An­nex­on grabs $75M to pay for push in­to PhII stud­ies for C1q drugs

Ricky Sun

Back when Bain’s Ricky Sun worked at Bio­gen, he gained a deep ap­pre­ci­a­tion for the role of the clas­si­cal com­ple­ment path­way in neu­rode­gen­er­a­tion. And now he’s put that ed­u­ca­tion to work, help­ing steer a syn­di­cate of in­vestors who are mak­ing a $75 mil­lion bet on An­nex­on’s work in the field.

“They know com­ple­ment well,” says Sun, a part­ner at Bain Cap­i­tal Life Sci­ences, which will add this ven­ture in its “in­flec­tion cap­i­tal” buck­et of in­vest­ments.

The C round will fund An­nex­on’s on­go­ing clin­i­cal work for its two lead drugs — ANX005, with a fo­cus on au­toim­mune dis­eases and neu­rode­gen­er­a­tion, and ANX007, an in­trav­it­re­al drug for oph­thal­mol­o­gy. Both are in Phase Ib stud­ies.

Sur­vey­or Cap­i­tal and Adage Cap­i­tal Part­ners al­so jumped in along­side NEA, Black­stone Life Sci­ences, No­var­tis Ven­ture Fund and Sat­ter In­vest­ment Man­age­ment. That line­up may add to ex­pec­ta­tions that An­nex­on is look­ing to an IPO, but CEO Doug Love won’t go past the usu­al niceties about op­tion­al­i­ty at this point.

Doug Love

Right now, Love tells me, the fo­cus is on prep­ping for the mid-stage work that has to be done, with the new fund­ing cov­er­ing this next big clin­i­cal cam­paign. Ex­act­ly what they plan to test their drugs for has yet to be de­ter­mined, the Elan vet added, but Hunt­ing­ton’s dis­ease is still on the list.

The work at An­nex­on re­volves around the ear­ly in­sights that the late Ben Bar­res, who fin­ished his ca­reer at Stan­ford, made on the role of the pro­tein C1q, which ini­ti­ates the clas­si­cal com­ple­ment cas­cade. That pro­tein ac­cu­mu­lates at a rapid rate as peo­ple age, clus­ter­ing around synaps­es and of­fer­ing a key tar­get for neu­rode­gen­er­a­tion. 

True North had a C1q pro­gram be­fore Biover­a­tiv bought it up, where it’s con­tin­u­ing to be worked on. Cu­ri­ous­ly, though, while there’s been a sig­nif­i­cant amount of added aca­d­e­m­ic re­search on C1q over the past year, there’s still rel­a­tive­ly lit­tle biotech work on­go­ing in the field.

Love says he ex­pects that to change, look­ing for some ri­vals to get in the game. In the mean­time, he’s push­ing fast in­to Phase II.

Biotech and Big Phar­ma: A blue­print for a suc­cess­ful part­ner­ship

Strategic partnerships have long been an important contributor to how drugs are discovered and developed. For decades, big pharma companies have been forming alliances with biotech innovators to increase R&D productivity, expand geographical reach and better manage late-stage commercialization costs.

Noël Brown, Managing Director and Head of Biotechnology Investment Banking, and Greg Wiederrecht, Ph.D., Managing Director in the Global Healthcare Investment Banking Group at RBC Capital Markets, are no strangers to the importance of these tie-ups. Noël has over 20 years of investment banking experience in the industry. Before moving to the banking world in 2015, Greg was the Vice President and Head of External Scientific Affairs (ESA) at Merck, where he was responsible for the scientific assessment of strategic partnership opportunities worldwide.

No­var­tis' sec­ond at­tempt to repli­cate a stun­ning can­cer re­sult falls flat

Novartis’ hopes of turning one of the most surprising trial data points of the last decade into a lung cancer drug has taken another setback.

The Swiss pharma announced Monday that its IL-1 inhibitor canakinumab did not significantly extend the lives or slow the disease progression of patients with previously untreated locally advanced or metastatic non-small cell lung cancer when compared to standard of-care alone.

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How Chi­na turned the ta­bles on bio­phar­ma's glob­al deal­mak­ing

Fenlai Tan still gets chills thinking about the darkest day of his life.

Three out of eight lung cancer patients who received a tyrosine kinase inhibitor developed by his company, Betta Pharma, died in the span of a month. Tan, the chief medical officer, was summoned to Peking Union Medical College Hospital, where the head of the clinical trial department told him that the trial investigators would be conducting an autopsy to see if the patients had died of the disease — they were all very sick by the time they enrolled — or of interstitial lung disease, a deadly side effect tied to the TKI class that’s been reported in Japan.

