UMRX Unum Therapeutics Inc.

1.62
+1.18  (+264%)
Previous Close 0.44
Open 0.7
52 Week Low 0.295
52 Week High 2.84
Market Cap $50,491,693
Shares 31,161,941
Float 17,160,093
Enterprise Value $-10,098,169
Volume 26,645,970
Av. Daily Volume 595,812
Stock charts supplied by TradingView

Drug Pipeline

Drug Stage Notes
ACTR T cells (ATTCK-34-01)
Solid tumors
Phase 1
Phase 1
Development to be stopped - noted March 2, 2020.
ACTR087 + rituximab (ATTCK-20-2)
Non-Hodgkin Lymphoma (NHL)
Phase 1
Phase 1
Phase 1 trial placed on clinical hold - July 2, 2019. Program to be deprioritized.
ACTR707 + rituximab (ATTCK-20-03)
CD20+ Non-Hodgkin Lymphoma (NHL)
Phase 1
Phase 1
Development to be stopped - noted March 2, 2020.
ACTR087 + SEA-BCMA (ATTCK-17-01)
Multiple Myeloma
Phase 1
Phase 1
Phase 1 dose escalation suspended - noted November 4, 2019.

Latest News

  1. CAMBRIDGE, Mass. and PHILADELPHIA, July 6, 2020 /PRNewswire/ -- Unum Therapeutics Inc. ("Unum") (NASDAQ:UMRX), a biopharmaceutical company focused on developing therapies for solid tumors, today announced it has completed the acquisition of Kiq LLC ("Kiq"), a privately held, biotechnology company focused on the discovery and development of precision kinase inhibitors. Concurrent with the acquisition of Kiq, Unum entered into a definitive agreement for the sale of Series A non-voting convertible Preferred Stock (the "Series A Preferred Stock") in a private placement to a group of institutional accredited investors led by Fairmount Funds Management LLC ("Fairmount Funds"), with participation from Venrock Healthcare Capital Partners, BVF Partners…

    CAMBRIDGE, Mass. and PHILADELPHIA, July 6, 2020 /PRNewswire/ -- Unum Therapeutics Inc. ("Unum") (NASDAQ:UMRX), a biopharmaceutical company focused on developing therapies for solid tumors, today announced it has completed the acquisition of Kiq LLC ("Kiq"), a privately held, biotechnology company focused on the discovery and development of precision kinase inhibitors. Concurrent with the acquisition of Kiq, Unum entered into a definitive agreement for the sale of Series A non-voting convertible Preferred Stock (the "Series A Preferred Stock") in a private placement to a group of institutional accredited investors led by Fairmount Funds Management LLC ("Fairmount Funds"), with participation from Venrock Healthcare Capital Partners, BVF Partners L.P., Atlas Venture, Acorn Bioventures, Perceptive Advisor's LLC, RTW Investments, OrbiMed, Samsara BioCapital, Logos Capital, Ally Bridge Group and Commodore Capital, as well as additional undisclosed institutional investors. The private placement is expected to result in gross proceeds to Unum of approximately $104.4 million before deducting placement agent and other offering expenses. The proceeds from the private placement will be used to advance clinical testing of PLX9486, a highly potent and selective KIT D816V inhibitor, in multiple indications and provide runway beyond 2022.

    PLX9486 will be studied as a monotherapy in patients with Advanced Systemic Mastocytosis (ASM) and Indolent Systemic Mastocytosis (ISM), with the goal of demonstrating a best-in-class clinical profile. The therapy has demonstrated promising clinical activity in a Phase 1/2 trial in patients with Gastrointestinal Stromal Tumors (GIST). In a cohort of eighteen 2L+ GIST patients dosed with PLX9486 in combination with sunitinib, median progression free survival (PFS) was eleven months. Additional details from this study are planned for presentation at an upcoming medical meeting.

    Worldwide rights to develop and commercialize PLX9486 were exclusively licensed by Kiq from Plexxikon Inc., a member of the Daiichi Sankyo Group. Under the terms of the agreement, Plexxikon received an upfront payment, and is eligible for additional developmental milestones and mid- to high- single-digit royalty payments.

    "Unum has explored a range of strategic alternatives through an orderly process to maximize shareholder value, and we believe this acquisition represents the highest-potential value creation opportunity for Unum stockholders. We are excited by Kiq's lead clinical program and the potential to build a pipeline of novel kinase inhibitors while continuing to explore strategic opportunities for our cell-based therapy programs," said Chuck Wilson, PhD, President and CEO of Unum. "As the science develops, we will continue to drive forward our mission of developing novel, best-in-class therapeutics for patients with the greatest need, and we thank our Board members, past and present, along with our investors for their support and commitment."

    Management and Organization

    Unum management continues to be comprised of a highly experienced team, including Chuck Wilson, PhD, President and Chief Executive Officer, Jessica Sachs, MD, Chief Medical Officer, and John Green, Chief Financial Officer.

    In conjunction with the transaction, Unum Board members will include Chris Cain, Director of Research, Fairmount Funds; Karen Ferrante, MD, Medical Oncologist and former biotech executive; Peter Harwin, Managing Member, Fairmount Funds; Arlene Morris, CEO, Willow Advisors; Matthew Ros, Chief Strategy and Business Officer, Epizyme; and Chuck Wilson, PhD, President and CEO, Unum Therapeutics.

    "We are excited to successfully complete our review of strategic options at Unum and are pleased to announce the acquisition of Kiq," said Bruce Booth, DPhil, former Unum board chairman and partner at Atlas Venture. "As Unum's largest shareholder, Atlas will continue to invest in the company alongside a strong set of new investors, and we look forward to supporting the clinical progress of PLX9486 as a potential new treatment option for patients."

