Proposed merger would add a differentiated Phase 3 TROP2 Antibody-drug Conjugate (ADC) to the combined company's pipeline PALO ALTO, Calif., Dec. 27, 2024 (GLOBE NEWSWIRE) -- Vincerx Pharma, Inc. (Nasdaq: VINC), a biopharmaceutical company aspiring to address the unmet medical needs of patients with cancer through paradigm-shifting therapeutics, today announced that it has entered into a binding term sheet for a proposed merger with Oqory, Inc., a privately-held, clinical-stage company developing ADCs for the treatment of multiple oncology indications. Upon completion of the proposed merger, Oqory, Inc. will merge with Vincerx Pharma, Inc. Post-closing, Oqory equity holders are expected to own approximately 95% of the combined entity, while Vincerx equity holders will hold about 5%. The transaction includes a minimum fully diluted equity value of $13.66 million for existing Vincerx stockholders at closing and, as a condition to the closing of the merger, completion of a concurrent offering of Vincerx equity securities of at least $20 million. Additionally, Oqory-designated investors will provide interim financing to Vincerx of $1.5 million in two tranches, approximately $1,000,000 of which was funded today through the issuance of common stock and pre-funded warrants along with accompanying common stock warrants and approximately $500,000 of which will be funded on or prior to January 31, 2025. The merger is subject to customary closing conditions, including due diligence, regulatory approvals, negotiation of a definitive merger agreement, stockholder approval from both parties, completion of the minimum $20 million financing, and the continued listing of Vincerx's common stock on Nasdaq. Vincerx is also implementing additional streamlining and cost-control measures, including a workforce reduction, as it pursues due diligence and transaction-related work. As part of this workforce reduction, Dr. Ahmed Hamdy, Chairman and Chief Executive Officer (CEO), has stepped down as CEO but will remain as Chairman. Dr. Raquel Izumi has stepped down as President and Chief Operations Officer and taken over as Acting CEO in a consulting capacity. Alexander Seelenberger has stepped down as Chief Financial Officer, and Kevin Hass, the Company's Vice President and Controller, has taken over as Acting Chief Financial Officer. Mr. Seelenberger has agreed to provide ongoing assistance in a consulting capacity to assist the Company as it pursues its strategic efforts. "This strategic transaction highlights Vincerx's commitment to develop ADCs with improved safety profiles that allow patients to thrive on-rather than endure-their cancer therapies,” said Raquel Izumi, Ph.D., Acting Chief Executive Officer. "Oqory's anti-TROP2 ADC has shown favorable efficacy and safety in the clinic. Among approximately 150 treated patients, results include an 83% overall response rate and 100% disease control rate in first-line triple-negative breast cancer (TNBC; n=30). Unlike other TROP2 ADCs in Phase 3, no cases of interstitial lung disease or Grade 3 and above stomatitis have been reported. Oqory's Phase 3 studies of OQY-3258 are ongoing to confirm these promising findings.” About OQY-3258 (also known as ESG401) OQY-3258 is Oqory's anti-TROP2 ADC with an optimized enzyme-dependent linker technology and an SN-38 payload with established efficacy and manageable side effect profile. OQY-3258 has completed Phase 1/2 development in over 150 patients with solid tumors, including metastatic HR+/HER2- and triple-negative breast cancer. OQY-3258 has shown efficacy in these patients, including reduction of brain metastasis and responses in heavily pretreated patients. To date, OQY-3258 has exhibited a differentiated safety profile vs. Trodelvy and other TROP2 ADCs in Phase 3 development. Notably, no interstitial lung disease or ocular surface events have been observed. Gastrointestinal effects have been mild and mainly Grade 1/2. Neutropenia and leukopenia have been the major AEs, which were manageable and did not result in discontinuation of study drug. OQY-3258 is being evaluated in a Phase 3 study as first-line treatment in patients with unresectable recurrent or metastatic triple-negative breast cancer ( NCT06732323 ) and in a Phase 3 study in patients with unresectable locally advanced or metastatic HR+/HER2- breast cancer ( NCT06383767 ). About Oqory, Inc. Oqory, Inc. is an innovator in the field of ADCs with expertise in advancing targeted cancer therapies. The Company's pipeline includes multiple ADC programs, with two currently in clinical development and several next-generation ADCs in preclinical stages. These programs are designed to address critical unmet needs in indications such as breast cancer, non-small cell lung cancer, small cell lung cancer, multiple myeloma, and other metastatic solid tumors. Powered by a proprietary ADC platform, Oqory is delivering therapies that have demonstrated promising efficacy and safety paving the way for improved patient outcomes. About Vincerx Pharma, Inc. Vincerx Pharma, Inc. is a clinical-stage biopharmaceutical company committed to developing differentiated and novel therapies to address the unmet medical needs of patients with cancer. Vincerx's pipeline consists of a next-generation ADC, VIP943, currently in Phase 1; a small molecule drug conjugate, VIP236, which has completed its Phase 1 study; a CDK9 inhibitor, enitociclib, which has completed a Phase 1 monotherapy study; a preclinical ADC, VIP924; and VersAptxTM, a versatile, next-generation bioconjugation platform. Vincerx is based in Palo Alto, California, and has a research subsidiary in Monheim, Germany. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the "safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, expectations and events, can generally be identified by the use of forward-looking terms such as "believe,” "expect,” "may,” "will,” "should,” "would,” "could,” "suggest,” "seek,” "intend,” "plan,” "goal,” "potential,” "on-target,” "on track,” "project,” "estimate,” "anticipate,” or other comparable terms. All statements other than statements of historical facts included in this press release are forward-looking statements. Forward-looking statements include, but are not limited to, the entry into a definitive merger agreement; the anticipated terms and closing of the merger, the $20 million equity investment, and the amount and timing of the interim financing; the expected ownership structure and value to Vincerx stockholders upon closing of the merger; the anticipated benefits of a merger transaction; and the clinical results of Oqory's product candidates. Forward-looking statements are neither historical facts nor assurances of future performance or