AIM ImmunoTech Announces Pricing of $2.0 Million Registered Direct Offering

On May 31, 2024 AIM ImmunoTech Inc. (NYSE American: AIM) ("AIM" or the "Company") reported that it has entered into a securities purchase agreement with a single institutional investor to purchase 5,640,958 shares of common stock in a registered direct offering at a purchase price of $0.363 per share (Press release, AIM ImmunoTech, MAY 31, 2024, View Source [SID1234643899]). In a concurrent private placement, the Company also agreed to issue unregistered Class A warrants to purchase up to an aggregate of 5,640,958 shares of common stock and, unregistered Class B warrants to purchase up to an aggregate of 5,640,958 shares of common stock. The Class A and Class B warrants will each have an exercise price of $0.363, will be exercisable six months from the date of issuance and, in the case of the Class A warrants, will expire on the eighteen-month anniversary from the initial exercise date, and in the case of the Class B warrants, will expire on the five-year anniversary from the initial exercise date.

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The gross proceeds to the Company from the registered direct offering and concurrent private placement are estimated to be approximately $2.0 million before deducting the placement agent’s fees and other estimated offering expenses payable by the Company.

Maxim Group LLC is acting as the sole placement agent in connection with the offering.

The shares of common stock are being offered pursuant to a shelf registration statement on Form S-3 (File No. 333-262280), which was declared effective by the U.S. Securities and Exchange Commission (the "SEC") on February 4, 2022. The offering of the shares of common stock is being made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A prospectus supplement relating to the shares of common stock will be filed by the Company with the SEC. When available, copies of the prospectus supplement relating to the registered direct offering, together with the accompanying prospectus, can be obtained at the SEC’s website at www.sec.gov or from Maxim Group LLC, 300 Park Avenue, New York, NY 10022, at (212) 895-3745.

The warrants to be issued in the concurrent private placement and the shares issuable upon exercise of such warrants were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Act"), and Regulation D promulgated thereunder and have not been registered under the Act or applicable state securities laws. Accordingly, the warrants and the shares of common stock underlying the warrants may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Act and such applicable state securities laws.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, 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.

Rakovina Therapeutics Announces 2024 Q1 Financial Results and Provides Corporate Update

On May 30, 2024 Rakovina Therapeutics Inc. (TSX.V: RKV), (the "Company") a biopharmaceutical company committed to advancing new cancer therapies based on novel DNA-damage response technologies reported the financial results for the first quarter of 2024 ending March 31, and provides an update to corporate activities (Press release, Rakovina Therapeutics, MAY 31, 2024, View Source;utm_medium=rss&utm_campaign=rakovina-therapeutics-announces-2024-q1-financial-results-and-provides-corporate-update [SID1234643876]).

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"This year has started with significant changes for Rakovina Therapeutics in the most positive sense," said Executive Chairman Jeffrey Bacha. "Our strategic shift to include AI in our drug developments, additions to the scientific team and expansion of our research collaborations all position Rakovina Therapeutics to successfully achieve our goal of improving the lives of patients with cancer."

Q1 2024 Financial Highlights

For the three months ended March 31, 2024 the Company reported a net loss of $752,383, inline with Company estimates.
Research and development operating expenses were $438,983 and general and administrative expenses were $251,090.
Total cash operating expenses related to research and development and general and administrative expenses for the three months ended March 31, 2024 were $522,705.
Recent Corporate Highlights

