Day: December 26, 2023

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Zymeworks Announces $50 Million Private Placement to EcoR1 Capital

Proceeds expected to extend cash runway into H2 2027

VANCOUVER, British Columbia, Dec. 26, 2023 (GLOBE NEWSWIRE) — Zymeworks Inc. (Nasdaq: ZYME), a clinical-stage biopharmaceutical company developing novel, multifunctional biotherapeutics, today announced that it had entered into a securities purchase agreement with funds affiliated with EcoR1 Capital, LLC (“EcoR1 Capital”), for the sale of an aggregate of 5,086,521 pre-funded warrants to purchase 5,086,521 shares of common stock, $0.00001 par value per share, in a private placement. Each pre-funded warrant will be exercisable at an exercise price equal to $0.0001 per share, subject to adjustments as provided under the terms of the pre-funded warrant and will be exercisable at any time on or after the closing date, subject to a post-exercise beneficial ownership limitation of 19.99%.

“We are grateful for the ongoing commitment and additional financial support from our largest stockholder, EcoR1 Capital, as we work towards making a meaningful difference for people impacted by difficult-to-treat cancers and other serious diseases” said Kenneth Galbraith, Chair and Chief Executive Officer of Zymeworks. “The proceeds from this transaction allow us to further strengthen our financial position and extend our cash runway ahead of key milestones and events expected in 2024 and 2025.”

The proceeds from this transaction will help to broaden and potentially accelerate the Company’s ‘5 by 5’ research and development strategy, with investigational new drug application filings for ZW171 and ZW191 scheduled for 2024, as well as for use in funding general corporate purposes. Based on the Company’s current operating plan, Zymeworks anticipates that the proceeds from this transaction will now extend its current cash runway into H2 2027.

The aggregate gross proceeds from the offering are expected to be approximately $50 million, before deducting estimated offering expenses. The private placement is expected to close on or about December 28, 2023, subject to the satisfaction of customary closing conditions. The purchase price of $9.8299 for each pre-funded warrant was based on the closing price of $9.83 per share of Company’s common stock on The Nasdaq Stock Market LLC on December 22, 2023.

In addition, the Company has agreed that EcoR1 Capital will have the right, anytime until January 1, 2026, to nominate one of its partners as a member of the board of directors of Zymeworks, subject to specified conditions.

The securities sold in this private placement have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered for sale, sold, transferred, assigned or otherwise disposed of absent registration with the U.S. Securities and Exchange Commission (SEC) or an applicable exemption from the registration requirements. Pursuant to the terms of a registration rights agreement entered into by Zymeworks with the investors, Zymeworks has agreed to file a registration statement with the SEC registering the resale of the shares of common stock issuable upon exercise of the pre-funded warrants.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

Additional details regarding this private placement will be included in a Current Report on Form 8-K to be filed by Zymeworks with the SEC.

About Zymeworks Inc.

Zymeworks Inc. (Nasdaq: ZYME) is a global biotechnology company committed to the discovery, development, and commercialization of novel, multifunctional biotherapeutics. Zymeworks’ mission is to make a meaningful difference for people impacted by difficult-to-treat cancers and other serious diseases. Zymeworks’ complementary therapeutic platforms and fully integrated drug development engine provide the flexibility and compatibility to precisely engineer and develop highly differentiated antibody-based therapeutic candidates. Zymeworks engineered and developed zanidatamab, a HER2-targeted bispecific antibody using Zymeworks’ proprietary Azymetric™ technology. Zymeworks has entered into separate agreements with BeiGene, Ltd. (BeiGene) and Jazz Pharmaceuticals Ireland Limited (Jazz), granting each of BeiGene and Jazz with exclusive rights to develop and commercialize zanidatamab in different territories. Zanidatamab is currently being evaluated in global Phase 1, Phase 2, and Phase 3 clinical trials, including certain ongoing pivotal clinical trials as a treatment for patients with HER2-expressing cancers. Zymeworks’ next clinical candidate, zanidatamab zovodotin (ZW49), is a HER2-targeted bispecific antibody-drug conjugate (ADC) developed using Zymeworks’ proprietary Azymetric™ and ZymeLink™ Auristatin technologies. Zanidatamab zovodotin is being evaluated in a Phase 2 clinical trial for patients with HER2-expressing non-small cell lung cancer. Zymeworks is also advancing a deep pipeline of product candidates based on its experience and capabilities in both ADC and multispecific antibodies (MSAT), including planned IND filings for ZW171 and ZW191 in 2024. In addition to Zymeworks’ wholly owned pipeline, its therapeutic platforms have been further leveraged through strategic partnerships with global biopharmaceutical companies. For information about Zymeworks, visit www.zymeworks.com and follow @ZymeworksInc on X.

