ImmunoGen Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

On April 3, 2023 ImmunoGen, Inc., (Nasdaq: IMGN), a leader in the expanding field of antibody-drug conjugates (ADCs) for the treatment of cancer, reported that on March 31, 2023, the Compensation Committee of the Company’s Board of Directors approved, in aggregate, grants of non-qualified stock option awards to purchase 106,600 shares of its common stock and restricted stock units ("RSUs") covering 7,800 shares of its common stock to three new employees under the ImmunoGen, Inc. Inducement Equity Incentive Plan, as amended (the "Inducement Plan") (Press release, ImmunoGen, APR 3, 2023, View Source [SID1234629746]).

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The Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of ImmunoGen (or following a bona fide period of non-employment), as an inducement material to such individual’s entering into employment with ImmunoGen, pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules.

The options have an exercise price of $3.84 per share, which is equal to the closing price of ImmunoGen’s common stock on the Nasdaq Global Select Market on March 31, 2023. Each option will vest as to 25% of the shares underlying such option on the first anniversary of the grant date and as to an additional 6.25% of the shares underlying the option quarterly thereafter, subject to each such employee’s continued employment on each vesting date. Each RSU will vest as to 25% of the shares underlying the RSU award on the first anniversary of the grant date and as to an additional 25% of the shares underlying the RSU award annually thereafter, subject to such employee’s continued employment on each such vesting date. Each option and RSU is subject to the terms and conditions of the Inducement Plan and the terms and conditions of a stock option agreement and an RSU agreement covering the respective grants.

Completion of share buy-back program

On April 3, 2023 Genmab A/S (Nasdaq: GMAB) reported that its share buy-back program has been completed on March 31, 2023 (Press release, Genmab, APR 3, 2023, View Source [SID1234629745]).

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On February 22, 2023, Genmab announced the initiation of a share buy-back program to honor our commitments under our Restricted Stock Unit program.

The share buy-back program was expected to be completed no later than March 31, 2023, and to comprise up to 220,000 shares.

The following transactions were executed under the program from March 27, 2023, to March 31, 2023:

No. of shares Average price (DKK) Total value (DKK)
Accumulated through last announcement 197,000 503,737,410
March 27, 2023 6,000 2,605.87 15,635,220
March 28, 2023 4,000 2,595.30 10,381,200
March 29,2023 5,000 2,572.86 12,864,300
March 30, 2023 5,000 2,581.26 12,906,300
March 31, 2023 3,000 2,578.87 7,736,610
Total 23,000 59,523,630
Accumulated under the program 220,000 563,261,040
Details of each transaction are included as an appendix to this announcement.

Genmab’s accumulated share buy-back from February 23, 2023, to March 31, 2023, amounts to 220,000 shares at a total cost of DKK 563.26 million. The announced share buy-back program has thus been completed.

Following these transactions, Genmab holds 763,416 shares as treasury shares, corresponding to 1.16% of the total share capital and voting rights.

The share buy-back program is undertaken in accordance with Regulation (EU) No. 596/2014 (‘MAR’) and the Commission Delegated Regulation (EU) 2016/1052, also referred to as the "Safe Harbour Regulation." Further details on the terms of the share buy-back program can be found in our company announcement no. 06 dated February 22, 2023.

Enveric Biosciences Reports Fourth Quarter and Year-End 2022 Corporate and Financial Results

On April 3, 2023 Enveric Biosciences, Inc. (NASDAQ: ENVB) ("Enveric" or the "Company"), a biotechnology company dedicated to the development of novel small-molecule therapeutics for the treatment of anxiety, depression, and addiction disorders, reported a corporate update and provided financial results for the fourth quarter and year ended December 31, 2022 (Press release, Enveric Biosciences, APR 3, 2023, View Source [SID1234629744]).

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"Enveric is a transformed company; 2022 was a year of considerable accomplishments, and we are now poised for an active, productive and exciting 2023 as we strive to bring a new approach to solving the mental health challenges that face our society," said Joseph Tucker, Ph.D., Director and CEO of Enveric. "In early 2023, we announced the establishment of our Australia-based subsidiary, Enveric Therapeutics Pty. Ltd, and we are rapidly preparing to initiate the planned Phase 1 trial of EB-373. Additionally, we are pleased to be working with Avance Clinical and are eager to benefit from the CRO’s proven expertise and experience managing early-stage clinical programs in Australia."

