Fortress Biotech sells bro­ker­age firm fol­low­ing Reuters ex­posé; Tra­con con­tends with an­oth­er set­back in brain can­cer

→ In the af­ter­math of a Reuters re­port shin­ing a light on its ques­tion­able re­la­tion­ship with Na­tion­al Hold­ings, Fortress Biotech an­nounced it is sell­ing con­trol of the bro­ker­age firm that’s pro­vid­ed con­sid­er­able — if in­con­spic­u­ous — fundrais­ing sup­port for its biotech ven­tures. In a deal reg­is­tered at $22.9 mil­lion, Fortress Bio will trans­fer its ma­jor­i­ty stake — 56.1% — to B. Ri­ley Fi­nan­cial, giv­ing the fi­nan­cial ser­vices com­pa­ny ac­cess to 700 bro­kers, 90,000 cus­tomer ac­counts and $12 bil­lion-plus in client’s as­sets, the com­pa­nies say.

→ Tiny Tra­con $TCON has suf­fered an­oth­er brain can­cer set­back. Last year, its lead drug TRC105 failed in a Phase III NCI study in pa­tients with re­cur­rent glioblas­toma. On Mon­day, it re­port­ed dis­ap­point­ing ini­tial da­ta from a Phase II NCI study eval­u­at­ing its ex­per­i­men­tal drug, TRC102, in com­bi­na­tion with Mer­ck’s $MRK Temodar, in the same pa­tient pop­u­la­tion. TRC102 plus Temodar did not meet the main goal of re­sen­si­tiz­ing pa­tients to Temodar treat­ment in the ini­tial 19 en­rolled pa­tients, al­though two pa­tients met the sec­ondary end­point of pro­gres­sion-free sur­vival be­yond 6 months, the com­pa­ny said. The drug con­tin­ues to be eval­u­at­ed in four on­go­ing NCI tri­als.

→ Af­ter years of see­ing its stock in the gut­ters, RXi Phar­ma­ceu­ti­cals $RXII has de­cid­ed to op­er­ate un­der a new ban­ner: Phio Phar­ma­ceu­ti­cals $PHIO. The name change re­flects its de­ci­sion to con­cen­trate on im­muno-on­col­o­gy ap­pli­ca­tions for its RNA tech, the com­pa­ny says, some­thing it’s sig­naled with a T-cell re­search pact with Medi­gene an­nounced late last year.

Har­vard spin­out QurAlis has brought its to­tal amount of seed fund­ing to $5.5 mil­lion by adding BioIn­no­va­tion Cap­i­tal and Vi­va Biotech Lim­it­ed to the fold. The mon­ey, as well as a sec­ond year of spon­sored lease at Lab­Cen­tral and a new res­i­den­cy at JLABS, will sup­port QurAlis’ in ad­vanc­ing its treat­ments for amy­otroph­ic lat­er­al scle­ro­sis (ALS) and fron­totem­po­ral de­men­tia to the clin­ic. “My part­ners and I have fol­lowed QurAlis’ progress close­ly dur­ing its time at Lab­Cen­tral,” said Jo­hannes Frue­hauf, pres­i­dent of Lab­Cen­tral and gen­er­al part­ner at BioIn­no­va­tion Cap­i­tal. “We be­lieve their nov­el ap­proach has the po­ten­tial to change the tra­jec­to­ry of the dis­ease, just as the an­tivi­ral ther­a­pies did for HIV in the late 1990s; we are ex­cit­ed to pro­vide our sup­port and ex­per­tise to help pro­pel the com­pa­ny for­ward.”

In a stun­ning set­back, Amarin los­es big patent fight over Vas­cepa IP. And its high-fly­ing stock crash­es to earth

Amarin’s shares $AMRN were blitzed Monday evening, losing billions in value as reports spread that the company had lost its high-profile effort to keep its Vascepa patents protected from generic drugmakers.

Amarin had been fighting to keep key patents under lock and key — and away from generic rivals — for another 10 years, but District Court Judge Miranda Du in Las Vegas ruled against the biotech. She ruled that:
(A)ll the Asserted Claims are invalid as obvious under 35 U.S.C.§ 103. Thus, the Court finds in favor of Defendants on Plaintiff’s remaining infringementclaim, and in their favor on their counterclaims asserting the invalidity of the AssertedClaims under 35 U.S.C. § 103.

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UP­DAT­ED: Have a new drug that promis­es to fight Covid-19? The FDA promis­es fast ac­tion but some de­vel­op­ers aren't hap­py

After providing an emergency approval to use malaria drugs against coronavirus with little actual evidence of their efficacy or safety in that setting, the FDA has already proven that it has set aside the gold standard when it comes to the pandemic. And now regulators have spelled out a new approach to speeding development that promises immediate responses in no uncertain terms — promising a program offering the ultimate high-speed pathway to Covid-19 drug approvals.

