On March 1, 2018 Cullgen Inc. reported a Series Seed Financing of up to $15M by GNI Group Ltd. (GNIG) (TOKYO: 2160) to build a new drug discovery platform based on advanced ubiquitin-mediated protein degradation technology (Press release, Cullgen, MAR 1, 2018, View Source [SID1234524361]). In addition to GNI USA, Inc., the Company founders are Dr. Yue Xiong, William R. Kenan Professor of Biochemistry and Biophysics, University of North Carolina at Chapel Hill, and Dr. Jian Jin, Professor of Pharmacological Sciences, Icahn School of Medicine, Mount Sinai, New York. The Company is incorporated in Delaware, USA and will concurrently initiate research operations in the United States, Japan and China.

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Cullgen’s technology focuses on selective degradation of disease-causing proteins, including targets previously considered undruggable. This technology can provide scientists with new means to develop novel therapeutic approaches for various diseases. Since 1998, Dr. Xiong has been among the first to discover the catalytic and regulatory components and the assembly mechanism of the cullin-RING family of E3 ubiquitin ligases, enzymes that comprise the basis of Cullgen’s technology platform. During the past several years, Dr. Jin and Dr. Xiong have successfully developed many new chemical entities (NCEs) against different cancer targets, which has resulted in multiple patent applications. This new drug discovery platform has the advantage of accelerating NCEs into clinical development in a cost and time efficient manner to benefit patients. Initial drug discovery programs will focus on oncology and expand into areas such as inflammatory and autoimmune diseases.

To-date, Cullgen has invited Dr. Lisa Carey, Dr. Stephen Frye, and Dr. Peter Jackson, to join the company’s scientific advisory board. They bring extensive experience and achievements in medical oncology, drug discovery and ubiquitin research.

Cullgen’s Board of Directors includes Dr. Ying Luo, President and CEO of GNIG, Dr. Yue Xiong, Dr. Jian Jin, and Mr. Thomas Eastling, CFO of GNIG. Other board members and corporate executives will be appointed in the future.

Sangamo Therapeutics has filed a 10-K – Annual report [Section 13 and 15(d), not S-K Item 405] with the U.S. Securities and Exchange Commission (Filing, 10-K, Sangamo Therapeutics, 2018, MAR 1, 2018, View Source [SID1234524276]).

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OncoGenex Pharmaceuticals has filed a 10-K – Annual report [Section 13 and 15(d), not S-K Item 405] with the U.S. Securities and Exchange Commission (Filing, 10-K, OncoGenex Pharmaceuticals, 2018, MAR 1, 2018, View Source [SID1234524318]).

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On March 1, 2018 Aduro Biotech, Inc. (NASDAQ:ADRO) reported financial results for the year ended December 31, 2017. Net loss for the fourth quarter and year ended December 31, 2017 was $26.1 million, or $0.34 per share, and $91.9 million, or $1.26 per share, respectively (Press release, Aduro Biotech, MAR 1, 2018, View Source;p=RssLanding&cat=news&id=2335736 [SID1234524292]). This compared to net loss of $29.6 million, or $0.44 per share, and $91.1 million, or $1.40 per share, respectively, for the same periods in 2016.

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Cash, cash equivalents and marketable securities totaled $349.7 million at December 31, 2017, compared to $361.9 million at December 31, 2016.

"In 2017, we expanded clinical development activities of our STING agonist program with the initiation of a global combination trial of ADU-S100 with Novartis’ proprietary anti-PD-1 checkpoint inhibitor, PDR001. We also initiated clinical development of BION-1301, a novel anti-APRIL antibody, in multiple myeloma," said Stephen T. Isaacs, chairman, president and chief executive officer of Aduro. "We believe we are well-positioned with the support of our collaboration partners and strong cash position to further advance our clinical programs, particularly in the activation of the STING pathway."

2017

Development Achievements

Continued to advance ADU-S100 in a Phase 1 dose escalation in solid tumors and lymphomas
Initiated a global combination trial of ADU-S100 and Novartis’ anti-PD-1, PDR001, for the treatment of solid tumors and lymphomas
Presented preclinical data demonstrating anti-APRIL antibody blocking of TACI in addition to BCMA results in inhibition of regulatory T cells
Initiated Phase 1/2 clinical trial of novel anti-APRIL antibody, BION-1301, for the treatment of multiple myeloma
Initiated Phase 1 clinical trial of neoantigen-based personalized immunotherapy (pLADD)
Financial Performance

Revenues were $3.8 million for the fourth quarter of 2017 and $17.2 million for the full year 2017, compared to $3.9 million and $50.7 million, respectively, for the same periods in 2016. The decrease in revenue for the fourth quarter of 2017 was primarily due to a decrease in grant revenue. The decrease in revenue for the full year 2017 was primarily due to the recognition of a $35.0 million milestone payment in 2016 for the clinical advancement of ADU-S100 under our agreement with Novartis, partially offset by the recognition of a $2.0 million milestone payment in 2017 for progress in our anti-CD27 antibody program licensed to Merck.

Research and development expenses were $22.9 million for the fourth quarter of 2017 and $89.4 million for the full year 2017, compared to $20.9 million and $87.7 million, respectively, for the same periods in 2016. The increase in research and development expenses for the fourth quarter of 2017 was primarily due to higher contract manufacturing costs for our B-select antibodies and a related contingent payment obligation. The increase in research and development expenses for the full year 2017 was primarily due to higher personnel and allocated facility costs, as well as higher contract manufacturing costs associated with our B-select antibodies, partially offset by decreased manufacturing costs for a discontinued pancreatic cancer program.

General and administrative expenses were $8.8 million for the fourth quarter of 2017 and $33.8 million for the full year 2017, compared to $8.0 million and $34.3 million, respectively, for the same periods in 2016. The increase in general and administrative expenses for the fourth quarter of 2017 was primarily due to higher stock-based compensation expense and outside professional services. The decrease in general and administrative expenses for the full year 2017 was primarily due to a decrease in professional services and consulting fees.

Income tax benefit was $1.0 million for the fourth quarter of 2017 and $11.4 million for the full year 2017, compared to provision for income taxes of $5.1 million and $21.5 million, respectively, for the same periods in 2016. The income tax benefit recorded for the fourth quarter and full year 2017 was due to the current benefit of income taxes paid in 2016

On March 1, 2018 Onconova Therapeutics, Inc. (NASDAQ:ONTX), a Phase 3-stage biopharmaceutical company focused on discovering and developing novel products to treat cancer, with a primary focus on myelodysplastic syndromes, reported that the Company will release its year end 2017 financial results on March 8, 2018 before the market opens (Press release, Onconova, MAR 1, 2018, View Source [SID1234524312]).

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The Company will host a conference call to discuss these results and provide an update on all rigosertib programs, including promising interim analysis for the INSPIRE trial, on March 8, 2018 at 9:00 a.m. Eastern Time.

Interested parties may access the call by dialing toll-free (855) 428-5741 from the US, or (210) 229-8823 internationally and using conference ID 2947108.

The call will also be webcast live. Please click here to access the webcast.

A replay will be available at that link until June 29, 2018.