On August 1, 2018 MorphoSys AG reported its results for the second quarter of 2018(Press release, MorphoSys, AUG 1, 2018, View Source/medien-investoren/mediencenter/morphosys-ag-gibt-ergebnisse-des-zweiten-quartals-2018-bekannt" target="_blank" title="View Source/medien-investoren/mediencenter/morphosys-ag-gibt-ergebnisse-des-zweiten-quartals-2018-bekannt" rel="nofollow">View Source [SID1234528298]).

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The company has continued to expand its pipeline of proprietary and partner-developed programs and established a presence in the US to prepare for commercialization

Conference Call and Webcast on August 2, 2018 at 2:00 pm CEST

– ongoing discussions with the US Food and Drug Administration (FDA) on marketing approval of MOR208 as a potential treatment for aggressive lymphoma (DLBCL) within the existing status of the treatment breakthrough

– First clinical data from the ongoing Phase 2 trial with MOR208 plus idelalisib in CLL presented at the annual meeting of the European Hematology Association (EHA) (Free EHA Whitepaper)

– Jennifer Herron takes over leadership of the newly formed MorphoSys US Inc. and is responsible for building commercial structures for MOR208

– MorphoSys and Galapagos sign a worldwide licensing agreement with Novartis for MOR106. MorphoSys and Galapagos will jointly receive an upfront payment of € 95 million and significant potential future milestone payments and royalties in the double-digit percentage range

– Partner Janssen starts phase 2/3 program with Tremfya (R) in Crohn’s disease

– Partner Roche launches phase 3 trial with gantenerumab in patients with early Alzheimer’s disease

– US Nasdaq IPO and successful capital increase with gross proceeds of $ 239 million completed in April 2018

– Liquidity position increased to 450.5 million euros (as at 30 June 2018)

– Following the signing of a license agreement with Novartis for MOR106 and subject to US antitrust approval, MorphoSys is increasing its financial guidance for 2018 and expects sales of between EUR 67 and 72 million, EBIT of EUR -55 to -65 million and expenses for the development of proprietary programs and technology development from 87 to 97 million euros

MorphoSys AG (Prime Standard Segment, TecDAX, NASDAQ: MOR) reported its results for the second quarter of 2018.

"MorphoSys has made excellent progress in many areas during the quarter, and we have continued our constructive discussions with the FDA on a possible route to market approval for MOR208 for the treatment of aggressive lymphoma (DLBCL) and positive data from a current Phase 2 trial Study with MOR208 in chronic lymphocytic leukemia (CLL), "commented Dr. Simon Moroney, Chief Executive Officer of MorphoSys AG. "With the formation of our new US subsidiary MorphoSys US Inc. and the appointment of Jennifer Herron as their director, we have laid the foundation for a strong sales presence to prepare for the potential future commercialization of MOR208, subject, of course, to approval for this development Drug by the FDA. "

"We are also very pleased with the progress made by our partners, notably the successful marketing of Tremfya (R) to treat psoriasis by Janssen, as well as the launch of additional pivotal development programs with Tremfya (R) in Crohn’s disease by Janssen and Gantenerumab in Alzheimer’s by Roche, "Dr. Moroney continues.

"An exciting quarter is behind us, and MorphoSys’s recent corporate developments are giving us an optimistic outlook for the future: In April, we completed our IPO on Nasdaq and signed an exclusive license agreement with Novartis for MOR106 shortly after the end of the quarter," said Jens Holstein , Chief Financial Officer of MorphoSys AG. "Our strong financial position allows us to provide the necessary resources for our most advanced MOR208 program, to continue developing our remaining pipeline programs and to expand our commercial activities in the US."

Financial Report for the second quarter of 2018 (IFRS, all figures rounded)

In the second quarter of 2018, MorphoSys continued to focus on drug discovery and development, both independently and for partners. Consolidated revenues in the second quarter of 2018 came to EUR 8.1 million (Q2 2017: EUR 11.7 million). The expected decrease compared to the second quarter of the previous year mainly results from the termination of the partnership with Novartis in 2017. As Janssen’s contractually agreed revenue share for the second quarter of 2018 has not yet been received due to the reporting periods of Janssen and MorphoSys, Based on Janssen / J & J’s publicly announced Tremfya (R) sales revenues, the second-quarter 2018 Tremfya (R) revenue was recognized in the second quarter of 2018.

