PureTech Receives Orphan Drug Designation for LYT-200 in Acute Myeloid Leukemia

On March 13, 2024 PureTech Health plc (Nasdaq: PRTC, LSE: PRTC) ("PureTech" or the "Company"), a clinical-stage biotherapeutics company dedicated to changing the lives of patients with devastating diseases, reported that the U.S. Food and Drug Administration (FDA) has granted orphan drug designation to LYT-200 for the treatment of AML (Press release, PureTech Health, MAR 13, 2024, View Source [SID1234641116]).

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"The current long-term survival rates of patients with relapsed or refractory AML are very poor, and there remains a tremendous unmet need for more effective therapies," said Amir Fathi, MD, Director of the Leukemia Program at Massachusetts General Hospital and lead investigator of the trial.

LYT-200 is a fully human IgG4 monoclonal antibody (mAb) targeting galectin-9, a potent oncogenic driver in leukemia cells and an immunosuppressive protein. LYT-200 has demonstrated direct cytotoxic, anti-leukemic effects through multiple mechanisms and is being developed as a potential novel treatment for hematological malignancies, such as relapsed/refractory AML and high-risk MDS, as well as locally advanced/metastatic solid tumors that have poor survival rates, including head and neck cancers. LYT-200 is currently being evaluated in an ongoing Phase 1b clinical trial in relapsed/refractory AML and MDS, both as a single agent and in combination with standard-of-care venetoclax and hypomethylating agents (HMA). Initial findings from this trial were announced in 2023, and additional data are expected to be presented in a scientific forum in 2024.

"Orphan drug designation from the FDA validates our belief that targeting galectin-9 with LYT-200 is a novel, promising approach that may offer patients a better tolerated, more effective treatment," notes Aleksandra Filipovic, MD, PhD, Head of Oncology at PureTech.

The FDA grants orphan drug designation to novel drug and biologic products for the treatment, diagnosis, or prevention of conditions affecting fewer than 200,000 persons in the U.S. Orphan drug designation qualifies PureTech for incentives under the Orphan Drug Act, including tax credits for some clinical trials and eligibility for seven years of market exclusivity in the U.S., if the drug is approved for AML.

About LYT-200

LYT-200 is a fully human IgG4 monoclonal antibody targeting galectin-9 for the potential treatment of hematological malignancies, such as acute myeloid leukemia (AML) and high-risk myelodysplastic syndrome (MDS), as well as locally advanced/metastatic solid tumors that have poor survival rates, including head and neck cancers. Galectin-9 is a potent oncogenic driver and immunosuppressor, and in AML it has been described to work via cytotoxic CD8 T cells and natural killer cells. A wide variety of preclinical data underscores the importance of galectin-9 as a target and suggests a potential opportunity for biomarker development. These data demonstrate high expression of galectin-9 across various blood cancers and solid tumor types and show that galectin-9 levels correlate with poor survival in several cancers.

LYT-200 has demonstrated direct cytotoxic, anti-leukemic effects through multiple mechanisms, as well as synergy with standard of care chemotherapy and venetoclax in preclinical models. In the ongoing, Phase 1b clinical trial evaluating LYT-200 as a single agent in AML and MDS, LYT-200 has demonstrated a favorable safety and tolerability profile as well as early signals of potential clinical activity. This trial is ongoing, in addition to a Phase 1/2 adaptive design trial for the potential treatment of advanced/metastatic solid tumors. Consistent with its hub-and-spoke model, PureTech intends to advance LYT-200 via its Founded Entity Gallop Oncology.

Protara Therapeutics Announces Fourth Quarter and Full Year 2023 Financial Results and Provides Business Update

On March 13, 2024 Protara Therapeutics, Inc. (Nasdaq: TARA), a clinical-stage company developing transformative therapies for the treatment of cancer and rare diseases, reported financial results for the full year and fourth quarter ended December 31, 2023 and provided a business update (Press release, Protara Therapeutics, MAR 13, 2024, View Source [SID1234641115]).

