Fintech PR
Telix Announces Proposed Acquisition of QSAM Biosciences and Its Lead Therapy Candidate, CycloSam®
MELBOURNE, Australia, Nov. 13, 2023 /PRNewswire/ — Telix Pharmaceuticals Limited (ASX: TLX, Telix, the Company) today announces it has signed a conditional Term Sheet to acquire QSAM Biosciences, Inc. (QSAM) and its lead asset, CycloSam® (Samarium-153-DOTMP). QSAM is a United States (U.S.) based clinical stage company developing therapeutic radiopharmaceuticals for primary and metastatic bone cancer.
CycloSam® is highly synergistic with Telix’s existing therapeutic development activity in both prostate cancer and sarcoma. The proposed acquisition, subject to customary completion terms, will further enhance and differentiate Telix’s innovation position to provide a continuum of care to patients from diagnosis and staging, systemic treatment of metastatic disease, to palliative care.
With the broad success of immunotherapies and the more recent clinical impact of radiopharmaceutical therapies in diseases like prostate cancer, there is an unmet need to cost-effectively and safely manage pain from bone metastases in very late-stage patients. This unmet need is further exacerbated by the quality-of-life issues associated with metastatic pain management, particularly opioid administration. In the U.S. alone, there are an estimated 400,000 patients up-staged with malignant bone metastasis primarily from prostate, breast and lung cancer.[1]
In addition to near-term opportunities in metastatic disease management, the proposed acquisition may also broaden the Company’s pipeline depth in osteosarcoma, a disease that mostly affects children and young adults, where QSAM has received Orphan Drug[2] and Rare Pediatric[3] Disease Designations (RPDD) from the FDA. The RPDD designation may enable CycloSam to be brought to market more rapidly through additional incentives, including eligibility for a Priority Review Voucher (PRV) under which the FDA may reduce the review period for a drug candidate to six months.
Douglas Baum, QSAM CEO and Co-Founder said, “CycloSam® is a novel, de-risked clinical asset that has the potential to deliver tangible improvements of prior bone-seeking agents with established efficacy, safety and commercial utility. By joining forces with Telix we are accessing a specialised commercial team, distribution network and development expertise, with the goal of realising the full potential of this asset.”
Dr Christian Behrenbruch, Managing Director and Group CEO of Telix continued, “We are pleased to announce our intention to acquire QSAM. This acquisition will bring a validated therapeutic candidate with the potential to accelerate development under the Orphan Drug and Rare Pediatric Disease Designations, and a highly experienced team that has completed numerous FDA approvals.
With CycloSam® we plan to leverage Telix’s extensive experience and success in distributing short-life radiopharmaceuticals using a cold kit product from a nuclear pharmacy. Given these factors, we see a strong pathway to commercialisation.”
Deal terms and conditions
Upon signing of the Term Sheet, Telix has agreed to pay QSAM an upfront Collaboration and Option Fee of US$2 million (approximately AU$3.1 million)[4] to advance development efforts based on mutually agreed goals and to provide sixty days of exclusivity pending completion of diligence and execution of a definitive acquisition agreement (Purchase Agreement).
If the acquisition of QSAM proceeds, upon closing, Telix will pay a total purchase price of US$33.1 million in equity through the issue of fully paid ordinary Telix shares. Following closing, Telix will also pay up to US$90 million in contingent clinical and commercial milestone payments in cash or equity (at Telix’s election), subject to achievement and satisfactory completion of milestones, through a Contingent Value Rights structure. The Purchase Price constitutes approximately a 52% premium to QSAM’s fully diluted capitalisation for the 10 days prior to execution of the Term Sheet.
The execution of the Purchase Agreement and closing of the acquisition is subject to many conditions, including satisfactory completion of diligence by both parties and approval of QSAM shareholders. The material terms of the Term Sheet relating to the proposed acquisition of QSAM are subject to change.
If the proposed Acquisition of QSAM does not close, the Collaboration and Option Fee will be converted to QSAM common stock at US$6.70 per share.
About bone cancer
In the U.S., there are over 400,000 new patients diagnosed each year with metastatic bone cancer and 350,000 patient deaths.[5] The incidence of advanced malignant tumours with bone metastasis can be up to 70%, especially common in patients with advanced prostate and breast cancer.[6] Osteosarcoma and Ewing’s sarcoma are the most common malignancies of bone tissues in children. The current standard of care is aggressive and suboptimal, and has led to marginal success with significant side effects and poor long-term survival prognosis.
