CEL-SCI Concludes Positive Meeting With U.S. FDA Concerning Multikine’s Approval for Head & Neck Cancer

On July 14, 2023 CEL-SCI Corporation (NYSE American: CVM) reported that it has concluded a productive meeting with the U.S. Food and Drug Administration (FDA) regarding the path forward for bringing Multikine* (Leukocyte Interleukin, Injection) immunotherapy to market for the treatment of newly diagnosed locally advanced squamous cell carcinoma of the head and neck (SCCHN) (Press release, Cel-Sci, JUL 14, 2023, View Source [SID1234633246]). During the recent meeting, the FDA acknowledged the longstanding need for improved treatments for head and neck cancer.

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CEL-SCI believes the agency was collaborative and positive. Preliminary feedback from the FDA included that the selection criteria developed by CEL-SCI could be used to determine which patients should receive Multikine. Based on the feedback received at this recent meeting, CEL-SCI is preparing additional information about its development plan for the next meeting with the agency.

CEL-SCI is expecting scientific advice meetings with the European Medicines Agency (EMA) and the Medicines and Healthcare Products Regulatory Agency (MHRA) in the UK in the fall of 2023. These are priority markets for CEL-SCI, as Europe has more than twice the number of head and neck cancer cases diagnosed each year as compared to the U.S.

The Company believes that it is even further along the regulatory path in Canada, as Health Canada already advised CEL-SCI earlier this year that it would be appropriate to request advance consideration for approval of Multikine under the Notice of Compliance with Conditions (NOCC) policy. If Health Canada grants the NOCC, then it is possible that CEL-SCI could begin commercialization in Canada as early as 2024.

Geert Kersten, CEO of CEL-SCI stated, "The almost 4-year median survival benefit and complete tumor elimination in some patients in just 3 weeks are very strong indications that we have a drug that can help patients with this horrible cancer. It is also important to note that 15.2% of the patients treated with Multikine exhibited a tumor response in only 3 weeks and patients who have a tumor response have an 82.2% survival at 5-years, compared to 48.6% for the control group. Tumor response has often been used in conditional approvals as an important indicator of the effectiveness of a treatment. A confirmatory clinical trial will be required by the FDA based on the agreed upon selection criteria for patients that will be treated with Multikine as assessed by methods including PET-CT/MRI screening. We will collaborate closely with the FDA to design a clinical protocol that will allow us to generate, as expeditiously as possible, the confirmatory data they require for approval of Multikine. This includes confirming the pre-surgical tumor responses that arise within just weeks of Multikine treatment in the agreed upon population. Our meeting with Health Canada earlier this year was also positive, and we are preparing our application for the NOCC approval as they suggested, which we hope to file later this year/early next year. Our planned meetings with the MHRA in Britain and the EMA in Europe will help us understand if a conditional approval can be given in those countries with a promise to do confirmatory studies after approval or if it is possible to get a conditional approval with the enrollment of just a small number of patients. Our goal is to obtain approval of Multikine worldwide and then make it available to patients as fast as possible."

Multikine is a neoadjuvant immunotherapy given to newly diagnosed head and neck cancer patients for three weeks immediately after diagnosis, before the standard of care (SOC) treatments of surgery and radiation, because that is when the immune system is still thought to be the strongest. The completed pivotal Phase 3 study demonstrated that patients who received Multikine followed by surgery and radiation reported a 5-year statistically significant overall survival (OS) absolute benefit of 14.1% in the intent to treat (ITT) subjects (n=380) who were categorized as lower risk for recurrence (LR) per National Comprehensive Cancer Network (NCCN) guidelines as compared to control LR subjects who received only SOC. With PET-CT/MRI, these subjects can be identified at screening to permit Multikine treatment before surgery.

Gilead Sciences To Release Second Quarter 2023 Financial Results On Thursday, August 3, 2023

On July 14, 2023 Gilead Sciences, Inc. (Nasdaq: GILD) reported that its second quarter 2023 financial results and guidance will be released on Thursday, August 3, 2023 after the market closes (Press release, Gilead Sciences, JUL 14, 2023, View Source [SID1234633245]). At 5:00 p.m. Eastern Time that day, Gilead’s management will host a webcast to discuss the company’s second quarter 2023 financial results and provide a business update.

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A live webcast will be available on the Investor Relations section of www.gilead.com and will be archived there for one year.

Infinity Pharmaceuticals Announces Stockholder Approval of Merger with MEI Pharma

On July 14, 2023 Infinity Pharmaceuticals, Inc. (Nasdaq: INFI) ("Infinity"), a clinical-stage biotechnology company developing eganelisib, a first-in-class, oral, immuno-oncology macrophage reprogramming drug candidate, reported that, based on a preliminary vote count, its stockholders have adopted the previously announced merger agreement providing for the merger with MEI Pharma, Inc. ("MEI") at the special meeting of Infinity stockholders held earlier today (the "Special Meeting") (Press release, Infinity Pharmaceuticals, JUL 14, 2023, View Source [SID1234633243]).

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The transaction remains subject to approval by MEI stockholders.

Final voting results for the Special Meeting will be disclosed on Form 8-K filed by Infinity with the U.S. Securities and Exchange Commission.

ImmunoPrecise Antibodies Invites Investors and Stakeholders to Exclusive Interview with Market Radius Research

On July 14, 2023 ImmunoPrecise Antibodies Ltd. (NASDAQ: IPA) ("IPA" or the "Company"), an AI-driven biotherapeutic research and technology, reported to extend an invitation to investors and other interested parties to participate in an upcoming interview hosted by Market Radius Research (Press release, ImmunoPrecise Antibodies, JUL 14, 2023, View Source [SID1234633242]).

