On March 7, 2024 GSK plc (LSE/NYSE: GSK) reported positive headline results from an interim analysis of the DREAMM-8 phase III head-to-head trial evaluating Blenrep (belantamab mafodotin), in combination with pomalidomide plus dexamethasone (PomDex), versus a standard of care, bortezomib plus PomDex, as a second line and later treatment for relapsed or refractory multiple myeloma (Press release, GlaxoSmithKline, MAR 7, 2024, View Source [SID1234640925]). The trial met its primary endpoint of progression-free survival (PFS) at a pre-specified interim analysis and was unblinded early based on the recommendation by an Independent Data Monitoring Committee (IDMC).

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The belantamab mafodotin combination significantly extended the time to disease progression or death versus the standard of care combination. A positive overall survival (OS) trend favouring the Blenrep combination was also observed at the time of this analysis. The trial continues to follow up for OS. The safety and tolerability of the belantamab mafodotin regimen were broadly consistent with the known safety profile of the individual agents.

Hesham Abdullah, Senior Vice President, Global Head Oncology, R&D, GSK, said: "The results seen in both DREAMM-7 and DREAMM-8 provide strong clinical evidence of the robust efficacy shown with belantamab mafodotin in use with standard of care combinations. We now look forward to discussing these data with regulators. If approved, we believe these combinations have the potential to redefine the treatment of relapsed or refractory multiple myeloma and advance the standard of care. This is exciting news for patients given the high unmet medical need for both efficacious and easily administered therapies with differing mechanisms of action."

DREAMM-8 is the second phase III head-to-head belantamab mafodotin combination trial in second line and later treatment for multiple myeloma to report positive results. Positive findings from DREAMM-7, a phase III head-to-head trial evaluating belantamab mafodotin in combination with bortezomib and dexamethasone (BorDex) versus daratumumab plus BorDex in the same treatment setting, were presented1 at the American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) Plenary Series on 6 February 2024. Detailed findings from DREAMM-8 will be presented at a future medical congress and shared with regulatory authorities.

About DREAMM-8
The DREAMM-8 phase III clinical trial is a multicentre, open-label, randomised trial evaluating the efficacy and safety of belantamab mafodotin in combination with PomDex compared to a combination of bortezomib and PomDex in patients with relapsed/refractory multiple myeloma previously treated with at least one prior line of multiple myeloma therapy, including a lenalidomide-containing regimen, and who have documented disease progression during or after their most recent therapy.

A total of 302 participants were randomised at a 1:1 ratio to receive either belantamab mafodotin plus PomDex, or bortezomib plus PomDex.

The primary endpoint is PFS. Secondary endpoints include OS, overall response rate, duration of response, minimal residual disease negativity as assessed by next-generation sequencing, safety, and patient-reported and quality of life outcomes.

About multiple myeloma
Multiple myeloma is the third most common blood cancer globally and is generally considered treatable but not curable.2,3 There are approximately 176,000 new cases of multiple myeloma diagnosed globally each year.4 Research into new therapies is needed as multiple myeloma commonly becomes refractory to available treatments.5

About Blenrep
Blenrep is an antibody-drug conjugate comprising a humanised B-cell maturation antigen monoclonal antibody conjugated to the cytotoxic agent auristatin F via a non-cleavable linker. The drug linker technology is licensed from Seagen Inc.; the monoclonal antibody is produced using POTELLIGENT Technology licensed from BioWa Inc., a member of the Kyowa Kirin Group.

Refer to the Blenrep UK Summary of Product Characteristics6 for a full list of adverse events and the complete important safety information in the United Kingdom.

On March 7, 2024 Foghorn Therapeutics Inc. (Nasdaq: FHTX), a clinical-stage biotechnology company pioneering a new class of medicines that treat serious diseases by correcting abnormal gene expression, reported a financial update and corporate outlook in conjunction with the Company’s 10-K filing for the year ending December 31, 2023 (Press release, Foghorn Therapeutics, MAR 7, 2024, View Source [SID1234640924]). With an initial focus in oncology, Foghorn’s Gene Traffic Control Platform and resulting broad pipeline have the potential to transform the lives of people with a wide spectrum of diseases.