Dr. Tucker continued: "Conducting the initial development of EB-373 in Australia enables us to leverage key clinical, regulatory and financial opportunities that the Australian government and the Therapeutic Goods Administration (TGA) have implemented to empower biotechnology companies to execute robust yet highly efficient clinical studies, particularly those advancing psychedelic-derived compounds. We now look forward to expeditiously advancing the Phase 1 clinical trial of EB-373 towards a potential topline data readout by early 2024. Our Australian subsidiary also gives Enveric an operational foothold in Australia, which we see as an ideal location to advance the development of additional future pipeline candidates generated from our EVM201 and EVM301 Series."

Dr. Tucker concluded: "2023 will be a year of substantial progress for Enveric, with acceleration of the pipeline milestones to enable us to rapidly grow into a leading, innovative CNS company. Mental health treatments have seen little innovation for decades; stigmatization has abetted a global epidemic in depression and anxiety, which continued to worsen as a result of the COVID-19 pandemic. At Enveric, we believe it’s time for bold innovation and investment to conquer the monumental challenge of tackling mental health disorders."

FOURTH QUARTER AND RECENT PROGRAM UPDATES

A Pipeline Targeting Unmet Needs in Mental Health

● EB-373 nominated as lead development candidate from EVM201 Series targeting the treatment of anxiety disorders
● Phase 1 clinical trial for EB-373 planned to initiate in the fourth quarter of 2023. The trial will be conducted in Australia via Enveric’s newly established subsidiary, Enveric Therapeutics.
○ Avance Clinical identified as CRO to conduct Phase 1 trial

● Enveric continues to advance its EVM301 Series targeting mood, anxiety and addiction disorders with unmet needs.
○ Enveric expects to identify optimal molecular candidates to advance into in vitro and in vivo testing by the third quarter of 2023

Dr. Tucker explained: "With EVM201 Series, we are seeking to address a major gap in innovation with rationally designed, next generation molecules that are prodrugs of the active psychedelic metabolite, psilocin. Through our advanced discovery platform, we’ve been able to design products with altered metabolic and pharmacokinetic properties with the goal of achieving improved risk/benefit profiles. Meanwhile, our EVM301 Series aims at minimizing or eliminating the hallucinatory effect, to enable administration without the compulsory presence of a healthcare professional to observe dosing. We believe this could offer a significant commercial opportunity, as current treatment standards with psychedelics necessitate costly, prolonged sessions with health care providers in attendance."

Positioned Financially and Operationally to be a Leading Developer of Novel Small-Molecule Therapeutics for the Treatment of Anxiety, Depression and Addiction Disorders

● Raised approximately $10 million in gross proceeds via public offering in February 2022
● An additional $8 million gross aggregate proceeds raised with registered direct and private placement offerings, which closed July 2022
● Anticipated spin-off of Akos Biosciences, Inc. (formerly Acanna Therapeutics, Inc.) announced
● Kevin Coveney named as Chief Financial Officer and Lynn Gallant as Vice President, Clinical Operations

Dr. Tucker commented: "The aggressive pace of pipeline developments that we expect in 2023 has been made possible by the execution of several key structural and business development transactions in 2022. This includes our February 2022 public offering, the planned spin-off of our cannabinoid clinical development pipeline assets, which we announced in May, and our registered direct and private placement offerings, which closed July 26, 2022."

FOURTH QUARTER AND YEAR END 2022 FINANCIAL RESULTS

Comprehensive net loss was $19.3 million for the year ended December 31, 2022, including $2.4 million in net non-cash expenses, with a basic and diluted loss per share of $13.00, as compared to a comprehensive net loss of $48.8 million with basic and diluted loss per share of $103.69 per share for the year ended December 31, 2021.

Net cash used in operations for the year ended December 31, 2022, was $17.1 million consisting of a $18.5M net loss, adjusted by a net of $1.5 million in non-cash expenses and changes in asset and liability balances of $0.2 million.