    "With PLX9486 as a cornerstone, we believe we can build a pipeline of potentially best-in-class, precision tyrosine kinase inhibitors and attract the next generation of kinase discovery expertise," said Peter Harwin, Managing Member, Fairmount Funds. "We look forward to working with Unum to continue its mission of developing best-in-class therapeutics for patients with unmet medical needs."

    About the Transactions

    The acquisition of Kiq was structured as a stock-for-stock transaction whereby all of Kiq's outstanding equity interests were exchanged for a combination of shares of Unum common stock and shares Series A preferred stock. Concurrently with the acquisition of Kiq, Unum entered into definitive agreements for a PIPE investment with existing and new investors to raise $104.4 million in which the investors will be issued shares of Series A Preferred Stock at a price of $880 per share (or, $0.88 per share on an as-converted-to-common basis). The PIPE offering is expected to close on July 9, 2020. Subject to stockholder approval, each share of Series A Preferred Stock will, at the option of the holder, convert into 1,000 shares of common stock, subject to certain beneficial ownership limitations set by each holder. On a pro forma basis and based upon the number of shares of Unum common stock and preferred stock issued in the acquisition and the concurrent financing, Unum equity holders immediately prior to the acquisition will own approximately 16.2% of Unum on a fully-diluted basis immediately after these transactions. The acquisition was approved by the Board of Directors of Unum and the equity holders of Kiq. The closing of the transactions was not subject to the approval of Unum stockholders. 

    In connection with the transactions, a non-transferrable contingent value right (a "CVR") will be distributed to Unum stockholders of record as of the close of business on July 6, 2020, and prior to the issuance of any shares to Kiq or the PIPE investors. Holders of the CVR will be entitled to receive certain stock and/or cash payments from proceeds received by Unum, if any, related to the disposition of its legacy cell therapy assets for a period of three years following the closing of the transaction. The CVR is expected to be distributed to eligible stockholders approximately 30 days from the closing of the Kiq acquisition.

    Ladenburg Thalmann & Co. Inc. is serving as exclusive financial advisor to Unum and Goodwin Procter LLP is serving as legal counsel to Unum. Wedbush PacGrow is serving as exclusive strategic advisor to Kiq, and Gibson, Dunn & Crutcher LLP is serving as legal counsel to Kiq. Jefferies LLC is acting as lead placement agents for the private placement. Latham & Watkins LLP is serving as legal counsel to Jefferies LLC.

    Additional details are available in an updated corporate presentation that can be found online at www.unumrx.com.  

    Conference Call Details                                                                    

    Unum will host a conference call on July 6, 2020, at 10:30 a.m. EDT to discuss the acquisition. To access the call, please dial (866) 300-3411 (toll-free) or (636) 812-6658 (international) and provide the conference ID 5998637. To access the conference call recording, please dial (855) 859-2056 (toll-free) or (404) 537-3406. The archived recording will remain available for replay for 30 days. For more information on the acquisition, please visit the investor section of Unum's website at www.unumrx.com.

    About Unum Therapeutics

    Unum Therapeutics is a biopharmaceutical company focused on developing a pipeline of novel therapies to treat cancer patients. Unum's most advanced program, PLX9486, is a highly potent and selective KIT D816V inhibitor that is being developed to treat systemic mastocytosis and GIST patients. Unum's cell therapy programs utilize proprietary BOXR technology to improve the functionality of engineered T cells by incorporating a "bolt-on" transgene to overcome resistance of the solid tumor microenvironment to T cell attack. Unum is headquartered in Cambridge, MA.

    Follow Unum Therapeutics on social media: @UnumRx and LinkedIn.

    Forward Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding: uses of proceeds; projected cash runways; future product development plans; stockholder approval of the conversion rights of the Series A Preferred Stock; and any future payouts under the CVR. The use of words such as, but not limited to, "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "project," "should," "target," "will," or "would" and similar words expressions are intended to identify forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, our clinical results and other future conditions. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements. We may not actually achieve the forecasts disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.  Such forward-looking statements are subject to a number of material risks and uncertainties including but not limited to those set forth under the caption "Risk Factors" in Unum's most recent Annual Report on Form 10-K filed with the SEC, as well as discussions of potential risks, uncertainties, and other important factors in our subsequent filings with the SEC. Any forward-looking statement speaks only as of the date on which it was made. Neither we, nor our affiliates, advisors or representatives, undertake any obligation to publicly update or revise any forward-looking statement, whether as result of new information, future events or otherwise, except as required by law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date hereof.

     

    Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/unum-therapeutics-inc-announces-acquisition-of-kiq-llc-301088435.html

    SOURCE Unum Therapeutics Inc.

    View Full Article Hide Full Article
  2. CAMBRIDGE, Mass., May 11, 2020 (GLOBE NEWSWIRE) -- Unum Therapeutics Inc. (NASDAQ:UMRX), a biopharmaceutical company focused on developing curative cell therapies for solid tumors, today announced financial results for the first quarter ended March 31, 2020, and provided corporate updates.

    Recent Program and Corporate Highlights

    • Announced plans to prioritize resources towards advancing its preclinical program, BOXR1030, for the treatment of solid tumor cancers: On March 2nd, Unum announced a corporate restructuring plan to prioritize resources towards advancing its preclinical program, BOXR1030, for the treatment of solid tumor cancers. Unum's BOXR1030 expresses a glypican-3 (GPC3) targeted CAR and incorporates the novel transgene glutamic-oxaloacetic…

    CAMBRIDGE, Mass., May 11, 2020 (GLOBE NEWSWIRE) -- Unum Therapeutics Inc. (NASDAQ:UMRX), a biopharmaceutical company focused on developing curative cell therapies for solid tumors, today announced financial results for the first quarter ended March 31, 2020, and provided corporate updates.

