British Heart Foun­da­tion un­veils short­list for £30M re­search award; On­cono­va scraps Chi­na part­ner­ship

→ While can­cer is catch­ing up, heart dis­ease re­mains the lead­ing cause of death glob­al­ly. In Au­gust 2018, the British Heart Foun­da­tion an­nounced a glob­al com­pe­ti­tion of­fer­ing a sin­gle re­search award of up to £30 mil­lion to “to tur­bo-charge progress” in the field. On Thurs­day, the foun­da­tion whit­tled down the 75 ap­pli­ca­tions it re­ceived to a short­list of four, in­clud­ing a soft ro­bot­ic heart, a cure for ge­net­ic heart dis­ease, a heart at­tack vac­cine and wear­able tech­nol­o­gy. The teams have been giv­en some seed fund­ing and will work on putting to­geth­er their full ap­pli­ca­tions over the next six months — a win­ner will be an­nounced by the end of 2020.

→ Mi­cro­cap biotech On­cono­va is break­ing up with Chi­nese part­ner HanX Bio­phar­ma­ceu­ti­cals af­ter HanX failed to make re­quired pay­ments. Chi­na rights to their lead drug — rigosert­ib, a treat­ment for myelodys­plas­tic syn­dromes once part­nered with Bax­al­ta but lat­er aban­doned — will now go back to On­cono­va as they pre­pare for topline piv­otal da­ta to come out lat­er this year. HanX, which has filed an IND for the drug in Chi­na, is still on the line for mile­stones and roy­al­ties.

→ An­tibi­ot­ic de­vel­op­er Sum­mit Ther­a­peu­tics, which last month scored a cool $50 mil­lion in fund­ing from biotech bil­lion­aire and for­mer chief of Phar­ma­cyclics Robert Dug­gan, on Thurs­day se­cured an ex­tra $8.8 mil­lion from BAR­DA, lift­ing the to­tal size of the award to up to $72.5 mil­lion. The funds will be used to shep­herd Sum­mit’s ex­per­i­men­tal pre­ci­sion an­tibi­ot­ic — cur­rent­ly in late-stage de­vel­op­ment for C. Diff — across the fin­ish line.

→ Asia-Pa­cif­ic CRO Novotech is try­ing out a new eq­ui­ty play with the biotechs it serves, mak­ing an in­vest­ment in Cana­da’s Al­ger­non while con­duct­ing a Phase II id­io­path­ic pul­monary fi­bro­sis and chron­ic cough study for its drug can­di­date NP-120 (ifen­prodil).

“Novotech is a pas­sive fun­der (we are not seek­ing Board or man­age­ment rep­re­sen­ta­tion) and the amounts we will com­mit are a rel­a­tive­ly small amount of the over­all fund­ing re­quire­ment,” CEO John Moller told End­points News. “This is im­por­tant, as we want to elim­i­nate po­ten­tial con­flicts of in­ter­est, but it is al­so at­trac­tive to biotechs as we are want­i­ng to help to bring them to clin­ic rather than need­ing to take a view of the mar­ket po­ten­tial of a drug.”

The 20 un­der 40: In­side the next gen­er­a­tion of bio­phar­ma lead­ers

“Each generation needs a new music,” Francis Crick wrote in 1988, reflecting back on his landmark discovery. Crick was 35, then, in 1953, when he began working with a 23-year-old named James Watson, and 37 when the pair unveiled the double helix. Rosalind Franklin, whose diffraction work undergirded their metal model, was 32.

The model would become the score for a new era in biology, one devoted to cracking the basic structures turning inside life. Subsequent years would bring new conductors and new rhythms: Robert Swanson, 29 when he convinced a 39-year-old Herb Boyer to build a company off his work and call it Genentech; Phillip Sharp, 29 when he discovered RNA splicing and 34 when he co-founded Biogen; Frances Arnold, 36 when she pioneered directed evolution; Feng Zhang, 31 when he published his CRISPR paper.

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Chart-top­ping ven­ture cash? Strong deal flow? In the month Covid-19 ripped around the globe? Yup

It turns out that even sending everyone from the CEO to rank-and-file staffers home to work in the middle of a Category 5 pandemic wasn’t enough to put a crimp in the flow of venture cash into biopharma. And even dealmaking held its own against the howling winds of misfortune — largely because a group of savvy players was quick to adjust to the new reality.

Our deal expert Chris Dokomajilar ran the numbers for us on a month-to-month basis and found that not only was venture money flowing during the panicky month of March, but it was also hitting home in record sums compared to the last 26 months of deal flow.

Say what?

As you can see in the top chart below, Dokomajilar outlined how the industry racked up $2.41 billion in total for March, just barely ahead of one other topper during the heady days of August 2018.

