Molecular Templates Announces Up to $40 Million Private Placement Offering

On July 13, 2023 Molecular Templates, Inc. (Nasdaq: MTEM, "Molecular Templates," or "MTEM"), a clinical-stage biopharmaceutical company focused on the discovery and development of proprietary targeted biologic therapeutics, engineered toxin bodies ("ETBs"), to create novel therapies with potent differentiated mechanisms of action for cancer, reported that it has entered into a definitive securities purchase agreement with certain healthcare investors that will provide up to $40 million in gross proceeds to MTEM through a private placement in two tranches (Press release, Molecular Templates, JUL 13, 2023, View Source [SID1234633222]). The financing is being led by existing investor BVF Partners LP and includes existing investors BB Biotech AG and Adage Capital Management, and other leading institutional investors.

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The purchase is comprised of an initial tranche of $20 million in exchange for 42.6 million shares of common stock (or pre-funded warrants in lieu thereof) for a purchase price per common share of $0.47, the closing price of the common stock on July 12, 2023, and up to an additional $20 million in a mandatory second tranche if certain stock price and trading levels are achieved within a 12 month period, as described below. The first tranche is expected to close on July 17, 2023, subject to the satisfaction of customary closing conditions.

The second tranche of $20 million, consisting of the sale of an additional 42.6 million shares of common stock (or pre-funded warrants in lieu thereof) on the same pricing terms, would close if the following conditions are met: within a 12 month measurement period defined in the stock purchase agreement, MTEM’s common stock trades for a 10-day volume weighted average price of at least $1.41 per share with aggregate trading volume during the same 10-day period of at least 10 million shares, and other customary closing conditions are satisfied. In addition, upon such second tranche closing, MTEM will issue to the investors common stock warrants representing the right to purchase an additional 85.2 million shares of MTEM common stock at an exercise price of $0.47 per share, in exchange for the payment of $0.125 per warrant. In the aggregate, these warrants would represent 100% warrant coverage of the number of shares of common stock (or pre funded warrants) sold in the initial and second tranche, and would have a term of five years.

Stifel is acting as the sole placement agent in connection with the financing.

MTEM intends to use the net proceeds from the private placement to fund its ongoing clinical studies, working capital and for general corporate purposes and to continue its collaboration activities with BMS.

The securities sold in the private placement, including the common shares underlying the warrants, are being made in a transaction not involving a public offering and have not been registered under the Securities Act of 1933, as amended, or applicable state securities laws and may not be reoffered or resold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. As part of the securities purchase agreement, MTEM has agreed to file two separate resale registration statements with the Securities and Exchange Commission registering the resale of the securities following the closing of each of the initial and second tranches, respectively.

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

Iovance Biotherapeutics Announces Closing of $172.5 Million Common Stock Public Offering

On July 13, 2023 Iovance Biotherapeutics, Inc. (NASDAQ: IOVA), a biotechnology company focused on innovating, developing, and delivering novel polyclonal tumor infiltrating lymphocyte (TIL) therapies for patients with cancer, reported the closing of an underwritten public offering of 23,000,000 shares of its common stock at a public offering price of $7.50 per share (Press release, Iovance Biotherapeutics, JUL 13, 2023, View Source [SID1234633221]). The shares of common stock issued and sold in the offering include 3,000,000 shares issued upon the exercise in full by the underwriters of their option to purchase additional shares at the public offering price, less the underwriting discounts and commissions. The gross proceeds from the offering, before deducting the underwriting discounts and commissions and other estimated offering expenses payable by Iovance, are $172.5 million.

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Iovance intends to use the proceeds from this offering to fund preparations for the commercial launch of lifileucel (if approved), including continuing to prepare the Iovance Cell Therapy Center, the Company’s manufacturing facility in Philadelphia, to support ongoing clinical programs including its NSCLC registration-directed study and its frontline advanced melanoma Phase 3 confirmatory trial, to expand the combination of TIL and immune checkpoint inhibitors ("ICIs") in ICI naïve patient cohorts, to support the continued development of our pipeline candidates, to support Proleukin integration activities and for other general corporate purposes.

Goldman Sachs & Co. LLC and Jefferies LLC acted as joint lead book-running managers for the offering.

The shares of common stock described above were offered by Iovance pursuant to its shelf registration statement on Form S-3 that became automatically effective upon filing with the Securities and Exchange Commission on June 16, 2023. The offering was made by means of a prospectus supplement and accompanying prospectus, copies of which may be obtained by contacting Goldman Sachs & Co. LLC by mail at 200 West Street, New York, NY 10282, Attention: Prospectus Department, by telephone at (866) 471-2526, or by email at [email protected] or Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, New York, 10022, by telephone at (877) 547-6340, or by email at [email protected].

