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Preclinical stage Pyxis Oncology completed IPO with post-money valuation of $524 million

Sotio

30/12/2021 | 3 minutes to read

Third ADC candidate with Synaffix’ technology enters clinic as Miracogen initiated Phase 1

Shanghai Miracogen’s ADC partnership with Synaffix is paying off as MRG-004A, an ADC designed to treat solid tumors, has entered US Phase 1/2 to treat solid tumors. It marks the third ADC candidate developed with Synaffix's Glycoconnect technology that has entered clinical development. MRG-004A is currently being developed for TF-positive advanced or metastatic solid tumors. Chinese Miracogen is responsible for the research, development, manufacturing and commercialization of the ADC product, while Synaffix is responsible for the manufacturing of components that are specifically related to its Glycoconnect and Hydraspace technologies. MRG-004A is an ADC targeting human tissue factor, conjugated using Glycoconnect site specific conjugation technology. It was selected for clinical development based on highly competitive efficacy and tolerability in preclinical studies compared to conventional ADC technology.

CLINICAL

FDA grants Enhertu Breakthrough Therapy Designation in breast cancer

Phase 3 trial data presented at ESMO shows Enhertu significantly reduced the risk of disease progression or death. FDA has granted Enhertu (trastuzumab deruxtecan) Breakthrough Therapy Designation in the US for the treatment of adult patients with unresectable or metastatic HER2-positive breast cancer who have received one or more prior anti-HER2-based regimens. FDA granted the designation based on data from the DESTINY-Breast03 phase 3 trial presented during ESMO Congress 2021. The results of the phase 3 trial showed that Enhertu reduced the risk of disease progression or death by 72% vs trastuzumab emtansine (T-DM1). Nearly all patients treated with Enhertu were alive at one year (94.1%) compared to 85.9% of patients treated with T-DM1. Enhertu is a HER2-directed ADC jointly developed by AstraZeneca and Daiichi Sankyo that has now been granted four Breakthrough Therapy Designations, including two in breast cancer.

DEALS AND FINANCING

LegoChem entered a licensing deal with Antengene to develop novel ADCs

Antengene entered into a collaboration and license option agreement with LegoChem Biosciences for new ADCs. The two parties will jointly generate and evaluate ADCs using Antengene's antibodies and LegoChem's ConjuAll ADC technology platform. Antengene will have an exclusive option to license global rights for the development and commercialization of the resulting ADC candidates. When the option is exercised, LegoChem will be eligible to receive upfront and milestones, as well as tiered royalties. In addition, LegoChem is eligible to receive a prespecified percentage of any sublicensing income received by Antengene. The Chinese Antengene develops besides other compound Claudin18.2 ADC in preclinical stage.

Pyxis Oncology completed its IPO raising $168 million

Pyxis Oncology, a preclinical oncology company focused on developing an arsenal of next-generation therapeutics to target difficult-to-treat cancers and improve quality of life for patients, completed its upsized initial public offering of 10,500,000 shares of common stock at an initial public offering price of $16 per share. The gross proceeds from the offering are $168 million. Pyxis develops three preclinical candidates, including non-internalizing ADC with DNA damaging agent PYX-201, ADC targeting DLK-1 PYX-202 and ADC targeting CD123 PYX-203. The post-money valuation of the company is $524 million, total money invested in the company together with IPO proceeds is $366 million.

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