a broad variety of therapeutic areas," said Dirk Thye, M.D., Quince’s chief executive officer. "Supported by a strong balance sheet, optimized cash runway, and highly experienced development team, Quince is well-positioned to execute our plan as we diligently work to identify, assess, and complete the in-licensing and acquisition of commercially viable assets."

Key highlights of the company’s strategic growth plan include:

Prioritizing pipeline expansion through in-licensing and acquisition

Active diligence process to identify and evaluate actionable clinical-stage assets for in-licensing and acquisition.
Primarily seeking clinical-stage assets targeting debilitating and rare disease therapeutic areas.
Potential asset targets must have compelling data, a well-defined commercial opportunity, and efficient clinical and regulatory development pathway.
Ability to leverage management team’s collective prior experience in developing and commercializing more than 25 approved therapeutics.
Out-licensing of bone-targeting drug platform and precision bone growth molecule NOV004

Seeking to out-license bone-targeting drug platform and precision bone growth molecule NOV004.
Precision bone growth molecule NOV004 is an anabolic peptide engineered to precisely target and concentrate at the bone fracture site, resulting in rapid increases in bone density, strength, and expedited healing as demonstrated in extensive preclinical studies.
NOV004 has completed all IND-enabling studies, in addition to completion of a successful pre-IND meeting with the U.S. Food and Drug Administration.
Out-licensing effort to commence immediately with goal of identifying a partner and concluding the process by the end of 2023.
Competitively positioned with strong balance sheet

Strong cash position of approximately $94 million in cash, equivalents, and marketable securities as of December 31, 2022.
Significant cash runway to support pipeline expansion through in-licensing and acquisition, as well as fund capital and operating expenditures into at least 2028.
Expect annual capital and operating expenditures to approximate $11 million in 2023, excluding the impact of corporate restructuring and potential business development activities.
The company has not completed preparation of its financial statements for the fourth quarter or full year of 2022. The cash, cash equivalents, and investments presented as of December 31, 2022, are preliminary and unaudited and are thus inherently uncertain and subject to change as the company completes its financial results for 2022. Quince is in the process of completing the company’s customary year-end close and review procedures as of and for the year ended December 31, 2022, and there can be no assurance that final results for this period will not differ from these preliminary, unaudited amounts. The company’s independent registered public accounting firm has not audited, reviewed, compiled, or performed any procedures with respect to such preliminary data for the fourth quarter and year ended December 31, 2022.

Micronoma Receives FDA Breakthrough Device Designation for OncobiotaLUNG, A Novel Liquid Biopsy Assay for Lung Carcinoma Detection

On January 30, 2023 Micronoma, the first biotech company offering early cancer detection with a microbiome-driven liquid biopsy platform, reported that its OncobiotaLUNG assay received the Breakthrough Device Designation from the Food and Drug Administration (FDA) (Press release, Micronoma, JAN 30, 2023, View Source [SID1234626643]).

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As a result, Micronoma can expect continued guidance and prioritized reviews from the agency of its upcoming clinical trial and concomitant pre-market approval processes.

The FDA based its Breakthrough Device decision on the ability of Micronoma’s technology to categorize lung nodules into high-risk or low risk of malignancy through a simple blood draw, even in the earliest stages of the disease, compared to the current standard of care.

GENFIT: Half-Year Report of Liquidity Contract with Crédit Industriel et Commercial

On January 30, 2023 GENFIT (Nasdaq and Euronext: GNFT), a late-stage biopharmaceutical company dedicated to improving the lives of patients with liver diseases characterized by high unmet medical needs, reported the half-year report of the liquidity contract with Crédit Industriel et Commercial (Press release, Genfit, JAN 30, 2023, https://ir.genfit.com/news-releases/news-release-details/genfit-half-year-report-liquidity-contract-credit-industriel-5 [SID1234626642]).

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Under the liquidity contract GENFIT has with Crédit Industriel et Commercial, the following resources appeared on the liquidity account as of December 31, 2022:

138,691 shares
€534 070.18
During the second half of 2022, total trading was:

On the buy side: 1339,376 shares for a total amount of €5,332,876.57
On the sell side: 1360,706 shares for a total amount of €5,417,420.02
During this same period, the number of trades were:

On the buy side: 2,627
On the sell side: 2,681
As a reminder, upon signing of the contract, the following resources appeared on the liquidity account:

27, 911 shares
€769 849,43

CymaBay Announces Closing of Public Offering of Common Stock and Pre-Funded Warrants, Including Full Exercise of Underwriters’ Option to Purchase Additional Shares

On January 30, 2023 CymaBay Therapeutics, Inc. (Nasdaq: CBAY), a clinical-stage biopharmaceutical company focused on developing therapies for liver and other chronic diseases with high unmet medical need reported the closing, on January 26, 2023, of its previously reported underwritten public offering of its common stock and pre-funded warrants (Press release, CymaBay Therapeutics, JAN 30, 2023, View Source [SID1234626641]). CymaBay sold 11,821,428 shares of its common stock in the offering, including 1,821,428 shares pursuant to the full exercise of the underwriters’ option to purchase additional shares, at a public offering price of $7.00 per share before underwriting discounts and commissions. In addition, CymaBay sold pre-funded warrants to purchase 2,142,857 shares of common stock in the offering, at a public offering price of $6.9999 per underlying share before underwriting discounts and commissions. All of the shares of common stock and pre-funded warrants were offered by CymaBay. CymaBay anticipates using the net proceeds from the offering to fund ongoing development of seladelpar, including clinical trials targeting market expansion, and for working capital and general corporate purposes.

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Piper Sandler, Raymond James and Cantor acted as the joint book-running managers for the offering.

The securities described above were offered by CymaBay pursuant to a shelf registration statement previously filed with and declared effective by the Securities and Exchange Commission (the "SEC"). A final prospectus supplement and accompanying prospectus related to the offering have been filed with the SEC and are available on the SEC’s website, located at www.sec.gov. Copies of the final prospectus supplement and accompanying prospectus relating to this offering may be obtained from: Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, Minnesota 55402, by telephone at 800-747-3924, or by email at [email protected]; Raymond James & Associates, Inc., Attention: Equity Syndicate, 880 Carillon Parkway, St. Petersburg, Florida 33716, by telephone at (800) 248-8863, or by e-mail at [email protected]; or Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Ave., 4th Floor, New York, New York 10022, or by e-mail at [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.