Hepion Pharmaceuticals Receives $3.2 Million in Aggregate Non-Dilutive Funding

On January 9, 2023 Hepion Pharmaceuticals, Inc. (NASDAQ:HEPA), a clinical stage biopharmaceutical company focused on Artificial Intelligence ("AI")-driven therapeutic drug development for the treatment of fibrotic diseases, including non-alcoholic steatohepatitis ("NASH"), hepatocellular carcinoma ("HCC"), and other chronic diseases, reported the receipt of $2.9 million in net proceeds from the sale of tax benefits pursuant to the Company’s participation in the New Jersey Economic Development Authority ("NJEDA") NOL program under the New Jersey Economic Recovery Act of 2020, and receipt of a C$416,415 (US$309,000) Alberta Innovation Employment Grant (Press release, Hepion Pharmaceuticals, JAN 9, 2023, View Source [SID1234626063]).

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

NJEDA’s NOL program enables qualified, New Jersey-based technology or biotechnology companies to sell net operating losses to unrelated profitable corporations. This allows qualifying technology and biotechnology companies with NOLs to turn their tax losses and credits into cash proceeds to fund growth and operations, including research and development ("R&D") or other allowable expenditures.

Alberta’s Innovation Employment Grant program encourages economic growth by supporting small and medium-sized businesses that invest in R&D with a grant worth up to 20% of qualifying expenditures. The program promotes investment and diversification by rewarding all R&D spending in Alberta, Canada, regardless of the industry.

"We appreciate the support of both the State of New Jersey and the Province of Alberta to support innovation within their respective business communities," said Robert Foster, PharmD, PhD, Hepion’s CEO. "This non-dilutive funding adds to the approximate $59.1 million in cash we had as of the end of Q3-2022, further strengthening the Company’s balance sheet as we continue to advance rencofilstat, our lead oral drug candidate for the treatment of NASH and HCC."

Guardant Health Announces Preliminary Fourth Quarter and Full Year 2022 Results

On January 9, 2023 Guardant Health, Inc. (Nasdaq: GH), a leading precision oncology company focused on helping conquer cancer globally through use of its proprietary tests, vast data sets and advanced analytics, reported preliminary, unaudited results for the year ended December 31, 2022 (Press release, Guardant Health, JAN 9, 2023, View Source [SID1234626062]).

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

Full year 2022 preliminary unaudited financial results

For the twelve-month period ended December 31, 2022, as compared to the same period of 2021:

Revenue of between $447 million and $450 million, an increase of 20%
Reported 124,800 tests to clinical customers and 26,000 tests to biopharma customers, an increase of 42% and 40%, respectively
Fourth quarter 2022 preliminary unaudited financial results

For the three-month period ended December 31, 2022, as compared to the same period of 2021:

Revenue of between $124 million and $127 million, an increase of between 15% and 17%
Reported 36,000 tests to clinical customers and 8,200 tests to biopharma customers, an increase of 41% and 24%, respectively
Cash, cash equivalents and marketable debt securities were $1.0 billion as of December 31, 2022.

"We are very pleased with the strong finish to 2022 that enabled us to post annual volume growth for both clinical and biopharma above 40%, and believe we are well positioned for continued strong double-digit revenue growth in 2023." said Helmy Eltoukhy, co-founder and co-CEO.

"During the fourth quarter we delivered on a long-term ambition with the positive readout of our ECLIPSE trial. We are thrilled with the strong and positive feedback expressed by guideline members, key opinion leaders, and patient advocacy leaders about the performance of the Shield test in the ECLIPSE trial," said AmirAli Talasaz, co-founder and co-CEO. "Fueled by this success, we will expand this test to many other cancer types, including lung cancer, the leading cause of death from cancer."

Guardant Health has not completed preparation of its financial statements for the fourth quarter or full year of 2022. The revenue ranges and test volumes presented in this release for the fourth quarter and the year ended December 31, 2022 are preliminary and unaudited and are thus inherently uncertain and subject to change as we complete our financial results. The company is in the process of completing its 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 estimates. During the course of the preparation of the Guardant Health’s consolidated financial statements and related notes as of and for the year ended December 31, 2022, the company’s independent registered public accountants may identify items that could cause final reported results to be materially different from the preliminary financial estimates presented herein.

