Art Krieg comes down from the moun­tain with a $27M round for Check­mate Phar­ma­ceu­ti­cals

Art Krieg’s ski trip to Deer Val­ley in Utah last Feb­ru­ary was good for a lot more than mas­ter­ing the moguls.

Ben Aus­pitz from F-Prime joined the trip or­ga­nized by Krieg’s orig­i­nal back­ers at Sofinno­va Ven­tures, and their con­ver­sa­tions on and around the slopes led Aus­pitz and F-Prime to take the lead on a $27 mil­lion B round for Check­mate Phar­ma­ceu­ti­cals, an­nounced Thurs­day evening.

“We weren’t in any kind of a hur­ry to raise more mon­ey,” Krieg tells me. So it was a re­laxed time to start go­ing over Check­mate’s Phase Ib study, now un­der­way and look­ing at its drug’s abil­i­ty to help melanoma pa­tients who had failed Keytru­da.

The $27 mil­lion sets Check­mate up for the next 18 months, says the CEO. That will get them well past the point of en­ter­ing an ex­pan­sion phase of the study, with plans to bring in about 100 more pa­tients and start to bet­ter gauge the im­pact of their drug — which ac­ti­vates toll-like re­cep­tor 9 (TLR9) — in dri­ving a T cell re­sponse to can­cer cells.

That’s a com­ple­men­tary strat­e­gy to the PD-(L)1 check­point drugs like Keytru­da, which take the brakes off the im­mune sys­tem so T cells can swarm can­cer cells. Krieg ob­tained the drug af­ter Cy­tos had tried, and failed, with it in asth­ma.

Check­mate prob­a­bly won’t start talk­ing spe­cif­ic da­ta on its com­bo of their drug with Keytru­da un­til lat­er in the fall of this year, when it gets some­thing to present at a sci­en­tif­ic con­fer­ence. But Krieg tells me that they’ve al­ready had a chance to track tu­mor re­gres­sion in pa­tients. They’re not a pub­lic com­pa­ny, he adds, so there’s no need to re­lease lit­tle batch­es of da­ta along the way.

Krieg is very as­set-fo­cused, and he has been work­ing hard to keep the com­pa­ny team small. Check­mate has grown to about 18 staffers now, with most in Cam­bridge, MA. A few are scat­tered around the globe. Check­mate doesn’t have a lab and doesn’t plan on get­ting one. While Krieg — a long­time biotech vet and RNA ex­pert — ex­pects to add an­oth­er 6 to a dozen staffers with this round, he still doesn’t ex­pect to get big at any time.

“The most like­ly out­come down the road is M&A,” he says, af­ter the biotech snags more hu­man da­ta. But on the oth­er hand, he has a group of back­ers — which al­so in­cludes his old Pfiz­er boss Corey Good­man at ven­Bio — who have the cash to go in­to piv­otal work and be­yond. They could al­so do an IPO down the road, so no one course has been set yet.

“We will be ap­ply­ing for break­through ther­a­py in the next few months,” adds Krieg, who did a short stint as CSO at Sarep­ta be­fore he and then CEO Chris Garabe­di­an had a falling out, 10 months be­fore Garabe­di­an fol­lowed him out the ex­it.

That BTD dis­cus­sion, he says, will al­so give Check­point the chance to start a di­a­logue with the agency about what a reg­is­tra­tion path­way looks like.

Vas Narasimhan (Photographer: Jason Alden/Bloomberg via Getty Images)

No­var­tis de­tails plans to axe 8,000 staffers as Narasimhan be­gins sec­ond phase of a glob­al re­org

We now know the number of jobs coming under the axe at Novartis, and it isn’t small.

The pharma giant is confirming a report from Swiss newspaper Tages-Anzeiger that it is chopping 8,000 jobs out of its 108,000 global staffers. A large segment will hit right at company headquarters in Basel, as CEO Vas Narasimhan axes some 1,400 of a little more than 11,000  jobs in Switzerland.

The first phase of the work is almost done, the company says in a statement to Endpoints News. Now it’s on to phase two. In the statement, Novartis says:

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Bob Nelsen (Lyell)

As bear mar­ket con­tin­ues to beat down biotech, ARCH clos­es a $3B ear­ly-stage fund

One of the biggest names in biotech investing has a whole lot of new money to spend.

ARCH Venture Partners closed its 12th venture fund early Wednesday morning, the firm said, bringing in almost $3 billion to invest in early-stage biotechs. The move comes about a year and a half after ARCH announced its previous fund, for almost $2 billion back in January 2021.

In a statement, ARCH managing director and co-founder Bob Nelsen appeared to brush off concerns about the broader market troubles, alluding to the downturn that’s seen several biotechs downsize and the XBI fall back to almost pre-pandemic levels.