    Recent Program and Corporate Highlights

    • Announced plans to prioritize resources towards advancing its preclinical program, BOXR1030, for the treatment of solid tumor cancers: On March 2nd, Unum announced a corporate restructuring plan to prioritize resources towards advancing its preclinical program, BOXR1030, for the treatment of solid tumor cancers. Unum's BOXR1030 expresses a glypican-3 (GPC3) targeted CAR and incorporates the novel transgene glutamic-oxaloacetic transaminase 2 (GOT2) to improve T cell function in the solid tumor microenvironment by enhancing T cell metabolism. Unum has initiated formal preclinical development activities, including preclinical safety testing and cGMP manufacturing readiness activities, to support filing an investigational new drug (IND) application for BOXR1030 in late 2020.
       
    • Entered into a common stock purchase agreement for up to $25 million with Lincoln Park Capital Fund, LLC ("LPC"): Under the terms of the purchase agreement announced on March 20th, Unum Therapeutics will have the sole discretion to direct LPC to purchase up to $25 million in shares of its common stock over the 36-month term of the agreement based on the market prices prevailing at the time of each sale to LPC. Unum Therapeutics controls the timing and amount of any future sales of its stock, subject to various limitations including those under the NASDAQ listing rules, and there is no upper limit as to the price per share that LPC may pay for future stock issuances under the purchase agreement. LPC has agreed not to cause or engage in any direct or indirect short selling or hedging of Unum Therapeutics' common stock. Unum Therapeutics maintains the right to terminate the common stock purchase agreement at any time, at its discretion, without any additional cost or penalty.
       
    • Exploring strategic options to maximize shareholder value: Following a review of its business, the Company recently initiated and continues a process to explore strategic alternatives focused on maximizing shareholder value, with Ladenburg Thalmann & Co. Inc. acting as Unum Therapeutics' strategic financial advisor during this process. Potential strategic alternatives that may be evaluated include, but are not limited to, an acquisition, merger, business combination, in-licensing, or other strategic transaction. There can be no assurance that this process will result in any such transaction. Unum Therapeutics has not set a timetable for completion of this review process and does not intend to comment further unless or until the Board of Directors has approved a definitive course of action, the review process is concluded, or it is determined that other disclosure is appropriate.

    First Quarter 2020 Financial Results

    • Collaboration Revenue: Collaboration revenue recognized during the first quarter ended March 31, 2020 of $7.0 million compared to $3.1 million in the same period of 2019. Collaboration revenue includes the recognition of a portion of the upfront payment received from Seattle Genetics, Inc. as reimbursements for research and development costs, and increased during the quarter ended March 31, 2020 as a result of the conclusion of the ATTCK-17-01 Phase 1 clinical trial and the termination of the collaboration agreement.
       
    • R&D Expenses: Research and development expenses of $9.5 million for the first quarter ended March 31, 2020 compared to $12.4 million for the same period of 2019. Research and development expenses relate to ongoing costs for Phase 1 trials and the BOXR1030 preclinical program, as well as personnel-related costs to support these programs.
       
    • G&A Expenses: General and administrative expenses for the first quarter ended March 31, 2020 were $3.7 million, compared to $2.5 million for the same period of 2019. The increase is primarily related to increased personnel-related costs, including severance costs, as well as expenses required to operate as a public company.
       
    • Net Loss: Net loss attributable to common stockholders was $6.1 million, or $0.20 per share, for the first quarter ended March 31, 2020 compared with a net loss attributable to common stockholders of $11.7 million, or $0.39 per share, for the same period of 2019.
       
    • Cash and Cash Equivalents: As of March 31, 2020, Unum had cash and cash equivalents of $29.6 million. Unum believes that its existing cash and cash equivalents will fund operating expenses and capital expenditure requirements into mid-2021.

    About Unum's BOXR1030 and BOXR Platform
    Unum's BOXR1030 was discovered from its Bolt-on Chimeric (BOXR) platform that is designed to discover novel "bolt-on" transgenes to be co-expressed with CARs, a T-cell receptor, or ACTR, to help T cells survive longer and perform better in the solid tumor microenvironment. BOXR candidates consist of two main components: 1) a targeting receptor that directs the T cell to attack tumor cells, which may be a traditional CAR receptor, a T-cell receptor, or Unum's ACTR receptor, and 2) a novel "bolt-on" transgene that improves the intrinsic function of the T cell. Once discovered, BOXR transgenes are designed to be incorporated into several different types of therapeutic T cells, including both ACTR T cells and CAR-T cells, to impart new functionality to T cells.

    Unum's first product candidate selected from the BOXR platform, BOXR1030, expresses GPC3+ targeted CAR and incorporates the bolt-on GOT2 transgene to improve T cell function in the solid tumor microenvironment (TME) by enhancing T cell metabolism. Preclinical data with BOXR1030 was presented at the Society for Immunotherapy of Cancer (SITC) Annual Meeting in November 2019. In preclinical studies, BOXR1030 T cells were resistant to suppressive TME-like conditions, showing improved T cell proliferation under both hypoxic and low glucose conditions compared with control GPC3+ CAR-T cells. In vivo, BOXR1030 demonstrated superior activity compared to the parental CAR-T with treated animals achieving complete tumor regressions. Tumor infiltrating lymphocytes isolated from the tumors of treated animals revealed that BOXR1030 cells were more resistant to dysfunction and had fewer markers of exhaustion as compared to the control CAR-T cells.

    About Unum Therapeutics
    Unum Therapeutics is a biopharmaceutical company focused on developing curative cell therapies to treat patients with solid tumor cancers. Unum's novel proprietary technology includes BOXR, which is designed to improve the functionality of engineered T cells by incorporating a "bolt-on" transgene to overcome resistance of the solid tumor microenvironment to T cell attack. Unum's preclinical program BOXR1030 expresses the GOT2 transgene and targets GPC3+ solid tumor cancers. The Company is headquartered in Cambridge, MA.