Cautionary Note Regarding Forward-Looking Statements

This press release includes “forward-looking statements” or information within the meaning of the applicable securities legislation, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements in this press release include, but are not limited to, statements regarding the expected closing of the private placement, anticipated receipt and use of proceeds from the private placement, whether the conditions for the closing of the private placement will be satisfied, the filing of a registration statement or final prospectus, as applicable, to register the resale of the shares of common stock issuable upon the exercise of the pre-funded warrants to be issued and sold in the private placement, the anticipated cash runway following closing of the private placement, the timing of anticipated IND filings, and other information that is not historical information. When used herein, words such as “plan”, “believe”, “expect”, “may”, “continue”, “anticipate”, “potential”, “will”, “progress”, and similar expressions are intended to identify forward-looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking. All forward-looking statements are based upon Zymeworks’ current expectations and various assumptions. Zymeworks believes there is a reasonable basis for its expectations and beliefs, but they are inherently uncertain. Zymeworks may not realize its expectations, and its beliefs may not prove correct. Actual results could differ materially from those described or implied by such forward-looking statements as a result of various factors, including, without limitation: whether the conditions for the closing of the private placement will be satisfied; clinical trials may not demonstrate safety and efficacy of any of Zymeworks’ or its collaborators’ product candidates; any of Zymeworks’ or its partners’ product candidates may fail in development, may not receive required regulatory approvals, or may be delayed to a point where they are not commercially viable; Zymeworks may not achieve milestones or receive additional payments under its collaborations; the impact of pandemics and other health crises on Zymeworks’ business, research and clinical development plans and timelines and results of operations, including impact on its clinical trial sites, collaborators, and contractors who act for or on Zymeworks’ behalf; inability to maintain or enter into new partnerships or strategic collaborations; regulatory agencies may impose additional requirements or delay the initiation of clinical trials; the impact of new or changing laws and regulations; Zymeworks’ assumptions regarding its cash runway may be incorrect; market conditions; and the other risks described under “Risk Factors” in Zymeworks’ Quarterly Report on Form 10-Q for its quarter ended September 30, 2023 (a copy of which may be obtained at www.sec.gov and www.sedar.com). Although Zymeworks believes that such forward-looking statements are reasonable, there can be no assurance they will prove to be correct. Investors should not place undue reliance on forward-looking statements. The above assumptions, risks and uncertainties are not exhaustive. Forward-looking statements are made as of the date hereof and, except as may be required by law, Zymeworks undertakes no obligation to update, republish, or revise any forward-looking statements to reflect new information, future events or circumstances, or to reflect the occurrences of unanticipated events.

Contacts:
Investor Inquiries:
Shrinal Inamdar
Director, Investor Relations
(604) 678-1388
ir@zymeworks.com

Media Inquiries:
Diana Papove
Senior Director, Corporate Communications
(604) 678-1388
media@zymeworks.com

GlobeNewswire Distribution ID 9009538

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Deputy PM orders greater efforts in IUU fishing fight


Hanoi: Deputy Prime Minister Tran Luu Quang has requested ministers, heads of relevant agencies, and chairpersons of the People’s Committees of coastal localities to implement strategic and long-term solutions, and realise urgent tasks and priorities to have the European Commission (EC)’s “yellow card” warning against Vietnamese seafood removed as soon as possible.

Concluding the 8th meeting of the National Steering Committee on Illegal, Unreported, and Unregulated (IUU) Fishing Prevention and Control, the official also asked them to focus on mobilising resources for combating IUU fishing following the direction of the Party Central Committee’s Secretariat, the Government, and the Prime Minister, and conclusions of the head of the National Steering Committee on IUU National Steering Committee, as well as related documents.

He underlined the need to resolutely handle organisations and individuals who do not fulfill their responsibilities and tasks, and those that violate legal regulations.

