Akoya Biosciences Announces Preliminary Financial Results for the Fourth Quarter and Full Year 2023 and Provides 2024 Outlook

On January 7, 2024 Akoya Biosciences, Inc. (Nasdaq: AKYA) ("Akoya"), The Spatial Biology Company, reported preliminary unaudited revenue for the fourth quarter and full year ended December 31, 2023, and projected year end 2023 cash, cash equivalents, and restricted cash balance, which remain subject to quarter end closing adjustments and are also unaudited (Press release, Akoya Biosciences, JAN 7, 2024, View Source [SID1234639036]).

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Revenue for the fourth quarter of 2023 is expected to be between $25.5 million and $26.5 million, as compared to $21.2 million for the corresponding quarter of 2022.
For the fiscal year of 2023, revenue is expected to be between $95.6 million and $96.6 million, as compared to $74.9 million for the fiscal year of 2022.
Year end 2023 projected cash, cash equivalents, and restricted cash balance is expected to be between $83.0 million and $85.0 million.
"The fourth quarter of 2023 is expected to be another record revenue quarter for Akoya, demonstrating our continued business momentum and commercial execution in the rapidly growing spatial biology market," said Brian McKelligon, Chief Executive Officer, Akoya Biosciences. "Throughout 2023, we delivered strong financial performance on the topline while maintaining operating expenses at a steady level, bolstering our confidence in achieving cash flow positivity earlier than previously projected."

2024 Financial Outlook

The Company, based on its current plans and initiatives, expects full year 2024 revenue to grow 20%+ and projects achieving operating cash flow breakeven by year end 2024.

The financial results in this press release reflect expectations based on currently available information. The company has yet to complete its quarter end closing and the information has not been audited and actual results are therefore subject to change.

MAIA Biotechnology to Present at Biotech Showcase 2024 on January 9, 2024

On January 5, 2024 MAIA Biotechnology, Inc., (NYSE American: MAIA) ("MAIA" or the "Company"), a clinical-stage biopharmaceutical company developing telomere-targeting immunotherapies for cancer, reported its participation in the Biotech Showcase 2024 investor conference being held January 8-10, 2024, in San Francisco, California (Press release, MAIA Biotechnology, JAN 5, 2024, View Source [SID1234639030]). Chairman and Chief Executive Officer Vlad Vitoc, MD, MBA will present on Tuesday, January 9, 2024, at 11:30 am PST.

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Dr. Vitoc will provide an update on the Company’s lead program, THIO, a potential first-in-class telomere targeting agent in clinical development for the treatment of non-small cell lung cancer (NSCLC). Exceptional preliminary efficacy data from the ongoing THIO-101 Phase 2 trial includes an unprecedented disease control rate (DCR) of 100% in second-line NSCLC treatment. Dr. Vitoc will also discuss multiple value-driving Company milestones expected in 2024 and beyond.

Conference details:

MAIA live presentation:

11:30 am PST, Tuesday, January 9, 2024

Location:

Hilton San Francisco Union Square

Registration:

Available on the conference website.

1-on-1 meetings:

Requests available upon registration.

Presentation slides:

ir.maiabiotech.com under Company Info: Presentations

"We are delighted that MAIA Biotechnology will be joining us in San Francisco and presenting at Biotech Showcase this year," said Sara Demy, CEO of Demy-Colton, producer for the event. "Biotech Showcase is a prime opportunity for life science entrepreneurs and investors to come together to discover the potential of innovative technologies that will drive the future of drug discovery."

The Biotech Showcase investor conference focuses on driving advances in therapeutic development by providing a sophisticated networking platform for executives and investors. The conference takes place each year in San Francisco alongside the J.P. Morgan Annual Healthcare Conference.

PanGIA Biotech Plans Expanded Multi-Cancer Early Detection Liquid Biopsy Study

On January 5, 2023 PanGIA Biotech, a US based biotechnology company with a mission to develop true liquid biopsy technology that is scalable for global impact, reported that it is finalizing its three-year, prospective, multicenter, clinical study on prostate cancer liquid biopsy (Press release, PanGIA Biotech, JAN 5, 2024, View Source [SID1234639029]). This announcement comes as the company prepares to launch additional clinical studies in multi-cancer early detection using the PanGIA Liquid Biopsy Platform. "The PanGIA urine based true liquid biopsy technology has been developed for global impact by diagnosing, monitoring, and managing cancers earlier to save lives using urine as the sample type to create vastly improved availability and scalability in cancer diagnostics," according to PanGIA Biotech’s CEO, Holly Magliochetti.