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, 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.

Invectys Announces Initiation of Phase 1/2a Clinical Trial in Solid Tumors and Change in Leadership

On July 13, 2023 Invectys, Inc., a clinical-stage immuno-oncology company developing novel therapies for the treatment of advanced cancers, reported that it has initiated the clinical trial of its lead CAR-T program, IVS-3001, in solid tumors (Press release, Invectys, JUL 13, 2023, View Source [SID1234633220]). The Company also announces the appointment of Dr. Jake Kushner, M.D., as its new CEO.

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About the IVS-3001 clinical trial

IVS-3001 is Invectys’ cutting-edge CAR-T cell therapy, targeting the rarely exploited immune checkpoint and tumor specific antigen known as HLA-G. Normally expressed only during pregnancy, this checkpoint molecule protects the fetus from the mother’s immune system, which would otherwise recognize it as foreign, by shutting down the immune system’s response to its presence. In cancer, this mechanism is often highjacked by tumors to create a protective microenvironment, preventing the patient’s defenses from killing the cancer cells.
Having won the MATWIN "Best Project" award in 2019 and the Cancer Prevention and Research Institute of Texas (CPRIT) Award in 2020, IVS-3001 is now entering the next phase of its development. A Phase I/2a clinical trial (NCT05672459) was initiated at The University of Texas MD Anderson Cancer Center on June 21, 2023, in HLA-G-positive solid tumor patients, particularly those with kidney and ovarian cancers. The co-Principle Investigators on the trial are Aung Naing, M.D. FACP, Professor of Investigational Cancer Therapeutics, and Samer Srour, MB ChB, MS, Assistant Professor of Stem Cell Transplantation and Cellular Therapy at MD Anderson.
"This is a great step towards bringing new solutions to patients," comments Julien Caumartin, CSO. "There are currently far too few reliable solutions on the market for solid tumor cancer patients, due to the complexity of solid tumors. Our vision is to provide broad-ranging solutions to the patients, and we are eager to carry our CAR-T cells to the clinic and challenge the paradigm of CAR-Ts in solid tumors."

About the appointment of Jake Kushner, M.D. as CEO

Now in the clinical stage, the Company is also announcing the appointment of Jake Kushner, M.D., as the new Chief Executive Officer (CEO), responsible for leading the transformative efforts in both the Houston and Paris offices of Invectys. As CEO, Dr. Kushner will be building on his previous role as executive advisor and close collaborator to the Invectys management team and board.
Dr. Kushner is a renowned endocrinologist who also serves as the Medical Director for McNair Interests where he evaluates and manages medical investments in support of scientific and entrepreneurial solutions for those who suffer from chronic disease. He previously served as Chief of Pediatric Diabetes and Endocrinology at Baylor College of Medicine and Texas Children’s Hospital.
"Invectys is entering a new, thrilling phase of its development," said Dr. Kushner. "CAR-T cells have delivered stunning results in blood cancers, but their promise in solid tumors has yet to be fulfilled. Invectys has the potential to turn this promise into a reality and breathe new hope into the cancer care field. I am honored and humbled the Board has entrusted me with leading this bold and visionary Company."

Caribou Biosciences Reports Positive Clinical Data from Dose Escalation of CB-010 ANTLER Phase 1 Trial in r/r B-NHL

On July 13, 2023 Caribou Biosciences, Inc. (Nasdaq: CRBU), a leading clinical-stage CRISPR genome-editing biopharmaceutical company, reported long-term follow-up data from the dose escalation portion of the ongoing ANTLER Phase 1 trial (Press release, Caribou Biosciences, JUL 13, 2023, View Source [SID1234633219]). The data set includes all 16 patients treated in dose escalation with CB-010, an allogeneic anti-CD19 CAR-T cell therapy being evaluated in patients with relapsed or refractory B cell non-Hodgkin lymphoma (r/r B-NHL).

