On October 25, 2018 MannKind Corporation (Nasdaq: MNKD) reported that it will host a conference call to discuss the 2018 third quarter and year-to-date financial results and other corporate developments at 9:00 AM (Eastern Time) on Thursday, November 1, 2018 (Press release, Mannkind, OCT 25, 2018, View Source [SID1234530189]).

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Presenting from the Company will be its Chief Executive Officer, Michael Castagna and Chief Financial Officer, Steven Binder.

To view and listen to the earnings call webcast live via the Internet, visit the Company’s website at www.mannkindcorp.com and click on the "Q3 2018 MannKind Earnings Conference Call" link in the Webcasts section of News & Events. To participate in the live call by telephone, please dial (888) 394-8218 toll-free or (323) 701-0225 toll/international and use the conference passcode: 566425.

A telephone replay of the call will be accessible for approximately 14 days following completion of the call by dialing (844) 512-2921 toll-free or (412) 317-6671 toll/international and use the replay passcode: 5666425. A replay will also be available on MannKind’s website for 14 days.

On October 25, 2018 West Pharmaceutical Services, Inc. (NYSE: WST) reported its financial results for the third-quarter 2018 and reaffirmed net sales and adjusted-diluted EPS guidance for full-year 2018 (Press release, West Pharmaceutical Services, OCT 25, 2018, View Source [SID1234530149]).

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Executive Summary

Third-quarter 2018 reported net sales of $431.7 million grew 8.4% over the prior-year quarter. At constant currency, organic sales growth was 9.6%.
Third-quarter 2018 reported-diluted EPS was $0.73, as compared to $0.67 in the same period last year. Excluding restructuring-related and other charges, third-quarter 2018 adjusted-diluted EPS was $0.76, a 13% increase over the same period last year.
The Company reaffirms full-year 2018 net sales and adjusted-diluted EPS guidance. The Company expects full-year 2018 capital spending to be in a new range of between $110 million and $120 million, compared to a prior range of between $120 million and $130 million.
"Adjusted-diluted EPS," "net sales at constant currency" and "organic sales" are Non-GAAP measurements. See discussion under the heading "Non-GAAP Financial Measures" in this release.

Executive Commentary

"We had solid third-quarter 2018 organic sales growth driven by a high-single digit Proprietary Products segment increase and a strong double-digit increase in the Contract-Manufactured Products segment," said Eric M. Green, President and Chief Executive Officer. "Our high-value product (HVP) portfolio continues to do well, led by strong double-digit sales growth in our Westar RS and RU, NovaPure and Crystal Zenith products.

"I am pleased with the performance of our Global Operations team, which is successfully executing on all of their planned initiatives. The Company continues to raise the bar on industry-leading quality and service targets, and the team is expanding capacity to support long-term demand forecasts by increasing plant utilization within our worldwide network. As a result, we are revising our capital spending guidance to be in a new range of between $110 million and $120 million, down from prior projections of $120 million to $130 million."

Mr. Green concluded, "We remain on track to achieve our full-year 2018 financial targets. Our markets are stable, and West continues to address the needs of our customers by providing the quality, availability and scientific excellence required to support their regulated injectable and diagnostic products."

Third-Quarter 2018 Financial Results (comparisons to prior-year period)

Third-quarter 2018 reported net sales of $431.7 million grew 8.4% over the prior-year quarter sales of $398.2 million. At constant currency, organic sales growth was 9.6%.

Proprietary Products segment organic sales growth was 6.6%. By market unit, third-quarter 2018 Proprietary Products segment sales growth was led by double-digit growth in the Pharma Market Unit. Generics Market Unit organic sales growth was mid-single digits, and Biologics Market Unit organic sales declined mid-single digits. Biologics sales were impacted by a decline in self-injection delivery device sales associated with lower than expected commercial sales of the underlying drug product. Contract-Manufactured Products segment organic sales growth was 20.1%. This growth was driven by continued escalation of demand for diabetes-related diagnostic and drug delivery devices.

Third-quarter 2018 gross profit margin was 31.4%, in line with the same period last year. Proprietary Products segment gross margin increased by 120 basis points, due to higher efficiencies, favorable volume/mix and increased sales prices, partially offset by increased labor costs, unabsorbed overhead from the start-up of our Waterford facility and higher raw material costs. Contract-Manufactured Products segment gross margin declined by 200 basis points mainly due to unabsorbed overhead from plant consolidation activities and start-up costs associated with the expediting of the launch of new programs. We expect margins in that segment to revert to more normal levels going forward.

