On March 21, 2018 Sophiris Bio Inc. (NASDAQ: SPHS) (the "Company" or "Sophiris"), a biopharmaceutical company studying topsalysin (PRX302), a first-in-class, pore-forming protein, in late-stage clinical trials for the treatment of patients with urological diseases, reported fourth quarter and full year 2017 financial results and key corporate highlights (Press release, Sophiris Bio, MAR 21, 2018, View Source [SID1234524931]).

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Recent Highlights and Upcoming Milestones:

Advancement of Phase 2b Localized Prostate Cancer Study. The Company announced in December 2017 that it had completed enrollment in its Phase 2b localized prostate cancer study, the purpose of which is to evaluate the safety and tolerability of topsalysin in treating men with clinically significant localized prostate cancer. A total of 38 patients have been treated with topsalysin in the study. The Company expects biopsy data from all patients receiving the first dose of topsalysin to be available by the end of the second quarter of 2018.

During the first quarter of 2018, the independent data monitoring committee (IDMC) for the Phase 2b trial met to review the reported adverse events from all patients after the first administration of topsalysin. The IDMC unanimously recommended the clinical trial continue without changes to the protocol.

The Phase 2b study was designed to include an option to re-treat patients who did not have any clinically significant adverse events and who had a partial response to the first administration of topsalysin but still had a clinically significant lesion. These patients will have the option to receive a second administration of topsalysin followed by an additional targeted biopsy six months following their second administration. The Company expects to have final biopsy data in the fourth quarter of 2018 from all patients who receive a second administration. This will be the first data potentially supporting repeat administration of topsalysin.

Presented Proof-of-Concept and Phase 2a Data at Global Urological Meetings. In 2017, the Company presented positive data from its Phase 2a clinical trial of topsalysin for the treatment of localized prostate cancer at the 112th American Urological Association Annual Meeting and at the 32nd European Association of Urology Congress. Copies of the posters are available on the Company’s website at www.sophirisbio.com.

Loan and Security Agreement with Silicon Valley Bank. On September 8, 2017, the Company and Silicon Valley Bank ("SVB") entered into a Loan and Security Agreement pursuant to which SVB has agreed to lend the Company up to $10.0 million (subject to certain conditions) in two term loans. On September 12, 2017, the Company borrowed $7.0 million from SVB under the Loan and Security Agreement.

"Over the past 12 months Sophiris has made important progress advancing topsalysin in clinically significant localized prostate cancer and preparing for a potential Phase 3 registration study," said Randall E. Woods, president and CEO of Sophiris. "With our Phase 2b study enrolled, we are looking ahead to two key data events this year. The first event is Phase 2b results from the first administration of topsalysin, which are expected to be available by end of the second quarter of 2018. Complete data from patients who were eligible to receive a second administration of topsalysin are expected to be available by the end of the year. The management team has also been diligently preparing for the design and execution of a Phase 3 registration study for the treatment of clinically significant localized prostate cancer in an effort to pave a clear path to commercialization."

Financial Results:

At December 31, 2017, the Company had cash, cash equivalents and securities available-for-sale of $25.8 million and working capital of $24.2 million. The Company expects that its cash and cash equivalents will be sufficient to fund its operations to the middle of 2019, assuming no new clinical trials.

For the three months ended December 31, 2017

The Company reported a net loss of $4.0 million or $(0.13) per share for the three months ended December 31, 2017, compared to a net loss of $0.5 million or $(0.02) per share for the three months ended December 31, 2016.

Research and development expenses

Research and development expenses were $1.9 million for the three months ended December 31, 2017, compared to $1.0 million for the three months ended December 31, 2016. The increase in research and development costs is primarily attributable to increases in the costs associated with the Company’s Phase 2b clinical trial for the treatment of localized prostate cancer, costs associated with manufacturing activities for topsalysin, and to a lesser extent, an increase in non-cash stock-based compensation expense. These increases are partially offset by a decrease in personnel related costs.

General and administrative expenses

General and administrative expenses were $1.3 million for the three months ended December 31, 2017, compared to $1.2 million for the three months ended December 31, 2016. The increase in general and administrative expense is primarily due to increases in market research activities and non-cash stock-based compensation expense. These increases are partially offset by a decrease in personnel related costs.