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Once fu­ri­ous over No­var­tis’ da­ta ma­nip­u­la­tion scan­dal, the FDA now says it’s noth­ing they need to take ac­tion on

Back in the BP era — Before Pandemic — the FDA ripped Novartis for its decision to keep the agency in the dark about manipulated data used in its application for Zolgensma while its marketing application for the gene therapy was under review.

Civil and criminal sanctions were being discussed, the agency noted in a rare broadside at one of the world’s largest pharma companies. Notable lawmakers cheered the angry regulators on, urging the FDA to make an example of Novartis, which fielded Zolgensma at $2.1 million — the current record for a one-off therapy.

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Covid-19 roundup: GSK, Am­gen tai­lor R&D work to fit the coro­n­avirus age; Doud­na's ge­nomics crew launch­es di­ag­nos­tic lab

You can add Amgen and GSK to the list of deep-pocket drug R&D players who are tailoring their pipeline work to fit a new age of coronavirus.

Following in the footsteps of a lineup of big players like Eli Lilly — which has suspended patient recruitment for drug studies — Amgen and GSK have opted to take a more tailored approach. Amgen is intent on circling the wagons around key studies that are already fully enrolled, and GSK has the red light on new studies while the pandemic plays out.

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The race to de­vel­op Covid-19 drugs and vac­cines is on — here’s what’s hap­pen­ing in the UK

Weeks away from the results of ongoing US and China trials testing its experimental antiviral remdesivir, Gilead is going to trial the failed Ebola drug in a small group of coronavirus patients in England and Scotland. The United Kingdom is also home to a range of other therapeutic efforts, as the pandemic rages on across the globe.

On Tuesday, Southampton, UK-based startup Synairgen kicked off a mid-stage placebo-controlled study testing its experimental drug, SNG001 — an inhaled formulation of interferon-beta-1a — that has previously shown to be safe and effective in improving lung function in asthma patients with a respiratory viral infection in a pair of Phase II trials.

‘There was a grow­ing weari­ness’: Rush­ing against a pan­dem­ic clock, As­pen Neu­ro­sciences se­cures $70M Se­ries A

Just before Christmastime, Howard Federoff got a tip from Washington: There was a new virus in China. And this one could be bad.

News report of the virus had not yet appeared. Federoff, a neuroscientist, was briefed because years before, he was vetted as part of a group — he didn’t give a name for the group — to consult for the US government on emerging scientific issues. His day job, though, was CEO of Aspen Neurosciences, a Parkinson’s cell therapy startup that days before had come out of stealth mode and gave word to investors they were hoping to raise $70 million. That, Federoff realized, would be difficult if a pandemic shut down the global economy.

FDA puts pe­di­atric aGVHD drug on pri­or­i­ty re­view lane — will they go vir­tu­al with the ad­comm?

Despite worries about regulatory delays due to new work arrangements under Covid-19, the FDA appears intent to go full speed ahead with its everyday work, not only granting priority review to a stem cell therapy for acute graft versus host disease but also plotting an advisory committee meeting for it.

With a PDUFA date of September 30, the journey of the drug — remestemcel-L, or Ryoncil — could shed light on the agency’s capacity to facilitate drug development unrelated to Covid-19.

Covid-19 roundup: Trump push­es his new fa­vorite, untest­ed drug; CRISPR out­lines crip­pling im­pact of Covid-19

President Trump has a new favorite Covid-19 drug.

After a conversation with Japanese Prime Minister Shinzo Abe, Politico reports, the president is pressuring the FDA to issue emergency use authorization for favipiravir, a flu drug that showed glimpses of success in China but remains unproven and carries a list of worrying side effects. The push comes after a week-plus in which the White House touted a potentially effective but unproven malaria medication despite the concerns of scientific advisors such as NIAID director Anthony Fauci. And Trump ally Rudy Giuliani has been talking up unproven cell therapy efforts on Twitter.

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ITeos nabs $125M as they prep Keytru­da com­bi­na­tion tri­al — if Covid-19 will let them

For iTeos, it turned out, $75 million could only last so long.

Two years after announcing their eye-catching Series B raise, the Belgian biotech is back with an even larger Series B-2: $125 million.

The now $175 million financing – $25 million of the first B round is considered part of the second – illustrates the vast capital available for those with promising new immuno-oncology compounds, particularly those that might be used in combination with existing therapies. In December, iTeos announced a collaboration with Merck to test its lead compound with Keytruda this year. The proceeds will push forward that trial and help fund the ongoing Phase I/II trials for that compound, EOS-850, and a second one, EOS-448.

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