Upcoming events

Guardant Health plans to report its fourth quarter and full year audited financial results for the period ended December 31, 2022 during its February 2023 earnings call.

G1 Therapeutics Announces Upcoming 2023 Readouts from its Phase 2 and Pivotal Phase 3 Clinical Trials of Trilaciclib

On January 9, 2023 G1 Therapeutics, Inc. (Nasdaq: GTHX), a commercial-stage oncology company, reported the 2023 data readouts that are expected to drive its near-term and long-term indications and potential future treatment paradigms for some of the most aggressive and refractory cancers, including metastatic colorectal (mCRC), bladder or urothelial cancer (mUC), and triple negative breast cancer (TNBC) (Press release, G1 Therapeutics, JAN 9, 2023, View Source [SID1234626060]).

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

"Cytotoxic therapy remains the backbone of treatment for many metastatic tumors, either alone or in combination with targeted therapies," said Raj Malik, M.D., G1’s Chief Medical Officer. "But the high toxicity of these cytotoxic agents poses a risk of serious adverse events that can compromise patient well-being and patient outcomes. Trilaciclib represents a novel approach to protect against the side effects of cytotoxic therapy, but it also holds the potential to extend survival in certain cancer types, especially in combination with other novel anti-cancer interventions such as ADCs and checkpoint inhibitors—a benefit we are currently exploring in a variety of clinical trials with important readouts throughout 2023."

Trilaciclib, an IV-administered transient CDK4/6 inhibitor, is a first-in-class therapy designed to preserve bone marrow and immune system function during cytotoxic therapy to improve patient outcomes. Depending on the tumor type and the chemotherapy backbone, this mechanistic profile can drive patient benefits of myeloprotection and/or anti-tumor efficacy. Its mechanism of action of improving overall immune response by improving long term immune surveillance lends itself to longer term endpoints, such as progression free and overall survival.

Clinical Trial Results Expected in the First Quarter of 2023

PRESERVE 1: 1L mCRC registrational Phase 3 trial

February 2023: Primary endpoint (myeloprotection). The Company expects to release initial results in February 2023 from the ongoing PRESERVE1 trial in patients with mCRC who received trilaciclib administered prior to treatment with FOLFOXIRI and bevacizumab. These data will include the primary myeloprotection endpoints of severe neutropenia during induction and duration of severe neutropenia in Cycles 1-4; the impact of trilaciclib on Grade 3 or 4 diarrhea; and initial patient reported outcome data. If positive, these data will serve as the basis for working closely with the FDA and other regulatory health authorities to extend the label to trilaciclib as a myeloprotective agent in patients with mCRC.

Compared to the extensive-stage small cell lung cancer market, the colorectal market is significantly larger with a longer duration of therapy (ES-SCLC: 3 months vs mCRC: 6-12 months) and CRC patients often have a better prognosis that facilitates the more aggressive therapeutic approach of FOLFOXIRI triplet therapy.

"Triplet therapy with FOLFOXIRI and bevacizumab is highly efficacious compared to doublet therapy, but it is also the most myelotoxic regimen with higher rates of neutropenia, febrile neutropenia, and diarrhea – which limits its use to a small population of 1L CRC patients," said Dr. Malik. "Trilaciclib may be an important addition to this regimen to enable a broader population of patients to benefit from this therapy and potentially further improve anti-tumor efficacy by allowing increased duration and exposure to chemotherapy."

Clinical Trial Results Expected in the Second Quarter of 2023

Phase 2 ADC trial in patients with refractory TNBC

Anti-tumor efficacy. Additional data from G1’s ongoing trial of trilaciclib administered prior to the ADC sacituzumab govitecan-hziy in patients with unresectable locally advanced or metastatic TNBC are expected in 2Q23 and will include anti-tumor efficacy endpoints as measured by the primary endpoint of progression-free survival (PFS).