    Follow Unum Therapeutics on social media: @UnumRx, and LinkedIn.

    Forward looking Statements

    This press release contains forward-looking statements including, without limitation, statements regarding our future expectations, plans and prospects, including the Company's strategic alternatives review process and the potential transactions that may be identified and explored as a result of that process, projections regarding our long-term growth, enrollment and results for our preclinical and clinical activities, the development of our product candidate, BOXR1030, and the anticipated timing and success of any of our preclinical studies, clinical trials and regulatory filings, and our strategies, business plans, and focus, as well as other statements containing the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "project," "should," "target," "will," or "would" and similar expressions, constitute forward-looking statements within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995, as amended. We may not actually achieve the forecasts disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results could differ materially from the projections disclosed in the forward-looking statements we make as a result of a variety of risks and uncertainties, including risks related to the ability of the Company to identify and consummate strategic alternatives that yield additional value for shareholders; the timing, benefits and outcome of the Company's strategic alternatives review process, including the determination of whether or not to pursue or consummate any strategic alternative; the structure, terms and specific risks and uncertainties associated with any potential strategic transaction; potential disruptions in our business and the stock price as a result of our exploration, review and pursuit of strategic alternatives or the public announcement thereof and any decision or transaction resulting from such review; the accuracy of our estimates regarding expenses, future revenues, capital requirements, and the need for additional financing, the success, cost and timing of our product development activities and clinical trials, our ability to obtain and maintain regulatory approval for our product candidates, the impact of COVID-19 on our business, preclinical and clinical activities and strategic alternatives review, and the other risks and uncertainties described in the "Risk Factors" sections of our public filings with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent our views as of the date hereof. We anticipate that subsequent events and developments may cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date hereof.


    UNUM THERAPEUTICS INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (unaudited, $ in thousands, except share and per share amounts)

     
     
    Three Months Ended March 31,  
        2020     2019  
    Collaboration revenue   $ 7,031     $ 3,053  
    Operating expenses:                
    Research and development     9,498       12,403  
    General and administrative     3,674       2,491  
    Total operating expenses     13,172       14,894  
    Loss from operations     (6,141 )     (11,841 )
    Other income (expense):                
    Interest income     47       150  
    Total other income (expense), net     47       150  
    Net loss   $ (6,094 )   $ (11,691 )
    Net loss per common share, basic and diluted   $ (0.20 )   $ (0.39 )
    Weighted average common shares outstanding, basic and diluted     30,136,749       30,083,006  
     


    UNUM THERAPEUTICS INC.
    CONSOLIDATED SELECTED BALANCE SHEET DATA
    (unaudited, in thousands)

        March 31, 2020      

    December 31, 2019
     
    Cash, cash equivalents and marketable securities   $ 29,604     $ 37,424  
    Working capital   $ 21,935     $ 27,343  
    Total assets   $ 38,939     $ 49,423  
    Total liabilities   $ 13,237     $ 17,661  
    Total stockholders' equity   $ 25,702     $ 31,762  

     

    Media Contact:
    Lissette Steele, 202-930-4762
    

    Primary Logo

    View Full Article Hide Full Article
  3. CAMBRIDGE, Mass., March 26, 2020 (GLOBE NEWSWIRE) -- Unum Therapeutics Inc. (NASDAQ:UMRX), a biopharmaceutical company focused on developing curative cell therapies for solid tumors, today announced financial results for the fourth quarter and full year ended December 31, 2019, and provided corporate updates.

    "We recently announced the conclusion of our Phase 1 ACTR707 programs and restructuring to prioritize our capabilities and resources towards advancing our preclinical program, BOXR1030, and BOXR platform aimed at discovering novel ‘bolt-on' transgenes to help T cells survive longer and perform better in the solid tumor microenvironment," said Chuck Wilson Ph.D., President and Chief Executive Officer of Unum. "While taking steps internally…

    CAMBRIDGE, Mass., March 26, 2020 (GLOBE NEWSWIRE) -- Unum Therapeutics Inc. (NASDAQ:UMRX), a biopharmaceutical company focused on developing curative cell therapies for solid tumors, today announced financial results for the fourth quarter and full year ended December 31, 2019, and provided corporate updates.

    "We recently announced the conclusion of our Phase 1 ACTR707 programs and restructuring to prioritize our capabilities and resources towards advancing our preclinical program, BOXR1030, and BOXR platform aimed at discovering novel ‘bolt-on' transgenes to help T cells survive longer and perform better in the solid tumor microenvironment," said Chuck Wilson Ph.D., President and Chief Executive Officer of Unum. "While taking steps internally to advance BOXR1030 and the BOXR platform given the broad potential we see to improve cell therapies in solid tumors, we are also taking steps to evaluate external opportunities as well and in this context, and with alignment from our Board of Directors, we are also actively seeking strategic alternatives to maximize shareholder value, including a sale or merger of the Company at this time."

    Recent Program and Corporate Highlights

    • Announced plans to prioritize resources towards advancing its preclinical program, BOXR1030, for the treatment of solid tumor cancers: Unum's BOXR1030 expresses a glypican-3 (GPC3) targeted CAR and incorporates the novel transgene glutamic-oxaloacetic transaminase 2 (GOT2) to improve T cell function in the solid tumor microenvironment by enhancing T cell metabolism. Unum has initiated formal preclinical development activities, including preclinical safety testing and GMP process development, to support filing an IND application for BOXR1030 in late 2020. As part of this effort, and to conserve resources for BOXR1030, Unum is concluding its ACTR707 clinical trials, including the Phase 1 trial (ATTCK-20-03) in combination with rituximab in relapsed/refractory non-Hodgkin lymphoma and the Phase 1 trial (ATTCK-34-01) in combination with trastuzumab to treat advanced HER2+ solid tumor cancers. Unum expects to continue to leverage its BOXR discovery platform, potentially in collaboration with partners, to create and develop new BOXR product candidates to address a broad range of solid tumor cancers.
       
