Pacira BioSciences Announces Repayment and Termination of Term Loan B Facility Using Proceeds from New $150 Million 5-Year Term Loan A Facility and Existing Cash Resources

On April 3, 2023 Pacira BioSciences, Inc. (Nasdaq: PCRX), the industry leader in its commitment to non-opioid pain management and regenerative health solutions, reported the repayment on March 31, 2023 of $287.5 million in Term Loan B debt, which represented all outstanding principal under the facility, using net proceeds from a new $150 million 5-year Term Loan A Facility and existing cash resources (Press release, Pacira Pharmaceuticals, APR 3, 2023, View Source [SID1234629755]). After the debt repayment, the company expects to finish the first quarter of 2023 with approximately $180 million in cash and investments.

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"These transactions significantly improve our debt leverage ratio and reaffirm our belief in the strong and growing cash flow of the business," said Charles Reinhart, chief financial officer of Pacira BioSciences. "Retiring our Term Loan B debt is expected to reduce our 2023 full-year interest expense by at least $15 million as our new Term Loan A debt carries an interest rate that is 400 basis points lower than the Term Loan B debt. Looking ahead, we remain confident in our ability to self-fund our growth and execute our 5-year plan for achieving adjusted EBITDA margins that exceed 50 percent."

The $150 million Term Loan A Facility was placed with high-quality commercial banks. JPMorgan Chase Bank, N.A. acted as Sole Lead Arranger / Bookrunner and Administrative Agent.

OncoSec Announces Clinical Data of the KEYNOTE-695 Trial Assessing TAVO™-EP in Combination with KEYTRUDA® (pembrolizumab) in Patients with Advanced Melanoma Refractory to anti-PD-1 Treatment

On April 3, 2023 OncoSec Medical Incorporated (NASDAQ: ONCS) (the Company or OncoSec), a clinical-stage biotechnology company developing intratumoral immunotherapies to stimulate the patient’s immune system to target cancer cells and eradicate disease, reported primary endpoint data from the Phase 2 KEYNOTE-695 clinical trial (Press release, OncoSec Medical, APR 3, 2023, View Source [SID1234629754]). This global, open-label single-arm trial is evaluating TAVO-EP, OncoSec’s proprietary interleukin 12 (IL-12) encoding plasmid delivered by intratumoral electroporation, in combination with KEYTRUDA (pembrolizumab), Merck’s anti-PD-1 therapy, in patients with unresectable or metastatic (Stage III/IV) melanoma who had confirmed disease progression after at least 12 weeks exposure to immediate prior anti-PD-1 antibody therapy (pembrolizumab or nivolumab). The last patient started treatment in December 2020; clinical database lock occurred in October 2022. The primary endpoint of overall response rate (ORR) per RECIST v1.1 assessed by blinded independent central review (BICR) was not met.

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Among 98 efficacy evaluable patients with at least one post-baseline tumor assessment, the confirmed ORR per RECIST v1.1 by BICR assessment is 10.2% (95% confidence interval: 5.00, 17.97), which did not achieve the pre-specified clinically meaningful ORR of ≥17% (95% CI: 10.2, 25.8). The BICR results for 98 efficacy evaluable patients are lower than the ORR per RECIST v1.1 by investigator assessment of 18.8% for the 101 patients previously reported as the key secondary endpoint of the KEYNOTE-695 trial.

BICR assessment, i.e., review of the available images of treated and non-treated lesions by radiologists and oncologists, blinded to investigator assessments, showed that 4 patients had a complete response (CR), 6 patients had a partial response (PR), and 25 patients had stable disease (SD) as a best response, for a disease control rate (CR + PR + SD) of 35.7%. The durable response rate of ≥24 weeks is 8.2% and the median duration of response is 25.5 months (range: 6.83-not reached).

As previously reported, the median overall survival for all enrolled 105 patients was 22.7 months (95% CI: 14.4, 35.5), after a median follow-up period of 33.4 months. The combination therapy of TAVO-EP and pembrolizumab was generally well tolerated with Grade 3 treatment-related adverse events (TRAEs) in 4.8% of all enrolled patients. No patients in the KEYNOTE-695 trial or any other clinical trials evaluating TAVO-EP alone or in combination experienced Grade 4 or Grade 5 TRAEs.