Initial results released in 4Q22 demonstrated the potential of trilaciclib to reduce adverse events associated with sacituzumab govitecan-hziy. Initial data on the first 18 patients show a clinically meaningful on-target effect of trilaciclib to reduce (>50%) the rates of multiple adverse events compared to the previously published sacituzumab govitecan-hziy single agent safety profile from the ASCENT trial, including myelosuppression (neutropenia, anemia, thrombocytopenia), and diarrhea and potentially alopecia due to the presence of CDK4/6-expressing cells in the intestinal crypt and hair follicles.

Phase 2 mechanism of action (MOA) trial in patients with neoadjuvant TNBC

Pathologic complete response (pCR) and immune enhancements in tumor microenvironment: Presentation of a more comprehensive data set from this 24 patient Phase 2 trial are expected in 2Q23 from analyses of the secondary endpoint of pathologic complete response rate at the time of definitive surgery and the safety of trilaciclib combined with neoadjuvant chemotherapy. Additional analyses will further elucidate the immune-based mechanism of action of a single dose of trilaciclib.

Initial results from the primary endpoint of immune-based MOA presented at the 2022 San Antonio Breast Cancer Symposium showed favorable alterations in the tumor microenvironment from a single dose of trilaciclib monotherapy as measured by an increase in the ratio of CD8+ T cells compared to regulatory T cells (Tregs).

Clinical Trial Results Expected in the Midyear 2023

PRESERVE 3: 1L bladder cancer (mUC) Phase 2 trial

Anti-tumor efficacy. Additional safety and efficacy data, including the primary endpoint of the anti-tumor efficacy of trilaciclib when combined with platinum-based chemotherapy and the checkpoint inhibitor avelumab maintenance therapy as measured by PFS are anticipated in mid-2023.

Initial results provided in January 2023 indicate that the confirmed objective response rate as of the cutoff date was comparable between arms. Longer-term follow-up is required to characterize additional anti-tumor endpoints including duration of confirmed objective response and PFS. Safety is reviewed by the data monitoring committee (DMC) on an ongoing basis, and it has recommended that the study continue as planned. Though early, the safety and tolerability profile of trilaciclib administered prior to chemotherapy is generally consistent with that expected in patients treated with gemcitabine plus cisplatin/carboplatin and avelumab maintenance for previously untreated advanced or metastatic urothelial carcinoma.

Clinical Trial Results Expected in the Second Half of 2023

PRESERVE 2: 1L metastatic TNBC registrational Phase 3 trial

2H23: Overall survival. An interim overall survival (OS) analysis at 70% of events is currently anticipated in 2H23 to evaluate the effect of trilaciclib on overall survival in patients with TNBC when administered prior to treatment with gemcitabine and carboplatin (GC). If the interim OS analysis achieves the threshold of statistical significance required for the interim assessment showing that trilaciclib has superior efficacy in overall survival, the trial will terminate, and the data will be reported. In addition, we will discuss the data with regulatory health authorities regarding filing for potential approval of this indication.

This trial builds on the foundational Phase 2 data showing a statistically significant and medically important improvement in survival in the two arms that received trilaciclib prior to GC compared to an arm that received GC alone (HR: 0.31 and 0.40, respectively).

PRESERVE 1: 1L mCRC registrational Phase 3 trial

4Q23: Anti-tumor efficacy. G1 expects to release initial PFS data from PRESERVE 1 on the combination of trilaciclib administered prior to FOLFOXIRI and bevacizumab in 4Q23.

These data from the five ongoing Phase 2 and pivotal Phase 3 trials of trilaciclib will inform the Company’s strategic direction, clarify the potential synergistic potential of trilaciclib, and, if positive, serve as the basis for seeking additional indications beyond extensive-stage small cell lung cancer, starting with mCRC which could be approved in early 2024.

Foghorn Therapeutics Highlights Recent Clinical and Research Progress and Provides Strategic Objectives for 2023

On January 9, 2023 Foghorn Therapeutics Inc. (Nasdaq: FHTX), a clinical-stage biotechnology company pioneering a new class of medicines that treat serious diseases by correcting abnormal gene expression, reported its strategic objectives for 2023 (Press release, Foghorn Therapeutics, JAN 9, 2023, View Source [SID1234626059]).
"We enter 2023 positioned to advance our broad pipeline of clinical and preclinical precision medicines with multiple clinical study results, which have the potential to demonstrate that by targeting the chromatin regulatory system, it is possible to treat cancers in a fundamentally new way. These clinical results include the Phase 1 study evaluating FHD-286 in metastatic uveal melanoma, with initial data expected in the first half of 2023, and our FHD-609 Phase 1 program in synovial sarcoma, where we anticipate data in mid-2023," said Adrian Gottschalk, President and Chief Executive Officer of Foghorn.