    • Presented preclinical data for BOXR1030 at the Society for Immunotherapy of Cancer (SITC) Annual Meeting (November 6-10): BOXR1030 expresses a glypican-3 (GPC3) targeted chimeric antigen receptor (CAR) with the addition of the "bolt-on" transgene glutamic-oxaloacetic transaminase 2 (GOT2) to improve T cell function in the TME by enhancing T cell metabolism. As presented at the SITC conference, expression of the GOT2 mitochondrial enzyme in BOXR1030 increased the production of key amino acids and metabolites, improved the anti-oxidant balance of T cells, and prevented their dysfunction and exhaustion in preclinical studies using stringent animal xenograft models that simulate the TME. In vitro, BOXR1030 T cells were resistant to suppressive TME-like conditions, showing improved T cell proliferation under both hypoxic and low glucose conditions compared with control GPC3+ CAR-T cells. In vivo, BOXR1030 demonstrated superior activity compared to the control CAR-T with treated animals achieving complete tumor regressions under metabolically challenging conditions. Tumor infiltrating lymphocytes isolated from the tumors of treated animals revealed that BOXR1030 cells were more resistant to dysfunction, had fewer markers of exhaustion, and remained functional as compared to the control CAR-T cells.
       
    • Entered into a common stock purchase agreement for up to $25 million with Lincoln Park Capital Fund, LLC ("LPC"): Under the terms of the purchase agreement, Unum Therapeutics will have the sole discretion to direct LPC to purchase up to $25 million in shares of its common stock over the 36-month term of the agreement based on the market prices prevailing at the time of each sale to LPC. Unum Therapeutics controls the timing and amount of any future sales of its stock, subject to various limitations including those under the NASDAQ listing rules, and there is no upper limit as to the price per share that LPC may pay for future stock issuances under the purchase agreement. LPC has agreed not to cause or engage in any direct or indirect short selling or hedging of Unum Therapeutics' common stock. Unum Therapeutics maintains the right to terminate the common stock purchase agreement at any time, at its discretion, without any additional cost or penalty.
       
    • Today announced plans to explore strategic options to maximize shareholder value. Following a review of its business, including the status of its development program, resources and capabilities, the Company has initiated a process to explore strategic alternatives focused on maximizing shareholder value. Potential strategic alternatives that may be evaluated include, but are not limited to, an acquisition, merger, business combination, in-licensing, or other strategic transaction. There can be no assurance that this process will result in any such transaction. Unum Therapeutics has not set a timetable for completion of this review process and does not intend to comment further unless or until the Board of Directors has approved a definitive course of action, the review process is concluded, or it is determined that other disclosure is appropriate.

      Ladenburg Thalmann & Co. Inc. has been engaged to act as Unum Therapeutics' strategic financial advisor during this process to explore and evaluate strategic alternatives to maximize shareholder value.

    Fourth Quarter and Full Year 2019 Financial Results

    • Collaboration Revenue: Collaboration revenues were $15.3 million for the fourth quarter of 2019 and $22.5 million for the year ended December 31, 2019, compared to collaboration revenue of $3.8 million and $9.7 million, respectively, for the same periods of 2018. Collaboration revenue, which includes the recognition of a portion of the upfront payment received as well as reimbursements of research and development costs attributed to the Seattle Genetics, Inc. collaboration agreement, increased during the fourth quarter of 2019 compared to the same period in 2018 as a result of the recognition of a significant portion of the upfront payment from Seattle Genetics, Inc., due to the suspension of the Phase 1 ATTCK-17-01 trial in November 2019. The collaboration agreement was subsequently terminated in January 2020.
       
    • R&D Expenses: Research and development expenses were $10.4 million for the fourth quarter of 2019 and $43.7 million for the year ended December 31, 2019, compared to $10.8 million and $38.3 million, respectively, for the same periods of 2018. Research and development expenses relate to costs for the Phase 1 trials and preclinical programs, as well as personnel-related costs to support these programs.
       
    • G&A Expenses: General and administration expenses were $2.7 million for the fourth quarter of 2019 and $11.0 million for the year ended December 31, 2019, compared to $2.0 million and $7.5 million, respectively, for the same periods of 2018. The increase is primarily related to increased headcount and personnel-related costs, as well as expenses required to operate as a public company.
       
    • Net Loss: Net income attributable to common stockholders was $2.3 million, or $0.07 per share, for the fourth quarter of 2019 and a net loss of $31.8 million, or ($1.04) per share, for the year ended December 31, 2019, compared to a net loss attributable to common stockholders of $8.6 million, or ($0.29) per share, and $34.5 million, or ($1.39) per share, respectively, for the same periods of 2018.
       
    • Cash and Cash Equivalents: As of December 31, 2019, Unum had cash and cash equivalents of $37.4 million. Unum believes that its existing cash and cash equivalents will fund operating expenses and capital expenditure requirements into mid-2021.

    About Unum's BOXR1030 and BOXR Platform
    Unum's BOXR1030 was discovered from its Bolt-on Chimeric (BOXR) platform that is designed to discover novel "bolt-on" transgenes to be co-expressed with CARs, a T-cell receptor, or ACTR, to help T cells survive longer and perform better in the solid tumor microenvironment. BOXR candidates consist of two main components: 1) a targeting receptor that directs the T cell to attack tumor cells, which may be a traditional CAR receptor, a T-cell receptor, or Unum's ACTR receptor, and 2) a novel "bolt-on" transgene that improves the intrinsic function of the T cell. Once discovered, BOXR transgenes are designed to be incorporated into several different types of therapeutic T cells, including both ACTR T cells and CAR-T cells, to impart new functionality to T cells.