The Company plans to pursue TAVO-EP in combination with anti-PD-1 therapy in the neoadjuvant melanoma setting

Advancing TAVO-EP in neoadjuvant melanoma is supported by data from an investigator-sponsored trial (IST) led by Dr. Ahmad Tarhini at H. Lee Moffit Cancer Center & Research Institute evaluating TAVO in combination with intravenous nivolumab (Neoadjuvant Immunotherapy With Tavo + Electroporation in Combination With Nivo. in Melanoma Patients – Full Text View – ClinicalTrials.gov). Interim data, presented in November 2022 as a poster (abstract #617) at the 37th Annual Meeting of the Society of Immunotherapy of Cancer (SITC) (Free SITC Whitepaper), showed high clinical (70% ORR by RECIST v1.1) and pathological response rates (88.9% major pathological response, including 66.7% complete pathological response). Of note, several patients predicted to be non-responders to immune checkpoint blockade by biomarker analysis prior to treatment appear to respond to TAVO in combination with nivolumab, supporting further the mechanism of action of IL-12. A meeting with the FDA to discuss a phase 2 randomized trial design and future development plans in the melanoma neoadjuvant setting is scheduled in May 2023.

"Treatment of patients with anti-PD-1 refractory melanoma remains difficult with limited success for immune checkpoint inhibitor combinations and exploratory therapeutic approaches. It is disappointing that review by blinded central readers did not confirm the previously reported results by investigator assessment of the KEYNOTE-695 Phase 2 clinical trial in this patient population. However, we remain optimistic that the observed long duration of response and overall survival of 22.7 months in this heavily pre-treated patient population, together with previously reported preliminary results from Dr. Tarhini’s IST in the neoadjuvant melanoma setting, provide rationale for further development of TAVO-EP in combination with anti-PD-1 therapy. We plan to discuss these data and a draft protocol for TAVO-EP in combination with pembrolizumab for a randomized Phase 2 trial in the neoadjuvant setting at the upcoming meeting with the FDA to potentially initiate the trial in the second half of 2023," said Robert Arch, Ph.D., Chief Executive Officer of OncoSec. "I want to thank all patients who participated in the KEYNOTE-695 trial, the clinical teams who conducted this trial, and everybody at OncoSec who remain focused on developing TAVO-EP as a novel intratumoral treatment approach for cancer patients with unmet medical needs."

Corporate Presentation

On April 3, 2023 Moleculin presented its corporate presentation (Presentation, Moleculin, APR 3, 2023, View Source [SID1234629753]).

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Leidos Schedules First Quarter 2023 Earnings Conference Call for May 2, 2023 at 8 a.m. (ET)

On April 3, 2023 Leidos (NYSE: LDOS), a FORTUNE 500 science and technology leader, has scheduled a conference call for Tuesday, May 2, 2023, at 8 a.m. (ET) to report its first quarter 2023 financial results for the period ending March 31, 2023 (Press release, Leidos, APR 3, 2023, View Source [SID1234629752]). The company plans to issue its quarterly earnings press release before the conference call on May 2, 2023.

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The details for the earnings conference call follow:

Date: May 2, 2023

Time: 8 a.m. (ET)

To Listen via the Internet:

The company offers a live and replay audio broadcast of the conference call with corresponding press release, presentation materials, and supplemental information at View Source

To Listen via Telephone:

877-869-3847 (toll-free U.S.)

+1-201-689-8261 (for International Callers)

Kiromic BioPharma Submits Investigational New Drug Application for Phase 1 Trial with Deltacel for Non-Small Cell Lung Cancer

On April 3, 2023 Kiromic BioPharma, Inc. (NASDAQ: KRBP) ("Kiromic" or the "Company"), a clinical-stage fully-integrated biotherapeutics company using its proprietary DIAMOND artificial intelligence and data mining platform to develop cell therapies with a focus on immuno-oncology, reported the submission of an Investigational New Drug (IND) application to the U.S. Food and Drug Administration (FDA) for a Phase 1 clinical trial to evaluate KB-GDT-01, or Deltacel, in combination with an anti-tumor therapy for the treatment of non-small cell lung cancer (NSCLC) (Press release, Kiromic, APR 3, 2023, View Source [SID1234629751]).

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Deltacel is the Company’s allogeneic, non-viral, non-engineered off-the-shelf Gamma Delta T-cell (GDT) therapy. The Company is seeking to address the significant unmet need of applying cell therapy to treat solid malignancies, which comprise 90% of all cancers, including NSCLC.

"Submitting this IND brings us one step closer to beginning human clinical testing with this incredible science and providing a promising treatment option to the tens of thousands of patients living with non-small cell lung cancer. While this is the second most common type of cancer, lung cancer is the leading cause of cancer deaths in the United States, accounting for about 1 in 5 of all cancer deaths," stated Pietro Bersani, Chief Executive Officer of Kiromic BioPharma. "This milestone, achieved on March 31, 2023, is a tremendous accomplishment by our team, and we look forward to initiating clinical testing upon IND acceptance by the FDA."