events. Instead, they are based only on current beliefs, expectations, and assumptions regarding future business developments, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Forward-looking statements are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict, many of which are outside Vincerx's control. Actual results, conditions, and events may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause actual results, conditions, and events to differ materially from those indicated in the forward-looking statements include, but are not limited to, Vincerx's capital requirements, availability and sufficiency of capital, and cash runway; the ability of the parties to enter into a definitive merger agreement and the final terms thereof; the parties' ability to satisfy the conditions precedent to the merger, including stockholder approval; the closing of the merger; the risk that any definitive agreement is terminated after it is entered into but before consummation of any proposed merger;; Vincerx's reliance on receipt of interim funding; market acceptance of the combined company; risks associated with clinical development of the Vincerx and Oqory product candidates; general economic, financial, legal, political, and business conditions; and the risks and uncertainties set forth in Vincerx's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 and subsequent reports filed with the Securities and Exchange Commission by Vincerx. Forward-looking statements speak only as of the date hereof, and Vincerx disclaims any obligation to update any forward-looking statements. Vincerx and the Vincerx logo are trademarks of Vincerx. This press release also contains trademarks and trade names that are the property of their respective owners. Contacts: Gabriela Jairala Vincerx Pharma, Inc. [email protected] Totyana Simien Inizio Evoke Comms [email protected]China's rising economic influence has sparked both admiration and apprehension among other countries. While many countries see the opportunities presented by China's expanding market and investment potential, there are also concerns about issues such as intellectual property rights protection, market access, and geopolitical implications of China's growing presence in global markets.
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Zuo Yi, the renowned hairstylist, is known for his creativity in crafting unique and trendsetting hairstyles. Today, we had the opportunity to sit down with Zuo Yi to discuss his latest creation - the "Monkey Zuo" hairstyle. With 800 different emotions, this hairstyle has taken the fashion world by storm and Zuo Yi couldn't be more pleased with the results.World leaders watch Notre-Dame reopen with a 'merci'The Texas Supreme Court on Friday overturned a lower court ruling that state Attorney General Ken Paxton testify in a whistleblower lawsuit at the heart of impeachment charges brought against him in 2023. The court on Friday said Paxton’s office does not dispute any issue in the lawsuit by four former Paxton employees and agreed to any judgment in the case. “In a major win for the State of Texas, the state Supreme Court has sided with Attorney General Paxton against former OAG employees whose effort to prolong costly, politically-motivated litigation against the agency has wasted public resources for years," a statement from Paxton's office said. An attorney for one of the plaintiffs declined immediate comment, and a second attorney did not immediately return a phone call for comment. The former employees allege they were improperly fired or forced out for bringing to the FBI allegations that Paxton was misusing his office to protect a friend and campaign donor, who in turn, they said, was helping the attorney general to conceal an extramarital affair. The Supreme Court ruling noted that the Texas governor and Legislature have expressed a desire to hear testimony from the witnesses prior to agreeing to appropriate funds to settle the lawsuit. The court said forcing Paxton, First Assistant Attorney General Brent Webster, Chief of Staff Lesley French Henneke and senior advisor Michelle Smith to testify earlier could improperly be used for legislative purposes in deciding any appropriation. Under the preliminary deal , Paxton agreed to apologize to the former employees for calling them “rogue” employees, settle the case for $3.3 million and ask the state to pay for it, prompting the state House to reject the request and begin its own investigation, leading to the vote to impeach him. Paxton was ultimately acquitted after a Senate trial. The Supreme Court termed its ruling conditional upon the lower trial court complying with the decision, while saying it is “confident the trial court will comply” with the order. Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
Given his track record and achievements in the league, Lue expected the Lakers to present him with a contract that reflected his value and contributions to the game. However, the reported offer of a 3-year deal with certain conditions that Lue felt were not respectful of his abilities and experience left him feeling undervalued and ultimately led to his decision to decline the position.
RIYADH: A Saudi-Qatari roundtable meeting held in Riyadh on Sunday highlighted significant investment opportunities in various key sectors as a way of fostering stronger economic ties between the two nations, the Saudi Press Agency reported. The event was co-chaired by Ibrahim Al-Mubarak, assistant minister of investment and acting CEO of the Saudi Investment Promotion Authority, alongside Mohammed bin Hassan Al-Malki, undersecretary of the Ministry of Commerce and Industry of Qatar. The roundtable brought together senior officials, executives, and business leaders from both countries. Discussions focused on strengthening investment partnerships and identifying opportunities across diverse sectors, including communications, information technology, banking services, industry, mining, construction, tourism, aviation, and health services. Key presentations were delivered by Invest Saudi and Invest Qatar to showcase the investment landscape of the two nations and help provide investors and companies with insights into the business environment and opportunities for collaboration in both markets.NoneLiang Xin's determination to find her family inspired many, and a team of volunteers eagerly agreed to help her in any way they could. They knew that time was of the essence, as Liang Xin's resources were limited and she had just two hours to gather as much information as possible.
Texas Supreme Court overturns ruling that state Attorney General Ken Paxton testify in lawsuitDAVID MARCUS: How my Jewish father taught me to love Christmas