As of January 1, 2018, the Company adopted new rules for pension accounting. Instead of recognizing pension gains or losses in the "Selling, general and administrative expenses" line on the income statement, these gains or losses are now located "below the line" in nonoperating income. The Company has restated all prior periods to allow year-over-year comparisons with 2018 performance.

Third-quarter 2018 reported operating profit margin was 14.1%, as compared to 15.8% in the same period last year. Excluding restructuring costs and other charges, third-quarter 2018 adjusted operating profit margin was 14.6%. In the third-quarter 2017, the Company had a benefit from reimbursed costs associated with a technology that was subsequently licensed to a third party, which increased other operating income in the period by $9.1 million. Excluding this prior year benefit, third-quarter 2018 adjusted operating profit margin would have expanded by 110 basis points.

For the third-quarter 2018, reported income tax expense was $8.0 million, representing a reported effective tax rate of 13.1%. Tax benefits from stock-based compensation were $7.7 million in the third-quarter 2018, as compared to $4.8 million in the same period last year. This amount was higher-than-expected for the quarter, as prior Company guidance anticipated $9 million for the second-half of 2018. The Company expects the remainder to come in the fourth-quarter 2018. Excluding the impact of tax benefits from stock-based compensation, the reported effective tax rate would have been 25.7%.

Full-Year 2018 Financial Guidance and Long-Term Outlook

The Company is reaffirming its full-year 2018 net sales guidance range of $1.720 billion to $1.730 billion. The Company assumes an expected translation exchange rate of $1.15 per euro for the remainder of the year.

The Company is also reaffirming its full-year 2018 adjusted-diluted EPS guidance to be in a range of between $2.80 to $2.90. The lower end of the guidance range reflects the Company’s expected performance and approximately $1 million of tax benefits from stock-based compensation in the fourth-quarter of 2018.

The Company is revising its full-year 2018 capital spending guidance. The new range is expected to be in a range of between $110 million and $120 million, which is below the prior range of between $120 million and $130 million.

For 2019 and beyond, the Company reiterates its long-term financial construct and expectations for above-market sales growth with expanding gross and operating profit margins. As has been its practice, the Company will provide full-year 2019 guidance on its Q4 2018 conference call.

Third-Quarter Conference Call

The Company will host a conference call to discuss the results and business expectations at 9:00 a.m. Eastern Time today. To participate on the call please dial 877-930-8295 (U.S.) or 253-336-8738 (International). The conference ID is 8341499.

A live broadcast of the conference call will be available at the Company’s website, www.westpharma.com, in the "Investors" section. Management will refer to a slide presentation during the call, which will be made available on the day of the call. To view the presentation, select "Presentations" in the "Investors" section of the Company’s website.

An online archive of the broadcast will be available at the website three hours after the live call and will be available through Thursday, November 1, 2018, by dialing 855-859-2056 (U.S.) or 404-537-3406 (International) and entering conference ID 8341499.

On October 25, 2018 Celgene Corporation (NASDAQ:CELG) reported net product sales of $3,890 million for the third quarter of 2018, an 18 percent increase from the same period in 2017 (Press release, Celgene, OCT 25, 2018, View Source [SID1234530158]).

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Celgene reported third quarter 2018 total revenue of $3,892 million, an 18 percent increase compared to $3,287 million in the third quarter of 2017.

Based on U.S. GAAP (Generally Accepted Accounting Principles), Celgene reported net income of $1,082 million and diluted earnings per share (EPS) of $1.50 for the third quarter of 2018. For the third quarter of 2017, GAAP net income was $988 million and diluted EPS was $1.21.

Adjusted net income for the third quarter of 2018 increased 6 percent to $1,645 million compared to $1,555 million in the third quarter of 2017. For the same period, adjusted diluted EPS increased 20 percent to $2.29 from $1.91.

"Excellent top- and bottom-line momentum in the third quarter supports raising our 2018 financial guidance," said Mark J. Alles, Chairman and Chief Executive Officer of Celgene Corporation. "We are focused on shaping Celgene’s future by rapidly advancing our late-stage pipeline, accelerating promising early research programs, and strengthening the organization."