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"We expect 2024 to be a milestone-rich year for Protara and believe we are well positioned to continue to execute on advancing our pipeline to deliver meaningful new therapies to patients with cancer and rare diseases," said Jesse Shefferman, Chief Executive Officer of Protara Therapeutics. "Notably, we anticipate sharing Phase 1b proof of concept (POC) and preliminary Phase 2 data for our lead TARA-002 indication, non-muscle invasive bladder cancer (NMIBC), later this year, which we believe will continue to support its potential to play an important role in the evolving NMIBC treatment landscape. Progress also continues for our program of TARA-002 in lymphatic malformations (LMs), a highly underserved pediatric population, with dosing in our Phase 2 study now underway."

Recent Progress and Highlights

TARA-002 in NMIBC

The Company remains on track to report preliminary results from the ongoing Phase 1b ADVANCED-1EXP POC, open-label expansion trial in the first half of 2024. The trial is evaluating intravesical TARA-002 at the 40KE1 dose in up to 12 carcinoma in situ (CIS) patients, including Bacillus Calmette-Guérin (BCG)-naïve, BCG-unresponsive, and BCG-inadequately treated patients. The primary endpoint will assess the activity levels at the preliminary three-month assessment timepoint, including complete response (CR) rates and immuno-dynamic activity in CIS and CIS +Ta/T1 patients.
The Company expects to share preliminary results from a pre-planned risk-benefit analysis of the ongoing Phase 2 open-label ADVANCED-2 trial in the second half of 2024. The analysis is expected to include approximately 10 patients who are six-month evaluable. The ongoing ADVANCED-2 trial is assessing intravesical TARA-002 in at least 102 NMIBC patients with CIS (± Ta/T1) who are BCG-naïve (n=27) and BCG-unresponsive (n=75-100). Trial subjects will receive an induction course of six weekly intravesical instillations, and following mandatory biopsy at three months, will either receive a reinduction course of six weekly intravesical instillations of TARA-002, or the first maintenance course of three weekly installations every three months for 24 months.
TARA-002 in LMs

Dosing continues to progress in STARBORN-1, a Phase 2 clinical trial of TARA-002 in pediatric patients with macrocystic and mixed-cystic LMs. Including an age de-escalation safety lead-in, the trial will enroll approximately 30 patients who will receive up to four injections of TARA-002 spaced approximately six weeks apart. The primary endpoint of the trial is the proportion of participants with macrocystic and mixed cystic LMs who demonstrate clinical success, defined as having either a CR (90% to 100% reduction from baseline in total LM volume) or substantial response (60% to less than 90% reduction in total LM volume) as measured by axial imaging.
IV Choline Chloride for Patients on Parenteral Nutrition (PN)

The Company continues to engage with the U.S. Food and Drug Administration and plans to use both regulatory feedback and results from its prevalence study to inform next steps for the IV Choline Chloride development program.
Fourth Quarter and Full Year 2023 Financial Results

As of December 31, 2023, cash, cash equivalents, and investments in marketable debt securities totaled $65.6 million. The Company expects its cash, cash equivalents, and investments in marketable debt securities will be sufficient to fund its planned operations and data milestones into the second quarter of 2025.
Research and development expenses for the fourth quarter of 2023 increased to $6.4 million from $5.0 million for the prior year period, and for the full year increased to $25.0 million compared to $16.8 million for 2022. The fourth quarter and full year increases were primarily due to an increase in expenses related to clinical trials and non-clinical activities for TARA-002.
General and administrative expenses for the fourth quarter of 2023 decreased to $4.7 million from $5.0 million for the prior year period, and for the full year decreased to $18.6 million compared to $20.7 million for 2022. The fourth quarter and full year decreases were primarily due to a reduction in personnel costs and lower directors and officers liability insurance premiums which were partially offset by an increase in professional costs.
For the fourth quarter of 2023, Protara incurred a net loss of $10.2 million, or $0.90 per share, compared with a net loss of $39.0 million, or $3.46 per share, for the same period in 2022. Net loss for the year ended December 31, 2023 was $40.4 million, or $3.57 per share, compared with a net loss of $66.0 million, or $5.86 per share, for the year ended December 31, 2022. Net loss in the fourth quarter of 2022 included a non-cash goodwill impairment charge of $29.5 million associated with the accounting for the reverse merger transaction in January 2020. Net loss for the fourth quarter of 2023 included approximately $1.5 million of stock-based compensation expenses. Net loss for the year ended December 31, 2023 included approximately $6.1 million of stock-based compensation expenses.
About TARA-002

