On May 7, 2024 Ligand Pharmaceuticals Incorporated (Nasdaq: LGND) and Agenus Inc. (Nasdaq: AGEN), a leader in discovering and developing novel immunological agents to treat various cancers, reported that the companies have entered into a royalty financing agreement to support Agenus’ key development initiatives in the ongoing BOT/BAL clinical development program, including its planned confirmatory Phase 3 trial in its lead indication of patients with metastatic, relapsed/refractory colorectal cancer not microsatellite instability-high (MSI-H) or deficient mismatch repair (dMMR), who are without active liver metastases (r/r MSS CRC NLM), along with other launch readiness activities (Press release, Ligand, MAY 7, 2024, View Source [SID1234642824]).

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Under the terms of the agreement, Ligand will pay $75 million to Agenus at closing. In addition, Ligand has the option to invest an additional $25 million on the same terms on a pro rata basis. In return for the initial $75 million payment, Ligand will receive 18.75% of the future royalties and 31.875% of the future milestone payments related to six of Agenus’ clinical-stage partnered oncology programs, including BMS-986442 (Bristol Myers Squibb), AGEN2373 (Gilead Sciences), INCAGN2385 and INCAGN2390 (Incyte), MK-4830 (Merck), and UGN-301 (UroGen Pharma). Ligand’s portion of the milestones related to these six programs has the potential to exceed $400 million, with royalties in the low single digits. In addition, Ligand will also receive a 2.625% royalty on future global net sales generated by BOT/BAL. The royalties and milestone payments owed to Ligand could be adjusted up or down based upon pre-determined future events and achievements of certain milestones.

"This partnership with Agenus gives us an interest in multiple oncology products diversified across targets and indications, including royalties on BOT/BAL and several partnered oncology programs being developed by experienced biopharmaceutical companies," commented Todd Davis, CEO of Ligand. "We are encouraged by Agenus’ progress to move BOT/BAL forward in the metastatic, relapsed/refractory colorectal cancer setting, in addition to other major indications, including pancreatic cancer, lung cancer, and melanoma. This demonstrates the potential value BOT/BAL could deliver to patients, as well as the significant revenue potential of this broad and highly differentiated program. Our seasoned investment team spent significant time and effort conducting diligence on each of these unique and valuable assets."

As part of the agreement, the companies have also agreed to allow Agenus to syndicate up to an additional $125 million, potentially bringing the total capital infusion up to $200 million. This strategic collaboration will further validate BOT/BAL’s potential as a transformative treatment for patients with solid tumor malignancies and enhances Agenus’ ability to advance this promising therapy.

Garo Armen, Chairman and Chief Executive Officer of Agenus, commented, "We are pleased to partner with Ligand, a company that recognizes the paradigm-shifting potential of BOT/BAL in delivering benefit to patients across the solid tumor landscape. Ligand also recognizes the potential impact of our ongoing partnered programs, many of which are showing promise in the clinic. This collaboration enables both parties to benefit in the future potential success of these assets while simultaneously enabling Agenus to accelerate our efforts to bring BOT/BAL to patients in need."

Over 900 patients have been treated with BOT/BAL in clinical trials across nine different difficult to treat solid tumor cancers. The novel therapeutic regimen has demonstrated the potential to be combined with chemotherapy and other standard of care therapies, and as an immunotherapy-only combo in CRC, one of the most prevalent solid tumors globally. In April 2023, Agenus was granted Fast Track Designation from the U.S. Food and Drug Administration (FDA) for the investigation of the BOT/BAL combination in patients with r/r MSS CRC NLM. Patients targeted with this designation are heavily pretreated with standard of care chemotherapy, anti-VEGF and anti-EGFR if RAS wild type.

On May 7, 2024 ARTBIO, Inc. (ARTBIO), a clinical-stage radiopharmaceutical company developing a new class of targeted alpha radioligand therapies (ARTs), and Nucleus RadioPharma Inc. (Nucleus), the world’s first fully integrated development, manufacturing, and supply chain organization for radiopharmaceuticals, reported a strategic manufacturing and supply agreement to support ARTBIO’s therapeutic product manufacturing (Press release, ARTBIO, MAY 7, 2024, View Source [SID1234642823]).

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Under the terms of the agreement, Nucleus will manufacture ARTBIO’s 212Pb-radiolabeled therapies for its planned Phase I and II clinical trials of its lead program in prostate cancer, AB001, using ARTBIO’s proprietary AlphaDirectTM 212Pb isolation technology. This agreement will enable the supply and manufacturing of ARTs from Nucleus’ facility in Rochester, Minn., for patients living in the Northern and Midwest U.S.

"As we continue building our distributed manufacturing capabilities in the U.S. and globally, selecting partners who share our patient-centric vision is critical," said Emanuele Ostuni, Ph.D., Chief Executive Officer of ARTBIO. "The Nucleus team shares our passion to make targeted radiopharmaceutical therapies accessible, and together, we commit to bringing a new class of alpha radioligand therapies to hospitals across greater Minnesota and beyond."