James Peyer, Cambrian CEO

Brent Saun­ders joins $100M Se­ries C for a com­pa­ny out to be the Bridge­Bio of ag­ing

About a year ago, James Peyer, a CEO and co-founder of the little known longevity biotech Cambrian Biopharma, was trying to find some R&D talent last year when he met with more than a bit of experience in that department: David Nicholson, the former R&D chief of the erstwhile pharma giant Allergan.

It turned out Nicholson already had an interest in Peyer’s field. In their Allergan days, he and COO Brent Saunders held weekly meetups where they tried to figure out how to take the company’s dominance in aesthetics — which, until recently, was often what people meant by anti-aging science — and expertise with more traditional drug development, and use it to make drugs that extend people’s lifespan.

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As pres­sure to share tech­nol­o­gy mounts, BioN­Tech se­lects Rwan­da for lat­est vac­cine site

BioNTech’s first mRNA-based vaccine site in Africa will call Rwanda home, and construction is set to start in mid-2022, the company announced Tuesday at a public health forum.

The German company signed a memorandum of understanding, after a meeting between Rwanda’s Minister of Health, Daniel Ngamije, Senegal’s Minister of Foreign Affairs Aïssata Tall Sall, and senior BioNTech officials. Construction plans have been finalized, and assets have been ordered. The agreement will help bring end-to-end manufacturing to Africa, and as many as several hundred million doses of vaccines per year, though initial production will be more modest.

No­var­tis dumps AveX­is pro­gram for Rett syn­drome af­ter fail­ing re­peat round of pre­clin­i­cal test­ing

Say goodbye to AVXS-201.

The Rett syndrome gene therapy drug made by AveXis — the biotech that was bought, kept separate, then renamed and finally absorbed by Novartis into its R&D division — has been dropped by the biopharma.

In Novartis’ third quarter financial report, the pharma had found that preclinical data did not support development of the gene therapy into IND-enabling trials and beyond. The announcement comes a year after Novartis told the Rett Society how excited it was by the drug — and its potential benefits and uses.

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Katie Fanning, Mozart Therapeutics CEO

Mozart Ther­a­peu­tics makes its of­fi­cial de­but, jump­ing in­to the hot Treg R&D field with some big-name in­vestors back­ing it

Treg cells have been getting more and more attention recently among autoimmune specialists. There’s been Jeff Bluestone’s Sonoma, the $157 million launch of GentiBio this summer and Egle Therapeutics — which launched just last week — to name a few.

Now, there’s a new Treg player jumping in that wants to distinguish itself in the market: Mozart Therapeutics. Today, the biotech is emerging from stealth in its official debut with a $55 million Series A — with a bunch of A-list Big Pharma names on board a syndicate led by ARCH.

Vas Narasimhan, Novartis CEO (Simon Dawson/Bloomberg via Getty Images)

With San­doz con­tin­u­ing to drag on No­var­tis, Vas Narasimhan says he may fi­nal­ly be ready for a sale or spin­off

After years of rehab work aimed at getting Sandoz in fighting trim to compete in a market overshadowed by declining prices, CEO Vas Narasimhan took a big step toward possibly selling or spinning off the giant generic drug player.

The pharma giant flagged plans to launch a strategic review of the business in its Q3 update, noting that “options range from retaining the business to separation.”

Analysts have been poking and prodding Novartis execs for years now as Narasimhan attempted to remodel a business that has been a drag on its performance during most of his reign in the CEO suite. The former R&D chief has made it well known that he’s devoted to the innovative meds side of the business, where they see the greatest potential for growth.

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FDA is much worse than its reg­u­la­to­ry peers at proac­tive­ly dis­clos­ing da­ta, re­searchers find

The European Medicines Agency and Health Canada continue to outpace the FDA when it comes to proactively releasing data on drugs and biologics the agency has reviewed, leading to further questions of why the American agency can’t be more transparent.

In a study published recently in the Journal of Law, Medicine, & Ethics, Yale and other academic lawyers and researchers found that between 2016 and April 2021, the EMA proactively released data for 123 unique medical products, while Health Canada proactively released data for 73 unique medical products between 2019 and April 2021. What’s more, the EMA and Health Canada didn’t proactively release the same data on the same drugs. In stark contrast, the FDA in 2018 only proactively disclosed data supporting one drug that was approved that year.

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