Categories
Business Lifestyle Regulations & Security

AM Best places Credit Ratings of Encova Life Insurance Company under review with positive implications

OLDWICK, N.J. — (BUSINESS WIRE) — #insuranceAM Best has placed under review with positive implications the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) of Encova Life Insurance Company (Encova Life) (Columbus, OH).

This follows the May 22, 2023 announcement by Pan-American Life Insurance Company (PALIC) that it has entered into an agreement to acquire Encova Life and merge it into PALIC. The under review with positive implications status reflects the potential benefits Encova Life would receive from the acquisition. According to the announcement, all Encova Life policies will be assumed by PALIC following the merger. The acquisition is pending regulatory approvals and expected to close in late 2023 or early 2024. These Credit Ratings will remain under review until the close of the transaction and AM Best’s review of post-transaction details.

 

Encova Life is a wholly owned subsidiary of Encova Mutual Insurance Group, Inc., a mutual holding company whose principal operations comprise the property-casualty insurance operations of the Encova Mutual Insurance Group, with its members currently having an FSR of A (Excellent) and a Long-Term ICR of “a” (Excellent) with stable outlooks.

 

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Joni Cerbone
Senior Financial Analyst
+1 908 439 2200, ext. 5726
joni.cerbone@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Alan Murray
Associate Director
+1 908 439 2200, ext. 5535
alan.murray@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 439 2200, ext. 5098
al.slavin@ambest.com

Categories
Business Lifestyle Regulations & Security

AM Best revises outlooks to negative for Germania Farm Mutual Insurance Association and core subsidiaries; assigns credit ratings to Germania Property & Casualty Insurance Company

OLDWICK, N.J. — (BUSINESS WIRE) — #insuranceAM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of Germania Farm Mutual Insurance Association and its subsidiaries: Germania Fire & Casualty Company, Germania Insurance Company and Germania Select Insurance Company. Collectively, these companies comprise Germania Mutual Group (Germania). Concurrently, AM Best has assigned an FSR of B++ (Good) and a Long-Term ICR of “bbb+” (Good) to Germania Property & Casualty Insurance Company (GPC), a wholly owned subsidiary of Germania Farm Mutual Insurance Association. The outlook assigned to the FSR is stable while the outlook assigned to the Long-Term ICR is negative.

 

Additionally, AM Best has revised the Long-Term ICR outlook to negative from stable and affirmed the FSR of B++ (Good) and the Long-Term ICR of “bbb+” (Good) of Germania Life InsuranceCompany (Germania Life). The outlook of the FSR is stable. All companies are domiciled in Brenham, TX.

 

The Credit Ratings (ratings) of Germania reflect the group’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).

 

The revised outlooks consider the declining trend in Germania’s operating results over recent years. These trends arose due to pricing inadequacies in its core lines of business following severe catastrophic weather activity, along with increased costs for reinsurance and higher severity for auto due to inflation. As a result, the group’s combined ratio has been above breakeven in each of the past two years, highly influenced by excessive premium/policy growth as reinsurance prices increase. Ultimately, the deterioration has caused Germania’s five-year average operating return measures to lag the private passenger auto and homeowners’ industry composite and has begun to shift the group away from other carriers assessed as adequate. In the absence of improvement, the ratings are likely to be downgraded.

 

Despite the relative loss of surplus in recent years, Germania’s balance sheet continues to be supported by its strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), and comprehensive reinsurance program. The business profile assessment reflects the group’s geographic and product concentration of primarily residential risks in a catastrophe-prone state. Lastly, Germania’s ERM practices remain appropriate and in line with its risk profile, with a focus on exposure management, pursuing rate adequacy, and aggressive re-underwriting of its current book.

 

The ratings of GPC reflect its balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate ERM.

 

GPC’s adequate operating performance assessment is primarily based on the company’s ability to execute its strategic business plan and meet expected operating results throughout the three-year forecast period. The company’s business profile is assessed as limited, reflecting the company’s position as a repurposed company primarily concentrated on writing select homeowners’ insurance in Texas.

 

The ratings reflect Germania Life’s balance sheet strength, which AM Best assesses as strong, as well as its marginal operating performance, limited business profile and appropriate ERM.

 

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Michael Venezia
Senior Financial Analyst
+1 908 439 2200, ext. 5034
michael.venezia@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Alan Murray
Associate Director
+1 908 439 2200, ext. 5535
alan.murray@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 439 2200, ext. 5098
al.slavin@ambest.com

Categories
Business Healthcare Lifestyle Science

Daiichi Sankyo showcases latest research towards creating new standards of care for patients with cancer with data at ASCO and EHA

  • DESTINY-PanTumor02 late-breaking interim data and DESTINY-CRC02 primary results further support potential of ENHERTU across multiple HER2 expressing cancers
  • TROPION-Lung02 updated results continue to demonstrate promising clinical activity of datopotamab deruxtecan-based combinations in patients with non-small cell lung cancer
  • Investor meeting to discuss ASCO presentations and oncology development updates

 

BASKING RIDGE, N.J. — (BUSINESS WIRE) — Daiichi Sankyo (TSE: 4568) will present new clinical research across its oncology portfolio at the 2023 American Society of Clinical Oncology Scientific Program (#ASCO23) and the European Hematology Association Congress (#EHA23).

 

Presentations at ASCO showcasing the company’s leadership in developing multiple innovative medicines for patients with cancer will include the DESTINY-PanTumor02 late-breaking (LBA #3000) and DESTINY-CRC02 oral presentations (#3501) evaluating ENHERTU® (trastuzumab deruxtecan) across multiple HER2 expressing cancers. Data from DESTINY-PanTumor02 will be featured in an ASCO press briefing.

 

Additional data from Daiichi Sankyo’s DXd antibody drug conjugate (ADC) portfolio at ASCO include oral presentations featuring TROPION-Lung02 updated results of datopotamab deruxtecan (Dato-DXd)-based combinations in patients with advanced or metastatic non-small cell lung cancer (NSCLC) and the first results from BRE-354, a collaborative trial with Sarah Cannon Research Institute, evaluating patritumab deruxtecan (HER3-DXd) in patients with metastatic breast cancer.

 

Two analyses from the QuANTUM-First trial evaluating the addition of quizartinib to standard induction and consolidation chemotherapy followed by continuation monotherapy for the treatment of patients with newly diagnosed FLT3-ITD positive acute myeloid leukemia (AML) will be highlighted at EHA.

 

Our data at ASCO and EHA represent another step forward in realizing our vision to create new standards of care for patients with cancer. Data from our ENHERTU clinical development program will be presented at ASCO showcasing how this medicine potentially may change the way HER2 targetable solid tumors are treated beyond breast, gastric and lung cancer,” said Ken Takeshita, MD, Global Head, R&D, Daiichi Sankyo. “New datopotamab deruxtecan-based combination data from our TROPION-Lung02 trial will be reported at ASCO along with analyses from our QuANTUM-First trial of quizartinib in newly diagnosed acute myeloid leukemia at EHA.”

 

ENHERTU Redefining HER2 Targetable Cancers

Data from an interim analysis of the DESTINY-PanTumor02 phase 2 trial evaluating ENHERTU in patients with pre-treated metastatic HER2 expressing solid tumors, including biliary tract, bladder, cervical, endometrial, ovarian, pancreatic and other rare cancers will be presented as a late-breaking presentation and included in an ASCO press briefing on Sunday, June 4.

 

In topline results from DESTINY-PanTumor02, ENHERTU demonstrated clinically meaningful and durable responses across many of these HER2 expressing cancers, potentially redefining how these tumors may be treated. The safety profile observed in the DESTINY-PanTumor02 trial was consistent with that seen in other trials of ENHERTU with no new safety signals identified.

 

Other ENHERTU data being presented include two oral presentations featuring the primary results from the DESTINY-CRC02 phase 2 trial evaluating ENHERTU in patients with previously treated HER2 overexpressing metastatic colorectal cancer and age-specific pooled analysis of ENHERTU from three global breast cancer trials (DESTINY-Breast01, DESTINY-Breast02 and DESTINY-Breast03).

 

Datopotamab Deruxtecan-Based Combinations Continuing to Show Promise in NSCLC

Updated results from the TROPION-Lung02 phase 1b trial evaluating datopotamab deruxtecan in combination with pembrolizumab with or without platinum-based chemotherapy in patients with previously untreated or pretreated advanced or metastatic NSCLC without actionable genomic alterations will be featured in an ASCO oral presentation.