Im Segment Proprietary Development konzentriert sich MorphoSys auf die Erforschung und Entwicklung eigener Produktkandidaten in den Bereichen Krebs und entzündliche Erkrankungen. In Q2 2018 verzeichnete dieses Segment Umsätze von 0,1 Mio. Euro (Q2 2017: 0,3 Mio. Euro). Im Segment Partnered Discovery setzt MorphoSys seine firmeneigene Technologie ein, um neue Antikörper für Pharmaunternehmen zu generieren. Das Unternehmen profitiert von den Entwicklungsfortschritten der Partner in Form von finanzierten Forschungsleistungen, Lizenzgebühren, erfolgsbasierten Meilensteinzahlungen und Tantiemen (Umsatzbeteiligungen). Im ersten Quartal 2018 beliefen sich die Umsätze in diesem Segment auf 8,1 Mio. Euro (Q2 2017: 11,5 Mio. Euro).

Die gesamten betrieblichen Aufwendungen erreichten im zweiten Quartal 2018 eine Höhe von 32,7 Mio. Euro (Q2 2017: 27,5 Mio. Euro). Die Aufwendungen für die Entwicklung eigener Produkte und Technologieentwicklung beliefen sich auf 23,7 Mio. Euro (Q2 2017: 18,6 Mio. Euro). Die Zunahme im Vergleich zum Vorjahr ist vor allem auf die Kosten für die Weiterentwicklung von MOR208 zurückzuführen.

Earnings before interest and taxes (EBIT) amounted to € -24.1 million in the second quarter of 2018 (Q2 2017: € -15.4 million). The Proprietary Development segment generated EBIT of
€ -24.6 million (Q2 2017: € -18.3 million). EBIT in the Partnered Discovery segment amounted to € 5.5 million (Q2 2017: € 6.8 million).
Consolidated net income amounted to EUR -23.5 million in the second quarter of 2018 (Q2 2017: EUR -16.1 million). Earnings per share reached -0.76 euros (Q2 2017: -0.56 euros).

At the end of the second quarter of 2018, MorphoSys had cash and cash equivalents of € 450.5 million, compared to € 312.2 million at December 31, 2017. This cash and cash equivalents are shown in the balance sheet in the following items: cash and cash equivalents ; financial assets at fair value, with changes recognized in profit or loss, and other current and non-current financial assets at amortized cost. The increase in cash and cash equivalents resulted primarily from the capital increase in the context of the successful Nasdaq IPO in April 2018 with gross proceeds of $ 239 million. Part of the cash and cash equivalents were used for operating expenses in the second quarter of 2018.

The total number of shares outstanding was 31,808,035 at the end of the second quarter of 2018 (31 December 2017: 29,420,758). The main reason for the increase in the number of shares was the capital increase in connection with the listing on the Nasdaq in April 2018.

Result for the first half of 2018

In the first six months of 2018, Group sales amounted to € 10.9 million (Q1-Q2 2017: € 23.6 million). Expenses for the development of own products and technology development amounted to 39.2 million Euro in the first six months of 2018 (Q1-Q2 2017: 37.3 million Euro). EBIT in the first six months of 2018 was thus EUR -43.2 million, compared with EUR -30.3 million in the first half of 2017.

Financial forecast and operational outlook for 2018

Following the recent signing of an agreement with Novartis for MOR106 and subject to the approval of the US antitrust authorities, MorphoSys is raising its financial guidance for 2018. Subject to approval by the US antitrust authorities, MorphoSys expects revenues of € 67 million to € 72 million and Earnings before interest and taxes (EBIT) of € -55 million to € -65 million. R & D expenses for proprietary programs and technology development are expected in a range of € 87 million to € 97 million. This forecast does not include additional revenues from potential future collaborations and / or licensing partnerships nor effects from possible in-licensing or development partnerships for new drug candidates.

In the Proprietary Development segment, MorphoSys expects the following events and activities for the current year:

MOR208

– L-MIND: Continued analysis of all 81 patients with relapsed / refractory diffuse large B-cell lymphoma (R / R DLBCL) enrolled in the study and presented updated clinical data at an appropriate medical conference.

– B-MIND: Continuation of the pivotal phase 3 trial with MOR208 plus bendamustine versus rituximab plus bendamustine in R / R DLBCL.

– COSMOS: continuation of Phase 2 trial with MOR208 in combination with idelalisib or Venetoclax in CLL / SLL and presentation of results from cohort B of the study (MOR208 plus Venetoclax) at an appropriate scientific conference.