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"The research and clinical advances we made in 2023 set the stage for Foghorn to deliver significant value with the potential for several differentiated, high-impact medicines in 2024 and beyond," said Adrian Gottschalk, President and Chief Executive Officer of Foghorn. "In 2023 we initiated a combination study with FHD-286 in AML, with data anticipated in the second half of 2024. Based on the mutation-agnostic differentiation effect observed in our single-agent escalation study, we believe FHD-286 has the potential to be a first-in-class broad-based differentiation therapeutic in AML. We are also making progress with our selective BRM program with FHD-909, a first-in-class BRM selective inhibitor, selected for clinical development by partner Lilly. The IND is planned for the second quarter of 2024, with an initial focus in non-small cell lung cancer. Finally, we are excited by the preclinical efficacy and safety data for our CBP and EP300 selective degrader programs and target IND-enabling studies for CBP by the end of the year. Our cash position remains strong with runway into the first half of 2026."

Key Recent Updates and Upcoming Milestones

•FHD-286. FHD-286 is a potent, selective inhibitor of the BRG1 and BRM subunits of the BAF chromatin remodeling complex where dependency on BRG1/BRM is well-established preclinically with multiple tumor types, including acute myelogenous leukemia (AML)/myelodysplastic syndrome (MDS), non-small cell lung cancer (NSCLC) and prostate cancer.
•AML Update. Foghorn commenced a Phase 1 study of FHD-286 in combination with decitabine or low-dose cytarabine (LDAC) in relapsed and/or refractory AML patients, with the first patient dosed during the third quarter of 2023. Dose escalation is ongoing, and the first clinical data are expected in the second half of 2024.
•TKI Resistance. Recently published data, along with Foghorn’s work, suggest that FHD-286 may play an important role in overcoming resistance in EGFR/KRAS tumors. The Company is conducting preclinical work to further explore the opportunity and expects data in the second quarter of 2024.

•Differentiated Pipeline Advancement. Foghorn continues to expand its platform and pipeline. The Company anticipates the potential for six new investigational new drug (IND) applications in the next four years. The Company continues to progress programs for multiple targets that include chromatin remodeling complexes, transcription factors, helicases, and other chromatin-related factors. These targets include selective BRM and wholly owned programs including CBP, EP300, and ARID1B, as well as other undisclosed targets, which combined could address more than 20 tumor types impacting more than 500,000 new patients annually.
•Selective CBP and Selective EP300 programs. Foghorn is presenting new preclinical data for its CBP and EP300 selective degrader programs at the 2024 AACR (Free AACR Whitepaper) Annual Meeting, April 5-10, 2024.
•CBP selective degraders have shown significant tumor growth inhibition in a colorectal cancer in vivo model. Antiproliferative effects were also observed for numerous cancer cell lines, including colorectal, gastric and bladder cancers.
•EP300 selective degraders have shown potent cellular antiproliferation and in vivo tumor growth inhibition in an AR+ enzalutamide prostate in vivo model.
•At preclinical efficacious doses, neither the CBP nor the EP300 selective degraders cause thrombocytopenia, a commonly observed safety liability for dual CBP/EP300 inhibitors.

•Lilly Collaboration. Foghorn is engaged in a strategic collaboration with Lilly and continues to advance the BRM selective inhibitor and degrader programs along with other undisclosed programs.
◦In the first quarter of 2024, Lilly selected FHD-909, a first-in-class oral BRM selective inhibitor, for clinical development. Lilly plans to file an IND for FHD-909 in the second quarter of 2024. The primary target patient population is BRG1-mutated NSCLC.

◦Selective BRM inhibition has been a sought-after objective in cancer research for many years. A variety of tumor types, including NSCLC, are known to have mutations in BRG1, which we believe make them dependent on BRM activity for their survival. Selective blocking of BRM activity is considered a promising strategy for causing tumor cell death while sparing healthy cells.
◦Preclinical data will be presented in 2024, including at AACR (Free AACR Whitepaper) with a poster presentation on April 8.

In December 2021, Foghorn announced a strategic collaboration with Lilly to create novel oncology medicines. The collaboration includes a co-development and co-commercialization agreement for Foghorn’s Selective BRM oncology program and an additional undisclosed oncology target. In addition, the collaboration includes three discovery programs using Foghorn’s proprietary Gene Traffic Control platform.

Full Year 2023 Financial Highlights

•Collaboration Revenues. Collaboration revenues were $34.2 million for the year ended December 31, 2023, compared to $19.2 million for the year ended December 31, 2022. The increase year-over-year was primarily driven by revenue recognized under the Merck collaboration due to the termination of the agreement and the subsequent recognition of the remaining deferred revenue.