 

Trials-in-progress presentations also will be featured including the TROPION-Lung04 phase 1b trial evaluating datopotamab deruxtecan in various immunotherapy combinations with or without carboplatin in patients with advanced or metastatic NSCLC, and the TROPION-PanTumor03 phase 2 trial evaluating datopotamab deruxtecan monotherapy as well as combination therapy with other anticancer treatments (immunotherapy, PARP inhibitor, VEGF inhibitor or chemotherapy) in patients with advanced/metastatic endometrial, gastric, ovarian, colorectal and castration-resistant prostate cancer.

 

Daiichi Sankyo will hold a hybrid investor meeting/conference call for investors on Monday, June 5, 2023 from 7:30 to 9:00 pm CDT / Tuesday, June 6, 2023 from 9:30 to 11:00 am JST. Executives from Daiichi Sankyo will provide an overview of the ASCO research data and address questions.

 

Highlights of data from Daiichi Sankyo’s DXd ADC portfolio at 2023 ASCO include:

Presentation Title

Author

Abstract #

Presentation

ENHERTU (trastuzumab deruxtecan; T-DXd)

Pan-Tumor

Efficacy and safety of trastuzumab deruxtecan (T-DXd) in patients with HER2 expressing solid tumors: DESTINY-PanTumor02 (DP-02) interim results

F. Meric-Bernstam

LBA 3000

Oral Presentation

Monday, June 5

8:00 – 11:00 am CDT

GI

Trastuzumab deruxtecan (T-DXd) in patients with HER2 overexpressing/amplified (HER2+) metastatic colorectal cancer: primary results from the multicenter, randomized, phase 2 DESTINY-CRC02 study

K. Raghav

3501

Oral Presentation

Sunday, June 4

8:00 – 11:00 am CDT

Breast

An age-specific pooled analysis of trastuzumab deruxtecan (T-DXd) in patients with HER2 positive metastatic breast cancer from DESTINY-Breast01, 02, and 03

I. Krop

1006

Oral Presentation

Monday, June 5

11:30 am – 2:30 pm CDT

Trastuzumab deruxtecan (T-DXd) versus treatment of physician’s choice in patients with HER2 low, hormone receptor-positive unresectable and/or metastatic breast cancer: exploratory biomarker analysis of DESTINY-Breast04

S. Modi

1020

Poster Presentation

Sunday, June 4

11:30 am – 1:00 pm CDT

Interim real-world treatment patterns in patients with HER2+ unresectable or metastatic breast cancer: interim results from HER2 REAL Asia cohort

S. Lee

1047

Poster Presentation

Sunday, June 4

8:00 – 11:00 am CDT

Lung

Analytical and clinical validation of Oncomine Dx Target (ODxT) test and local testing for identifying patients with HER2 (ERBB2) mutant non-small cell lung cancer for treatment with trastuzumab deruxtecan (T-DXd) in DESTINY-Lung01/02 (DL-01/02)

B. Li

9033

Poster Presentation

Sunday, June 4

8:00 – 11:00 am CDT

Datopotamab Deruxtecan (Dato-DXd)

Lung

TROPION-Lung02: datopotamab deruxtecan (Dato-DXd) plus pembrolizumab with or without platinum chemotherapy in advanced non-small cell lung cancer

Y. Goto

9004

Oral Presentation

Tuesday, June 6

9:45 am – 12:45 pm CDT

TROPION-Lung04: phase 1b, multicenter study of datopotamab deruxtecan (Dato-DXd) in combination with immunotherapy ± carboplatin in advanced/metastatic non-small cell lung cancer

H. Borghaei

TPS3158

Poster Presentation

Saturday, June 3

8:00 – 11:00 am CDT

Pan-Tumor

TROPION-PanTumor03: phase 2, multicenter study of datopotamab deruxtecan (Dato-DXd) as monotherapy and in combination with anticancer agents in patients with advanced/metastatic solid tumors

Y. Janjigian

TPS3153

Poster Presentation

Saturday, June 3

8:00 – 11:00 am CDT

Patritumab Deruxtecan (HER3-DXd)

Breast

A phase 2 study of HER3-DXd in patients with metastatic breast cancer

E. Hamilton

1004

Oral Presentation Monday, June 5

11:30 am – 2:30 pm CDT

Quizartinib Analyses in Newly Diagnosed FLT3-ITD Positive AML

Two analyses of data from the QuANTUM-First phase 3 trial of quizartinib in combination with standard induction and consolidation chemotherapy and as continuation monotherapy in patients with newly diagnosed FLT3-ITD positive AML will be presented at EHA. An oral presentation will feature data reporting the impact of hematopoietic stem cell transplantation (HSCT) following first complete remission followed by up to three years of quizartinib monotherapy. An analysis of FLT3-ITD-specific measurable residual disease (MRD) and how it

impacted patient outcomes in QuANTUM-First will be reported in a poster presentation. The primary manuscript of the QuANTUM-First trial was recently published online in The Lancet along with approval received in Japan today for use in this AML patient population.

Highlights of data from Daiichi Sankyo at 2023 EHA include:

Presentation Title

Author

Abstract #

Presentation

Quizartinib

AML

Impact of allogeneic hematopoietic cell transplantation in first complete remission plus FLT3 inhibition with quizartinib in acute myeloid leukemia with FLT3-ITD: results from QuANTUM-First

R. Schlenk

S137

Oral Presentation

Sunday, June 11

12:00 – 12:15 pm CEST

QuANTUM-First trial: FLT3-ITD-specific measurable residual disease (MRD) clearance is associated with improved overall survival

M. Levis

P483

Poster Presentation

Friday, June 9

6:00 – 7:00 pm CEST

 

About the DXd ADC Portfolio of Daiichi Sankyo

The DXd ADC portfolio of Daiichi Sankyo currently consists of five ADCs in clinical development across multiple types of cancer. The company’s clinical trial stage DXd ADCs include ENHERTU, a HER2 directed ADC and datopotamab deruxtecan (Dato-DXd), a TROP2 directed ADC, which are being jointly developed and commercialized globally with AstraZeneca; and patritumab deruxtecan (HER3-DXd), a HER3 directed ADC. Two additional ADCs including ifinatamab deruxtecan (I-DXd; DS-7300), a B7-H3 directed ADC, and raludotatug deruxtecan (R-DXd; DS-6000), a CDH6 directed ADC, are being developed through a strategic early-stage research collaboration with Sarah Cannon Research Institute.

 

Designed using Daiichi Sankyo’s proprietary DXd ADC technology to target and deliver a cytotoxic payload inside cancer cells that express a specific cell surface antigen, each ADC consists of a monoclonal antibody attached to a number of topoisomerase I inhibitor payloads (an exatecan derivative, DXd) via tetrapeptide-based cleavable linkers.

 

Datopotamab deruxtecan, ifinatamab deruxtecan, patritumab deruxtecan and raludotatug deruxtecan are investigational medicines that have not been approved for any indication in any country. Safety and efficacy have not been established.

 

ENHERTU U.S. Important Safety Information

Indications

ENHERTU is a HER2-directed antibody and topoisomerase inhibitor conjugate indicated for the treatment of adult patients with:

  • Unresectable or metastatic HER2-positive breast cancer who have received a prior anti-HER2-based regimen either:– In the metastatic setting, or– In the neoadjuvant or adjuvant setting and have developed disease recurrence during or within six months of completing therapy
  • Unresectable or metastatic HER2-low (IHC 1+ or IHC 2+/ISH-) breast cancer, as determined by an FDA-approved test, who have received a prior chemotherapy in the metastatic setting or developed disease recurrence during or within 6 months of completing adjuvant chemotherapy
  • Unresectable or metastatic non-small cell lung cancer (NSCLC) whose tumors have activating HER2 (ERBB2) mutations, as detected by an FDA-approved test, and who have received a prior systemic therapyThis indication is approved under accelerated approval based on objective response rate and duration of response. Continued approval for this indication may be contingent upon verification and description of clinical benefit in a confirmatory trial.
  • Locally advanced or metastatic HER2-positive gastric or gastroesophageal junction adenocarcinoma who have received a prior trastuzumab-based regimen

WARNING: INTERSTITIAL LUNG DISEASE and EMBRYO-FETAL TOXICITY

  • Interstitial lung disease (ILD) and pneumonitis, including fatal cases, have been reported with ENHERTU. Monitor for and promptly investigate signs and symptoms including cough, dyspnea, fever, and other new or worsening respiratory symptoms. Permanently discontinue ENHERTU in all patients with Grade 2 or higher ILD/pneumonitis. Advise patients of the risk and to immediately report symptoms.
  • Exposure to ENHERTU during pregnancy can cause embryo-fetal harm. Advise patients of these risks and the need for effective contraception.

 

Contraindications

None.

