METIS Phase 3 Clinical Trial Met Primary Endpoint, Demonstrating a Statistically Significant Extension in Time to Intracranial Progression for Patients with Brain Metastases from Non-Small Cell Lung Cancer

On March 27, 2024 Novocure (NASDAQ: NVCR) reported the phase 3 METIS clinical trial met its primary endpoint, demonstrating a statistically significant improvement in time to intracranial progression for adult patients treated with Tumor Treating Fields (TTFields) therapy and supportive care compared to supportive care alone in the treatment of patients with 1-10 brain metastases from non-small cell lung cancer (NSCLC) following stereotactic radiosurgery (SRS) (Press release, NovoCure, MAR 27, 2024, View Source [SID1234641522]). Patients treated with TTFields therapy and supportive care exhibited a median time to intracranial progression of 21.9 months compared to 11.3 months in patients treated with supportive care alone for brain metastasis (n=298; hazard ratio=0.67; P=0.016). Median TTFields therapy treatment duration was 16 weeks and median usage was 67%. Consistent with previous studies, TTFields therapy was well-tolerated with sustained quality of life and neurocognitive function. Baseline characteristics were well balanced between arms.

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"Patients with brain metastases from non-small cell lung cancer are frequently treated with radiosurgery but face a high likelihood of rapid brain relapse," said Minesh Mehta, MD, Chief of Radiation Oncology and Deputy Director at Miami Cancer Institute, part of Baptist Health South Florida. "In this international, multicenter, phase 3 trial, the use of TTFields therapy significantly delayed time to brain relapse, with associated improvement in quality of life and stable cognition. This is a major benefit and is potentially practice changing."

Preliminary analyses of key secondary endpoints (time to neurocognitive failure, overall survival, and radiological response rate) did not demonstrate statistical significance. Certain secondary endpoints showed positive trends in favor of treatment with TTFields therapy, including time to distant progression and quality of life. Full analysis of secondary endpoints is ongoing.

"Novocure’s willingness to pursue areas of considerable unmet need, like the patient population studied in METIS, is a point of pride for our company," said Asaf Danziger, Novocure’s Chief Executive Officer. "We are so pleased with the positive outcome of this trial and encouraged by TTFields’ performance. I would like to thank everyone involved with METIS, especially our courageous patients and dedicated investigators, for their contributions to the trial and for meaningfully contributing to the evolution of treatment of brain metastases from NSCLC."

Novocure intends to submit these data to regulatory authorities. Novocure also intends to publish these findings in a peer-reviewed scientific journal and share them at an upcoming scientific congress.

Conference Call Details

Novocure will host a conference call and webcast to discuss the METIS topline results at 8:00 a.m. EST today, March 27th. To access the conference call by phone, use the following conference call registration link and dial-in details will be provided. To access the webcast, use the following webcast registration link.

The webcast and slides presented during the webcast can be accessed live from the Investor Relations page of Novocure’s website, www.novocure.com/investor-relations, and will be available for at least 14 days following the call. Novocure has used, and intends to continue to use, its investor relations website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

About METIS

METIS [NCT02831959] is a phase 3 trial of stereotactic radiosurgery with or without TTFields therapy for patients with 1-10 brain metastases from NSCLC. 298 adult patients were enrolled in the trial and randomized to receive either TTFields therapy with supportive care or supportive care alone following SRS. Supportive care consisted of, but was not limited to, treatment with steroids, anti-epileptic drugs, anticoagulants, pain control or nausea control medications. Patients in both arms of the study were eligible to receive systemic therapy for their NSCLC at the discretion of their treating physician. Patients with known tumor mutations for which targeted agents are available were excluded from the trial.

The primary endpoint of the METIS trial is time to first intracranial progression, as measured from the date of first SRS treatment to intracranial progression or neurological death (per RANO-BM criteria), whichever occurs first. Time to intracranial progression was calculated according to the cumulative incident function. Patient scans were evaluated by a blinded, independent radiologic review committee. Secondary endpoints include, but are not limited to, time to distant progression, time to neurocognitive failure, overall survival, time to second intracranial progression, quality of life and adverse events. Key secondary endpoints (time to neurocognitive failure, overall survival, and radiological response rate) were planned to be used in labeling claims, if successful. Patients were stratified by the number of brain metastases (1-4 or 5-10 metastases), prior systemic therapy, and tumor histology. Patients were allowed to crossover to the experimental TTFields therapy arm following confirmation of second intracranial progression.