•Research and Development Expenses. Research and development expenses were $109.7 million for the year ended December 31, 2023, compared to $105.6 million for the year ended December 31, 2022. This increase was primarily due to costs associated with continued investment in R&D personnel, platform, and other early-stage research, partially offset by a decrease in spend on FHD-286 and FHD-609.

•General and Administrative Expenses. General and administrative expenses were $32.4 million for the year ended December 31, 2023, compared to $30.7 million for the year ended December 31, 2022. This increase was primarily due to an increase in investments to support the growing business, which included increases in personnel-related costs and stock-based compensation expense.

•Net Loss. Net loss was $98.4 million for the year ended December 31, 2023, compared to a net loss of $108.9 million for the year ended December 31, 2022.

•Cash, cash equivalents and marketable securities. As of December 31, 2023, the Company had $234.1 million in cash, cash equivalents and marketable securities, providing cash runway into the first half of 2026.

About FHD-286
FHD-286 is a highly potent, selective, allosteric, and orally available small-molecule, enzymatic inhibitor of BRG1 (SMARCA4) and BRM (SMARCA2), two highly similar proteins that are the ATPases, or the catalytic engines, of the BAF complex, one of the key regulators within the chromatin regulatory system. In preclinical studies, FHD-286 has shown anti-tumor activity across a broad range of malignancies including both hematologic and solid tumors.

About AML
Adult acute myeloid leukemia (AML) is a cancer of the blood and bone marrow and the most common type of acute leukemia in adults. AML is a diverse disease associated with multiple genetic mutations. It is diagnosed in about 20,000 people every year in the United States.

About FHD-909
FHD-909 (a.k.a. LY4050784) is a highly potent, allosteric and orally available small molecule that selectively inhibits the ATPase activity of BRM (SMARCA2) over its closely related paralog BRG1 (SMARCA4), two proteins that are the catalytic engines across all forms of the BAF complex, one of the key regulators of the chromatin regulatory system. In preclinical studies, tumors with mutations in BRG1 rely on BRM for BAF function. FHD-909 has shown significant anti-tumor activity across multiple BRG1-mutant lung tumors.

On March 7, 2024 Evogene Ltd. (Nasdaq: EVGN, TASE: EVGN), a leading computational biology company targeting to revolutionize life-science based product discovery and development utilizing cutting edge computational biology technologies, across multiple market segments, reported its financial results for the fourth quarter and full year period ending December 31, 2023 (Press release, Evogene, MAR 7, 2024, View Source [SID1234640923]).

Mr. Ofer Haviv, Evogene’s President, and Chief Executive Officer, stated, "The Evogene Group has experienced a transformative year with industry perception of our technology and products translating into growing collaborations with world leading companies. The number and caliber of partnerships Evogene and our subsidiaries have formed speak volumes: Lavie Bio with Corteva, ICL, and Syngenta; AgPlenus with Bayer and Corteva; Casterra with a global oil and gas company; Biomica with an investment by Shanghai Healthcare Capital; and Evogene with Verb Biotics and Colors, underscore our growing influence in the life science sector.

This collaboration momentum affirms the value of Evogene’s AI tech-engines: MicroBoost AI, ChemPass AI, and GeneRator AI, built on our CPB platform developed over a decade. Looking forward, we anticipate further partnerships with industry leaders, increased sales of subsidiary products like Casterra’s elite castor varieties and Lavie Bio’s bio-inoculant Yalos, and expansion beyond our current sectors.

These efforts not only validate our contributions but also bolster our financial position through various revenue streams, reflected in today’s reported revenues of approximately $5.6 million in 2023, compared to approximately $1.7 million 2022. We anticipate continued revenue growth for the Evogene Group in 2024."

Evogene main accomplishments in 2023:

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Partnership with Verb Biotics: Evogene collaborated with Verb Biotics, an innovative probiotics company, to identify and design probiotic bacteria that produce sustainable quantities of microbial metabolites to enhance human health and vitality in the rapidly growing probiotics market. Evogene will utilize MicroBoost AI tech-engine in the scope of this collaboration.

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Collaboration with Colors Farm and Ben Gurion University: Evogene partnered to pioneer crustacean gene editing technology aimed at enhancing crustacean traits. This collaboration, supported by a grant from the Israel Innovation Authority, utilizes Evogene’s GeneRator AI tech-engine.