The Ministry of A
griculture and Rural Development (MARD) must fulfill its role in inspecting, guiding, and urging coastal localities to comply with the EC’s provisions and recommendations on preventing IUU fishing. It also has to closely coordinate with the Ministry of Foreign Affairs in providing and sharing information to ensure the effective implementation of diplomatic activities.

The ministry was demanded to perfect the Vietnam Fisheries database system (VNFishbase) and promote the application of information technology and software for managing the entry and exit of fishing vessels at ports to closely control their operation, and the installation of electronic traceability systems to monitor the transparency and legality for the origin of aquatic products for export.

The Ministry of Defence was asked to collaborate with the MARD and the People’s Committees of coastal localities and relevant agencies to conduct a peak inspection patrol and deploy appropriate measures until April 30, 2024, to resolutely prevent, minimise
, and move towards ending the infringement of fishing vessels in foreign waters.

Meanwhile, the Ministry of Public Security will be responsible for directing local police to allocate forces for investigating, preventing, and handling acts of brokering and connecting fishing vessels and fishermen to illegally exploit seafood in foreign waters.

The Ministry of Foreign Affairs was required to direct the Vietnamese Embassies in Malaysia, Indonesia, and Thailand to actively and promptly collect and provide information about fishing vessels and fishermen arrested and handled by foreign countries.

Chairpersons of the People’s Committees of coastal localities will be responsible for reviewing documents, and issuing decisions to completely punish cases of violations.

The Deputy PM requested the establishment of local fisheries inspection forces with sufficient capacity to carry out state management tasks related to seafood exploitation and protection of aquatic resources following regulations of the Law on Fisheri
es and the Law on Organisation of Government.

Relevant ministries, sectors, and localities were demanded to enhance communications activities to widely popularise legal regulations on preventing IUU fishing, and raise legal compliance awareness of coastal communities.

They will have to complete the assigned tasks on schedule, and report results to the MARD before the 15th of each month for reporting to the Prime Minister and the head of the National Steering Committee on IUU Fishing Prevention and Control.

According to a report from the MARD, despite encouraging results, the fourth inspection session of EC’s inspection team from October 10-18 revealed some drawbacks in Vietnam’s efforts to stop IUU fishing in waters outside Vietnam’s boundaries.

Illegal fishing in international waters continues to occur, law enforcement is yet to be concerted, and gaps remain in enforcement against violations.

The inspection team will conduct its 5th inspection at the end of the second quarter of 2024, the results of whi
ch will help decide whether the warning can be removed./.
Source: Vietnam News Agency

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Deputy PM orders greater efforts in IUU fishing fight


Hanoi: Deputy Prime Minister Tran Luu Quang has requested ministers, heads of relevant agencies, and chairpersons of the People’s Committees of coastal localities to implement strategic and long-term solutions, and realise urgent tasks and priorities to have the European Commission (EC)’s “yellow card” warning against Vietnamese seafood removed as soon as possible.

Concluding the 8th meeting of the National Steering Committee on Illegal, Unreported, and Unregulated (IUU) Fishing Prevention and Control, the official also asked them to focus on mobilising resources for combating IUU fishing following the direction of the Party Central Committee’s Secretariat, the Government, and the Prime Minister, and conclusions of the head of the National Steering Committee on IUU National Steering Committee, as well as related documents.

He underlined the need to resolutely handle organisations and individuals who do not fulfill their responsibilities and tasks, and those that violate legal regulations.

The Ministry of A
griculture and Rural Development (MARD) must fulfill its role in inspecting, guiding, and urging coastal localities to comply with the EC’s provisions and recommendations on preventing IUU fishing. It also has to closely coordinate with the Ministry of Foreign Affairs in providing and sharing information to ensure the effective implementation of diplomatic activities.

The ministry was demanded to perfect the Vietnam Fisheries database system (VNFishbase) and promote the application of information technology and software for managing the entry and exit of fishing vessels at ports to closely control their operation, and the installation of electronic traceability systems to monitor the transparency and legality for the origin of aquatic products for export.

The Ministry of Defence was asked to collaborate with the MARD and the People’s Committees of coastal localities and relevant agencies to conduct a peak inspection patrol and deploy appropriate measures until April 30, 2024, to resolutely prevent, minimise
, and move towards ending the infringement of fishing vessels in foreign waters.