On March 27, 2024, we announced a collaboration agreement with Dr. Artem Cherkasov granting Rakovina Therapeutics exclusive access to the proprietary Deep Docking (trademarked) artificial intelligence ("AI") Platform for DNA-damage response targets. Using the Deep Docking platform Rakovina Therapeutics is analyzing billions of molecular structures to evaluate their potential as targeted cancer drugs. The Company plans to validate the activity of the most promising candidates using its established research and development infrastructure at the University of British Columbia. Rakovina Therapeutics intends to advance validated drug candidates to human clinical trials in collaboration with pharmaceutical partners.
On May 8, 2024, we announced the expansion of contracts with the University of British Columbia ("UBC") and Pharma Inventor Inc. to support the Company’s Deep Docking AI Drug Discovery Platform. The wet lab infrastructure at UBC combined with the medicinal chemistry expertise will allow the Company to quickly synthesize and evaluate lead drug candidates identified by the AI platform.
On May 23, 2024, the Company announced the undertaking of a non-brokered Private Placement (the "Offering") for gross proceeds of up to $1.5 million at a purchase price of $0.10 per Unit which includes lead orders totalling approximately $1.25 million from two new investors. Each Unit will be comprised of one (1) common share of Rakovina Therapeutics common share stock and one (1) share purchase warrant at a purchase price of $0.20 for a period of three years (36 months) after the closing date of the Offering. If the closing price for the Common Shares on the TSX Venture Exchange (the "TSXV") is $0.25 or greater for five consecutive trading days, the expiry date of the Warrant shall be accelerated to the date that is 30 days following the last day of the five-trading day period.
The Company plans to use the proceeds primarily to support research and development activities related to its recently announced Artificial Intelligence (AI) collaboration that provides exclusive access to the proprietary Deep Docking platform for DNA-damage response targets.

Summary Financial Results for the quarter ended March 31, 2024

Selected Financial Information As at
March 31, 2024
$
Cash & cash equivalents 177,188
Working capital (87,183)
Intangible assets 4,381,391
Total Assets 4,608,212
Total liabilities 1,667,051
Deficit (11,667,694)
Total equity 2,941,161
Statements of net loss and
comprehensive loss data: For the three
months ended
March 31, 2024
$
Research & Development 438,983 433,344
General and Administrative 251,090 212,043
Net loss and comprehensive loss (752,383) (641,790)
Basic and diluted income (loss) per share (0.01) (0.01)
Operating cash burn 522,705 472,628
Weighted average shares outstanding 70,084,925 69,829,500

Further to the Company’s press release on April 1, 2024, the Company wishes to clarify that the capital market advisory services agreement entered into with Insight Capital Partners Inc. ("ICP") also includes a separate market making services agreement with ICP Securities Inc. ("ICP Securities"). ICP Securities provides market making services to the Company, and ICP Securities receives a fee of $7,500 plus applicable taxes per month. The market making services agreement between the company and ICP Securities is for a term of three months commencing on March 25, 2024, and may continue on a month-to-month basis. ICP is acting as a collection agent on behalf of ICP Securities.

Rakovina Therapeutics’ financial statements as filed with SEDAR can be accessed from the Company’s website at: View Source

U.S. FDA ACKNOWLEDGES ASTELLAS’ RESUBMISSION OF BIOLOGICS LICENSE APPLICATION FOR ZOLBETUXIMAB AND SETS NEW ACTION DATE

On May 30, 2024 Astellas Pharma Inc. (TSE: 4503, President and CEO: Naoki Okamura, "Astellas") reported that the U.S. Food and Drug Administration (FDA) has acknowledged the company’s resubmission of the Biologics License Application (BLA) for zolbetuximab, a first-in-class investigational claudin (CLDN) 18.2-targeted monoclonal antibody, for the first-line treatment of adults with locally advanced unresectable or metastatic human epidermal growth factor receptor 2 (HER2)-negative gastric or gastroesophageal junction (GEJ) adenocarcinoma whose tumors are CLDN18.2 positive (Press release, Astellas, MAY 31, 2024, View Source [SID1234643873]). If approved, zolbetuximab would be the first CLDN18.2-targeted therapy approved for this patient population in the U.S. Under the Prescription Drug User Fee Act (PDUFA), the FDA has set a new target action date of November 9, 2024.

