Evelo Bio rais­es $47.5M for I/O work; Ver­tex gets start­ed on a fast piv­otal ef­fort for triple CF com­bo

→ Sev­en months af­ter Google-backed Evelo Bio­sciences brought its to­tal ven­ture raise to $100 mil­lion, the mi­cro­bial ex­perts are at it again. Evelo has raised an­oth­er $47.5 mil­lion, ac­cord­ing to a new fil­ing with the SEC. Flag­ship Pi­o­neer­ing seed­ed Evelo and has helped to keep a mar­quee group of in­vestors be­hind the com­pa­ny, which merged two fledg­ling op­er­a­tions in­to one. The big idea here is that Evelo be­lieves it has the tech need­ed to ad­vance a new im­muno-on­col­o­gy drug at a time the lead PD-1/L1 ther­a­pies are be­com­ing se­mi-com­modi­tized as a new wave of check­point ther­a­pies hits the mar­ket.

Ver­tex’s triple com­bo for cys­tic fi­bro­sis — which in­cludes VX-659 — is off and run­ning in a piv­otal Phase III tri­al that will be close­ly fol­lowed at every step. Of note, an­a­lysts are ap­plaud­ing the FDA’s will­ing­ness to go with a 4-week snap­shot of FEV1 for the pri­ma­ry, ac­cel­er­at­ing the time­line to see­ing whether the triple can great­ly ex­pand the per­cent­age of pa­tients who could be ef­fec­tive­ly treat­ed with one of its drugs. Baird’s Bri­an Sko­r­ney notes: “The pace here is quick­er than ex­pect­ed, and we think this tri­al de­sign should bridge some of the gap be­tween the Street’s ea­ger­ness to get da­ta and FDA’s need for longer-term safe­ty da­ta.” The quick-snap tri­al, though, has been ac­com­pa­nied by con­sid­er­able con­tro­ver­sy. Ver­tex dropped tri­al sites in France, cit­ing the gov­ern­ment’s un­will­ing­ness to reach a com­pro­mise on the price of the biotech’s mar­ket­ed drugs. The com­pa­ny says it be­lieves keep­ing the sites would false­ly raise pa­tients’ hopes, though some could see it as a hard ball ma­neu­ver aimed at spurring pa­tients in France to de­mand reg­u­la­tors re­solve the stand­off in Ver­tex’s fa­vor.

→ Hard on the heels of a suc­cess­ful read­out for their peanut al­ler­gy med, Aim­mune $AIMT is rais­ing $176 mil­lion through a sale of its stock.

BiTE® Plat­form and the Evo­lu­tion To­ward Off-The-Shelf Im­muno-On­col­o­gy Ap­proach­es

Despite rapid advances in the field of immuno-oncology that have transformed the cancer treatment landscape, many cancer patients are still left behind.1,2 Not every person has access to innovative therapies designed specifically to treat his or her disease. Many currently available immuno-oncology-based approaches and chemotherapies have brought long-term benefits to some patients — but many patients still need other therapeutic options.3

Pfiz­er’s Doug Gior­dano has $500M — and some ad­vice — to of­fer a cer­tain breed of 'break­through' biotech

So let’s say you’re running a cutting-edge, clinical-stage biotech, probably public, but not necessarily so, which could see some big advantages teaming up with some marquee researchers, picking up say $50 million to $75 million dollars in a non-threatening minority equity investment that could take you to the next level.

Doug Giordano might have some thoughts on how that could work out.

The SVP of business development at the pharma giant has helped forge a new fund called the Pfizer Breakthrough Growth Initiative. And he has $500 million of Pfizer’s money to put behind 7 to 10 — or so — biotech stocks that fit that general description.

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Gilead re­leas­es an­oth­er round of murky remde­sivir re­sults

A month after the NIH declared the first trial on remdesivir in Covid-19 a success, Gilead is out with new results on their antiviral. But although the study met one of its primary endpoints, the data are likely to only add to a growing debate over how effective the drug actually is.

In a Phase III trial, patients given a 5-day dose of remdesivir were 65% more likely to show “clinical improvement” compared to an arm given standard-of-care. The trial, though, gave little indication for whether the drug had an impact on key endpoints such as survival or time-to-recovery. And in a surprising twist, a 10-day dosing arm of remdesivir didn’t lead to a statistically significant improvement over standard of care.

