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NonePALO 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. gabriela.jairala@vincerx.com Totyana Simien Inizio Evoke Comms totyana.simien@inizioevoke.com
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Israeli troops forcibly remove staff and patients from northern Gaza hospital, officials sayDanielle Colby, who stars on the popular History Channel show American Pickers , shouted out her pal and co-star Mike Wolfe on Instagram for making a donation to a cause that is very near to her heart. The "Queen of Rust," who moonlights as a burlesque dancer and OnlyFans model , is putting together a Stripping History Museum by curating pieces from her personal collection of memorabilia. On December 23, she posted a picture standing next to the newest piece of her collection, a large vintage live variety show advertisement featuring American burlesque performer Gay Dawn, which she received as a gift from her pal Mike. American Pickers' Frank Fritz had huge net worth that went to healthcare bills before his tragic death How American Pickers' Danielle Colby found new love after fame took toll on first marriage In the post's caption, Danielle writes: "Gifts that pique my curiosity and allow my obsessive tendencies to run amok with exhaustive research are my absolute favorite! I’m so excited to hang this rare piece of Burly history in my Stripping History museum. Thank you @americanpickers Thank you my awesome brother @mikewolfeamericanpicker for this epic donation" American Pickers follows a team of people, including Mike and Danielle, who travel across the country in search of rare artifacts and treasures to either keep for their collections or sell in their shop. The pair's friendship dates way back to before they starred on the popular antiquing show together, when they met at a yard sale vying for the same vintage lamp. The kindred treasure hunters are constantly showing support for one another on social media. Recently, Danielle disclosed in an Instagram video that she "Had some very serious health issues happening within my family," reassuring fans: "I'm okay, I'm fine, but my family needs me right now." She went on to say: "Maybe at some point, things will balance out, hopefully, and I'll be able to get on the road again for burlesque, but until then, I'm gonna miss you guys." Though she had to temporarily put her burlesque performances on pause, she will continue her role on American Pickers, which is currently filming its 27th season. Click here to follow the Mirror US on Google News to stay up to date with all the latest news, sport and entertainment stories. DAILY NEWSLETTER: Sign up here to get the latest news and updates from the Mirror US straight to your inbox with our FREE newsletter.
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Less than a month after winning the World Series, the Los Angeles Dodgers are spending big again to add one of baseball's best pitchers to their star-studded roster. Blake Snell and the Dodgers agreed to a $182 million, five-year contract, according to a person with direct knowledge of the negotiations. The person spoke to The Associated Press on condition of anonymity Tuesday night because the deal is subject to a successful physical. The two-time Cy Young Award winner broke the news personally by posting a photo of himself on social media in a Dodgers uniform — No. 7. Snell would join two-way superstar Shohei Ohtani and fellow Japanese right-hander Yoshinobu Yamamoto atop Los Angeles' rotation, giving the Dodgers the first mega deal of this offseason following Ohtani's $700 million, 10-year contract and Yamamoto's $325 million, 12-year deal last winter. Ohtani didn't pitch this year while recovering from right elbow surgery but is expected back on the mound in 2025. He won his third MVP award — first in the National League — following a huge season at the plate exclusively as a designated hitter. Yamamoto went 7-2 with a 3.00 ERA in 18 starts as a rookie, then won twice in four October outings. Down to three healthy starting pitchers during the postseason, Los Angeles overcame a string of injuries to its projected rotation in winning the franchise's second World Series title in five years. Right-handers Jack Flaherty and Walker Buehler then became free agents this fall, creating more voids on the staff. But the addition of Snell would fill a large one at the top with a legitimate ace. Snell's $36.4 million average salary would rank as the fifth-highest among active deals next year behind Ohtani ($70 million), Philadelphia pitcher Zack Wheeler ($42 million), New York Yankees outfielder Aaron Judge ($40 million) and Texas pitcher Jacob deGrom ($37 million). Among expired contracts, it also was exceeded by pitchers Max Scherzer and Justin Verlander (both $43.33 million) under