Third Quarter 2018 Financial Highlights

Unless otherwise stated, all comparisons are for the third quarter of 2018 compared to the third quarter of 2017. The adjusted operating expense categories presented below exclude share-based employee compensation expense and collaboration-related upfront expense. Please see the attached Use of Non-GAAP Financial Measures and Reconciliation of GAAP to Adjusted Net Income for further information relevant to the interpretation of adjusted financial measures and reconciliations of these adjusted financial measures to the most comparable GAAP measures, respectively.

Net Product Sales Performance

REVLIMID sales for the third quarter increased 18 percent to $2,449 million. REVLIMID sales growth was driven by increases in market share and extended treatment duration. U.S. sales of $1,667 million and international sales of $782 million increased 22 percent and 9 percent year-over-year, respectively.

POMALYST/IMNOVID sales for the third quarter were $513 million, an increase of 23 percent year-over-year. POMALYST/IMNOVID sales growth was driven primarily by increases in market share and treatment duration. U.S. sales were $357 million and international sales were $156 million, an increase of 33 percent and 5 percent year-over-year, respectively.

OTEZLA sales for the third quarter were $432 million, a 40 percent increase year-over-year. Third quarter U.S. sales of $348 million and international sales of $84 million increased 39 percent and 45 percent year-over-year, respectively. OTEZLA sales growth in the U.S. was driven by increases in demand with continued benefit from expanded market access and higher channel inventory levels. OTEZLA international sales have maintained solid momentum in key ex-U.S. markets including France and Japan.

ABRAXANE sales for the third quarter were $288 million, a 15 percent increase year-over-year. ABRAXANE sales growth was driven by increases in demand and customer buying patterns. U.S. sales were $174 million and international sales were $114 million, an increase of 17 percent and 12 percent year-over-year, respectively.
In the third quarter, all other product sales, which include IDHIFA, THALOMID, ISTODAX, VIDAZA and an authorized generic version of VIDAZA drug product primarily sold in the U.S., were $208 million compared to $226 million in the third quarter of 2017.
Research and Development (R&D)

On a GAAP basis, R&D expenses were $1,081 million for the third quarter of 2018 compared to $1,347 million for the same period in 2017. Adjusted R&D expenses were $948 million for the third quarter of 2018 compared to $698 million for the third quarter of 2017. The current period included an increase in R&D expense associated with the acquisition of Juno Therapeutics (Juno) and regulatory submission-related work on multiple programs. Additional R&D expenses (only included on a GAAP basis) decreased in 2018, as outlined in the attached Reconciliation of GAAP to Adjusted Net Income.

Selling, General and Administrative (SG&A)

On a GAAP basis, SG&A expenses were $746 million for the third quarter of 2018 compared to $608 million for the same period in 2017. Adjusted SG&A expenses were $642 million for the third quarter of 2018 compared to $521 million for the third quarter of 2017. The current period included an increase in SG&A expense associated with the acquisition of Juno and marketing-related expenses. Additional SG&A expense (only included on a GAAP basis) increased in 2018, as outlined in the attached Reconciliation of GAAP to Adjusted Net Income.

Cash, Cash Equivalents, Marketable Debt Securities and Publicly-Traded Equity Securities

Operating cash flow was $1.9 billion in the third quarter of 2018, compared to $1.1 billion for the third quarter of 2017. In the third quarter, Celgene received approximately 6 million of its shares upon final settlement of the accelerated share repurchase (ASR) program, which commenced during the second quarter of 2018. The total number of shares repurchased under the ASR agreement was approximately 24.0 million at a weighted average price of $83.53 per share. Celgene ended the quarter with approximately $4.4 billion in cash, cash equivalents, marketable debt securities and publicly-traded equity securities.

Celgene Expects Volume-Driven Product Sales and Earnings Growth in 2018

Previous 2018 Guidance Updated 2018 Guidance
Total Revenue ~$15.0B ~$15.2B
REVLIMID Net Product Sales ~ $9.7B Unchanged
POMALYST/IMNOVID Net Product Sales ~ $2.0B Unchanged
OTEZLA Net Product Sales ~$1.5B ~$1.6B
ABRAXANE Net Product Sales ~$1.0B Unchanged
GAAP Operating Margin ~ 35% ~34%
GAAP Diluted EPS $5.95-$6.25 $5.25-$5.75
Adjusted Operating Margin ~56.0% ~55.5%
Adjusted Diluted EPS $8.70-$8.75 $8.75-$8.80
Adjusted Tax Rate ~17% Unchanged
Weighted Average Diluted Shares ~735M Unchanged