Warnings and Precautions

Interstitial Lung Disease / Pneumonitis

Severe, life-threatening, or fatal interstitial lung disease (ILD), including pneumonitis, can occur in patients treated with ENHERTU. A higher incidence of Grade 1 and 2 ILD/pneumonitis has been observed in patients with moderate renal impairment. Advise patients to immediately report cough, dyspnea, fever, and/or any new or worsening respiratory symptoms. Monitor patients for signs and symptoms of ILD. Promptly investigate evidence of ILD. Evaluate patients with suspected ILD by radiographic imaging. Consider consultation with a pulmonologist. For asymptomatic ILD/pneumonitis (Grade 1), interrupt ENHERTU until resolved to Grade 0, then if resolved in ≤28 days from date of onset, maintain dose. If resolved in >28 days from date of onset, reduce dose one level. Consider corticosteroid treatment as soon as ILD/pneumonitis is suspected (e.g., ≥0.5 mg/kg/day prednisolone or equivalent). For symptomatic ILD/pneumonitis (Grade 2 or greater), permanently discontinue ENHERTU. Promptly initiate systemic corticosteroid treatment as soon as ILD/pneumonitis is suspected (e.g., ≥1 mg/kg/day prednisolone or equivalent) and continue for at least 14 days followed by gradual taper for at least 4 weeks.

Metastatic Breast Cancer and HER2-Mutant NSCLC (5.4 mg/kg)

In patients with metastatic breast cancer and HER2-mutant NSCLC treated with ENHERTU 5.4 mg/kg, ILD occurred in 12% of patients. Fatal outcomes due to ILD and/or pneumonitis occurred in 1.0% of patients treated with ENHERTU. Median time to first onset was 5 months (range: 0.9 to 23).

Locally Advanced or Metastatic Gastric Cancer (6.4 mg/kg)

In patients with locally advanced or metastatic HER2-positive gastric or GEJ adenocarcinoma treated with ENHERTU 6.4 mg/kg, ILD occurred in 10% of patients. Median time to first onset was 2.8 months (range: 1.2 to 21).

 

Neutropenia

Severe neutropenia, including febrile neutropenia, can occur in patients treated with ENHERTU. Monitor complete blood counts prior to initiation of ENHERTU and prior to each dose, and as clinically indicated. For Grade 3 neutropenia (Absolute Neutrophil Count [ANC] <1.0 to 0.5 x 109/L), interrupt ENHERTU until resolved to Grade 2 or less, then maintain dose. For Grade 4 neutropenia (ANC <0.5 x 109/L), interrupt ENHERTU until resolved to Grade 2 or less, then reduce dose by one level. For febrile neutropenia (ANC <1.0 x 109/L and temperature >38.3º C or a sustained temperature of ≥38º C for more than 1 hour), interrupt ENHERTU until resolved, then reduce dose by one level.

Metastatic Breast Cancer and HER2-Mutant NSCLC (5.4 mg/kg)

In patients with metastatic breast cancer and HER2-mutant NSCLC treated with ENHERTU 5.4 mg/kg, a decrease in neutrophil count was reported in 65% of patients. Sixteen percent had Grade 3 or 4 decreased neutrophil count. Median time to first onset of decreased neutrophil count was 22 days (range: 2 to 664). Febrile neutropenia was reported in 1.1% of patients.

Locally Advanced or Metastatic Gastric Cancer (6.4 mg/kg)

In patients with locally advanced or metastatic HER2-positive gastric or GEJ adenocarcinoma treated with ENHERTU 6.4 mg/kg, a decrease in neutrophil count was reported in 72% of patients. Fifty-one percent had Grade 3 or 4 decreased neutrophil count. Median time to first onset of decreased neutrophil count was 16 days (range: 4 to 187). Febrile neutropenia was reported in 4.8% of patients.

 

Left Ventricular Dysfunction

Patients treated with ENHERTU may be at increased risk of developing left ventricular dysfunction. Left ventricular ejection fraction (LVEF) decrease has been observed with anti-HER2 therapies, including ENHERTU. Assess LVEF prior to initiation of ENHERTU and at regular intervals during treatment as clinically indicated. Manage LVEF decrease through treatment interruption. When LVEF is >45% and absolute decrease from baseline is 10-20%, continue treatment with ENHERTU. When LVEF is 40-45% and absolute decrease from baseline is <10%, continue treatment with ENHERTU and repeat LVEF assessment within 3 weeks. When LVEF is 40-45% and absolute decrease from baseline is 10-20%, interrupt ENHERTU and repeat LVEF assessment within 3 weeks. If LVEF has not recovered to within 10% from baseline, permanently discontinue ENHERTU. If LVEF recovers to within 10% from baseline, resume treatment with ENHERTU at the same dose. When LVEF is <40% or absolute decrease from baseline is >20%, interrupt ENHERTU and repeat LVEF assessment within 3 weeks. If LVEF of <40% or absolute decrease from baseline of >20% is confirmed, permanently discontinue ENHERTU. Permanently discontinue ENHERTU in patients with symptomatic congestive heart failure. Treatment with ENHERTU has not been studied in patients with a history of clinically significant cardiac disease or LVEF <50% prior to initiation of treatment.

Metastatic Breast Cancer and HER2-Mutant NSCLC (5.4 mg/kg)

In patients with metastatic breast cancer and HER2-mutant NSCLC treated with ENHERTU 5.4 mg/kg, LVEF decrease was reported in 3.6% of patients, of which 0.4% were Grade 3.

Locally Advanced or Metastatic Gastric Cancer (6.4 mg/kg)

In patients with locally advanced or metastatic HER2-positive gastric or GEJ adenocarcinoma treated with ENHERTU 6.4 mg/kg, no clinical adverse events of heart failure were reported; however, on echocardiography, 8% were found to have asymptomatic Grade 2 decrease in LVEF.

 

Embryo-Fetal Toxicity

ENHERTU can cause fetal harm when administered to a pregnant woman. Advise patients of the potential risks to a fetus. Verify the pregnancy status of females of reproductive potential prior to the initiation of ENHERTU. Advise females of reproductive potential to use effective contraception during treatment and for 7 months after the last dose of ENHERTU. Advise male patients with female partners of reproductive potential to use effective contraception during treatment with ENHERTU and for 4 months after the last dose of ENHERTU.

 

Additional Dose Modifications

Thrombocytopenia

For Grade 3 thrombocytopenia (platelets <50 to 25 x 109/L) interrupt ENHERTU until resolved to Grade 1 or less, then maintain dose. For Grade 4 thrombocytopenia (platelets <25 x 109/L) interrupt ENHERTU until resolved to Grade 1 or less, then reduce dose by one level.

Adverse Reactions

Metastatic Breast Cancer and HER2-Mutant NSCLC (5.4 mg/kg)

The pooled safety population reflects exposure to ENHERTU 5.4 mg/kg intravenously every 3 weeks in 984 patients in Study DS8201-A-J101 (NCT02564900), DESTINY-Breast01, DESTINY-Breast03, DESTINY-Breast04, and DESTINY-Lung02. Among these patients 65% were exposed for >6 months and 39% were exposed for >1 year. In this pooled safety population, the most common (≥20%) adverse reactions, including laboratory abnormalities, were nausea (76%), decreased white blood cell count (71%), decreased hemoglobin (66%), decreased neutrophil count (65%), decreased lymphocyte count (55%), fatigue (54%), decreased platelet count (47%), increased aspartate aminotransferase (48%), vomiting (44%), increased alanine aminotransferase (42%), alopecia (39%), increased blood alkaline phosphatase (39%), constipation (34%), musculoskeletal pain (32%), decreased appetite (32%), hypokalemia (28%), diarrhea (28%), and respiratory infection (24%).

HER2-Positive Metastatic Breast Cancer

DESTINY-Breast03

The safety of ENHERTU was evaluated in 257 patients with unresectable or metastatic HER2-positive breast cancer who received at least one dose of ENHERTU 5.4 mg/kg intravenously every three weeks in DESTINY-Breast03. The median duration of treatment was 14 months (range: 0.7 to 30).

Serious adverse reactions occurred in 19% of patients receiving ENHERTU. Serious adverse reactions in >1% of patients who received ENHERTU were vomiting, interstitial lung disease, pneumonia, pyrexia, and urinary tract infection. Fatalities due to adverse reactions occurred in 0.8% of patients including COVID-19 and sudden death (one patient each).

ENHERTU was permanently discontinued in 14% of patients, of which ILD/pneumonitis accounted for 8%. Dose interruptions due to adverse reactions occurred in 44% of patients treated with ENHERTU. The most frequent adverse reactions (>2%) associated with dose interruption were neutropenia, leukopenia, anemia, thrombocytopenia, pneumonia, nausea, fatigue, and ILD/pneumonitis. Dose reductions occurred in 21% of patients treated with ENHERTU. The most frequent adverse reactions (>2%) associated with dose reduction were nausea, neutropenia, and fatigue.