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EU Grant for Ag-Seed Division: Evogene secured a €1.2 million EU grant to develop oil-seed crops with enhanced CO2 assimilation and drought tolerance. The program, named the EIC 2022 Horizon program, supports businesses focusing on climate-focused and sustainable crop development.

Evogene subsidiaries’ main accomplishments:

Casterra Ag Ltd. – provides an integrated end-to-end solution for large-scale castor bean cultivation, utilizing Evogene’s GeneRator AI tech-engine:

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Seed Orders from Leading Oil and Gas Company: Casterra received seed orders totaling $11.3 million from a world-leading oil and gas company for castor cultivation in Africa, supporting the bio-diesel industry’s growth.

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Successful Delivery of High-Yield Castor Seeds: Casterra has successfully delivered its first shipment of high-yield, high-oil castor seeds from Brazil and Zambia to Africa, valued at approximately $1 million .

•
Expansion of Production Capabilities: In March 2023, the company disclosed that it has signed agreements with existing and new seed producers in Brazil and Africa to boost its castor seed production capabilities in 2024. These agreements are projected to increase production by approximately 400 tons. The company expects that these new agreements will allow it to fulfill its existing seed orders and establish a long-term production infrastructure.

AgPlenus Ltd. – aims to develop and commercialize next-generation crop protection products, utilizing Evogene’s ChemPass AI tech-engine:

•
Licensing and Collaboration Agreement with Bayer: AgPlenus signed in February 2024 a licensing and collaboration agreement with Bayer’s Crop Science division to utilize AgPlenus’ AI-driven computational modeling technology for designing and optimizing molecules targeting the APTH1 protein, a new mode of action identified by AgPlenus. Bayer has exclusive rights for developing and commercializing products resulting from this collaboration, with AgPlenus receiving an upfront payment, ongoing research funding, milestone payments, and royalties.

2

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Milestone Achievement with Corteva: AgPlenus reached a milestone in the collaboration with Corteva for developing novel herbicides, successfully identifying a new family of molecules with herbicidal effects through a novel mode of action, APCO-12. The collaboration will continue to optimize these molecules towards commercial-level products, utilizing AgPlenus’ computational technology powered by Evogene’s ChemPass AI tech engine.

Biomica Ltd. – develops microbiome-based therapeutics, leveraging Evogene’s MicroBoost AI tech-engine:

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Successful Financing Round: Biomica completed a $20 million financing round in April 2023, with a $10 million investment from Shanghai Healthcare Capital, validating Biomica’s long-term potential.

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Advancements in Clinical Trials: BMC128, Biomica’s flagship product targeting immune-oncology patients, progressed through Phase 1 clinical trials, assessing its safety and tolerability in combination with Bristol Myers Squibb’s Opdivo immunotherapy. Biomica expanded its operations by opening a second site at The Davidoff Cancer Center in Israel to facilitate patient recruitment.

•
Completion of Phase I Trial Enrollment: Biomica reached a significant milestone in January 2024 by completing Phase I trial enrollment for its microbiome-based immuno-oncology drug, with promising preliminary results. Initial data readout is expected in 2024.

•
Positive Interim Results in IBS Program: Biomica reported positive interim results from pre-clinical studies on its IBS program in July 2023, showing the efficacy of Biomica’s live bacterial consortia, BMC426 and BMC427, in alleviating visceral pain, a major symptom of IBS. This presents promising new treatment avenues, with plans for further pre-clinical studies to prepare for clinical trials.

3

Lavie Bio Ltd. – develops and commercializes microbiome-based ag-biological products, utilizing Evogene’s MicroBoost AI tech-engine:

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Licensing Agreement with Corteva: Lavie Bio entered a licensing agreement granting exclusive rights to Corteva for advancing and commercializing Lavie Bio’s lead bio-fungicides, LAV311 and LAV312, targeting fruit rots. This agreement, preceded by two years of independent field validation trials, included an initial payment of $5 million to Lavie Bio, with potential future milestone payments and royalties from Corteva’s sales of the products.

•
Collaboration with Syngenta: Lavie Bio announced an agreement with Syngenta for the discovery and development of new biological insecticidal solutions. Leveraging Lavie Bio’s technology platform, this collaboration aims to rapidly identify and optimize bio-insecticide candidates, further strengthening Lavie Bio’s position in the agricultural market.