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

Mr. Gottschalk continued, "Foghorn is a leader in targeting chromatin biology, which has unique potential to address underlying dependencies of many genetically defined cancers. Both independently and with major pharmaceutical partners, we are advancing a robust pipeline with more than 15 programs in R&D aimed at BRM, CBP, ARID1B, and other chromatin regulatory targets – all of which could address significant unmet medical need in the treatment of cancer. Over the next four years, we anticipate the filing of at least six new INDs, reflecting the productivity of our precision medicine platform. This is all supported by our cash and equivalents position of approximately $373.5 million as of September 30, 2022."

•FHD-286 mUM Update. The dose escalation Phase 1 study of FHD-286, an inhibitor of BRG1/BRM, in metastatic uveal melanoma (mUM) continues to enroll patients per protocol. Initial Phase 1 clinical data is expected in the first half of 2023.

•FHD-286 AML/MDS Update. In August 2022, the U.S. Food and Drug Administration (FDA) placed a full clinical hold on the Phase 1 dose escalation study of FHD-286 in relapsed and/or refractory acute myelogenous leukemia (AML) and myelodysplastic syndrome (MDS). The full clinical hold in the AML/MDS study is due to the observation of suspected fatal cases of differentiation syndrome that are believed to be associated with FHD-286. Differentiation syndrome is associated with AML/MDS therapeutics that induce differentiation, an effect that has been seen with, and is believed to be on-target for the proposed mechanism of action for, FHD-286. The Company anticipates providing clarity on the development path for FHD-286 in AML/MDS in the first half of 2023.

•FHD-609 Update. Patient enrollment is continuing in the Phase 1 dose escalation clinical study of FHD-609, a potent and selective heterobifunctional protein degrader of BRD9, being developed for the treatment of synovial sarcoma and SMARCB1-loss tumors, with initial efficacy and safety data expected in mid-2023.

•Pipeline Advancement. Foghorn continues to expand its platform and pipeline. The Company anticipates at least six potential new molecular investigational new drug applications (INDs) in the next four years. The Company continues to progress programs for multiple targets which include chromatin remodeling complexes, transcription factors, helicases, and chromatin binding proteins. High-value targets include Selective BRM, CBP, and ARID1B as well as other undisclosed targets.

•Strategic Collaborations. Foghorn continues to achieve its objectives within its two strategic collaborations with Loxo Oncology at Lilly and Merck by advancing novel oncology targets using Foghorn’s proprietary Gene Traffic Control Platform.

•Strong Balance Sheet and Cash Runway. As of September 30, 2022, the Company had $373.5 million in cash, cash equivalents and marketable securities, providing cash runway into the second half of 2025.

About FHD-286
FHD-286 is a highly potent, selective, allosteric and orally available, small-molecule, enzymatic inhibitor of BRG1 and BRM, two highly similar proteins that are the ATPases, or the catalytic engines across all forms of the BAF complex, one of the key regulators of the chromatin regulatory system. In preclinical studies, FHD-286 has shown anti-tumor activity across a broad range of malignancies including both hematologic and solid tumors. To learn more about these studies, please visit ClinicalTrials.gov. (Link here for metastatic uveal melanoma and here for AML and MDS).
About Uveal Melanoma
Uveal (intraocular) melanoma (UM) is a rare eye cancer that forms from cells that make melanin in the iris, ciliary body and choroid. It is the most common eye cancer in adults. It is diagnosed in about 2,000 adults every year in the United States and occurs most often in lightly pigmented individuals with a median age of 55 years. However, it can occur in all races and at any age. UM metastasizes in approximately 50% of cases, leading to very poor prognosis.
About AML
Adult acute myeloid leukemia (AML) is a cancer of the blood and bone marrow and the most common type of acute leukemia in adults. AML is a diverse disease associated with multiple genetic mutations. It is diagnosed in about 20,000 people every year in the United States.
About FHD-609
FHD-609 is a potent, selective, intravenously administered protein degrader of BRD9, a component of the ncBAF complex. Preclinical studies have demonstrated tumor growth inhibition in synovial sarcoma, a cancer genetically dependent on BRD9. To learn more about this study, please visit ClinicalTrials.gov.
About Synovial Sarcoma
Synovial sarcoma is a rare, often aggressive soft tissue sarcoma that originates from different types of soft tissue, including muscle or ligaments. Synovial sarcoma can occur at any age but is most common among adolescents and young adults. It represents around 5-10% of all soft tissue sarcomas, with ~800 new cases