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FDA Commissioner Stephen Hahn and President Donald Trump at a press briefing on March 19, 2020. (AP Images)

Biotech ex­ecs warn that the FDA is fum­bling their re­sponse to the Covid-19 open-door promise, de­lay­ing progress

A few days ago the FDA touted a procedure for Covid-19 meds that committed the agency to immediate action for developers, formalizing a high-speed response that’s been promised for weeks.

Bioregnum Opinion Column by John Carroll

Decisions that once required months would be measured in hours under the Coronavirus Treatment Acceleration Program. “In many cases” trial protocols could be hammered out in less than a single day. If you had a potential solution to the crisis, the appropriate staffer would be in touch “to get studies underway quickly.”

It would be the ultimate high-speed regulatory pathway from Phase I to approval. Red tape was banished.

But it’s clear that for some — and quite likely many — biopharma execs, the actual agency response has not measured up to the promise. Beyond the front ranks of advanced companies in the field, like Gilead, or for drugs endorsed by President Trump, it may not even come close.

“The first response is this form letter everyone gets,” says one biotech CEO who’s reached out to the FDA on Covid-19. And when you try to cut through that, the ball gets dropped as it is passed from top officials to the frontline staff actually charged with getting things done.

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GSK's Hal Bar­ron buys a $250M stake in George Scan­gos' Vir and makes a bee­line to the clin­ic with Covid-19 an­ti­bod­ies

GlaxoSmithKline is diving straight into the swirling waters of Covid-19 R&D work, and investing $250 million to grab a chunk of equity in one of the emerging stars in infectious disease research to make it official.

GSK put out word this morning that it is partnering with Vir Biotechnology $VIR, the infectious disease startup founded in the Bay Area by former Biogen CEO George Scangos. They’re planning a leap into Phase II studies for 2 preclinical antibody candidates — VIR-7831 and VIR-7832 — that have been engineered to target the SARS-CoV-2 spike protein.

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UP­DAT­ED: A small, ob­scure biotech just won big with their IPO. In this mar­ket. Are you kid­ding me?

How could a small, largely unknown biotech that emerged from stealth mode just months ago with early-stage cancer programs jump onto Wall Street in the middle of a Category 6 financial hurricane and sail through with a $165 million IPO?

And what does that mean for the rest of the industry waiting to see just how much damage global lockdowns will wreak on clinical development?

The biotech is a company called Zentalis. The crew there nabbed an $85 million crossover round late last year — notably waiting 5 years before waving the numbers around to attract attention, according to my read of a FierceBiotech story. Perceptive joined in, but the syndicate was not in general the kind of marquee affair that gets tongues wagging.

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Ready to de­clare a de­fin­i­tive come­back in two months, Im­munomedics stops PhI­II ear­ly, re­cruits new CEO

More than a year ago, hit by a surprise complete response letter from the FDA, Immunomedics bid its then-CEO, Michael Pehl, adieu and began a 15-month quest to resolve the manufacturing issues cited in the CRL and seek a new leader — all the while moving forward with a Phase III study on its lead drug for metastatic triple-negative breast cancer.

Today the biotech said their stars are finally aligning. Not only is Novartis Oncology vet Harout Semerjian coming on board as CEO to steer what they believe will be a smooth sail to a new PDUFA date in June, Immunomedics has also been informed that their late-stage trial can be stopped early due to “compelling evidence of efficacy.”

An­oth­er day, an­oth­er boat­load for biotech. Deer­field adds $840M to rush of ven­ture dol­lars

The biotech dollars just keep rolling in.

Even as the world economy faces an economic contraction unprecedented in nature, biotech venture capital firms are announcing huge new investment pots. The latest? Deerfield Management Co.

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Small mol­e­cules, bi­o­log­ics and now gene ther­a­pies: Ger­many's Evotec adds an­oth­er feath­er to its R&D cap

German drug discovery company Evotec — which has a thriving rolodex of biopharma partners such as Bayer, Boehringer Ingelheim, Novartis, Novo Nordisk, Pfizer, Sanofi, and Takeda — is now venturing into gene therapies.

The company swallowed Seattle-based Just Biotherapeutics, a company focused on reducing the cost of manufacturing protein therapies last year. It is now setting up a dedicated R&D site for gene therapies in Austria, in an effort to achieve a “modality-agnostic” repertoire — small molecules, biologics and now gene therapies.

A pair of PhI­II fail­ures spells last rites for Men­lo’s once-promis­ing Mer­ck drug

Four months after an intercontinental merger, Menlo Therapeutics is counting yet another pair of trial failures — ones with significant consequences for the companies, their shareholders and the drug.

In two pivotal Phase III trials, Menlo’s lead drug serlopitant failed to treat pruritus associated with prurigo nodularis — basically itchiness from a particular skin disease that causes red lesions on a person’s arms or legs. Serlopitant has long been the company’s only drug and as recently as 2018, it looked promising enough to support a stock price of $37. In April of that year, a Phase II failure demolished the stock price overnight: $35 to $9. Other subsequent stumbles trickled the ticker down to just above $2.