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In the U.S., it was estimated that 26,890 people will be diagnosed with gastric cancer and 10,880 will die from the disease in 2024.1 Since early-stage gastric cancer symptoms frequently overlap with more common stomach-related conditions, gastric cancer is often diagnosed in the advanced or metastatic stage, or once it has spread from the tumor’s origin to other body tissues or organs.2 The five-year relative survival rate for patients at the metastatic stage is 7%.1

Moitreyee Chatterjee-Kishore, Ph.D., M.B.A., Senior Vice President and Head of Immuno-Oncology Development, Astellas
"Astellas is committed to introducing new targeted therapies for hard-to-treat cancers. Those living with advanced gastric or GEJ cancer often face great unmet needs, and the FDA acknowledgment of the zolbetuximab BLA resubmission brings us one step closer to offering this important treatment option to eligible patients in the U.S. facing this deadly disease."

The zolbetuximab BLA was resubmitted on May 9, 2024, following a complete response letter issued on January 4, 2024 by the FDA due to third-party manufacturing deficiencies identified during the pre-license inspection of the facility. The FDA did not raise any concerns related to the clinical data, including efficacy or safety, of zolbetuximab, and did not request additional clinical studies to support the BLA approval.

The zolbetuximab BLA was based on results from the Phase 3 SPOTLIGHT and GLOW clinical trials.3,4 The SPOTLIGHT study evaluated zolbetuximab plus mFOLFOX6 (a combination regimen that includes oxaliplatin, leucovorin, and fluorouracil) compared to placebo plus mFOLFOX6. The GLOW study evaluated zolbetuximab plus CAPOX (a combination chemotherapy regimen that includes capecitabine and oxaliplatin) compared to placebo plus CAPOX.

In both SPOTLIGHT and GLOW, approximately 38% of patients screened had tumors that were CLDN18.2 positive.3,4 CLDN18.2 positivity is defined as ≥75% of tumor cells demonstrating moderate-to-strong membranous CLDN18 staining, as determined by a validated immunohistochemistry assay.3,4

On March 26, 2024, Japan’s Ministry of Health, Labour and Welfare (MHLW) approved zolbetuximab, making it the first and only CLDN18.2-targeted treatment approved for patients with CLDN18.2 positive, unresectable, advanced or recurrent gastric cancer.5 Astellas has also submitted applications for zolbetuximab to regulatory agencies around the world, and reviews are ongoing.

Astellas has already reflected the impact from the FDA acknowledgment of the BLA resubmission for zolbetuximab in its financial forecast for the current fiscal year ending March 31, 2025.

About Zolbetuximab
Zolbetuximab is a claudin 18.2-directed cytolytic antibody being investigated in combination with fluoropyrimidine- and platinum-containing chemotherapy for the first-line treatment of adults with locally advanced unresectable or metastatic human epidermal growth factor receptor 2 (HER2)-negative gastric or gastroesophageal junction (GEJ) adenocarcinoma whose tumors are claudin (CLDN) 18.2 positive. As an investigational first-in-class monoclonal antibody (mAb), zolbetuximab targets and binds to CLDN18.2, a transmembrane protein. In pre-clinical studies, zolbetuximab depleted CLDN18.2-positive cells via antibody-dependent cellular cytotoxicity (ADCC) and complement-dependent cytotoxicity (CDC).6 There is no guarantee the agent will receive regulatory approval in the U.S. or become commercially available for the uses being investigated.