Gain (loss) on revaluation of the warrant liability

Loss on revaluation of the warrant liability was $0.6 million for the three months ended December 31, 2017, compared to a gain of $1.6 million for the three months ended December 31, 2016. Because these warrants may require the Company to pay the warrant holder cash under certain provisions of the warrant, the Company accounts for these warrants as a liability, and the Company is required to calculate the fair value of these warrants each reporting date. The non-cash loss reported for the three months ended December 31, 2017, is associated with an increase in the fair value of the Company’s warrant liability from September 30, 2017, to December 31, 2017, which is calculated using a Black-Scholes pricing model. Certain inputs utilized in the Company’s Black-Scholes fair value calculation may fluctuate in future periods based upon factors which are outside of the Company’s control. A significant change in one or more of these inputs used in the calculation of the fair value may cause a significant change to the fair value of the Company’s warrant liability, which could also result in a material non-cash gain or loss being reported in the Company’s consolidated statement of operations and comprehensive loss.

For the 12 months ended December 31, 2017

The Company reported a net loss of $8.6 million or $(0.29) per share for the year ended December 31, 2017, compared to a net loss of $11.2 million or $(0.49) per share for the year ended December 31, 2016.

Research and development expenses

Research and development expenses were $6.2 million for the year ended December 31, 2017, compared to $3.5 million for the year ended December 31, 2016. The increase in research and development costs is primarily attributable to increases in the costs associated with the Company’s Phase 2b for the treatment of localized prostate cancer, costs associated with the manufacturing activities for topsalysin, and to a lesser extent, an increase in the non-cash stock-based compensation expense. These increases are partially offset by decreases in costs associated with the Company’s completed Phase 2a proof of concept clinical trial for localized prostate cancer and personnel related costs primarily related to our completed reduction in work force in 2016.

General and administrative expenses

General and administrative expenses were $5.7 million for the year ended December 31, 2017, compared to $6.8 million for the year ended December 31, 2016. The decrease in general and administrative expense is primarily due to the inclusion of $1.6 million in offering costs that were allocated to warrants issued in the Company’s public offering completed in 2016. Also contributing to the decrease in general and administrative expense were decreases in costs associated with professional services and personnel related costs. These decreases are partially offset by increases in non-cash stock-based compensation, market research activities and consulting expenses.

Gain (loss) on revaluation of the warrant liability

Gain on revaluation of the warrant liability was $3.3 million for the year ended December 31, 2017, compared to a loss of $0.3 million for the year ended December 31, 2016. The non-cash gain reported for the year ended December 31, 2017, is associated with a reduction in the fair value of the Company’s warrant liability from December 31, 2016 to December 31, 2017, as calculated using a Black-Scholes pricing model.

On March 21, 2018 Synlogic(Nasdaq:SYBX) reported that JC Gutiérrez-Ramos, Ph.D., Synlogic’s president and chief executive officer, will present a corporate update at the 17th Annual Needham Healthcare Conference at 12:15 p.m. ET on Wednesday, March 28, 2018, in New York City (Press release, Synlogic, MAR 21, 2018, View Source [SID1234524932]).

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A live webcast of the presentation can be accessed under "Event Calendar" in the Investors & Media section of the Company’s website. An archived webcast recording will be available on the Synlogic website for approximately 30 days after the event.

On March 21, 2018 Akari Therapeutics, Plc (NASDAQ:AKTX), a biopharmaceutical company focused on the development and commercialization of innovative therapeutics to treat orphan autoimmune and inflammatory diseases, reported its financial results for the fourth quarter and full year ended December 31, 2017 and highlights progress on its clinical development programs (Press release, Akari Therapeutics, MAR 21, 2018, View Source [SID1234524916]).

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"We made significant progress in 2017 advancing our lead product candidate, Coversin, across our clinical pipeline of orphan inflammatory diseases, most importantly in our Phase II trial for patients with Paroxysmal Nocturnal Hemoglobinuria (PNH) which met its primary endpoint," commented Dr. David Horn Solomon, Chief Executive Officer of Akari Therapeutics. "With this Phase II trial now completed and the selection of the dosing regimen which is intended to be used in future clinical trials, we now look forward to the opening of the first clinical site by the end of March for our first Phase III trial of Coversin in patients with PNH using a convenient patient administered sub-cutaneous (SC) dosing."