"This strategic partnership with ARTBIO underscores our unwavering commitment to transforming the lives of cancer patients through groundbreaking therapies," said Charles S. Conroy, Chief Executive Officer of Nucleus. "We are thrilled to unite in our mission to address the pressing need for innovative radiopharmaceuticals, ensuring that patients have access to potentially life-changing treatments with highest quality and supply chain resilience."

AlphaDirectTM is a first-of-its-kind system that delivers highly pure 212Pb from widely available raw materials. 212Pb is an alpha-emitting radioisotope that has gained attention for its potential applications in therapeutic medicine, particularly in targeted alpha radioligand therapy due to the radioisotope’s attractive short half-life and other properties. Preliminary studies of radiopharmaceuticals labeled with 212Pb have been promising, indicating that 212Pb has the potential to address unmet clinical needs.

On May 7, 2024 Massive Bio, Inc. reported that it is set to showcase its pioneering AI technology at the ASCO (Free ASCO Whitepaper) Annual Meeting 2024, highlighting a major leap in patient and physician engagement in cancer care (Press release, Massive Bio, MAY 7, 2024, View Source [SID1234642822]). The company will unveil its latest advancements in the Massive Bio Deep Learning Clinical Trial Matching System (DLCTMS, aka Synergy-AI), an AI platform designed to transform how cancer clinical trials are accessed and managed globally by structuring vast oncological/hematological data and personalizing patient trial matches in real time.

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Selin Kurnaz, PhD, CEO of Massive Bio, states, "At Massive Bio, our mission transcends traditional clinical trial matching. With our AI-driven system, we’re not just facilitating connections; we’re revolutionizing how oncologists/hematologists, patients, and trials interact. Synergy-AI epitomizes our commitment to harnessing cutting-edge technology to expedite R&D and enhance patient care, ensuring that every cancer patient has access to the trials they need, when they need them. With more than 120,000 patients, 5,000 physicians, 40 Pharma and CRO Customers, and 50 Partners, we have been building the largest oncology/hematology network to transform patient recruitment at scale despite the fact that we are just starting to scratch the surface, our ambition is massive."

Dr. Arturo Loaiza-Bonilla, Co-Founder and Chief Medical Officer at Massive Bio, adds, "Our platform does more than just match patients to trials. It integrates predictive analytics and real-time updates, making over 14,000 trials accessible within seconds. This not only maximizes trial enrollment potentials but also significantly cuts down on screen failures, ensuring that patients receive personalized care tailored to their specific conditions and preferences."

Innovative Features and Global Impact:

Real-time, AI-driven Matching: Synergy-AI can analyze and summarize extensive medical records, including biomarker data from multiple sources, to match patients with clinical trials instantly.
Global Accessibility: Deployed via cloud to physician practices and research sites worldwide, including Europe, LATAM, and expanding into APAC, Synergy-AI supports a wide array of international compliance standards such as GDPR, PIPEDA, and HIPAA.
Extensive Collaborative Network: Massive Bio collaborates with top-tier pharma companies, CROs, advocacy groups, and other stakeholders in the healthcare ecosystem to enhance the societal impact of its innovations.
Enhanced Patient and Physician Interfaces: Building on the success of our chatbots Fiona AI and Dr Arturo AI, Massive Bio has further refined these tools to improve interactions, making the user experience more intuitive and supportive.
Invitation to Collaborate: Massive Bio is extending an open invitation to all ASCO (Free ASCO Whitepaper) 2024 attendees to visit booth #29137 to experience firsthand how Synergy-AI can transform their approach to cancer care and clinical trials. "Join us in advancing the future of oncology, where AI empowers more precise, efficient, and patient-centric clinical practices," encourages Dr. Kurnaz.

With its unparalleled technology and comprehensive approach, Massive Bio is not just participating in the market—it’s leading the way to a future where every cancer patient can access personalized, innovative care options, accelerating the journey towards a cure.

On May 7, 2024 Janux Therapeutics, Inc. (Nasdaq: JANX) (Janux), a clinical-stage biopharmaceutical company developing a broad pipeline of novel immunotherapies by applying its proprietary technology to its Tumor Activated T Cell Engager (TRACTr) and Tumor Activated Immunomodulator (TRACIr) platforms, reported financial results for the first quarter ended March 31, 2024 and provided a business update (Press release, Janux Therapeutics, MAY 7, 2024, View Source [SID1234642821]).

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"We continue to focus on enrollment in the two clinical studies for PSMA-TRACTr JANX007 and EGFR-TRACTr JANX008, and we are pleased with the progress," said David Campbell, Ph.D., President and CEO of Janux. "As we advance our clinical programs and gather additional clinical data, we are also expanding our pipeline so that we can create further value from our technology platforms and, most importantly, accelerate the development of new meaningful therapies for cancer patients."