About Locally Advanced Unresectable Metastatic Gastric and Gastroesophageal Junction Cancer
Gastric cancer, also commonly known as stomach cancer, is the fifth most commonly diagnosed cancer worldwide.7 In the U.S., it is estimated that 130,263 people are living with gastric cancer, classifying it as a rare disease.1,8 In 2024, it is estimated that 26,890 people will be diagnosed with gastric cancer and 10,880 will die from the disease in the U.S.1 Signs and symptoms can include indigestion or heartburn, pain or discomfort in the abdomen, nausea and vomiting, diarrhea or constipation, bloating of the stomach after meals, loss of appetite, and sensation of food getting stuck in the throat while eating.2 Signs of more advanced gastric cancer can include unexplained weight loss, weakness and fatigue, and vomiting blood or having blood in the stool.9 Risk factors associated with gastric cancer can include older age, male gender, family history, H. pylori infection, smoking, and gastroesophageal reflux disease (GERD).2,10 Gastroesophageal junction (GEJ) adenocarcinoma is a cancer that starts at the area where the esophagus joins the stomach.11 Because early-stage gastric cancer symptoms frequently overlap with more common stomach-related conditions, gastric cancer is often diagnosed in the advanced or metastatic stage, or once it has spread from the tumor’s origin to other body tissues or organs.2 The five-year relative survival rate for patients at the metastatic stage is 7%.1

INVESTIGATIONAL STUDIES

About SPOTLIGHT Phase 3 Clinical Trial
SPOTLIGHT is a Phase 3, global, multi-center, double-blind, randomized study, assessing the efficacy and safety of zolbetuximab plus mFOLFOX6 (a combination chemotherapy regimen that includes oxaliplatin, leucovorin, and fluorouracil) compared to placebo plus mFOLFOX6 as a first-line treatment in patients with locally advanced unresectable or metastatic HER2-negative gastric or GEJ adenocarcinoma whose tumors were CLDN18.2 positive. The study enrolled 565 patients at 215 study locations in the U.S., Canada, United Kingdom, Australia, Europe, South America, and Asia. The primary endpoint is progression-free survival (PFS) of participants treated with the combination of zolbetuximab plus mFOLFOX6 compared to those treated with placebo plus mFOLFOX6. Secondary endpoints include overall survival (OS), objective response rate (ORR), duration of response (DOR), safety and tolerability, and quality-of-life parameters.

Data from the SPOTLIGHT clinical trial were presented during the 2023 American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) Gastrointestinal (GI) Cancers Symposium in an oral presentation on January 19 and were subsequently published in The Lancet on April 14, 2023.3

For more information, please visit clinicaltrials.gov under Identifier NCT03504397.

About GLOW Phase 3 Clinical Trial
GLOW is a Phase 3, global, multi-center, double-blind, randomized study, assessing the efficacy and safety of zolbetuximab plus CAPOX (a combination chemotherapy regimen that includes capecitabine and oxaliplatin) compared to placebo plus CAPOX as a first-line treatment in patients with locally advanced unresectable or metastatic HER2-negative gastric or GEJ adenocarcinoma whose tumors were CLDN18.2 positive. The study enrolled 507 patients at 166 study locations in the U.S., Canada, United Kingdom, Europe, South America, and Asia, including Japan. The primary endpoint is PFS in participants treated with the combination of zolbetuximab plus CAPOX compared to those treated with placebo plus CAPOX. Secondary endpoints include OS, ORR, DOR, safety and tolerability, and quality-of-life parameters.

Data from the GLOW study were initially presented at the March 2023 ASCO (Free ASCO Whitepaper) Plenary Series with an updated oral presentation at the 2023 ASCO (Free ASCO Whitepaper) Annual Meeting on June 3, 2023, and were subsequently published in Nature Medicine on July 31, 2023.4

For more information, please visit clinicaltrials.gov under Identifier NCT03653507.

Investigational Pipeline in CLDN18.2
An expanded Phase 2 trial of zolbetuximab in metastatic pancreatic adenocarcinoma is in progress and recruiting patients. The trial is a randomized, multi-center, open-label study, evaluating the safety and efficacy of investigational zolbetuximab in combination with gemcitabine plus nab-paclitaxel as a first-line treatment in patients with metastatic pancreatic adenocarcinoma with CLDN18.2 positive tumors (defined as ≥75% of tumor cells demonstrating moderate to strong membranous CLDN18 staining based on a validated immunohistochemistry assay). For more information, please visit clinicaltrials.gov under Identifier NCT03816163.