deals they agreed to with the New York Mets. ESPN first reported the details of Snell's contract. Earlier this month, Snell opted out of his deal with San Francisco to become a free agent for the second consecutive offseason after he was slowed by injuries during his lone year with the Giants. The left-hander agreed in March to a $62 million, two-year contract that included a $17 million signing bonus payable on Jan. 15, 2026, a $15 million salary for 2024 and a $30 million salary for 2025, of which $15 million would have been deferred and payable on July 1, 2027. Snell, who turns 32 next week, went 5-3 with a 3.12 ERA in 20 starts this year, throwing a no-hitter at Cincinnati on Aug. 2 for one of only 16 individual shutouts in the major leagues this season. He struck out 145 and walked 44 in 104 innings. He was sidelined between April 19 and May 22 by a strained left adductor and between June 2 and July 9 by a strained left groin. Snell won Cy Young Awards in 2018 with Tampa Bay and 2023 with San Diego. He is 76-58 with a 3.19 ERA in nine seasons with the Rays (2016-20), Padres (2021-23) and Giants. Because he turned down a qualifying offer from San Diego last November, the Giants were not eligible to give Snell another one and won’t receive draft-pick compensation. Los Angeles expects All-Star right-hander Tyler Glasnow and three-time Cy Young Award winner Clayton Kershaw back in the rotation next year. Other starting candidates if healthy include right-handers Dustin May, Tony Gonsolin and Bobby Miller. Ohtani is coming off right elbow surgery in September 2023 and left shoulder surgery on Nov. 5. Glasnow didn’t pitch after Aug. 11 because of right elbow tendinitis. Kershaw, who turns 37 in March, had foot and knee surgeries on Nov. 7. He declined a $10 million player option in favor of free agency, but is expected to return to Los Angeles. May is coming back from Tommy John surgery in July 2023 and for an operation this past July to repair a tear in his esophagus. Gonsolin spent 2024 rehabbing from Tommy John surgery. Miller, an 11-game winner as a rookie in 2023, was sidelined early this season by shoulder inflammation. He struggled to a 2-4 record with an 8.52 ERA in 13 big league starts and ended the regular season in the minors. Yamamoto was sidelined by right triceps tightness between June 15 and Sept. 10, then returned and went 2-0 with a 3.86 ERA in four postseason starts to cap the first season of his $325 million contract. AP Baseball Writers Janie McCauley and Mike Fitzpatrick contributed to this report. AP MLB: https://apnews.com/hub/MLB
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Asian stock markets continued to surge in popularity in 2024, outperforming the in IPOs. Throughout this year, Asia has dominated on stock exchange floats, with over 600 IPOs throughout the year, more than two thirds of the 867 floats globally in 2024, according to data In comparison, the UK market has had just a dozen IPOs throughout the year, with only six worth more than £30m. “It is worth noting that the performance of some of these deals has been mixed, with a number trading below issue post pricing,” said Peel Hunt analysts. The only IPO worth more than £1bn from the UK , which has fallen more than 14 per cent since its IPO earlier this month. Meanwhile, countries like India have seen their stock market take-in surge, with proceeds skyrocketing to $11.2bn (£9bn), more than doubling the $5.5bn (£4.4bn) raised in 2023. Shanghai Stock Exchange Building at Pudong (Wikipedia/Author ??/CC BY-SA 3.0) “The pipeline for 2025 promises even bigger fireworks, fuelled by skyrocketing retail participation, hefty domestic inflows, and FPIs [Foreign Portfolio Investments] flexing their muscles,” said Murthy Grandhi, company profiles analyst at Globaldata. In comparison, the value of deals on the UK IPO market declined about nine per cent this year according to data, pushing it down to just 20th in the world. Looking at the rest of Asia, and in particular Asia Pacific (APAC) Japan and Malaysia also registered impressive growth, with Japan’s IPOs increasing 275 per cent, with 69 IPOs raising a total of $12.6bn (£10.1bn), while Malaysia recorded a 146 per cent rise. However, Chinese IPOs dropped by more than half, thanks to tighter regulations and a lack of interest in its market until the last quarter of the year. The country saw the launch of 64 IPOs raising just over $5.2bn (£4.2bn). The Asian markets are expected to continue their streak of strong performance into 2025, thanks to a robust pipeline of companies ready to make their splash on stock exchanges. Significant IPOs include Tokyo Metro in Japan and Hyundai Motor in India, with deal values of $3.2bn (£2.6bn) and $3.3bn (£2.6bn) respectively, totalling vastly more than all floats on the UK market combined. By City AMNone