The most common (≥20%) adverse reactions, including laboratory abnormalities, were nausea (76%), decreased white blood cell count (74%), decreased neutrophil count (70%), increased aspartate aminotransferase (67%), decreased hemoglobin (64%), decreased lymphocyte count (55%), increased alanine aminotransferase (53%), decreased platelet count (52%), fatigue (49%), vomiting (49%), increased blood alkaline phosphatase (49%), alopecia (37%), hypokalemia (35%), constipation (34%), musculoskeletal pain (31%), diarrhea (29%), decreased appetite (29%), respiratory infection (22%), headache (22%), abdominal pain (21%), increased blood bilirubin (20%), and stomatitis (20%).

HER2-Low Metastatic Breast Cancer

DESTINY-Breast04

The safety of ENHERTU was evaluated in 371 patients with unresectable or metastatic HER2-low (IHC 1+ or IHC 2+/ISH-) breast cancer who received ENHERTU 5.4 mg/kg intravenously every 3 weeks in DESTINY-Breast04. The median duration of treatment was 8 months (range: 0.2 to 33) for patients who received ENHERTU.

Serious adverse reactions occurred in 28% of patients receiving ENHERTU. Serious adverse reactions in >1% of patients who received ENHERTU were ILD/pneumonitis, pneumonia, dyspnea, musculoskeletal pain, sepsis, anemia, febrile neutropenia, hypercalcemia, nausea, pyrexia, and vomiting. Fatalities due to adverse reactions occurred in 4% of patients including ILD/pneumonitis (3 patients); sepsis (2 patients); and ischemic colitis, disseminated intravascular coagulation, dyspnea, febrile neutropenia, general physical health deterioration, pleural effusion, and respiratory failure (1 patient each).

ENHERTU was permanently discontinued in 16% of patients, of which ILD/pneumonitis accounted for 8%. Dose interruptions due to adverse reactions occurred in 39% of patients treated with ENHERTU. The most frequent adverse reactions (>2%) associated with dose interruption were neutropenia, fatigue, anemia, leukopenia, COVID-19, ILD/pneumonitis, increased transaminases, and hyperbilirubinemia. Dose reductions occurred in 23% of patients treated with ENHERTU. The most frequent adverse reactions (>2%) associated with dose reduction were fatigue, nausea, thrombocytopenia, and neutropenia.

The most common (≥20%) adverse reactions, including laboratory abnormalities, were nausea (76%), decreased white blood cell count (70%), decreased hemoglobin (64%), decreased neutrophil count (64%), decreased lymphocyte count (55%), fatigue (54%), decreased platelet count (44%), alopecia (40%), vomiting (40%), increased aspartate aminotransferase (38%), increased alanine aminotransferase (36%), constipation (34%), increased blood alkaline phosphatase (34%), decreased appetite (32%), musculoskeletal pain (32%), diarrhea (27%), and hypokalemia (25%).

Contacts

Global:
Jennifer Brennan

Daiichi Sankyo, Inc.

jbrennan2@dsi.com
+ 1 908 900 3183 (mobile)

Japan:
Koji Ogiwara

Daiichi Sankyo Co., Ltd.

ogiwara.koji.ay@daiichisankyo.co.jp
+81 3 6225 1126 (office)

Investor Relations Contact:
DaiichiSankyoIR@daiichisankyo.co.jp

Read full story here

Categories
Business Lifestyle Regulations & Security

AM Best Places Credit Ratings of Validus Reinsurance, Ltd. and subsidiary under review with developing implications; comments on credit ratings of American International Group, Inc. and its other property/casualty subsidiaries

OLDWICK, N.J. — (BUSINESS WIRE) — #insuranceAM Best has placed under review with developing implications the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) of Validus Reinsurance, Ltd. (Validus Re) (Hamilton, Bermuda) and Validus Reinsurance (Switzerland) Ltd. (Zurich, Switzerland), a subsidiary of Validus Holdings, Ltd. (Validus) (Hamilton, Bermuda) [NYSE:VR].

Concurrently, AM Best has commented that the Credit Ratings (ratings) of the remaining members of American International Group, Inc. (AIG) remain unchanged.

 

These rating actions follow the recently announced definitive agreement whereby AIG will sell Validus Re and Validus, including AlphaCat Managers Ltd. and the Talbot Treaty reinsurance business, to RenaissanceRe Holdings Ltd. (RenaissanceRe) [NYSE: RNR] for $2.99 billion, consisting of $2.74 billion in cash and $250 million in RenaissanceRe common shares. AIG is also expected to receive all capital in excess of $2.1 billion of shareholders’ equity of Validus Re and achieve future capital synergies of approximately $400 million from the recapture of reserves due to transferring the Validus Re balance sheet to RenaissanceRe, which together, as of Dec. 31, 2022, was over $1.5 billion. This brings the total estimated transaction value to more than $4.5 billion.

 

The transaction is expected to close in fourth-quarter 2023, subject to regulatory approvals and other customary closing conditions. Subsequent to the closing, AIG expects to make significant investments in RenaissanceRe’s DaVinci Reinsurance Ltd. and Fontana Reinsurance Ltd. managed funds through AIG’s investment portfolio.

 

The ratings will remain under review until the deal closes and AM Best completes its evaluation of organizational changes and strategic positioning within the new structure. The under review status may be updated in the interim period if new facts and circumstances present themselves.

 

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Raymond Thomson, CPCU, ARe, ARM
Associate Director
+1 908 439 2200, ext. 5621
raymond.thomson@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Erik Miller, CFA
Director
+1 908 439 2200, ext. 5187
erik.miller@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 439 2200, ext. 5098
al.slavin@ambest.com

Categories
Business Government Healthcare Science

Celltrion USA announces U.S. FDA approval of Yuflyma® (adalimumab-aaty), a high-concentration and citrate-free formulation of Humira® (adalimumab) biosimilar

  • Yuflyma is FDA approved to treat eight conditions including Crohn’s disease and ulcerative colitis
  • Yuflyma is the first high-concentration and citrate-free adalimumab biosimilar to gain EU marketing authorization
  • Yuflyma offers citrate-free and high-concentration adalimumab formulation, providing an alternative treatment option for patients

 

JERSEY CITY, N.J. — (BUSINESS WIRE) — Celltrion USA today announced that the U.S. Food and Drug Administration (FDA) has approved Yuflyma® (adalimumab-aaty), a high-concentration (100mg/mL) and citrate-free formulation of Humira® (adalimumab) biosimilar. The FDA granted approval for the treatment of eight conditions: rheumatoid arthritis, juvenile idiopathic arthritis, psoriatic arthritis, ankylosing spondylitis, Crohn’s disease, ulcerative colitis, plaque psoriasis, and hidradenitis suppurativa.1

 

Yuflyma is Celltrion’s fifth biosimilar and second anti-TNF biosimilar approved for use in the United States. Yuflyma will offer patients pre-filled syringe and autoinjector administration options to meet different preferences and needs.

Yuflyma offers patients a high-concentration and citrate-free formulation of adalimumab biosimilar, providing an alternative treatment option for patients. It represents a key treatment option in patient care and patient choice,” said Tom Nusbickel, Chief Commercial Officer at Celltrion USA. “As a leading global biopharmaceutical company, we are leveraging our unique heritage in biotechnology, supply chain excellence, and best-in-class sales capabilities to expand the availability of high-quality biosimilars for U.S. patients.”

 

Currently, more than 80% of patients treated with Humira in the United States rely on a high-concentration and citrate-free formulation of this medication. The availability of a high-concentration and citrate-free formulation adalimumab biosimilar provides an important treatment option for patients with inflammatory diseases who benefit from this effective therapy,” said Professor Jonathan Kay of UMass Chan Medical School.

The approval of Yuflyma was based on a comprehensive data package of analytical, preclinical, and clinical studies, demonstrating that Yuflyma is comparable to the reference product in terms of efficacy, safety, pharmacokinetics, and immunogenicity up to 24 weeks and one year following treatment.2,3,4

Yuflyma will be available to patients in the U.S. starting July 2023.

Celltrion is also seeking an interchangeability designation from the U.S. FDA for Yuflyma, which is tentatively expected Q4 2024.