About Brain Metastases

Brain metastases are a secondary tumor formed when cancer cells break away from the primary tumor and travel through the blood or lymph system to form new tumors (or metastases) in the brain. Brain metastasis are a negative prognostic factor in NSCLC and adversely impact neurocognitive function and quality of life. Approximately 25% of patients with NSCLC have brain metastasis at diagnosis, and lifetime risk among patients with NSCLC is approximately 50%. Neurologic symptoms are present in approximately 60-75% of patients with brain metastasis, and seizures, focal neurologic deficits, headaches, and altered mental status are common. Treatment options for patients with brain metastasis from NSCLC are limited to neurosurgery, SRS, whole brain radiation therapy, or combinations of these options. However, given the neurotoxicity and significant decline in cognitive functioning, whole brain radiation therapy (WBRT) is an unfavorable treatment option. New therapeutic options are needed for greater intracranial control while minimizing the risk of neurocognitive adverse events.

About Tumor Treating Fields Therapy

Tumor Treating Fields (TTFields) are electric fields that exert physical forces to kill cancer cells via a variety of mechanisms. TTFields do not significantly affect healthy cells because they have different properties (including division rate, morphology, and electrical properties) than cancer cells. The multiple, distinct mechanisms of TTFields therapy work together to selectively target and kill cancer cells. Due to its multimechanistic actions, TTFields therapy can be added to cancer treatment modalities in approved indications and demonstrates enhanced effects across solid tumor types when used with chemotherapy, radiotherapy, immune checkpoint inhibition, or PARP inhibition in preclinical models. TTFields therapy provides clinical versatility that has the potential to help address treatment challenges across a range of solid tumors. To learn more about Tumor Treating Fields therapy and its multifaceted effect on cancer cells, visit tumortreatingfields.com.

Iambic Therapeutics Announces First Patient Dosed in Phase 1 Clinical Study of IAM1363, a Highly Selective HER2 Inhibitor for the Treatment of Solid Tumors

On March 27, 2024 Iambic Therapeutics, a biotechnology company developing novel therapeutics using its unique AI-driven discovery platform, reported that the first patient has been dosed in its Phase 1 clinical study evaluating IAM1363, a selective and brain-penetrant inhibitor of HER2 signaling for the treatment of HER2-driven cancers (Press release, Iambic Therapeutics, MAR 27, 2024, View Source [SID1234641521]).

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"Using Iambic’s AI platform, we have been able to rapidly discover and advance a candidate that is highly selective for inhibiting HER2 compared to effects on EGFR and other tyrosine kinase receptors that contribute to toxicity in patients. Along with its demonstrated CNS penetrance and potential to inhibit both wild-type HER2 and common HER2 mutants, we believe IAM1363 can be a highly differentiated, best-in-class small molecule for the treatment of HER2-altered cancers," said Iambic’s Chief Medical Officer, Neil Josephson, M.D.

The Phase 1/1b trial, NCT06253871, is an open-label, multi-center, dose escalation and dose optimization study, designed to evaluate tolerability, pharmacokinetics, pharmacodynamics, and preliminary efficacy of IAM1363 as monotherapy and in combination with trastuzumab in patients with advanced HER2 cancers.

IAM1363 is a selective and brain-penetrant small molecule inhibitor of wild-type and oncogenic mutant HER2 proteins, designed to expand the therapeutic index compared to available HER2 inhibitors and to avoid toxicities from off-target inhibition of EGFR, a related receptor tyrosine kinase. In preclinical studies, IAM1363 has demonstrated over 1000-fold selectivity for HER2 compared to EGFR, a promising pharmacokinetic and safety profile, preferential tumor enrichment, and penetrance of the central nervous system. In HER2 tumor models, including intracranial tumor models, IAM1363 has demonstrated favorable efficacy and tolerability compared to benchmark tyrosine kinase inhibitors and HER2-targeted antibody-drug conjugates. IAM1363 was identified using Iambic’s AI-driven discovery platform, which unifies physics-informed machine learning and experimental automation to identify therapeutic candidates with differentiated drug profiles.