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In ANTLER dose escalation, three dose levels of CB-010 were evaluated (40×106, 80×106, and 120×106 CAR-T cells) in patients with multiple subtypes of aggressive r/r B-NHL. As of the data cutoff date, results demonstrated:
•CB-010 was generally well tolerated with adverse events consistent with autologous or allogeneic anti-CD19 CAR-T cell therapies; as previously reported, no dose-limiting toxicities (DLTs) were observed at dose levels 2 or 3 following a single DLT at dose level 1.
•94% overall response rate (ORR; 15 of 16 patients) was observed following a single dose of CB-010.
•69% of patients (11 of 16) achieved a complete response (CR).
•44% of patients (7 of 16) had a CR at ≥6 months; 24 months is the longest CR maintained to date.
•For the subset of patients with large B cell lymphoma (LBCL) (N=10):
◦A 90% ORR (9 of 10) was observed.
◦70% (7 of 10) achieved a CR.
◦50% (5 of 10) had a CR at ≥6 months; 18 months is the longest CR maintained to date.

Each of the 16 patients had aggressive r/r B-NHL and had received two or more prior lines of chemoimmunotherapy or were primary refractory patients.

Based on these positive data, Caribou is enrolling second-line patients with LBCL in the ongoing dose expansion portion of the ANTLER clinical trial. In expansion, the mid dose and the high dose from escalation (80×106 and 120×106 CAR-T cells) are being evaluated in approximately 30 second-line patients (approximately 15 patients per dose level) to determine the recommended Phase 2 dose (RP2D). Once the RP2D is determined, Caribou may enroll additional patients in ANTLER. Caribou plans to report initial dose expansion data from the ongoing ANTLER trial in H1 2024.

"I am excited to see the initial and durable response rates for patients following a single dose of CB-010 in the ANTLER Phase 1 clinical trial. The data are promising and may offer a clinical advantage as an off-the-shelf option compared with approved autologous CAR-T cell therapies," said Loretta J. Nastoupil, MD, deputy chair and associate professor in the department of lymphoma/myeloma at the University of Texas MD Anderson Cancer Center in Houston and investigator on the ANTLER trial. "In addition to encouraging antitumor activity, CB-010 could provide greater access to patients, including those who are not eligible for or cannot wait for an autologous CAR-T cell therapy. As the field of cell therapy moves to earlier lines of treatment, I look forward to being part of CB-010’s development as an off-the-shelf treatment option for patients with LBCL in the second-line clinical setting."

To Caribou’s knowledge, CB-010 is the first allogeneic anti-CD19 CAR-T cell therapy in the clinic to be evaluated in second-line LBCL patients and CB-010 is also the first allogeneic anti-CD19 CAR-T cell therapy in the clinic with a PD-1 knockout, a genome-editing strategy designed to enhance antitumor activity by limiting premature CAR-T cell exhaustion.

"CB-010 dose escalation data rival the responses from autologous cell therapies and demonstrate the potential utility of an off-the-shelf CAR-T cell therapy that could, if approved, provide greater access to patients in need," said Rachel Haurwitz, PhD, Caribou’s president and chief executive officer. "We are actively enrolling patients in dose expansion to gain a better understanding of the safety and antitumor activity of CB-010 in a greater number of patients. We look forward to determining a recommended Phase 2 dose of CB-010, engaging with the FDA on next steps, and reporting ANTLER dose expansion data in the first half of 2024."

DLBCL: diffuse large B cell lymphoma; FL: follicular lymphoma; HGBL: high-grade B cell lymphoma; MCL: mantle cell lymphoma; MZL: marginal zone lymphoma; PMBCL: primary mediastinal large B cell lymphoma. 1 Aggressively behaving, with POD24 (high risk). 2 Primary refractory disease. 3 Patient 5’s 3-month scan conducted on day 63 post CB-010 as per investigator’s discretion. 4 Patients 13-16 are backfill patients at 40M and 80M. 5 Certain patients converted from a CR or PR to PD at various assessment time points as indicated in the chart above.

ANTLER Phase 1 trial of CB-010 – response data
Dose escalation (N=16)
r/r B-NHL
r/r LBCL1
2L LBCL2
Endpoints
N, (%)
All patients
(N=16)
Subgroup
(N=10)
Subgroup
(N=4)
Overall response rate (ORR)
15 (94%)
9 (90%)
4 (100%)
Complete response (CR) rate
11 (69%)
7 (70%)
2 (50%)
≥6-month CR rate
7 (44%)
5 (50%)
2 (50%)
CR at longest duration to date
24 months
18 months
12 months3

1 Subgroup includes patient #4, 5, 6, 7, 8, 9, 10, 11, 12, and 14. 2 Four primary refractory patients were enrolled in dose escalation. Subgroup includes patient #7, 8, 12, and 14. 3 Patient #7 had a CR at 12 months, which converted from PR at the prior efficacy assessment. These efficacy data are as of the June 20, 2023 efficacy data cutoff date.