•
Achievements of Yalos Bio-Inoculant:

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Obtained regulatory approval from the Canadian Food Inspection Agency (CFIA), significantly expanding its sales territory.

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Expanded scope to include durum and barley varieties across the U.S. and Canada, following successful field trials demonstrating approximately 7% yield increase.

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Secured an exclusive distribution agreement with WinField United Canada, focusing on spring wheat, durum, and barley crops in key Canadian agricultural regions.

Canonic Ltd. – provides tailored medical cannabis products to optimize consumer well-being, utilizing Evogene’s GeneRator AI tech-engine.

In the third quarter of 2023, Evogene announced that it had decided to reduce its investment in Canonic in response to challenging market conditions in the medical cannabis sector. Currently, Evogene is announcing advanced discussions regarding the potential transfer of Canonic’s operations to a third party. However, the completion and terms of such a transfer remain uncertain.

4

Consolidated Financial Results Summary

•
As of December 31, 2023, Evogene’s consolidated cash, cash equivalents, and short-term bank deposits totaled approximately $31.1 million. Alongside Casterra, Canonic, and AgPlenus, Evogene had an aggregate cash reserve of $12.4 million, with Biomica holding $12.7 million and Lavie Bio $6.0 million.

•
In July 2023, Evogene entered into securities purchase agreements with institutional investors in a registered direct offering of shares only. The gross proceeds from the offering were approximately $8.5 million.

•
In 2024, Evogene anticipates a significant decrease in cash usage to approximately $8 million, excluding Lavie Bio and Biomica, compared to $12.5 million in 2023. This reduction is primarily driven by an expected revenue increase and decrease in Canonic’s expenses. The total consolidated burn rate is projected to decline as well to $21 million in 2024, down from $23.1 million in 2023.

•
The company does not have any bank debt.

•
Revenues for 2023 were approximately $5.6 million, in comparison to approximately $1.7 million in 2022. The revenue increase was primarily due to the $2.5 million generated by Lavie Bio as a licensing fee in the frame of its collaboration with Corteva, as well as revenues recognized from Casterra’s sale of castor seeds.

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In the fourth quarter of 2023 R&D expenses, reported net of non-refundable grants, reached approximately $5.5 million, compared to about $4.8 million in the same period the previous year. For the full year 2023, R&D expenses remained steady at approximately $20.8 million, in line with 2022 figures. Key drivers of R&D expenditure throughout 2023 included the activities of Lavie Bio and the development efforts of Biomica.

•
In the fourth quarter of 2023, sales and marketing expenses totaled approximately $1.0 million, showing a slight decrease from approximately $1.2 million in the same period the previous year. Throughout the full year 2023, sales and marketing expenditures amounted to approximately $3.6 million, compared to approximately $3.9 million in 2022.

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In the fourth quarter of 2023, general and administrative expenses were approximately $1.2 million, down from about $1.7 million in the same period the previous year. For the full year 2023, these expenses totaled around $6.1 million, compared to approximately $6.5 million in 2022, mainly due to decreased directors’ and officers’ insurance costs.

5

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Other income – In the fourth quarter of 2022, the company received $3.5 million from Bayer under the joint seed traits collaboration agreement, as part of a restructuring and release of the patent filing, prosecution, and maintenance obligations under the collaboration.

•
In the fourth quarter of 2023, the company’s operating loss increased to approximately $7.6 million from $3.8 million in the same period the previous year, mainly due to the absence of other income recorded in 2022. For the full year 2023, the operating loss was approximately $26.5 million, slightly lower than the $26.9 million reported in 2022 mainly due to the significant increase of revenues in 2023 offset by the other income recorded in 2022.

•
In the fourth quarter of 2023, the company’s net financing income amounted to approximately $287 thousand, a significant increase from approximately $6 thousand in the same period the previous year. For the full year 2023, net financing income totaled approximately $521 thousand, compared to net financing expenses of approximately $2.8 million in the same period in the previous year. This difference between periods was primarily driven by fluctuations in the U.S. Dollar and the New Israeli Shekel exchange rates, changes in the value of marketable securities, and interest income compared to the previous year.

•
In the fourth quarter of 2023, the company reported a net loss of approximately $7.3 million, compared to a net loss of approximately $3.8 million in the same period the previous year. This increase in net loss during the fourth quarter of 2023 is primarily attributed to other income received in 2022, as mentioned above. For the full year 2023, the net loss amounted to approximately $26.0 million, a decrease from the net loss of approximately $29.8 million reported for 2022.