TARA-002 is an investigational cell therapy in development for the treatment of NMIBC and of LMs, for which it has been granted Rare Pediatric Disease Designation by the U.S. Food and Drug Administration. TARA-002 was developed from the same master cell bank of genetically distinct group A Streptococcus pyogenes as OK-432, a broad immunopotentiator marketed as Picibanil in Japan and approved in Taiwan by Chugai Pharmaceutical Co., Ltd. Protara has successfully shown manufacturing comparability between TARA-002 and OK-432.

When TARA-002 is administered, it is hypothesized that innate and adaptive immune cells within the cyst or tumor are activated and produce a pro-inflammatory response with release of cytokines such as tumor necrosis factor (TNF)-alpha, interferon (IFN)-gamma IL-6, IL-10, IL-12. TARA-002 also directly kills tumor cells and triggers a host immune response by inducing immunogenic cell death, which further enhances the antitumor immune response.

About Non-Muscle Invasive Bladder Cancer (NMIBC)

Bladder cancer is the 6th most common cancer in the United States, with NMIBC representing approximately 80% of bladder cancer diagnoses. Approximately 65,000 patients are diagnosed with NMIBC in the United States each year. NMIBC is cancer found in the tissue that lines the inner surface of the bladder that has not spread into the bladder muscle.

About Lymphatic Malformations (LMs)

LMs are rare, congenital malformations of lymphatic vessels resulting in the failure of these structures to connect or drain into the venous system. Most LMs are present in the head and neck region and are diagnosed in early childhood during the period of active lymphatic growth, with more than 50% detected at birth and 90% diagnosed before the age of 3 years. The most common morbidities and serious manifestations of the disease include compression of the upper aerodigestive tract, including airway obstruction requiring intubation and possible tracheostomy dependence; intralesional bleeding; impingement on critical structures, including nerves, vessels, lymphatics; recurrent infection, and cosmetic and other functional disabilities.

About Intravenous (IV) Choline Chloride

IV Choline Chloride is an investigational, IV phospholipid substrate replacement therapy initially in development for patients receiving PN. Choline is a known important substrate for phospholipids that are critical for healthy liver function and also plays an important role in modulating gene expression, cell membrane signaling, brain development and neurotransmission, muscle function, and bone health. PN patients are unable to synthesize choline from enteral nutrition sources, and there are currently no available PN formulations containing choline. Approximately 80 percent of PN-dependent patients are choline-deficient and have some degree of liver damage, which can lead to hepatic failure. IV Choline Chloride has been granted Orphan Drug Designation by the FDA for the prevention of choline deficiency in PN patients. The Company was issued a patent claiming a choline composition with a term expiring in 2041.

Enzo Biochem Reports Second Quarter Fiscal 2024 Results and Provides Business Update

On March 13, 2024 Enzo Biochem, Inc. (NYSE: ENZ) ("Enzo" or the "Company") reported financial results for the second quarter ended January 31, 2024 (Press release, Enzo Biochem, MAR 13, 2024, View Source [SID1234641111]).

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Second Quarter Highlights

● The Company’s Life Science division’s second-quarter revenue of $8.5 million improved year-over-year by 14%. During the 2024 period, we experienced a 25% revenue increase in the United States, driven by increased product demand in the drug development and cell and gene therapy market segments. Revenue for the six months ended January 31, 2024 of $16.4 million improved 12% compared to the same period in the prior year.

● The Life Science division’s second-quarter gross margin was 49%, which improved by 1,000 basis points year-over-year from 39%, and was also a sequential 500 basis point improvement from 44%. The six-month YTD margin was 47% which was also a 1,000 basis point improvement compared to the prior year. This favorable result was driven by the reported revenue increase, mix of products sold, and ongoing cost containment initiatives, including, but not limited to, a workforce reduction for continuing operations.