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In 2020, the company received IRB approval and launched a novel AI integrated urine based liquid biopsy study. The company immediately began recruiting urologists in US-based academic as well as large and small group community practices to enroll men who were scheduled for prostate biopsy. Results of the study are pending publication.

"Based on the high sensitivity and high specificity of the PanGIA prostate study, PanGIA Biotech is now preparing to significantly expand the platform by launching follow-on studies in ten additional cancer types," said Tricia Schumann, Chief Investment Officer of PanGIA Biotech. Additional cancer types in the PanGIA follow-on study will include breast, ovarian, lung, renal, bladder, colorectal, stomach, pancreas, liver, and brain. The company will begin recruiting experienced medical professionals across the United States as clinical study sites as well as listing the study on ClinicalTrials.gov.

PanGIA Biotech intends to launch the expanded study in mid-2024. Interested researchers may contact the company for additional information.

ProfoundBio Announces Rinatabart Sesutecan FDA Fast Track Designation for Patients with Advanced Ovarian Cancer

On January 5, 2024 ProfoundBio, a clinical-stage biotechnology company developing novel antibody-drug conjugate (ADC) therapeutics for cancer, reported that the U.S. Food and Drug Administration (FDA) has granted Fast Track designation for rinatabart sesutecan (Rina-S; PRO1184), a folate receptor alpha (FRα) targeted ADC, for the treatment of patients with FRα-expressing high-grade serous or endometrioid platinum-resistant ovarian cancer (Press release, ProfoundBio, JAN 5, 2024, View Source [SID1234639028]). Fast Track designation is intended to facilitate the development and expedited review of drugs with demonstrated potential to improve over available therapy for serious conditions with unmet medical need.

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"Our receipt of Fast Track designation from the FDA underscores our belief in the tremendous promise of Rina-S as a potential best-in-class FRα ADC to address the significant need for improved treatment options for advanced ovarian cancer," said Naomi Hunder, Chief Medical Officer of ProfoundBio. "FRα is a highly prevalent antigen in ovarian cancer and Rina-S has shown encouraging antitumor activity and tolerability in our Phase 1 dose escalation study in ovarian and endometrial cancer patients across the full spectrum of FRα expression. We look forward to working closely with the FDA as we progress further clinical development and registrational studies for Rina-S."

About Rinatabart Sesutecan (Rina-S, PRO1184)
Rina-S is a folate receptor-alpha (FRα) targeted ADC being developed as a novel treatment option for patients with ovarian and endometrial cancer, and potentially other FRα-expressing cancers. Rina-S is comprised of a FRα-directed antibody conjugated to sesutecan, ProfoundBio’s novel, proprietary hydrophilic exatecan-based linker-drug, at a homogeneous drug-to-antibody ratio (DAR) of 8. Exatecan is a highly potent, membrane permeable topoisomerase-1 inhibitor with strong bystander effect. Sesutecan is a highly hydrophilic, stable, cleavable linker designed to mask the hydrophobicity of conjugated exatecan on the ADC, enabling high DAR and efficient delivery of the exatecan payload to tumors while maintaining favorable physicochemical and pharmacokinetic properties of the ADC.

Status of PRO1184-001 Phase 1/2 Study (NCT05579366)
PRO1184-001 is a Phase 1/2 study of rinatabart sesutecan to evaluate the safety, tolerability, PK, and antitumor activity of PRO1184 in patients with selected locally advanced and/or metastatic solid tumors, including epithelial ovarian cancer, endometrial cancer, breast cancer, non-small cell lung cancer, and mesothelioma. The study consists of two parts, Part A: Dose Escalation and Part B: Dose Expansion. Initial results from Part A were reported in November 2023, demonstrating encouraging antitumor activity at well tolerated doses in heavily pretreated ovarian and endometrial cancer patients unselected for FRα expression. Part B is currently enrolling patients at multiple sites in the U.S. and China.

Supplemental New Drug Application for Akeso’s Cadonilimab (PD-1/CTLA-4) Accepted by NMPA for First-line Treatment of Gastric Cancer

On January 5, 2024 Akeso (9926.HK) reported that the China National Medical Products Administration (NMPA) has accepted the supplemental new drug application (sNDA) of cadonilimab (开坦尼, PD-1/CTLA-4 bispecific antibody, AK104) in combination with capecitabine plus oxaliplatin (XELOX) for first-line treatment of unresectable locally advanced, recurrent or metastatic gastric or gastroesophageal junction (G/GEJ) adenocarcinoma (Press release, Akeso Biopharma, JAN 5, 2024, View Source [SID1234639027]).