CB-010 was generally well tolerated with adverse events consistent with autologous or allogeneic anti-CD19 CAR-T cell therapies. No grade 3+ cytokine release syndrome (CRS) and no graft-vs-host disease (GvHD) cases were observed. The most common adverse events included thrombocytopenia (69% Grade 3+), neutropenia (56% Grade 3+), and anemia (50% Grade 3+).

img25401123_0a.jpg
ANTLER Phase 1 trial of CB-010 – safety data
Treatment-emergent adverse events (TEAE) of special interest
All patients
(N=16)
Adverse event
N, (%)
All Grades
Grade 3+
CRS
7 (44%)

ICANS1
4 (25%)
2 (13%)
Infections2
7 (44%)
1 (6%)3

CRS, cytokine release syndrome; ICANS, immune effector cell–associated neurotoxicity. 1 Four total events, 2 Grade 1; 2 Grade 3+ at dose level 1, both with complete resolution of symptoms with supportive care.
2 Infection events reported were on or after CB-010 infusion, with highest grade reported per patient. 3 Grade 3 cellulitis (right antecubital) occurred after CB-010 infusion and was unrelated to CB-010 per the investigator. These safety data are as of May 4, 2023 safety data cutoff date.

Webcast conference call today at 4:30 pm ET
Caribou will host a live conference call and webcast today at 4:30 pm ET to discuss the ANTLER dose escalation data for CB-010. The webcast presenters will include:

a.Loretta J. Nastoupil, MD, deputy chair and associate professor in the department of lymphoma/myeloma at the University of Texas MD Anderson Cancer Center in Houston
b.Rachel Haurwitz, PhD, president and chief executive officer of Caribou
c.Syed Rizvi, MD, chief medical officer of Caribou
d.Steven Kanner, PhD, chief scientific officer of Caribou

If you would like the option to ask a question on the live conference call, please use this link to register to receive a personal PIN to access the conference call and to ask a question.

The listen-only webcast with an accompanying presentation will be accessible under Events in the Investors section of Caribou’s website. The archived audio webcast will be available on the company’s website following the call and will be available for 30 days.

About CB-010
CB-010 is the lead product candidate from Caribou’s allogeneic CAR-T cell therapy platform and is being evaluated in patients with relapsed or refractory B cell non-Hodgkin lymphoma (r/r B-NHL). In the ongoing ANTLER Phase 1 trial, Caribou is enrolling second-line patients with large B cell lymphoma (LBCL) comprising four different subtypes of aggressive r/r B-NHL (DLBCL NOS, PMBCL, HGBL, and tFL). CB-010 is an allogeneic anti-CD19 CAR-T cell therapy engineered using Cas9 CRISPR hybrid RNA-DNA (chRDNA) technology. To Caribou’s knowledge, CB-010 is the first allogeneic CAR-T cell therapy in the clinic with a PD-1 knockout, a genome-editing strategy designed to improve antitumor activity by limiting premature CAR-T cell exhaustion. To Caribou’s knowledge, CB-010 is also the first anti-CD19 allogeneic CAR-T cell therapy to be evaluated in the second-line LBCL setting and has been granted Regenerative Medicine Advanced Therapy (RMAT), Fast Track, and Orphan Drug designations by the FDA. Additional information on the ANTLER trial (NCT04637763) can be found at clinicaltrials.gov.

BIO-TECHNE TO HOST CONFERENCE CALL ON AUGUST 8, 2023, TO ANNOUNCE FOURTH QUARTER AND FISCAL 2023 FINANCIAL RESULTS

On July 13, 2023 Bio-Techne Corporation (NASDAQ: TECH) reported that management will host a conference call and webcast on Tuesday, August 8, 2023, at 8:00 a.m. CDT to review fourth quarter and fiscal 2023 financial results (Press release, Bio-Techne, JUL 13, 2023, https://investors.bio-techne.com/news/detail/375/bio-techne-to-host-conference-call-on-august-8-2023-to-announce-fourth-quarter-and-fiscal-2023-financial-results [SID1234633218]).

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Access to the discussion may be obtained as follows:

Time:

8:00 a.m. CDT

Date:

August 8, 2023

Dial-in:

1-877-300-8521 or 1-412-317-6026 (for international callers)

Conference ID:

10180893

Webcast:

View Source

A recorded rebroadcast will be available for interested parties unable to participate in the live conference call by dialing 1-844-512-2921 or 1-412-317-6671 (for international callers) and referencing Conference ID 10180893.

The replay will be available from 11:00 a.m. CDT on Tuesday, August 8, 2023, until 11:00 p.m. CDT on Friday, September 8, 2023.