● The Life Science division reported second-quarter net income of $1.1 million, compared to net income of $0.2 million in the prior year period. The net loss in the Corporate & Other segment decreased year-over-year by $1.2 million.

● Enzo ended the second quarter with aggregate cash and cash equivalents of $60.2 million, a reduction of $23.1 million from July 31, 2023, primarily due to the significant paydown of accounts payable and accrued liabilities post the clinical lab asset sale. The Company’s current ratio was 3.2 as of January 31, 2024.

● Net loss from continuing operations for Q2 FY24 was $0.9 million or ($0.02) per common share, compared to a net loss in the prior year’s second quarter of $2.9 million or ($0.06) per common share.

● Net loss, representing the results of continuing and discontinued operations for Q2 FY24, was $3.1 million, or ($0.06) per common share, compared to a net loss in the prior year’s second quarter of $11.3 million, or ($0.23) per common share. The weighted average basic common shares outstanding as of January 31, 2024, was 50.5 million.

"Enzo’s strategy is to deliver sustainable, profitable revenue growth through market focus, technical strength, and operational conservatism. We are pleased to report a third consecutive quarter with double-digit revenue growth in the life science division, and I am proud of the team’s hard work resulting in higher gross margin and improved profitability in the second quarter within our Life Science division," said Kara Cannon, Enzo’s Chief Executive Officer. These achievements were driven by aligning our products in high-growth market segments made up of our drug development customers, while relying on our existing, stable global infrastructure to provide comprehensive, quality customer service. I am very encouraged by our financial and operational progress, and I am optimistic about our ability to maintain this positive momentum to deliver on longer-term goals."

Corporate Presentation

On March 13, 2024 Plus Therapeutics presented its corporate presentation (Presentation, Plus Therapeutics, MAR 13, 2024, View Source [SID1234641109]).

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Coherus BioSciences Reports Fourth Quarter, Full Year 2023 Financial Results and Provides Current Business Update

On March 13, 2024 Coherus BioSciences, Inc. (Coherus, Nasdaq: CHRS), reported financial results for its fiscal fourth quarter and full year ended December 31, 2023 and recent business highlights (Press release, Coherus Biosciences, MAR 13, 2024, View Source [SID1234641106]):

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RECENT BUSINESS HIGHLIGHTS

CORPORATE RESTRUCTURING SOLIDIFIES FOCUS ON ONCOLOGY

On March 1, 2024, Coherus closed the divestiture of the ophthalmology franchise to Sandoz for upfront, all-cash consideration of $170 million plus an additional $17.8 million for CIMERLI product inventory and prepaid manufacturing assets.
On or before April 1, 2024, Coherus plans to prepay $175 million of the $250 million principal balance of its term loan with Pharmakon Advisors LP ("Pharmakon"), leaving a residual balance of $75 million and reducing projected annualized Pharmakon related interest payments by about 70%.
The sharpened focus in oncology and a subsequent restructuring is expected to result in a reduction in workforce of 30% by the end of 2024, including 35 employees associated with the ophthalmology divestiture, for an estimated annualized cost savings of more than $25 million.
Expected SG&A and R&D expenses for 2024 reduced from $301.5 million in 2023 to $250-265 million representing at least a 12% decrease year over year.
The $25 million toripalimab NPC approval milestone due to be paid to Junshi Biosciences in Q1 2024 has been restructured such that $12.5 million will be paid in Q2 2024 and the remainder in Q1 2025, potentially adjusted downward for proceeds from Canadian rights.
UDENYCA RESULTS and ONBODY LAUNCH UPDATE

UDENYCA net product sales increased 10% in the fourth quarter 2023 to $36.2 million compared to $33.0 million in the third quarter. Total unit demand grew 7% quarter over quarter. UDENYCA Autoinjector presentation unit demand grew 129% quarter over quarter. Since commercial launch in May 2023, more than 727 accounts have ordered the Autoinjector presentation.
UDENYCA ONBODY, a novel and proprietary state-of-the-art delivery system for pegfilgrastim-cbqv, was launched in February 2024. High customer demand coupled with confirmed payer coverage, drove robust uptake with 138 accounts ordering ONBODY within the first four weeks of launch.
Based on data from IQVIA, rolling 4-week UDENYCA market share as of March 1 was 26%.
LOQTORZI LAUNCH UPDATE