Portfolio Updates

At the 2018 American Society of Hematology (ASH) (Free ASH Whitepaper) annual meeting in December, expected data presentations include:
In collaboration with partner Acceleron Pharma, data from the phase III MEDALIST and BELIEVE trials with luspatercept in patients with low-to-intermediate risk myelodysplastic syndromes (MDS) and transfusion-dependent beta-thalassemia, respectively;
Data from the phase I TRANSCEND CLL-004 trial evaluating liso-cel (JCAR017) in patients with relapsed and/or refractory chronic lymphocytic leukemia (CLL);
In collaboration with partner bluebird bio, data from the phase I trial evaluating bb21217 in patients with relapsed and/or refractory multiple myeloma (RRMM);
Data from the phase I/II EVOLVE trial evaluating JCARH125 in patients with RRMM; and,
Data from the phase III AUGMENT trial evaluating REVLIMID in combination with rituximab (R²) in patients with relapsed and/or refractory indolent non-Hodgkin lymphoma (NHL).

The phase III COMMANDS front-line trial evaluating luspatercept in erythropoiesis-stimulating agent (ESA)-naïve, very low, low or intermediate risk MDS patients initiated in the third quarter.

In collaboration with partner bluebird bio, the clinical program evaluating bb2121 in earlier lines of multiple myeloma is advancing, including the phase II MM-002 and phase III MM-003 trials.

In October, Celgene announced results from a phase II/III cooperative group study (ECOG E3A06) conducted by the National Cancer Institute in conjunction with the ECOG-ACRIN Cancer Research Group. In the study, single-agent REVLIMID achieved a statistically significant improvement in the primary endpoint of progression-free survival compared to observation in patients with smoldering myeloma. Data from the ECOG E3A06 study will be presented at a future medical meeting.

At the European Society for Medical Oncology (ESMO) (Free ESMO Whitepaper) 2018 congress in October, efficacy and safety data were presented for the first time from the Genentech-sponsored phase III IMpassion130 trial evaluating TECENTRIQ (atezolizumab) in combination with ABRAXANE in patients with previously untreated metastatic triple-negative breast cancer. These data were simultaneously published in The New England Journal of Medicine. In addition, data were presented from the Genentech-sponsored phase III IMpower130 trial evaluating first-line treatment of TECENTRIQ plus chemotherapy (carboplatin and ABRAXANE) in patients with stage IV non-squamous non-small cell lung cancer (NSCLC).

In October, Celgene announced that the phase III STYLE trial evaluating OTEZLA in patients with moderate to severe plaque psoriasis of the scalp achieved a highly statistically significant improvement in the primary endpoint of the Scalp Physician’s Global Assessment (ScPGA) response at week 16 compared with placebo. In addition to achieving the primary endpoint, statistical significance was also met for the secondary endpoint of the whole-body itch numeric rating scale (NRS) at week 16 with OTEZLA versus placebo. The safety profile for OTEZLA in the STYLE study was generally consistent with the known safety profile of OTEZLA, and no new safety signals were identified. Additionally, the phase III ADVANCE trial evaluating OTEZLA in patients with mild to moderate plaque psoriasis is on track to initiate by year-end 2018.

In October, data from the phase II HEROES trial evaluating RPC4046 in patients with eosinophilic esophagitis (EoE) were presented at the United European Gastroenterology Week (UEGW) conference. Data from the HEROES trial demonstrated that reductions in average esophageal eosinophil count observed at week 16 in patients treated with RPC4046 (primary endpoint) were sustained through an additional 52 weeks of treatment in an open-label extension study.

On October 25, 2018 Syndax Pharmaceuticals, Inc. ("Syndax," the "Company" or "we") (Nasdaq:SNDX), a clinical stage biopharmaceutical company developing an innovative pipeline of cancer therapies, reported it will provide an update on E2112, its NCI-sponsored, ECOG-ACRIN led pivotal trial of entinostat plus exemestane in hormone receptor positive, human epidermal growth factor receptor 2 negative (HR+, HER2-) breast cancer as well as its registration strategy for entinostat in combination with KEYTRUDA (pembrolizumab) in patients with non-small cell lung cancer (NSCLC), on Thursday, October 25 at 4:15 p.m. ET (Press release, Syndax, OCT 25, 2018, http://ir.syndax.com/news-releases/news-release-details/syndax-host-conference-call-provide-update-phase-3-breast-cancer [SID1234530187]).

