|Over a month ago|
Merck collaboration positions Surface Oncology well, says JonesTrading » 09:4105/2005/20/20
After Surface Oncology…
After Surface Oncology (SURF) announced clinical collaboration with Merck (MRK) on Keytruda for combination study with Surface's SRF617 targeting CD39, JonesTrading analyst Soumit Roy said he sees the collaboration positioning Surface well as peer's data start to come out regarding IO combos in NSCLC. The analyst, who believes any positive data in the adenosine space at ASCO will be viewed positively for Surface, reiterates a Buy rating and $12 price target on the shares.
Surface Oncology raises $28.9M in gross proceeds from ATM facility » 07:2105/2005/20/20
Surface Oncology announced that it has raised gross proceeds of approximately $28.9M through its At-the-Market, or ATM, facility with participation based on interest received from EcoR1 Capital LLC, Venrock Healthcare Capital Partners, BVF Partners L.P., and RS Investments, a Victory Capital investment franchise. Surface Oncology sold approximately 10.9 million shares of its common stock at a purchase price of $2.66, the market price at the time of the sale. This transaction exhausts the balance on the $30M ATM facility. JonesTrading Institutional Services LLC is acting as the sales agent for the ATM facility. These funds strengthen Surface Oncology's balance sheet and will be used to advance its pipeline, including the clinical development of SRF617 and SRF388, and the advancement of SRF813, as well as for working capital and other general corporate purposes.
Surface Oncology, Merck collaborate on immuno-oncology study of SRF617 » 07:1305/2005/20/20
Surface Oncology (SURF)…
Surface Oncology (SURF) announced it has entered into a clinical trial collaboration with Merck (MRK), known as MSD outside the United States and Canada, through a subsidiary, to evaluate the safety and efficacy of combining Surface's SRF617, an investigational antibody therapy targeting CD39, with Merck's KEYTRUDA, the first anti-PD-1 therapy approved in the United States. This combination will be studied as a component of the first-in-human Phase 1/1b study of SRF617 and will be evaluated in patients with solid tumors, with a focus on patients with gastric cancer and those who have developed resistance to checkpoint inhibition - both areas of high unmet need. SRF617 inhibits CD39, an enzyme critical both to the breakdown of adenosine triphosphate and the production of adenosine. A substantial body of research supports a role for CD39 in allowing cancer to evade immune responses. For example, in gastric cancer, immune cells within the tumor often express high levels of CD39, which may impair an overall anti-cancer immune response even in the presence of an anti-PD-1 antibody. The combination of SRF617 and KEYTRUDA has the potential to overcome this barrier to immune system activation and promote anti-tumor immunity.
Surface Oncology to present preclinical data for multiple product programs » 07:4305/1505/15/20
Surface Oncology announced five scientific posters sharing updated preclinical data at the American Association for Cancer Research 2020 Annual Meeting, to be held virtually on June 22-24. The posters include preclinical data from Surface Oncology's two lead clinical-stage antibody therapies: SRF617 and SRF388. Three additional posters containing preclinical data from SRF813 and SRF231 will also be presented. Title: SRF617, a potent enzymatic inhibitor of CD39, demonstrates single-agent activity and cooperates with various cancer therapies in both solid tumor and hematologic malignancies: SRF617 is a potent inhibitor of CD39 enzymatic activity both in vitro and in vivo. Inhibition of CD39 potentiates the activity of chemotherapy and immunotherapy agents to improve tumor growth inhibition and survival in mice. Differential CD39 expression patterns across tumor types inform clinical indication selection. These findings support future clinical studies of SRF617 as monotherapy and in combination with other therapeutic agents in treating patients with cancer. Title: Increased IL-27 is associated with poor prognosis in renal cell carcinoma and supports use of SRF388, a first-in-class IL-27p28 blocking antibody, to counteract IL-27-mediated immunosuppression in this setting: IL-27 is a heterodimeric cytokine consisting of 2 subunits that limits the intensity and duration of T cell-mediated immunity. High levels of IL-27p28, EBI3, and IL27RA transcript levels are often elevated in renal cell carcinoma tumors and are associated with poor clinical outcome. SRF388 inhibits IL-27 signaling, diminishes inhibitory receptor expression and increases cytokine production. This pro-inflammatory response is enhanced when combined with PD-1 blockade. Data from these studies indicate that blockade of IL-27 can potentiate anti-tumor responses by counteracting IL-27-mediated immune escape. Title: SRF813, a fully human monoclonal antibody targeting the inhibitory receptor CD112R, enhances immune cell activation and anti-CD112R treatment in vivo demonstrates preclinical anti-tumor activity: SRF813 inhibits the CD112-CD112R interaction and enhances NK cell activation. CD112R inhibition in mouse tumor models reduced tumor growth and increased tumor-infiltrating lymphocyte activation. The combination of anti-CD112R with PD-1 blockade leads to greater tumor growth inhibition than either treatment alone. These preclinical data demonstrate that CD112R is a negative regulator of immune responses and that CD112R inhibition can potentiate anti-tumor responses in cancers that express CD112. Title: SRF231, a fully human CD47 antibody, potentiates the effects of opsonizing antibodies and cytotoxic chemotherapies in preclinical cancer models: SRF231 demonstrates anti-tumor activity as a monotherapy in multiple myeloma and non-small cell lung cancer models. SRF231 potentiates the effects of opsonizing antibodies in preclinical MM xenograft models. SRF231 potentiates the effects of taxane and platinum-based standard of care chemotherapies in preclinical NSCLC xenograft models. Title: The anti-CD47 antibody SRF231 increases anti-tumor activity of standard of care chemotherapy in platinum-resistant PDX models of ovarian cancer: Anti-CD47 directed therapy with SRF231 demonstrates the ability to significantly increase the anti-tumor activity of standard chemotherapies in xenograft and platinum-resistant patient-derived xenograft models of ovarian cancer. In 2018, Surface Oncology deprioritized the SRF231 clinical program and is concluding its Phase 1 study.