In addition to zolbetuximab, ASP2138 is under development in our Primary Focus Immuno-Oncology area and is currently recruiting patients. ASP2138 is a bispecific monoclonal antibody that binds to CD3 and CLDN18.2, and it is currently in a Phase 1/1b study in participants with metastatic or locally advanced unresectable gastric or GEJ adenocarcinoma or metastatic pancreatic adenocarcinoma whose tumors have CLDN18.2 expression. The safety and efficacy of the agent under investigation have not been established for the uses being considered. For more information, please visit clinicaltrials.gov under Identifier NCT05365581.

There is no guarantee that the agent(s) will receive regulatory approval and become commercially available for the uses being investigated.

Q1 2024 Report

On May 30, 2024 Oncopeptides reported its first quarter 2024 financial results (Presentation, Oncopeptides, MAY 30, 2024, View Source [SID1234644676]).

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Incyte Completes Acquisition of Escient Pharmaceuticals

On May 30, 2024 Incyte (Nasdaq:INCY) reported that it has completed its acquisition of Escient Pharmaceuticals, a clinical-stage drug discovery and development company advancing novel small molecule therapeutics for systemic immune and neuro-immune disorders (Press release, Incyte, MAY 30, 2024, View Source [SID1234643897]).

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"The acquisition of Escient and its first-in-class oral MRGPR antagonists bolsters our Inflammation and Autoimmunity portfolio and our commitment to creating innovative solutions that address the urgent needs of patients living with severe inflammatory diseases," stated Hervé Hoppenot, Chief Executive Officer, Incyte. "We are excited to continue the work started by the Escient team and accelerate the clinical development of these promising therapies."

Through this transaction, Incyte has added EP262 and EP547 to its portfolio. EP262 is a first-in-class, potent, highly selective, once-daily small molecule antagonist of Mas-related G protein-coupled receptor X2 (MRGPRX2). By blocking MRGPRX2 and degranulation of mast cells, EP262 has the potential to effectively treat multiple mast cell-mediated diseases including chronic inducible urticaria (CIndU), chronic spontaneous urticaria (CSU) and atopic dermatitis (AD). EP547 is a first-in-class oral MRGPRX4 antagonist with the potential to treat cholestatic pruritus and other conditions with severe pruritus.

"Over the past six years, Escient has pioneered the characterization of MRGPR biology and advanced two novel candidates, EP262 and E547, into clinical development," commented Joshua Grass, Chief Executive Officer of Escient Pharmaceuticals. "The close of this transaction represents the recognition of value of the innovation by the Escient team, and also represents an exciting transition to Incyte, a global biopharmaceutical company that is well positioned to advance these novel candidates to address the unmet needs of patients worldwide."

As previously disclosed, under the terms of the agreement, Incyte has acquired Escient and its assets for $750 million plus Escient’s net cash remaining at the close of the transaction, subject to customary adjustments.

Centerview Partners LLC and Goldman Sachs & Co. LLC advised Escient on the transaction, and Fenwick & West LLP acted as legal counsel for Escient. Covington & Burling LLP acted as legal counsel for Incyte.

About EP262

EP262 is a potent, highly selective once-daily small molecule antagonist of MRGPRX2, a receptor expressed on mast cells that is activated by numerous ligands, including many peptides released from sensory neurons as well as other cell types. In response to MRGPRX2 activation, mast cells release histamine, tryptase, chymase, chemokines and cytokines, which can cause itchy hives, angioedema, type 2 inflammation (through engagement of the adaptive immune system) and chronic pruritus and pain. Preclinical data demonstrate that, by blocking activation of MRGPRX2, EP262 has the potential to effectively treat a broad range of mast cell-mediated conditions, with an initial focus on chronic urticarias and atopic dermatitis.

About EP547

EP547 is a potent, highly selective antagonist that blocks the activation of MRGPRX4 by various bile acids, bilirubin and urobilin. By virtue of this disease-specific mechanism of action, EP547 has the potential to be a highly targeted and efficacious treatment for cholestatic and uremic pruritus.