Notes to Editors:

About Yuflyma® (CT-P17, biosimilar adalimumab-aaty)1

Yuflyma was the world’s first proposed high-concentration, low-volume and citrate-free adalimumab biosimilar to receive European Commission approval in Europe. Yuflyma is FDA approved for the treatment of patients with rheumatoid arthritis, juvenile idiopathic arthritis, psoriatic arthritis, ankylosing spondylitis, Crohn’s disease, ulcerative colitis, plaque psoriasis, and Hidradenitis Suppurativa. Yuflyma is a recombinant fully human anti–tumour necrosis factor α (anti-TNFα) monoclonal antibody. Following the launch of 40mg/0.4mL, in the U.S. in July 2023, Celltrion additionally plans to launch two different types of dosage forms 80mg/0.8mL, 20mg/0.2mL.

About Interchangeability

An interchangeable biosimilar product is a biosimilar that meets additional requirements outlined by law, and often require additional clinical studies, which demonstrate that there is no additional risk or reduced drug effectiveness if a patient switches back and forth between an interchangeable biosimilar and a reference product, as compared to receiving treatment with just the reference product. When a biosimilar receives an interchangeability designation by the FDA, that means the biosimilar product may be substituted for the reference product without the prescriber having to change the prescription. The substitution may occur at the pharmacy, subject to state pharmacy laws which vary by state, a practice commonly called “pharmacy-level substitution” — similar to how generic drugs are substituted for brand name drugs.

Yuflyma® IMPORTANT SAFETY INFORMATION1

SERIOUS INFECTIONS

Patients treated with YUFLYMA are at increased risk for developing serious infections that may lead to hospitalization or death. Most patients who developed these infections were taking concomitant immunosuppressants such as methotrexate or corticosteroids.

Discontinue YUFLYMA if a patient develops a serious infection or sepsis.

Reported infections include:

  • Active tuberculosis (TB), including reactivation of latent TB. Patients with TB have frequently presented with disseminated or extrapulmonary disease. Test patients for latent TB before YUFLYMA use and during therapy. Initiate treatment for latent TB prior to YUFLYMA use.
  • Invasive fungal infections, including histoplasmosis, coccidioidomycosis, candidiasis, aspergillosis, blastomycosis, and pneumocystosis. Patients with histoplasmosis or other invasive fungal infections may present with disseminated, rather than localized, disease. Antigen and antibody testing for histoplasmosis may be negative in some patients with active infection. Consider empiric antifungal therapy in patients at risk for invasive fungal infections who develop severe systemic illness.
  • Bacterial, viral, and other infections due to opportunistic pathogens, including Legionella and Listeria.

Carefully consider the risks and benefits of treatment with YUFLYMA prior to initiating therapy in patients with chronic or recurrent infection.

Monitor patients closely for the development of signs and symptoms of infection during and after treatment with YUFLYMA, including the possible development of TB in patients who tested negative for latent TB infection prior to initiating therapy.

  • Treatment with YUFLYMA should not be initiated in patients with an active infection, including localized infections.
  • Patients over 65 years of age, patients with co-morbid conditions and/or patients taking concomitant immunosuppressants (such as corticosteroids or methotrexate), may be at greater risk of infection. Discontinue YUFLYMA if a patient develops a serious infection or sepsis. For a patient who develops a new infection during treatment with YUFLYMA, closely monitor them, perform a prompt and complete diagnostic workup appropriate for an immunocompromised patient, and initiate appropriate antimicrobial therapy.
  • Drug interactions with biologic products: In clinical studies in patients with RA, an increased risk of serious infections has been observed with the combination of TNF blockers with anakinra or abatacept, with no added benefit; therefore, use of YUFLYMA with abatacept or anakinra is not recommended in patients with RA. A higher rate of serious infections has also been observed in patients with RA treated with rituximab who received subsequent treatment with a TNF blocker. There is insufficient information regarding the concomitant use of YUFLYMA and other biologic products for the treatment of RA, PsA, AS, CD, UC, PS, and HS. Concomitant administration of YUFLYMA with other biologic DMARDS (e.g., anakinra and abatacept) or other TNF blockers is not recommended based upon the possible increased risk for infections and other potential pharmacological interactions. A higher rate of serious infections has been observed in RA patients treated with rituximab who received subsequent treatment with a TNF blocker.

MALIGNANCY

Lymphoma and other malignancies, some fatal, have been reported in children and adolescent patients treated with TNF blockers, including adalimumab products. Postmarketing cases of hepatosplenic T-cell lymphoma (HSTCL), a rare type of T-cell lymphoma, have been reported in patients treated with TNF blockers, including adalimumab products. These cases have had a very aggressive disease course and have been fatal. The majority of reported TNF blocker cases have occurred in patients with Crohn’s disease or ulcerative colitis and the majority were in adolescent and young adult males. Almost all of these patients had received treatment with azathioprine or 6-mercaptopurine concomitantly with a TNF blocker at or prior to diagnosis. It is uncertain whether the occurrence of HSTCL is related to use of a TNF blocker or a TNF blocker in combination with these other immunosuppressants.

  • Consider the risks and benefits of TNF blocker treatment including YUFLYMA prior to initiating therapy in patients with a known malignancy other than a successfully treated non-melanoma skin cancer (NMSC), or when considering continuing a TNF blocker in patients who develop a malignancy.
  • In controlled portions of clinical trials of some adalimumab products, more cases of malignancies have been observed compared to control-treated adult patients.
  • Non-melanoma skin cancer (NMSC) was reported during clinical trials for patients treated with adalimumab products. During the controlled portions of 39 global adalimumab clinical trials in adult patients with RA, PsA, AS, CD, UC, PS and HS, the rate (95% confidence interval) of NMSC was 0.8 (0.52, 1.09) per 100 patient-years among adalimumab-treated patients and 0.2 (0.10, 0.59) per 100 patient-years among control-treated patients. Examine all patients, particularly those with a medical history of prior prolonged immunosuppressant therapy or psoriasis patients with a history of PUVA treatment, for the presence of NMSC prior to and during treatment with YUFLYMA.
  • In clinical trials of some adalimumab products, there was an approximate threefold higher rate of lymphoma than expected in the general U.S. population. Patients with RA and other chronic inflammatory diseases, particularly those with highly active disease and/or chronic exposure to immunosuppressant therapies, may be at a higher risk (up to several fold) than the general population for the development of lymphoma, even in the absence of TNF blockers.
  • Postmarketing cases of acute and chronic leukemia were reported with use of a TNF blocker in RA and other indications. Approximately half of the postmarketing cases of malignancies in children, adolescents, and young adults receiving adalimumab were lymphomas; other cases represented a variety of different malignancies and included rare malignancies usually associated with immunosuppression and malignancies that are not usually observed in children and adolescents.

HYPERSENSITIVITY

  • Anaphylaxis and angioneurotic edema have been reported following administration of adalimumab products. If an anaphylactic or other serious allergic reaction occurs, immediately discontinue administration of YUFLYMA and institute appropriate therapy.

HEPATITIS B VIRUS REACTIVATION

  • Use of TNF blockers, including YUFLYMA, may increase the risk of reactivation of hepatitis B virus (HBV) in patients who are chronic carriers. In some instances, HBV reactivation occurring in conjunction with TNF blocker therapy has been fatal.
  • Evaluate patients at risk for HBV infection for prior evidence of HBV infection before initiating TNF blocker therapy.
  • Exercise caution in prescribing TNF blockers for patients identified as carriers of HBV and closely monitor such patients for clinical and laboratory signs of active HBV infection throughout therapy and for several months following termination of therapy.
  • In patients who develop HBV reactivation, stop YUFLYMA and initiate effective antiviral therapy with appropriate supportive treatment. The safety of resuming TNF blocker therapy after HBV reactivation is controlled is not known. Therefore, exercise caution when considering resumption of YUFLYMA therapy in this situation and monitor patients closely.

NEUROLOGIC REACTIONS

  • Use of TNF blocking agents, including adalimumab products, has been associated with rare cases of new onset or exacerbation of clinical symptoms and/or radiographic evidence of central nervous system demyelinating disease, including multiple sclerosis (MS) and optic neuritis, and peripheral demyelinating disease, including Guillain-Barré syndrome.
  • Exercise caution in considering the use of YUFLYMA in patients with preexisting or recent-onset central or peripheral nervous system demyelinating disorders; discontinuation of YUFLYMA should be considered if any of these disorders develop.
  • There is a known association between intermediate uveitis and central demyelinating disorders.

HEMATOLOGIC REACTIONS

  • Rare reports of pancytopenia including aplastic anemia have been reported with TNF blocking agents.
  • Adverse reactions of the hematologic system, including medically significant cytopenia, have been infrequently reported with adalimumab products.
  • Consider discontinuation of YUFLYMA therapy in patients with confirmed significant hematologic abnormalities.

