CytRx con­cedes that its on­ly drug flunked a PhI­II sar­co­ma test, rout­ing shares

Three years af­ter one of its drugs had to be scrapped fol­low­ing a failed study, CytRx was forced to con­cede that its Phase III study of its lead drug al­dox­oru­bicin flopped against treat­ment re­sis­tant soft tis­sue sar­co­mas.

The com­pa­ny tried to put the most pos­i­tive spin on it, say­ing that the re­sults had been con­found­ed by an in­ter­rup­tion due to a tem­po­rary par­tial clin­i­cal hold in 2014. But the pro­gres­sion-free sur­vival rate for the drug came in at 4.17 months, hard­ly dis­tin­guish­able from the 4.04 months tracked for in­ves­ti­ga­tors’ choice among stan­dard treat­ments.

Be­cause of the hold, the com­pa­ny claimed, “this analy­sis did not pro­vide for suf­fi­cient fol­low-up for the near­ly two-thirds of pa­tients who en­tered the Phase III study af­ter the hold was re­solved and en­roll­ment re­sumed.” Fur­ther analy­sis will be done at a lat­er point. And CytRx claimed pos­i­tive re­sults on the ob­jec­tive re­sponse rate and the rate of dis­ease con­trol. But the com­pa­ny al­so not­ed that the re­sults were as­sessed af­ter 191 pro­gres­sion events, as spec­i­fied in their spe­cial pro­to­col as­sess­ment with the FDA.

CytRx’s shares were crushed in the rout that fol­lowed, drop­ping 60% to­ward pen­ny stock ter­ri­to­ry.

The hoot­ing and cat­calls erupt­ed on Twit­ter with­in min­utes of the post.

Al­dox­oru­bicin is in­volved in 6 stud­ies and ac­counts for the on­ly drug CytRx has in the clin­ic, ac­cord­ing to its web site.

The drug is a mod­i­fied form of dox­oru­bicin, a well-known and tox­ic chemo agent. Re­searchers use a link­er that at­tach­es the drug to cir­cu­lat­ing pro­tein called al­bu­min, which in turn is gob­bled up by hun­gry tu­mors. And it’s de­signed to re­lease the drug in the tu­mor, while stay­ing be­nign in healthy tis­sue. This new ap­proach is sup­posed to al­low for high­er, more ef­fec­tive dos­ing to fight the can­cer.

The hold fol­lowed the death of a pa­tient tak­ing their drug un­der a com­pas­sion­ate use pro­gram.

Steven A. Kriegs­man, CytRx

With bad news to re­port, though, the Los An­ge­les-based com­pa­ny was care­ful to note how much cash it has in the bank, and what it can do with that mon­ey be­fore it runs out. Ahead of the an­nounce­ment, the com­pa­ny’s mar­ket cap sat at a small $171 mil­lion.

“In over 550 pa­tients treat­ed to date, al­dox­oru­bicin has demon­strat­ed an­ti-tu­mor ac­tiv­i­ty in mul­ti­ple tu­mor types and has shown a man­age­able safe­ty pro­file,” said Steven A. Kriegs­man, CytRx’s Chair­man and CEO. “With ap­prox­i­mate­ly $68.2 mil­lion in cash and equiv­a­lents as of our last 10-Q fil­ing, CytRx is fund­ed through the next Phase III STS tri­al analy­sis and through a read­out of our glob­al Phase IIb tri­al of al­dox­oru­bicin in small cell lung can­cer.”

As Nas­daq en­rolls the fi­nal batch of 2019 IPOs, how have the num­bers com­pared to past years?

IGM Biosciences’ upsized IPO haul, coming after SpringWorks’ sizable public debut, has revved up some momentum for the last rush of biotech IPOs in 2019.

With 39 new listings on the books and roughly two more months to go before winding down, Nasdaq’s head of healthcare listings Jordan Saxe sees the exchange marking 50 to 60 biopharma IPOs for the year.

“December 15 is usually the last possible day that companies will price,” he said, as companies get ready for business talks at the annual JP Morgan Healthcare Conference in January.

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A fa­vorite in Alex­ion’s C-suite is leav­ing, and some mighty sur­prised an­a­lysts aren’t the least bit hap­py about it

Analysts hate to lose a biotech CFO they’ve come to trust and admire — especially if they’re being blindsided by a surprise exit.

