ACAD
34.33
+0.5
+1.48%
AEMD
2.23
-0.04
-1.76%
APRI
1.13
+0.02
+1.80%
ARNA
1.34
-0.04
-2.90%
ATEC
2.03
-0.1
-4.69%
CNAT
8.36
-0.41
-4.68%
CRXM
0.195
+0.012
+6.47541%
CYTX
1.03
-0.04
-3.74%
DXCM
77.96
+0.03
+0.04%
GNMK
12.82
-0.06
-0.47%
HALO
13.94
-0.05
-0.36%
ILMN
184.86
+1.12
+0.61%
INNV
0.09
0.00
-1.10%
INO
6.29
-0.14
-2.18%
ISCO
1.75
+0.08
+4.48%
ISIS
57.56
0.00
0.00%
LGND
111.17
-0.02
-0.02%
LPTN
2.93
-0.08
-2.66%
MBVX
2.27
+0.06
+2.71%
MEIP
1.59
0.00
0.00%
MNOV
5.75
-0.07
-1.20%
MRTX
4.55
-0.22
-4.71%
MSTX
0.131
-0.007
-5.278%
NBIX
53.4
-0.19
-0.35%
NUVA
72.51
-0.3
-0.41%
ONCS
1.15
+0.01
+0.88%
ONVO
2.9
+0.01
+0.35%
OREX
3.37
-0.24
-6.65%
OTIC
13.35
-0.3
-2.20%
QDEL
24.17
+0.02
+0.08%
RCPT
231.96
0.00
0.00%
RGLS
1.55
-0.05
-3.13%
RMD
67.99
-4.86
-6.67%
SPHS
2.578
+0.028
+1.0863%
SRNE
1.95
-0.15
-7.14%
TROV
0.93
+0.02
+2.46%
VICL
2.36
+0.05
+2.16%
VOLC
18
0.00
0.00%
ZGNX
11
0.00
0.00%
ACAD
34.33
+0.5
+1.48%
AEMD
2.23
-0.04
-1.76%
APRI
1.13
+0.02
+1.80%
ARNA
1.34
-0.04
-2.90%
ATEC
2.03
-0.1
-4.69%
CNAT
8.36
-0.41
-4.68%
CRXM
0.195
+0.012
+6.47541%
CYTX
1.03
-0.04
-3.74%
DXCM
77.96
+0.03
+0.04%
GNMK
12.82
-0.06
-0.47%
HALO
13.94
-0.05
-0.36%
ILMN
184.86
+1.12
+0.61%
INNV
0.09
0.00
-1.10%
INO
6.29
-0.14
-2.18%
ISCO
1.75
+0.08
+4.48%
ISIS
57.56
0.00
0.00%
LGND
111.17
-0.02
-0.02%
LPTN
2.93
-0.08
-2.66%
MBVX
2.27
+0.06
+2.71%
MEIP
1.59
0.00
0.00%
MNOV
5.75
-0.07
-1.20%
MRTX
4.55
-0.22
-4.71%
MSTX
0.131
-0.007
-5.278%
NBIX
53.4
-0.19
-0.35%
NUVA
72.51
-0.3
-0.41%
ONCS
1.15
+0.01
+0.88%
ONVO
2.9
+0.01
+0.35%
OREX
3.37
-0.24
-6.65%
OTIC
13.35
-0.3
-2.20%
QDEL
24.17
+0.02
+0.08%
RCPT
231.96
0.00
0.00%
RGLS
1.55
-0.05
-3.13%
RMD
67.99
-4.86
-6.67%
SPHS
2.578
+0.028
+1.0863%
SRNE
1.95
-0.15
-7.14%
TROV
0.93
+0.02
+2.46%
VICL
2.36
+0.05
+2.16%
VOLC
18
0.00
0.00%
ZGNX
11
0.00
0.00%
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San Diego biotech news from BioSpace, Xconomy, PR Newswire, Marketwired and other sources, click on headlines to read the full story.

