Lundbeck partners with Vanderbilt on new schizophrenia drug; Peregrine officially renamed Avid BioServices in pursuit of CDMO identity
→ Lundbeck is partnering with researchers at Vanderbilt University on a preclinical program for schizophrenia. Investigators at the university have been studying a new therapeutic approach to controlling levels of dopamine in the brain, and Lundbeck says it should be ready for clinical development in 2020.
→ After some soul searching following big R&D staff cuts, Peregrine is officially changing its name to Avid Bioservices — the brand of its former subsidiary — to reflect its transition to a dedicated contract development and manufacturing organization. And to ensure investors see their determination, the company is also changing their stock ticker from $PPHM to $CDMO. “As our organization transitions to a pure play CDMO, we believe it is appropriate to take advantage of the brand recognition that has been built within this highly specialized marketplace and to change the company’s name and conduct all future operations as Avid Bioservices,” said CEO Roger Lias, who was first hired at the subsidiary before being promoted to the man company (he held the title of Peregrine CEO for a few days).
→ The FDA has handed Novartis its Breakthrough Therapy designation for Promacta (eltrombopag) for use in combination with standard immunosuppressive therapy for the treatment of patients with severe aplastic anemia as a first-line therapy.