LOQTORZI is the first and only FDA-approved treatment for recurrent or metastatic NPC in all lines of therapy with commercial launch commencing on January 2, 2024.
NCCN Guidelines recommend LOQTORZI as the only immunotherapeutic agent with Preferred Category 1 status in first-line treatment for adults with metastatic or recurrent locally advanced NPC in combination with chemotherapy; LOQTORZI monotherapy is also recommended in NCCN guidelines as the only preferred regimen in subsequent lines of therapy.
Category 1 represents the highest level of evidence and uniformity among panel members in terms of agreement that translates into ease of reimbursement and the ability to establish a new standard of care for these patients.
Payer coverage for LOQTORZI has been confirmed across Medicare Fee for Service, as well as national and regional commercial health plans.
Early demand uptake tracking to expectations, with over 59 NPC targeted accounts ordering the product since launch.
NOVEL IMMUNO-ONCOLOGY PIPELINE ADVANCES

In January 2024, Coherus entered into a clinical collaboration with INOVIO to evaluate LOQTORZI (toripalimab-tpzi) in combination with INO-3112 in a Phase 3 clinical trial as a potential treatment for patients with locoregionally advanced, high-risk, HPV16/18 positive oropharyngeal squamous cell carcinoma (OPSCC), a type of head and neck cancer commonly known as throat cancer.
Coherus presented new Phase 1b/2 clinical data for casdozokitug, a first-in-class IL-27 antagonist at the 2023 ESMO (Free ESMO Whitepaper) IO Congress in December and 2024 ASCO (Free ASCO Whitepaper) Gastrointestinal Cancers Symposium in January. Results show encouraging signs of antitumor activity and an acceptable safety profile for casdozokitug alone and in combination with PD-(L)1 inhibitors with or without bevacizumab in HCC and NSCLC respectively. Importantly, responses were associated with IL-27 related biomarkers and data support planned clinical trials with casdozokitug/ toripalimab-tpzi in NSCLC and HCC.
New preclinical data for CHS-1000 has been selected for a poster presentation at the upcoming 2024 AACR (Free AACR Whitepaper) Annual Meeting being held April 5-10, 2024, in San Diego.
Coherus plans to file an Investigational New Drug (IND) application in second quarter of 2024 for CHS-1000, a novel ILT4-targeted antibody.
"Throughout 2023, Coherus demonstrated significant progress in transforming the Company’s business model and product portfolio for long-term sustainable growth," said Denny Lanfear, Coherus’ Chairman and Chief Executive Officer. "We are clearly focused on driving our revenues, reducing our costs, and advancing our pipeline, with constant attention to long-term shareholder value. The divestiture of CIMERLI and debt paydown improves our capital structure and sharpens our focus on oncology. With a robust portfolio of FDA-approved products and a promising immuno-oncology pipeline, we are now better positioned than ever to execute on our mission of extending the lives of cancer patients."

FOURTH QUARTER and FULL YEAR 2023 FINANCIAL RESULTS

Net revenue was $91.5 million during the three months ended December 31, 2023 and included $36.2 million of net sales of UDENYCA, $52.4 million of net sales of CIMERLI, $2.2 million of net sales of YUSIMRY which was launched in July 2023 and $0.6 million of net sales of LOQTORZI which began shipping to distributors in December 2023 in preparation for launch. Net revenue was $45.4 million during the three months ended December 31, 2022. For the twelve months ended December 31, 2023 and 2022, net revenue was $257.2 million and $211.0 million, respectively. The increases in total net revenues were driven by the launches of CIMERLI and YUSIMRY and by the return to growth of UDENYCA throughout 2023.