"For the patients I see in clinic there remains a significant need to improve therapies for HER2-driven cancers. Even with recent advances in the field we still lack treatments that can provide long-term disease control in multiple tumor types and for disease that has metastasized to the brain. IAM1363 is a promising agent because of its potency and selectivity for HER2, and its ability to readily cross the blood brain barrier. Because of its selective targeting, I see great potential for it to be developed across the entire spectrum of HER2 altered cancers, both as a single agent and in combination with other standard of care therapies," said Dr. Alexander Spira at Virginia Cancer Specialists in Fairfax, Virginia and principal investigator on the Phase 1 study of IAM1363.

OSE Immunotherapeutics Reports Full Year 2023 Financial Results and Provides Business Strategy Update

On March 27, 2024 OSE Immunotherapeutics SA (ISIN: FR0012127173; Mnemo: OSE) reported its consolidated annual financial results for 2023 and provided an update on key proprietary clinical and preclinical achievements, on ongoing collaboration and licensing agreements, as well as on the 2024 Company’s outlook (Press release, OSE Immunotherapeutics, MAR 27, 2024, View Source [SID1234641520]).

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Nicolas Poirier, Chief Executive Officer of OSE Immunotherapeutics, commented: "The Company has built today a broad and independent portfolio of five clinical assets, three pharmaceutical partnerships and three research platforms, all with potential key milestones expected in 2024. We have achieved significant steps in 2023 and all of which put in place during this year will help advance our key priorities on our clinical and preclinical stage products in immuno-oncology and inflammation in the coming months. We started 2024 with a major achievement for the Company’s growth as we also reinforced our financial resources with a new license and collaboration agreement with AbbVie valued up to $713 million, including a $48 million upfront payment, in line with our business-model of recurrent and strategic pharmaceutical partnerships. We will advance the Company’s clinical programs and continue investing in our R&D drug discovery engine to identify novel therapeutics for patients with high medical need in inflammation, autoimmune diseases and immuno-oncology.

The conduct of our Tedopi new pivotal Phase 3 clinical program in second-line non-small cell lung cancer, in patients with secondary/acquired resistance, is on track. Two dossiers were filed to the Food & Drug Administration (FDA) end of 2023: a companion test to identify HLA-A2 positive cancer patients eligible (collaboration with the company GenDx) and a clinical protocol. Both dossiers were approved mid-January 2024 and will be filed in Europe in the coming weeks.

Completion of patient enrollment in the Phase 2 trial evaluating Lusvertikimab in ulcerative colitis was recently announced, and we are now eagerly looking forward to the top-line efficacy results after the induction phase and first early assessment after 6 months of therapy expected mid-2024.

The ongoing Phase 1/2 trial with proprietary anti-PD1 OSE-279 in solid tumors has confirmed positive clinical efficacy results with a high anti-tumor response rate in difficult-to-treat patients. These results encourage further clinical development in the future, used in monotherapy in already identified cancer niche indications and to explore combinations with OSE drug candidates, in particular with our neo-epitope cancer vaccine.

The positive interim data analysis from the FIRsT Phase 1/2 study evaluation of anti-CD28 FR104/VEL-101 in renal transplant marks a key advancement in the clinical development towards a Phase 2 trial under preparation by our partner Veloxis Pharmaceuticals.

Two clinical drug-candidates, BI 765063 and BI 770371, from our selective SIRPa myeloid checkpoint technology are being evaluated by Boehringer Ingelheim in combination in cancer patients, in particular in metastatic or recurrent head and neck squamous cell carcinoma (HNSCC) and hepatocellular carcinoma (HCC). Promising results from the first Phase 1 study, with early clinical efficacy data and biomarkers predictive of response and survival, were presented at the 2023 AACR (Free AACR Whitepaper) and ESMO (Free ESMO Whitepaper) conferences.