– Commercial activities: Further build commercial structures for MOR208 in the US, under the umbrella of the newly formed MorphoSys US Inc., in anticipation of a potential launch, which is currently expected in 2020, subject to regulatory approval from the US Food and Drug Administration.

MOR202

– Multiple Myeloma (MM): MorphoSys has decided not to continue the development of MOR202 in MM beyond the completion of the ongoing Phase 1 / 2a trial; the final data is expected to be presented at one of the next medical conferences. MorphoSys will support its partner I-Mab as planned in the development of MOR202 for the Chinese market.

– Lung cancer (NSCLC): After Janssen discontinued a clinical trial with the CD38 antibody daratumumab in combination with a checkpoint inhibitor, MorphoSys has decided not to continue its activities in NSCLC for the time being.

– Other indications: MorphoSys continues to investigate the development of MOR202 in other indications.

MOR106: Continuing ongoing development with Galapagos as part of the new global licensing partnership with Novartis:

– Continuation of ongoing Phase 2 trial IGUANA in atopic dermatitis.

– Start of a Phase 1 study to investigate a subcutaneous formulation of MOR106.

– All future costs associated with the development of MOR106 will be borne by Novartis.

– Agreement between MorphoSys, Galapagos and Novartis is subject to approval by the US antitrust authorities.

MOR107: Continuation of pre-clinical studies of MOR107 with a focus on cancer indications to prepare a decision to conduct further clinical trials.

MOR103 / GSK3196165: Following the recent announcement by GSK that positive Phase 2b study results for GSK3196165 in rheumatoid arthritis will be presented at a future scientific conference and that the indication for osteoarthritis has been terminated, clinical data are expected to be published by GSK.

In the Partnered Discovery segment, MorphoSys 2018 expects the following events:

Tremfya (R) (Guselkumab): For several phase 3 studies in psoriasis, clinicaltrials.gov expects primary completion date in 2018, including a comparative study with Tremfya (R) and Cosentyx (R) (Secukinumab) in plaque psoriasis.

Other Affiliate Programs: Clinical data and possible regulatory milestones could be released throughout the year for many other affiliate programs.

MorphoSys will continue to expand its own development activities and review potential in-licensing, co-development and / or acquisition opportunities. In addition, the company plans to initiate further development programs of its own with the aim of maintaining and expanding the company’s position in its current therapeutic and technological fields of activity.

Percentage points ** Including MOR107, for which a Phase 1 trial with healthy volunteers was completed. MOR107 is currently undergoing preclinical research focusing on oncology. Due to ongoing studies in various indications, we continue to consider Tremfya (R) as a Phase 3 program

*** Includes MOR103 / GSK3196165, which is fully out-licensed to GSK.

MorphoSys will host a webcast public conference call on August 2, 2018, to present the financial results for the second quarter of 2018 and the outlook for 2018.

Dial-in dates for the analyst conference call (2:00 pm CEST) (Listening mode):
Germany +49 (0) 69 201 744 210
+49 (0) 89 204 049 750

Participant PIN 63419794 #

Please dial in ten minutes before the start of the conference. A live webcast and the presentation will also be available at View Source . About two hours after the end of the conference, you will be able to access an audio replay synchronized with the presentation and the transcript of the conference at View Source .

On August 1, 2018 Foamix Pharmaceuticals Ltd. (NASDAQ: FOMX), ("Foamix"), a clinical stage specialty pharmaceutical company focused on developing and commercializing proprietary topical foams to address unmet needs in dermatology, reported that it will report financial results for the three and six-month periods ended June 30, 2018, on Wednesday, August 8 after the markets close (Press release, Foamix, AUG 1, 2018, View Source [SID1234528363]).

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Due to the proximity of the Company receiving data from the confirmatory Phase 3 study of FMX101 in acne, the Company will not be hosting an earnings conference call. As previously disclosed, the Company expects to announce top line results from this Phase 3 study in acne during this current quarter and will address investor questions, including those regarding financial results, at that time

On August 1, 2018 Blueprint Medicines Corporation (NASDAQ: BPMC), a leader in discovering and developing targeted kinase medicines for patients with genomically defined diseases, reported financial results and provided a business update for the second quarter ended June 30, 2018 (Press release, Blueprint Medicines, AUG 1, 2018, View Source [SID1234528283]).