Cost of goods sold (COGS) was $84.6 million and $14.2 million during the three months ended December 31, 2023 and 2022, respectively, and $159.0 million and $70.1 million during the full year ended December 31, 2023 and 2022, respectively. The increases in COGS for the three month and the annual periods each included a $47.0 million charge for the write-down of slow moving YUSIMRY inventory and the related partial recognition of certain firm purchase commitments. Increases in COGS also included $19.4 million and $47.5 million in royalty costs compared to the quarterly and annual periods in the prior year, respectively and increases in product costs of $11.5 million and $25.0 million, respectively, primarily driven by CIMERLI sales. The increase in the year over year COGS was partially offset by a $26.0 million write-down in the third quarter 2022 of inventory at risk of expiration and due to the sale in the second half 2023 of certain of those UDENYCA units having a total original cost of $9.9 million but no carrying value following the write-down. UDENYCA COGS includes a mid-single digit royalty on net sales payable through the first half of 2024, and CIMERLI COGS includes a low to mid 50% royalty on gross profits.

Research and development (R&D) expense for the three months ended December 31, 2023 and 2022 was $26.4 million and $29.0 million, respectively. For the full year ended December 31, 2023 and 2022, R&D expense was $109.4 million and $199.4 million, respectively. The decline compared to the prior year periods primarily resulted from the reduction in scope of the toripalimab collaboration and from the recognition in the first quarter of 2022 of the $35.0 million option exercise fee paid to Junshi Biosciences to license CHS-006. R&D expense for the full year of 2022 also included development costs for additional presentations of UDENYCA and certain manufacturing expenses for YUSIMRY which began to be capitalized in mid-2022.

Selling, general and administrative (SG&A) expense was $49.5 million and $53.6 million during the three months ended December 31, 2023 and 2022, respectively, and $192.0 million and $198.5 million during the full year ended December 31, 2023 and 2022, respectively. The decline in SG&A expense in both periods compared to the prior year periods primarily reflects lower headcount, partially offset by transaction costs associated with the Surface acquisition.

Net loss for the fourth quarter of 2023 was $79.7 million, or $(0.71) per share on a basic and diluted basis, compared to a net loss of $58.9 million, or $(0.76) per share on a basic and diluted basis for the same period in 2022. Net loss for the full year of 2023 was $237.9 million, or $(2.53) per share on a basic and diluted basis, compared to a net loss of $291.8 million, or $(3.76) per share on a basic and diluted basis for the full year of 2022.

Non-GAAP net loss for the fourth quarter of 2023 was $68.9 million, or $(0.62) per share on a basic and diluted basis, compared to non-GAAP net loss of $47.1 million, or $(0.60) per share on a basic and diluted basis for the same period in 2022. Non-GAAP net loss for the full year of 2023 was $186.2 million, or $(1.98) per share on a basic and diluted basis, compared to non-GAAP net loss of $234.8 million, or $(3.02) per share on a basic and diluted basis for the full year of 2022. See "Non-GAAP Financial Measures" below for a discussion on how Coherus calculates non-GAAP net loss and a reconciliation to the most directly comparable GAAP measures.

Cash, cash equivalents and investments in marketable securities were $117.7 million as of December 31, 2023, compared to $191.7 million at December 31, 2022.

2024 R&D and SG&A Expense Guidance
Coherus is introducing a guidance range of combined 2024 R&D and SG&A expenses from $250 to $265 million. This guidance includes approximately $40 million of stock-based compensation expense and excludes the effects of strategic acquisitions, collaborations or investments, the exercise of rights or options related to collaboration programs, and any other transactions or circumstances not yet identified or quantified. This guidance is subject to a number of risks and uncertainties. See Forward-Looking Statements described in the section below.

Conference Call Information

When: Wednesday, March 13, 2024, starting at 5:00 p.m. Eastern Time

To access the conference call, please register through the following link to receive dial-in information and a personal PIN to access the live call: https://register.vevent.com/register/BI41e6b8f8ab024eefafe43493f6fd0cdf

Please dial-in 15 minutes early to ensure a timely connection to the call.

Webcast: View Source

An archived webcast will be available on the "Investors" section of the Coherus website at View Source