Meanwhile, the Ministry of Public Security will be responsible for directing local police to allocate forces for investigating, preventing, and handling acts of brokering and connecting fishing vessels and fishermen to illegally exploit seafood in foreign waters.

The Ministry of Foreign Affairs was required to direct the Vietnamese Embassies in Malaysia, Indonesia, and Thailand to actively and promptly collect and provide information about fishing vessels and fishermen arrested and handled by foreign countries.

Chairpersons of the People’s Committees of coastal localities will be responsible for reviewing documents, and issuing decisions to completely punish cases of violations.

The Deputy PM requested the establishment of local fisheries inspection forces with sufficient capacity to carry out state management tasks related to seafood exploitation and protection of aquatic resources following regulations of the Law on Fisheri
es and the Law on Organisation of Government.

Relevant ministries, sectors, and localities were demanded to enhance communications activities to widely popularise legal regulations on preventing IUU fishing, and raise legal compliance awareness of coastal communities.

They will have to complete the assigned tasks on schedule, and report results to the MARD before the 15th of each month for reporting to the Prime Minister and the head of the National Steering Committee on IUU Fishing Prevention and Control.

According to a report from the MARD, despite encouraging results, the fourth inspection session of EC’s inspection team from October 10-18 revealed some drawbacks in Vietnam’s efforts to stop IUU fishing in waters outside Vietnam’s boundaries.

Illegal fishing in international waters continues to occur, law enforcement is yet to be concerted, and gaps remain in enforcement against violations.

The inspection team will conduct its 5th inspection at the end of the second quarter of 2024, the results of whi
ch will help decide whether the warning can be removed./.
Source: Vietnam News Agency

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Vietnam’s top ten economic highlights of 2023


Hanoi: The Vietnam News Agency’s Economic News Department has selected the top ten noteworthy events that shaped the country’s economic landscape in the year 2023.

1. Vietnam emerges as beacon of economic recovery

Despite falling slightly short of the year’s set target of 6.5%, Vietnam’s 5% GDP growth has been assessed by international financial institutions as outperforming many economies given the ongoing global economic downturn. Factors contributing to the country’s economic recovery included record-breaking exports, public investment disbursement efforts, the highest FDI since 2020, and a rebound in domestic services. Major media outlets have acknowledged Vietnam’s growth efforts, positioning it as an attractive trade partner and investment destination.

2. Politburo issues resolution on harnessing Vietnamese entrepreneurs’ role in new era

On October 10, the Politburo issued Resolution No. 41-NQ/TW, outlining ways to build and leverage the role of Vietnamese entrepreneurs in the new era. As the second
resolution of its kind focusing on the group in the past 12 years, it highlighted seven key tasks and solutions to develop capable entrepreneurs and a group of globally recognised businesses that lead some global supply and value chains.

3. Record public investment disbursement

The country’s public investment disbursement is estimated to reach an unprecedented value of over 461 trillion VND (19 billion USD), the highest to date. This achievement is attributed to the relentless efforts of the Government, ministries, and local authorities in addressing administrative hurdles and streamlining procedures. Swift and efficient disbursement of public investment has become a vital driving force, propelling rapid and sustainable economic growth in the upcoming period.

4. Eighth consecutive year of trade surplus

2023 has marked the country’s eighth consecutive year of trade surplus with an impressive figure of about 26 billion USD, nearly tripling that of 2022. Various agricultural product groups have capitalised o
n export opportunities, with more than 8 million tonnes of rice sold overseas for over 4.4 billion USD, the highest value since 2009. The favourable export structure has facilitated deeper integration of Vietnamese goods into global production and supply chains, and the trade surplus has contributed positively to the balance of payments, thus increasing foreign currency reserves and stabilising exchange rates.

5. Putting into operation 475 km of new highways in a single year

The completion of 14 key transportation projects, including components of the North-South Expressway – Phase 1, extending the total length of the country’s expressways to 1,892 km. This achievement aligns with one of the three breakthroughs outlined in the nation’s socio-economic development strategy for 2021-2030.