We also look forward to generating additive value in immunology with our novel ‘pro-resolutive monoclonal antibody’ platform with additional identified GPCR targets, as well as our ‘myeloid checkpoint’ and ‘cytokine’ drug discovery platforms of which the latest updates are steadily selected for presentation at international scientific congresses. In parallel, at early research level, we keep strengthening our first-in-kind platform built at the intersection of Antibody Engineering, Data Science, Artificial Intelligence (AI) and novel RNA Therapeutics technologies to develop next-generation immunotherapy medicines modulating immune cell responses in the field of immuno-inflammation and immuno-oncology.

Looking ahead to 2024, we are excited by several key clinical, preclinical and partnership milestones to advance the Company’s growth path with the involvement of our teams, experts and partners, all fully committed to innovation in service of patients".

Anne-Laure Autret-Cornet, Chief Financial Officer of OSE Immunotherapeutics, adds: "Our business-model is mostly based on recurrent and strategic partnerships with pharmaceutical companies. Thanks to the collaboration and license agreement signed with AbbVie, we strongly reinforced our financial visibility, which will allow us to pursue our investments in our proprietary clinical programs and our innovative R&D engine to increase their intrinsic value and to prepare the next wave of Company’s growth".

2023 FINANCIAL RESULTS

A meeting of the Board of Directors of OSE Immunotherapeutics was held on March 27, 2024. Following the Audit Committee opinion, the Board approved the annual and consolidated financial statements prepared under IFRS on 31 December 2023.

The key figures of the 2023 consolidated annual results are reported below (and presented in the attached tables):

In K€

December 31, 2023

December 31, 2022

Current operating result

(22,980)

(18,392)

Operating result

(22,986)

(18,476)

Net result

(23,221)

(17,760)

Available cash*

18,672

25,620

Consolidated balance sheet

82,054

91,781

As of December 31, 2023, the Company’s available cash totaled €18.7 million, versus €25.6 million as of December 31, 2022.

In 2024, the Company will reinforce its financial position with a $48 million upfront payment as part of the global and exclusive license and collaboration on OSE-230 signed with AbbVie in February 2024 giving a financial visibility until 2026.

In 2023, OSE Immunotherapeutics secured:

– An equity financing line with Vester Finance, set up on April 27, 2023. This financing has triggered at the end of September a capital increase of €11.6 million (without any discount on the share price at the date of signature). To supplement its financial resources and in order to extend its financial visibility until the fourth quarter of 2024, OSE Immunotherapeutics signed on 27 September 2023, an extension to this equity financing line agreement with Vester Finance, at the same conditions2.

This extension, approved by the Board of Directors of September 27, 2023, acting on delegation from the general assembly meeting of shareholders of June 22, 20233, relates to a maximum of 900,000 shares of the Company, representing a maximum of 4,16% of the share capital, that Vester committed to subscribe on its own initiative, over a maximum period of 24 months, subject to certain usual contractual conditions.

Assuming that the totality of this additional line of financing is used in full, a shareholder holding 1.00% of the capital of OSE Immunotherapeutics before its establishment, would see his stake increase to 0.96% of the capital on an undiluted basis4 and 0.96% of the share capital on a diluted basis5.

This transaction does not give rise to the preparation of a prospectus subject to the approval of the "Autorité des Marchés Financiers", based on Article 1 of the Prospectus Regulation granting an exemption when a transaction relates to a dilution less than 20% of the Company’s share capital.

The number of shares issued under this agreement and admitted to trading are communicated monthly on the Company’s website.

– Loans and "PGE Resilience"

The Company obtained the formal agreement on loans for a total amount of €5.3 million with the collective support of "La Région Pays de la Loire", Bpifrance and its banking pool composed by banks CIC, Crédit Mutuel and BNP to finance its strategic R&D programs. Favorable conditions were granted for these loans, with an interest range of 2-4% and reimbursement timelines within 3 to 5 years. Part of these loans is composed by a "PGE Resilience" ("Prêt Garanti par l’État") loan guaranteed by the French State, implemented in the context of the Ukrainian crisis.

2023 Financial results

The audit procedures on the consolidated accounts have been performed. The certification report will be issued after finalization of the procedures required for the purposes of filing the registration document.