As of December 31, 2022, the Company had cash and cash equivalents of $17.7 million and working capital of $14.4 million.

Enlivex Announces Clinical Collaboration to Evaluate Combinations of Allocetra and PD-1 Inhibitor Tislelizumab for Patients with Solid Tumors

On April 3, 2023 Enlivex Therapeutics Ltd. (Nasdaq: ENLV, "Enlivex"), a clinical-stage macrophage reprogramming immunotherapy company, reported a clinical collaboration with BeiGene, to evaluate the safety and efficacy of Allocetra, an investigational macrophage-reprogramming cell therapy, in combination with tislelizumab, an anti-PD-1 immune checkpoint inhibitor, for the treatment of patients with advanced-stage solid tumors (Press release, Enlivex Therapeutics, APR 3, 2023, View Source [SID1234629743]).

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"We are excited to explore the potential of Allocetra in combination with tislelizumab, a potentially differentiated PD-1 inhibitor," said Shai Novik, Executive Chairman of Enlivex. "We look forward to integrating tislelizumab into our ongoing Phase I/II clinical trial."

"Combinatorial approaches for fighting difficult-to-treat cancers historically have proven to be important in the delivery of better treatments to patients", said Oren Hershkovitz, Ph.D., CEO of Enlivex. "We believe that the preclinical data observed to date for Allocetra, with its unique macrophage-modulation properties, and immune checkpoints, support the evaluation of the combination for the treatment of patients with the tislelizumab-Allocetra combinations."

Under the terms of the clinical collaboration agreement, Enlivex has agreed to amend its ongoing Phase I/II trial in patients with advanced-stage solid tumors to include evaluation of Allocetra in combination with tislelizumab. The Phase I/II trial is a multicenter, open-label, dose escalation trial that is expected to enroll up to 48 patients with advanced solid tumors across two trial stages. Stage 1 of the trial will examine escalating doses of Allocetra monotherapy administered intravenously (IV) or intraperitoneally (IP) once a week for three consecutive weeks. Stage 2 will evaluate escalating doses of Allocetra administered IV or IP and combined with anti-PD1 therapy. BeiGene will provide the clinical supply of tislelizumab for the trial.

ABOUT TISLELIZUMAB

Tislelizumab (BGB-A317) is a humanized IgG4 anti–PD-1 monoclonal antibody specifically designed to minimize binding to FcγR on macrophages. In pre-clinical studies, binding to FcγR on macrophages has been shown to compromise the anti-tumor activity of PD-1 antibodies through activation of antibody-dependent macrophage-mediated killing of T effector cells. Tislelizumab is being developed as a monotherapy and in combination with other therapies for the treatment of a broad array of both solid tumor and hematologic cancers.

ABOUT ALLOCETRA

Allocetra is being developed as a universal, off-the-shelf cell therapy designed to reprogram macrophages into their homeostatic state. Diseases such as solid cancers, sepsis, and many others reprogram macrophages out of their homeostatic state. These non-homeostatic macrophages contribute significantly to the severity of the respective diseases. By restoring macrophage homeostasis, Allocetra has the potential to provide a novel immunotherapeutic mechanism of action for life-threatening clinical indications that are defined as "unmet medical needs", as a stand-alone therapy or in combination with leading therapeutic agents.

Curis to Present at Upcoming Healthcare Conferences in April

On April 3, 2023 Curis, Inc. (NASDAQ: CRIS), a biotechnology company focused on the development of innovative therapeutics for the treatment of cancer, reported that James Dentzer, President and Chief Executive Officer of Curis, will participate at the following conferences (Press release, Curis, APR 3, 2023, View Source [SID1234629742]):

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The Cantor Fitzgerald Future of Oncology Symposium, being held virtually from April 3 – 5, 2023. Presentation details are as follows:

Format: Panel Presentation
Date: Wednesday, April 5, 2023
Time: 12:00 PM ET
A live webcast and archived replay of the panel discussion will be available to registered attendees of the symposium and can be accessed here or through the symposium website.
The 22nd Annual Needham Virtual Healthcare Conference being held on April 17 – 20, 2023. Presentation details are as follows:

Format: Company Presentation
Date: Thursday, April 20, 2023
Time: 2:15 PM ET