Epic Sciences Announces Completion of $40 Million Series D Financing

April 28, 2017 – 3:00 am

Proceeds to Advance Liquid Biopsy Tests to Predict Drug Response in Cancer Patients

SAN DIEGO, April 28, 2017 /PRNewswire/ — Epic Sciences (Epic) announced today that the company has completed a $40 million Series D financing led by Hermed Capital. Altos Capital Partners, Domain Associates, Genomic Health, Pagoda Investment, Reach Tone Limited, RMI Partners, Sabby Capital and VI Ventures also participated in the financing. Epic is developing a portfolio of blood-based tests that predict drug response in cancer and recently partnered with Genomic Health to commercialize the OncotypeDx® AR-V7 Nucleus Detect™ test to leverage Genomic Health’s world-class commercial channel and enterprise systems.

“We believe Epic Sciences’ OncotypeDx AR-V7 Nucleus Detect test and its robust pipeline of predictive tests in oncology are truly unique in the industry,” said Jerry Xiao, Ph.D., managing director of Hermed Capital. “These tests, enabled by Epic’s sensitive, scalable and distributable rare cell detection technology, have the potential to revolutionize cancer care globally.  We look forward to assisting Epic in exploring the Chinese market and commercializing its CTC platform and No Cell Left Behind® technology.”

Epic plans to use the funds to accelerate clinical studies for oncology tests in the company’s pipeline as well as enhance its proprietary No Cell Left Behind technology to include characterization of rare leukocyte cell populations with next generation digital imaging and big data analytics. These enhancements are designed to drive transformative insights into the cellular drivers of response or resistance to key drug classes such as immuno-oncology drugs.

“We are extremely pleased to have such a strong and diverse international syndicate that encompasses thought leaders from the venture capital and pharma communities, diagnostic strategics, innovators from the technology space and best in class partners in the Chinese market,” said Murali Prahalad, Ph.D., president and CEO of Epic Sciences. “This funding will help advance our mission to provide physicians and patients with the most predictive, precise and personalized information to guide cancer therapy.”

Working with its partners, Epic seeks to significantly improve clinical outcomes for patients through the development of novel predictive tests that help physicians provide therapies individualized to a patient’s unique tumor biology. Epic has published industry-leading clinical data in the journals JAMA Oncology and European Urology on the OncotypeDx AR-V7 Nucleus Detect test in metastatic castration-resistant prostate cancer.  These data show that patients with detectable levels of AR-V7 positive circulating tumor cells in their blood had significantly better clinical outcomes when treated with taxane chemotherapy than more expensive targeted therapies. Once this test is commercialized, it will help physicians and patients decide when to proceed with taxane chemotherapy or androgen directed therapeutics. It is estimated that each year, about 50,000 mCRPC patients could benefit from knowing their AR-V7 status prior to selecting further treatment. 

“Our strategic collaboration with Epic Sciences allows us to leverage Genomic Health’s successful commercial channel to help address a significant unmet need in the management of late-stage prostate cancer,” said Frederic Pla, Ph.D., chief business and product development officer, Genomic Health. “Epic Sciences’ industry leading CTC-based platform combined with our Oncotype IQ™ Genomic Intelligence Platform will help further our offerings to oncologists and urologists.”

About Epic Sciences

Epic Sciences, Inc. is developing novel diagnostics to personalize and advance the treatment and management of cancer. Epic Sciences’ mission is to enable the rapid and non-invasive detection of genetic and molecular changes in cancer throughout a patient’s journey. The company was founded on a powerful platform to identify and characterize rare cells, including circulating tumor cells (CTCs). Epic Sciences’ no cell left behind® technology helps match patients to targeted therapies and monitor for drug resistance, so that the best treatment path can be chosen at every clinical decision point. Today, we partner with leading pharmaceutical companies and major cancer centers around the world. Epic Sciences’ goal is to commercialize our technology to increase the success rate of cancer drugs in clinical trials and improve patient outcomes by providing physicians real-time information to guide treatment choices.  Epic Sciences is headquartered in San Diego.

Further information is available on the Company’s website, www.epicsciences.com. Stay in touch on Linkedin, on Twitter @EpicSciences or on Facebook.com/EpicSciences.