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David Grainger [file photo]

'Dis­con­nect the bas­tard­s' — one biotech's plan to break can­cer cell­s' uni­fied de­fens­es

Chemotherapy and radiotherapy are the current gladiators of cancer treatment, but they come with well-known limitations and side-effects. The emergence of immunotherapy — a ferocious new titan in oncologist’s toolbox — takes the brakes off the immune system to kill cancer cells with remarkable success in some cases, but the approach is not always effective. What makes certain forms of cancer so resilient? Scientists may have finally pieced together a tantalizing piece of the puzzle, and a new biotech is banking on a new approach to fill the gap.

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While No­var­tis ban­ish­es Zol­gens­ma scan­dal scars — Bio­gen goes on a Spin­raza 'of­fen­sive'

While Novartis painstakingly works to mop up the stench of the data manipulation scandal associated with its expensive gene therapy for spinal muscular atrophy (SMA) Zolgensma— rival Biogen is attempting to expand the use of its SMA therapy, Spinraza. 

The US drugmaker $BIIB secured US approval for Spinraza for use in the often fatal genetic disease in 2016. The approval covered a broad range of patients with infantile-onset (most likely to develop Type 1) SMA. 

Jason Kelly. Mike Blake/Reuters via Adobe

Eye­ing big ther­a­peu­tic push, Gink­go bags $290M to build a cell pro­gram­ming em­pire

Ginkgo Bioworks is on a roll. Days after publicizing a plan to nurture new startups via partnerships with accelerators Y Combinator and Petri, the Boston biotech says it has raised another $290 million for its cell programming platform to reach further and wider.

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UP­DAT­ED: Speak­er Nan­cy Pelosi to un­veil bill for fed­er­al­ly ne­go­ti­at­ed drug prices

After months of buzz from both sides of the aisle, Speaker Nancy Pelosi will today introduce her plan to allow the federal government to negotiate prices for 250 prescription drugs, setting up a showdown with a pharmaceutical industry working overtime to prevent it.

The need to limit drug prices is a rare point of agreement between President Trump and Democrats, although the president has yet to comment on the proposal and will likely face pressure to back a more conservative option or no bill at all. Republican Senator Chuck Grassley is reportedly lobbying his fellow party members on a more modest proposal he negotiated with Democratic Senator Ron Wyden in July.

Jeff Kindler's Cen­trex­ion re­news bid to make pub­lic de­but

Jeffrey Kindler’s plan to take his biotech — which is developing a slate of non-opioid painkillers — public, is back on.

The Boston based company, led by former Pfizer $PFE chief Kindler, originally contemplated a $70 million to $80 million IPO last year— but eventually postponed that strategy. On Wednesday, the company revived its bid to make a public debut in a filing with the SEC — although no pricing details were disclosed.

Zachary Hornby. Boundless

'A fourth rev­o­lu­tion in can­cer ther­a­pies': ARCH-backed Bound­less Bio flash­es big check, makes big­ger promis­es in de­but

It was the cellular equivalent of opening your car door and finding an active, roaring engine in the driver seat.

Scientists learned strands of DNA could occasionally appear outside of its traditional home in the nucleus in the 1970s, when they appeared as little, innocuous circles on microscopes; inexplicable but apparently innate. But not until UC San Diego’s Paul Mischel published his first study in Science in 2014 did researchers realize these circles were not only active but potentially overactive and driving some cancer tumors’ superhuman growth.

Scott Gottlieb, AP Images

Scott Got­tlieb is once again join­ing a team that en­joyed good times at the FDA un­der his high-en­er­gy stint at the helm

Right after jumping on Michael Milken’s FasterCures board on Monday, the newly departed FDA commissioner is back today with news about another life sciences board post that gives him a ringside chair to cheer on a lead player in the real-world evidence movement — one with very close ties to the FDA.

Aetion is reporting this morning that Gottlieb is joining their board, a group that includes Mohamad Makhzoumi, a general partner at New Enterprise Associates, where Gottlieb returned after stepping out of his role at the FDA 2 years after he started.

Gottlieb — one of the best connected execs in biopharma — knows this company well. As head of FDA he championed the use of real-world evidence to help guide drug developers and the agency in gaining greater efficiencies, which helped set up Aetion as a high-profile player in the game.

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