    Unum's first product candidate selected from the BOXR platform, BOXR1030, expresses GPC3+ targeted CAR and incorporates the bolt-on GOT2 transgene to improve T cell function in the solid tumor microenvironment (TME) by enhancing T cell metabolism. Preclinical data with BOXR1030 was presented at the Society for Immunotherapy of Cancer (SITC) Annual Meeting in November 2019. In preclinical studies, BOXR1030 T cells were resistant to suppressive TME-like conditions, showing improved T cell proliferation under both hypoxic and low glucose conditions compared with control GPC3+ CAR-T cells. In vivo, BOXR1030 demonstrated superior activity compared to the parental CAR-T with treated animals achieving complete tumor regressions. Tumor infiltrating lymphocytes isolated from the tumors of treated animals revealed that BOXR1030 cells were more resistant to dysfunction and had fewer markers of exhaustion as compared to the control CAR-T cells.

    About Unum Therapeutics
    Unum Therapeutics is a biopharmaceutical company focused on developing curative cell therapies to treat patients with solid tumor cancers. Unum's novel proprietary technology includes BOXR, which is designed to improve the functionality of engineered T cells by incorporating a "bolt-on" transgene to overcome resistance of the solid tumor microenvironment to T cell attack. Unum's preclinical program BOXR1030 expresses the GOT2 transgene and targets GPC3+ solid tumor cancers. The Company is headquartered in Cambridge, MA.

    Follow Unum Therapeutics on social media: @UnumRx, and LinkedIn.

    Forward looking Statements

    This press release contains forward-looking statements including, without limitation, statements regarding our future expectations, plans and prospects, including the Company's strategic alternatives review process and the potential transactions that may be identified and explored as a result of that process, projections regarding our long-term growth, enrollment and results for our preclinical and clinical activities, the development of our product candidate, BOXR1030, and the anticipated timing and success of any of our preclinical studies, clinical trials and regulatory filings, and our strategies, business plans, and focus, as well as other statements containing the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "project," "should," "target," "will," or "would" and similar expressions, constitute forward-looking statements within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995, as amended. We may not actually achieve the forecasts disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results could differ materially from the projections disclosed in the forward-looking statements we make as a result of a variety of risks and uncertainties, including risks related to the ability of the Company to identify and consummate strategic alternatives that yield additional value for shareholders; the timing, benefits and outcome of the Company's strategic alternatives review process, including the determination of whether or not to pursue or consummate any strategic alternative; the structure, terms and specific risks and uncertainties associated with any potential strategic transaction; potential disruptions in our business and the stock price as a result of our exploration, review and pursuit of strategic alternatives or the public announcement thereof and any decision or transaction resulting from such review; the accuracy of our estimates regarding expenses, future revenues, capital requirements, and the need for additional financing, the success, cost and timing of our product development activities and clinical trials, our ability to obtain and maintain regulatory approval for our product candidates, the impact of COVID-19 on our business, preclinical and clinical activities and strategic alternatives review, and the other risks and uncertainties described in the "Risk Factors" sections of our public filings with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent our views as of the date hereof. We anticipate that subsequent events and developments may cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date hereof.

    Investor Contact:
    Stern Investor Relations, Inc.
    Stephanie Ascher, 212-362-1200

    Media Contact:
    Lissette Steele, 202-930-4762



    UNUM THERAPEUTICS INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (unaudited, $ in thousands, except share and per share amounts)



       
    Year Ended December 31,
      3 months ended December 31,
          2019       2018       2019       2018  
    Collaboration revenue   $   22,499     $   9,734     $   15,288     $   3,805  
    Operating expenses:                
    Research and development       43,709         38,285         10,354         10,765  
    General and administrative       10,968         7,454         2,694         2,044  
    Total operating expenses       54,677         45,739         13,048         12,809  
    Loss from operations       (32,178 )       (36,005 )       2,240         (9,004 )
    Other income (expense):                
    Interest income       267         1,153         61         408  
    Other income, net       78         320         (4 )       (10 )
    Total other income, net       345         1,473         57         398  
    Net loss       (31,833 )       (34,532 )       2,297         (8,606 )
    Accretion of redeemable convertible preferred stock to redemption value       —         (16 )       —         —  
    Net loss attributable to common stockholders   $   (31,833 )   $  (34,548 )   $   2,297     $   (8,606 )
    Net loss per share attributable to common stockholders, basic   $   (1.04 )   $   (1.39 )   $   0.07     $   (0.29 )
    Weighted average common shares outstanding, basic       30,480,330         24,895,670         30,663,054         30,018,342  
    Net loss per share attributable to common stockholders, diluted   $   (1.04 )   $   (1.39 )   $   0.07     $   (0.29 )
    Weighted average common shares outstanding, diluted       30,480,330         24,895,670         31,195,620         30,018,342  


    UNUM THERAPEUTICS INC.
    CONSOLIDATED SELECTED BALANCE SHEET DATA
    (unaudited, in thousands)

        December 31, 2019      

    December 31, 2018
     
    Cash, cash equivalents and marketable securities   $ 37,424     $ 78,594  
    Working capital   $ 27,343     $ 56,057  
    Total assets   $ 49,423     $ 85,927  
    Total liabilities   $ 17,661     $ 25,693  
    Total stockholders' equity   $ 31,762     $ 60,234  

     

    Primary Logo

    View Full Article Hide Full Article
  4. CAMBRIDGE, Mass., March 20, 2020 (GLOBE NEWSWIRE) -- Unum Therapeutics Inc. (NASDAQ:UMRX), a biopharmaceutical company focused on developing curative cell therapies for solid tumors, today announced it has entered into a common stock purchase agreement for up to $25 million with Lincoln Park Capital Fund, LLC ("LPC"), a Chicago-based institutional investor.