This press release contains forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ materially and should not be considered as an indication of future performance. These risks and uncertainties include, but are not limited to Genomic Health’s ability to commercialize OncotypeDx AR-V7 Nucleus Detect and unanticipated costs, delays or challenges associated with such commercialization efforts; and other risks and uncertainties set forth in Genomic Health’s filings with the Securities and Exchange Commission, including its most recent report on Form 10-K for the year ended December 31, 2016. These forward-looking statements speak only as of the date hereof and Genomic Health disclaims any obligation to update these forward-looking statements.

 

SOURCE Epic Sciences

Bio Roundup: Trumpcare Flails, Spinraza Sales, Batten OK & More

April 28, 2017 – 2:30 am

To judge the first 100 days of a new administration is, as many pundits have pointed out, an odd vestige of history, more convenient than significant. Which is why we’ll start this week’s…

[[Click headline to continue reading.]]

Aspyrian announces the presentation of clinical data of its investigational therapy RM-1929 demonstrating significant anti-cancer response in recurrent Head and Neck Cancer patients who have failed all existing treatment options

April 27, 2017 – 4:00 pm

Data from patients treated at Thomas Jefferson University demonstrates high response rate and good safety in second line of head and neck cancerEvidence of tumor necrosis post treatment observed in all patients treatedRegistration trials expected to begin in the first half of 2018

SAN DIEGO, April 27, 2017 /PRNewswire/ — Aspyrian Therapeutics, Inc., a biotechnology company developing precision-targeted cancer therapies based on the proprietary Photoimmunotherapy (PIT) platform, today announced that findings from an ongoing clinical trial of its proprietary investigational compound, RM-1929, were presented at the American Head & Neck Society meeting, April 27, in San Diego.

The data presented are from a multicenter trial of PIT with RM-1929 for patients with recurrent head and neck squamous cell carcinoma that cannot be satisfactorily treated with surgery, radiation or platinum chemotherapy. The data are from seven patients enrolled at Thomas Jefferson University, Philadelphia, PA. The Principal Investigator, Dr. David Cognetti, and his team described the clinical outcomes in patients treated with repeated cycles of PIT with RM-1929. Each treatment consisted of a single drug infusion of RM-1929, followed by light activation of the drug at the tumor at 24-hour post infusion. If persistent disease was present at 4 weeks, the patient could progress into a subsequent treatment cycle.

The investigators noted, “Targeted photoimmunotherapy using a conjugate of cetuximab and IR700 dye is safe and well tolerated and led to evidence of tumor necrosis at the treatment site in 7/7 (100%) patients. No skin photosensitivity or normal tissue toxicity noted. Four out of 7 (57%) patients had durable clinical response to the treatment without progression of disease.”

“It is truly extraordinary how dramatic and rapid the tumor response to RM-1929 Photoimmunotherapy has been on cancers that have been recurrent and resistant to all therapies, while also being well tolerated by the patients.  None of the patients have had any light sensitivities or other systemic side effects, which is a major limitation of other traditional cancer treatment modalities. said Dr. David Cognetti, M.D., Associate Professor, Co-Director, Jefferson Center for Head and Neck Surgery, Sidney Kimmel Cancer Center at Thomas Jefferson University, Philadelphia, PA.

“This is a remarkable treatment outcome for head and neck cancer patients who have failed all previous standard of care therapies and have no viable therapeutic options available to them.”   said Dr. Merrill Biel, M.D. Ph.D., Chief Medical Officer of Aspyrian. “These first in human clinical data support the potential for RM-1929 Photoimmunotherapy to uniquely provide a viable option to control this disease while preserving normal healthy tissues in the head and neck area that are so critical to maintaining the patient’s quality of life and we look forward to the ongoing clinical trial results.”

“In less than two years after initiating clinical studies of RM-1929, we have rapidly gained a good understanding of the safety and anticancer potential of Photoimmunotherapy with RM-1929. Given the significant results so far, we are fully committed to drive this therapy to the market as fast as possible and we intend to initiate the first registration trials in early 2018.” said Miguel Garcia-Guzman, Ph.D., President and CEO at Aspyrian. “We intend to develop Photoimmunotherapy with RM-1929 as a single agent and as a combination treatment to provide the best possible outcomes for recurrent head and neck cancer patients, both in the first-line and-second line settings. In addition, we expect to initiate further phase 2 proof-of-concept studies in other EGFR expressing cancer types sometime in the second half of 2018. I congratulate our outstanding team at Aspyrian and our excellent clinical collaborators, particularly Dr. Cognetti, for their exceptional work and commitment to provide cancer patients with better options to conquer their disease”.