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This will be the second indication for which cadonilimab has received approval in China, following its use as a monotherapy treatment for recurrent or metastatic cervical cancer.

The sNDA acceptance was based on the results from the AK104-302 trial, representing the first Phase III clinical study of a PD-1/CTLA-4 bispecific antibody combined with chemotherapy for first-line treatment of gastric cancer. In November 2023, AK104-302 trial achieved its primary endpoint by demonstrating a statistically significant overall survival (OS) improvement.

Cadonilimab combined with chemotherapy significantly reduced the risk of death in all-comer patients, including those with PD-L1 CPS≥5 and PD-L1 CPS < 5. The hazard ratios (HRs) for OS among patients with different PD-L1 status were superior to the disclosed PD-1 plus chemotherapy combination treatments. The combination of cadonilimab and chemotherapy also demonstrated superior OS in patients with PD-L1 CPS < 5 as well as PD-L1 negative.

"In the real world, approximately 60% of patients exhibit low PD-L1 expression, which further underscores the need for more effective treatment options," said Professor Ji Jiafu from the Peking University Cancer Hospital. "There is a significant need to enhance overall effectiveness, particularly among patients with low PD-L1 expression. The combination of cadonilimab therapy for first-line treatment of advanced gastric cancer has shown a high tumor objective remission rate, significantly improve the overall survival of the entire population with advanced gastric cancer while reducing the risk of death. We are eagerly awaiting the earliest approval of this indication and the positive impact it will have on patients’ lives."

"The combination therapy of cadonilimab demonstrates differentiated efficacy advantages compared to commonly used immunotherapy approaches in clinical practice," said Professor Lin Shen from the Peking University Cancer Hospital. "It brings significant benefits to all-comer patients regardless of PD-L1 expression, and even demonstrated strong anti-tumor effects in patients with low PD-L1 expression or negative status. This addresses the limitations of current single-target immunotherapy in clinical settings, effectively showcasing the synergistic mechanism of ‘PD-1+CTLA-4’ dual immune therapy. It is expected to overcome the shortcomings of current immune treatment strategies for advanced gastric cancer and represents a potentially superior immunotherapeutic approach for this condition."

"We would like to express our sincere gratitude to all the investigators, participants, and patients who actively participated in the clinical trial," said Dr. Yu Xia, Founder, Chairwoman, President, and CEO of Akeso. "The groundbreaking bispecific IO therapy from cadonilimab will soon bring significant benefits to approximately 500,000 gastric cancer patients in China, underscoring the immense clinical and market value of cadonilimab as the first PD-1/CTLA-4 bispecific antibody. Since its approval for cervical cancer treatment in 2022, cadonilimab has garnered recognition from both clinicians and patients due to its remarkable efficacy and safety. We eagerly anticipate the approval of its new indication for gastric cancer, as it will revolutionize the clinical treatment approach for advanced gastric cancer and introduce a new era of immunotherapy options for patients."

About AK104-302 trial

AK104-302 is a Phase III randomized, double-blind, multi-center clinical trial evaluating the use of cadonilimab ( the world’s first approved PD-1/CTLA-4 bispecific antibody) in combination with XELOX as first-line treatment for unresectable locally advanced or metastatic gastric or gastroesophageal junction adenocarcinoma. This study aims to assess the efficacy of cadonilimab plus XELOX compared to placebo plus XELOX in the intent-to-treat (ITT) population. The AK104-302 trial represents the first Phase III clinical study of a PD-1/CTLA-4 bispecific antibody combined with chemotherapy for first-line treatment of gastric cancer. Approximately 60% of patients in the ITT population had a PD-L1 CPS<5, a proportion comparable to real-world scenarios.

About Cadonilimab

Cadonilimab is a first-in-class bispecific antibody that targets both PD-1 and CTLA-4 developed by Akeso. In Jun 2022, the China National Medical Products Administration (NMPA) approved cadonilimab for recurrent or metastatic cervical cancer. Cadonilimab has been included and recommended in multiple clinical guidelines such as CSCO. Cadonilimab has been engaged in more than 60 ongoing clinical trials including investigator-initiated studies.

Currently, a Phase III study of cadonilimab for first-line treatment of gastric cancer has met its endpoint of PFS. A Phase III study of cadonilimab has also met one of its primary endpoints of PFS for first-line treatment of recurrent/metastatic cervical cancer (R/M CC).