The Company recorded a consolidated operating loss of €-23.0 million. Current operating expenses were €25.2 million (versus €36.6 million in 2022) of which 74% related to R&D. R&D expenses amounted to €17.1 million versus €26.9 million in 2022.

APPENDICES

CONSOLIDATED PROFIT & LOSS

P&L IN K€

December 31, 2023

December 31, 2022

Turnover

2,227

18,302

Total Revenues

2,227

18,302

Research and development expenses

(17,158)

(26,893)

Overhead expenses

(6,015)

(6,672)

Expenses related to shares payments

(2,034)

(3,130)

OPERATING PROFIT/LOSS – CURRENT

(22,980)

(18,392)

Other operating expenses

(6)

(84)

OPERATING PROFIT/LOSS

(22,986)

(18,476)

Financial products

2,177

2,079

Financial expenses

(2,412)

(1,624)

PROFIT/LOSS BEFORE TAX

(23,221)

(18,022)

Income Tax

219

263

NET PROFIT/LOSS

(23,003)

(17,760)

Of which consolidated net result attributable to shareholders

(23,003)

(17,760)

Net earnings attributable to shareholders

Weighted average number of shares outstanding

19,562,147

18,527,401

Basic earnings per share

(1.18)

(0.96)

Diluted earnings per share

(1.18)

(0.96)

IN K€

2023

2022

NET RESULT

(23,003)

(17,760)

Amounts to be recycled in the income statement:

Currency conversion difference

(77)

(61)

Amounts not to be recycled in the income statement:

(9)

122

Other comprehensive income in the period

(86)

(61)

GLOBAL PROFIT/LOSS

(23,089)

(17,699)

CONSOLIDATED BALANCE SHEET

ASSETS IN K€

December 31, 2023

December 31, 2022

Acquired R&D costs

46,401

48,784

Tangible assets

464

743

Right-of-use assets

3,606

4,236

Financial assets

910

635

Differed tax assets

195

182

TOTAL NON-CURRENT ASSETS

51 ,576

54,581

Trade receivables

982

403

Other current assets

10,824

11,177

Cash and cash equivalents

18,672

25,620

TOTAL CURRENT ASSETS

30,478

37,200

TOTAL ASSETS

82,054

91,781

EQUITY & LIABILITIES IN K€

December 31, 2023

December 31, 2022

SHAREHOLDERS’ EQUITY

Stated capital

4,330

3,705

Share premium

49,816

38,784

Merger premium

26,827

26,827

Treasury stock

(408)

(549)

Reserves and retained earnings

(34,587)

(18,349)

Consolidated result

(23,003)

(17,760)

TOTAL SHAREHOLDERS’ EQUITY

22,975

32,658

NON-CURRENT DEBTS

Non-current financial liabilities

35,508

37,231

Non-current lease liabilities

3,032

3,586

Non-current deferred tax liabilities

1,311

1,514

Non-current provisions

429

524

TOTAL NON-CURRENT DEBTS

40,280

42,856

CURRENT DEBTS

Current financial liabilities

6,403

3,093

Current lease liabilities

858

883

Trade payables

9,299

8,539

Corporate income tax liabilities

20

21

Social and tax payables

1,867

2,916

Other debts and accruals

351

816

TOTAL CURRENT DEBTS

18,799

16,268

TOTAL LIABILITIES

82,054

91,781

CONSOLIDATED CASH FLOW STATEMENTS

In K€

December 31, 2023

December 31, 2022

CONSOLIDATED RESULT

(23,003)

(17,760)

+/-

Depreciation, amortization and provision expenses

2,574

2,744

+

Amortization on "right-of-use"

846

742

+/-

Shares based payments (1)

1,746

2,728

CASH FLOW BEFORE TAX

(17,838)

(11,545)

+

Financial charges

(657)

(3,066)

Income tax expenses

(219)

(263)

Tax paid

(216)

(236)

+/-

Working capital variation (2)

(835)

(3,142)

CASH FLOW FROM OPERATING ACTIVITIES (A)

(19,764)

(18,252)

Tangible assets increase

(16)

(274)

+/-

Financial assets variation

0

0

+/-

Net variation in rights-of-use

(216)

0

+/-

Loans and advances variation

(275)