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Lina Gugucheva, NewAmsterdam Pharma CBO

Phar­ma group bets up to $1B-plus on the PhI­II res­ur­rec­tion of a once dead-and-buried LDL drug

Close to 5 years after then-Amgen R&D chief Sean Harper tamped the last spade of dirt on the last broadly focused CETP cholesterol drug — burying their $300 million upfront and the few remaining hopes for the class with it — the therapy has been fully resurrected. And today, the NewAmsterdam Pharma crew that did the Lazarus treatment on obicetrapib is taking another big step on the comeback trail with a €1 billion-plus regional licensing deal, complete with close to $150 million in upfront cash.

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How pre­pared is bio­phar­ma for the cy­ber dooms­day?

One of the largest cyberattacks in history happened on a Friday, Eric Perakslis distinctly remembers.

Perakslis, who was head of Takeda’s R&D Data Sciences Institute and visiting faculty at Harvard Medical School at the time, had spent that morning completing a review on cybersecurity for the British Medical Journal. Moments after he turned it in, he heard back from the editor: “Have you heard what’s going on right now?”

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Sanofi to cut in­sulin prices for unin­sured from $99 to $35, match­ing the in­sulin cap com­ing through Con­gress

As the House-passed bill to cap the monthly price of insulin at $35 nationwide makes its way for a Senate vote soon, Sanofi announced Wednesday morning that beginning next month it will cut the monthly price of its insulins for uninsured Americans to $35, down from $99 previously.

The announcement from Sanofi, which allows the uninsured to buy one or multiple Sanofi insulins (Lantus, Insulin Glargine U-100, Toujeo, Admelog, and Apidra) at $35 for a 30-day supply effective July 1, follows House passage (232-193) of the monthly cap in March, with just 12 Republicans voting in favor of the measure.

Shehnaaz Suliman, ReCode Therapeutics CEO (Photo by Jennifer Leahy)

Pfiz­er, Sanofi-backed LNP out­fit goes back to the well and draws $120M for its trek to the clin­ic

A preclinical biotech touting a five-lipid drug delivery platform is looking to break out of its preclinical mold, and it just secured a sizable raise to do just that.

ReCode Therapeutics reported Wednesday morning that Leaps by Bayer and Matrix Capital Management affiliate AyurMaya co-led a Series B extension round, adding $120 million to the biotech’s previous Series B haul of $80 million. The biotech has been backed by several players in Big Pharma, notably Pfizer and Sanofi from its original Series B close last fall. And in this extension — featuring all new investors, CEO Shehnaaz Suliman tells Endpoints News — Amgen’s VC arm jumped on board.

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Eliot Charles, MiroBio executive chairman

Ox­ford spin­out nabs al­most $100M in new cash to test PD-1 in au­toim­mune dis­eases and hunt for a CEO

After about 15 years in an Oxford lab and three more years in the upstart world following a 2019 spinout, MiroBio is ready to enter UK clinical trials and, en route to the clinic, the biotech has picked up $97 million in Series B funds.

The £80 million financing round kicked off in earnest last September and includes a transatlantic consortium — led by Medicxi — ready to bankroll that first clinical trial, beginning “imminently,” as well as the debut study of a second program thereafter, executive chair Eliot Charles, an SR One venture partner, told Endpoints News.

Pearl Huang, Dunad Therapeutics CEO (Ken Richardson, PR Newswire)

Long­time biotech leader Pearl Huang takes the reins as CEO of No­var­tis-backed up­start

It has only been a few months since Pearl Huang exited the top seat at Cygnal Therapeutics, but now she’s back at the helm of another biotech.

After taking a few months off — passing an exam in that time to get her captain’s license from the US Coast Guard — she’s been named CEO of Dunad Therapeutics, a biotech focused on developing a small molecule covalent therapies that was founded in 2020. Huang told Endpoints News that two factors attracted her to going back to the c-suite: the company’s technology and its co-founders.

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Hank Safferstein, Generian CEO

Astel­las sub­sidiary to part­ner with Pitts­burgh up­start in search for 'un­drug­gable' pro­teins

As Astellas continues its drive to build out its gene therapy portfolio and capabilities, a subsidiary of the Japanese pharma company has entered into a collaboration with a little-known Pittsburgh biotech.

Astellas-owned Mitobridge and Generian Pharmaceuticals announced on Wednesday that they will work together in a new deal for “undruggable” protein targets. Generian will net an undisclosed upfront payment and could get up to $180 million in milestones, should anything from its platform prove successful, as well as single-digit royalties on global net sales.