On March 7, 2024 Curium, a world leader in nuclear medicine, reported that the first commercial doses of PYLCLARI have been sold in Italy (Press release, Curium, MAR 7, 2024, View Source [SID1234640922]). PYLCLARI (INN: Piflufolastat (18F)) also known as (18 F)-DCFPyL, is indicated for the detection of prostate-specific membrane antigen (PSMA) positive lesions with positron emission tomography (PET) in patients with prostate cancer in the following clinical settings:

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Primary staging of patients with high-risk prostate cancer prior to initial curative therapy
To localize recurrence of prostate cancer in patients with a suspected recurrence based on increasing serum prostate-specific antigen (PSA) levels after primary treatment with curative intent
Benoit Woessmer, PET Europe CEO at Curium commented, "We are thrilled that we have successfully started the commercial supply of PYLCLARI in Italy – supporting even more nuclear medicine physicians and their patients across Europe. As we continue to redefine the experience of cancer through our trusted legacy in nuclear medicine, today’s announcement underscores our priority on improving the choice of diagnostic modalities available to our customers – ultimately for the benefit of patients with prostate cancer."

In Italy, Curium currently manufactures PYLCLARI at its facilities in Milan, with plans to expand production to Pisa and Rome in the future to enable more patients to benefit.

Today’s announcement follows the decision in July 2023 by the European Commission granting marketing authorization for PYLCLARI in the European Union. On 3rd February 2024 The Italian Medicines Agency (Agenzia Italiana del Farmaco) published the decision for PYLCLARI in Italy.

For more information about PYLCLARI: www.pylclari.com

On March 7, 2024 Chemomab Therapeutics, Ltd. (Nasdaq: CMMB), a clinical stage biotechnology company focused on the discovery and development of innovative therapeutics for fibro-inflammatory diseases with high unmet need, reported financial and operating results for the full year and fourth quarter ended December 31, 2023, and provided a corporate update (Press release, Chemomab, MAR 7, 2024, View Source [SID1234640921]).

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"In 2023 Chemomab achieved great progress, positioning the company for what we believe could be major catalysts in 2024 and early 2025," said Adi Mor, PhD, co-founder, Chief Executive Officer and Chief Scientific Officer of Chemomab. "The superb work of our clinical and medical teams enabled us to complete patient enrollment in our Phase 2 primary sclerosing cholangitis (PSC) trial ahead of schedule and move up the topline readout to midyear 2024. Building on the positive data we have reported from our Phase 2a clinical trial in patients with liver fibrosis, we expect a successful readout would be a potential major catalyst for Chemomab, providing the first substantial clinical proof-of-concept for CM-101 and affording us the potential to advance to a registrational trial in consultation with the FDA, with an End-of-Phase 2 meeting possible later this year. We also look forward to a second readout from the trial’s open label extension, expected in late 2024 or early 2025, which we believe will provide additional clinical data on longer-term safety and activity, as well as another potential catalyst. Additionally, I am proud that our team has accomplished so much while maintaining tight fiscal discipline. As a result, we have been able to extend our cash runway until the end of the first quarter of 2025."

Dr. Mor continued, "We started the year reporting positive safety and activity data from our Phase 2a trial in liver fibrosis patients, showing that CM-101 demonstrated consistent positive effects across a range of biomarkers associated with fibrosis and inflammation. Our multiple scientific presentations and publications during the year further confirmed the role of our CCL24 target in driving key fibro-inflammatory pathways and CM-101’s ability to interrupt these disease processes."

Dr. Mor added, "We are collaborating with thought leaders and advocates who are working to build consensus around the use of non-invasive biomarker and imaging endpoints that will facilitate the conduct of late-stage PSC clinical trials. We are encouraged by the emerging view that these regulatory changes are both feasible and essential to advance new treatments for this rare orphan disorder that currently lacks any FDA-approved therapies."

Dr. Mor concluded, "The success of our Phase 2 PSC trial would be transformational for Chemomab, potentially allowing us to advance into a Phase 3 trial and to initiate additional clinical trials in other indications. We invite you to attend our upcoming webinar on Breaking New Ground: Expert Perspectives on Primary Sclerosing Cholangitis scheduled for April 10, 2024, and look forward to reporting on our further progress during the year."