300

CASH FLOW FROM INVESTING ACTIVITIES (B)

(507)

26

+

Capital increase (including share premium)

11,357

+/-

Own shares transactions

0

+

Warrant subscription

300

+

Loan subscription

5,023

12,056

Loan repayment

(2,719)

(1,010)

Lease debt repayment (3)

(637)

(785)

Financial charges

CASH FLOW FROM FINANCING ACTIVITIES (C)

13,324

10,267

+/-

Currency translation transactions (D)

CASH VARIATION E = (A + B + C + D)

(6,948)

(7,959)

CASH OPENING BALANCE (F)

25,620

33,579

CASH CLOSING BALANCE (G)

18,672

25,620

DIFFERENCE: E (G-F)

0

(1) Warrants and free shares awards granted in 2023 and valuated for 1,746 K€
(2) Mainly explained by:
– Increase in trade receivable for 578 K€
Decrease in other current assets for 353 K€
– Increase in trade accounts payable for 759K€
– Decrease in social and tax payable for 1,048 K€
– Decrease in other debts for 464 K€
(3) Explained by IFRS16 application, which corresponds to reimbursement of lease debt for 637 K€

Boundless Bio Announces Pricing of Initial Public Offering

On March 27, 2024 Boundless Bio, Inc. (Nasdaq: BOLD), a clinical stage oncology company interrogating extrachromosomal DNA (ecDNA) biology to deliver transformative therapies to patients with previously intractable oncogene amplified cancers, reported the pricing of its initial public offering of 6,250,000 shares of its common stock at an initial public offering price of $16.00 per share (Press release, Boundless Bio, MAR 27, 2024, View Source [SID1234641519]). All of the shares are being offered by Boundless Bio. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses, are expected to be $100.0 million. Boundless Bio’s common stock is expected to begin trading on the Nasdaq Global Select Market on March 28, 2024 under the ticker symbol "BOLD." The offering is expected to close on April 2, 2024, subject to the satisfaction of customary closing conditions. In addition, Boundless Bio has granted the underwriters a 30-day option to purchase up to an additional 937,500 shares of common stock at the initial public offering price, less underwriting discounts and commissions.

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Goldman Sachs & Co. LLC, Leerink Partners, Piper Sandler and Guggenheim Securities are acting as joint book-running managers for the offering.

A registration statement relating to the offering has been filed with the Securities and Exchange Commission and was declared effective on March 27, 2024. The offering is being made only by means of a prospectus. When available, copies of the final prospectus may be obtained from Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526, or by email at [email protected]; Leerink Partners LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, by telephone at (800) 808-7525, ext. 6105, or by email at [email protected]; Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03 Minneapolis, MN 55402, by telephone at (800) 747-3924, or by email at [email protected]; or Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, NY 10017, by telephone at (212) 518-9544, 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 offer or sale of these securities in any state or 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 jurisdiction.

Aqtual to Present Poster at American Association for Cancer Research Annual Meeting 2024

On March 27, 2024 Aqtual, Inc., a precision medicine company using its novel cell-free DNA platform to develop products for chronic diseases and oncology, reported that it will present a poster at the American Association for Cancer Research (AACR) (Free AACR Whitepaper) Annual Meeting, held April 5-10, 2024, in San Diego, California (Press release, Aqtual, MAR 27, 2024, View Source [SID1234641518]).

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"We have developed a plasma-based active chromatin capture method designed to capture both disease- and organ-specific molecular signals through a routine blood test," said Diana Abdueva, Ph.D., co-founder and CEO of Aqtual. "Our unique ability to analyze cell-free DNA derived from active chromatin enables comprehensive analysis of the epigenetic and transcriptomic landscape of both the tumor and immune components, providing novel insights that could help guide therapy selection and advance precision medicine."

Details of the poster presentation are as follows:

Poster Title: Detection of non-small cell lung and bladder cancer signatures in peripheral blood using a novel active chromatin capture assay
Date and Time: Tuesday, April 9, 9:00 AM – 12:30 PM
Session Category: Clinical Research
Session Title: Circulating Nucleic Acids 4
Location: Poster Section 40; Poster Board 15
Published Abstract Number: 5028