"We believe Akari is well-positioned to move forward with its priority programs in 2018. In addition to PNH, we are focused on advancing Coversin into Phase II trials in the first half of 2018 in our other key disease targets involving both the complement and leukotriene pathways, the eye disease atopic keratoconjuntivitis (AKC) and the skin disorder bullous pemphigoid (BP), both of which are orphan indications with significant unmet need. We are also continuing our Phase II trial of Coversin in patients with aHUS, which commenced in late 2017. Additionally, we are advancing Coversin SC in a patient-convenient auto-injector pen device, and are advancing Coversin in topical eye-drops for AKC, and a long-acting formulation. Having ended 2017 with good momentum, 2018 is set to be an exciting year for the company as we work towards commercializing treatments for orphan autoimmune and inflammatory diseases."

Clinical Development Programs Highlights

Complement Program

Paroxysmal Nocturnal Hemoglobinuria (PNH)

Regulatory clearance recently received in Europe to open the first clinical trial site for CAPSTONE, the Phase III trial of Coversin in PNH patients who have not previously been treated with a complement inhibitor, in patient-convenient SC dosing.

Primary endpoint met in Phase II COBALT clinical trial of Coversin for patients with PNH who have never received a complement blocking therapy. The last three patients enrolled into the trial on the new dosing regimen of 45 mg per day saw a more rapid decline in LDH than those in the original dosing regimen.

The 45mg dosing regimen is the intended dose for the Phase III PNH trials of Coversin discussed with the U.S. Food and Drug Administration (FDA) in September 2017.

Seven of the eight enrolled patients in the Phase II COBALT trial completed the 90-day trial.1 These patients continue to be evaluated in a long-term safety study, CONSERVE, and have been receiving Coversin subcutaneously for between 5 to 14 months. To date there have been no drug-related serious adverse events reported and patients are self-administering.

§FDA granted Fast Track designation for Coversin for treatment of PNH in patients who have polymorphisms conferring eculizumab resistance.

Atypical Hemolytic Uremic Syndrome (aHUS)

A Phase II clinical trial for Coversin in aHUS was initiated in the fourth quarter of 2017.

Dual C5 and Leukotriene B4 Program

Atopic Keratoconjunctivitis (AKC) and Bullous Pemphigoid (BP)

The Company anticipates the start of two Phase II clinical trials, in the inflammatory-mediated eye disorder AKC and in the skin inflammatory disease BP, in the first half of 2018. In AKC, Coversin expected to be delivered in a topical eye drop formulation.

Fourth Quarter and Full Year 2017 Financial Results

§ Cash position: As of December 31, 2017, the Company had cash and cash equivalents of $28.1 million, as compared to cash, cash equivalents and short term investments of $44.1 million as of December 31, 2016.

§ Research and development (R&D) expenses: R&D expenses in the fourth quarter of 2017 were $7.1 million as compared to $6.6 million in the same quarter the prior year. R&D expenses for full year 2017 were $23.3 million, as compared to $17.3 million for the prior year. These increases were due primarily to expenses associated with the expanded clinical trial programs.

2

§ General and administrative (G&A) expenses: G&A expenses in the fourth quarter of 2017 were $3.7 million, as compared to $3.3 million in the same quarter last year, and, for the full year 2017, $11.7 million as compared to $9.9 million in 2016. These increases were due primarily to higher legal, accounting and professional service fees, and increased personnel and recruiting expenses, offset by lower share-based compensation expense.

§ Net loss: Net loss for the fourth quarter of 2017 was $9.3 million compared to a net loss of $8.3 million for the same period in 2016. Net loss for full year 2017 was $32.6 million, compared to $18.1 million for full year 2016. These year over year increases in net loss were due primarily to higher R&D and G&A expenses.

Guidance

Based on its current cash position and operating plan, the Company expects that it has sufficient cash to fund operations into the second quarter of 2019. This estimate assumes no additional funding from new partnership agreements or debt or equity financing events.

1For the seven patients that completed the study, LDH as a multiple of ULN (xULN) was 1.4, 2.2, 2.3, 1.4, 1.3, 1.6 and 1.3 at day 28; 1.5, 2.1, 1.8, 1.5, 1.3, 1.4 and 2.2 at day 60; and 1.6, 2.4, 2.0, 1.9, 1.2, 1.5 and 2.5 at day 90.

Conference Call

Management will conduct a conference call at 8:30 a.m. ET today to review the Company’s fourth quarter and full year 2017 financial results. The call can be accessed by dialing (844) 461-9933 or (636) 812-6633 (international), and referencing conference ID 2096211. The conference call will also be webcast live over the Internet and can be accessed on the "Events & Presentations" page under the "Investors & Media" section of the Akari Therapeutics website, www.akaritx.com, prior to the event. A replay of the webcast will be available for at least 30 days following the call at www.akaritx.com.