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"In the second quarter, Blueprint Medicines continued to advance a broad portfolio, with progress across multiple programs," said Jeff Albers, Chief Executive Officer of Blueprint Medicines. "Importantly, we reported updated data from our Phase 1 EXPLORER trial in patients with advanced systemic mastocytosis that showed profound and durable clinical activity in nearly all patients. These data, combined with previously reported data from our ongoing Phase 1 NAVIGATOR trial in advanced gastrointestinal stromal tumors, reinforce our confidence in avapritinib as a potentially transformative therapy across multiple patient populations. By the end of this year, we expect to have four pivotal clinical trials of avapritinib underway, with the potential to rapidly advance toward approval in defined patient populations."

Clinical Programs:

Avapritinib: Gastrointestinal Stromal Tumors (GIST)

In June 2018, Blueprint Medicines announced the dosing of the first patient in its Phase 3 VOYAGER clinical trial, which will evaluate the safety and efficacy of avapritinib compared to regorafenib in patients with third- or fourth-line advanced GIST.
In June 2018, Blueprint Medicines presented data from a retrospective natural history study of patients with advanced PDGFRα D842V-driven GIST at the 2018 American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) Annual Meeting. The data confirmed that patients with advanced PDGFRα D842V-driven GIST are unlikely to respond to currently available tyrosine kinase inhibitors (TKIs), illustrating the high unmet need for new therapies in this patient population with a short survival rate.
Blueprint Medicines continues to evaluate avapritinib in its Phase 1 NAVIGATOR clinical trial and anticipates presenting updated data across multiple patient populations, including PDGFRA-driven GIST, third-line or later GIST and second-line GIST, in the second half of 2018. Additionally, based on data from this trial, the Company plans to submit a new drug application (NDA) to the U.S. Food and Drug Administration (FDA) for avapritinib for the treatment of patients with PDGFRA-driven GIST and fourth-line KIT-driven GIST in the first half of 2019.
Avapritinib: Advanced Systemic Mastocytosis (SM)

In June 2018, Blueprint Medicines presented updated clinical data from its ongoing Phase 1 EXPLORER clinical trial of avapritinib in patients with advanced SM at the 23rd Congress of the European Hematology Association (EHA) (Free EHA Whitepaper). The data showed an overall response rate of 83 percent and durable ongoing responses up to 22 months. All evaluable patients showed marked decreases on one or more objective measures of mast cell burden, regardless of advanced SM subtype, previous treatment or starting dose level. The data also showed that avapritinib was generally well-tolerated. Most adverse events reported by investigators were Grade 1 or 2, and only three patients discontinued due to a treatment-related adverse event. Read the full data here.
Blueprint Medicines plans to initiate screening of patients for enrollment in PATHFINDER, a registration-enabling, open-label, single-arm Phase 2 clinical trial in patients with advanced SM, in the third quarter of 2018, and plans to initiate PIONEER, a registration-enabling, randomized, placebo-controlled Phase 2 clinical trial in patients with indolent and smoldering SM, by the end of 2018.
BLU-667: RET-Altered Solid Tumors

Blueprint Medicines continues to enroll patients in the expansion portion of its ongoing Phase 1 ARROW clinical trial of BLU-667 at a dose of 400 mg once daily. In the expansion, patients are being enrolled in four defined cohorts: RET-altered non-small cell lung cancer (NSCLC) patients previously treated with a TKI; RET-altered NSCLC patients who have not previously received any TKI treatment; patients with medullary thyroid cancer; and patients with other RET-altered solid tumors.
BLU-554: Hepatocellular Carcinoma (HCC)

In June 2018, Blueprint Medicines announced plans to initiate a proof-of-concept clinical trial with CStone Pharmaceuticals in China to evaluate BLU-554 in combination with CS1001, a clinical-stage anti-programmed death ligand-1 (PD-L1) immunotherapy being developed by CStone Pharmaceuticals, as a first-line treatment for patients with HCC. Additionally, the companies plan to expand Blueprint Medicines’ ongoing Phase 1 clinical trial of BLU-554 as a monotherapy to include new sites in Mainland China. The companies expect to submit an investigational new drug (IND) application for BLU-554 to the Chinese health authorities by the end of 2018, and plan to initiate the clinical trial evaluating BLU-554 in combination with CS1001 and the expansion of Blueprint Medicines’ ongoing clinical trial for BLU-554 as a monotherapy in Mainland China in 2019.
Corporate:

In June 2018, Blueprint Medicines announced an exclusive collaboration and license agreement with CStone Pharmaceuticals to develop and commercialize avapritinib, BLU-554 and BLU-667 in Mainland China, Hong Kong, Macau and Taiwan, either as a monotherapy or as part of a combination therapy. Under the terms of the agreement, Blueprint Medicines received an upfront cash payment of $40.0 million, will be eligible to receive up to approximately $346.0 million in potential milestone payments and tiered percentage royalties in the mid-teens to low twenties on annual net sales of each licensed product in the territory.
Blueprint Medicines recently received a $10.0 million milestone payment from Roche following the achievement of a research milestone.
Second Quarter Financial Results:

Cash Position: As of June 30, 2018, cash, cash equivalents and investments were $616.7 million, as compared to $673.4 million as of December 31, 2017. This decrease was primarily related to cash used in operating activities, partially offset by the $40.0 million upfront payment received in connection with Blueprint Medicines entering into the collaboration with CStone Pharmaceuticals and the $10.0 million milestone payment received from Roche.
Collaboration Revenues: Collaboration revenues were $41.4 million for the second quarter of 2018, as compared to $5.9 million for the second quarter of 2017. This increase was primarily due to revenue recognized under the collaboration agreement with CStone Pharmaceuticals.
R&D Expenses: Research and development expenses were $58.6 million for the second quarter of 2018, as compared to $33.3 million for the second quarter of 2017. This increase was primarily attributable to increased clinical and manufacturing expenses associated with advancing avapritinib, BLU-554 and BLU-667 further through clinical trials and increased personnel-related expenses. Research and development expenses included $4.3 million in stock-based compensation expenses for the second quarter of 2018.
G&A Expenses: General and administrative expenses were $12.3 million for the second quarter of 2018, as compared to $6.8 million for the second quarter of 2017. This increase was primarily attributable to increased personnel-related expenses and increased professional fees, including pre-commercial planning activities. General and administrative expenses included $3.5 million in stock-based compensation expenses for the second quarter of 2018.
Net Loss: Net loss was $27.0 million the second quarter of 2018, or a net loss per share of $0.62, as compared to a net loss of $33.4 million for the second quarter of 2017, or a net loss per share of $0.86.
Financial Guidance:

Based on its current plans, Blueprint Medicines expects that its existing cash, cash equivalents and investments, excluding any potential option fees and milestone payments under its existing collaborations with Roche and CStone Pharmaceuticals, will be sufficient to enable it to fund its operating expenses and capital expenditure requirements into the second half of 2020.

Conference Call Information:

Blueprint Medicines will host a live conference call and webcast today at 8:30 a.m. ET. The conference call may be accessed by dialing (855) 728-4793 (domestic) or (503) 343-6666 (international) and referring to conference ID 5597837. A webcast of the conference call will be available in the Investors section of Blueprint Medicines’ website at View Source The archived webcast will be available on Blueprint Medicines’ website approximately two hours after the conference call and will be available for 30 days following the call.

On August 1, 2018 Zymeworks Inc. (NYSE/TSX: ZYME), a clinical-stage biopharmaceutical company developing multifunctional therapeutics, reported financial results for the second quarter ended June 30, 2018 (Press release, Zymeworks, AUG 1, 2018, View Source [SID1234528299]).

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"This was a pivotal quarter for Zymeworks highlighted by the oral presentation of ZW25 clinical data at the ASCO (Free ASCO Whitepaper) annual meeting," said Ali Tehrani, Ph.D., Zymeworks’ President & CEO. "With the completion of our subsequent financing, we are well capitalized to accelerate the clinical development of ZW25 into registrational studies."

Dr. Tehrani continued, "We also have a number of important near-term catalysts including providing the refined regulatory strategy for ZW25, supported by a clinical update; filing an Investigational New Drug application for our novel bispecific antibody-drug conjugate, ZW49; and the initiation of clinical development by our partners for their Azymetric bispecific candidates as well as the establishment of new revenue-generating partnerships."