    Under the terms of the purchase agreement, Unum Therapeutics will have the sole discretion, but not the obligation, to direct LPC to purchase up to $25 million in shares of its common stock over the 36-month term of the agreement. The price of Unum Therapeutic's shares of common stock sold will be based on the market prices prevailing at the time of each sale to LPC. Unum Therapeutics controls…

    CAMBRIDGE, Mass., March 20, 2020 (GLOBE NEWSWIRE) -- Unum Therapeutics Inc. (NASDAQ:UMRX), a biopharmaceutical company focused on developing curative cell therapies for solid tumors, today announced it has entered into a common stock purchase agreement for up to $25 million with Lincoln Park Capital Fund, LLC ("LPC"), a Chicago-based institutional investor.

    Under the terms of the purchase agreement, Unum Therapeutics will have the sole discretion, but not the obligation, to direct LPC to purchase up to $25 million in shares of its common stock over the 36-month term of the agreement. The price of Unum Therapeutic's shares of common stock sold will be based on the market prices prevailing at the time of each sale to LPC. Unum Therapeutics controls the timing and amount of any future sales of its stock, subject to various limitations including those under the NASDAQ listing rules, and there is no upper limit as to the price per share that LPC may pay for future stock issuances under the purchase agreement. LPC has agreed not to cause or engage in any direct or indirect short selling or hedging of Unum Therapeutics' common stock. Unum Therapeutics maintains the right to terminate the common stock purchase agreement at any time, at its discretion, without any additional cost or penalty.

    Unum Therapeutics intends to use the net proceeds from the sale of its common stock under the purchase agreement for working capital and general corporate purposes. In consideration for entering into the purchase agreement Unum Therapeutics issued shares of common stock to LPC as a commitment fee.

    Additional information regarding the purchase agreement with LPC is available in the Current Report on Form 8-K that Unum Therapeutics filed today with the Securities and Exchange Commission ("SEC"). The shares of common stock covered by the purchase agreement are being offered pursuant to a shelf registration statement (File No. 333-230678) that was declared effective by the SEC on May 1, 2019. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The offering can be made only by means of the prospectus supplement and accompanying prospectus, copies of which may be obtained at the SEC's website at www.sec.gov or by request from Unum Therapeutics at 200 Cambridge Park Drive, Suite 3100, Cambridge, MA, 02140 or by telephone at (617) 945-5576.

    About Unum Therapeutics
    Unum Therapeutics is a biopharmaceutical company focused on developing curative cell therapies to treat patients with solid tumor cancers. Unum's novel proprietary technology includes BOXR, which is designed to improve the functionality of engineered T cells by incorporating a "bolt-on" transgene to overcome resistance of the solid tumor microenvironment to T cell attack. Unum's preclinical program BOXR1030 expresses the GOT2 transgene and targets GPC3+ solid tumor cancers. The Company is headquartered in Cambridge, MA.

    About Lincoln Park Capital Fund, LLC (LPC)
    LPC is a long-only institutional investor headquartered in Chicago, Illinois. LPC's experienced professionals manage a portfolio of investments in public and private entities. These investments are in a wide range of companies and industries emphasizing life sciences and technology. LPC's investments range from multi-year financial commitments to fund growth to special situation financings to long-term strategic capital offering companies' flexibility and consistency. For more information, please visit www.lpcfunds.com.

    Follow Unum Therapeutics on social media: @UnumRx, and LinkedIn.

    Forward looking Statements

    This press release contains forward-looking statements including, without limitation, statements regarding our future expectations, plans and prospects, possible sales of common stock pursuant to the purchase agreement with LPC and Unum Therapeutics' financing needs, , and our strategies, business plans, and focus, as well as other statements containing the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "project," "should," "target," "will," or "would" and similar expressions, constitute forward-looking statements within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995, as amended. We may not actually achieve the forecasts disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results could differ materially from the projections disclosed in the forward-looking statements we make as a result of a variety of risks and uncertainties, including risks related to the accuracy of our estimates regarding expenses, future revenues, capital requirements, and the need for additional financing, the success, cost and timing of our product development activities and clinical trials, our ability to obtain and maintain regulatory approval for our product candidates, uncertainties related to Unum Therapeutics' working capital and ability to carry on its existing operations and obtain needed financing and the other risks and uncertainties described in the "Risk Factors" sections of our public filings with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent our views as of the date hereof. We anticipate that subsequent events and developments may cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date hereof.

    Investor Contact:
    Stern Investor Relations, Inc.
    Stephanie Ascher, 212-362-1200

    Media Contact:
    Lissette Steele, 202-930-4762

    Primary Logo

    View Full Article Hide Full Article
  5. -Cohort 1 enrollment is complete with no dose-limiting toxicities observed-

    -Cohort 2 patient screening underway-

    -Safety and efficacy data from multiple dose cohorts expected during 2020-

    CAMBRIDGE, Mass., Jan. 29, 2020 (GLOBE NEWSWIRE) -- Unum Therapeutics Inc. (NASDAQ:UMRX), a clinical-stage biopharmaceutical company focused on developing curative cell therapies for cancer, today announced it has completed Cohort 1 enrollment with no dose-limiting toxiticies (DLT) observed in the ATTCK-34-01 Phase 1 trial evaluating Unum's novel Antibody-Coupled T cell Receptor investigational therapy, ACTR707, together with trastuzumab for the treatment of patients with HER2+ advanced cancers.