6. Central bank’s unprecedented consecutive policy interest rate reductions

In an unprecedented move, the State Bank of Vietnam (SBV) has made four consecutive reductions of policy interest rates from March to June by 0.5-2
percentage points per annum. This flexible measure served as a foundation for credit institutions to lower lending rates, thus aiding economic recovery and growth.

7. National Power Development Plan VIII approved

After years of preparation, review, and revision, on May 15, 2023, the Prime Minister signed Decision No. 500/QD-TTg approving the National Power Development Plan VIII for 2021-2030, with a vision to 2050. This plan has opened up new space for Vietnam’s sustainable and just energy development, aligning with the Party’s and State’s guidelines and policies and the country’s practical capabilities.

8. Unprecedented policies released to support real estate market

The Government and various ministries and agencies have introduced unprecedented legal and financial mechanisms to remove legal and financial hurdles for and recover the real estate market. Notable among these are the Government’s Resolution No. 33/NQ-CP, outlining measures to promote a safe, healthy, and sustainable realty market, and Decre
e No. 10/2023/ND-CP amending and supplementing some articles of decrees guiding the implementation of the Land Law, as well as an initiative to invest in constructing at least one million social housing units for low-income individuals and industrial zone workers between 2021 and 2030.

9. Coordination to rectify vehicle registration

Widespread irregularities related to corrupt practices by certain personnel in the vehicle registration and inspection sector were uncovered on a broad scale. At the peak of the crisis, 106 out of 281 motor vehicle registration centres across the country were forced to suspend operations. This marked the first occurence of long queues of cars and trucks waiting for registration, adversely affecting citizens, transport businesses, and logistics activities. The Government, relevant ministries, and law enforcement agencies had to collaboratively address the issue, with the Ministry of Transport proposing the involvement of the police and military forces to support the registration
of civilian motor vehicles. On June 8, the Government issued Decree No. 30/2023/ND-CP, amending and supplementing some provisions of Decree No. 139/2018/ND-CP dated October 8, 2018 regarding the business of motor vehicle registration services.

10. Tightening monitoring of ‘mini apartments’ construction

The tragic September 12 fire incident at a “mini apartment” complex on Hanoi’s Khuong Ha street resulted in 56 fatalities and 37 injuries. This catastrophe rang the alarm about lax construction management in urban and residential areas. Following the direction of the Prime Minister, authorities at all levels and relevant sectors conducted a comprehensive review to rectify and tighten construction management and take urgent measures to prevent and control fires in apartment buildings, multi-unit residences, and rental housing facilities./.
Source: Vietnam News Agency

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Additional 3,000 train tickets on sale for Tet holidays


HCM City: The Sai Gon Railway Transport Joint Stock Company (Saratrans) has initially added 3,000 tickets for the Lunar New Year (Tet) holidays – the biggest festival in a year of Vietnamese people.

These tickets are being on sale from December 26 on all channels of the railway sector.

They are for passengers travelling from Sai Gon station (Ho Chi Minh City), Di An (Binh Duong) and Bien Hoa (Dong Nai) in the south to stations from Quang Ngai province in the central region to Hanoi capital city and vice versa, from January 31 to February 19, 2024 (the 21st day of the last lunar month to the 10th day of the first lunar month).

Previously, the railway sector planned to provide over 200,000 seats on 390 trains for the Tet holidays.

Saratrans general director Thai Van Truyen said that after more than two months on sale from October 20, over 130,000 tickets have been sold./.
Source: Vietnam News Agency

Posted on

Additional 3,000 train tickets on sale for Tet holidays


HCM City: The Sai Gon Railway Transport Joint Stock Company (Saratrans) has initially added 3,000 tickets for the Lunar New Year (Tet) holidays – the biggest festival in a year of Vietnamese people.

These tickets are being on sale from December 26 on all channels of the railway sector.

They are for passengers travelling from Sai Gon station (Ho Chi Minh City), Di An (Binh Duong) and Bien Hoa (Dong Nai) in the south to stations from Quang Ngai province in the central region to Hanoi capital city and vice versa, from January 31 to February 19, 2024 (the 21st day of the last lunar month to the 10th day of the first lunar month).

Previously, the railway sector planned to provide over 200,000 seats on 390 trains for the Tet holidays.

Saratrans general director Thai Van Truyen said that after more than two months on sale from October 20, over 130,000 tickets have been sold./.
Source: Vietnam News Agency