OrbiMed | Jotup

Edison issues update on The Biotech Growth Trust (BIOG): Onwards and upwards for performance recovery

Retrieved on:

Wednesday, April 10, 2024

Prostate cancer, Therapy, OrbiMed, Pharmaceutical industry

The sector was negatively affected by sharply rising interest rates rather than a deterioration in industry fundamentals; indeed, the managers continue to refer to a ‘golden era’ of innovation within the biotech sector.

Key Points:

The sector was negatively affected by sharply rising interest rates rather than a deterioration in industry fundamentals; indeed, the managers continue to refer to a ‘golden era’ of innovation within the biotech sector.
BIOG’s relative performance has been through a difficult period given its high weighting in emerging (smaller-cap) biotech stocks, which performed significantly worse than the shares of large-cap biotech businesses during the sector sell-off.
BIOG’s managers are very excited about the trust’s prospects and encouraged that investors are once again rewarding biotech companies that deliver positive outcomes.
In keeping with many other investment companies, the trust’s discount is wider than its historical averages.

BiomX Reports Fourth Quarter and Full Year 2023 Financial Results and Provides Business Update

Retrieved on:

Wednesday, April 3, 2024

DFO, OrbiMed, NESS, Cystic Fibrosis Foundation, APT, FEV1, Part, Phage therapy, Patient, Orphan, KOL, Acquisition, Șaeș, Cystic fibrosis, Infection, Therapy, Pseudomonas aeruginosa, Pharmaceutical industry

CAMBRIDGE, Mass. and NESS ZIONA, Israel, April 03, 2024 (GLOBE NEWSWIRE) -- BiomX Inc. (NYSE American: PHGE) (“BiomX” or the “Company”), a clinical-stage company advancing novel natural and engineered phage therapies that target specific pathogenic bacteria, today reported financial results for the fourth quarter and full year ended December 31, 2023, and provided a business update.

Key Points:

and NESS ZIONA, Israel, April 03, 2024 (GLOBE NEWSWIRE) -- BiomX Inc. (NYSE American: PHGE) (“BiomX” or the “Company”), a clinical-stage company advancing novel natural and engineered phage therapies that target specific pathogenic bacteria, today reported financial results for the fourth quarter and full year ended December 31, 2023, and provided a business update.
Initial top line results of the Phase 2 trial are expected in the first quarter of 2025.
However, our financial statements contain an explanatory paragraph regarding substantial doubt about our ability to continue as a going concern.
ET to discuss its fourth quarter and full year 2023 financial results and to provide a corporate update.

Onconova Therapeutics, Inc. and Trawsfynydd Therapeutics, Inc. Announce Business Combination to Form Traws Pharma, Inc, a Best-in-Class Virology and Oncology Company

Retrieved on:

Tuesday, April 2, 2024

Combined board to be led by Executive Chairman Iain Dukes DPhil (OrbiMed) along with Nikolay Savchuk, Ph.D. (Torrey Pines)

Key Points:

Combined board to be led by Executive Chairman Iain Dukes DPhil (OrbiMed) along with Nikolay Savchuk, Ph.D. (Torrey Pines)
Companies to host joint webcast, April 2, 2024 at 8:30 a.m.
Under the terms of the agreement, Onconova acquired 100% of Trawsfynydd’s outstanding equity interests.
These proceeds will be used to advance the Traws’ programs through multiple clinical data catalysts and complete the dose ranging study for narazaciclib.
Topline data are expected H2 2024
Phase 2 study planned to be initiated in H2 2024.

Avalo Reports 2023 Financial Results and Provides Business Updates

Retrieved on:

Friday, March 29, 2024

Exercise, Patient, Research, Acquisition, Inflammation, Net, HS, Therapy, OrbiMed, Hidradenitis suppurativa, Phase II, BTLA, Pharmaceutical industry

Increased cash position with private placement financing in March 2024 providing up to $185 million, including initial upfront investment of $115.6 million

Key Points:

Increased cash position with private placement financing in March 2024 providing up to $185 million, including initial upfront investment of $115.6 million
WAYNE, Pa. and ROCKVILLE, Md., March 29, 2024 (GLOBE NEWSWIRE) -- Avalo Therapeutics, Inc. (Nasdaq: AVTX), today announced business updates and year-end financial results for 2023.
The progress we made in 2023 to strengthen our balance sheet helped enable these transactions.
“Our focus in 2024 is executing operationally on the development of AVTX-009 for the treatment of hidradenitis suppurativa.
As of December 31, 2023, Avalo had $7.4 million in cash and cash equivalents.

Avalo Acquires Anti-IL-1β mAb and Announces Private Placement Financing of up to $185 Million

Retrieved on:

Wednesday, March 27, 2024

Eli Lilly, Disease, Half-life, Partnership, Patient, Sale, Acquisition, Inflammation, Therapy, OrbiMed, Hidradenitis suppurativa, Probability, Autoimmune disease

Executed private placement financing of up to $185 million, including initial upfront investment of $115.6 million; expected to extend cash runway into 2027

Key Points:

Executed private placement financing of up to $185 million, including initial upfront investment of $115.6 million; expected to extend cash runway into 2027
Webcast to be held tomorrow, March 28, 2024 at 8:30 a.m. E.T.
The private placement will provide up to $185 million in gross proceeds, including an initial gross upfront investment of $115.6 million.
After deducting estimated transaction costs from both the private placement financing and the acquisition of AlmataBio, Avalo expects net upfront proceeds to be approximately $105 million.
The private placement is expected to close on March 28, 2024, subject to the satisfaction of customary closing conditions.