About QSAM Biosciences, Inc.
QSAM Biosciences, Inc. is developing next-generation nuclear medicines for the treatment of cancer and other diseases. QSAM’s initial technology, CycloSam® (Samarium-153 DOTMP), is a clinical-stage bone-targeting radiopharmaceutical developed by IsoTherapeutics Group LLC, pioneers in the nuclear medicine space who also developed the U.S. Food and Drug Administration (FDA) -approved Quadramet® (Samarium-153 EDTMP), which is indicated for bone cancer pain palliation.
About Telix Pharmaceuticals Limited
Telix is a biopharmaceutical company focused on the development and commercialisation of diagnostic and therapeutic radiopharmaceuticals and associated medical devices. Telix is headquartered in Melbourne, Australia with international operations in the United States, Europe (Belgium and Switzerland), and Japan. Telix is developing a portfolio of clinical-stage products that aims to address significant unmet medical needs in oncology and rare diseases. Telix is listed on the Australian Securities Exchange (ASX: TLX).
Visit www.telixpharma.com for further information about Telix, including details of the latest share price, announcements made to the ASX, investor and analyst presentations, news releases, event details and other publications that may be of interest. You can also follow Telix on LinkedIn.
Telix’s lead product, gallium-68 (68Ga) gozetotide (also known as 68Ga PSMA-11) injection, has been approved by the U.S. FDA,[7] by the Australian Therapeutic Goods Administration (TGA),[8] and by Health Canada.[9]
Telix Investor Relations
Ms. Kyahn Williamson
Telix Pharmaceuticals Limited
SVP Investor Relations and Corporate Communications
Email: [email protected]
This announcement has been authorised for release by the Telix Pharmaceuticals Limited Disclosure Committee on behalf of the Board.
Legal Notices
This announcement is not intended as promotion or advertising directed to any healthcare professional or other audience in any country worldwide (including Australia, United States and the United Kingdom). This announcement may include forward-looking statements that relate to anticipated future events, financial performance, plans, strategies or business developments. Forward-looking statements can generally be identified by the use of words such as “may”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “outlook”, “forecast” and “guidance”, or other similar words. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Forward-looking statements are based on the Company’s good-faith assumptions as to the financial, market, regulatory and other risks and considerations that exist and affect the Company’s business and operations in the future and there can be no assurance that any of the assumptions will prove to be correct. In the context of Telix’s business, forward-looking statements may include, but are not limited to, statements about: the initiation, timing, progress and results of Telix’s preclinical and clinical studies, and Telix’s research and development programs; Telix’s ability to advance product candidates into, enrol and successfully complete, clinical studies, including multi-national clinical trials; the timing or likelihood of regulatory filings and approvals, manufacturing activities and product marketing activities; the commercialisation of Telix’s product candidates, if or when they have been approved; estimates of Telix’s expenses, future revenues and capital requirements; Telix’s financial performance; developments relating to Telix’s competitors and industry; and the pricing and reimbursement of Telix’s product candidates, if and after they have been approved. Telix’s actual results, performance or achievements may be materially different from those which may be expressed or implied by such statements, and the differences may be adverse. Accordingly, you should not place undue reliance on these forward-looking statements.
Except as required by applicable laws or regulations, Telix does not undertake to publicly update or review any forward-looking statements. Past performance cannot be relied on as a guide to future performance. Readers should read this announcement together with our material risks, as disclosed in our most recently filed reports with the ASX and on our website.
©2023 Telix Pharmaceuticals Limited. The Telix Pharmaceuticals and Illuccix name and logo are trademarks of Telix Pharmaceuticals Limited and its affiliates (all rights reserved).
[1] Cleveland Clinic Journal of Medicine July 2022
[2] QSAM media release 18 August 2021.
[3] QSAM media release 2 February 2022.
[4] AUD/USD exchange rate of 0.64
[5] Huang, J., et al., (2020). Incidence Of Patients with Bone Metastases At Diagnosis Of Solid Tumors In Adults: A Large Population-Based Study. Doi: 10.21037/atm.2020.03.55.
[6] Colsia, et al., (2022). The Burden of Metastatic Cancer-Induced Bone Pain: A Narrative Review. Doi:10.2147/JPR.S371337.