About RM-1929

RM-1929, a conjugate of Cetuximab and IRDye 700DX®, targets epidermal growth factor receptor (EGFR), a cancer antigen expressed in multiple types of solid tumors, including head and neck squamous cell carcinomas, esophagus, lung, colon, and pancreas. This first-in-class therapy uses an antibody conjugate to precisely target cancer cells after which it is locally activated with red light to elicit rapid anti-cancer responses. The dual specificity resulting from local activation of a tumor-selective conjugate promises to deliver oncologists the ability to achieve locoregional tumor control with minimal damage to surrounding healthy tissues and structures.

RM-1929 is an investigational compound that is not approved for any use in any country.

For more information on the clinical trial, please follow this link to the study record on ClinicalTrials.gov: 
Study of RM-1929 and Photoimmunotherapy in Patients With Recurrent Head and Neck Cancer

About Aspyrian Therapeutics Inc.
Aspyrian Therapeutics, Inc., is a privately funded clinical stage biotechnology company developing a new class of precision targeted oncologic drugs for the treatment of solid tumors based on the PIT platform licensed from the National Cancer Institute (NCI).

Aspyrian has secured the exclusive license to use IRDye 700DX® from LI-COR (Lincoln, Nebraska) for development of PIT products. The Company is currently working with a number of monoclonal antibodies with the potential to treat various types of cancers, including head and neck, esophageal, lung, brain, pancreatic, colorectal, breast and ovarian. 

 

SOURCE Aspyrian Therapeutics Inc.

SENOMYX ANNOUNCES FIRST QUARTER 2017 FINANCIAL RESULTS

April 27, 2017 – 12:15 pm

SAN DIEGO, April 27, 2017 /PRNewswire/ — Senomyx, Inc. (NASDAQ: SNMX), a leading company using proprietary taste science technologies to discover, develop, and commercialize novel flavor ingredients and natural high intensity sweeteners for the food, beverage, and ingredient supply industries, today reported financial results for the first quarter ended March 31, 2017.

Highlights from the first quarter include:

  • Commercial revenues increased 26% and direct sales increased 250% over the first quarter of 2016
  • Natural high intensity sweetener, siratose, introduced
  • Regulatory authorization received for commercialization of a new cooling flavor ingredient

“Senomyx is off to a good start in 2017,” stated John Poyhonen, President and Chief Executive Officer of the Company. “We exceeded our financial guidance for the first quarter of 2017 and are well-positioned to meet key commercial revenue, business development and R&D goals. During the first quarter, we grew direct sales to well over twice that of our previous highest quarter, we advanced business development discussions on siratose, our lead natural high intensity sweetener, and we received regulatory authorization to commercialize a new cooling flavor ingredient.”

Operational Results:

In March, the Company introduced its new natural high intensity sweetener under the common or usual name of siratose and made important disclosures related to the plant source, the expected manufacturing process and anticipated development timeline for siratose. The siratose disclosures have facilitated the Company’s pursuit of new non-exclusive collaborative relationships for its natural sweet taste program that maximize the commercial potential and provide its collaborators with access to siratose and future natural product discoveries. “We have built a pipeline of about 20 excellent collaboration candidates and we remain confident in our ability to begin adding collaborators to our syndicate during 2017,” stated Poyhonen.

“On the development front, our newest cooling flavor ingredient, Coolmyx CL19, was determined Generally Recognized As Safe (GRAS) by the Expert Panel of the Flavor and Extract Manufacturers Association of the United States (FEMA) during the first quarter. The GRAS determination allows Senomyx to pursue commercialization in the U.S. and a number of other countries.  Coolmyx CL19 provides a clean, long lasting cooling taste profile and we will initially pursue beverages, confectionary, and oral healthcare products as the target market. Third parties are currently evaluating this cooling flavor and we are considering a broad range of strategic options for commercialization,” Poyhonen concluded.