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Martin Gagel, founder of Market Radius Research, will join forces with Dr. Jennifer Bath, CEO of IPA, to delve into the intricate details of IPA’s revolutionary platform. IPA’s patented technology seamlessly integrates multiple modalities of biological data, multi-omics modeling, and artificial intelligence, a unique capability within the field of biotherapeutic research. Additionally, the interview will shed light on IPA’s in silico commercialization and market development strategies.

The event will be presented as a dynamic and interactive online webinar, offering attendees the opportunity to engage with the Company in real-time by posing questions following the interview. For those unable to join the event live on the designated day, an archived webcast will be made accessible for later viewing.

Don’t miss this exclusive occasion to gain valuable insights into ImmunoPrecise Antibodies’ groundbreaking advancements. Mark your calendars and join us on the webinar to witness the future of biotherapeutic research and development.

Event: Radius Research Pitch, Deep Dive and Q&A with ImmunoPrecise Antibodies

Presentation Date & Time: Wednesday, July 19th at 4 PM ET / 1 PM PT

Webcast Registration Link: View Source

The conference call will be webcast live and available for replay via a link provided in the Events section of the company’s IR pages at View Source

Market Radius Research gives individual investors access to in-depth CEO interviews with deep-dive institutional level discussion and Q&A. Market Radius is hosted by Martin Gagel, former top-ranked technology analyst. By registering for this webinar, you agree to receive email communications from Market Radius Capital, Inc. and from the presenting company (with unsubscribe). Your email will not be further shared. Martin Gagel and Market Radius Capital, Inc. are not registered or licensed to provide investment advice and may own shares in mentioned companies and may be compensated for these services. Content is for information purposes only and is not advice or recommendations and may include incomplete or incorrect information. Investing entails a high degree of risk. This is a production of Market Radius Capital, Inc.

8-K – Current report

On July 14, 2023 Exicure, Inc. (Nasdaq: XCUR), reported that it has historically been an early-stage biotechnology company focused on developing nucleic acid therapies targeting ribonucleic acid against validated targets (Press release, Exicure, JUL 14, 2023, View Source [SID1234633241]). In September 2022, the Company announced a significant reduction in force, suspension of preclinical activities and halting of all research and development, and that the Company was exploring strategic alternatives to maximize stockholder value.

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Corporate Update

Recent highlights include:

•On February 24, 2023, the Company received gross proceeds of $5.44 million from the September 2022 PIPE (net proceeds of $4.6 million after transaction expenses). As a result of the closing of the September 2022 PIPE, CBI USA is the beneficial owner of approximately 50.4% of the Company’s outstanding shares. Pursuant to the board designation rights of CBI USA, CBI USA designated three members to the Company’s board of directors.

•In May, the Company entered into two separate subscription agreements ("Subscription Agreements") with Cyworld Z Co., Ltd., ("Cyworld Z"). Pursuant to the Subscription Agreements, the Company purchased non-guaranteed private placement convertible bonds ("Bonds") of Cyworld Z for a subscription amount of $1 million each. The Bonds mature in May 2026 and the yield to maturity is 4.5% per annum.

First Quarter 2023 Financial Results

Cash Position: Cash, cash equivalents and restricted cash were $11.2 million as of March 31, 2023, as compared to $9.8 million as of December 31, 2022. The Company expects that its cash and cash equivalents will fund its current operations into the fourth quarter of 2023.

Research and Development (R&D) Expense: Research and development expenses were $2.0 million for the quarter ended March 31, 2023, as compared to $7.1 million for the quarter ended March 31, 2022. The decrease in R&D expense for the three months ended March 31, 2023 of $5.2 million reflects the suspension of clinical, preclinical, and discovery program activities and a reduction in employee headcount and fewer discovery, preclinical, and clinical program activities resulting from the restructuring activities that the Company announced in September 2022 and in December 2021.

General and Administrative (G&A) Expense: General and administrative expenses were $2.6 million for the quarter ended March 31, 2023, as compared to $3.2 million for the quarter ended March 31, 2022. The decrease in G&A expense of $0.6 million for the three months ended March 31, 2023 was mostly due to lower retention award and bonus compensation, based on current estimates, as well as lower legal fees and insurance. These decreases were partially offset by less operating costs allocated out to R&D based on changes in headcount.

Net Loss: The Company had a net loss of $4.4 million for the quarter ended March 31, 2023, as compared to a net loss of $8.3 million for the quarter ended March 31, 2022. The decrease in net loss was primarily driven by lower R&D expenses during the period, partially offset by lower revenue.

Going Concern: Management believes that the Company’s existing cash and cash equivalents will fund its operating expenses into the fourth quarter of 2023. However, this estimate is based on assumptions

about how the Company can limit spending that may prove to be wrong. It is very difficult to project the Company’s current cash burn rate given the transitional status of the Company and this estimate may prove inaccurate. Depending on the direction of the Company’s review of strategic alternatives, the Company may use available resources sooner than management currently expects. The Company has already engaged in significant cost reductions, so our ability to further cut costs and extend the Company’s operating runway is limited. As a result, substantial additional financing will be needed by the Company within the next few months to pay expenses, fund the ongoing exploration of strategic alternatives and pursue any alternatives that may be identified. The Company seeks to raise capital in the third quarter of 2023 to fund its operations through 2024. There can be no assurance that such additional financing will be available and, if available, can be obtained on acceptable terms.