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ECOG-ACRIN Cancer Research Group and the National Cancer Institute (NCI) informed the Company that enrollment has completed for E2112. The trial did not achieve the statistical hurdle for the first primary endpoint of improving progression-free survival (PFS) that would have provided the earliest regulatory filing opportunity. ECOG-ACRIN designed and is conducting E2112 to determine whether the addition of entinostat, a class I selective HDAC inhibitor, to exemestane, an aromatase inhibitor, improves PFS and overall survival (OS) in patients with HR+, HER2- breast cancer.

As planned, ECOG-ACRIN is confidentially holding the findings from the PFS analysis until reporting final OS results. After recently performing the third interim OS analysis, ECOG-ACRIN informed the Company that the trial will continue as planned until either it observes an OS benefit or the final target number of events occur. The next interim analysis for the OS primary endpoint is scheduled for 2Q19 with additional interim analyses every six months. Based on the trial design, any positive OS assessment would enable the Company to file for full regulatory approval.

"While the PFS analysis did not show a statistically significant benefit, E2112 was primarily designed to determine whether the combination of entinostat and exemestane could improve OS based on the compelling OS results obtained in the Phase 2b ENCORE 301 trial," said Briggs W. Morrison, M.D., Chief Executive Officer of Syndax. "It was Phase 2b OS results that led to the FDA granting Breakthrough Therapy Designation for this indication and we remain confident in the opportunity for a positive OS trial."

Update on entinostat registration plans in PD-1 / platinum pre-treated NSCLC patients

The Company also provided an update on its regulatory strategy for entinostat in combination with Merck’s anti-PD1 therapy, KEYTRUDA (pembrolizumab) in patients with non-small cell lung cancer (NSCLC) whose disease has progressed after both platinum-based chemotherapy and PD-1 antagonist therapy.

The Company previously presented data from the Phase 2 ENCORE 601 NSCLC cohort that enrolled patients who received prior chemotherapy and anti-PD-(L)1 treatment, at the 2018 IASLC World Conference on Lung Cancer (WCLC) Annual Meeting this past September. Baseline peripheral classical monocyte data were available for 65 of the 72 NSCLC patients evaluable for efficacy and were divided into a group of high baseline monocytes ("monocyte high" n = 19) and low baseline monocytes ("monocyte low" n = 46). The monocyte high subset showed an improved benefit in median PFS (5.3 months vs 2.7 months), and an enhanced objective response rate (ORR, 21% vs 7%). The overall population demonstrated a 10% ORR (95% CI: 4-19%), median PFS of 2.8 months, and median duration of response of 5.3 months. The data also showed a manageable toxicity profile for the entinostat-pembrolizumab combination, with treatment emergent adverse events observed consistent with those previously reported.

"Patients whose disease has progressed despite treatment with PD-1 antagonists represent a very substantial unmet medical need, and efforts to identify novel biomarkers with clinical utility represent one of the most exciting areas of ongoing research," said Michael L. Meyers, M.D., Ph.D., Chief Medical Officer of Syndax. "The proposed trial, which could both validate the use of classical monocytes as a selection criterion and establish the benefits of a new regimen over current standard of care, provides the opportunity for a significant advance for these patients."

The Company announced plans to initiate a randomized registration enabling trial comparing the entinostat-KEYTRUDA combination to standard of care chemotherapy in patients whose disease has progressed after both platinum-based chemotherapy and PD-1 antagonist therapy. Following discussions with the U.S. Food and Drug Administration, the trial is designed to validate peripheral classical monocytes as a marker of response to the entinostat-KEYTRUDA combination and assess whether the combination is superior to standard of care chemotherapy in the high monocyte population. With PFS as the primary endpoint, the Company anticipates beginning the trial in the first half of 2019 and enrolling approximately 200 patients. The Company anticipates top-line data in the second half of 2020, which could lead to regulatory approval both in the U.S. and Europe. The trial will enroll patients with NSCLC whose tumors have progressed following treatment with a PD-1 antagonist and platinum-based chemotherapy.