“Direct sales of Senomyx’s Complimyx® flavor ingredient offerings grew to record levels during the first quarter with revenues increasing by over 250% compared to the same quarter of the prior year,” stated Sharon Wicker, Senior Vice President and Chief Commercial Development Officer. “We continue to earn new business with world-class flavor house customers and their forecasts for future use of our flavor ingredients is promising. During the first quarter, we announced that we had filled a newly created position, senior director of sales, to lead our sales organization in the field and we have added an experienced flavor ingredient broker with a proven track record to represent Senomyx in Asia and Oceania. We remain enthusiastic about the positive impact we anticipate these steps will have on our direct sales efforts going forward.”

Financial Results:

Commercial revenues increased 26% to $2.6 million in the first quarter ended March 31, 2017. This improvement primarily resulted from higher direct sales of flavor ingredients to flavor houses and higher royalties from sweet taste boosting ingredients. These increases were partially offset by a $500,000 one-time commercial milestone earned in the first quarter of 2016 related to the cooling taste program.

Development revenues decreased to $1.8 million in the first quarter ended March 31, 2017. This decrease was primarily due to the July 2016 contractual conclusion of the research and development funding period under the sweet taste program collaboration with Firmenich.

Research, development and patent expenses decreased $1 million to $4.4 million for the first quarter ended March 31, 2017. The reduction in expenses is primarily due to lower personnel-related expenses partially offset by higher outsourced development activities associated with Sweetmyx® FS22, the Company’s next generation sweet taste booster. Selling, general and administration expenses were consistent with prior year at $3.1 million for the first quarter ended March 31, 2017. Included in these first quarter 2017 R&D and SG&A expenses were approximately $800,000 in non-cash, stock-based compensation expenses.

The net loss for the first quarter 2017 was $3.4 million or $0.07 per share.

Senomyx ended the first quarter 2017 with no debt and $10.1 million in cash. Accounts payable decreased by $1.4 million during the first quarter. At the end of the first quarter, the Company had $5.5 million in accounts receivable, of which $5.0 million is anticipated to be received during the second quarter.  In addition to these accounts receivable amounts, the Company is currently scheduled to receive $15.8 million in committed development funding in the future. 

Second Quarter 2017 Outlook:

For the second quarter of 2017, the Company expects:

  • Revenues to be at least $4.6 million, of which at least $2.7 million are commercial revenues; and
  • Net loss not to exceed $3.3 million or $0.07 per share

Conference Call:

Senomyx will host a conference call at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) Thursday, April 27, 2017 to discuss these financial results and provide an update on the Company. To participate in the live conference call, U.S. residents should dial (844) 825-0514, and international callers should dial (315) 625-6892, at least 10 minutes prior to the call start time. The conference ID for this call is 97603082.

To access the live Internet broadcast or a subsequent archived recording, please log onto the Investor Relations section of Senomyx’s website at http://investor.senomyx.com.

About Senomyx, Inc. (www.senomyx.com)

Senomyx discovers novel flavor ingredients and natural high intensity sweeteners that allow food and beverage companies to create better-for-you products. Under its direct sales program, Senomyx sells its Complimyx® brand flavor ingredients, Sweetmyx®, Savorymyx®, and Bittermyx®, to flavor companies for use in a wide variety of foods and beverages. In addition, Senomyx has partnerships with leading global food, beverage, and ingredient supply companies, which are currently marketing products that contain Senomyx’s flavor ingredients. For more information, please visit www.senomyx.com.

Forward-Looking Statements:

Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, regarding our projected financial results and anticipated financial condition in 2017, statements regarding new collaboration agreements and the anticipated funding we may receive, whether the research under our natural sweet taste research program will be successful and lead to the commercialization of any new flavor ingredients or natural high intensity sweeteners and the anticipated timing and scope of commercial launch of products containing our flavor ingredients, whether by our collaborators or through our direct sales program. Risks that contribute to the uncertain nature of the forward-looking statements include: large companies such as PepsiCo and Firmenich are typically conservative when implementing changes to their branded products, and may not begin or expand their use of our flavor ingredients when expected or at all; we are substantially dependent on our current and any future product discovery and development collaborators to develop and commercialize any flavor ingredients we may discover; we are dependent on our current and any future product discovery and development collaborators for our research and development funding; we may not successfully grow our direct sales program; commercial launches of new or reformulated food, beverage and ingredient products incorporating our flavor ingredients may not occur when expected or at all; the commercial utility for a novel flavor ingredient that we develop may ultimately be more limited than we expected; the cost to manufacture and/or formulate any of our flavor ingredients into packaged food and beverage products may be higher than anticipated, which could discourage market entry and acceptance; development activities for newer flavor ingredients may not demonstrate an acceptable safety profile or meet other commercialization criteria; no assurance can be given that we will be successful in developing and bringing to market novel natural high intensity sweeteners; and we may face challenges and delays in developing manufacturing pathways to supply novel natural high intensity sweeteners at a competitive cost and in obtaining requisite regulatory approval. These and other risks and uncertainties are described more fully in our most recently filed SEC documents, including our most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K, under the headings “Risks Related to Our Business” and “Risks Related to Our Industry.” All forward-looking statements contained in this press release speak only as of the date on which they were made. We undertake no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

(Financial Information to Follow)

Contact:
Tony Rogers
Senior Vice President & Chief Financial Officer
Senomyx, Inc.
858-646-8304
tony.rogers@senomyx.com

 

Selected Financial Information

Condensed Statements of Operations

(in thousands, except for per share amounts)

Three Months
Ended March 31,

2017

2016

(unaudited)

(unaudited)

Revenues:

Development revenues

$

1,846

$

4,178

Commercial revenues

2,620

2,072

Total revenues

4,466

6,250

Operating expenses:

    Cost of commercial revenues

421

220

Research, development and patents (including $297 and $502, respectively,
of non-cash stock-based compensation)

4,427

5,432

Selling, general and administrative (including $496 and $648, respectively,
of non-cash stock-based compensation)

3,066

3,036

Total operating expenses

7,914

8,688

Loss from operations

(3,448)

(2,438)

Other income

12

19

Net loss

$

(3,436)

$

(2,419)

Basic and diluted net loss per share

$

(0.07)

$

(0.05)

Weighted average shares used in computing basic and diluted net loss per share

45,842

44,597

 

Condensed Balance Sheets

(in thousands)

March 31,
2017

December 31,
2016

(unaudited)

Cash, cash equivalents and investments available-for-sale

$

10,148

$

12,363

Other current assets

8,468

8,670

Property and equipment, net

2,874

2,731

Total assets

$

21,490

$

23,764

Accounts payable, accrued expenses and other current liabilities

$

4,138

$

5,490

Deferred revenues

10

14

Deferred rent

1,743

1,886

Leasehold incentive obligation

1,517

1,572

Stockholders’ equity

14,082

14,802

Total liabilities and stockholders’ equity

$

21,490

$

23,764

 

 

SOURCE Senomyx, Inc.

Gottlieb’s FDA Nomination Gets Committee Nod, Advances to Senate

April 27, 2017 – 7:53 am

Scott Gottlieb’s nomination to the top post of the FDA is on its way to the full U.S. Senate. The Senate Health, Education, Labor & Pensions Committee voted 14-9 on Thursday to approve Gottlieb’s…

[[Click headline to continue reading.]]

Beyond the March for Science

April 27, 2017 – 6:00 am

On April 22, tens of thousands of people around the world — scientists and non-scientists alike — marched through the streets of Washington, D.C., San Diego and more than 600 other cities to celebrate science and encourage environmental protection, science literacy, evidenced-based policies and strong federal research funding. Hundreds of UC San Diego community members took part around the world, some even “marching” underwater and on a research vessel off the coast of San Diego.

Clean-tech Czar

April 27, 2017 – 6:00 am

As point person for San Diego’s Cleantech Initiative, UC San Diego alumnus Jacques Chirazi has steered city’s strides in sustainability

Sutro Appoints Lobacki as Director; Leonard, Krishnan & Levy as Advisors

April 27, 2017 – 4:00 am

Vasquez Promoted to Senior Vice President, Alliance Management, Portfolio Strategy & Operations

SAN FRANCISCO, April 27, 2017 /PRNewswire/ — Sutro Biopharma Inc. is adding an expert in drug commercialization to its board of directors, appointing clinical and scientific advisors and promoting a key executive as it moves closer to clinical development of STRO-001, an antibody drug conjugate to treat B-cell hematologic malignancy.