HEART FAILURE

  • Cases of worsening congestive heart failure (CHF) and new-onset CHF have been reported with TNF blockers. Cases of worsening CHF have also been observed with adalimumab products.
  • Exercise caution when using YUFLYMA in patients who have heart failure and monitor them carefully.

AUTOIMMUNITY

  • Treatment with adalimumab products may result in the formation of autoantibodies and, rarely, in the development of a lupus-like syndrome. If a patient develops symptoms suggestive of a lupus-like syndrome following treatment with YUFLYMA, discontinue treatment.

IMMUNIZATIONS

  • Patients on YUFLYMA may receive concurrent vaccinations, except for live vaccines.
  • It is recommended that pediatric patients, if possible, be brought up to date with all immunizations in agreement with current immunization guidelines prior to initiating YUFLYMA therapy.
  • No data are available on the secondary transmission of infection by live vaccines in patients receiving adalimumab products.
  • The safety of administering live or live-attenuated vaccines in infants exposed to adalimumab in utero is unknown. Risks and benefits should be considered prior to vaccinating (live or live-attenuated) exposed infants.

ADVERSE REACTIONS

  • The most common adverse reactions in adalimumab clinical trials (>10%) were: infections (e.g., upper respiratory, sinusitis), injection site reactions, headache, and rash.

INDICATIONS

YUFLYMA is a tumor necrosis factor (TNF) blocker indicated for:

  • Rheumatoid Arthritis (RA): reducing signs and symptoms, inducing major clinical response, inhibiting the progression of structural damage, and improving physical function in adult patients with moderately to severely active RA
  • Juvenile Idiopathic Arthritis (JIA): reducing signs and symptoms of moderately to severely active polyarticular JIA in patients 2 years of age and older
  • Psoriatic Arthritis (PsA): reducing signs and symptoms, inhibiting the progression of structural damage, and improving physical function in adult patients with active PsA
  • Ankylosing Spondylitis (AS): reducing signs and symptoms in adult patients with active AS
  • Crohn’s Disease (CD): treatment of moderately to severely active Crohn’s disease in adults and pediatric patients 6 years of age and older
  • Ulcerative Colitis (UC): treatment of moderately to severely active ulcerative colitis in adults

Limitations of Use: Effectiveness has not been established in patients who have lost response to or were intolerant to TNF blockers

  • Plaque Psoriasis (Ps): treatment of adult patients with moderate to severe chronic plaque psoriasis who are candidates for systemic therapy or phototherapy, and when other systemic therapies are medically less appropriate
  • Hidradenitis Suppurativa (HS): treatment of adult patients with moderate to severe hidradenitis suppurativa

Please see full Prescribing Information for Yuflyma® (adalimumab-aaty)

About Celltrion Healthcare

Celltrion Healthcare is committed to delivering innovative and affordable medications to promote patients’ access to advanced therapies. Its products are manufactured at state-of-the-art mammalian cell culture facilities, designed and built to comply with the US FDA Current Good Manufacturing Practice (cGMP) and the EU GMP guidelines. Celltrion Healthcare endeavors to offer high-quality, cost-effective solutions through an extensive global network that spans more than 110 different countries. For more information, please visit: https://www.celltrionhealthcare.com/en-us.

About Celltrion USA

Celltrion USA is Celltrion Healthcare’s U.S. subsidiary established in 2018. Headquartered in New Jersey, Celltrion USA is committed to expanding access to innovative biologics to improve care for U.S. patients. Celltrion currently has five biosimilars approved by the U.S. FDA: Inflectra® (infliximab-dyyb), Truxima® (rituximab-abbs), Herzuma® (trastuzumab-pkrb), Vegzelma® (bevacizumab-adcd), and Yuflyma®(adalimumab-aaty). Celltrion USA will continue to leverage Celltrion Healthcare’s unique heritage in biotechnology, supply chain excellence, and best-in-class sales capabilities to improve access to high-quality biopharmaceuticals for U.S. patients.

FORWARD-LOOKING STATEMENT

Certain information set forth in this press release contains statements related to our future business and financial performance and future events or developments involving Celltrion/Celltrion Healthcare that may constitute forward-looking statements, under pertinent securities laws.

These statements may be identified by words such as “prepares”, “hopes to”, “upcoming”, ”plans to”, “aims to”, “to be launched”, “is preparing, “once gained”, “could”, “with the aim of”, “may”, “once identified”, “will”, “working towards”, “is due”, “become available”, “has potential to”, the negative of these words or such other variations thereon or comparable terminology.

In addition, our representatives may make oral forward-looking statements. Such statements are based on the current expectations and certain assumptions of Celltrion/Celltrion Healthcare’s management, of which many are beyond its control.

Forward-looking statements are provided to allow potential investors the opportunity to understand management’s beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment. These statements are not guarantees of future performance and undue reliance should not be placed on them.

Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements.

Such Risks and uncertainties may include, among other things, uncertainties regarding the launch timing and commercial success of Celltrion in the United States; the uncertainties inherent in supply chain, manufacturing, research and development, and the possibility of unfavorable new clinical data and further analyses of existing clinical data as it relates to Celltrion products; intellectual property and/or litigation/settlement implications; decisions by the FDA impacting labeling, manufacturing processes, safety, promotion, and/or other matters that could affect the availability or commercial potential of Celltrion products; and uncertainties regarding access challenges for our biosimilar products where our product may not receive appropriate formulary access or remains in a disadvantaged position relative to competitive products; and competitive developments. A further description of risks and uncertainties can be found in Celltrion’s Annual Report.

Although forward-looking statements contained in this presentation are based upon what management of Celltrion/Celltrion Healthcare believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Celltrion/Celltrion Healthcare undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

Trademarks

Humira is a registered trademark of AbbVie.

Yuflyma® is a registered trademark of Celltrion, Inc., used under license.

References

1 Yuflyma US prescribing information (2023)

2 Yu K et al., Pharmacokinetic Equivalence of CT‐P17 to High‐Concentration (100 mg/mL) Reference Adalimumab: A Randomized Phase I Study in Healthy Subjects. Clin Transl Sci. 2021;14:1280-91.

3 Kay J et al., Efficacy and safety of biosimilar CT-P17 versus reference adalimumab in subjects with rheumatoid arthritis: 24-week results from a randomized study. Arthritis Res Ther. 2021;23(1):51.

4 Furst D et al., Efficacy and safety of switching from reference adalimumab to CT-P17 (100 mg/ml): 52-week randomised study in rheumatoid arthritis. Rheumatology. 2022;61(3):1385-95.

Contacts

For further information please contact:

Lindsey Lucenta

llucenta@apcoworldwide.com
+1 260-444-1306

Categories
Business Economics Lifestyle Regulations & Security

Bogota Financial Corp. adopts and receives regulatory approval of fourth repurchase program

TEANECK, N.J. — (BUSINESS WIRE) — Bogota Financial Corp. (the “Company)” (Nasdaq: BSBK), the holding company for Bogota Savings Bank (the “Bank),” announced that it has received regulatory approval for the repurchase of up to 249,920 shares of its common stock, which is approximately 5% of its outstanding common stock (excluding shares held by Bogota Financial, MHC), as previously approved by the board of directors of the Company. This is the Company’s fourth stock repurchase program.

Shares may be repurchased in open market or private transactions or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission.

 

The repurchase program has no expiration date and may be suspended, terminated or modified at any time for any reason. The stock repurchase program does not obligate the Company to purchase any particular number of shares, and there is no guarantee as to the exact number of shares to be repurchased by the Company. The timing and amount of any repurchases will depend on a number of factors, including the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance. Open market purchases will be made in accordance with Rule 10b-18 of the Securities and Exchange Commission and other applicable legal requirements.

 

About Bogota Financial Corp.

Bogota Financial Corp. is a Maryland corporation organized as the mid-tier holding company of Bogota Savings Bank and is the majority-owned subsidiary of Bogota Financial, MHC. Bogota Savings Bank is a New Jersey chartered stock savings bank that has served the banking needs of its customers in northern and central New Jersey since 1893. It operates from six offices located in Bogota, Hasbrouck Heights, Newark, Oak Ridge, Parsippany and Teaneck, New Jersey and operates a loan production office in Spring Lake, New Jersey.

 

Forward-Looking Statements

This press release contains certain forward-looking statements about the Company and the Bank. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, inflation, general economic conditions or conditions within the securities markets, changes in the quality of our loan and security portfolios, increases in non-performing and classified loans, ongoing effects resulting from the COVID-19 pandemic and legislative, accounting and regulatory changes that could adversely affect the business in which the Company and the Bank are engaged.

 

The Company undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.