On March 21, 2018 Xencor, Inc. (NASDAQ: XNCR), a clinical-stage biopharmaceutical company developing engineered monoclonal antibodies for the treatment of autoimmune diseases, asthma and allergic diseases and cancer, reported that Bassil Dahiyat, Ph.D., president and chief executive officer, will present at the 17th Annual Needham Healthcare Conference on Wednesday, March 28, 2018 at 8:00 a.m. ET in New York, NY (Press release, Xencor, MAR 21, 2018, View Source [SID1234524934]).

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A live webcast of the presentation will be available under "Events & Presentations" in the Investors section of the Company’s website located at View Source A replay of the presentation will be posted on the Xencor website approximately one hour after the live event and will be available for 90 days following the presentation.

On March 21, 2018 Transgene (Paris:TNG), a biotech company that designs and develops virus-based immunotherapies, reported its financial results for 2017 and provided an update on the progress of its clinical pipeline, preclinical pipeline and its technology platforms (Press release, Transgene, MAR 21, 2018, View Source [SID1234524933]).

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Philippe Archinard, Chairman and Chief Executive Officer of Transgene, commented:
"In 2017, Transgene made significant progress across all aspects of its business and launched seven clinical trials. These studies are designed to demonstrate the potential of our therapeutic vaccine and oncolytic virus immunotherapeutics in combination with ICIs. As a result, we remain on track to communicate t clinical data on five products before the end of 2018.

"With the launch of our Invir.IOTM platform, we also confirmed our positioning at the forefront of innovation in the field of oncolytic viruses, an area of immense promise. With Invir.IOTM, we design novel virotherapies against cancer with multiple and complementary modes of action to better control the tumor microenvironment and to attack tumors much more effectively. The signings of collaborative agreements with BioInvent and Randox are the first steps of the acknowledgement of this potential. They cumulate with our ongoing clinical developments of Pexa-Vec and TG6002.

"Our expertise in both therapeutic vaccines and oncolytic viruses, confirmed by recent achievements, allows us to look at 2018 with confidence."

Clinical Pipeline Review

TG4010: combination trial with nivolumab (ICI); collaborations with Bristol-Myers Squibb

TG4010 is a therapeutic vaccine being developed for the treatment of advanced-stage non-squamous non-small cell lung cancer (NSCLC). TG4010’s mechanism of action, excellent safety profile and existing clinical data make it a very suitable candidate for combinations with other therapies.

Treating lung cancer remains an important medical need despite recent progress. There is a clear need to increase both the number of patients responding to treatment (response rate) and the duration of response to achieve better patient outcomes. New positive clinical data from the ICI pembrolizumab in first-line lung cancer patients were recently announced. As a result, we expect most first-line patients, particularly in the US, to receive an ICI as a monotherapy or in combination with chemotherapy depending on the level of PD-L1 expression of the patients’ tumor cells.
Transgene, with its company-sponsored first-line trial assessing TG4010 in combination with nivolumab and chemotherapy, is well positioned both in Europe and in the US to prosper in this changed environment. We continue to believe that the addition of TG4010 could be crucial in improving outcomes for first-line patients.

TG4010
+ Opdivo (ICI)
(nivolumab)
+ chemotherapy
Phase 2

Non-small cell lung cancer (NSCLC) – 1st line

Trial of TG4010 in combination with nivolumab and with chemotherapy in patients
whose tumor cells express low or undetectable levels of PD-L1; sponsor: Transgene

Collaboration deal signed in April 2017 with Bristol-Myers Squibb. BMS is supplying
Opdivo (nivolumab)
First patient treated in January 2018; trial recruiting in Europe and in the US
First results expected in 2H 2018
TG4010
+ Opdivo (ICI)
(nivolumab)
Phase 2

Non-small cell lung cancer (NSCLC) – 2nd line

Trial of TG4010 in combination with nivolumab, which is being provided by Bristol-Myers
Squibb, in a collaborative agreement with UC Davis Medical Center (USA); principal
investigator: Dr. Karen Kelly; sponsor: UC Davis

First patient treated in March 2017; trial’s 4 sites open in California
The use of ICIs in first-line therapy had led to slower recruitment into this second
line trial, as patients previously treated with ICIs are excluded. Results from the
interim analysis of this study are now expected in 2H 2018.
Pexa-Vec: ongoing Phase 3 trial, ongoing Phase 2 combination trials

Pexa-Vec is Transgene’s lead oncolytic virus drug candidate. It is designed to selectively target and destroy cancer cells through intracellular viral replication (oncolysis), and by stimulating the body’s immune response against cancer cells. Its mechanism of action and tolerability profile make it an appropriate candidate for use in combinations.