RECENT BUSINESS HIGHLIGHTS AND FUTURE MILESTONES:

JANX007 continues to enroll in the first-in-human Phase 1 clinical trial in mCRPC (NCT05519449).
JANX008 continues to enroll in the first-in-human Phase 1 clinical trial in advanced or metastatic solid tumors (NCT05783622).
An update on JANX007 data and doses selected for expansion cohorts is anticipated in the second half of 2024. An update on JANX008 data is expected in 2025.

FIRST QUARTER 2024 FINANCIAL RESULTS:

Cash and cash equivalents and short-term investments: As of March 31, 2024, Janux reported cash and cash equivalents and short-term investments of $651.8 million compared to $344.0 million at December 31, 2023.
Research and development expenses: For the quarter ended March 31, 2024, Janux reported research and development expenses of $14.1 million compared to $15.9 million for the comparable period in 2023.
General and administrative expenses: For the quarter ended March 31, 2024, Janux reported general and administrative expenses of $7.3 million compared to $6.5 million for the comparable period in 2023.
Net loss: For the quarter ended March 31, 2024, Janux reported a net loss of $14.8 million compared to $17.5 million for the comparable period in 2022.
Janux’s TRACTr and TRACIr Pipeline

Janux’s first clinical candidate, JANX007, is a TRACTr that targets PSMA and is being investigated in a Phase 1 clinical trial in adult subjects with metastatic castration-resistant prostate cancer (mCRPC). Janux’s second clinical candidate, JANX008, is a TRACTr that targets EGFR and is being studied in a Phase 1 clinical trial for the treatment of multiple solid cancers including colorectal cancer, squamous cell carcinoma of the head and neck, non-small cell lung cancer, and renal cell carcinoma. We are also generating a number of additional TRACTr and TRACIr programs for potential future development, some of which are at development candidate stage or later. We are currently assessing priorities in our preclinical pipeline.

On May 7, 2024 AbCellera (Nasdaq: ABCL) reported financial results for the first quarter of 2024 (Press release, AbCellera, MAY 7, 2024, View Source [SID1234642820]). All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.

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"We continue to execute on advancing our internal pipeline, completing capital investments in forward integration, and expanding strategic partnerships," said Carl Hansen, Ph.D., founder and CEO of AbCellera. "This quarter, presentations on our T-cell engager platform, which includes our highly differentiated CD3 panel, demonstrated how we can repeatedly generate TCEs that maximize tumor-cell killing without inducing excessive cytokine release. With our TCE platform in place, we are moving programs towards in vivo studies."

Q1 2024 Business Summary

Announced a new collaboration with Biogen Inc. to discover antibodies for neurological conditions.
Announced a new collaboration with Viking Global Investors and ArrowMark Partners to launch new biotech companies.
Presented new data on its T-cell engager (TCE) programs at the American Association for Cancer Research (AACR) (Free AACR Whitepaper)Ⓡ Annual Meeting 2024 that demonstrate how AbCellera’s TCE platform is able to generate TCEs that achieve potent cell killing with low toxicity associated with cytokine release.
Reported the start of three additional partner-initiated programs with downstreams to reach a cumulative total of 90 partner-initiated program starts with downstreams.
Maintained a cumulative total of 13 molecules advanced to the clinic.
Key Business Metrics

Cumulative Metrics

March 31, 2023

March 31, 2024

Change %

Partner-initiated program starts with downstreams

75

90

20

%

Molecules in the clinic

9

13

44

%

AbCellera started discovery on an additional three partner-initiated programs with downstreams to reach a cumulative total of 90 partner-initiated program starts with downstreams in Q1 2024 (up from 75 on March 31, 2023). AbCellera’s partners have advanced a cumulative total of 13 molecules into the clinic (up from nine on March 31, 2023).

Discussion of Q1 2024 Financial Results

Revenue – Total revenue was $10.0 million, compared to $12.2 million in Q1 2023. Partnerships generated research fees of $9.8 million, compared to $10.6 million in Q1 2023. Licensing revenue was $0.2 million.
Research & Development (R&D) Expenses – R&D expenses were $39.3 million, compared to $52.6 million in Q1 2023, reflecting underlying continued growth in program execution, platform development, and investments in internal programs, partially offset by the non-recurrence of specific one-time investments in co-development and internal programs.
Sales & Marketing (S&M) Expenses – S&M expenses were $3.4 million, compared to $3.8 million in Q1 2023.
General & Administrative (G&A) Expenses – G&A expenses were $17.4 million, compared to $15.1 million in Q1 2023.
Net Loss – Net loss of $40.6 million, or $(0.14) per share on a basic and diluted basis, compared to net loss of $40.1 million, or $(0.14) per share on a basic and diluted basis in Q1 2023.
Liquidity – $725.3 million of total cash, cash equivalents, and marketable securities and with approximately $240 million in available non-dilutive government funding to execute on our strategy, bringing our total available liquidity to just under $1 billion.
Conference Call and Webcast

AbCellera will host a conference call and live webcast to discuss these results today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time).

The live webcast of the earnings conference call can be accessed on the Events and Presentations section of AbCellera’s Investor Relations website. A replay of the webcast will be available through the same link following the conference call.