Martin J. Edelman, Department Chair, Hematology/Oncology, Fox Chase Cancer Center, will join Syndax to discuss the findings from ENCORE 601 during the call at 4:15 p.m. Dr. Edelman is a nationally recognized expert in the treatment and research of lung cancer, and has focused on the development of new agents and biomarkers to personalize lung cancer therapy.

Conference Call and Webcast

The live audio webcast and accompanying slides may be accessed through the Events & Presentations page in the Investors section of the Company’s website at www.syndax.com. Alternatively, the conference call may be accessed through the following:

Conference ID: 4088939
Domestic Dial-in Number: 855-251-6663
International Dial-in Number: 281-542-4259
Live Webcast: View Source

For those unable to participate in the conference call or webcast, a replay will be available for 30 days on the Investors section of the Company’s website, www.syndax.com.

About Entinostat

Entinostat, a selective, oral, once-weekly inhibitor of class I histone deacetylases (HDACs), has been shown to resensitize Hormone Receptor positive (HR+) advanced breast cancer to endocrine therapy, and is currently being evaluated in a pivotal Phase 3 clinical trial in combination with exemestane for advanced HR+ breast cancer, an indication for which it has been granted Breakthrough Therapy Designation by the FDA. Entinostat has also been shown to block the function of immune suppressive cells in the tumor microenvironment, and is being evaluated in combination with several approved PD-1/PD-(L)1 antagonists, including in ongoing Phase 2 clinical trials combining entinostat with KEYTRUDA from Merck & Co., Inc. for non-small cell lung cancer, melanoma and colorectal cancer (ENCORE 601); with TECENTRIQ from Genentech, Inc. for triple negative breast cancer as well as advanced hormone receptor positive, human epidermal growth factor receptor 2 negative breast cancer (ENCORE 602); and with BAVENCIO from Pfizer Inc. and Merck KGaA, Darmstadt, Germany, for ovarian cancer (ENCORE 603).

About E2112

The E2112 trial (NCT0211528) is a randomized, double-blind, placebo-controlled Phase 3 trial of entinostat, Syndax’s Class I selective HDAC inhibitor, plus exemestane, an aromatase inhibitor, in patients with hormone receptor positive, human epidermal growth factor receptor 2 negative (HR+, HER2-) breast cancer who have experienced disease progression following treatment with a non-steroidal aromatase inhibitor (NSAI). The trial, operating under a Special Protocol Assessment was designed, in collaboration with the NCI and ECOG-ACRIN Cancer Research Group, to have two primary endpoints, including progression-free survival and overall survival. The study enrolled a total of 605 patients randomized 1:1 across the two study arms. Syndax is providing the entinostat for the trial under a Cooperative Research and Development Agreement with the NCI.

On October 25, 2018 Melbourne-headquartered Cancer Therapeutics CRC (CTx) reported a two-year research collaboration and a license agreement with Pfizer Inc. (NYSE: PFE) (Press release, Cancer Therapeutics CRC, OCT 25, 2018, View Source [SID1234530249]). Under the terms of the agreement, Pfizer will gain the rights to two novel pre-clinical cancer programs and CTx will receive US$14.2 million [AUD$20M] upfront payment, up to a potential US$460 million [AUD$648M] in development and sales milestones, as well as royalties on product sales if the program reaches commercialization. The two programs target proteins that are known to play an important role in driving the growth of both solid and blood cancers.

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Brett Carter, CEO of CTx, said "We are very excited to work with a company of Pfizer’s calibre on the progression of these programs. This deal, together with the three prior deals for CTX technology, has the potential to return a billion dollars to Australia. Funds that will help support the biomedical sector and that can be ploughed into new drug discovery programs; providing opportunities for the world class team we have developed, and potentially leading to the delivery of new treatments for patients and economic benefits for the nation".

Dr. Robert Abraham, Senior Vice President and Group Head of Pfizer’s Oncology Research & Development Group said: "We are constantly searching the globe for the best science that has the potential to change the way we can treat people with cancer in the future. What we have found at CTx with these two chromatin modifying enzyme targets are very promising, differentiated programs that have the potential to provide new treatment options for patients."

Asked why CTX had achieved such great success, Dr. Ian Street, CTx CSO responded ‘Every new cancer drug starts with a great idea, however what Australia lacked was a good mechanism to convert these ideas into potential new medicines, and this is the niche that CTx has filled’