Advanced liver cancer remains an important medical need. The approaches currently being developed are aimed at increasing treatment response rates and improving overall survival. The registration of nivolumab in the US as a second-line treatment, together with existing data, suggest that patients could also respond positively to an ICI as a first-line treatment.
Transgene’s development of Pexa-Vec as a first-line treatment combined with both the current standard of care (sorafenib) and nivolumab, could play an important role in the future treatment of hepatocellular carcinoma.

Pexa-Vec
+ sorafenib
(PHOCUS)
Phase 3

Advanced liver cancer (hepatocellular carcinoma – HCC) – 1st line

Clinical trial being conducted by Transgene’s partner, SillaJen (sponsor)
Ongoing recruitment. First patient treated in Europe in April 2017
Trial recruitment authorized in China (July 2017)
First data readout expected in 2019
Pexa-Vec
+ Opdivo (ICI)
(nivolumab)
Phase 2

Advanced liver cancer (hepatocellular carcinoma – HCC) – 1st line

Principal investigator: Prof. Olivier Rosmorduc (AP-HP, Paris); sponsor: Transgene
First patient treated in July 2017; several active trial sites
First data readout expected in 2H 2018
Pexa-Vec is also being developed for the treatment of other solid tumors.
Ongoing trials are expected to deliver results in 2018.

Pexa-Vec
+ metronomic
cyclophosphamide
Phase 1/2a

HER2 negative breast cancer and soft tissue sarcoma (METROmaJX)

Principal investigator: Prof. Antoine Italiano (Institut Bergonié, Bordeaux);
sponsor: INCa
Positive results from the Phase 1 part were presented at ESMO (Free ESMO Whitepaper) 2017 (Sept. 2017)
Recruitment ongoing
Pexa-Vec
+ Yervoy (ICI)
(ipilimumab)
Phase 1

Solid tumors (ISI-JX)

Coordinating investigator: Dr. Aurélien Marabelle; sponsor: Centre Léon Bérard, Lyon
First patient treated in February 2017
Recruitment ongoing
Pexa-Vec
Neo-adjuvant

Solid tumors

Principal investigator: Prof. Alan Anthoney; sponsor: University of Leeds (UK)
Recruitment completed
Our partner SillaJen has also published clinical data that further demonstrate the potential of Pexa-Vec. It presented a poster at ASCO (Free ASCO Whitepaper) GU featuring the results of a clinical trial in patients with renal cell carcinoma and liver metastases (n=17). The disease control rate reached 76%, with one complete response, confirming that Pexa – Vec, administered intravenously as a monotherapy, can induce antitumor activity.

TG4001: trial in combination with avelumab (ICI); collaboration agreement with Merck KGaA and Pfizer

TG4001 is a therapeutic vaccine that has demonstrated good tolerability, a significant HPV clearance rate and promising efficacy results. Its mechanism of action and good safety profile make TG4001 a good vaccine candidate to be combined with other therapies.

TG4001
+ Bavencio (ICI)

(avelumab)
Phase 1/2

HPV-positive head and neck cancer – 2nd line

Clinical collaboration agreement with Merck KGaA and Pfizer, for the supply of
avelumab for the trial
Principal investigator: Prof. Christophe Le Tourneau (Institut Curie, Paris);
sponsor: Transgene
First patient treated in September 2017; several sites recruiting
First results expected in 2H 2018
TG6002: first-in-human trial started

A new-generation oncolytic immunotherapy, TG6002 has been designed by Transgene to combine the mechanism of oncolysis (targeted breakdown of cancer cells) with local production of the chemotherapy (5-FU) directly in the tumor. This approach aims at attacking solid tumors on several fronts while avoiding the chemotherapy-associated side effects.

TG6002
Phase 1

Glioblastoma

Principal investigator: Prof. Ahmed Idbahi (AP-HP, Paris), with the support of INCa
(French national cancer institute); sponsor: AP-HP
First patient treated in October 2017
TG6002
Phase 1

Gastro-intestinal adenocarcinoma

First IND request filed for this trial; sponsor: Transgene
TG1050: First part of the results featured at the AASLD in October 2017

TG1050 is a therapeutic vaccine designed for the treatment of chronic hepatitis B. TG1050’s technology (T101) is being developed in China through the joint-venture between Transgene and Tasly Biopharmaceutical Technology.