The company today named Crestovo CEO and COO Joseph M. Lobacki to its board of directors. Mr. Lobacki previously served as chief commercial officer of Medivation, where he achieved over $1B in annual sales for Xtandiâ, a prostate cancer drug. He also was senior vice president and general manager for Genzyme’s $650M global hematology and organ transplant business and has held senior positions at Idera Pharmaceuticals, Micromet, SangStat Medical Corporation, Cell Pathways, and Rhône-Poulenc Rorer.

Clinical Advisory Board

Sutro’s first two clinical advisory board members are Dr. John Leonard, Associate Dean of Clinical Research, Richard T. Silver Distinguished Professor of Hematology and Medical Oncology and Vice Chairman of the Weill Department of Medicine at Weill Cornell Medicine; and Dr. Amrita Krishnan, Professor of Hematology & Hematopoietic Cell Transplantation and Associate Director of the Medical Education & Training Program in the Department of Hematology & Hematopoietic Stem Cell Transplantation at the City of Hope.

Dr. Leonard is a leading authority on lymphoma and Dr. Krishnan is Director of the Judy and Bernard Briskin Center for Multiple Myeloma Research at City of Hope. Earlier in April, Sutro announced that STRO-001 demonstrated potent anti-tumor activity in multiple myeloma, diffuse large B-cell lymphoma and mantle cell lymphoma tumor models while reducing the potential for toxic secondary effects on adjacent healthy cells, according to findings presented at the American Association for Cancer Research’s annual meeting.

Scientific Advisory Board

Sutro is appointing cancer immunotherapy expert Dr. Ronald Levy to its scientific advisory board.  Dr. Levy is the Robert K. and Helen K. Summy Professor and Director of the Lymphoma Program at Stanford University School of Medicine. Dr. Levy’s research produced the first successful monoclonal anti-idiotypic antibody cancer treatment, which paved the way for rituximab (Rituxan®) to be developed for B-cell lymphoma treatment. His research has been recognized by organizations such as the American Cancer Society, American Society of Clinical Oncology, Lymphoma Foundation, Lymphoma Research Foundation and American Society of Hematology.  Dr. Levy is an elected member of the National Academy of Sciences and the National Academy of Medicine.

Nicki Vasquez Promotion

Sutro is promoting Dr. Nicki J. Vasquez to senior vice president, alliance management, portfolio strategy & operations, in recognition of her leadership in rapidly advancing STRO-001 from preclinical development to an IND submission planned for the fourth quarter of 2017.  Sutro expects to launch STRO-001 clinical trials in the first quarter of 2018.

Dr. Vasquez, formerly vice president, alliance and project management, will continue to be responsible for expeditiously moving drugs through research, manufacturing and clinical trials.

About Sutro Biopharma

Sutro Biopharma Inc., located in South San Francisco, develops best-in-class antibody drug conjugate (ADC) and multi-specific antibody-based therapeutics for cancer therapy, including immuno-oncology therapies. Sutro’s discovery and development efforts are driven by its proprietary Xpress CF™ and Xpress CF+™ platforms, a biochemical synthesis system that enables rapid and systematic evaluation of protein structure-activity relationships, as well as rapid and predictable scalability for manufacturing in Sutro’s facility. In addition to developing its own drug candidate pipeline, which is focused on mono- and bi-specific ADCs, Sutro is collaborating with select pharmaceutical and biotech companies to discover and develop novel therapeutics. 

Media Contacts:
David Schull
Russo Partners
(212) 845-4271
david.schull@russopartnersllc.com 

Amiad Finkelthal
Russo Partners
(646) 942-5626
amiad.finkelthal@russopartnersllc.com 

SOURCE Sutro Biopharma Inc.