[7] Telix ASX disclosure 20 December 2021.
[8] Telix ASX disclosure 2 November 2021.
[9] Telix ASX disclosure 14 October 2022.
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BEIJING, Dec. 26, 2024 /PRNewswire/ — A report from Poeple’s Daily:
In May 2024, Chinese President Xi Jinping paid a state visit to Hungary. During this historic visit, leaders of the two countries announced the elevation of bilateral relations to an all-weather comprehensive strategic partnership for the new era, injecting renewed powerful impetus into cooperation between the two countries.
As the interpreter for Hungarian Prime Minister Viktor Orban during his meeting with President Xi, Simon Adrienn had the opportunity to again gain a firsthand glimpse into the charisma of President Xi as the leader of a major country.
In 2009, Xi, the then vice president of China, visited Hungary. Simon accompanied him as an interpreter for the first time to explore a memorial hall with rich Hungarian ethnic characteristics. “As I provided explanations, Xi listened attentively, showing a genuine interest in Hungarian history and culture. I could sense that he was a leader of great knowledge and insight”.
Since then, she has worked as an interpreter during meetings between the leaders of Hungary and China on numerous occasions. In her memories, Prime Minister Orban and President Xi are both candid and wise leaders who know about each other and trust each other. “President Xi’s clear articulation makes my job relatively easy. He is approachable, and respects and treats every staff member equally. In my view, this exemplifies the true essence of a great leader of a major country.”
Before kicking off this state visit to Hungary, President Xi published a signed article titled “Embarking on a Golden Voyage in China–Hungary Relations” in the Hungarian newspaper Magyar Nemzet. The article provided a comprehensive overview of the successful practices and positive outcomes in the development of bilateral relations over the past 75 years since the establishment of diplomatic ties between the two countries. Simon translated the article into Hungarian. She said this experience was a valuable learning process, allowing her to gain a deeper understanding of President Xi’s views and thoughts.
In fact, this was not the first time that she translated President Xi’s books and articles. She once participated in the translation of President Xi’s book “Xi Jinping: The Governance of China“. In her eyes, President Xi drew upon numerous Chinese historical and cultural references in the book, prompting her to delve into the materials to identify the most suitable expressions. The process of translation provided her with profound intellectual enlightenment.
She deeply admires President Xi’s statement “Friendship, which derives from close contact between the people, holds the key to sound state-to-state relations.” As Hungary-China relations navigate a “golden channel,” closer people-to-people ties stand as a vital cornerstone. The Hungarian and Chinese people share many similarities, both valuing family harmony. The Hungarian people hold a profound appreciation for Chinese culture, evident through the presence of multiple Confucius Institutes, numerous traditional Chinese medicine clinics, and bilingual schools in Hungary that nurture a plethora of young talents for cultural exchanges between the two nations. Hungarian Chinese communities have also made substantial contributions to fostering deeper friendship between the two countries. People-to-people and cultural exchanges continue to strengthen, laying a solid foundation for cooperation between the two nations.
In the 1980s, student exchanges between Hungary and China began, and Simon was one of the beneficiaries. Her connection with China dated back to the third grade of primary school. At that time, she read many Chinese folk stories in the library. Upon graduating from high school, she seized the opportunity to study in China and spent six wonderful years there which had a significant impact on her life. Even today, she still enjoys reading Chinese folk stories and children’s literature. She has translated them into Hungarian, and organized Hungarian children to read them. she is always learning and improving, hoping to enhance mutual understanding between the two peoples through her work and continue to write new stories of friendly exchanges with her Chinese friends.
View original content:https://www.prnewswire.co.uk/news-releases/get-a-firsthand-experience-of-the-charisma-of-xi-302339216.html
Fintech PR
WSPN Appoints Former EY Global Chief Innovation Officer Jeff Wong as Independent Director
SINGAPORE, Dec. 26, 2024 /PRNewswire/ — Worldwide Stablecoin Payment Network (WSPN), a leading stablecoin infrastructure company, announces the appointment of Jeff Wong as Independent Director. Mr. Wong brings over 25 years of experience in technology innovation and enterprise transformation to WSPN. He most recently served as EY’s Global Chief Innovation Officer from 2015 to 2024, where he spearheaded the firm’s global innovation initiatives and established EY’s advanced technology labs focusing on Artificial Intelligence, Blockchain, Quantum Computing, and Web3.