TG1050

+ Standard of care
Phase 1/1b

Chronic hepatitis B

First part of the results featured at the AASLD (October 2017)
Good safety profile confirmed (single and multiple doses)
Initiation in January 2018 of a clinical study in China assessing T101
Full results available in 2H 2018
Invir.IOTM: New Industry Leading OV Platform

In September 2017, Transgene announced the launch of Invir.IO a patented cutting-edge technology platform designed to generate a new generation of multifunctional oncolytic viruses capable of enhancing the tumor micro-environment’s modulation. Novel oncolytic virus therapeutics based on Invir.IO have the capacity to incorporate several transgenes encoding for a range of specific anticancer weapons. By using this approach and working alongside external collaborators to provide access to clinically relevant transgenes, Transgene aims to develop OV therapeutics that can transform the treatment of cancer.

Transgene has already demonstrated that oncolytic viruses from the Invir.IO platform attack tumors on several fronts and, in addition to the remarkable oncolytic properties of Vaccinia viruses, may:

induce immunogenic death of cancer cells, and
allow the expression of several anticancer weapons such as cytokines, chemokines, enzymes, monoclonal antibodies or mini-antibodies (SdAbs, single-domain antibodies) in the tumor.
Transgene is currently evaluating 10 preclinical Invir.IO OVs to identify the most appropriate candidates to take into clinical development to address a number of priority indications.

To complement its in-house expertise, Transgene signed two collaborative research agreements in 2017 to gain access to partners’ transgene sequences, coding for anticancer agents, to be incorporated into an Invir.IO patented oncolytic virus owned by Transgene. The resulting oncolytic viruses have the potential to be significantly more effective than the combination of these agents administered separately:

Incorporating an anti-CTLA-4 antibody from BioInvent alone or together with other anticancer weapons. The local expression of anti-CTLA-4 antibodies in the tumor should reduce Treg mediated-immunosuppression in the tumor, thus increasing antitumor activity. This approach is expected to have a much better safety profile compared to the systemic use of anti-CTLA-4 antibodies;
Incorporating one or more SdAbs generated by Randox in order to combine the effects of oncolytic viruses with the therapeutic properties of SdAbs, which will be expressed directly in the tumor micro-environment, in order to directly or indirectly stimulate effector cells in solid tumors.
In 2018, Transgene plans to invest approximately two thirds of its preclinical research spending on its Invir.IO platform and OV candidates. Transgene expects to obtain preclinical proof of concept for its lead candidates OVs in 2018 and to be in a position to initiate the first clinical trials with Invir.IO designed virotherapies in 2019.

Research Collaboration with Servier

In June 2017, Transgene signed a collaboration agreement with Servier to generate an original engineering process of allogeneic CAR-T cell therapies by applying Transgene’s viral vectorization technology and capabilities. The aim is to improve the engineering performance of the process by reducing the number of steps.Transgene received €1 million as upfront payment. The collaboration also generates R&D service fees as well as potential success fees.

Intellectual Property

In 2017, Transgene filed several patent applications on new technologies, including Invir.IOTM developments.More than 20 patents were granted and ensure the protection of Transgene’s innovations.

Key Financials for 2017

Net cash burn for 2017 was reduced to €28.1 million compared to €30.6 million in 2016.
Cash available at year-end 2017: €41.4 million, compared to €56.2 million at the end of 2016. This cash balance includes €13.5 million (net) raised from a private placement concluded in November 2017.
Net operating expenses of €36.0 million in 2017, compared to €33.0 million in 2016.
Net loss of €32.2 million in 2017, compared to a loss of €25.2 million in 2016.
"We were able to reduce our cash burn in 2017 despite accelerating our development plan, starting numerous clinical trials, and making a planned milestone payment to SillaJen of €3.8 million. Operating costs remain under good control which has allowed the Company to allocate most of its financial resources to strategic clinical and preclinical operations. Our current cash resources, including the funds we raised in the private placement in November 2017, will allow us to deliver a number of important clinical milestones in the second half of 2018," said Jean-Philippe Del, Vice President, Finance.The financial statements for 2017 as well as management’s discussion and analysis are attached to this press release (Appendices A and B).