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Why Mer­ck wait­ed, and what they now bring to the Covid-19 fight

Nicholas Kartsonis had been running clinical infectious disease research at Merck for almost 2 years when, in mid-January, he got a new assignment: searching the pharma giant’s vast libraries for something that could treat the novel coronavirus.

The outbreak was barely two weeks old when Kartsonis and a few dozen others got to work, first in small teams and then in a larger task force that sucked in more and more parts of the sprawling company as Covid-19 infected more and more of the globe. By late February, the group began formally searching for vaccine and antiviral candidates to license. Still, while other companies jumped out to announce their programs and, eventually and sometimes controversially, early glimpses at human data, Merck remained silent. They made only a brief announcement about a data collection partnership in April and mentioned vaguely a vaccine and antiviral search in their April 28 earnings call.

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Mark Genovese (Stanford via Twitter)

Gilead woos fil­go­tinib clin­i­cal in­ves­ti­ga­tor from Stan­ford to lead the charge on NASH, in­flam­ma­to­ry dis­eases

With an FDA OK for the use of filgotinib in rheumatoid arthritis expected to drop any day now, Gilead has recruited a new leader from academia to lead its foray into inflammatory diseases.

Mark Genovese — a longtime Stanford professor and most recently the clinical chief in the division of immunology and rheumatology — was the principal investigator in FINCH 2, one of three studies that supported Gilead’s NDA filing. In his new role as SVP, inflammation, he will oversee the clinical development of the entire portfolio.

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No­var­tis chips in $10M for IPO-bound part­ner Pli­ant; Tenax shares soar on heart drug da­ta

Novartis is coming in with $10 million to help support the looming IPO of a partner. Pliant Therapeutics posted a new filing with the SEC showing that Novartis is buying the shares at $15, the mid-point of the range. It’s adding several million shares to the offering, bringing the total to around $135 million. Biotech companies have been enjoying quite a run on virtual Wall Street, with investors boosting new offerings to some big hauls.

Stephen Isaacs, Aduro president and CEO (Aduro)

Once a high fly­er, a stag­ger­ing Aduro is auc­tion­ing off most of the pipeline as CEO Stephen Isaacs hands off the shell to new own­ers

After a drumbeat of failure, setbacks and reorganizations over the last few years, Aduro CEO Stephen Isaacs is handing over his largely gutted-out shell of a public company to another biotech company and putting up some questionable assets in a going-out-of-business sale.

Isaacs —who forged a string of high-profile Big Pharma deals along the way — has wrapped a 13-year run at the biotech with one program for kidney disease going to the new owners at Chinook Therapeutics. A host of once-heralded assets like their STING agonist program partnered with Novartis (which dumped their work on ADU-S100 after looking over weak clinical results), the Lilly-allied cGAS-STING inhibitor program and the anti-CD27 program out-licensed to Merck will all be posted for auction under a strategic review process.

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Hill­house re­casts spot­light on Chi­na's biotech scene with $160M round for Shang­hai-based an­ti­body mak­er

Almost two years after first buying into Genor Biopharma’s pipeline of cancer and autoimmune therapies, Hillhouse Capital has led a $160 million cash injection to push the late-stage assets over the finish line while continuing to fund both internal R&D and dealmaking.

The Series B has landed right around the time Genor would have listed on the Hong Kong stock exchange, according to plans reported by Bloomberg late last year. Insiders had said that the company was looking to raise about $200 million.

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Fangliang Zhang (Imaginechina via AP Images)

The big mon­ey: Poised to make drug R&D his­to­ry, a Chi­na biotech un­veils uni­corn rac­ing am­bi­tions in a bid to raise $350M-plus on Nas­daq

Almost exactly three years after Shanghai-based Legend came out of nowhere to steal the show at ASCO with jaw-dropping data on their BCMA-targeted CAR-T for multiple myeloma, the little player with Big Pharma connections is taking a giant step toward making it big on Wall Street. And this time they want to seal the deal on a global rep after staking out a unicorn valuation in what’s turned out to be a bull market for biotech IPOs — in the middle of a pandemic.

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