Neurocrine Biosciences, Inc. Prices $450.0 Million Convertible Senior Notes Offering

April 26, 2017 – 2:48 pm

SAN DIEGO, April 26, 2017 /PRNewswire/ — Neurocrine Biosciences, Inc. (NASDAQ: NBIX) announced today the pricing of its offering of $450.0 million aggregate principal amount of 2.25% convertible senior notes due 2024 (the “notes”). The notes will be sold in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The sale of the notes is expected to close on May 2, 2017, subject to customary closing conditions. Neurocrine also granted the initial purchasers of the notes a 30-day option to purchase up to an additional $67.5 million aggregate principal amount of notes.

The notes will be senior unsecured obligations of Neurocrine and will accrue interest payable in cash semi-annually in arrears at a rate of 2.25% per annum. The notes will mature on May 15, 2024, unless earlier converted, redeemed or repurchased.  Prior to the close of business on the business day immediately preceding January 15, 2024, the notes will be convertible at the option of the holders only upon the satisfaction of certain circumstances. Thereafter, the notes will be convertible at the option of the holders at any time until the close of business on the scheduled trading day immediately before the maturity date. Upon conversion, Neurocrine will pay or deliver, as the case may be, cash, shares of its common stock or a combination of cash and shares of its common stock, at its election. The initial conversion rate will be 13.1711 shares per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $75.92 per share), subject to adjustment upon the occurrence of specified events.

Neurocrine may not redeem the notes prior to May 15, 2021.  On or after May 15, 2021, Neurocrine may redeem all, or any portion, of the notes for cash if the last reported sale price per share of Neurocrine’s common stock exceeds 130% of the conversion price on each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days ending on, and including, the trading day immediately before Neurocrine sends the related redemption notice, at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.

Neurocrine estimates that the net proceeds from the offering will be approximately $436.6 million (or approximately $502.2 million if the initial purchasers exercise in full their option to purchase additional notes), after deducting the initial purchasers’ discounts and commissions and estimated offering expenses payable by Neurocrine. Neurocrine intends to use the net proceeds from the offering for general corporate purposes, which may include commercialization expenses, clinical trial and other research and development expenses, capital expenditures, working capital and general and administrative expenses.

The offer and sale of the notes and the shares, if any, issuable upon conversion of the notes have not been and will not be registered under the Securities Act or applicable state securities laws, and the notes and such shares may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the notes or any shares issuable upon conversion of the notes, nor shall there be any sale of the notes or such shares, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful.

About Neurocrine Biosciences

Neurocrine Biosciences is a San Diego based biotechnology company focused on neurologic, psychiatric and endocrine related disorders. In April of 2017 the FDA approved INGREZZATM (valbenazine) capsules for the treatment of adults with tardive dyskinesia (TD).  INGREZZA is a novel, selective vesicular monoamine transporter 2 (VMAT2) inhibitor, and is the first and only FDA-approved product indicated for the treatment of adults with TD.  The Company markets INGREZZA in the United States. The Company’s three late-stage clinical programs are: elagolix, a gonadotropin-releasing hormone antagonist for women’s health that is partnered with AbbVie Inc.; opicapone, a novel, once-daily, peripherally-acting, highly-selective catechol-o-methyltransferase inhibitor under investigation as adjunct therapy to levodopa in Parkinson’s patients; and INGREZZA™ (valbenazine), a novel, once-daily, selective VMAT2 inhibitor under investigation for the treatment of Tourette Syndrome.

Forward-Looking Statements

In addition to historical facts, this press release contains forward-looking statements that involve a number of risks and uncertainties such as those, among others, relating to Neurocrine’s expectations regarding the completion of its proposed offering and the expected net proceeds therefrom.  Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with market conditions, the satisfaction of closing conditions related to the offering, and risks related to the application of the net proceeds, if any, from the offering, as well as risks and uncertainties associated with Neurocrine’s business and finances in general, and the other risks described in Neurocrine’s annual report on Form 10-K for the year ended December 31, 2016.  Neurocrine undertakes no obligation to update the statements contained in this press release after the date hereof.

 

 

SOURCE Neurocrine Biosciences, Inc.

Will New Data Open “Bottlenecks” For Biogen’s Pricey Spine Drug?

April 26, 2017 – 9:30 am

Four months after its drug nusinersen (Spinraza) became the first ever approved to treat the rare genetic disease spinal muscular atrophy, Biogen (NASDAQ: BIIB) released study results Tuesday that…

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