Surface Oncology has enough cash to fund the company into FY22 » 06:2405/1205/12/20
As of March 31 cash, cash…
As of March 31 cash, cash equivalents and marketable securities were $90.1M, compared to $105.2M on December 31, 2019. The company continues to project that current cash and cash equivalents are sufficient to fund the Company into 2022. Anticipated milestones under the NZV930 collaboration with Novartis and additional capital potentially available under the K2 HealthVentures debt financing, in aggregate, would extend Surface Oncology's cash runway into the second half of 2022.
Surface Oncology reports Q1 EPS 81c, consensus 43c » 06:2105/1205/12/20
Reports Q1 revenue…
Reports Q1 revenue $38.6M, consensus $26.52M. "I am pleased to report that Surface has made substantial clinical progress to date in 2020; achieving important milestones with both of our highly differentiated lead programs, SRF617 and SRF388, while rapidly working through a safe transition to a largely virtual operation due to the current pandemic," said Jeff Goater, CEO. "Over the past few months, we announced the dosing of the first patients in the Phase 1 dose ascending trials for both of our lead product programs. In partnership with our clinical sites, we are following the latest FDA guidance regarding safe conduct of clinical trials during this time. We look forward to providing our initial clinical update for both programs before the end of this year."
Surface Oncology announces first patient dosed in SRF388 clinical trial » 08:2704/2304/23/20
Surface Oncology announced that it has initiated a Phase 1 clinical trial of its first-in-class antibody SRF388, which targets the immunosuppressive cytokine IL-27. The Phase 1 dose escalation study will enroll patients with advanced solid tumors. Once a recommended Phase 2 dose is reached, the study is designed to expand into cohorts consisting of patients with late-stage renal cell carcinoma and hepatocellular carcinoma. Surface expects to provide an initial clinical update from the dose escalation portion of the study by the end of 2020.
Gilead possible stake in Arcus positive for Surface, Infinity, says JonesTrading » 14:0104/1604/16/20
SURF, INFI, GILD, RCUS, AZN
JonesTrading analyst Soumit Roy notes that a Bloomberg report mentioned potential for Gilead (GILD) to acquire a stake in Arcus Biosciences (RCUS) and possibly also strike a collaboration deal. The analyst believes Gilead taking a stake in Arcus makes clear sense, "nicely" positioning the former in solid tumor space targeting adenosine pathway as Arcus has multiple randomized Phase 2 readouts in Q4. Only missing piece for Gilead would be a CD39i, he contends. Roy sees positive read-through for Surface Oncology (SURF), which is well positioned with wholly owned SRF617, an CD39i. With any positive data in CD39 space, he believes Surface would be a clean M&A target. Additionally, Roy sees positive read-through for Infinity Pharmaceuticals (INFI), noting that in September 2019, Arcus initiated a Phase 1/1b study in collaboration with Infinity. Roy has Buy ratings on both Surface and Infinity.
|Over a quarter ago|
Surface Oncology announces first patient dosed in SRF617 clinical trial » 08:0903/1703/17/20
Surface Oncology (SURF)…
Surface Oncology (SURF) announced that it has initiated a Phase 1/1b clinical trial of its antibody candidate SRF617, which targets the immunosuppressive protein CD39. The Phase 1/1b dose escalation study will initially enroll patients with advanced solid tumors, then focus on three combination arms, either with gemcitabine and abraxane, with anti-PD-1, or with AB928, an A2A/A2B small molecule inhibitor in clinical collaboration with Arcus Biosciences (RCUS). Further planned cohorts will focus on several tumors of high unmet need, including pancreatic cancer, gastric cancer and tumors that have demonstrated resistance to anti-PD-1 therapy. A biopsy expansion cohort has been designed to provide data on changes in tumor tissue CD39 enzymatic activity related to SRF617 treatment. Surface expects to provide an initial clinical update from the dose escalation portion of the study by the end of 2020.
Surface Oncology reports cash and equivalents $105.2M » 06:2303/1003/10/20
Following the strategic…
Following the strategic restructuring implemented in January, Surface Oncology's current cash and cash equivalents are projected to fund the Company into 2022. Anticipated milestones under the NZV930 collaboration with Novartis and additional capital potentially available under the K2 HealthVentures debt financing, in aggregate, would extend Surface Oncology's cash runway into the second half of 2022. As of December 31, 2019, cash, cash equivalents and marketable securities were $105.2M, compared to $158.8M on December 31, 2018.