2023 and Recent Highlights:

In January, 2024, Chemomab reported publication of new proteomics research in the peer-reviewed journal Cells reinforcing the clinical potential of CM-101 in primary sclerosing cholangitis.
In January, 2024, Chemomab announced early completion of patient enrollment in the CM-101 Phase 2 PSC SPRING trial and moved up the expected topline data readout to midyear 2024.
In November, 2023, Chemomab presented new data at ACR Convergence 2023 further confirming that its CCL24 target is a major driver of the fibrotic and inflammatory processes underlying systemic sclerosis (SSc) and other fibro-inflammatory diseases.
In November, 2023, Chemomab announced that CM-101 had received FDA Fast Track designation for the treatment of PSC in adult patients.
In November, 2023, at AASLD’s The Liver Meeting 2023, Chemomab hosted several presentations. An oral presentation of new proteomic patient data highlighted the unique association of the company’s CCL24 target with key PSC pathways and provided further evidence that CM-101 ameliorates these damaging effects.
In June, 2023, Chemomab announced a new publication in the peer-reviewed journal JCI Insight demonstrating the key role of CCL24 in PSC and presenting data showing how CM-101 interrupts the fibro-inflammatory processes underlying the disease.
In June, 2023, at the 2023 EASL Congress, Chemomab hosted a late-breaking presentation reporting new positive data from its CM-101 Phase 2a liver fibrosis trial.
In June, 2023, Chemomab announced that Adi Mor, PhD, had been reappointed to the role of Chief Executive Officer. Sigal Fattal was reappointed as Chief Financial Officer. Nissim Darvish, MD, PhD, was appointed Chairman of the Board. The company also announced that it was implementing cost-reduction measures that extended its cash runway to the end of 2024.
In June, 2023, Chemomab presented patient data at the 2023 EULAR Congress showing that serum CCL24 levels can predict the vascular and fibrotic complications of systemic sclerosis.
In May, 2023, Chemomab presented data at the 2023 EASL Biliary Conference reinforcing the pro-inflammatory role of CCL24 in PSC and other cholestatic diseases.
In February, 2023, Chemomab received FDA IND clearance for a CM-101 Phase 2 trial in SSc patients. Chemomab has not yet initiated patient enrollment in this trial.
In January, 2023, Chemomab reported topline results from its Phase 2a Liver Fibrosis trial in NASH patients demonstrating that CM-101 met its primary endpoint of safety and tolerability and showed positive activity across multiple liver fibrosis biomarkers and physiologic assessments.
Full Year and Fourth Quarter 2023 Financial Highlights:

Cash Position: Cash, cash equivalents and short-term bank deposits were $19.9 million as of December 31, 2023 compared to $39.9 million as of December 31, 2022.
Research and Development (R&D) Expenses: R&D expenses were $3.1 million for the fourth quarter and $18.4 million for the full year ended December 31, 2023, compared to $5.9 million and $17.0 million for the respective periods in 2022. The decrease in R&D expenses in the fourth quarter of 2023 compared to the fourth quarter of 2022 figure primarily resulted from the early completion of patient enrollment in the company’s CM-101 Phase 2 PSC trial.
General and Administrative (G&A) Expenses: G&A expenses were $0.8 million for the fourth quarter and $7.1 million for the full year ended December 31, 2023, compared to $2.7 million and $11.6 million for the fourth quarter and full year in 2022. The decrease in G&A expenses reflected selected reductions in headcount, and reductions in share-based payments and recruitment costs.
Net Loss: Net loss was $3.4 million, or a net loss of $0.01 per basic and diluted Ordinary Share, for the fourth quarter and $24.2 million, or a net loss of $0.10 per basic and diluted Ordinary Share for the year ended December 31, 2023, compared to a net loss of $8.3 million, or a net loss of $0.04 per basic and diluted share, for the fourth quarter of 2022 and $27.6 million, or a net loss of $0.12 per basic and diluted Ordinary Share, for the full year ended December 31, 2022.
The weighted average number of Ordinary Shares outstanding, basic and diluted was 234,998,859 (equal to 11,749,943 ADSs) for the year ended December 31, 2023, and 227,589,288 (equal to 11,379,464 ADSs) for the year ended December 31, 2022, respectively.

For further details on the company’s financial results for the year ended December 31, 2023, please refer to the company’s annual report on Form 20-F, which will be filed with the SEC later this month.