Nkarta Announces Pricing of $240 Million Underwritten Offering

Retrieved on:

Monday, March 25, 2024

Janus, SVB Securities, Montgomery Street, Mizuho Securities, 3rd Floor, Telephone, SAN, Research, Sale, Attention, Security (finance), Lexington Avenue, Prospectus, Suite, Annual report, OrbiMed, Equity capital markets, NK, State Street

Gross proceeds to Nkarta from this offering are approximately $240.1 million, before deducting underwriting discounts and commissions and offering expenses.

Key Points:

Gross proceeds to Nkarta from this offering are approximately $240.1 million, before deducting underwriting discounts and commissions and offering expenses.
The offering is expected to close on or about March 27, 2024, subject to customary closing conditions.
All securities in the offering are to be issued and sold by Nkarta.
The offering was made only by means of a prospectus supplement and accompanying prospectus describing the terms of the offering.

Fate Therapeutics Announces Pricing of $100 Million Underwritten Offering and Concurrent Private Placement

Retrieved on:

Tuesday, March 19, 2024

SVB Securities, BofA Securities, Madison Avenue, Form, Telephone, Patient, SAN, Sale, Attention, Cancer, Security (finance), Therapy, OrbiMed, Jefferies, IPSC, State Street, Jefferies Group

The offering includes participation from new and existing institutional investors, including Adage Capital Partners LP., Boxer Capital, Deep Track Capital, OrbiMed, Suvretta Capital and a life-sciences focused investor.

Key Points:

The offering includes participation from new and existing institutional investors, including Adage Capital Partners LP., Boxer Capital, Deep Track Capital, OrbiMed, Suvretta Capital and a life-sciences focused investor.
The gross proceeds from the underwritten offering and private placement are expected to be approximately $100.0 million before deducting underwriting discounts and commissions and other offering expenses.
BofA Securities, Jefferies, and Leerink Partners are acting as the joint bookrunning managers for the underwritten offering.
A final prospectus supplement relating to and describing the terms of the underwritten offering will be filed with the SEC and will be available on the SEC’s web site at www.sec.gov.

BiomX Announces Closing of the Acquisition of Adaptive Phage Therapeutics and Concurrent $50 Million Financing

Retrieved on:

Monday, March 18, 2024

DFO, McDermott Will & Emery, NESS, Cystic Fibrosis Foundation, APT, Phage therapy, Patient, Cystic fibrosis, LLP, Acquisition, Cooley LLP, Infection, OrbiMed, RBC Capital Markets, Pharmaceutical industry

CAMBRIDGE, Mass. and NESS ZIONA, Israel, March 18, 2024 (GLOBE NEWSWIRE) -- BiomX Inc. (NYSE American: PHGE) (together with its subsidiaries and/or associates, “BiomX”), a clinical-stage company advancing novel natural and engineered phage therapies that target specific pathogenic bacteria, today announced the closing of its previously announced (March 6, 2024) acquisition (the “Acquisition”) of Adaptive Phage Therapeutics, Inc. (“APT”), a U.S.-based privately-held, clinical-stage biotechnology company pioneering the development of phage-based therapies to combat bacterial infections, and its previously announced $50 million private placement to certain institutional accredited investors, which was led by affiliates of Deerfield Management Company and the AMR Action Fund, and additional investors including the Cystic Fibrosis Foundation, OrbiMed and Nantahala Capital.

Key Points:

“We are very pleased to announce the closing of the APT acquisition, which creates a leading phage company and an advanced pipeline that includes two Phase 2 assets each aimed at treating serious infections with unmet medical need,” said Jonathan Solomon, Chief Executive Officer of BiomX.
“We also appreciate the continued support of leading institutional healthcare investors.
Haynes and Boone, LLP served as legal counsel to BiomX.
Wilmer Cutler Pickering Hale and Dorr LLP served as legal counsel to the placement agents.

Valneva Announces Extension of the Interest-Only Period of Its Debt Facility with Deerfield and OrbiMed

Retrieved on:

Monday, March 18, 2024

Euronext Paris, OrbiMed, Saint-Herblain, VLA, Airline

Reimbursements of the first $100 million tranche will now start in January 2026 instead of July 2024.

Key Points:

Reimbursements of the first $100 million tranche will now start in January 2026 instead of July 2024.
Maturity of this first tranche will remain in the first quarter of 2027.
Peter Bühler, Chief Financial Officer of Valneva, said, “We greatly appreciate the continued support from Deerfield and OrbiMed.
Valneva announced amendments to the terms in January 20212 and upsizing in April 20223 and August 20234.

Alterome Therapeutics Raises $132 Million in Series B Financing Led by Goldman Sachs Alternatives

Retrieved on:

Wednesday, April 3, 2024

Alterome Therapeutics, Inc. , a biopharmaceutical company pioneering the development of next generation, small molecule targeted therapies for the treatment of cancer, today announced the closing of a $132 million Series B financing.

Key Points:

Alterome Therapeutics, Inc. , a biopharmaceutical company pioneering the development of next generation, small molecule targeted therapies for the treatment of cancer, today announced the closing of a $132 million Series B financing.
The financing was led by Goldman Sachs Alternatives, with participation by Canaan Partners, Invus, Driehaus Capital Management, Digitalis Ventures, Blue Owl Capital, and existing investors Orbimed, Nextech Invest, Vida Ventures, Boxer Capital, and Colt Ventures.
Concurrent with the financing, Josh Richardson, M.D., a Managing Director within Life Sciences Investing at Goldman Sachs Alternatives, and Uwe Schoenbeck, a Partner at Canaan Partners, were named to the Board of Directors.
“Alterome is advancing an exciting portfolio of therapies targeting validated oncogenic drivers, with clear paths to early clinical signals,” said Dr. Josh Richardson, Managing Director within Life Sciences Investing at Goldman Sachs Alternatives.