Contacts

For Bogota Financial Corp.:

Joseph Coccaro

President and Chief Executive Officer

(201) 862-0660

Categories
Business Culture Economics Environment Lifestyle Technology Travel & Leisure

Fleetwash unveils formation of parent company to reflect future growth and innovation

Introducing: Kept Companies

 

FAIRFIELD, N.J. — (BUSINESS WIRE) — Fleetwash, a leading nationwide company for full facility maintenance, is thrilled to announce its establishment of its parent company, Kept Companies.

 

This strategic move, along with a comprehensive rebranding initiative, is aimed to propel the company into a new era of growth, innovation, and customer-centricity. The transformation reflects the company’s commitment to enhancing its position as a market leader and strengthening its foundation for growth in the facility maintenance industry.

 

Kept Companies will serve as the umbrella brand for Fleetwash and its subsidiaries. Kept Companies is now home to nine leading brands that offer unique expert-level service: Fleetwash, Fleet Clean, Krystal Klean, Climco Mechanical (previously Welker), EnviroClean (previously SprayWash), Grease Pro, GlideRite, SunScrub, and MaintainThat (previously Eco Sweep). Under the new parent brand, each subsidiary received a new brand identity and brand attributes, in keeping with Kept’s overarching brand look and values. These changes align with Kept’s evolving strategic direction and signal the company’s dedication to meeting the ever-changing needs of its customers while holding true to the expert-level services it has developed over the past 50 years.

 

For the past 50 years, we’ve been operating under the company name Fleetwash, and for many years, this name worked perfectly to describe the service we provided: washing fleets of trucks. That began to change in the early 2000s, when we expanded to offer facility management services. Since then, we’ve multiplied our service offerings to go far beyond truck washing. This change is an exciting one for the future of the company as a whole,” said Jerry DiGiovanni, President of Kept.

 

Furthermore, with the consolidation under one parent entity, there is a strong emphasis on enhancing the overall customer experience. The leaders of Kept Companies have invested significant resources in developing a new intuitive and user-friendly website, ensuring seamless navigation and providing customers with easy access to relevant information, products, and support.

 

The restructuring efforts of Fleetwash, now under Kept Companies, have been met with widespread enthusiasm internally. Employees view the initiative as the company’s commitment to innovation, excellence, and adaptability while still holding onto the deep rooted services the company was built on.

 

About Kept

Kept is the parent company of nine leading facility maintenance brands. It started as a single mobile washing business, and today, offers a comprehensive suite of services, with over thirteen hundred skilled employees, and one thousand fully-equipped vehicles.

 

Since the beginning, hard work and perseverance have fueled the company’s success. The company’s continued investments in sustainability, innovation, and technology allow each of the Kept brands to provide the best service, at the best possible cost.

Contacts

For media inquiries:

Jerry DiGiovanni

President

Kept Companies

tel:19734175071

JerryD@keptcompanies.com

Categories
Business Environment Lifestyle Perks Regulations & Security Science

American Water recognized on Fortune’s Modern Board 25 ranking

First utility to be honored on the ranking

 

CAMDEN, N.J.–(BUSINESS WIRE)–American Water (NYSE: AWK), the nation’s largest publicly traded water and wastewater utility company, announced today that it has been named on Fortune’s Modern Board 25 ranking, recognizing the most innovative Boards of Directors among S&P 500 companies.

“American Water is honored to be recognized on Fortune’s Modern Board 25, a testament to the strength of our diverse Board,” said M. Susan Hardwick, President and CEO, American Water. “Achieving and maintaining gender parity and diversity at the Board level is important for the company and we are proud that American Water’s Board of Directors reflects diversity on several levels.”

 

The 25 companies included in the Fortune Modern Board 25 ranking were in the top quartile of the S&P 500 in board effectiveness, diversity, tenure, financial performance, and vulnerability to activism, positioning them well strategically for long-term, sustainable growth. Learn more about the methodology here.

 

Additionally, American Water was recently recognized by 50/50 Women on Boards™ for its Gender-Balanced Board of Directors and in 2022 named Champion of Board Diversity by The Forum of Executive Women for the sixth consecutive year. Learn more about American Water’s Inclusion, Diversity and Equity strategy here.

 

About American Water

With a history dating back to 1886, American Water is the largest and most geographically diverse U.S. publicly traded water and wastewater utility company. The company employs approximately 6,500 dedicated professionals who provide regulated and regulated-like drinking water and wastewater services to an estimated 14 million people in 24 states. American Water provides safe, clean, affordable and reliable water services to our customers to help keep their lives flowing. For more information, visit amwater.com and diversityataw.com. Follow American Water on Twitter, Facebook and LinkedIn.

Contacts

Media Contact

Alicia Barbieri

Manager, Corporate Communications

American Water

856-676-8103

alicia.barbieri@amwater.com

Categories
Business Lifestyle News Now! Programs & Events Science Technology

Construction begins on ‘The District at 15fifteen’ in Parsippany, NJ

New mixed-use development will bring 60,000 SF of retail space and 498 apartments to the heart of Morris County, N.J.

 

PARSIPPANY, N.J. — (BUSINESS WIRE) — A joint venture of Stanbery Development Group, Claremont Development, and PCCP, LLC has broken ground on The District at 15fifteen — a master-planned, mixed-use development in the heart of Morris County, New Jersey. New York Life Insurance Company is providing the construction loan for the project.


Located at 1515 Route 10 in Parsippany, N.J., The District at 15fifteen will feature approximately 60,000 square feet of high-end and local retailers, full and quick-service restaurants, boutique fitness and specialty services, along with a 498-unit luxury apartment community. The three-building, streetscape-style complex will serve as a one-of-a-kind destination that encourages community gatherings with year-round programming such as farmer’s markets, music in the park, food trucks, and family movie nights.

 

“By bringing new job, commercial, and housing opportunities to Parsippany, this exciting project takes a stagnant property and creates unique and vibrant possibilities that are part of the fabric making Parsippany one of the best places to live, work, and play in NJ,” said Mayor James R. Barberio.

 

The District at 15fifteen will feature 498 thoughtfully designed luxury rental homes, including 42 affordable units and 49 age-restricted units for residents 55 and over. Spread across two buildings and comprising a mix of studio, one- and two-bedroom units, phase one will be a four-story, wood-framed building with two exterior courtyards and phase two will be a five-story, wood-framed building wrapping an 853-space parking deck with one exterior courtyard. An additional 209 surface parking spaces will also be available with the option of valet parking. Both areas will service the entire development, offering easy access for both residents, retail customers and visitors.

 

The District at 15fifteen will feature high-end interior finishes and amenitized common spaces tailored to the work-from-home lifestyle. Residents will enjoy access to a full suite of resort-style, modern amenities including a fitness center, yoga studio, pool, lounge area, conference center, co-working/work-from-home options, and dog spa. The 49 age-restricted units will also include access to their own private lobby and amenities including a fitness center, co-working area, party room, and roof deck.

 

“Over the last several years we have seen Parsippany, and specifically the stretch of Route 10 between Interstate 287 and Route 202, experience an immense transformation with an influx of national retail, restaurant, and hotel options aimed at serving both residents and the large daytime worker population in Morris County,” said Marc Hays, Partner, Acquisitions and Leasing at Stanbery Development Group. “We, alongside our partners at Claremont Development and PCCP, saw an opportunity to cater to that growing need and anchor this bustling section of the Route 10 corridor with not only a high-quality, mixed-use environment, but a new, vibrant town center that cannot be found anywhere else in the region.”

 

The “pedestrian first” town center design of The District at 15fifteen will provide access for vehicles as well as pedestrian crosswalks that create a livable and walkable design for locals, visitors and the tens of thousands of workers whose headquarters and offices can be found in the area, including Wyndham Worldwide, Avis/Budget Group, Tiffany & Co. and Zoetis, among others.

 

As young working professionals continue to seek out accommodations in nearby urban centers, suburban-based companies have been challenged with attracting and retaining a talented workforce,” said Maximilian Dorne, Partner at Claremont Development. “The District at 15fifteen will provide the amenities and modern living options millennials crave and serve as a significant tool for attracting and retaining a qualified pool of employees and employers in Parsippany and the surrounding area. The ability to seamlessly walk to the community’s commercial core for a cup of coffee, morning yoga class, business lunch, or dinner and drinks with friends, caters to this group as well as the active lifestyles of 55 and older residents. The District at 15fifteen has something for everyone.”

 

The District at 15fifteen has been approved by the New Jersey Department of Transportation to complete roadway improvements that will enhance vehicular circulation to both Route 10 East and West, as well as provide a tie-in to the Dryden Way jug handle. The road improvement will provide a direct connection to the Dryden Way ramps at Route 10 and to the office park immediately across Route 10, formerly known as the Mack-Cali office park, without so much as hitting a traffic light. The direct connection will provide a regional benefit by removing vehicle trips through the intersection of Route 10 and Route 202 while opening an alternative point of access for several other commercial properties.