Prior to EY, Mr. Wong held leadership roles at eBay and JPMorgan Partners. He is a member of the Council on Foreign Relations, the Forbes Technology Council, and the founding Chair of Asia Society’s Technology and Innovation Council, helping drive the innovation and transformation agenda. He was also a member of the World Economic Forum’s Global Future Council on Innovation Ecosystems. He has previously served on the Oxford Foundry Board at Oxford University and the Advisory Board for AI4All. Mr. Wong is a recipient of the Outstanding 50 Asian Americans in Business award and an honoree of the A100 List by Gold House, recognizing individuals with Asian Pacific heritage who have made a significant impact on American culture and society.
“Joining WSPN at this pivotal moment in the stablecoin industry is incredibly exciting,” said Mr. Wong. “I look forward to contributing my experience in emerging technologies and enterprise transformation to help WSPN build the next generation of digital payment infrastructure.”
“Jeff’s appointment represents a significant strategic addition to WSPN,” said Raymond Yuan, Founder and CEO of WSPN. “His deep expertise in innovation management, enterprise transformation, and emerging technologies, combined with his leadership experience at global institutions, will be invaluable as we accelerate our market expansion and global development.”
About WSPN
WSPN is a leading provider of next-generation stablecoin infrastructure, committed to building a more secure, efficient, and transparent payment solution for the global economy. Their flagship product, WUSD stablecoin, is pegged 1:1 to the U.S. Dollar and aims to optimize secure digital payments for Web3 users. WSPN’s Stablecoin 2.0 approach prioritizes user-centricity, community governance, and accessibility, paving the way for widespread stablecoin adoption.
Learn more: www.wspn.io | X | LinkedIn
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Refining Capacity of the Base Surpasses 50 Million Tons per Year
NINGBO, China, Dec. 26, 2024 /PRNewswire/ — China Petroleum & Chemical Corporation‘s (HKG: 0386, “Sinopec”) recently announced the mechanical completion of the second-phase expansion and advanced materials project at its Zhenhai Refinery. This milestone sets new benchmarks for innovation, smart manufacturing, and energy efficiency in large-scale projects. The refinery’s capacity has now been upgraded to 40 million tons per year, contributing to the Zhejiang Ningbo Petrochemical Industrial Base surpassing a total refining capacity of 50 million tons annually. The achievement solidifies its position as China’s largest, most advanced, and globally competitive petrochemical industrial base.
Located in the Yangtze River Delta, a key downstream product consumption hub, the Zhejiang Ningbo Petrochemical Industrial Base plays a vital role in Sinopec’s value chain. The second-phase expansion and advanced materials project, with a total investment of CNY 41.6 billion, incorporates 18 production units, including atmospheric distillation, catalytic cracking, polypropylene, and propane dehydrogenation units. By emphasizing chemical-focused processes, the project creates multiple high-value-added supply chains.
The facility’s expanded production capacity supports the development of high-end polyolefins, advanced materials, and specialty chemicals. It is expected to provide approximately 8 million tons of petrochemical products annually, significantly boosting the overall capacity of supply chains for industries such as automotive, home appliances, and textiles in the region. This expansion is forecast to generate trillions of yuan in upstream and downstream industrial value.
The project achieved remarkable progress in technological innovation and sustainability. Highlights include:
- Localization of 10 core technologies, including the world’s highest-load vertical labyrinth compressor.
- Extensive deployment of smart technologies, enabling simultaneous delivery of digital and physical factories.
- Integration of a fully localized industrial operating system and a self-developed industrial internet platform to enhance decision-making and management.
- Implementation of comprehensive energy-saving measures, achieving an overall reduction in energy consumption of 11.7%.
- Safety and quality were paramount during construction, with over 90 million consecutive safe man-hours recorded and a 100% quality pass rate for all units, setting a new industry benchmark.
Zhenhai Refinery, Sinopec’s largest integrated refining and chemical enterprise, boasts an ethylene production capacity of 2.2 million tons per year. It is also the only enterprise in China consistently ranked in the top performance group of the Solomon Global Ethylene Performance Evaluation.
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View original content:https://www.prnewswire.co.uk/news-releases/sinopec-completes-construction-of-chinas-largest-petrochemical-industrial-base-302339157.html
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