Legend Biotech Corporation American Depositary Shares - LEGN STOCK NEWS

Legend Biotech Corporation (NASDAQ: LEGN) has been added to the NASDAQ Biotechnology Index, effective December 21, 2020. This addition is part of the annual re-ranking, where 100 biotech stocks were included, while 16 were removed. The NASDAQ Biotechnology Index tracks biotechnology and pharmaceutical securities listed on NASDAQ, calculated using a modified capitalization-weighted methodology. Legend Biotech focuses on novel cell therapies for oncology, notably its lead candidate, ciltacabtagene autoleucel, for multiple myeloma, currently in registrational clinical trials.

Legend Biotech (NASDAQ: LEGN) has received FDA clearance for its Investigational New Drug (IND) application to evaluate LB1901, an autologous CAR-T therapy targeting relapsed or refractory T-cell lymphoma (TCL). This clearance allows the company to initiate a Phase 1 clinical study in the U.S., focusing on safety, tolerability, and the recommended Phase 2 dose. TCL represents a significant unmet medical need, with PTCL and CTCL often leading to poor survival rates. CEO Ying Huang emphasized the importance of this milestone for the company’s innovation in cell therapy.

Legend Biotech Corporation (NASDAQ: LEGN) announced encouraging results from the Phase 1b/2 CARTITUDE-1 study of ciltacabtagene autoleucel (cilta-cel) for relapsed or refractory multiple myeloma. With a median follow-up of 12.4 months, the overall response rate (ORR) reached 97%, with 67% achieving stringent complete response. The study included 97 patients with a history of extensive prior therapies. Safety data indicated manageable adverse events, with most being Grade 1/2. The findings suggest cilta-cel could be a transformative option for patients in need.

Legend Biotech Corporation (NASDAQ: LEGN) has appointed Dr. Patrick Casey as an independent director to its Board of Directors. Dr. Casey's extensive expertise in scientific research, particularly in pharmacology and cancer biology, is seen as a significant addition to the board. His role is expected to bolster Legend Biotech's efforts in developing innovative cell therapies, particularly its lead product candidate, ciltacabtagene autoleucel, aimed at treating multiple myeloma. The appointment reflects the company's commitment to its pipeline development strategy.

Legend Biotech Corporation (NASDAQ: LEGN) is set to host a virtual Key Opinion Leader (KOL) event on December 7 at 7 pm ET. This event will showcase the latest data from the CARTITUDE-1 study (NCT03548207), focusing on ciltacabtagene autoleucel (cilta-cel), a CAR-T cell therapy for relapsed or refractory multiple myeloma. Presentations will include insights from experts in hematology and oncology, including Ying Huang, CEO, and leading medical professionals. Register and access the webcast at LegendBiotechASH2020.Convene.com.

Legend Biotech Corporation (NASDAQ: LEGN) announced the appointment of Dr. Li Zhu to its Board of Directors as a Class III director. Dr. Zhu's experience includes key roles at GenScript Biotech and Clontech Laboratories, enhancing the Board's strategic capabilities. Concurrently, Dr. Fangliang Zhang resigned effective November 22, 2020, due to ongoing legal issues in China, although no charges have been filed against him or Legend Biotech. The Board expressed gratitude for Dr. Zhang's contributions, while the company focuses on advancing its lead product candidate, ciltacabtagene autoleucel, for multiple myeloma.

Legend Biotech reported financial results for Q3 2020, with revenues of $11.7 million, down from $17.7 million in Q3 2019. The company posted a net loss of $66.5 million, or $0.25 per share, compared to a loss of $27.8 million, or $0.14 per share, in the prior year. R&D expenses surged to $63.7 million from $41.9 million due to increased clinical trials. Despite a strong cash position of approximately $449.4 million, the company has yet to generate revenue from product sales. Notably, cilta-cel received Breakthrough Therapy Designation in China and a BLA filing is anticipated soon.

Legend Biotech Corporation (NASDAQ: LEGN) announced the appointment of Ms. Ye (Sally) Wang as Chairwoman and Dr. Ying Huang as Chief Executive Officer, effective November 6, 2020. Dr. Huang, who has been serving as interim CEO since September 21, 2020, also retains his role as Chief Financial Officer. The Board believes these changes will enhance operational execution and strategic planning at Legend Biotech. Both leaders bring extensive experience in the biotechnology sector, with Ms. Wang having been with GenScript Biotech since its inception and Dr. Huang known for his significant contributions to the company’s financing and IPO efforts.

Legend Biotech Corporation (NASDAQ: LEGN) announced leadership changes, appointing Ms. Ye (Sally) Wang as Chairwoman and Dr. Ying Huang as CEO, effective November 6, 2020. Dr. Huang, who was serving as interim CEO since September 2020, will also retain his role as CFO until a successor is found. These appointments aim to enhance operational execution amidst ongoing challenges. Ms. Wang brings extensive experience from GenScript Biotech, while Dr. Huang's background includes significant roles in biotech and pharmaceutical companies, further strengthening Legend Biotech's strategic vision and pipeline development.