 

First move-ins are slated for Fall 2024 with the retail and restaurant portions slated for completion in Fall 2025.

 

To learn more about The District at 15fifteen please visit: https://www.district1515.com/

 

About Stanbery Development Group

Stanbery Development Group is a real estate development firm specializing in the acquisition, development and redevelopment, leasing, and asset management of retail driven projects. Since our founding in 2000, Stanbery has been focused on real estate throughout the eastern United States and has developed approximately $1 billion of commercial real estate. Stanbery’s success has been built on a team with a unique blend of talent that covers all aspects of the development and redevelopment life cycle. We couple our agility and quick decision making, with the full range of industry experience and knowledge found in a large firm. As the retail climate has changed, Stanbery has adapted its core focus and now concentrates on mixed-use development, highlighting the synergies between various commercial uses such as multifamily, hotel and retail.

 

About Claremont Development

Claremont Development is a real estate development firm that focuses primarily on ground-up development of multifamily, industrial, and mixed-use projects throughout New Jersey. We leverage our in-house expertise and strategic partnerships to navigate all elements of the development and construction process in order to minimize our risks and maximize returns. Our ability to identify, acquire, entitle, design, finance and construct projects has set Claremont apart from our competitors. Our core investment strategy focuses on transit-oriented multi-family development opportunities in strong demographic locations, adaptive re-use projects in underutilized urban downtowns, strategic development projects that require substantial environmental remediation efforts, as well as underutilized / off-market properties that can be transitioned into higher density community centers or industrial space.

 

Claremont Development is responsible for over $2.0 billion of ground up development projects.

 

About PCCP, LLC

PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $21.0 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 24-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $36.8 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.

 

About New York Life Insurance Company

New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest1 mutual life insurance company in the United States and one of the largest life insurers in the world. Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments, and long-term care insurance. New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies.2

 

1Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 5/23/2022. For methodology, please see http://fortune.com/fortune500/.

 

2Individual independent rating agency commentary as of 10/18/2022: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).

Contacts

MEDIA:
Sam DePasquale

Antenna | Spaces

districtat1515@antennagroup.com
(646) 935-3558

Categories
Art & Life Business Healthcare Lifestyle News Now! Science

Tevogen Bio will present positive proof-of-concept trial findings at the 5th Annual Allogeneic Cell Therapies Summit in Boston, MA

  • Tevogen’s ExacTcell platform is designed to produce off-the-shelf, genetically unmodified, allogeneic cytotoxic CD8+ T lymphocyte (CTL) products that can be targeted against malignancies and viruses.
  • TVGN 489 is the first clinical product from Tevogen’s ExacTcell platform.
  • TVGN 489 is an off-the-shelf, genetically unmodified, allogeneic CTL product with precise targets across the SARS-CoV-2 genome.
  • The safety and feasibility of TVGN 489 was successfully tested in high-risk ambulatory patients with COVID-19.

 

WARREN, N.J. — (BUSINESS WIRE) — #ASCGT2023Tevogen Bio is pleased to announce that it will present the proof-of-concept clinical trial results of TVGN 489, the company’s first clinical product from its ExacTcell platform, at the 5th Annual Allogeneic Therapies Summit in Boston, MA.


ExacTcell, Tevogen’s precision T cell platform, utilizes CD8+ Cytotoxic T Lymphocytes (CTLs) also known as Killer T Cells, one of nature’s most powerful weapons against cancer and infection. Unlike currently available genetically engineered T cell therapies, the ExacTcell platform is based on careful selection of naturally occurring T cells that recognize targets of interest from the body’s native T cell receptor pool to provide enhanced safety. CD8+ CTLs in ExacTcell based products target multiple and distinct antigens to overcome potential mutational challenges, such as TVGN 489.

 

  • TVGN 489 precisely targets multiple areas across the COVID-19 genome – not just the Spike protein.
  • To date, these TVGN 489 targets, which were identified early in the pandemic, have persisted through the most recent Omicron derived SARS-CoV-2 variants.
  • Conducted at Thomas Jefferson University Hospital in Philadelphia, the trial assessed the safety and feasibility of TVGN 489 when given at one of four escalating doses to patients who were at high-risk for COVID-19-related complications due to their age and other medical conditions.
  • Each patient in the treatment arm received a single infusion of TVGN 489.

 

Positive Proof-of-Concept Clinical Trial Results:

  • No dose-limiting toxicities or significant adverse events related to TVGN 489, including Cytokine Release Syndrome, were observed in any patient at any dose level.
  • Every patient in treatment arm returned to their baseline health status within 14 days.
  • Following TVGN 489 treatment, no incidence of COVID-19 reinfection or Long COVID was observed in any treated patient at the time of the six (6) month follow up.
  • Symptom improvement was reported by all patients receiving TVGN 489 within 2 to 3 days of treatment, which corresponded to a significant decrease in COVID-19 viral load on nasal swab PCR testing in the majority of patients.

 

“TVGN 489 has shown promise as a safe therapy in our proof-of-concept trial, warranting continued development for patients who are vulnerable to poor COVID-19 outcomes, such as the immune-compromised, elderly, and infirm,” stated Dolores Grosso, DNP, the trial’s Principal Investigator.

 

“These proof-of-concept trial results have illustrated the immense potential of Tevogen’s ExacTcell platform, providing a foundation for the future product development for other viral diseases and various cancers. In addition, we are exploring the potential of TVGN 489 for the treatment and prevention of Long COVID,” said Neal Flomenberg, MD, Tevogen’s Chief Scientific Officer.

 

“We believe that cell therapies are expected to be the norm, not the exception,” said Tevogen CEO Ryan Saadi, M.D., M.P.H. “Tevogen aspires and is designed to be the very first biotech to achieve commercial success and patient affordability through advanced science and efficient business models.”

 

About Tevogen’s Next Generation Precision T Cell Platform

Tevogen’s next generation precision T cell platform is designed to provide increased immunologic specificity to eliminate malignant and virally infected cells, while allowing healthy cells to remain intact. Multiple, precise candidate targets on viral or malignant cells are selected in advance for T cell sensitization and effector functions with the goal of overcoming the mutational escape capacity of cancer cells and viruses while limiting cross-reactivity.

 

Tevogen is investigating its technology’s potential to overcome the primary barriers to the broad application of personalized T cell therapies: potency, purity, production-at-scale, and patient-pairing, without the limitations of current approaches. Tevogen’s goal is to provide access to the vast and unprecedented potential of developing personalized immunotherapies for large patient populations impacted by common cancers and viral infections. The ability to administer TVGN-489 in the outpatient setting and the ongoing work by Tevogen scientists to use this product in diverse patient populations, highlights Tevogen Bio’s commitment to patient accessibility.

 

About Tevogen Bio

Tevogen Bio is driven by a team of highly experienced industry leaders and distinguished scientists with drug development and global product launch experience. Tevogen’s leadership believes that accessible personalized immunotherapies are the next frontier of medicine, and that disruptive business models are required to sustain medical innovation in the post-pandemic world.

 

Forward Looking Statements

This press release contains certain forward-looking statements relating to Tevogen Bio™ Inc (the “Company)” and its business. These statements are based on management’s current expectations and beliefs as of the date of this release and are subject to several factors which involve known and unknown risks, delays, uncertainties, and other factors not under the Company’s control that may cause actual results, performance or achievements to be materially different from the results, performance or other expectations implied by these forward-looking statements. Forward-looking statements can sometimes be identified by terminology such as “may,” “will,” “should,” “intend,” “expect,” “believe,” “potential,” and “possible,” or their negatives or comparable terminology, as well as other words and expressions referencing future events, conditions, or circumstances. In any forward-looking statement in which the Company expresses an expectation or belief as to future results, there can be no assurance that the statement or expectation or belief will be achieved. Various factors may cause differences between the Company’s expectations and actual results, including, among others: the Company’s limited operating history; uncertainties inherent in the execution, cost, and completion of preclinical studies and clinical trials; risks related to regulatory review, and approval and commercial development; risks associated with intellectual property protection; and risks related to matters that could affect the Company’s future financial results, including the commercial potential, sales, and pricing of the Company’s products. Except as required by law, the Company undertakes no obligation to update the forward-looking statements or any of the information in this release, or provide additional information, and expressly disclaims any and all liability and makes no representations or warranties in connection herewith or with respect to any omissions therefrom.

Contacts

Tevogen Communications

T: 1 877 TEVOGEN, Ext 701

Communications@Tevogen.com