Second Quarter 2018 Business Highlights and Recent Developments

Oral Presentation for ZW25 at the American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) Annual Meeting
Updated clinical data continued to demonstrate robust single agent anti-tumor activity and tolerability across a range of HER2-expressing cancers including breast and gastric. Currently Zymeworks is evaluating ZW25 as a single agent and in combination with other cancer therapeutics.
Completed $97.8 Million Public Offering
Zymeworks closed a public offering of 6,210,000 common shares, including the full over-allotment of 810,000 additional shares, for gross proceeds of approximately $97.8 million.
Expanded Daiichi Sankyo Immuno-Oncology Collaboration Focused on Bispecific Antibodies
Zymeworks granted additional licenses enabling Daiichi Sankyo to develop two bispecific antibody therapeutics utilizing the Zymeworks’ Azymetric and EFECT technology platforms. Zymeworks received an upfront technology access fee of $18.0 million and may receive up to $466.7 million in milestone payments and up to double-digit tiered royalties on global product sales.
Expanded Corporate Collaboration with Celgene
Zymeworks expanded its relationship with Celgene. The research program term has been extended by two years and additional licenses for two products have been added for a total of 10 potential products under the collaboration. Zymeworks received an expansion fee of $4.0 million and may receive up to $328 million in additional milestone payments resulting in total potential milestones of $1.64 billion, plus royalties on worldwide sales.
Financial Results for the Three Months Ended June 30, 2018

Revenue for the three months ended June 30, 2018 was $22.0 million as compared to $1.3 million in the same period in 2017. The change between the two periods was primarily due to an $18.0 million upfront technology access fee related to a second licensing agreement with Daiichi Sankyo and a $4.0 million research program expansion fee from Celgene.

For the three months ended June 30, 2018, research and development expenditures were $15.4 million as compared to $8.3 million for the same period in the prior year. The change between the two periods was primarily due to increases in clinical costs for ZW25 as well as increased development costs for ZW49, investments in earlier stage R&D activities and platform technologies, and non-cash liability classified equity adjustments.

General and administrative expenses were $8.6 million for the three months ended June 30, 2018, and $2.3 million for the same period in 2017, primarily due increases in non-cash liability classified equity adjustments and stock-based compensation, as well as changes in compensation and professional fees associated with year-over-year corporate growth following the company’s initial public offering in 2017.

Non-cash charges for the three months ended June 30, 2018 included $3.1 million ($2.4 million in G&A and $0.7 million in R&D) related to the quarterly mark-to-market revaluation of liability classified equity adjustments (attributed to the accounting treatment of historical stock-based compensation in both Canadian and US dollars) and stock-based compensation.

The net loss for the three months ended June 30, 2018 was $5.9 million as compared to $11.0 million for the same period in 2017. Zymeworks expects R&D expenditures to increase over time due to the ongoing development of product candidates and other clinical, preclinical, and regulatory activities. Additionally, Zymeworks expects to continue receiving revenue from its existing and future strategic partnerships, including technology access fees and milestone-based payments. However, Zymeworks’ ability to receive these payments is dependent upon either Zymeworks or its collaborators successfully completing specified research and development activities.

As of June 30, 2018, Zymeworks had $166.2 million in cash and cash equivalents and short-term investments.

On August 1, 2018 Medtronic plc (NYSE:MDT), the global leader in medical technology, reported Paurvi Bhatt as the new President of the Medtronic Foundation and Vice President of Medtronic Philanthropy (Press release, Medtronic, AUG 1, 2018, View Source;p=RssLanding&cat=news&id=2361335 [SID1234528345]). Effective immediately, Bhatt will oversee all Medtronic Foundation and Medtronic Philanthropy operations, which aim to expand access to healthcare in underserved communities around the world and support healthy communities where Medtronic’s 86,000 employees live and give.

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Bhatt succeeds Dr. Jacob Gayle in this leadership role, following Dr. Gayle’s transition to his new position as Vice President of Social Impact for Medtronic. Dr. Gayle will continue to serve as a member of the Medtronic Foundation Board of Directors.

As the new head of the Medtronic Foundation, Bhatt will focus on ensuring the organization is a high impact, high performance philanthropy team that delivers measurable impact for the underserved.

Bhatt has been with the Medtronic Foundation for five years, and most recently served as leader of the Global Health and Community Well-Being portfolios. Bhatt has deep experience in global health, philanthropy, and corporate social responsibility (CSR). Prior to joining Medtronic, Bhatt served in global health and CSR roles at Levi Strauss & Company and Abbott. Earlier in her career, Bhatt led portfolios in Economics and HIV/AIDS at USAID and served as Deputy Director of Health for CARE where she led primary care globally and shaped disaster relief efforts in reproductive health.

She holds a Master’s of Public Health from Yale University and bachelor’s degree in neuroscience from Northwestern University.

Medtronic is committed to making the world a healthier place and strengthening communities around the world, having donated more than $1 billion throughout the years to support philanthropic efforts. In fiscal year 2018, the Medtronic Foundation awarded $42 million in grants globally.