This week's Philadelphia-area life sciences news includes a $5 million grant extension for a local NCI-designated cancer center, a management team expansion for a Malvern biopharmaceutical firm, another Chester County company's $2M stock sale, and more.
Here's the roundup:
The Wistar Institute
The Philadelphia research institution was granted a merit extension award from the National Cancer Institute totaling more than $5 million for its Ellen and Ronald Caplan Cancer Center.
Wistar is the first NCI-designated basic cancer center in the country to receive the award, which extends its cancer center support grant for two additional years.
Wistar’s Caplan Cancer Center is also among the first five NCI-designated cancer centers of any type to earn the distinction countrywide.
The are three types of NCI-designated cancer centers: Comprehensive cancer centers, clinical cancer centers, and basic laboratory cancer centers. Comprehensive cancer centers must demonstrate expertise in each of three areas: laboratory, clinical, and behavioral and population-based research. Clinical cancer centers generally conduct a combination of basic, population sciences, and clinical research. Basic laboratory cancer centers conduct only laboratory research and do not provide patient treatment. In Philadelphia, Fox Chase Cancer Center and Penn Medicine's Abramson Cancer Center are NCI-designated comprehensive cancer centers. Jefferson's Kimmel Cancer Center is an NCI-designated clinical cancer center.
Dr. Dario C. Altieri, Wistar's CEO and director of the Caplan Cancer Center, said Wistar was honored to received the merit extension.
“We are committed to scientific excellence in the face of diseases affecting people across the country, and we are grateful the NCI recognizes our determination and single-mission focus that has propelled forward a deeper understanding of cancer biology," Altieri said. "We will continue to invest in promising scientific talent and training programs and pursue innovative solutions to cancer.”
The NCI said it extended Wistar's grant based on the institute's "continued exceptional performance in uncovering the fundamental aspects of cancer, advancing these basic discoveries to impact patients through translation to clinical applications, and for conducting education and training of future cancer scientists."
Wistar said the seven-year term of its current NCI designation will allow the institute to increase its scientific impact through longer-range planning.
Aclaris Therapeutics
The Malvern biopharmaceutical company focused on immuno-inflammatory diseases expanded its leadership team with the appointment of Dr. Douglas Manion as president and chief operating officer.
Manion will be responsible for overseeing day-to-day operations at Aclaris (NASDAQ: ACRS).
Dr. Neal Walker, who previously held the title of president, will continue to serve as Aclaris’ CEO.
Manion, who has more than 25 years of pharmaceutical industry experience with both large and small companies, most recently served as executive vice president of research and development at Arena Pharmaceuticals until its acquisition by Pfizer Inc. Prior to that, Manion was CEO of Kleo Pharmaceuticals, an immuno-oncology company, until its acquisition by Biohaven Pharmaceutical Holding Company Ltd. Earlier in his career, Manion held senior management roles at Bristol-Myers Squibb, GlaxoSmithKline, DuPont Pharmaceuticals and DuPont Merck Pharmaceuticals.
Trevena
The Chesterbrook biopharmaceutical company closed a $2 million registered direct offering, raising the funds from a single healthcare-focused institutional investor.
The identity of the investor was not disclosed.
Trevena (NASDAQ: TRVN) said it plans to use the proceeds for general corporate purposes, which may include working capital and general and administrative expenses.
The company sold 1,800 shares of Series A convertible preferred stock and 200 shares of Series B convertible preferred stock, along with warrants exercisable to purchase up to an aggregate of 8 million shares of common stock. Each share of preferred stock has a stated value of $1,000 per share and a conversion price of $0.25 per share. The shares of preferred stock issued in the offering are convertible into an aggregate of 8 million shares of common stock. The warrants have an exercise price of $0.263 per share and are exercisable beginning either six months following the date of issuance or on the effective date of a planned reverse split of the company’s common stock, whichever is later. The reverse stock split still requires stockholder approval.
H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.
Trevena disclosed last week that it had reduced its workforce by about 25%, or about 10 positions, as part of a "resource realignment" that will allow it to extend its cash runway into mid-2023. The company has one product, Olinvyk, in the market. Olinvyk was approved by the Food and Drug Administration in 2020 for treatment of acute pain severe enough to require an intravenous opioid analgesic. It is also developing TRV045, an experimental drug in early stage clinical testing as a potential treatment for diabetic neuropathic pain.
Quick hits
Philadelphia-based Context Therapeutics (NASDAQ: CNTX) and the Menarini Group of Florence, Italy, entered into a clinical trial collaboration and supply agreement for Menarini’s oral selective estrogen receptor degrader elacestrant. The agreement will support Context's upcoming study of its experimental metastatic breast cancer therapy. Context will sponsor the clinical trial and Menarini will supply elacestrant at no cost. … Tabula Rasa completed its previously announced deal to sell its PrescribeWellness business to Transaction Data Systems for up to $140 million. The agreement called for a $125 million payment at closing and up to an additional $15 million tied to achieving undisclosed performance-based metrics in 2023 and 2024. Moorestown-based Tabula Rasa (NASDAQ: THRC) acquired California-based PrescribeWellness, a developer of software used by community pharmacies to predict and better manage workflow, in May 2019 for $150 million.
