Aldeyra bags PhIII-ready eye drug in Helio buyout; Liquid biopsy maker OncoCyte shares skyrocket on validation data
→ Eye drug developer Aldeyra Therapeutics $ALDX, which counts J&J $JNJ as a partner, has bought private biotech Helio Vision for $10 million upfront in common stock. The prize here is a Phase III-ready product candidate developed by Harvard professor Dean Eliott and Tomasz Stryjewski, his colleague at the Massachusetts Eye and Ear Infirmary. Now dubbed ADX-2191, the intravitreal methotrexate treats proliferative vitreoretinopathy, a serious sight-threatening inflammation that typically happens after retinal surgery. Helio is eligible for up to $15 million more in stock payment as company co-founders continue to consult with Aldeyra on clinical and regulatory work.
→ A set of positive results validating OncoCyte’s liquid biopsy test has bolstered its stock $OCX, up 221% at press time. DetermaVu scored on both sensitivity — capacity to detect true positives — and specificity, the ability to snuff out negatives, in a blinded trial that involved 250 blood samples from lung cancer patients. Investigators records a sensitivity of 90% (95% CI 82%-95%) and specificity of 75% (95% CI 68%-81%), which the company says is strong enough to justify plans to commercialize the diagnostic later this year.
→ Alector has set terms for its IPO, looking to sell 9.3 million shares at $18 to $20 a share. Renaissance Capital says that insiders have agreed to pick up about half that load. The biotech will trade as $ALEC.