each year in the United States. Surgery remains the most effective treatment for synovial sarcoma, and there are limited therapeutic treatment options.

Exact Sciences Announces Preliminary Fourth Quarter 2022 Results

On January 08, 2023 Exact Sciences Corp. (Nasdaq: EXAS), a leading provider of cancer screening and diagnostic tests, reported that the company expects to report revenue between $550.7 million and $552.7 million for the fourth quarter ended Dec. 31, 2022 (Press release, Exact Sciences, JAN 9, 2023, View Source [SID1234626057]).

"Exact Sciences’ fourth quarter results show the strength of our business and the momentum building behind the best brands in cancer diagnostics, Cologuard and Oncotype DX," said Kevin Conroy, chairman and CEO. "The foundation supporting Cologuard and Oncotype DX will fuel consistent revenue growth and profitability, putting Exact Sciences in a leading position to deliver the next wave of innovation in cancer diagnostics to patients, health systems, and health care providers globally."

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

Preliminary, Unaudited Fourth Quarter 2022 Financial Results

For the three-month period ended Dec. 31, 2022, as compared to the same period of 2021:

•Total revenue between $550.7 million and $552.7 million, an increase of 16 percent, or 28 percent excluding COVID-19 testing
•Screening revenue between $401.8 million and $402.8 million, an increase of 45 percent, or 41 percent excluding the PreventionGenetics acquisition
•Precision Oncology revenue between $142.9 million and $143.9 million, a decrease of 4 percent, or an increase of 1 percent excluding the divested Oncotype DX Genomic Prostate Score test and the impact of foreign currency exchange rates
•COVID-19 testing revenue of approximately $5.9 million, a decrease of 87 percent

Preliminary, Unaudited 2022 Financial Results

For the twelve-month period ended Dec. 31, 2022, as compared to the same period of 2021:

•Total revenue between $2,082.0 million and $2,084.0 million, an increase of 18 percent, or 25 percent excluding COVID-19 testing
•Screening revenue between $1,423.0 million and $1,424.0 million, an increase of 34 percent, or 30 percent excluding the PreventionGenetics acquisition
•Precision Oncology revenue between $601.0 million and $602.0 million, an increase of 7 percent, or 11 percent excluding the divested Oncotype DX Genomic Prostate Score test and the impact of foreign currency exchange rates
•COVID-19 testing revenue of approximately $58.0 million, a decrease of 59 percent

Screening includes laboratory service revenue from Cologuard tests, PreventionGenetics, and immaterial revenue from Biomatrica and Oncoguard Liver products. Precision Oncology includes laboratory service revenue from global Oncotype DX products and therapy selection products.

Exact Sciences has not completed preparation of its financial statements for the fourth quarter or full year of 2022. The revenue ranges presented in this news release for the fourth quarter of 2022 and for the year ended Dec. 31, 2022 are preliminary and unaudited and are thus inherently uncertain and subject to change as we complete our financial results for the fourth quarter of 2022. Exact Sciences is in the process of completing its customary year-end close and review procedures as of and for the year ended Dec. 31, 2022, and there can be no assurance that final results for this period will not differ from these estimates. During the course of the preparation of Exact Sciences’ consolidated financial statements and related notes as of and for the year ended Dec. 31, 2022, the company’s independent registered public accountants may identify items that could cause final reported results to be materially different from the preliminary financial estimates presented herein.

Exact Sciences plans to report 2022 financial results during its February 2023 earnings call.