    Patient enrollment—defined as patients who have signed informed…

    -Cohort 1 enrollment is complete with no dose-limiting toxicities observed-

    -Cohort 2 patient screening underway-

    -Safety and efficacy data from multiple dose cohorts expected during 2020-

    CAMBRIDGE, Mass., Jan. 29, 2020 (GLOBE NEWSWIRE) -- Unum Therapeutics Inc. (NASDAQ:UMRX), a clinical-stage biopharmaceutical company focused on developing curative cell therapies for cancer, today announced it has completed Cohort 1 enrollment with no dose-limiting toxiticies (DLT) observed in the ATTCK-34-01 Phase 1 trial evaluating Unum's novel Antibody-Coupled T cell Receptor investigational therapy, ACTR707, together with trastuzumab for the treatment of patients with HER2+ advanced cancers.

    Patient enrollment—defined as patients who have signed informed consent forms and met all eligibility criteria—is complete with five patients in this first cohort in the ATTCK-34-01 Phase 1 trial, a multicenter, open-label, single-arm, dose-escalation trial. Of the five patients enrolled, three patients received treatment with trastuzumab (1.0 mg/kg weekly) followed by administration of ACTR707 (25 million ACTR707+ T cells) and completed the DLT review period—defined as approximately six weeks post-ACTR707 administration—with no DLTs observed. Two patients enrolled but discontinued from the trial prior to receiving treatment with trastuzumab and ACTR707. In addition to safety and clinical response assessments, data on ACTR707+ T cell expansion and persistence, trastuzumab pharmacokinetics, and post-treatment biopsy analyses are being collected and are expected to inform subsequent dose escalation. Unum continues to plan to submit data from this Cohort for presentation at a scientific conference in 2020. Investigators have begun screening patients for Cohort 2 that includes treatment with trastuzumab (1.0 mg/kg weekly) followed by administration of ACTR707 (50 million ACTR707+ T cells).

    "Understanding the significant unmet need in advanced HER2+ malignancies, ACTR707 was engineered to potentially avoid the on-target, off-tumor toxicity that has hindered the development of traditional CAR T cells for solid tumor cancers," said Jessica Sachs, M.D., Chief Medical Officer of Unum Therapeutics. "We are excited to continue this dose-escalation trial, having passed the DLT safety thresholds in this first, low-dose Cohort and we look forward to reporting additional data from multiple dose cohorts during 2020."

    Additional details about the ATTCK-34-01 Phase 1 trial can be found here.

    About ACTR707 and the ATTCK-34-01 Phase 1 trial for HER2+ solid tumor cancers
    ACTR707 is derived from Unum's novel proprietary Antibody-Coupled T cell Receptor (ACTR) platform. ACTR is designed to develop autologous engineered T-cell therapies that combine the cell-killing ability of T cells and the tumor-targeting ability of co-administered antibodies to exert potent antitumor immune responses. ACTR707 was engineered for properties that potentially optimize its function in solid tumors including increased proliferation, cytokine secretion, and persistence. Preclinical data demonstrate that, unlike traditional trastuzumab-based CAR-T cells that target HER2, ACTR707+ T cells administered with trastuzumab are highly selective for HER2-overexpressing tumor cells and discriminate against cells from normal tissues that express low levels of HER2. In addition, the preclinical activity of ACTR707+ T cells has been shown to be dose-dependent demonstrating control of ACTR707 activity by modulation of trastuzumab concentration.

    While some patients with metastatic breast cancer and gastric cancer receive durable benefit from approved HER2-targeted therapies, many are refractory to or relapse from treatment.  Additionally, there are other solid tumors that overexpress HER2 for whom existing HER2-targeted therapies are not approved. ACTR707 used in combination with trastuzumab is being developed in this trial to potentially serve patients whose treatment needs are not met by available HER2-targeted therapies.

    About Unum Therapeutics
    Unum Therapeutics is a clinical-stage biopharmaceutical company focused on developing curative cell therapies to treat a broad range of cancer patients. Unum's novel proprietary technologies include Antibody-Coupled T cell Receptor (ACTR), an autologous engineered T-cell therapy that combines the cell-killing ability of T cells and the tumor-targeting ability of co-administered antibodies to exert potent antitumor immune responses, and Bolt-On Chimeric Receptor (BOXR), designed to improve the functionality of engineered T cells by incorporating a "bolt-on" transgene to overcome resistance of the solid tumor microenvironment to T cell attack. Unum has multiple programs in Phase 1 clinical and preclinical testing, including: ACTR707 used in combination with trastuzumab in adult patients with HER2+ advanced cancer and used in combination with rituximab in adult patients with r/r NHL; and BOXR1030 expressing the GOT2 transgene and targeting GPC3+ solid tumor cancers. The Company is headquartered in Cambridge, MA.

    Follow Unum Therapeutics on social media: @UnumRx, and LinkedIn.

    Forward looking Statements

    This press release contains forward-looking statements including, without limitation, statements regarding our future expectations, plans and prospects, including projections regarding our long-term growth, enrollment and results for our preclinical and clinical activities, the development of our product candidates, including the ACTR product candidates and the BOXR platform and product candidates, and the anticipated timing and success of any of our preclinical studies, clinical trials and regulatory filings, as well as other statements containing the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "project," "should," "target," "will," or "would" and similar expressions, constitute forward-looking statements within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995, as amended. We may not actually achieve the forecasts disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results could differ materially from the projections disclosed in the forward-looking statements we make as a result of a variety of risks and uncertainties, including risks related to the accuracy of our estimates regarding expenses, future revenues, capital requirements, and the need for additional financing, the success, cost and timing of our product development activities and clinical trials, our ability to obtain and maintain regulatory approval for our product candidates, and the other risks and uncertainties described in the "Risk Factors" sections of our public filings with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent our views as of the date hereof. We anticipate that subsequent events and developments may cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date hereof.

    Investor Contact:
    Stern Investor Relations, Inc.
    Stephanie Ascher, 212-362-1200

    Media Contact:
    Lissette Steele, 202-930-4762

    Primary Logo

    View Full Article Hide Full Article
View All Unum Therapeutics Inc. News